Entrepreneurial Passion
If you spend a little time with a group of entrepreneurs you will be struck by the energy that emanates from these people.
They all have it... it is a passion for what they do, a hunger to succeed and a willingness to do what it takes!
Without that enthusiasm it would be easy to give up because success comes only on the back of hard work and perseverance!
"Timing, perseverance, and ten years of trying will eventually make you look like an overnight success." Biz Stone, Twitter co-founder
I remember listening to an entrepreneur describe some of his experiences a number of years ago. He had a great description for the entrepreneur who is immersed in that start-up period (which can last years) when money is tight, customers are scarce and failure seems imminent. He called it the "raccoon look"... the dark circles around the eyes, and a haunted look that comes from long hours of work, high stress and little sleep. He talked about late nights in airports bumping into other "raccoons' and the understanding that these were likeminded people.
When we started Eagle I can remember one of my partners asking me how things were going, with a sympathetic look on his face. I answered that things were great, but why was he asking. He told me that in the last several months I seemed to have aged to the point where he thought I looked like my dad!
More than 17 years later I don't have the challenges of a start up... but I still have the passion for the business. I'm still taking early flights out and late flights back to maximise my time on the road, still staying in "reasonable hotels" and travelling coach to ensure that I don't develop a taste for the "easy life"... because that is the slippery slope!
"The most dangerous poison is the feeling of achievement. The antidote is to every evening think what can be done better tomorrow." Ingvar Kamprad, IKEA founder
Owning and running a business requires stamina and when the passion wanes, the hunger is no longer there and you a no longer willing to do whatever it takes... then you are beginning to lose!
There will always be hungry, passionate competitors and successful companies need to stay lean, stay hungry and stay passionate in order to survive for the long term.
So... if you want to be an entrepreneur be aware of the commitment that is needed, not just to get going but to keep going for the long haul!
source:articlesbase.com
Problems & challenges faced by small scale enterprises – A Case Analysis
Introduction:
An enterprise is an undertaking, especially one of some scope, complication and risk. It is a business organisation, which is undertaken, something attempted to be performed a projected which involves activity, courage, energy and the like. A business which is running in a small level with less capital is termed as small scale enterprises. A Small scale enterprises plays a significant role in the development of the economy, it contributed significantly to the national income and provides employment opportunities to the large number of people in rural economy. Capital shortage is the most important problem faced by Indian Economy in introducing latest technology, other than this there are many other problems faced by them.
Problems of Women Entrepreneurs in India:
Small businesses often face a variety of problems related to their size. A frequent cause of bankruptcy is undercapitalization. This is often a result of poor planning rather than economic conditions. Small businesses face a number of challenges. From the startup phase to maintaining the business to growing the business, entrepreneurs need to constantly face a number of challenges, some of which are unique to small businesses. Foremost of course of these challenges is ensuring that the business survives.
Challenges faced by a small scale entrepreneur: A Case Analysis:
Small – scale industries in India could not progress satisfactorily due to various problems that they are confronted with while running enterprises. In spite of having huge potentials, the major problems, small scale industries faced are:
1. Problem of skilled manpower:
The success of a small enterprise resolves around the entrepreneur and its employees, provided the employees are skilled and efficient. Because of inefficient human factor and unskilled manpower create innumerable problems for the survival of small industries. Non- availability of adequate skilled manpower in the rural sector poses problem to small – scale industries.
2. Inadequate credit assistance:
Adequate and timely supply of credit facilities is an important problem faced by small – scale industries. This is partly due to scarcity of capital and partly due to weak creditworthiness of the small units in the country.
3. Irregular supply of raw materials:
Small units face severe problems in procuring the raw materials whether they use locally available raw materials or imported raw materials. The problems arise due to faulty and irregular supply of raw materials. Non- availability of sufficient quantity of raw materials, sometimes poor quality of raw materials, and increased cost of raw materials, foreign exchange crisis and above all lack of knowledge of entrepreneurs regarding government policy are other few hindrances for small – scale sector.
4. Absence of organized marketing:
Another problem faced by small – scale units is the absence of organised marketing system. In the absence of organised marketing, their products compare unfavourably with the quality of the product of large scale units. They also fail to get adequate information about consumer's choice, taste and preferences of the type of product. The above problems do not allow them to stay in the market.
5. Lack of machinery and equipment:
Small – scale units are striving hard to employ modern machineries and equipment in their process of production in order to complete their large industries. Most of the small units employ outdated and traditional technology and equipment. Lack of appropriate technology and equipment create a major stumbling block for the growth of small – scale industries.
6. Absence of adequate infrastructure:
Indian economy is characterized by inadequate infrastructure which is the major problems for small units to grow. Most of the small units and industrial estates found in towns and cities are having one or more problems like lack of power supply, water and drainage problems, poor roads, raw materials and marketing problems. Thus absence of adequate infrastructure adversely affects the quality, quantity and production schedule of the enterprises which ultimately results in under – utilization of capacity.
7. Competition from large – scale units and imported articles:
Small scale units find it very difficult to compete with the product of large – scale units and imported articles which are comparatively very cheap and of better quality than small units' product.
Other problems faced by the small scale enterprises:
When small business fails, the owner may file bankruptcy. In most cases this can be handled through a personal bankruptcy filing. Corporations can file bankruptcy, but if it is out of business and valuable corporate assets are likely to be repossessed by secured creditors there is little advantage to going to the expense of a corporate bankruptcy. Many states offer exemptions for small business assets so they can continue to operate during and after personal bankruptcy. However, corporate assets are normally not exempt; hence it may be more difficult to continue operating an incorporated business if the owner files bankruptcy.
Social Responsibility
Small businesses can encounter several problems related to corporate social responsibility due to characteristics inherent in their construction. Owners of small businesses often participate heavily in the day-to-day operations of their companies. This results in a lack of time for the owner to coordinate socially responsible efforts. Additionally, a small business owner's expertise often falls outside the realm of socially responsible practices contributing to a lack of participation. Small businesses also face a form of peer pressure from larger forces in their respective industries making it difficult to oppose and work against industry expectations. Furthermore, small businesses undergo stress from shareholder expectations. Because small businesses have more personal relationships with their patrons and local shareholders they must also be prepared to withstand closer scrutiny if they want to share in the benefits of committing to socially responsible practices or not.
Job Quality
While small businesses employ over half the workforce and have been established as a main driving force behind job creation the quality of the jobs these businesses create has been called into question. Small businesses generally employ individuals from the Secondary labor market. As a result, in the U.S. wages are 49% higher for employees of large firms. Additionally, many small businesses struggle or are unable to provide employees with benefits they would be given at larger firms. Research from the U.S. Small Business Administration indicates that employees of large firms are 17% more likely to receive benefits including salary, paid leave, paid holidays, bonuses, insurance, and retirement plans. Both lower wages and fewer benefits combine to create a job turnover rate among U.S. small businesses that is 3 times higher than large firms. Employees of small businesses also must adapt to the higher failure rate of small firms. In the U.S. 69% last at least 2 years, but this percentage drops to 51% for firms reaching 5 years in operation. U.S. Small Business Administration counts companies with as much as $35.5 million in sales and 1,500 employees, depending on the industry. Outside government, companies with less than $7 million in sales and fewer than 500 employees are widely considered small businesses.
Major challenges facing while starting a new small scale business:
1. Developing the Vision and Business Idea
2. Raising Capital for your Startup
3. Assembling a Business Team
4. Finding the Right Business Location
5. Finding Good Employees
6. Finding Good Customers
7. Dealing with Competition
8. Unforeseen Business Challenges and Expenses
9. Keeping Up With Industrial Changes and Trends
10. Exiting the Business
Conclusion:
Besides the above problems, small – scale units have been of constrained by a number of other problems also. They include project planning, managerial inadequacies, old and orthodox designs, high degree of obsolescence and huge number of bogus concerns. Due to all these problems the development of small – scale industries could not reach prestigious stage. Small businesses face a number of challenges. From the startup to maintaining the business to growing the business, entrepreneurs need to constantly number of challenges, some of which are unique to small businesses. Foremost of course these challenges are ensuring that the business survives.
source:articlesbase.com
An enterprise is an undertaking, especially one of some scope, complication and risk. It is a business organisation, which is undertaken, something attempted to be performed a projected which involves activity, courage, energy and the like. A business which is running in a small level with less capital is termed as small scale enterprises. A Small scale enterprises plays a significant role in the development of the economy, it contributed significantly to the national income and provides employment opportunities to the large number of people in rural economy. Capital shortage is the most important problem faced by Indian Economy in introducing latest technology, other than this there are many other problems faced by them.
Problems of Women Entrepreneurs in India:
- Low-level risk taking attitude is another factor affecting women folk decision to get into business. Though the risk tolerance ability of the women folk in day-to-day life is high compared to male members, while in business it is found opposite to that
- The confidence to travel across day and night and even different regions and states are less found in women compared to male entrepreneurs. This shows the low level freedom of expression and freedom of mobility of the women entrepreneurs.
- The interest of the family members is a determinant factor in the realization of women folk business aspirations.
- The financial institutions discourage women entrepreneurs on the belief that they can at any time leave their business and become housewives again. The result is that they are forced to rely on their own savings, and loan from relatives and family friends.
Small businesses often face a variety of problems related to their size. A frequent cause of bankruptcy is undercapitalization. This is often a result of poor planning rather than economic conditions. Small businesses face a number of challenges. From the startup phase to maintaining the business to growing the business, entrepreneurs need to constantly face a number of challenges, some of which are unique to small businesses. Foremost of course of these challenges is ensuring that the business survives.
Challenges faced by a small scale entrepreneur: A Case Analysis:
Small – scale industries in India could not progress satisfactorily due to various problems that they are confronted with while running enterprises. In spite of having huge potentials, the major problems, small scale industries faced are:
1. Problem of skilled manpower:
The success of a small enterprise resolves around the entrepreneur and its employees, provided the employees are skilled and efficient. Because of inefficient human factor and unskilled manpower create innumerable problems for the survival of small industries. Non- availability of adequate skilled manpower in the rural sector poses problem to small – scale industries.
2. Inadequate credit assistance:
Adequate and timely supply of credit facilities is an important problem faced by small – scale industries. This is partly due to scarcity of capital and partly due to weak creditworthiness of the small units in the country.
3. Irregular supply of raw materials:
Small units face severe problems in procuring the raw materials whether they use locally available raw materials or imported raw materials. The problems arise due to faulty and irregular supply of raw materials. Non- availability of sufficient quantity of raw materials, sometimes poor quality of raw materials, and increased cost of raw materials, foreign exchange crisis and above all lack of knowledge of entrepreneurs regarding government policy are other few hindrances for small – scale sector.
4. Absence of organized marketing:
Another problem faced by small – scale units is the absence of organised marketing system. In the absence of organised marketing, their products compare unfavourably with the quality of the product of large scale units. They also fail to get adequate information about consumer's choice, taste and preferences of the type of product. The above problems do not allow them to stay in the market.
5. Lack of machinery and equipment:
Small – scale units are striving hard to employ modern machineries and equipment in their process of production in order to complete their large industries. Most of the small units employ outdated and traditional technology and equipment. Lack of appropriate technology and equipment create a major stumbling block for the growth of small – scale industries.
6. Absence of adequate infrastructure:
Indian economy is characterized by inadequate infrastructure which is the major problems for small units to grow. Most of the small units and industrial estates found in towns and cities are having one or more problems like lack of power supply, water and drainage problems, poor roads, raw materials and marketing problems. Thus absence of adequate infrastructure adversely affects the quality, quantity and production schedule of the enterprises which ultimately results in under – utilization of capacity.
7. Competition from large – scale units and imported articles:
Small scale units find it very difficult to compete with the product of large – scale units and imported articles which are comparatively very cheap and of better quality than small units' product.
Other problems faced by the small scale enterprises:
- Small businesses often face a variety of problems related to their size. A frequent cause of bankruptcy is undercapitalization. This is often a result of poor planning rather than economic conditions - it is common rule of thumb that the entrepreneur should have access to a sum of money at least equal to the projected revenue for the first year of business in addition to his anticipated expenses. For example, if the prospective owner thinks that he will generate $100,000 in revenues in the first year with $150,000 in start-up expenses, then he should have not less than $250,000 available. Failure to provide this level of funding for the company could leave the owner liable for all of the company's debt should he end up in bankruptcy court, under the theory of undercapitalization.
- In addition to ensuring that the business has enough capital, the small business owner must also be mindful of contribution margin (sales minus variable costs). To break even, the business must be able to reach a level of sales where the contribution margin equals fixed costs. When they first start out, many small business owners under price their products to a point where even at their maximum capacity, it would be impossible to break even. Cost controls or price increases often resolve this problem.
- In the United States, some of the largest concerns of small business owners are insurance costs (such as liability and health), rising energy costs, taxes and taxcompliance. In the United Kingdom and Australia, small business owners tend to be more concerned with excessive governmental red tape.
- Another problem for many small businesses is termed the 'Entrepreneurial Myth' or E-Myth. The mythic assumption is that an expert in a given technical field will also be expert at running that kind of business. Additional business management skills are needed to keep a business running smoothly.
- Still another problem for many small businesses is the capacity of much larger businesses to influence or sometimes determine their chances for success.
When small business fails, the owner may file bankruptcy. In most cases this can be handled through a personal bankruptcy filing. Corporations can file bankruptcy, but if it is out of business and valuable corporate assets are likely to be repossessed by secured creditors there is little advantage to going to the expense of a corporate bankruptcy. Many states offer exemptions for small business assets so they can continue to operate during and after personal bankruptcy. However, corporate assets are normally not exempt; hence it may be more difficult to continue operating an incorporated business if the owner files bankruptcy.
Social Responsibility
Small businesses can encounter several problems related to corporate social responsibility due to characteristics inherent in their construction. Owners of small businesses often participate heavily in the day-to-day operations of their companies. This results in a lack of time for the owner to coordinate socially responsible efforts. Additionally, a small business owner's expertise often falls outside the realm of socially responsible practices contributing to a lack of participation. Small businesses also face a form of peer pressure from larger forces in their respective industries making it difficult to oppose and work against industry expectations. Furthermore, small businesses undergo stress from shareholder expectations. Because small businesses have more personal relationships with their patrons and local shareholders they must also be prepared to withstand closer scrutiny if they want to share in the benefits of committing to socially responsible practices or not.
Job Quality
While small businesses employ over half the workforce and have been established as a main driving force behind job creation the quality of the jobs these businesses create has been called into question. Small businesses generally employ individuals from the Secondary labor market. As a result, in the U.S. wages are 49% higher for employees of large firms. Additionally, many small businesses struggle or are unable to provide employees with benefits they would be given at larger firms. Research from the U.S. Small Business Administration indicates that employees of large firms are 17% more likely to receive benefits including salary, paid leave, paid holidays, bonuses, insurance, and retirement plans. Both lower wages and fewer benefits combine to create a job turnover rate among U.S. small businesses that is 3 times higher than large firms. Employees of small businesses also must adapt to the higher failure rate of small firms. In the U.S. 69% last at least 2 years, but this percentage drops to 51% for firms reaching 5 years in operation. U.S. Small Business Administration counts companies with as much as $35.5 million in sales and 1,500 employees, depending on the industry. Outside government, companies with less than $7 million in sales and fewer than 500 employees are widely considered small businesses.
Major challenges facing while starting a new small scale business:
1. Developing the Vision and Business Idea
2. Raising Capital for your Startup
3. Assembling a Business Team
4. Finding the Right Business Location
5. Finding Good Employees
6. Finding Good Customers
7. Dealing with Competition
8. Unforeseen Business Challenges and Expenses
9. Keeping Up With Industrial Changes and Trends
10. Exiting the Business
Conclusion:
Besides the above problems, small – scale units have been of constrained by a number of other problems also. They include project planning, managerial inadequacies, old and orthodox designs, high degree of obsolescence and huge number of bogus concerns. Due to all these problems the development of small – scale industries could not reach prestigious stage. Small businesses face a number of challenges. From the startup to maintaining the business to growing the business, entrepreneurs need to constantly number of challenges, some of which are unique to small businesses. Foremost of course these challenges are ensuring that the business survives.
source:articlesbase.com
The Guts of Entrepreneurship
You probably remember those days when all you had to do was showing up at your workplace from 9:00 am to 5:00 pm, and then leave work at the end of the day to join your family at home. As an entrepreneur, you now have to take your job with you everywhere you go. Doing so is not called insanity; it is just called being an entrepreneur. Unless you have what it takes to be an entrepreneur, you cannot run a successful enterprise. Do you really know and understand what it takes to be an entrepreneur? Being a productive entrepreneur is not a destination, it is a journey. It is through trials and errors that you will learn to sharpen your entrepreneurial skills. In assessing your entrepreneurial skills, you have to dissect the kind of leader you are and how that type of leader fits your enterprise. For many people, they tend to model after well-known successful business gurus. Doing so is ineffective as you are not using your full creativity in the process. Your primary goal as an entrepreneur should be to become a resourceful and responsible business owner. Prior to owning your business, you probably never worked around the clock, however, as an entrepreneur you will find yourself working long hours to ensure that your business grows successfully.
As an entrepreneur, it is important not to become loyal to ineffectiveness. You should always change what does not work, and only work with what works. In order to do so, it is crucial to learn the decision -making process from an entrepreneurial point of view. Making business decisions is entirely different from making mundane decisions, and it takes a different mindset to do so. For instance, when you visit a restaurant, you will probably seek the suggestions of the waitress or waiter while ordering. Here you are, as an entrepreneur you are lonely, and the only person you can ask for suggestions is you. In stating so, we are not excluding the benefit of seeking advice from business professionals. Herein, we are referring to those decisions you firmly believe that you are the only one who can make the call when needed. What do you do? What you need to do starts with analyzing the elements of your decision-making process. After all, keep in mind that it is your mindset as an entrepreneur that sets the tone for entrepreneurial success. How do you come to make the decisions that you make as an entrepreneur? What drives your thought-process in the decision-making process? As an entrepreneur, all business decisions should be made from a business standpoint. It should not be made based on emotions, personal beliefs or values. Every decision made should be made to ensure the professional growth and success of your enterprise. For instance, instead of asking the question should I hire someone for data entry? The question should be, how is hiring someone for data entry contributing to the organizational goals I have set for my business? The number one mistake most entrepreneurs make during their first years in business is making artificial decisions, i.e. decisions that one assumes benefit the company but have neither real justifications nor foundations. As an entrepreneur, it is important to learn to validate and test the logic behind your decision-making process. As an entrepreneur, it is important that you learn the language of business or the corporate language in general. Remember, a real entrepreneur is never loyal to ineffectiveness. If it does not make sense, it will not make you dollars.
source: articlesbase.com
Residual Income For Life
I was tired of working my same 9 to 5 job Monday through Friday. Having
to ask for a vacation or having to ask for a day off because I was sick,
that was making me sick. Now I can sleep until i'm done sleeping. I can
come and go as I please and never have to punch a time clock. My work
now consist of me managing my time helping others, all the while helping
myself. I didn't know how awesome it would be to receive a pay check
from the things people use each and everyday. Not only that, things
people will not live without. I can show you how to have your energy
bill and cell phone bill paid for, just by telling people what services
your using.
I don't know any other company that will give you things for free because you spread the word. That's what people do all the time! When we go to a restuarant and the food is great, we tell people about it. When ever has that restuarant paid you for doing so. Why not get paid for sharing some good news to help someone else? This company has character and integrity. Why not be a part of something cutting edge and making a difference all around the world? We all need change, let this change be one of a lifetime.
We allow people to potentially save on their cell phones, gas bills , electric bills, cable, home phones, internet and even credit card readers for businesses. Not only do we offer residental services but services for businesses as well. Some states are deregulated in their energy, which means an individual can choose which energy supplier they would like to use. With this company we will lock in a fixed rate for 2 years for our energy customers. We have a plethera of things to offer you and our customers. Be your own boss in the telecommunication and energy business and start making residual income from home today.
I have always wanted to give back to others in need, however I was not always in a position to do so. I used to be someone in need. I was on the opposite side of giving. For a while I was the receiver of charity. So I know what its like not to have the basic things you need. With this business every time I pay a bill or acquire a customer who pays their bill, each month a child gets fed. Now not only can I receive residual income each month for life but each month for life, I can feed a child who is hungry without having to take money out of my own pocket to do so. If you don't know what residual income is; find out how to start your home based business in the telecommunication and energy industry and watch you not only change your life but the life of others.
I don't know any other company that will give you things for free because you spread the word. That's what people do all the time! When we go to a restuarant and the food is great, we tell people about it. When ever has that restuarant paid you for doing so. Why not get paid for sharing some good news to help someone else? This company has character and integrity. Why not be a part of something cutting edge and making a difference all around the world? We all need change, let this change be one of a lifetime.
We allow people to potentially save on their cell phones, gas bills , electric bills, cable, home phones, internet and even credit card readers for businesses. Not only do we offer residental services but services for businesses as well. Some states are deregulated in their energy, which means an individual can choose which energy supplier they would like to use. With this company we will lock in a fixed rate for 2 years for our energy customers. We have a plethera of things to offer you and our customers. Be your own boss in the telecommunication and energy business and start making residual income from home today.
I have always wanted to give back to others in need, however I was not always in a position to do so. I used to be someone in need. I was on the opposite side of giving. For a while I was the receiver of charity. So I know what its like not to have the basic things you need. With this business every time I pay a bill or acquire a customer who pays their bill, each month a child gets fed. Now not only can I receive residual income each month for life but each month for life, I can feed a child who is hungry without having to take money out of my own pocket to do so. If you don't know what residual income is; find out how to start your home based business in the telecommunication and energy industry and watch you not only change your life but the life of others.
Best Way To Become Wealthy- The Search Is Over, Read These Constructive Tips
Having more money than you know what to do with is more than possible to achieve if you are willing to put in the energy to make it a reality. What's even more amazing is that there are people around the world who worked as cashiers or at other minimum wage paying jobs, who have turned into billionaires and millionaires simply because they educated themselves on the right knowledge and have used the power of the Internet to their advantage. It takes three qualities to really become financially successful from home, Time and time again people fail at earning income from home because not only did they lack the knowledge on how to use the Internet effectively. To be in the position to never worry about the economy ever again you must consistently learn from your mistakes, persevere through all the setbacks, and have a reasonable budget.
Best Way To Become Wealthy-Learn from your mistakes
It is smart to use a pen and paper to keep track of all the things you are doing once you start. The reason why it is important for you to keep track of your mistakes is because you will be more organized, and it will be highly unlikely that you will repeat the same mistakes over and over. You will make the road to financial success much faster and less time consuming, by not repeating the same mistakes.
Best Way To Become Wealthy-Persevere through setbacks
Do not believe that soon as you decide to earn income from home that you will see money in the first day. This style of thinking is one of the reasons why so many people fail every day and get discouraged. You must understand that there are many trials and tribulations that will come up that you will have to be strong enough to move passed. You must overcome all the setbacks that will come your way and believe that as long as you were properly informed, financial success from home is not far away for yourself.
Best Way To Become Wealthy-Have a budget
It was found that the reason why 68 percent of people fail is because of poor budgeting, in a poll recently conducted. If you come in with a poor budget, you will not be doing yourself or your family any good, while it is understood that all of us have financial obligations that must be met. So take a piece of paper and really see where you will be able to take some money out of, so you will not be one of the 68% that fail due to budgeting problems.
Best Way To Become Wealthy-Where can you discover the secret to becoming successful from home?
In all, becoming a millionaire is not hard to do if you understand how to grasp the power of the Internet. But,before you start, you must possess three crucial qualities that are vital for financial success from home. Those three qualities are consistently learning from your mistakes, persevering through all the setbacks, and having a reasonable budget. If you have those qualities, then you will have to seek the right information and tools that will allow you to harness the full power of the Internet.
source: articlesbase.com
10 Leadership Tips Startup Entrepreneurs Should Know
An entrepreneur does not run a business with his or her acute
business acumen alone: it comes with leadership skills. Here are 10
tips for startup entrepreneurs:
- Be a good example. Startup leadership entrepreneurs must be able to lead his or her business by example. Coming to work early and leaving the workplace late could send a message to the employees that their employer works, too. His or her work ethic must encourage others to follow his or her lead.
- Exude confidence and optimism. A startup deals with what can be called a "baptism of fire." There are challenges that a startup hurdles as it goes through the crucial first year of operation. In these trying months, an entrepreneur must exhibit confidence and optimism to encourage his or her staff to also believe in the company and the product or service. It is bad marketing for the company if an employee is himself or herself a non-believer.
- Be a doer. An entrepreneur does not only deal with paperwork and financing of the business; he or she is also ready to roll up his or her sleeves and ready to do the work.
- People are your asset. A successful entrepreneur knows that his or her greatest assets are people. A successful entrepreneur surrounds himself or herself with good-quality employees and experts. He or she values the opinions of his or her employees. He or she treats them as family, not servants.
- Be tech-savvy. Every entrepreneur these days must be tech-savvy: must be able to do business using mobile devices, network with peers through Facebook, LinkedIn, Twitter, Instagram, among other social media; must recognize that business must conform with the sweeping changes in technology and employees must be attuned to these changes; must understand that the use of some applications or softwares could lead to better efficiency and productivity at the workplace.
- Education is key. A successful entrepreneur sees the values of education; he or she constantly sends his or her employees to trainings to keep them highly skilled.
- A leader commands respect. A successful and good leader not only commands respect but also inspires people.
- Communication is important. No successful entrepreneur shuts down the lines of communication to his or her staff. Through a healthy conversation, an entrepreneur understands what his or her employees' needs are and what they believe would make the business succeed.
- Share blessings. A successful entrepreneur knows that the key to longevity in the business is getting the community to support his or her business. As a token of appreciation, an entrepreneur always has the best interest of the community in mind. He or she sees the community as a partner in building the business. Some big companies take their social responsibility seriously. A startup enterprise must see this responsibility as important early on, too.
- Take calculated risks. A successful entrepreneur knows how and when to take calculated risks. He or she makes an informed decision before taking on any risk.
Motivational Quotes from Enterprenuers that will empower You
Being an entrepreneur is the new trend, firing up the globe. Holding
desire to change the world and having the ever mounting passion for
innovation, India has been producing some of the best businessmen in the
world. Having an ‘innovative mind' is the new buzz word in business. In
a nutshell, an innovative mind is able to execute and sell a new need
to the society, successfully.
Entrepreneurship is growing at the speed of light and retaining employees is becoming a task for the employers. Younger generation is inspired to think on its feet but the path was paved a long time ago. Many entrepreneurs are now top influencers in the world and their success stories are inspiring their subsequent generation to take the plunge. Most of them started off at a miniscule scale and now are calling the shots by realizing their vision. Their common manta has been, ‘business are all about leveraging risks to make more profits'.
Successful people have always claimed to have believed their heart and gut instinct. They have followed their vision and converted all the challenges into opportunities. All these great men have believed in themselves and today, we've found the courage to believe in their dreams.
Here is the list of quotes from great businessmen who have sculptured their destiny and are living their dreams:
"Always deliver more than expected." —Larry Page, co-founder of Google.
"Risk more than others think is safe. Dream more than others think is practical." - Howard Schultz, CEO of Starbucks.
"I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance." - Steve Jobs, co-founder and CEO of Apple.
"The way to get started is to quit talking and begin doing." - Walt Disney, co-founder of the Walt Disney Company.
"We are currently not planning on conquering the world." - Sergey Brin, co-founder of Google.
"You may be disappointed if you fail, but you are doomed if you don't try." Beverly Sills, opera singer.
"Entrepreneurship is just not about making profits" -Varun Manian, MD - Radiance Realty
"Your most unhappy customers are your greatest source of learning." – Bill Gates, co-founder of Microsoft.
"In the modern world of business, it is useless to be a creative, original thinker unless you can also sell what you create." – David Ogilvy, co-founder of Ogilvy & Mather.
"If you're not embarrassed by the first version of your product, you've launched too late." – Reid Hoffman, co-founder of LinkedIn.
India is mushrooming many new businesses and government has been backing up their business plans with funds. Bangalore has become the start-up capital of India, this is yet another inspiring start from the younger generation.
Entrepreneurship is growing at the speed of light and retaining employees is becoming a task for the employers. Younger generation is inspired to think on its feet but the path was paved a long time ago. Many entrepreneurs are now top influencers in the world and their success stories are inspiring their subsequent generation to take the plunge. Most of them started off at a miniscule scale and now are calling the shots by realizing their vision. Their common manta has been, ‘business are all about leveraging risks to make more profits'.
Successful people have always claimed to have believed their heart and gut instinct. They have followed their vision and converted all the challenges into opportunities. All these great men have believed in themselves and today, we've found the courage to believe in their dreams.
Here is the list of quotes from great businessmen who have sculptured their destiny and are living their dreams:
"Always deliver more than expected." —Larry Page, co-founder of Google.
"Risk more than others think is safe. Dream more than others think is practical." - Howard Schultz, CEO of Starbucks.
"I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance." - Steve Jobs, co-founder and CEO of Apple.
"The way to get started is to quit talking and begin doing." - Walt Disney, co-founder of the Walt Disney Company.
"We are currently not planning on conquering the world." - Sergey Brin, co-founder of Google.
"You may be disappointed if you fail, but you are doomed if you don't try." Beverly Sills, opera singer.
"Entrepreneurship is just not about making profits" -Varun Manian, MD - Radiance Realty
"Your most unhappy customers are your greatest source of learning." – Bill Gates, co-founder of Microsoft.
"In the modern world of business, it is useless to be a creative, original thinker unless you can also sell what you create." – David Ogilvy, co-founder of Ogilvy & Mather.
"If you're not embarrassed by the first version of your product, you've launched too late." – Reid Hoffman, co-founder of LinkedIn.
India is mushrooming many new businesses and government has been backing up their business plans with funds. Bangalore has become the start-up capital of India, this is yet another inspiring start from the younger generation.
The 4 Disadvantages of A Sole Proprietorship
DISADVANTAGES
1. Unlimited Liability. The Sole owner's personal assets, such as home, personal property, cars and investments, are liable to be seized if necessary to pay for outstanding debts or liabilities. As mentioned earlier, the proprietor and the business are deemed to be one and the same in law.
2. Less Financing Capacity. It is more difficult for a sole proprietor to borrow money than for a partnership with various partners or a corporation with a number of major shareholders. A lessor, when looking for security and evidence of outside resources, can turn to other people connected with the business rather than just one person in a proprietorship. A partnership or corporation can give an investor some form of equity position, which is not available in a proprietorship.
3. Unstable Duration of Business. The business might be crippled or terminated upon the illness or death of the owner. If there is no one appropriate to take over the business, it may have to be sold or liquidated. Such an unplanned action may result in a loss.
4. Sole Decision-Making. In partnerships or corporations, generally there is shared decision-making or at least input. In a proprietorship, just one person is involved, and if that person lacks business ability or experience, poor decision making can cause the business to suffer.
5. Taxation. At a certain level of profit, there are disadvantages for the sole proprietor.
These advantages and disadvantages can be different with each situation. That is why all business owners should seek legal advice when making decisions on correct structure for your business.
But for all your financial needs let us help you get your business "In The Zone."
Since Business Finance Consultants have the ability to work with hundreds of lender programs nationwide they can offer you more options than you may have thought possible. Also, because Business Finance Consultants access "wholesale money" they can provide the same programs that major banks offer and pass the savings on to you. It is also important to note that a Business Finance Consultant does not get paid unless they are successful in funding.
This means they will review your request and present it in a manner that poses the greatest probability of funding. As such, Business Finance Consultants have a tremendous motivation to ensure that there are no hidden costs or fees that other mortgage brokers often charge you at the last minute. By choosing to work with a Business Finance Consultant, you are working with the elite of the mortgage lending industry.
1. Unlimited Liability. The Sole owner's personal assets, such as home, personal property, cars and investments, are liable to be seized if necessary to pay for outstanding debts or liabilities. As mentioned earlier, the proprietor and the business are deemed to be one and the same in law.
2. Less Financing Capacity. It is more difficult for a sole proprietor to borrow money than for a partnership with various partners or a corporation with a number of major shareholders. A lessor, when looking for security and evidence of outside resources, can turn to other people connected with the business rather than just one person in a proprietorship. A partnership or corporation can give an investor some form of equity position, which is not available in a proprietorship.
3. Unstable Duration of Business. The business might be crippled or terminated upon the illness or death of the owner. If there is no one appropriate to take over the business, it may have to be sold or liquidated. Such an unplanned action may result in a loss.
4. Sole Decision-Making. In partnerships or corporations, generally there is shared decision-making or at least input. In a proprietorship, just one person is involved, and if that person lacks business ability or experience, poor decision making can cause the business to suffer.
5. Taxation. At a certain level of profit, there are disadvantages for the sole proprietor.
These advantages and disadvantages can be different with each situation. That is why all business owners should seek legal advice when making decisions on correct structure for your business.
But for all your financial needs let us help you get your business "In The Zone."
Since Business Finance Consultants have the ability to work with hundreds of lender programs nationwide they can offer you more options than you may have thought possible. Also, because Business Finance Consultants access "wholesale money" they can provide the same programs that major banks offer and pass the savings on to you. It is also important to note that a Business Finance Consultant does not get paid unless they are successful in funding.
This means they will review your request and present it in a manner that poses the greatest probability of funding. As such, Business Finance Consultants have a tremendous motivation to ensure that there are no hidden costs or fees that other mortgage brokers often charge you at the last minute. By choosing to work with a Business Finance Consultant, you are working with the elite of the mortgage lending industry.
7 Essential Entrepreneurial Skills That Every Business Owner Should Cultivate
You possibly already have enough good idea about the skills you
should have, if you want becoming a successful entrepreneur. Among all
skills, most commonly mentioned are branding, strategy, finance,
planning, sales, initiative and vision. These all are incredibly
essential, yet these are not the end of the list. Entrepreneurs will
need some other unexpected skills also for succeeding, yet you only may
not be thinking regarding them.
In this article, we are going to discuss about 7 major entrepreneurial skills that all business owners should master. Just read on:
1. Vision:
Having a clean market vision is important for growing a business, yet many entrepreneurs over-focus on their own business world by mistake. The entrepreneurs who understand markets genuinely, what makes a company successful, business management principles, and chances when they see them, these are the ones with the possibility for growing achievement.
2. Adaptability:
Having the skill of adaptability, the capacity of changing your approach is now more essential than ever. With the entry of new services and technologies in the market, they can widely change the scene in a month. Keep in mind the effect of updates of Google algorithm on businesses. Great entrepreneurs should be comfortable to go with flow and creating fast business decisions for minimizing the effect of such a quick-changing marketplace.
3. Consumer Focus:
Online marketing has changed the game for many entrepreneurs. Thus, plenty of success is now dependent upon knowing the requirements of consumers and getting ways of fulfilling them with your business. Entrepreneurs should work for understanding really the thought of people who create their business potential, then cater your items, marketing campaigns, policies and services to those individuals. You might be able finding somebody for building purchaser personalities for your efforts of content marketing, yet it will not be efficient unless the leader behind it all is as aimed on the clients as their staffs seem to be.
4. Curiosity:
It's impossible for a modern-day entrepreneur to succeed, if you are not interested to learn. People who actually succeed are the individuals who put true efforts on learning new methods and technologies for keeping their business on the leading position. Every work cannot be outsourced, and in fact if it can, you still need having some basic knowledge of it for getting the outcome you want. All entrepreneurs require the curiosity skill, which drives them learning as the field of playing changes.
5. Communication:
Because of internet, nowadays it is now much simpler conducting most of your business from the computer without actually communicating with anybody face-to-face. You people can think that the days of charming entrepreneur are gone, and we all can only pout behind our PCs. However, it is actually opposite as communication skill is more essential than ever. Surprisingly, it is challenging delivering the type of message you want through social media, phone communication and email. Nowadays, entrepreneurs should put additional effort for communicating efficiently for building relationships which once would have happened in person organically. Communication skills become dire, if you have employees working for you, particularly remotely. If you can't express yourself and your expectations properly, it can impact the ability or productivity of your staffs for delivering what you want. Interpersonal skills are the essential trait of every successful entrepreneur. Presently, entrepreneurs should be capable of writing proper instructions and using increasingly distant channels of communication for building and networking relationships.
6. Stress Management:
Being an entrepreneur, you are not only a boss, you also have an active hand in various areas for keeping things running with ease and manage with possible failures and setbacks along the way. Every entrepreneur who wants succeeding long-term should be really good in managing stress. Important to this skill is being acquainted with delegating and understanding when it is time for taking a break.
7. The Capacity of Inspiring People:
Undoubtedly, an entrepreneur is ardent about their working. Yet, it is the capacity of instilling that inspiration in people which actually drives achievement. However, this is communication skill's extension. You must be able of explaining things in a comprehensive way and then take a further step for making the project resound with your people. In fact, if you are a self-employed person, there is no way you are actually doing each work on your own. For example, inspiring your influencers' network can be a prime driving force behind your business. The momentum created can be huge, if you can get people interested about your tasks.
So, now you have the complete knowledge about the major entrepreneurial skills that every entrepreneur should master. You can join Business Skills Training Program also to understand these skills more. And, if you have idea about some other skills, you can follow them also.
In this article, we are going to discuss about 7 major entrepreneurial skills that all business owners should master. Just read on:
1. Vision:
Having a clean market vision is important for growing a business, yet many entrepreneurs over-focus on their own business world by mistake. The entrepreneurs who understand markets genuinely, what makes a company successful, business management principles, and chances when they see them, these are the ones with the possibility for growing achievement.
2. Adaptability:
Having the skill of adaptability, the capacity of changing your approach is now more essential than ever. With the entry of new services and technologies in the market, they can widely change the scene in a month. Keep in mind the effect of updates of Google algorithm on businesses. Great entrepreneurs should be comfortable to go with flow and creating fast business decisions for minimizing the effect of such a quick-changing marketplace.
3. Consumer Focus:
Online marketing has changed the game for many entrepreneurs. Thus, plenty of success is now dependent upon knowing the requirements of consumers and getting ways of fulfilling them with your business. Entrepreneurs should work for understanding really the thought of people who create their business potential, then cater your items, marketing campaigns, policies and services to those individuals. You might be able finding somebody for building purchaser personalities for your efforts of content marketing, yet it will not be efficient unless the leader behind it all is as aimed on the clients as their staffs seem to be.
4. Curiosity:
It's impossible for a modern-day entrepreneur to succeed, if you are not interested to learn. People who actually succeed are the individuals who put true efforts on learning new methods and technologies for keeping their business on the leading position. Every work cannot be outsourced, and in fact if it can, you still need having some basic knowledge of it for getting the outcome you want. All entrepreneurs require the curiosity skill, which drives them learning as the field of playing changes.
5. Communication:
Because of internet, nowadays it is now much simpler conducting most of your business from the computer without actually communicating with anybody face-to-face. You people can think that the days of charming entrepreneur are gone, and we all can only pout behind our PCs. However, it is actually opposite as communication skill is more essential than ever. Surprisingly, it is challenging delivering the type of message you want through social media, phone communication and email. Nowadays, entrepreneurs should put additional effort for communicating efficiently for building relationships which once would have happened in person organically. Communication skills become dire, if you have employees working for you, particularly remotely. If you can't express yourself and your expectations properly, it can impact the ability or productivity of your staffs for delivering what you want. Interpersonal skills are the essential trait of every successful entrepreneur. Presently, entrepreneurs should be capable of writing proper instructions and using increasingly distant channels of communication for building and networking relationships.
6. Stress Management:
Being an entrepreneur, you are not only a boss, you also have an active hand in various areas for keeping things running with ease and manage with possible failures and setbacks along the way. Every entrepreneur who wants succeeding long-term should be really good in managing stress. Important to this skill is being acquainted with delegating and understanding when it is time for taking a break.
7. The Capacity of Inspiring People:
Undoubtedly, an entrepreneur is ardent about their working. Yet, it is the capacity of instilling that inspiration in people which actually drives achievement. However, this is communication skill's extension. You must be able of explaining things in a comprehensive way and then take a further step for making the project resound with your people. In fact, if you are a self-employed person, there is no way you are actually doing each work on your own. For example, inspiring your influencers' network can be a prime driving force behind your business. The momentum created can be huge, if you can get people interested about your tasks.
So, now you have the complete knowledge about the major entrepreneurial skills that every entrepreneur should master. You can join Business Skills Training Program also to understand these skills more. And, if you have idea about some other skills, you can follow them also.
How to Cut Down on Back-to-School Stress and Spending
(NewsUSA)
– Sponsored News – It’s an odd time of year. While there seems to still
be plenty of summer left, glossy back-to-school fliers are filling
mailboxes and inboxes. It’s enough to give even the most easygoing
parent a raging headache.
Before you grab the aspirin like it’s a life preserver, take heart: Getting your kid ready for the school year doesn’t have to mean cruising a packed parking lot for a space, arguing over clothes that seem better suited for a music video than for math class, or maxing out your credit cards.
The following tips will help minimize your stress levels, while saving some dollars, as the back-to-school season hits:
* Make a list. Like any good coach, draw up a game plan before you hit the mall. Make a list of what your children need (and sizes) and stick to it, just as if you were buying groceries.
* Go window shopping. A week before you head out, ask your kids to “window shop” by visiting websites of their favorite stores. Visit comparison-shopping sites to search for the best prices. Also, check for sales in the fliers in Sunday’s paper or on your favorite shopping blogs.
* Search deals on the web. There are plenty of websites that offer deals for parents and kids, designed to make lives easier and cheaper. One new site is PatPat.com, an e-commerce site that has exceptional discounts in kids’ clothes and accessories. By its own admission, these folks are a ragtag bunch of engineers, designers, and artists who noticed the “exceptionally high markups on top trending kid and baby products.” Their answer? To create a place that hardworking moms (and dads) could find those same high-quality products they adored at “a price they could afford,” without sacrificing much-needed funds ($0.99 socks, for instance). By downloading the app, you can find deals on a variety of items, check-in and share with your friends to receive points, and see super deals and freebies. In addition, you can meet other moms just like you on their Facebook group, PatPatParentingCommunity.
* Shop for essentials first. A few weeks into the school year, when peer pressure kicks in, kids are bound to come home with a list of must-haves. So buy just the essentials at the beginning of the season rather than everything at once (there will always be another sale). Insist that your kids leave the tags on their clothes until they’re about to wear them and hold on to receipts so you can easily return anything they have second thoughts about.
PatPat’s app is available to download for iOS and Android users. The iOS app is so popular it’s now being featured as the best app for kids in the shopping category
Before you grab the aspirin like it’s a life preserver, take heart: Getting your kid ready for the school year doesn’t have to mean cruising a packed parking lot for a space, arguing over clothes that seem better suited for a music video than for math class, or maxing out your credit cards.
The following tips will help minimize your stress levels, while saving some dollars, as the back-to-school season hits:
* Make a list. Like any good coach, draw up a game plan before you hit the mall. Make a list of what your children need (and sizes) and stick to it, just as if you were buying groceries.
* Go window shopping. A week before you head out, ask your kids to “window shop” by visiting websites of their favorite stores. Visit comparison-shopping sites to search for the best prices. Also, check for sales in the fliers in Sunday’s paper or on your favorite shopping blogs.
* Search deals on the web. There are plenty of websites that offer deals for parents and kids, designed to make lives easier and cheaper. One new site is PatPat.com, an e-commerce site that has exceptional discounts in kids’ clothes and accessories. By its own admission, these folks are a ragtag bunch of engineers, designers, and artists who noticed the “exceptionally high markups on top trending kid and baby products.” Their answer? To create a place that hardworking moms (and dads) could find those same high-quality products they adored at “a price they could afford,” without sacrificing much-needed funds ($0.99 socks, for instance). By downloading the app, you can find deals on a variety of items, check-in and share with your friends to receive points, and see super deals and freebies. In addition, you can meet other moms just like you on their Facebook group, PatPatParentingCommunity.
* Shop for essentials first. A few weeks into the school year, when peer pressure kicks in, kids are bound to come home with a list of must-haves. So buy just the essentials at the beginning of the season rather than everything at once (there will always be another sale). Insist that your kids leave the tags on their clothes until they’re about to wear them and hold on to receipts so you can easily return anything they have second thoughts about.
PatPat’s app is available to download for iOS and Android users. The iOS app is so popular it’s now being featured as the best app for kids in the shopping category
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