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Tag: Entrepreneurial

  • Entrepreneurship Misconceptions

    Entrepreneurship Misconceptions

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    Don’t let what others think about entrepreneurs hold you back from greatness,

    Misconception is a thought or opinion that is incorrect based on the faulty thinking or understanding of people. Here, we want to clarify some of the misconceptions in entrepreneurship.

    They work for money

    Entrepreneurship isn’t all about money, it’s about solving problems for people and love what they do. Also, it’s about creating a name for themselves and making a positive impact in the world.

    Money is also a way to do bigger and more exciting deals. The motivation of a new idea, and the risks involved have far more power to motivate the entrepreneurial spirit than money. In entrepreneurship, your business and success become an obsession not the money.

    They lack courage

    I’ve never seen anyone that is as courageous as an entrepreneur.

    It takes courage to forego the predictability of a corporate job, It takes courage to take the risk of failure, It takes courage to make your dreams into reality.

    And it takes courage, lots of it to hand over the reins when your startup grows beyond your ability to manage it.

    That’s why entrepreneurs are rightly the true heroes of our modern world.

    They are professionals

    Most successful entrepreneurs are not highly qualified fellows, but are success driven. Surprisingly, attending an elite university or higher education doesn’t provide a significant advantage in entrepreneurship. What matters is that the entrepreneur gains a degree; the choice of major or college doesn’t play a big role in success. However, the greater the education of the entrepreneur, the lower the rate of business failure and the higher the business’s profits, sales and employment.

    They sometimes have overnight success

    It may seem to you that entrepreneurs made the huge amount of money, but do you know that there is a lot of handwork before he made it.

    Overnight success is possible; entrepreneurs are inspired to start their own business by witnessing successful and established entrepreneurs. They study the success stories, the beginning of those success stories, which often includes massive struggle prior to the breakthroughs. As a matter of Fact, it takes years to become an overnight success in entrepreneurship!

    Many entrepreneurs needlessly worry that they haven’t perfected their ideas. No idea is ever perfect. When you have an idea, go ahead and build a prototype or two, tinker with what works, make refinements as necessary, but by all means get it out there! You can always improve on a good idea. Let the market help you improve.

    You don’t have to be a Harvard graduate to be an entrepreneur, but you do need to understand the characteristics of entrepreneurial. See you at the top!

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    Source by Femi Adefioye

    Views: 1

  • How To Tell If Someone Is An Entrepreneur

    How To Tell If Someone Is An Entrepreneur

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    One thing defines an entrepreneur – constructive action.

    Typically, they’re the salesman – doing *everything* to get people to buy their stuff. We all have the image in our heads; the “wheeler-dealer”, picking any opportunity to try and exploit (and other people) for profit.

    Indeed, the term “entrepreneur” seems to have drifted around the present lexicon – from “something you did” (typically to improve people’s lives) into a blend of “money mad hustler” and “someone who doesn’t ‘follow the rules’”.

    The reality is the modern meaning could not be further from the truth.

    Entrepreneurship isn’t a vocation or job. It’s not a label which you apply to yourself in order to make yourself more endearing to a particular party, or clientele… it’s a way of doing things.

    Many “entrepreneurial” types actually have jobs. They’ll never admit they are “entrepreneurs”, although they exhibit all the traits of one. The question is what these traits are, and whether you – or someone you know – has them.

    What Is An “Entrepeneur”?

    Entrepreneur is a word derived from French – loosely describing a “problem solver”.

    Whilst its connotation has changed over the years, the premise persists – an “entrepreneur” is someone who creates a “widget” and has the ability to encourage other people to buy it.

    What this “widget” is can be a commercial product, service or idea.

    It’s actually interesting… some of the greatest “entrepreneurs” of history actually had nothing to do with money. They were completely focused on the development of a particular “result” and committed themselves whole-heartedly to its realization.

    Whether this meant conquering the Persian empire (Alexander), developing the light bulb (Edison) or creating stable PC systems (Gary Kildall), conquering the Aztec empire (Cortez), the term “entrepreneur” really denotes someone who wants to build something.

    The BIG difference between “original” entrepreneurs and the swathes of new-age idiots (who typically aggrandize a hedonistic lifestyle + seem to have an infatuation for “crypto”) is that the former were typically committed to a single profession, and manage to “leverage” that through the development of increasingly ambitious “projects”.

    These projects could be anything… but they all had a core “reason” to exist. This reason was what drove the originator to pursue the endeavour, and continue even when it was questionable whether it was even “possible” or not. Obviously, the reason we remember them is that they not only discovered it was “possible”, but entirely feasible… hence their success.

    How To Tell If Someone Is One

    The typical sign is they will do strange things…

    • interest in esoteric ideas
    • pursuit of interests not directly correlated to the accumulation of wealth
    • strong displays of passion for particular subjects
    • immersive nature with different ideas (trying to recreate historical events etc)

    The point is that REAL entrepreneurs are not typically concerned about money at all.

    Their primary concern is the creation of a “thing”. What that thing is, is determined by either their character or interests… but in every instance of someone who’s achieved a large amount of success, they were completely and utterly focused on doing “their” thing no matter what.

    This is actually important.

    The modern world seems to have every 18 year old male wanting to be an “entrepreneur” – like it’s a badge of honour or something. If you’re not “growing”, you’re “dying”… right?

    The truth is that our society has become so focused on convenience that the majority of these money-grabbing idiots have absolutely no business even considering themselves “entrepreneurs”.

    They have no experience, no skills and are only latching onto the latest “fad” in order to escape the mediocrity which has come to pervade the West’s consumerist culture.

    Entrepreneurship typically follows YEARS of interest in a particular subject. It typically follows HUGE investments of time & energy into the cultivation of a skill set, experience and “involvement” in a particular space.

    Most importantly – entrepreneurship is about doing something “your way”.

    Stay Clear Of Modern Idiots

    The BIGGEST problem I continually see from the hoards of idiots is they are ALL following a “book” or some other “rules” on “how” to be an entrepreneur.

    I see it all the time… guys reading all the biographies, neural studies, latest books from the big wealthy fat cat – all trying to discover the “secret” to massive success.

    What’s ironic is that all of this stuff just works on the “outside” of the issue – the same people who read all the “stuff” end up with the SAME questions… “what do I sell?”- “how do I know if I’m going to make money on a product?” – “what’s the secret to getting rich?”.

    • If you have to ask “what do I sell”, you’re not an entrepreneur.
    • If you have to listen to what a “successful” person has to say on a subject, you’re not an entrepreneur.
    • If you have to consider all the “rules” put forward by others, you’re not an entrepreneur.

    The point is that the modern world is chock-full of wannabe losers. Even the “successful” ones aren’t actually truly successful – they may have made a bunch of money, but what did they actually achieve? The answer is relatively little (or even nothing).

    The truth is that if you want to “be” an entrepreneur, you have to get to work.

    EVERYBODY has their own work. Some are models. Some are footballers. Some are computer programmers. Some are painters.

    The “trick” is to do ANYTHING in order to get moving forward in an industry; clean the floors if necessary.

    Once you start to gain some progress, the “entrepreneurial” stuff comes from leveraging any progress made within it – either to create & market a product, or to help a market better appreciate the potential of another device/product.

    Traits Of “Real” Entrepreneurs

    • Quiet (or at least reserved)
    • Fully capable of embracing failure (indeed, using it as a spur to change/adapt)
    • Working constantly on different elements within their “industry” (again, everyone has a place)
    • Unafraid of social constructs (just because someone said it doesn’t make it true)
    • Laser focused on what “they” want to do (you want to bring sustainable farming to Africa? This is the type of thing a “real” entrepreneur will actually do)
    • Unafraid to give freely (most “entrepreneur” types are not attached to money at all… typically not having much until they find mercantile success)

    If you haven’t worked it out, the core is purpose.

    The modern world has very little emphasis on purpose; rather it focuses on productivity.

    Nothing wrong with this, but it devoids most people of their passion. It’s good for GDP and McDonald’s – but bad for the creativity lying latent within a large number of people.

    If you want to adopt “entrepreneurial” traits, the key is to become attuned to a particular “purpose” – through which you’re able to invest your entire life.

    If you’re just looking at Ferrari’s and thinking that you “kind of want to become rich” – entrepreneurship is not going to do that. It’s a very difficult road, with only the most persistent and enduring surviving.

    You need to get to work, and only then will you discover hidden opportunities into which you’re able to apply your expertise, experience or network to build something of real value to the world. This real value is then absorbed by the market, who’ll either pay handsomly for it – or reject it. This is pretty-much what determines whether someone could be considered an “entrepreneur” or not.

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    Source by Richard Peck

    Views: 0

  • Problems Encountered by Nigerian Entrepreneur and Possible Solutions

    Problems Encountered by Nigerian Entrepreneur and Possible Solutions

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    The success enjoyed by most industrialized countries can be attributed to the role played by technological innovation and entrepreneurship, both of which continue to drive their economies today. These two factors are seen as key components for the industrialization and development of African countries. The Nigerian government has recognized this fact and has taken measures aimed at promoting and cultivating the entrepreneurial culture in our country. Through the Nigerian Investing Commission (NIC), our government has in the past introduced a policy that required university students regardless of their area of study to take courses in entrepreneurship. While our government is putting extra effort in promoting entrepreneurship in Nigeria, there are still a number of problems that a Nigerian Entrepreneur faces. Below are some of the problems encountered and possible solutions.

    * Diversifying the Economy

    Though our country’s economy has over the last couple of decades relied heavily on its oil production, we must find ways to diversify our economy and avoid the over reliance on oil. Like other developing countries, Nigeria is facing an increase in its unemployment rate that is now at 6 % and is on the increase, with many graduates finding it hard to get jobs while most of those who get jobs are underemployed. This coupled with the global financial crisis in which massive numbers of employees are being laid off; entrepreneurship is seen as an essential key if we want our country to achieve its ambition of being an industrialized nation by the year 2020.

    * Unfriendly Business Climate

    Being an entrepreneur in Nigeria requires great determination as practicing and potential business owners are faced with countless challenges. Nigerian’s business climate should be made welcoming to those in the Micro, Small and Medium Enterprises (MSMEs). The role played by these MSMEs should not be underestimated since majority of the thriving businesses fall in this category and for us to achieve our goals, adequate attention and support must be directed towards these institutions. To be able to help and protect entrepreneurs, we must first have a clear idea of the challenges facing our entrepreneurs in their pursuit of making Nigeria a prosperous country.

    * Lack of Credit Facilities

    Potential Nigeria entrepreneurs go through many hardships when trying to access credit for their businesses. Though there is a wide range of financial institutions that offer business loans, they usually charge high interest rates deterring aspiring entrepreneurs. For instance, major banks have pegged their lending rates to as much a 28% deterring potential entrepreneurs who are mostly low income earners. Other obstacles faced by our entrepreneurs include severe collateral conditions set by banks and other lending institutions. Though our government through the Central Bank and the Banker’s Committee came up with guidelines requiring banks to set aside 10% of their profits for funding MSMEs, majority of these banks have been reluctant to do so. This has led to the emergence of micro-finance institutions which though helpful are not sufficient for meeting the financial requirements.

    * Multiple Taxation

    One other sensitive challenge that is encountered by majority of Nigerian entrepreneurs is multiple taxation. Although we have a responsibility of funding the government through paying taxes, most of the taxes charged on entrepreneurs are not lawful and have the effect of increasing the cost of doing business. Although Nigeria’s Companies Income Tax Act (CITA) has approved only 39 taxes and levies, there are over 500 various levies and taxes that are imposed by state and local government agents. These taxes are questionable and in the case where they are genuine, they are mostly duplicated and this has the effect of increasing the cost of doing business.

    * Poor State of the Country’s Infrastructure

    The state of our infrastructure can be deemed to be a nightmare to both entrepreneurs and the rest of the country’s population. With the existing infrastructure deteriorating and in some places it is non-existent; the cost of doing business has tremendously gone up. The state of the country’s road network makes it hard for entrepreneurs in the agricultural sector to transport harvested produce from farms to processing factories. According to a report released by the World Bank, Nigeria’s pace of socioeconomic development and growth is way below what we can achieve. This is mostly because of the erratic supply of electricity which has negatively affected many businesses. The outcome of power problems has prompted entrepreneurs to generate power through expensive ways that have in turn increased their production costs and made their products uncompetitive due to high prices. Our government should put policies in place to perk up Nigeria’s infrastructure so as to promote successful entrepreneurship.

    * Failure to Adapt to the Changing Business Environment

    Majority of those who venture into MSMEs (Micro, Small and Medium Enterprises) do so because of their need to make money and in almost all cases, such entrepreneurs lack relevant and adequate information about the businesses they engage in. In the event where problems arise, most of these business owners lack sufficient problem solving skills and in the end they find it hard to survive. With the telecommunications sector having grown by about 206.5 % between 2002 and 2004 and is continually expanding, Nigeria has become one of the fastest growing ICT market not only in Africa but also worldwide. This presents a challenge to entrepreneurs who have not embraced technology, and who are now finding it hard to remain relevant in the competitive business environment. For existing and potential MSMEs to survive and be relevant, we must adapt to the changing business environment and embrace technology.

    * Addressing the Challenges

    Solving the problems encountered requires a combined effort by both the entrepreneur and all concerned stakeholders. As Small and medium business owners, we need to increase our knowledge and skills of the market by acquiring relevant and up to date education particularly in your area of business. Our entrepreneurs need to collect information about their target market by seeking help from consultants and professionals who have experience in the particular market.

    One strategy that can be used by our small and medium entrepreneurs to remain relevant and competitive in today’s market is to come up with fresh and creative ideas of doing business. Due to the increase in technology, business is fast changing, thus our MSMEs need to constantly re-invent the way they do business.

    There is a great need of creating a strong link between MSMEs and supporting institutions if Nigeria is to fully benefit from such businesses. Though some financial institutions are still reluctant to provide financial assistance to MSMEs, there are some that give out loans at reasonable rates provided the business sounds viable. The key challenge is for our entrepreneurs to prepare sound business proposals. For our country to achieve its goals and stop relying on oil alone, we need to focus much attention needs on the private sector and our government must create a conducive atmosphere for such businesses to thrive and drive the country towards economic prosperity.

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    Source by Peter O Osalor

    Views: 0

  • Successful Entrepreneurship – Cracking the Code

    Successful Entrepreneurship – Cracking the Code

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    We've heard stories of penniless immigrants who came to Canada with nothing but a dream, but within a single generation accumulate a lot of wealth. How do they do it?

    This is a mystery to the typical person who graduates with a post-secondary education and goes on to work in the labor force as an employee (ie, most people!). This is because our educational system specifically trains its students to become employees rather than entrepreneurs.

    So when we hear about these rags to riches stories, we ask ourselves – "how did they do it?" As someone who grew up in an entrepreneurial household, here is my take on Cracking the Code to Successful Entrepreneurship:

    1. In most cases, one will never become truly financially independent working as an employee. Whether you are an entry-level bookkeeper or the CEO of a large organization, you can be unexpectedly fired at a whim by whoever you report to. You are therefore susceptible to financial catastrophe.

    2. Therefore, the only way to achieve financial independence is to build and maintain a successful business.

    3. There is a "magic formula" that will allow to evaluate a businesses' odds of success:

    [( Sale price of product – Variable cost of product) x Units sold] – Fixed Overhead Costs = Profit

    This formula will be very familiar to accountants – it's called the Contribution Margin Ratio.

    Let's demonstrate this formula using a Bubble Tea business. Wonder why there are so many Bubble Tea shops in Toronto? Because they make a heck of a lot of money with little risk:

    Price per bubble tea drink – $ 4.00

    Cost to make per drink (water, powder, sugar) – $ 0.50

    Drink sales per month assuming 100 sold per day – 3,000

    Monthly rent for shop – $ 3,000

    · Assume no labor costs – in the early years, the owners will work the shop themselves

    · [($ 4.00 – $ 0.50) x 3,000] = $ 10,500 in sales

    · Profit after paying rent: $ 10,500 – $ 3,000 = $ 7,500

    Once you apply this formula to the multinational soft drink companies to analyze their beverage businesses, you can begin to understand why soft-drinks companies have grown from humble beginnings to global companies they are today.

    You can also use this formula to evaluate almost any small business you might be thinking of getting into: restaurant, nail salon, hair salon. You should quickly realize that it's best to choose businesses with a high profit margin (ie, high selling price for produce / service and low cost of supplying the product / service) and high customer traffic (ie, units sold, people serviced).

    Seeing the Future – Cash Flow Projection

    You want to know if you'll be making a profit before going any further. If you skip this step, your chances of failing increase significantly.

    Investigate your costs to start up and run your business. The most common are:

    · Rent – how much will it cost to rent at the location where you want to set up?

    · Wages and payroll tax – will you need employees or can your run the business yourself? How much do you need to pay yourself to meet your personal living costs?

    · Advertising costs – what types of advertising will you use – TV, radio, internet – and what is their cost versus their potential return on investment?

    · Cost of inventory or raw materials – will these be imported? If yes, you'll need to factor in the impact of exchange rates on your profitability.

    · Purchase of equipment – general office equipment like a phone system, computers and IT network, and furniture, as well as specialized equipment for your specific line of business like restaurant equipment (if you're opening up a restaurant).

    · Business liability insurance – to protect yourself from liability if someone is inadvertently harmed by your product or service, or if someone is injured on your premises.

    · Pricing – how much will you be able to sell your product or service so that's it's competitive with others in your line of business

    Once you've figured out your monthly costs (ie, your overhead) and pricing, you're now in the position to determine how many unit sales you need to make to breakeven – remember the Contribution Margin Ratio that we looked at. Use a spreadsheet to build a cash-flow projection model.

    Protecting Yourself – Creditor Proofing

    If things don't work out for your business you could be financially ruined. Therefore, consider the following techniques to protect your personal assets from your business creditors.

    1. Incorporate the business. This will provide you with a level of creditor protection – most of a corporation's obligations are limited to its assets so this structure can provide protection for personal assets. This structure also has income tax benefits, which will not be discussed here.

    2. Always pay statutory debt on time, specifically:

    · Payroll source deductions;

    · Federal and provincial sales tax collected; and

    · Employee wages and vacation payable.

    Corporate directors can be personally responsible for these debts, notwithstanding that the business is incorporated. In many incorporated small businesses, the shareholder (ie, the business owner) and director are the same person.

    3. If you can, avoid giving personal guarantees of your corporation's business obligations (eg, landlord, suppliers) unless it is absolutely necessary.

    You will need a financial expert on your team to deal with the issues raised in this article. Therefore, I would strongly advise that you contact a CPA who can help you further.

    For all you aspiring entrepreneurs out there, I hope that I've helped take out some of the "mystery" behind successful entrepreneurship. Use this tool wisely and never stop dreaming!

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    Source by Victor Fong

    Views: 0

  • Commitment & Determination – What Makes You an Entrepreneur

    Commitment & Determination – What Makes You an Entrepreneur

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    What makes you an entrepreneur?; this question is simple but very difficult to answer. For a long time, people have studied the science behind entrepreneurial process, what drives a great entrepreneur, the things that make an ordinary person transforms into a job creator.

    To answer this question, it’s much better if we try to understand what’s behind entrepreneurial process. At the heart of every entrepreneurial process is the founder, the opportunity seeker, the creator and initiator, the leader, problem solver, and motivator; the planner and the guardian of vision and mission. Without this human energy, behavior, drive, and vitality, the greatest ideas-even when they are backed by an overabundance of resources and people-will fail, grossly underperform, or simply never get off the ground. Brilliant athletic aptitude and potential is not equal with the great athlete. The difference is invisible and intangible: commitment, tenacity and determination.

    Commitment and determination are seen as more important than any other factor that inspiring an entrepreneur. It makes an entrepreneur can overcome incredible obstacles and also compensate enormously for other weaknesses. Almost without any exception, entrepreneurs live under extreme, constant pressure (when they start their business, for them to stay alive, and for them to grow). A new business requires top priority of entrepreneur’s time, emotion, patient, and loyalty. The level of entrepreneur’s commitment can be measured in several ways: through a willingness to invest a substantial portion of his or her net worth in the venture, through a willingness to take a cut in pay because he or she will own a major piece of venture, and through the other big sacrifices in lifestyle and family circumstances. Clearly, commitment and determination usually demand personal sacrifice.

    What you should keep in mind is that the desire to win never equal to the will to never give up. And this is actually a critical distinction. So many lead entrepreneurs say that they really want to win, but only few have the dogged tenacity and unflinching perseverance to make it happen. Just take an example of a young entrepreneur who made several phone call but none were returned. He made a few more calls but still, no response. Over the next week he made yet another series of calls that once again received no response. At that point, what would you do? Would you keep trying, or decide to move on and not waste any more time? Only you can answer this question, and the answer will gives a clear picture of your persistence’s level.

    Entrepreneurs who successfully build new business seek to overcome hurdles, solve problems, and complete the job. They are disciplined, tenacious, and persistent. They are able to commit and recommit quickly. They love to win and love to compete at anything. However, if tasks are unsolvable, an entrepreneur will be the first person to give up than the others. There is a fair opinion says that while entrepreneurs are extremely persistent, they are also realistic in recognizing what they can and can’t. They know where they can get help to solve a very difficult but necessary task.

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    Source by Rendy Dalimunthe

    Views: 0

  • Entrepreneurship and Innovation: The Inconvenient Truth

    Entrepreneurship and Innovation: The Inconvenient Truth

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    Entrepreneurship and innovation: The popular belief

    Entrepreneurs are widely believed to be the agents behind economic growth and innovation. They are, we are told, the movers and shakers who create new industries, unseat current leaders from their thrones, and open new frontiers for everyone. Popular culture tirelessly propagates one success story after another – from Facebook's Mark Zuckerberg, who was glorified in "The Social Network" movie, to Tesla's Elon Musk, an immigrant who became a household name, to Google's Sergey Brin, whose internet search engine name has officially become a verb in English.

    So persuasive is the narrative of the entrepreneurial technological prowess and success, that many countries – including developing countries that feel they are lagging behind – develop comprehensive policies to support and promote entrepreneurship and even set aside sizeable funds to invest in startups via government-run venture capital programs. But is this fascination with and belief in entrepreneurs justified? How likely are entrepreneurs to push the technological frontier and bring about the kind of change that governments want? Entrepreneurship Professor Sergey Anokhin from Kent State University says the hard evidence is far less convincing than the popular culture makes you believe.

    The dark side of entrepreneurship

    In a study of 35 countries over a 7-year period, Professor Anokhin from Kent State and Professor Joakim Wincent from Sweden's Lulea University of Technology show that there is no universally positive relationship between entrepreneurship and innovation. While for the world's leading economies such as the United States the positive link between startup rates and innovation may be true, for the developing economies the relationship is actually negative. Such countries are more likely to see innovation championed by the existing companies, not startups. With few exceptions, entrepreneurs there pursue opportunities of a different kind that are based on imitation and dissemination of others' ideas, and are not equipped to produce truly advanced "grand" innovations. On average, startups are less efficient than existing firms. Accordingly, if local governments support entrepreneurship, economic effectiveness may suffer, and innovation is less likely to occur. In fact, successful technological development in emerging economies is often associated with an aggressive entrepreneurial behavior of large corporations, not individual entrepreneurs. Such is the case, for instance, of South Korea with its chaebols .

    The figure below shows the vastly different impact of startup rates on innovation and technological development (as measured by patent applications) across countries. Only rich countries can expect more entrepreneurship to result in more innovation, says Dr. Anokhin. For the lesser developed countries, as the plot demonstrates, an increase in startup rates will only lead to less, not more innovative activities. The problem, according to Sergey Anokhin, is that developing countries often look up to the leading economies when trying to design their own policies. Moreover, quite naturally, the very textbooks that the students across the world use, are written by the scholars from the world's leading countries, and do not take developing economies' context into account. Taken together, it often locks policy makers in assuming the relationship between entrepreneurship and innovation that will not hold in their particular parts of the world. The pro-entrepreneurship policies will not bring about the effects expected, and the limited resources will be wasted to support activities that are largely detrimental.

    What it all means

    It is time to recognize that the relationship between entrepreneurship and innovation varies across countries, says Professor Anokhin. That is why World Economic Forum's Global Agenda Council for Fostering Entrepreneurship explicitly acknowledges that Silicon Valley success stories do not necessarily resonate in other parts of the world. Broad-strokes policies that aim at fostering entrepreneurship to boost country innovativeness may well be misguided. A contingency approach that takes regional specifics into account should be employed instead.

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    Source by Sergey Ahmetov

    Views: 0

  • Entrepreneurial Mind Frame

    Entrepreneurial Mind Frame

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    Entrepreneurs make up only about 15% of the working population in the US. Far fewer actually succeed than those who attempt to become self employed business people and venture out on their own. So what makes people decide to take the entrepreneurial path, when so few actually make it a reality?

    Is the American dream a possibility for anyone, or, does it take more than most to become a successful entrepreneur?

    The success of an entrepreneur does depend on their mindset. A large percentage of business owners will quit in their first five years in business. What is needed is the fortitude and belief that goes with attaining success.

    Entrepreneurs are risk takers and dreamers. The difference between the dreamer and the entrepreneur though, is that the entrepreneur takes actions based on their dreams. They persist through the hardships and never give up! Many entrepreneurs start with an idea. Their success is determined by their belief that they can create something greater than simple monetary success. Often, it is about creating something which will benefit the world.

    James Dyson, for example, came up with the idea of the bagless vacuum cleaner. Despite multiple set backs, over 5000 prototypes and not being able to get any manufacturers or distributors to accept his idea, he persevered. It was over a decade after his initial idea when his concept came to fruition. Even then, it was after a lot of difficulties and hardship due to the vacuum replacement bag industry, which was worth £100 million in the UK.

    In Simon Sinek’s book ‘Start With Why’, he suggests that the biggest companies in the world are so because of their “why?” – their reasons for building a business in the first place. In all cases, it wasn’t just to make money, or make technology better, or some whimsical ideology.

    The Wright Brothers, for example, became known as the pioneers of the first manned flight. But their competition was much better funded and well connected – Samuel Pierpont Langley had worked at Harvard, had a number of powerful connections, including Andrew Carnegie and Alexander Graham Bell. The War Department funded his project with a $50k grant, a seemingly massive advantage to the unconnected Wright Brothers who had no money or influence. However, their passion and devotion to change the world with this new technology drove them to attain the first flight in history in 1903.

    Desire for material things and monetary wealth can only carry someone so far. Unless you have a goal or passion which is bigger than that, you may lose the momentum and fail to maintain your enthusiasm for any length of time.

    The entrepreneurial mindset is one which taps into your purpose. Without a purpose driven goal or aim, it can’t take long before disillusionment kicks in. With a mindset which takes into account a larger purpose, entrepreneurs can build huge businesses because they ‘saw’ a vision of what they wanted to create. If the purpose is greater than the obstacles which lie in the path of attaining it, no amount of setbacks will stop you from achieving your goal.

    On the other hand, if you set out to do something and something gets in the way and stops you, your initial reason, (your “why?”), may not have been strong enough to endure all the battles along the way.

    Entrepreneurial mind frame (or mindset) therefore, must be aligned with both your vision, your values and your purpose. If your values are not in alignment with your purpose and vision, you’ll come up against road blocks which will stop you from achieving your goal.

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    Source by Tim Halloran

    Views: 0

  • Stuck in the “Entrepreneurial Lows?” 3 Truths to Help You Navigate Through It

    Perhaps the ?worst? part of the entrepreneurial journey is how alone you can feel when you hit a ?low?. You own your own business — who are you going to lean on in your life who “gets” it? And who do you have who can help you through it who has “been there, done that and got the tee shirt to prove it?” Don?t despair ? you?re not alone. Following are some truths I want to share with you, that you can hang on to as you navigate the sometimes choppy waters of entrepreneurship…

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    http://www.associationofmarketing.org/articles/view.php?article_id=14192

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  • Entrepreneurship – Craze of Present Generation

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    An Entrepreneurship sets up an enterprise for profit motive and rightly so. But if you start your business with the 'Show me the money' attitude, rest be assured that you will not go very far!

    Ever wondered why in the world of Entrepreneurship, some carve a niche for themselves and stand out from the crowd, while others, even though successful, have a mundane existence?

    Well it all lies on certain qualities that an Entrepreneur may possess or the way certain activities are conducted by him / her. Here are special skills which you need to hone to become the Successful Entrepreneur.

    Everybody has a certain goal in life which just refuses to go away or change. You must understand this goal to be the calling of your life. Write down this goal – It will time and again remind you, how important it is to achieve this goal and will not let you sleep until you achieve it and become a celebrated Entrepreneur.

    Share your Dream with Right people – Law of Entrepreneurship

    In this world of make belief, you should be able to distinguish between the good, bad and the ugly. Many Entrepreneurial dreams die a quite death because somebody labeled it 'stupid' and constantly put you down until you also started believing your dream to be stupid and chose to abandon it. Share your dreams with only those whom you trust and are actually the propellers of your life.

    Find yourself a Mentor – Key Role in Entrepreneurship

    Someone who has already been there after many trials and turbulence is the right person to advice you. Somebody who has been there and done with can impart some priceless wisdom which you can use to carve a niche for yourself. But you must be very clear about what you will gain from the mentor-men-tee relationship. This will determine whom you can tap for assistance. The right Mentor will always short-cut your leaning process and give you the push you need and help you to stay task focused.

    Observe deeply and Practice Incessantly

    An Entrepreneur must consciously set aside some quite time to take on board any new ideas, things to learn and allow your mind to wander. You never know what your 'downtime' can fetch your business! Similarly only incessant practice will make an Entrepreneur perfect. Short cuts have never helped anyone in life. It is only your endurance for more and more practice that will give you results.

    Seek Challenges in Life

    The yardstick of success of an Entrepreneur is measured by the challenges he / she has overcome. Never be scared to consciously seek challenges in your Entrepreneurial life. Remember challenges are not setback of life. They are simply life's way of requesting you to make full use of the resources and tools available with you to resolve them.

    As an Entrepreneur you must have the skill set to select the right tool at the right time to overcome the challenge.

    Welcome Criticism – Challenge in Entrepreneurship

    In your journey as an Entrepreneur, be ready to welcome criticism from associates / citizens / clients / and sometimes even friends and family. There will be people out, there highly critical of your product / service. You must possess the gall to take such criticism in your stride and take them positively. If praise motivates you, then criticism must stimulate you to do better and better, not the opposite. If you cannot accept criticism, then your ego is getting in the way of your best judgement.

    Be Self Driven not Ego Driven

    An Entrepreneur must be proud, confident, self assured but not ego driven. Be humble and let your feet be planted firmly on the ground. Let your actions and achievements speak for you, not your boating and bragging. The more you brag, the more will sound phony. Remember, it is the empty vessel which makes the most noise.

    Carve a niche for yourself

    An entrepreneur must try to find out his niche area. Each of us has a special ability, a quite story which sets us apart from others. Play around with this strength and craft your own persona. Of you try to become a carbon copy of some you admire, you will never be able to make a name for yourself. Remember, the original always looks better than the copy. So leave your idol on the pedestal to be admired from a distance.

    What Goes Around Comes Back.

    As an Entrepreneur, you must try and help and benefit others. Give whatever you have in abundance- your time. your service or knowledge to those who are badly in need of it. You will be amazed at what you stand to gain when you give it to others.

    Value Learning over Money – Basics of Entrepreneurship

    An Entrepreneur sets up an enterprise for profit motive and rightly so. But if you start your business with the 'Show me the money' attitude, rest be assured that you will not go very far! Instead show humility and value what you have learnt in your journey as an Entrepreneur. Money will follow you steadily and surely, if you apply what you have learnt.

    Be Thankful

    Be thankful that you could become an Entrepreneur, be thankful that you could learn your failures, be thankful that you are at the receiving end of so many blessings and above all, be thankful that you are alive!

    Gratitude always unlocks the fullness of your life and indeed will make you the celebrated "A Successful" Entrepreneur.

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    Source by Akshay Lendey

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