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Tag: Entrepreneurial

  • A Modern-Day David and Goliath – Techno Teen Takes on Computer Giant – and Wins!

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    “Those who say it can’t be done need to get out of the way of those that are doing it.” Unknown

    The entrepreneur of today’s world can be compared to the legendary Don Quixote – chasing windmills in search of great fortune.

    The entrepreneurial journey I would like to share with you in this article might be a bit of a surprise. I find it remarkable yet I have barely seen it mentioned in the press over the years.

    Imagine the following scenario. The year is 1983. You are a college freshman at The University of Texas in Austin, sitting in your dorm room playing around on your computer.

    1983. Pre-Internet. Pre-computers-on-every-desk, in-every-room-of-the-house. These were the days of PONG, where very few people sat around playing with personal computers. (If you don’t know what PONG is, ask someone a lot older than you.)

    Back to your dorm room. You are supposed to be in class. Instead, you are sitting there playing around on your computer and you have a bright idea – the proverbial “light bulb” goes off in your head.

    “I think I’ll start a computer company and compete with IBM!” Since no one is around to hear you and tell you how ridiculous you sound, you continue.

    You have no employees. No manufacturing facility. No family in the computer business. You’ve never even worked for a computer company. Sure, you’ve been pulling computers apart and putting them back together since your were 15 but come on! Compete with IBM? Everyone around you thinks you have lost your mind.

    Yet, you believe you have a better way.

    You develop a passion for the idea of making better computers and selling them for less by going directly to the consumer.

    The story goes that mom and dad heard that sonny-boy was skipping a lot of classes so that he could play with his computers. Mom and Dad decided to pay a visit one day and caught him red-handed. After reading Michael the riot act, Michael’s dad asked him what he wanted to do with his life. He told his dad that he wanted to compete with IBM.

    Imagine that conversation!

    And so it was that the 19 year old boy genius, techno-teen Michael Dell, armed with only $1000, abandoned his plans of becoming a doctor and dropped out of college after his freshman year to take on the big boys – IBM, Compaq, Hewlett-Packard, and others.

    He believed he could outsource everything – the manufacturing, distribution, sales and service. Remember now, this was pre-Internet. Pre-global-out-sourcing. He believed he could bypass the traditional expensive distribution channels and go straight to the consumers, giving them exactly what they wanted – better quality, lower cost computers made specifically for them.

    He knew what his consumer wanted because he was his own consumer – frustrated by poor customer service, crappy quality, non-existent customization and high prices.

    The rest is history. Modern American business history, that is.

    By the time Dell was 22 years old, his company had achieved annual sales of about $150 million. Starting with only $1000 and growing the company to a $1 billion (with a B!) public company in less than 10 years is a record few companies can match.

    Today Dell, Inc. is a $57 billion company with the leading market share in the United States with over 46,000 employees, including more than 16,000 in Central Texas. Dell is listed as the 8th wealthiest person in the United States according to Forbes magazine (August 2007). Dell first made the Forbes 400 Wealthiest People in the United States at the ripe old age of 26. He is said to have been worth over $20 billion by the age of 40.

    Dell has been named “Entrepreneur of the Year” from Inc. magazine; “Man of the Year” from PC Magazine; “Top CEO in American Business” from Worth Magazine; “CEO of the Year” from Financial World and Industry Week magazines.

    Not bad for a college dropout.

    Michael Dell. At age 19, he realized he could build a better mousetrap and sell it for less.

    Simple formula. Brilliant execution.

    The first time I heard this story, I frankly didn’t believe it. A college freshman takes on IBM, and wins?! No way, said my logical left brain. There has to be more to this story!

    No, this one goes in the “truth is stranger than fiction” category.

    Michael Dell was just a bright boy with a bright idea. Fueled by passion. Too young, too foolish, and certainly too focused to listen to the naysayers who said it couldn’t be done.

    According to Dell, “No one told me that we couldn’t do it, and if they did, I wasn’t listening.”

    It’s a good thing he wasn’t listening. In addition to revolutionizing the personal computer industry, Dell has donated more than $1 billion in stock to the Michael and Susan Dell Foundation, which is now one of the country’s largest foundations. The foundation focuses on children’s health and education initiatives.

    Even though today’s story is about a mega-millionaire with a gazillion dollar company, never forget that once upon a time, Michael Dell was a lot like you and me. Just a kid with a dream that wouldn’t die.

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    Source by Gina Carr

    Views: 0

  • Enterpriship – The Art and Science of Entrepreneurship, Leadership, and Management

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    Every individual who starts, owns, or is a member of the management team of an enterprise, should strive to build sustainable advantage. Sustainable advantage is essential to value creation because cash flows become predictable and reliable over long periods of time. As a consequence, it is easier to plan for investments in new endeavors and to maintain contingency reserves for downturns.

    Building sustainable advantage requires proficiency in the disciplines of entrepreneurship, leadership, and management. Collectively, these three disciplines embrace “enterpriship.”

    Enterpriship is both an art and a science. Art is an occupation that requires both knowledge and skills; science is method for systematizing knowledge. Through both knowledge and skills, enterpriship provides a systematized approach to building sustainable enterprises by employing the techniques of entrepreneurship, leadership, and management.

    Entrepreneurship is a competency for starting, developing, and assuming risk for an enterprise. Leadership is a competency for aspiring, inspiring, and motivating others. Management is a competency for directing and controlling events and activities – management as a “team” has the authority and responsibility for the enterprise.

    Being proficient in all three competencies requires experience. Entrepreneurs may lack the leadership and management competencies, leaders may lack entrepreneurial and management competencies, and managers may lack the entrepreneurial and leadership competencies to build a sustainable enterprise.

    Upwardly mobile entrepreneurs have to demonstrate to investors that they can build large markets. Lifestyle business enterprise owners, such as dry cleaners, hairdressers, professional service providers, restaurateurs, and retailers, are responsible for everything in their businesses. Executives and managers in larger enterprises are under constant pressure from investors to generate quality earnings on an ongoing basis.

    The enterprise depends upon the use of all three enterpriship competencies as do the employees, customers, suppliers and investors.

    When entrepreneurs start enterprises, they tend to focus on the benefits and features of their products and/or services. Intrapreneurs, who are agents of change in established enterprises, tend to do the same thing. However, focusing on products and/or services alone is insufficient for building sustainable advantage over time.

    Without people there is nothing in business. Processes must be effective and efficient at delivering quality products and/or services conveniently. If an enterprise can’t deliver, a competitor will.

    Hence, the management team collectively must be proficient in entrepreneurial, leadership, and managerial roles that dictate successful people-oriented, process-oriented, and product and/or service capabilities.

    The entrepreneurial role is both process-oriented and product-oriented, through which innovative ideas are transformed into value at every stage of an enterprise’s development.

    The leadership role is people-oriented, through which direction is set that others will follow to achieve results – equally applicable to top-level executives, team leaders within functions, or anywhere in between.

    The managerial role is process-oriented, through which resources (time, materials, and supplies) are applied to activities to achieve results.

    These three roles embrace the planning and policy development, deployment and execution, and performance measurement activities of the enterprise. Deployment means positioning the resources of the enterprise in the best markets for its products and/or services. Execution means getting things done through people and processes effectively and efficiently.

    Unless the management team employs these three enterpriship competencies collectively to address people, process, and product and/or service capabilities, the enterprise will be unable to build sustainable advantage over time, and will ultimately decline, and maybe fail.

    If the management team can systematize building sustainable advantage through the effective and efficient use of people and processes, then there more time to spend on developing the benefits and features of products and/or services. Enterpriship provides the approach…

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    Source by Nigel Brooks

    Views: 1

  • Effortless Entrepreneur – Book Review

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    By: Nick Friedman & Omar Soliman (2010)

    ISBN 978-0-307-58799-2

    Book Price: $17.00

    Multimillion-dollar franchise

    Nick Friedman and Omar Soliman are founders of, “College Hunks Hauling Junk.” This company has become a multimillion-dollar franchise and the nation’s premier junk removal service. Nick and Omar have been named among the Top 30 Under 30 Entrepreneurs in America by Inc., and have been profiled in the New York Times.

    Entrepreneurial success

    Nick and Omar supply readers with 13 chapters leading to entrepreneurial success. They discuss the following topics; the making of an entrepreneur (Ch. 3); creating your business foundation (Ch. 4); building staff and client loyalty (Ch. 7); optimizing your ability to make the sale (Ch. 10); working smarter and playing harder (Ch. 13), etc.

    Passionate pursuit of business dreams

    Nick Friedman and Omar Soliman relate their journey with passion and energy. This book conveys more than a love for building a business; it also exhibits practical steps along the journey. Nick and Omar relay, “As we expanded and built systems that allowed our company to function more effectively, we discovered that we could spend less and less time doing the everyday grunt work… and more time doing the things we really enjoyed… “

    The crux of this book shows how anyone can convert a common serviced industry into a wealthy enterprise. The authors state, “… now we’re trash men. Of course, by trash men we mean we’re Gen Y entrepreneurs in our mid-twenties who understand that trash is cash and transformed a summer gig into a multimillion dollar business.”

    Nick and Omar use challenging words to arrest readers from inactivity saying, “To succeed as an entrepreneur, be prepared to act on your ideas. Otherwise, you’re just another dreamer who wishes and longs and prays to have a business but never gets further than sneezing… people who turn ideas into reality make the difference… “

    Vision motivates! Friedman and Soliman express this key to success through practical examples as they share, “… the more passionate you are about achieving goals, the greater your chance for growth. Our vision was clear when we started… we didn’t blink twice at spending $13,000 to buy our 1-800-Junk-USA phone number… “

    Shift into entrepreneurial breakthrough

    Nick Friedman and Omar Soliman energize readers to shift into Entrepreneurial breakthrough in business.

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    Source by Dr. Steven J. Lynne

    Views: 1

  • Teaching Entrepreneurship To Children: Should We Do It?

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    Should we be teaching entrepreneurship to children? When you were a child did you ever have a stand where you sold soft drinks like sodas? Did you ever offer cakes and candy to other students at school in order to make some money?

    Not everybody is bitten by the entrepreneurial bug when they are kids however. I truly believe that it’s vital teaching entrepreneurship to children. The harsh realities of entering into the workforce in a difficult economy presents a lot of challenges. The alternative of being an entrepreneur and working for yourself is something that should be explained to children and young people.

    Making then Aware of an Alternative

    The main thing working against our children having an entrepreneurial mindset is our education system. With only a few exceptions, most of the teaching we get from the time we are in kindergarten to the day we graduate from college is…

    * Make sure you get a good education

    * Study hard and graduate with your degree

    * Get a wonderful job with great additional benefits and you’re set for life!

    There are a number of issues with this.

    There is absolutely nothing wrong with working and getting a good job with for a terrific company. A lot of people end up doing this and a some enjoy it and make a huge contribution to their company.

    The real truth is that there is a HUGE portion of people who are not pleased with their jobs and are in fact totally dissatisfied. This can be due to the fact that they either do not like the work they do, who they actually work with or they may not get paid enough being just one paycheck away from being broke.

    The Second problem is that it is very RARE in these modern times to find anybody that works at one specific job for more than 3 to 5 years. Switching between jobs regularly has actually become the “brand-new standard”.

    That’s why it’s so essential in teaching entrepreneurship to children and revealing to them that there is an option to having to go out into the workforce to make a living. Would it not make more sense to instruct children about entrepreneurship and show them a that there is a very real alternative to living a life in the corporate world.

    Teaching them about things like beginning their own home-business… particularly an online business. We have to remember that the younger generation now invest most of their time online nowadays. So,when they are young, why not instruct them about how to make money with a medium like the internet that they are so comfortable using.

    Keeping it Real

    Understanding that children these days can truly benefit from finding out how to begin their own business, how do we begin teaching them about it?

    I think it’s extremely important to set the right expectations early on. Having your own business can be an amazing experience, however children should be taught that it does also include hard work and dedication. This is something that children (and adults) in some cases choose to skip over.

    The reality is beginning an online business has the possibility to make you a lot more money than most everyday jobs.

    It’s essential to offer children choices. Make them understand the benefits and challenges of working in the “Rat Race” and the alternative of working for themselves in their own business.

    To be really practical we have to remember that children will regularly want to select the most simple and “Safest” method rather than something that might present a greater challenge and require a little additional effort even though in the long-term they could be much better off.

    Keep Their Dreams Alive

    The last thing to keep in mind is to be supportive of children who wish to start their own company. You see most children still have dreams and goals when they are young.

    As time goes and life presents some obstacles to their dreams in various forms, children then start to lower their goals and become more willing to settle for mediocrity. That is unless they have someone to look up to and admire and to learn from. Be the kind of individual who motivates and supports those children to dream big and work hard to realise their ambitions.

    With it becoming harder to find a good job nowadays, young children (and lots of grownups) need to be aware of the option of a home based business as a vehicle to achieve their dreams and objectives. Teaching entrepreneurship to children and assisting them in preserving their dreams can help pave a path on their journey to financial freedom and a life filled with passion.

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    Source by Merv Stevens

    Views: 0

  • Five Distinct Mindsets of an Entrepreneur

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    I have written in this column before about whether entrepreneurs are made or born (January 18). As I noted in that column, the issue is no longer the subject of debate. Entrepreneurs can be made, that much is clear. Unfortunately, the culmination of that debate begs a new question: What do aspiring entrepreneurs need to learn?

    The most fruitful research into this question has identified a number of cognitive skills that “expert entrepreneurs” possess. Cognitive skills are, in short, unique ways of thinking. Entrepreneurs who have been examined to reveal the cognitive skills they possess are usually NOT able to articulate them. They are aware that they’ve developed capabilities to convert disparate resources into profitable opportunities, but they can’t exactly say how they do it.

    Research has identified distinct patterns in the thought processes in an exceedingly diverse set of entrepreneurs. Scholars have translated these patterns into terms that can be used by people who teach entrepreneurship and, more importantly, those who practice it.

    In another field of study, Harvard psychologist Howard Gardner wrote a book titled “Five Minds for the Future”. The rationale for Gardner’s work is that: “One cannot even begin to develop an educational system unless one has in mind the knowledge and skills that one values, and the kinds of individuals one hopes will emerge at the end”. His book focuses on the five “mindsets” that he believes essential to general education: the disciplined mind, the synthesizing mind, the creative mind, the ethical mind, and the responsible mind.

    While Gardner’s minds are debatable, his perspective that the way people think largely defines who they become is instructive. In light of his work, it seems natural to wonder whether it is possible to identify five specific “mindsets” that are important to entrepreneurial success. My own research has identified five such mindsets: the opportunity recognizing mind, the designing mind, the risk managing mind, the resilient mind, and the effectuating mind.

    The opportunity recognizing mind is cultivated by identifying “pain points” in industry-specific value chains. Expert entrepreneurs rapidly go from spotting a pain point to analyzing the size of the market opportunity. Aspiring entrepreneurs, in contrast, are more likely to extrapolate from limited experience, and they tend to neglect analyzing the SIZE of the opportunity.

    The designing mind has learned how to create repeatable production processes that consistently create valuable output for an identified market. In fact, one of the main differentiators between entrepreneurship and small business is the entrepreneur designs and develops of production processes that do not require his or her constant attention. Small business owners generally enjoy working in their business. Entrepreneurs prefer the design approach of working on their business.

    Risk management is a too-often overlooked element of entrepreneurial expertise. A common belief is that entrepreneurs are risk takers. In reality, entrepreneurs have learned to be highly effective risk minimizers. Where others see intolerable risk, the expert entrepreneur has learned to reduce the risk to an acceptable level. For example, expert entrepreneurs operate according to the “principle of affordable loss” when launching a new venture. They don’t risk more than they can afford to lose.

    The resilient mind is simply the ability to bounce back from the inevitable failures and setbacks that all entrepreneurs encounter. Expert entrepreneurs have learned to distinguish their business failures from personal failure. Without question they still experience disappointment and frustration, but they don’t turn their negative emotions inward. They view their business experiences objectively, and they strive to learn as much or more from their failures than they do from their successes.

    Finally, the effectuating mind is simply the ability realistically to assess one’s talents, situation, and prospects. Any particular entrepreneurial opportunity could be pursued by anyone, but not everyone can pursue each opportunity. Some people simply will be better prepared to capitalize on an opportunity than others. This may be due to their life history, family circumstances, genetic gifts, or other factors. Expert entrepreneurs have learned honestly to assess their own unique talents and to leverage them in pursuit of opportunity. They do not care that others may be better suited to pursue other, potentially more lucrative, opportunities.

    The five mindsets entrepreneurial expertise are targets for lifelong learning and development. No matter your current level of expertise in any of these mindsets it is likely that you have room for improvement. If you deliberately practice and develop skills in these specific mindsets over time, the chances for your entrepreneurial success inexorably will improve.

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    Source by Dr. Thomas Duening

    Views: 0

  • Creativity and Entrepreneurship

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    We will commence our assignment with a discussion of sources of new ideas. We will then examine methods of generating ideas, creative problem solving, the product planning and development process, and then e-commerce. We will then generate several new ideas using brain writing, the checklist method, and free association. We will apply the product development stage to our new ideas and end our discussion with two alternatives to e-commerce.

    Sources of new ideas include consumers, existing products and services, distribution channels and even the Federal Government (Hisrich, 2008). The files of the patent office are full of new ideas and new product ideas can form as a result of government regulations. Research and development is the largest source of new ideas and can occur in a formal lab or in a garage or basement.

    Many methods can be use to generate new ideas. In focus groups, a moderator leads a group of people through open, in-depth discussions. These groups generally consist of eight to fourteen participants. They are stimulated by comments from other group members in creatively conceptualizing and developing a new product idea to fill a market need. Focus groups are also an excellent way to screen ideas and concepts. Problem inventory analysis is another great method of generating new ideas. It uses individuals in a manner that is similar to that of focus groups. Consumers are provided with a list of problems in a general product category and are then asked to identify and discuss products in this category that have the particular problem. This method should be used primarily to identify product ideas for further evaluation.

    Creative problem solving takes the generation of new ideas to a higher level. Brainstorming allows people to be stimulated to greater creativity by meeting with others and participating in organized group experiences. Rules include the following:

    a) Criticism not allowed

    b) Freewheeling is encouraged

    c) Quantity of ideas is desired

    d) Encourage combinations and improvements of ideas

    Brainstorming should be fun and not contain any domination or inhibition of discussion. It is highly effective in groups of six to twelve individuals and can generate ideas about a problem within a limited time frame through the spontaneous contributions of participants. Reverse brainstorming offers a different perspective as it is similar to brainstorming, except criticism is allowed. It is based on finding fault by asking in how many ways an idea can fail. The focus is on the negative aspects of a product, service, or idea. One must be careful to maintain group's morale though. Reverse brainstorming can be used prior to other forms of creative techniques to stimulate innovative thinking and involves the identification of everything wrong with an idea. It is usually worthwhile since is easier for people to be critical about an idea instead of coming up with a new one.

    Brainwriting is a form of written brainstorming and gives participants more time to think than brainstorming. It is silent and each group member writes down three ideas within five minutes. A form is passed around to all participants while a leader monitors time intervals and can even modify them. The Gordon method is another method of creative problem solving and begins with group members not knowing the exact nature of a problem. This ensures that a solution is not clouded by preconceived ideas and behavioral problems. A general concept associated with the problem is mentioned and the group then expresses a number of ideas. A concept is then developed and related concepts are developed. Finally, the actual problem is revealed.

    The checklist method involves the development of a new idea through a list of related issues or suggestions. The following questions demonstrate how the checklist method is used:

    ii.Put to other uses? New ways to use as-is?

    iii.Adapt? What else like this? What could I copy

    iv.Modify? New twist? Change meaning, color, form, shape?

    v.Magnify? What to add?

    vi.Minify? What substitute? Smaller?

    vii.Substitute? What else instead? Other material?

    viii.Rearrange? Other pattern?

    ix.Reverse?

    x.Combine? Blend?

    Free association is another form of creative problem solving and is one of the simplest and yet most most effective methods. It is helpful in developing an entirely new slant to a problem. First, a word or phrase related to a problem is written down. Then other ones are written down and so on. Each new word attempts to add something new to the ongoing thought processes. This creates a chain of ideas ending with a new product idea.

    The product planning and development process is crucial to an entrepreneur's success. One must first establish evaluation criteria by assessing the market opportunity and size. One must evaluate current competing producers, prices, and marketing efforts. New idea should have synergy with existing management capabilities and marketing strategies. The proposed product or service idea should be able to be supported by and contribute to a company's financial well-being. One should evaluate the compatibility of a new product's production requirements with existing plant, machinery, and personnel. Entrepreneurs should be concerned with formally evaluating an idea throughout its evolution. The idea stage involves identifying new product or service ideas while eliminating impractical product or service ideas.

    One must determine the need for the new idea as well as its value to the company to ensure both prior to proceeding with the ideas. The need determination should focus on the type of need, its timing, the users involved with trying the product or service, the importance of controllable marketing variables, the overall market structure, and the characteristics of the market. In the concept stage, a new product should be developed further and refined through interaction with consumers. The refined idea is then tested to determine consumer acceptance. Features, price, and promotion should be evaluated for the concept being studied and any major competing products. The product development stage involves determining consumer reactions to the physical product. An entrepreneur can provide samples in this stage. The final stage of the development process consists of the test marketing stage, which provides actual sales results that indicate the acceptance level of consumers.

    E-commerce is a relatively new concept in the business world and should be used creatively. An entrepreneur must address additional specific issues due to continually-evolving technology. For instance, one must decide if he will run the internet operations of the business or outsource the task to another firm. A website is often created and must be aesthetically-pleasing and fully functional. Ninety percent of small businesses use websites and ease of use is important with websites. The website is a communication vehicle in which search capability and speed are equally important. A website should have a shopping cart, secure server connection, credit card payment processing, and a customer feedback feature. It should be customized for specific target market groups and should be compatible with various browsers.

    The tracking of customer information is vitally important when dealing with e-commerce. This is often accomplished via electronic databases. Doing so supports personal marketing and captures customer attention with customized one-to-one marketing. It is critically important to protect the privacy of individuals when keeping databases.

    When conducting e-commerce as an entrepreneurial company, one's products should be able to be delivered economically and conveniently. Products must be interesting to a large number of people and a company must be prepared to ship products out of its geographic location. Online operations must bring significant reductions in cost as compared to having a store.

    We now turn our attention to the generation of clothing ideas for Libya. We utilized brainwriting with a time limit of five minutes to come up with a new idea. We drafted an adjustable robe for women that can be rolled up and then attached with velcro to shorten it when desired to offer additional clothing and styling capabilities. We then used the checklist method and came up with the following:

    xi.Modify? New twist? Change meaning, color, form, shape?

    a) Can offer robe in multiple colors such as white, red, and blue

    xii.Substitute? What else instead? Other material?

    a) Can make robes out of breathable polyester / nylon material as used in athletic wear

    b) Allows for wicking away of sweat and moisture to keep clothing dry and light in weight

    We then used free association to come up with a list of related words:

    -xiii.cooling, light weight, windproof, light colors, reflective material xiv. End result is metallic-colored fabric that will reflect sunlight like aluminum foil

    We then applied product development stages to the new ideas to formulate a final product concept. We first established our evaluation criteria by assessing market opportunity and size. The population of Libya is 6,173,579, so this will serve as our potential market (Wikipedia, 2009). We then turned to the idea stage to identify new product ideas. These ideas included the following thought process:

    a) Can offer robe in multiple colors such as white, red, and blue

    b) Can make robes out of breathable polyester / nylon material as used in athletic wear

    c) Roll-up velcro to shorten robe for greater cooling and comfort

    d) metallic-colored fabric that will reflect sunlight like aluminum foil

    xv.Eliminate impractical product / service ideas in this stage

    a) Metallic-colored fabric will be eliminated

    b) Reflecting sun can create an oven effect on wearer

    c) Can actually make customer hotter and not cooler

    xvi.Determine the need for the new idea as well as its value to the company to ensure both prior to proceeding with ideas

    a) Multiple robe colors will appeal to different people

    b) Wicking-material robe will appeal to men more

    c) Roll-up robe will appeal to women more

    d) Can result in greater sales and market share

    e) Is beneficial to company to sell more robes while meeting individual needs of customers via mass customization

    We then moved on to the concept stage to further develop and refine our new product ideas through interaction with consumers. We plan on participating in trade shows to present our new ideas. We will display prototypes and obtain feedback from potential customers. Our refined ideas will then be tested to determine consumer acceptance. We will take consumer ideas into consideration and tweak prototypes accordingly. We will then consider the pricing and products of our competition and price our products accordingly to maintain a competitive edge. In the product development stage, we will determine consumers' reactions to the physical product by allowing customers to try our robes on at trade shows. We will then participate in the test marketing stage by proving actual sales results once our products enter the market.

    Alternatives for the use of e-commerce in conducting one of the product development stages for the actual commercialization of our final product idea can involve the creation of a company website that is easy to use. We will incorporate powerful search capabilities while ensuring that our site performs with acceptable speed. We will include a shopping cart, secure server connection, credit card payment, and customer feedback feature in our website. In addition, our website will be customized for specific target market groups and be compatible with various browsers. We will also track customer information by creating an electronic database that supports personal marketing. This will allow us to capture customers' attention with customized one-to-one marketing while protecting the privacy of individuals via strong database encryption. Incorporating online operations will bring significant reductions in cost as compared to having a store. This will allow us to pass savings on to customers via lower prices and greater value.

    Bibliography

    Hisrich, Robert D., Peters, Michael P., and Shepherd, Dean A. (2008). Entrepreneurship
    (7th ed.). Boston: McGraw-Hill Irwin.

    Wikipedia (2009). Libya. Retrieved July 23,2009 from http://en.wikipedia.org/wiki/Libya .

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    Source by Bobby Mobini

    Views: 0

  • Hustler Vs Entrepreneur – Which One Are You?

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    To hustle or not to hustle?

    Currently the use of the word “hustler” is thrown about as a positive way to describe oneself as having an entrepreneurial streak, or starting a new business.

    From the 1800s, hustler meant “thief”, and in particular, someone who was aggressive with their victims. Nowadays, the dictionary still holds this definition true, describing a hustler in a negative light: a thief or criminal; a gold-digger or prostitute; an overly pushy salesman (OED, 2015). In modern music (mostly ghetto rap), “to hustle” refers to a way of making money and doing it against all odds. Maybe the latter is where startups are drawing their inspiration from?

    Hustlers work for immediate gratification to obtain cash-flow, without a long-term vision. It’s about a foot in the door, a constant drive to keep making the money – it’s all about making the next sale.


    As an entrepreneur myself, I would NEVER like to be referred to as a “hustler”.

    Why hustle when you can “undertake enterprise”?

    Being an entrepreneur may involve overcoming odds and making money, but it’s definitely NOT hustling. Startup entrepreneurs find ways of making money, but do so ethically and in terms of a defined growth strategy. Entrepreneurs build a business, own the business, delegate, strategize, and think ahead. They link things – they are connectors: businesses, ideas and people. Entrepreneurs create systems, contingency plans, they develop others, and (probably most noteworthy) entrepreneurs consider exit planning.

    The actual meaning of entrepreneur?

    It stems from Old French, “to undertake enterprise”. What’s enterprise? Well, that’s work. The characteristics of an entrepreneur were added in the 15th century: a person with “adventurous disposition, readiness to undertake challenges, and a spirit of daring” (Harper, 2015). In recent definitions, “One who undertakes an enterprise; one who owns and manages a business; a person who takes the risk of profit or loss” (OED, 2015).


    Which side of the coin are you on?

    Hustler vs Entrepreneur…

    Semantics matters

    Words change in meaning across time – that’s a common thing. But shifting from a negative use to a positive usage (pejoration to amelioration) is very rare. Between entrepreneur and hustler, we need to reflect. From a linguistics perspective, something to watch here. From a new business perspective, you should decide which side of the coin you’re on.

    I guess the choice lies in this –

    Are you undertaking an ethical enterprise as owner and manager, with adventurous disposition, readiness to undertake challenges, spirit of daring taking risks of profit and loss?

    Yes?

    Then you’re an entrepreneur NOT a hustler.

    ~A.

    —

    Direct references:

    -Harper, D. (2015). Etymology Dictionary Via http://www.etymonline.com/

    -OED – Oxford English Dictionary (2015). Via http://www.oed.com/

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    Source by Autumn O’Connor

    Views: 0

  • Reducing the Stress of Being an Entrepreneur

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    Starting and running your own business can be exciting and rewarding, but it can also be very stressful. For most of our almost 40 year marriage my husband has been an entrepreneur and I have sometimes worked with him. Having built my own business as a Stress Reduction Coach I have been reflecting on the stresses of being an entrepreneur.

    Signs and sources of stress

    Some of the signs of stress overload include irritability, anxiety about the sustainability of the business, and/or high business debt. Relationships within the family can suffer if they do not understand the entrepreneurial drive or the time and effort it takes to start and run a business. For women entrepreneurs, the job of running the household and balancing work and home can create enormous stressors. When you work from home, all the household tasks that need to be done can pull you away from your business. People who are drawn to be entrepreneurs are sometimes idea people who don’t like detail and repetitive tasks. Having to work on those things can create stress as well. And when you’re stressed it’s harder to concentrate and focus.

    Organize your environment

    One of the solutions is to reduce the stress and create an environment that discourages stress. Have a place where you can keep everything together and organized. A written plan of action for the business posted where you can see it along with a daily plan can help you focus the time you have available.

    A system that works for me

    I am not a person who comes to organization easily and I have struggled to find a way that works. Daytimers and lists help for a short while, but I have never been able to keep up with them. One thing I have found that works is to have a “big picture overview” of what needs to be done where I can see it. I have a poster board size piece of “static cling” presentation sheet that adheres to my door. It can be easily rolled up and removed if needed. I have several categories that I’ve posted at the top of the sheet, such as “website,” “presentation,” etc. These are written on standard sized post-it notes so they can be easily removed and changed. I brainstorm everything I need to do on small post-it notes. After I brainstorm, I then organize the notes in the appropriate columns. I also have a category that says TODAY for the urgent and important things. I can glance at the poster while I am working and see what else I might need to do and when I finish what I need to do, I can throw the post-it away. If something comes up that is not posted, I can put it on a post-it note and put it where it needs to be.

    This “system” helped me write many graduate papers and I used it when I planned and wrote my dissertation. Now it helps me as I plan and work my business. This is just one technique that helps me reduce the stress of being an entrepreneur.

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    Source by Lorna Minewiser

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  • YEP – Young Entrepreneurship Program

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    With the purpose of inspiring better lives and promoting entrepreneurial success, HDI-Network Philippines started extending their aspirations to the younger generations through the Young Entrepreneurship Program or YEP.

    In YEP (Young Entrepreneurship Program), young people start to realize entrepreneurship as a viable career. They become equipped in managing their own business and immersed in real-life learning experiences. Plus, they get to learn the fundamental skills of entrepreneurship in various fun-filled ways.

    YEP (Young Entrepreneurship Program), also known as YEP-HDI, was established by the HDI Network Philippines, Inc. to provide opportunities and equip youth entrepreneurs in the multi-level marketing industry. The program employs HDI Network’s extensive 20-year experience in marketing and distribution of US-manufactured, bee-based health food products across six countries to assist young, business-minded individuals, even budding entrepreneurs, with the business.

    YEP is ideal for young, business-minded individuals who have little or no experience in entrepreneurship. It is open to all aspiring Filipino youth entrepreneurs of at least 18 years of age.

    Yeppies

    Yeppies are YEP-HDI’s brand ambassadors. They comprise young and motivated individuals who are open to opportunities and understand the need of seizing them early. Yeppies echo the company’s mission of creating real wealth for themselves and others. They contribute actively to the community based on HDI’s “One Family” values.

    All Yeppies are recognized in 4 HDI Network Inc. international offices and 6 domestic branches.

    The YEP Hub

    The YEP Hub is located in the heart of the Manila University Belt. Situated in Mendiola Square along C.M. Recto Avenue, YEP-HDI is just a walking distance from Manila’s prime universities. It serves as a training ground and a hang-out place for young Filipino entrepreneurs of YEP.

    YEP History

    YEP takes pride of HDI Network’s success in the marketing industry since 1986. For more than 20 years, HDI Network has improved the lives of more than a million customers across five countries (Singapore, Malaysia, Philippines, Indonesia and Hong Kong) and more than 300,000 distributors through its high quality products and competitive financial benefits. It has long since then created a big name in the multi-level marketing industry.

    In November of 2009, HDI Network extended its aspirations to the Filipino youth. It established the YEP (Young Entrepreneurship Program) with a firm belief that involving the youth in entrepreneurship would improve more lives.

    2010 is a promising year for YEP. At its official debut this June, YEP-HDI envisions the evolution of a new breed of successful young entrepreneurs.

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    Source by Jenny Araojo

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  • The 7 Essential Characteristics Every Entrepreneur Needs

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    Discover the secrets to being a successful Entrepreneur…

    Becoming an entrepreneur is not an easy task! Around 45 percent of all new businesses fail to survive more than two years. There are certain qualities and characteristics that are absolutely necessary if you would like to become successful in your business ventures. Some of these qualities are built-in parts of your inherent personality, and some of them get developed over time. Knowing these characteristics and identifying your weaker ones – those which need strengthening – will, eventually, help you become a successful entrepreneur and ensure that you succeed in your business ventures.

    1. Common sense.

    Studies show that most successful businesspeople consider common sense as the foundation of their success. Good judgment depends on acquired knowledge and past experience. The combination of these two creates necessary prerequisites in developing common sense in a person. Common sense allows you to understand complex issues in simpler terms and get into the core of a problem.

    2. Specialised knowledge of your field and willingness to learn

    It is easier to start a successful business if you have deep knowledge of the business field that you decide to pursue. Having said that, studies show that most self-made millionaires have only average intelligence. Nonetheless, these people achieved their financial and personal goals in business because they are willing to learn. To succeed, you must be willing to ask questions, remain curious, interested and open to new knowledge.

    3. Self-confidence and the heart of a champion.

    Self-confidence is a key entrepreneurial skill for success. A successful entrepreneur believes in his abilities. He/she is not scared to take risks and make difficult decisions. You have to be determined to succeed at all costs. You have to anticipate resistance from your friends, family and loved ones. You must exercise unlimited persistence.

    4. Ability to work hard

    Every successful entrepreneur works hard. Ask any successful businessperson and they will tell you immediately that they had to work more than 60 hours per week at the start of their businesses. If you are in a start-up phase, you will have to breathe, eat and drink your business until it can stand on its own. . This requires a self-control that many people simply fail to develop in them.

    5. Passion

    Success comes easily if you love what you do. Why? Because we are more relentless in our pursuit of goals that we are passionate about. Entrepreneurs who succeed do not mind that they are putting in 15 or 18 hours a day to their business because they absolutely love what they do. Success in business is all about patience and hard work, which can only be attained if you are passionate about your tasks and activities.

    6. Think success

    To attain the kind of success that you want, you need to dream big. Every success story starts with big dreams! If you only aspire to survive, then you might just achieve that. Conversely, if you aspire to generate incredible wealth and happiness within your life, you might just achieve that too. You should actively visualise success in your mind. What does it feel to triple your current income? How will your life change? What will your business look like if you achieved the million-dollar mark? You must believe beyond a shadow of a doubt that you have the ability to recognize and fulfill your goals.

    7. Plan accordingly and stick to your plan

    You have a vision, and you have enough faith in yourself to believe that you can achieve your vision. You have to have a solid business plan and then stick to it. Put your goals in writing. You need to plan each day in such a way that your every action contributes to the attainment of your goals. Intense goal orientation is the characteristic of every successful entrepreneur. They have a vision, and they know how to get there.

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    Source by Bill Doyle

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