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Tag: Entrepreneurship

  • Economic Perspective on Entrepreneurship

    Economic Perspective on Entrepreneurship

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    The concept of entrepreneurship is multifaceted. There are varied, diverse and somewhat contradictory sets of definitions of the term. As a way out the definitional dilemma, this article aims to explain the economic perspective on entrepreneurship.

    The economic perspective rests on certain economic variables which include innovation, risk bearing, and resource mobilization.

    Innovation/Creativity In this approach, entrepreneurs are individuals who carry out new combination of productive resources. The key ingredient, the carrying out of new combination (or innovation) distinguishes entrepreneurs from non-entrepreneurs. While new venture creation appears as the most prevalent form of entrepreneurship, there exist other forms. Entrepreneurship also involves the initiation of changes in the form of subsequent expansion in the amount of goods produced, and in existing form or structure of organisational relationships.

    In the entrepreneurship literature, some scholars have questioned the use of organization creation as criterion for entrepreneurship. It has been argued that organizations such as political parties, associations and social groups are always created by people who are not “entrepreneurs.” Interesting as it might sound, the terms entrepreneurship and entrepreneur have been adopted by varied scholars to meet the innovation and spirit of the time. This is evidenced by attempts to apply entrepreneurial thinking to contemporary team-oriented workplace strategies. Members of such groups – political parties, associations and social groups – therefore, could be called entrepreneurial teams. Besides, activities inherent in such groups have flourished in recent years, and are increasingly being described as social entrepreneurship.

    Risk Taking This is another economic variable upon which the economic perspective revolves. Risk taking distinguishes entrepreneurs from non-entrepreneurs. Generally, entrepreneurs are calculated risk takers. They bear the uncertainty in market dynamics. This notion has its critics and advocates. Entrepreneurs may not necessarily risk her own funds but risk other personal capital such as reputation and the possibility of being more gainfully employed elsewhere.

    Resource Mobilization here, entrepreneurship is reflected in alertness to perceived profit opportunities in the economy. This implies the allocation of resources in pursuit of opportunities with the entrepreneur playing the role of an opportunity identifier. This way, entrepreneurs are distinguished by their ability to identify persistent shocks or challenges (of long term opportunities) to the environment, and then to synthesize the information and take decisive actions based upon it.

    This article has conceptualized entrepreneurship based on resource mobilization, risk taking, and innovation. Beyond the above-mentioned economic variables, entrepreneurship can also be viewed based on a set of personal characteristics, motives and incentives of the actor in the entrepreneurship act. This is the psychological perspective, the subject of a future article. In addition to the psychological perspective, we shall also examine the process and small business perspectives.

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    Source by Benjamin C Atuma

    Views: 0

  • 4 Daily Habits Of the Most Successful Entrepreneurs

    4 Daily Habits Of the Most Successful Entrepreneurs

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    Entrepreneurship is hard. It needs unswerving discipline, and confidence in yourself and your business. Lots of people lack the opportunity to enjoy it. But for the few who are determined and ready to put in the hard work, entrepreneurship is the most fulfilling job, identity and lifestyle in the world.

    Let’s look at 4 daily habits of successful entrepreneurs.

    1. They stick to a routine

    A day has 24 hours only and as an entrepreneur, time is the most valuable thing in the world. To get the maximum potential out of every day, successful entrepreneurs follow a strict schedule.

    For instance, Elon Musk, the founder and CEO of SpaceX and Tesla, schedules his whole day in five-minute blocks and he breaks up his week, where on Mondays and Thursdays he focuses on SpaceX and on Tuesdays and Wednesdays he pays attention to Tesla. He splits Fridays between both companies.

    2. They read a lot

    Most successful entrepreneurs make learning a regular daily habit. For instance, Bill Gates, Microsoft co-founder, reads 50 books a year. As an entrepreneur, you need to learn as the world is continually changing, and the most impactful entrepreneurs create their profiles by improving their knowledge.

    If your background is in design and strategy, as an entrepreneur you must have engineering and computer science knowledge to contribute meaningfully to your ventures. Examine your future goals and establish what skills and capabilities may hinder you, then start learning today to be ready for those roadblocks. For engineers and designers, that obstacle may be management, finance or project planning. Yours may surprise you!

    3. They exercise daily

    Yes, exercise keeps your body fit and the mind sharp, and it has a great impact on an entrepreneur’s long-term achievement. The reason is that it relieves stress and helps maintain a healthy work-life balance. Many successful entrepreneurs attribute their success to exercising and keeping fit. Richard Branson, the founder of Virgin Group, increases his productivity with daily exercise.

    Don’t make excuses! Fitness and mental calmness are essential for a happy lifestyle. They’re the building blocks to your productivity for days, weeks and months. Find a sport, activity, or practice suitable for you and make it habitual by being responsible.

    4. They stay positive

    As an entrepreneur, you’ll face many challenges, but what makes you succeed is a positive and creative mindset. Every day. Being able to see things from a positive dimension means you can see interesting and unique opportunities others can’t see.

    If you can’t remain positive, it’s time for a change. For instance, Steve Jobs started his mornings by repeating a simple mantra: “If today was the last day of my life, would I want to do what I’m about to do today?” If he answered this question with a “No,” then he knew it was time to make a change.

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    Source by Jon Allo

    Views: 0

  • Mindset For Entrepreneurship

    Mindset For Entrepreneurship

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    When you're marketing things, mindset is at least 80% of the game. We could quibble about the number all day, but eventually we'd have to agree: mindset is a big part of marketing.

    But what is really meant by this term?

    Well, I mean the ways that you think, feel, and act in relation to things in the world. And in that case, mindset is a woefully inept term to describe this idea! However, it's the colloquial word for what I'm talking about. So, bear with me.

    By mindset, I mean what most people would describe as your personality and the ways you mentally and physically interact with the world. Most people just think about the states and what it feels like, etc. I think this is really only half the issue. The other half is how that causes you to act. Our thinking, feeling, and behavioral systems are all interconnected into one system: the human being, ie you and me.

    How does mindset affect Internet marketing?

    Internet marketing is one of the few areas of life that is only limited by the amount of work you're willing to put in and the market's response to it. Which is pretty cool; however, this also means that you're your own worst enemy. Therefore, to succeed at Internet marketing, you've got to get your head right.

    Until you "get your wits about you", it can be very difficult to make Internet marketing work for you. This is why I say that mindset is paramount to your success. You stand in your way far more than other marketers or issues do. "How are you blocking yourself?" is an important question to consider.

    How do you do this? How do you "get your wits about you?"

    The easiest way to get your thinking right is to get a coach or therapist to help you overcome all of your blocks one at a time in a way tailored specifically to you.

    I think this is a great approach if you have the time and the money. Most people do not. A great second option is to look into training programs, audios, videos, courses, classes, eBooks, traditional books, etc.

    Definitely, you want to go to a live event or find someone to work with one-on-one first, but if this is not an option, non-live programs can be amazingly helpful.

    But regardless of how you approach this, it's all going to be the same basic process: focus on the end goal, make sure it's ideal for you, determine how to best get there, and then make a plan to get there (and overcome blocks as they arise).

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    Source by Joshua Howard

    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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  • 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

  • Make Money Through Internet Entrepreneurship

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    There are many opportunities in internet entrepreneurship that anyone can utilize to make more money. You can be a laptop entrepreneur where you use your laptop anywhere to do business online at your own pace. This entrepreneurship is flexible and, if utilized efficiently, can enable one to make more money online.

    You can be an expat in another country and still earn money through internet entrepreneurship. You can go anywhere in the world and still do business online as a laptop entrepreneur. The profession is flexible and offers many options. However, it is not for the faint-hearted. Building a brand name on the internet does not happen overnight. It needs someone who is persistent to succeed. Competition is fierce and, therefore, needs one to put more efforts to success online.

    As a laptop entrepreneur, you can choose to do internet marketing, email marketing, social media marketing, web designing, web development, customer support management, article writing, blogging, and programmer, to mention just a few among hundreds of options. There are vast opportunities in these professions while working online at your own pace. However, you need to build your name before you can have a comfort zone of working from home.

    There is a growing demand of web designers online because big companies want an optimal online presence. They want to compete online because there is a large customer base on the internet. Whoever helps these companies to rank high in search engines can get sufficient income. Once you do a good job then many companies will come for your services as a laptop entrepreneur. Your channels will widen and thus making living good for you.

    A laptop entrepreneur who specializes in search engine optimization is also in high demand. Many websites need search engine optimization in order to increase their visibility online. Therefore, someone who excels in SEO can earn a lot of money just by working through internet entrepreneurship. Big and medium-sized companies are willing to cash-out on laptop entrepreneurs who can give them positive results. There is a plethora of opportunities on internet entrepreneurship.

    The other growing trend is seen in internet marketing. Everything is about gaining more traffic online. Companies are willing to pay internet marketers who can help promote their products to a lager customer base online. Opportunities are vast for a laptop entrepreneur. The profession is for someone who enjoys working alone and taking risks associated with internet entrepreneurship. A determined, committed, self-motivated, and self-disciplined person can survive in an online business and, therefore, make more money.

    Article writing and blogging are also good channels to follow as a laptop entrepreneur who wants to maximize earnings online. They are also a form of marketing and generating traffic to websites. There are opportunities for laptop entrepreneurs.

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    Source by Corey Ferreira

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  • 12 Benefits and 12 Challenges of Being an Entrepreneur

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    All over the world, people are breaking free from the traditional employment model and choosing to achieve business success as entrepreneurs. Will you be the next?

    Let’s start by covering 12 of the most commonly-mentioned benefits of being an entrepreneur to inspire you on your journey:

    1. You can choose your own schedule.

    2. You are free to travel.

    3. You can take sick days or vacation days whenever you need them.

    4. If there are necessary tasks you don’t enjoy or have time for, you can outsource them.

    5. You can select your own employees.

    6. Learning to be a better boss also teaches you to be a better employee.

    7. Your innovative ideas have a chance to shine unfettered.

    8. You do not have to wear a uniform or follow a company dress code.

    9. You enjoy better job security than most people.

    10. Entrepreneurship teaches you the benefits of hard work.

    11. You can always feed your curiosity by learning more about every aspect of your business.

    12. Your ambition can always drive you to greater heights and business success.

    As you can see, entrepreneurship is becoming popular because it comes with a whole new lifestyle for those who are willing to seize it.

    Of course, entrepreneurship isn’t all sunshine and freedom. According to the United States Small Business Association, a third of small businesses fail within the first two years, and more than half fail within the first five years.

    Not surprisingly, the challenges of entrepreneurship represent the flipside of the advantages we discussed above:

    1. Choosing your own schedule can result in wasted time without the proper time-management skills.

    2. Even while traveling, it may be necessary to handle work-related crises, because you are basically always “on call.”

    3. There are no paid sick days or vacation days, so you must decide how much each day off is worth to you.

    4. You are responsible for completing any tasks you can’t afford to outsource.

    5. Hiring employees means you must learn how to conduct interviews, uphold workers’ legal rights, and coordinate payroll.

    6. If you don’t yet have the leadership capabilities to direct others, you will be taking a crash course once you hire freelancers or employees.

    7. You must narrow all of your innovative ideas down to the ones that have the most potential to help you achieve business success.

    8. If you don’t maintain a professional appearance in person and online, it is sure to reflect poorly on your company.

    9. You are responsible for funding your business, even if you’re operating at a loss.

    10. Only results are profitable, not time clocked, so it’s possible you will work hard and still end up disappointed.

    11. You must be familiar with each aspect of how your business operates, including those which may not interest you, to ensure everything is running smoothly.

    12. Only you can motivate yourself to achieve business success.

    To sum it up, let’s say that with freedom comes responsibility. If you can’t handle one, you aren’t yet ready for the other.

    Of course, I don’t believe people should give up on their dreams. Just be sure to arm yourself with knowledge and understand what you are getting yourself into.

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    Source by Evelyn Gawlowska

    Views: 0

  • The Stark Difference Between Affiliate Marketing and MLM Marketing

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    If you had the time, would you work in the Network Marketing Industry?

    That’s the one question I like to ask people when they talk with me about needing to earn more money. And depending upon their answer, I like to follow-up by asking, do you know the difference between Affiliate Marketing and MLM Marketing?

    My experience is that they don’t understand the difference between the two business models. And these business models are very different. If people understood the difference. there would be more success and a lot less failure. ‘

    Affiliate Marketing is more like working as a sales representative. You have a position with a business and your job is to promote the product or service and close the sale. A good affiliate marketer is someone who likes to copy, paste, and post ads.

    The MLM business model is much different. It takes real entrepreneurship to become successful. This is not a business model that one can copy, paste, and post and expect any kind of success. MLM or Relationship Marketing as it’s commonly called these days takes a lot of work.

    Listed below are a few of the requirements and skills needed to grow a successful MLM Business.

    First you must be willing to be trained. Each MLM Company has its own policies and procedures manual and no two are exactly alike. So before even beginning your business read over these documents very carefully.

    Second you want to learn as much about the product as possible. You do not want to make the mistake of not knowing the benefits of your products and how they can add value your prospective consumer.

    Third you want to contact your up-line sponsor or if they aren’t available or are new to the business, then find a team leader. You need someone with knowledge to guide and direct you. But more importantly you need to want to learn.

    The criteria for any business regardless if that business operates totally as an off-line business, or an on-line business or as both, you want to know how to recruit people to grow a down-line team.

    MLM business models thrive on growing a good solid down-line. And the down-line must be taught that unless the product sells, then there is no volume.

    In most MLM business models, the down-line volume bonus is where the residual money is being made. So, product sales as well as recruiting new members are absolutely the fuels needed to drive the MLM business model engine.

    I like to think of it this way, the sale of the product is the gasoline for the engine and the recruiting of members is the oil that lubricates the engine and keeps it running smooth.

    If you are interested in working on-line, take the time to study the difference between the two business models, before you take the leap of faith to join. It can mean the difference between success and failure.

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    Source by Patricia A Gaines

    Views: 0