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  • Fast Business Loans – 3 Strategies to the Right Choice

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    Entrepreneurs and business people alike are finding themselves in need of a fast business loan to help shore up working capital as the economy continues to falter. While a loan at a commercial bank may be an option for some, there are a number of factors that prohibit businesses from going this direction for their capital funding needs. Chief among them is the low approval rate and lengthy application process. While these loans may have the best rates and terms, many businesses find themselves with urgent capital needs.

    Consequently, many lenders have entered the marketplace that purport to be “fast business loans”. It is important that all business owners take a very sober and honest appraisal of these types of loans in order to make a decision that will positively affect the outcome of their business.

    1.)Read the Fine Print- Any lender that is claiming to offer “instant business loans” should be viewed with skepticism. Most of these lenders may be traditional “payday” type lenders or signature loan lenders that are trying to capture some of the business market. Usually the loan amounts are very small, often under $5000, and the interest rates and fees may be exorbitant. Never pay a fee upfront to apply for any loan, online or off.

    2.)What is the Loan Purpose?– It may seem obvious, but any business looking for a quick business loan may not be actually considering this question other than “paying a past due bill” or something like that. If the loan is not being used to generate additional revenue, or consolidate bills that will open up additional cash flow, a business person should strongly consider against it, even if they do have an over due bill. Moving debt from one lender to another, often at higher interest rates is a dangerous shell game for any business.

    3.)What is the interest/factor rate?– This one simple fact usually holds up in all forms of lending. The faster you get the money, the more you are going to pay for it. The reason is simple. True dedicated underwriting which helps a lender understand their risk and set the interest rate for the loan accordingly requires documents from the prospective borrower. If a lender is going to forgo this and underwrite the loan purely on electronically available means, it usually means you will be paying a very high interest rate to compensate the lender for this additional risk. Luckily there are options now that can get loan fundings to business owners in 7 to 10 days without paying extremely high interest rates.

    The bottom line for a those seeking fast business loans is, do not let your sense of urgency override good judgment and common sense. Take the time to understand all the terms correctly, and keep asking questions until you get an answer. The consequences may be disastrous for your business and business lenders do not necessarily have your best interest in mind.

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    Source by Neal Coxworth

    Views: 0

  • Drug Addiction in Senior Citizens

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    Drug addiction in senior citizens is a significant and growing problem in the United States that few people are aware of. In fact, addiction that occurs later in life can be difficult to detect, and sometimes the person suffering from this disease might not even know that they are physically and emotionally dependent on a particular substance. Therefore, a policy of education about the dangers of addiction in older people is essential in order for those who are close to them to recognize any problem and know what options are available to get help. This is especially important considering that recent increases in the amount of older people entering drug rehab programs indicate this problem is probably far worse than we might think.

    The primary way that seniors get addicted to drugs is as a result of chronic pain management. Even under strict medical supervision, addiction to pain medications can and does still occur. This is because these types of narcotics work the same for everyone: they initially manage pain well, then the body develops tolerance and more of the drug is required. With an increase in dosage and consistent use, tolerance increases and eventually leads to physical dependence. Physical dependence almost invariably leads to outright addiction at a mental and emotional level. Therefore, seniors who are taking pain medications regularly are at increased risk for addiction. And because these medications are prescribed by doctors, most people consider them harmless and don’t think that addiction will ever become an issue. However, once it sets in, addiction is a lifelong affliction that can cause serious health issues.

    Another primary reason that older people become addicted to drugs or alcohol is as a result of lifestyle changes. These changes include the celebration of a life of toil and work, but can lead to some very bad habits. For instance, frequent dinners that include wine or beer can quickly become problematic. Before a person knows it, they’re having cocktails with lunch and dinner, and eventually Mimosas or Bloody Mary’s with breakfast.

    As a result of inactivity after a lifetime of working, some seniors have difficulty sleeping. Medications designed to help people get to sleep are extremely addicting and can lead to significant problems with memory loss. Older people who are addicted to sleeping pills often engage in strange or erratic behavior while having no recollection of doing so. And because sleep aids can lead to a persistent state of confusion, it can be difficult for a person to understand that they have a problem.

    Grief and depression is often a significant problem for senior citizens. As people get older their friends, family and associates age as well, and the loss of these people becomes a common occurrence. This combined with decreased levels of activity can lead to a state of depression that some people might seek to self-medicate with drugs or alcohol. Boredom and lack of exercise serve to exacerbate these problems.

    If you have an older loved one with a drug or alcohol problem, their very life could depend on you. The following options are readily available:

    Individual Therapy/Counseling

    Intervention

    Outpatient Rehab

    Inpatient Rehab

    Group and Family Therapy

    Don’t wait a moment longer to take action; the earlier addiction or alcoholism is treated, the higher the likelihood of success.

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    Source by Jim Debbies

    Views: 0

  • Advantages of Group Dating

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    Group dating is very popular in Japan and it is also known as ‘compa’ and ‘gokon’. Group dating is slowly becoming very famous in other countries also because through group dating people can easily find a suitable partner. The concept of dating in a group is very unique and different. In this system a girl and a guy who know each other from before plan a date in which each of them get 4 to 5 eligible friends. This date can be held in discos, bars, restaurants and hotels.

    So now let us discuss the most advantages of a dating in a group. These advantages will help you to understand this type dating in a better way.

    1. Socialize in group in a much better way
    As a group dating system involves trustworthy peers people can socialize in a much better way with each other. Group dating helps a person to learn from one another’s experiences. This type of dating involves a group of trusted teens who go out together in a group rather than in couples. Every parent want their kids to be in good company and influence, this type of dating helps them in this matter.

    2. Group dating helps in observing the opposite sex
    Teenagers are often interested in the opposite sex, but they are too scared of rejection. But in this type date setting, teenagers of genders can get to know each other very well. In this setting, every person can keep an eye on his or her friend, this helps in creating a better bond between friends and siblings.

    3. Can get acquainted with each other very easily
    This type of dating is most appropriate for those people who like some one but are not able to express their feelings. By becoming a part of this system they can get to know more about the person they like or love. Through group dating they get confidence and can face rejection more easily and boldly.

    4. No risk of temptation
    Having fun and getting to know each other are two main features of a group date. Kids involved in this type of dating are much better behaved because they want to impress each other. They avoid doing things that can harm their friends. Temptation is reduced to the bare minimum because kids are in the company of trustworthy friends.

    5. No pressure of impressing any one
    The main advantage of this type dating is that even if you do not manage to find a partner, you can still enjoy the outing or party with your friends. In a group dating even if you do not find a compatible partner you can still have a pleasant time, because you do not need to impress a particular person.

    These are the most important advantages of this type of dating system.

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    Source by Jessica N King

    Views: 0

  • Advantages and Disadvantages of Alternative Medicine

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    There are reasons why people chose alternative medicine and reasons why they avoid it, preferring conventional medicine. Alternative medicine is safer than standard health treatments and usually works. It’s true that it can’t be used in severe conditions like car accidents or other severe emergencies, but be that as it may, there are enough situations in which alternative medicine is recommended. When it comes to emotional and spiritual needs, non-conventional medicine may come up with the solution. Furthermore, it’s better for preventing illnesses than standard medicine. More and more physicians nowadays agree upon the benefits of alternative medicine and also even advise their clients to choose the best natural treatment for them.

    One of the advantages of alternative medicine is that it encompasses a broad range of therapies, treatments and products, thus the search for obtaining positive results doesn’t flow on a narrow path at all.

    A pretty important disadvantage states the idea that, even though the expenses of using acupuncture or chiropractic are sometimes covered by health insurances, the majority of alternative treatments are not reimbursed.

    There are certain risks that come along with the usage of natural remedies. Despite the use of herbs throughout the years and even ancient times, not all of them have been studied regarding their safety and efficiency. There are issues concerning their purity and their possible interaction with other substances related to conventional therapies. The majority of information regarding herbs have been perpetuated throughout history and with the help of tradition. Many people assume that herbal medicines are better than synthetic drugs simply because, well, they are natural and not synthetic, therefore present no risk. But they are not risk free; they can do more harm than good if taken without having the details of their effects over the body.

    People might abuse of natural medicines the same way as they do it in the case of synthetic drugs. They have the misconception that if unconventional medicine consists of herbal products which are natural, then there is no harm done if they triple the dosage or more. This is totally wrong and can have serious consequences. Take vitamins for example. They are just vitamins, right? They can’t possibly do any damage inside the body. But they do. Vitamin overdosing or vitamin toxicity can lead to unpleasant effects depending on the vitamin that has been taken one too many times. Vitamin A over dosage can cause liver problems, osteoporosis, hair loss and other dangerous effects and Hypervitaminosis D leads to dehydration, vomiting, anorexia and even kidney stones.

    An advantage of using herbal remedies concerns the effectiveness related with chronic health issues that don’t respond well or even at all to traditional medicines. If long term medication is needed, then herbs are pretty much safer than conventional drugs. The alternative medicine industry takes advantage from this and keeps evolving and developing due to the constant need for natural remedies.

    Another advantage is the low cost of herbal products compared to synthetic drugs which are highly priced for the simple reason that researching and testing the products is expensive. Furthermore, herbal products can be bought without a prescription and are easy to procure. The availability of natural remedies is outstanding; chamomile for example can be easily picked out from a nearby field.

    The advantages of using herbal medicines are numerous, but so are the disadvantages. The best idea would be to consider modern medicine according to the severity of the illness, to consult a physician upon the proper medication and dosage and if you do chose the alternative medicine, try to gather enough information upon both kinds of treatments, natural or synthetic, so you may reassure yourself that you took the right decision to balance your health situation.

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    Source by Peter Rosenblum

    Views: 0

  • The Number One Way To Cure Acne Completely

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    There is only one way to cure your acne completely. Medication won’t work. Drugs won’t work. Over-the-counter products won’t work. Home remedies won’t work. They will only work on the symptom of your acne, not the real cause. Thus, even though they seem to work at first, it will only be a temporary result. And guess what? You need permanent result, not temporary.

    So, if you want to clear your acne completely (I mean, completely, not partially or just temporary effect), there is only one way to do it. The only way to cure your acne completely is to eliminate the root cause of your acne. You are not going to work with the symptom of your acne. But, you will work with the root cause, the source of all this ugly mess that you call acne. And there is only one effective method to cure your acne from the root cause of it: The Holistic Method.

    Basically the holistic method is divided into 4 main elements:

    1. The Right Understanding

    It is important to understand fully about your acne. Your acne is a condition that is caused by toxic accumulation within your body. It means that since the cause is within your body, then no matter how hard you work to destroy the symptom through external skin treatment methods, they won’t work to cure your acne permanently. Why? That’s because you are not eliminating the cause. If you keep the cause within your body, sooner or later new acne will appear on your skin, and once it appears, it will be worse than before. So, the right understanding needs to be obtained in order for you to be able to work to cure your acne condition in the right way.

    Note: This is not the only information that you need to learn. There are many myths about acne that you need to debunk as well.

    2. The Right Mindset

    Approaching acne with the wrong mindset will only bring you deeper into depression. For instance, if you think that you can’t cure your acne because you already suffered it for many years, it will not help you to cure your acne at all. In fact, your mindset will make you to become more and more stubborn in denying the possibility that you can cure your acne, no matter how bad it seems to be. Having the right mindset will help you to build the strong foundation for your acne healing process.

    Note: Holistic method will seek to balance your mind, body, and spirit at the same time. So, it’s not just a treatment for your body.

    3. The Right Dietary Habit

    “You are what you eat.” Have you ever heard about this saying? That’s true, because what you eat will build your whole body structure. Remember that all your body organs, including your skin, are built with substances that are obtained from your foods. Thus, your foods play an important role in curing your acne. It is a lie to believe that diet and acne don’t have any connection at all. It’s just a marketing gimmick to make you want to buy some over-the-counter products or some other miracle drugs that promise you instant clear skin.

    Note: Holistic method will provide you the most effective dietary plan that will allow you to cure your acne in the most effective way and in the shortest amount of time.

    4. The Right External Treatment

    Just because acne is caused by the substance within your body, doesn’t mean that you should neglect your external skin treatment. It is also very important to treat your skin from the outside. However, the holistic method will usually focus on using only natural products (usually from plants) in order to do it. External treatment alone will not cure your acne, but combined with the other three aspects, this will be a great way to boost your healing process, as well as prevent your acne from coming back to your skin again.

    Note: Most people rely only on external treatment. That’s why they only see temporary result or no result at all. The right way to use external treatment is to combine it with the other treatments (mind, body, and spirit) as well.

    So, that’s it. You already know about the best way to cure acne completely. Let me repeat it: The Holistic Method. The only hope for you, who are suffering from bad and severe acne condition right now, is to cure your acne holistically. This is the only way to be completely free from your acne condition, once and for all.

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    Source by Riz J. Natalie

    Views: 0

  • Minimalist Cooking – Kick the Marketer Out of the Kitchen

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    Minimalist cooking is about simplicity. It is about reducing everything from ingredient lists, shopping trips, anxiety, social fears and more.It is about not letting these tyrannies and the greatest overarching tyrant of all, the marketer, from sucking the lifeblood out of something that should be life affirming, a source of great fulfillment and above all else fun. Remember that it is the marketer who tells you that you have to be the provider of perfection at the dinner table otherwise you are a bad parent, a failure, someone who should be shunned by strangers and disowned by your children. Haven’t got that expensive spice in the rack? Well, you’ll just have to lose a couple of hours driving to the store, guzzling gas, polluting the planet, raising your blood pressure and exhausting yourself to the point where you will enjoy neither the cooking, the eating or the socializing that should all be the highlights of a day. Alright, that was a little over the top but the point is important. We really do need to get out from under the Marketer, he is not our friend.

    Banishing the marketer leaves room for all sorts of other stuff, exciting stuff like your own thoughts and decisions. The marketer would have told you that you had to have a rice cooker because that is the only way to cook rice and, more importantly, that your social group would have regarded you as an abject failure if you didn’t have one. Now you can make a decision firmly based in logic. Marketers hate logic. Are you going to be cooking rice more than once a week? If so a rice cooker would be a good purchase, once a year and it would be best to muddle through with a saucepan. It is not complicated. Incidentally, if some in your social group does regard you as an abject failure for sticking with the saucepan it is probably time to subject them to the process described.

    Now, try this process with the stuff that currently takes up shelf and cabinet space in your kitchen. Do you really use that pasta strainer often enough to justify the space it takes up? Do you need fifteen saucepans and five frying pans? or a tool for every single kitchen related task that you may or may not do in your lifetime? Throw the excess out. On second thoughts don’t throw it out, give the rice cooker to your friend who does cook rice everyday and take the rest to the local thrift store. 

    Now, extend this process to your cooking ingredients and you are well on the way to having a minimalist kitchen. Kick out the marketer and the rest will follow. Space will appear in your kitchen as if by magic but perhaps more importantly a space will be created inside your head for you to fill as you please. 

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    Source by Steve A Wolfe

    Views: 0

  • 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

  • Book Review Of Millionaire Fastlane

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    Book Review of Millionaire Fastlane by M.J. Demarco

    This book is one of the best books on Entrepreneurship in which the author lays out five commandments to be on the Millionaire Fastlane. According to the author, until and unless the business complies with the five commandments, they are not destined to be successful. These commandments are:

    Commandment of Need, Entry, Control, Scale and Time (NECST).

    Commandment of Need:

    Millionaires affect lives of millions of people by adding some values to their lives and hence are millionaires. If the marketplace does not care about your product or service then it is not going to add value to the marketplace and it is a failed venture before it takes off. So, every business should first figure out if there is a need for the service or product your business is going to deliver or not.

    So, we have seen test products being sold for free to test the water. All they are doing is trying to figure out if there is any demand or not.

    People often start business with wrong reasons. They are good at something and very skilled and open a business about it. But if the marketplace does not care about it, it’s going to be a failure because marketplace is a selfish place. It does not care what you want, what you have, how good you are. All it cares about it is what is it for them. If it adds some value to their lives then they will buy it otherwise not. So, it’s a big eye opener for me and could be for so many budding entrepreneurs.

    Commandment of Entry:

    This is the second commandment to successful business. If the barrier to entry is very easy it means millions will be doing the same thing and you will not have the ability to scale your business but rather will have to decrease the price and compete those millions. Usually war of price harms all the parties. For example if creating a website and writing a blog and generate income is your business then there is not enough barrier to entry unless you try to add something extra value to the marketplace which not anyone else has added yet. An example which the author gives few times is when he thought about starting Limo business. He found it failed both the first and second commandments. There was no need for one more limo business and barrier was very low to enter into this business.

    Commandment of Control:

    If you have no control over your business and you have given entire authority to another party, you are doomed to failure.

    Many entrepreneurs start a company and then hire a CEO or CFO to completely take control of operation or finance. They know nothing about what is going on and that is the recipe to failure. Especially when entrepreneurs do not have any basic financial knowledge like what is loan mortgage, how to calculate simple interest but hire an expert to help them make decisions. Since they themselves cannot take a second look at the decisions made by their advisers, chances are that they might screw up and entrepreneur will have to bear the loss.

    One of the examples given in the book about the benefit of controlling the business is given as the following. If you are a doctor working at a private-care facility it’s natural to think that you are on the fastlane because your magnitude (price/unit) is large and that will increase the net profit and hence wealth. But, the control of the private care facility is not held by the doctors but by the owner. So, it’s him who is on the fastlane not the doctor who depends on his intrinsic value to increase the wealth.

    Commandment of Scale:

    The author gives an example of a burger stall outside a supermarket. No matter how much the owner tries, he cannot scale his business and reach out to customers outside of the supermarket. So, this business violates the commandment of scale. But an e-store that sells some product in the internet has unlimited number of customers and hence has the capacity to scale his business to unlimited level. However, if the entrepreneur can create franchise of any burger store then he has the ability to scale and will be on the fastlane.

    The author gives an example of a quote by the billionaire Mark Cuban who said it only one business to be successful. So, it’s important that we undertake projects which can be scaled up. In baseball terms, take swing for home runs not singles. If you do decide to play singles, you have to replicate the effort many more times.

    The Fastlane wealth equation is:

    Wealth = Net Profit + Asset Value

    Net Profit = Units sold * Unit Profit

    The leverage is created by the units sold. If you are selling burgers on the supermarket lot, you are limiting the leverage and hence you are on the speed limit of 15 mph road. Also, you cannot increase the price of the burger so the unit profit cannot be controlled as well.

    So, either you have to be able to reach millions of people to increase the Units Sold quantity or sell at very high price to extra wealthy clients to increase the unit profit values.

    Commandment of time:

    Time is the scarcest resource we have. Most people spend money frugally and time freely. That according to the author is exactly the wrong way to the road to wealth. Time is limited and money is abundant. Only difference between successful and unsuccessful people is the way they spend their time. The former value each moment of their life and spend it to increase their self-worth. The latter waste it on fulfilling their immediate desires like watching TV series, indulging in games etc. for long period of time etc.

    As per the author, fastlane is not an easy path but sure it should be a fast way to earn wealth.

    As a fastlaner, our goal should be to automate the travel. If you have a business which requires you to dedicate each moment of your life all the time and always have to trade time for money, it’s a job masked as a business. It’s a money tree that never grows.

    It’s normal to work more than 80 hours per week in the starting phase of a business but it’s not normal to work like that for the rest of the life which is a normal for most of the people working normal life. One of the famous quotes from the book which is often used outside as well is about how most of the people define as normal. Normal is to wake up at 6 am, fight traffic, work 8 hours or slave 8 hours Monday to Friday, save 10% and repeat for 50 years. Normal is to believe that stock market will make us rich and fastest car and bigger house will make us happy. The definition of normal is corrupted by the society and we are conditioned to believe that. In short, the author believes, normal is modern day slavery and that’s why only few have the courage and the intelligence to come out of normalcy and drive on a millionaire’s fastlane.

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    Source by Manju Pradhanang

    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