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Successful Entrepreneurship – Cracking the Code

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

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

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

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

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

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

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

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

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

Price per bubble tea drink – $ 4.00

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

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

Monthly rent for shop – $ 3,000

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

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

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

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

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

Seeing the Future – Cash Flow Projection

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

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

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

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

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

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

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

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

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

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

Protecting Yourself – Creditor Proofing

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

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

2. Always pay statutory debt on time, specifically:

· Payroll source deductions;

· Federal and provincial sales tax collected; and

· Employee wages and vacation payable.

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

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

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

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

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Source by Victor Fong

Views: 0

July 29, 2022
How To Find A Good MLM Opportunity!
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How to find a good honest MLM Company after investing precious time and money with maxed out credit card debt, multiple failures, and not knowing what to do next is the reality many people experience.

After working on-line for years, with more failures than successes; I learned how to create a financial freedom lifestyle by research, careful thought, planning and being comfortable with a business

Jane wanted something to help supplement her retirement income. A friend introduced her to an online marketing opportunity that could accumulate wealth and Jane didn’t need to do anything but set it and forget it. The company did the work and she just received a weekly check.

She signed up with no money for this business convinced that the first year she could earn ten thousand dollars a month passive income. But then her free sign-up came with an up sell including admin fee, a twenty-nine dollar monthly website fee to use the back office, and the company offered a marketing system for twenty-nine dollars a month.

Two months later Jane quit, but immediately signed up with another company and continued joining business after business. Nothing worked. Jane learned the hard way after losing thousands of dollars that getting involved an MLM Company needed serious consideration.

If you’re like Jane and are spending more money than you’re earning; chances are you’ve made a mistake. Are you working in a field that you’re interested in, enjoy and won’t stress you to the breaking point? Are you comfortable using the product and selling it? Are you willing to recruit other people and help train them? If you answered no to any of these questions; it’s time for a new start.

A few tips to help you get starting in the right direction.
1. Decide how much time you want or need to work a business.
2. Look for a company that sells products that you would use.
3. Read the product labels. If you’re comfortable then buy the product.
4. Research the company, look at the Better Business Bureau Rating.
5. Check to see if this company is in good standing with the Direct Selling Association.
6. Learn about the Founders/Management of the company (and research those people.) Are they trustworthy?
When you finally chose a company, read carefully the policies/rules/disclaimers and privacy statement.

MLM marketing is a business that requires planning, setting goals, action, and time. Marketing strategies are critical and can become marketing tragedies; market with caution.

Remember this; Everyone is not your customer. And everyone is not interested in joining an MLM Opportunity.

I’ve only touched the surface about how to find business that you could be successful at working and also have fun doing it.

People buy from people; not companies. Brand yourself not the company. That company may not always work out or stay in business. By branding yourself you can move on and keep your followers.

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Source by Patricia A Gaines

Views: 0
July 29, 2022
Heal Your Life Or Cure it – The Difference Between Healing and Curing

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We often hear of prayers for successful healing and other stories of people who have had miraculous cures. Recently I learned a friend who'd had tumors in several places throughout his body had learned that the tumors were gone completely. His doctors were stunned and couldn't explain it.

While that was very good news, it also may have demonstrated the power of healing prayers. My friend had asked our group to pray for his healing and we did. But of course, we can never be sure how much our prayers contributed to the disappearance of the tumors and how much his own wonderful attitude and philosophy of life and health was responsible for the miracle.

While we prayed, treated, meditated, for healing, what we really wanted was a cure. There is a very big difference between curing and healing, although the lines between them often are blurred. When I pray and meditate for a loved one who has a problem, whether physical, emotional, spiritual, or otherwise, I start by asking for healing.

To me, healing means reaching a point of wholeness and peace, no matter what the physical condition or situation may be. I believe it is possible to have a terminal illness, but to be healed though the illness eventually takes the life. On the other hand, to be cured means that the illness goes away or is "fixed."

Sometimes a person who survives something as serious as cancer, then needs time to heal, even though he or she may have been cured, like my friend was cured of his tumors. Healing will mean taking time to think about what happened and to reach conclusions about life and death and to consider the lessons learned by the experience. While a cure may be found in a short period of time, healing can take a longer time but lead to a better quality of life.

Healing is closure, but does not mean that the lessons learned are over or that more cannot be learned. Healing leads to personal and spiritual growth. Curing means that we get to live longer and to work on healing. I sometimes think that we spend a lifetime healing.

While curing comes from an outside source, such as a wonder drug, healing always comes from the same source, from within. When a loved one is sick or dying, first we want a cure, so that we do not lose that one, but ultimately, we realize that death is inevitable and what we really all need in the end, is healing. From a place of wholeness we can face all of life's challenges.

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Source by Wil Langford

Views: 0

July 29, 2022
Always Be in Money Making Mode!

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Every day you should be doing something to make money. Making money can become a habit, just like not making money. It is important that you cultivate and develop the money-making mindset.

If you have an email list send them valuable and information information on a regular basis. If you are creating content to get links back to your website, create it every day. Do something – an article, a press release, a video, a blog post or comment. Do it every day.

Do something every day to bring in money. Get obsessed and addicted to making money. Put your focus on making money, not TV and other non money making time wasters. Making money absolutely must become your new lifestyle.

If you truly want to be successful and make your living online it is time to sacrifice your normal time that’s dedicated to other things, and shift that time and focus to creating cash flow.

Start with where you are right now, start with the knowledge you have right now. Start with the resources and assets you have right now. Don’t wait until you know it all because you never will!

Your income is going to come from how much product/service you sell. You have to change your focus and how you use your time.

Full time marketers (or those who want to be full time marketers) focus their time and attention on “making money”… they focus on selling stuff. It’s not rocket science my friends.

Too many distributors spend their time on making changes to their website, changes that will have little effect on sales. Don’t get caught up in this. Stop worrying about making your store ‘pretty’ and trying to get everything perfect because you never will! I don’t care if you have only one product or 200 products… spend your time promoting what you have!

Focus on those things that will make you money like driving traffic to your website, building your list and selling to your list.

At the end of each day always ask yourself “What did I do today to make more money from my store?” Whether small or large always do something daily to make money. That is the reason you have your store, to make money.

If your store is to satisfy your Ego or impress others kill it right now and find a regular job!

Do whatever you can to get visitors to sign up on your list. Give your list members valuable and informative free stuff like written articles and reports, videos about your niche and videos on using your products, surveys… anything that bonds them to you. You give people FREE and valuable helpful information and they will reciprocate by giving your orders.

Your long term GOLDEN GOOSE to making you tons of money online is building a huge email/newsletter list and making them loyal followers and then SELLING to them!

Like I said, it’s not rocket science people, it’s plain and simple BUSINESS! Now go and let making money dominate your thoughts 24 hours a day, 7 days a week, and 365 days a year!

Godspeed… CoachDoug

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Source by Doug Allan Dammeier

Views: 0

July 28, 2022
Plannet Marketing Review – Is This Travel Company The Real Deal?

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So lately, I’ve been getting a few messages about a new Travel-based Network Marketing company called Plannet Marketing. And chances are if you’re reading this, you’re probably thinking about joining and you’re doing some last minute research on the company. If that’s the case, then look no further. In this Plannet Marketing Review, I’ll cover all the essential details you’ll need before you join. With that said, I do want to disclose that I am not a Plannet Marketing distributor. In all honesty, it really doesn’t matter to me one way or the other if you join so you know you’ll be getting a truly unbiased review.

Who Is Plannet Marketing?

Plannet Marketing is a company that sells travel through a Network Marketing business model. The company is based out of Atlanta, Georgia and as of this writing Plannet Marketing is just over 6 months old. The company was founded by Donald Bradley, formerly of YTB and Paycation Travel. Bradley brings with him 20 years of experience in Network Marketing. Before starting Plannet Marketing, Bradley was the Master Distributor and #1 Income Earner in Paycation Travel. He literally had everyone in Paycation in his downline and was responsible for bringing in the company’s top leadership group. I’m not sure what happened, but around the time Craig Jerabeck and Barry Donalson left 5linx and joined Paycation was the same time Bradley decided to leave. Maybe he didn’t feel good about those guys joining and being sponsored by the company when he was the Master Distributor. Who knows? And who really cares? Regardless of the reason, it looks like Bradley was willing to walk away from everything he built to start from scratch again. Overall, the company looks pretty solid. And while it’s too early to tell if they’ll even be around for the long haul because they’re only a few months old, Bradley and the other members of the Corporate team bring a ton of experience in Network Marketing and Travel, which is a good thing.

How Do You Make Money With Plannet Marketing?

The actual compensation plan provides several ways for distributors to get paid. But the crown jewel of the compensation plan is the 3X9 Matrix. With a Matrix model, it’s critical that you get a spot early on if you want to capitalize on spillover. If you’re positioned underneath a strong builder, you can benefit from their efforts as they place people under you while they’re filling up their Matrix. With a fully filled 3X9 Matrix, you’ll have 29,523 distributors underneath you. If they’re all active and you get $4 monthly from each distributor, you can make up to $118,092 monthly. In addition to your Matrix pay, you can also earn a 10% Match on the Matrix pay of your personally sponsored distributors.

In addition to the Matrix, the company provides monthly bonuses to Directors. Here’s a simple breakdown of how the Director bonuses work:

1 Star Director – 100 active distributors – $500/month

2 Star Director – 300 active distributors – $1,000/month

3 Star Director – 500 active distributors – $2,000/month

4 Star Director – 1,500 active distributors – $5,000/month

5 Star Director – 4,000 active distributors – $10,000/month

6 Star Director – 10,000 active distributors – $16,000/month

7 Star Director – 25,000 active distributors – $30,000/month

8 Star Director – 50,000 active distributors – $50,000/month

9 Star Director – 100,000 active distributors – $100,000/month

Between the Matrix Pay, the 10% Match on your personals and the Director Bonuses, it’s pretty clear that there’s plenty of money on the back end. If you’re a strong team builder and you have a knack for creating good culture, Plannet Marketing might be a very lucrative opportunity for you.

Should You Join Plannet Marketing?

Well, only you can truly answer that. The company certainly looks solid. Travel is a very marketable service that’s easy to talk about. And the compensation plan is generous and lucrative. All those things together should guarantee success, right? Unfortunately, nothing could be further from the truth. At the end of the day, it is your ability to sponsor people into your business on a consistent basis that will lead to your success. This is why I recommend that you learn Attraction Marketing. If you can position yourself in front of prospects that are already looking for what you’re offering, you’ll have no problem getting leads online. And if you have an abundance of quality leads, there’s no telling how successful you can be.

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Source by Jaime Soriano

Views: 0

July 28, 2022
Direct Sales Team Vs Distributor – Which is Better For an International Market?
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If you’re looking to expand your sales to new markets, then there’s one big question you must ask: do I build a direct sales presence or use a distributor? Each method has its benefits and drawbacks, but we’re going to make a strong case to use one method over the other in almost every instance.

What’s the difference between direct sales and distributors?

A direct sales presence means that your company establishes, manages, and pays a sales team of one or more people in the target market.

An outside agent is any entity that will sell your product in exchange for a service fee. One example is a sales rep, who sells your product in exchange for a percent of the sale. A distributor is similar to a rep, except they would buy product from your company and sell it directly to the end customer.

Is Direct Sales Better?

For most businesses expanding into new markets, especially international markets, hiring a distributor is a better decision-at least until there is enough return from the market to justify building a direct sales presence.

Sure, there is one major advantage to having a direct sales presence-control. Control over the day to day activities of your sales personnel is appealing to most business owners. But this control comes at a heavy price. To start, you’ll need to spend the time to hire someone in that market, then train them, then equip them with sales material and management, if not office space and equipment. These costs are prohibitive for most small businesses looking to expand internationally.

And there are even more costs that we haven’t mentioned yet. Each market has it’s own unique laws, cultures and customs that are essential to master if your company wants to establish a successful sales presence. Japan is a classic example of a marketplace with unique legal structures and business customs that, if not followed, guarantee the failure of any sales efforts. It’s hard to pin down an exact monetary value to this learning, but ask yourself this: Can you afford to establish, manage, and pay a sales force in a foreign country for at least a year while they learn the ropes and generate no revenue?

What about a Distributor? Is a Distributor better for new markets?

Distributors are a cost effective means to enter a new marketplace successfully. Here are just a few of the reasons:
- No Overhead:
  Unlike running your own sales team, a distributor will take care of the hiring, managing, payment, and optimization of its channel. You’re just borrowing their distribution, while they handle the maintenance.
- Established Channel with Local Knowledge:
  A good distributor will already know all the laws and customs of the market you’re entering. You don’t need to reinvent the wheel-you can use someone who already has valuable local knowledge.
- Understand Pricing and Purchasing Power of Market:
  Along with knowledge of the laws and customs comes knowledge about the most successful ways to price and market your product locally.
- Cost Effective:
  Since you won’t be paying for the above items, distributor relationships are much more within reach of a small business trying to enter a new market.
Using a distributor has some downsides as well, but they can be minimized by building a good relationship with a distributor.
- Not your own people:
  You won’t be able to directly manage every step of the process. While it may make you nervous to lose some control over the sales process, you can manage the risk by building a transparent relationship with your distributor with constant updates and feedback from both ends.
- Distributor has many products to represent:
  You may not be the distributor’s top priority at any given time, and you want to be sure your product is not getting shuffled to the back of the line. Once again, a well-established relationship with constant contact will ensure that your product is getting the attention it deserves.
- Not a “turn key” solution:
  You can’t just give the distributor your products and expect success. You’ll have to manage the relationship. This takes time, but it’s still less costly than trying to install a direct sales team from scratch.
So what do I do next?

If you aren’t convinced that a distributor would be better for your organization than establishing a direct sales team, seek help from a consultant who has experience establishing a presence in new markets. A consultant can use his or her experience to analyze your opportunity and recommend the best course of action.

Before you choose a distributor, you need to know….

Choosing the wrong distributor will set you up for failure. The wrong distributor simply won’t generate sales, and you’ll have wasted at least a year finding and setting up an unprofitable relationship.

There are certain things to look for in a distributor, and they are different for every market. The best thing to do is to find a professional, one with experience in distributor relationships, and hire that professional to help you search for and identify the right distributor.

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Source by J. P. Williams

Views: 0
July 28, 2022
Journey of a Drug: Design to Market Seller
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Where do the medicines we take from chemists come from? How do the doctors know which drug is good for which disease? How the medicines really are able to cure a particular ailment they have been prescribed for? Do these questions come to your mind, whenever you buy any medicine?

Come, let us today know about the medicine development from the beginning …

The development of medicine is called a Clinical Research and has different Phases. Phases of the clinical research are the steps of experiments with a health intervention in an attempt to find enough evidence for a process which the scientists think would be helpful in medical treatment.

The pharmaceutical study starts its journey from a drug design and drug molecule discovery which further progresses into animal testing and then human studies to see the drug's effectiveness.

Drug undergoes many trials- Preclinical, Phase 0, Phase I, II, III and IV. Sometimes combined trials also are undertaken to reduce the time of development, like Phase I / II and II / III.

Pre-Clinical Study

When the drug molecule is identified, it undergoes many in vitro ( test tube or cell culture ) and in vivo ( animal ) experiments. These experiments are conducted to know the preliminary efficacy, toxicity, and pharmacokinetics of the various doses of the drug. Many drug molecules are designed at a time and these pre-clinical studies let the pharmaceutical companies decide which molecule has a greater potential in further studies.

Design of the Studies:

Trials are always conducted by following the set of steps, called the protocol, developed by the researchers to find the specific questions related to the medical product. Information from the prior studies become the base for the researchers to develop research questionnaire and objectives:
- Participant selection
- Number of participants
- Duration of the study
- Controlled or not
- How and what dosage will be given
- What and when the data will be collected
- Review and analysis time
Phase 0 Study

It is also called micro-dosing trials, 10-15 human subjects are taken and single sub-therapeutic doses are administered to gather the pharmacokinetic ( PK ) data of the drug. This enables the company in deciding to go or no go for the further development of the drug, based on more relevant human data instead of animal data.

Such trials exceed the speed of promising drug development by establishing whether or not the drug acts on humans as expected in pre-clinical studies.

After the company decides to take the molecule of the drug forward in development, it will have to submit the data of its preliminary studies to the FDA called Investigational New Drug ( IND ) application filing.

Phase I Study

Also called First-in-man studies as these are the first stage of human testing studies. These are the studies which are designed to determine the maximum dose that can be administered without showing adverse effects.

Contract Research Organizations ( CROs ) conduct such studies in the clinical trial clinics where medical staff provides full-time attention to 2-100 healthy subjects enrolled for the study and collects the data.

These studies determine the safety ( pharmacovigilance ), tolerability, pharmacokinetics ( PK ) and pharmacodynamics ( PD ) of the drug. The design of Phase I studies is dose-ranging also called dose escalation studies conducted in controlled clinics called Central Pharmacological Units ( CPUs ).

Usually, healthy subjects are hired but sometimes terminally ill patients like of cancer and HIV and also those who have already tried and failed to improve on existing medications.

There are two divisions for Phase I study:

Phase Ia: Single ascending dose

Phase Ib: Multiple ascending dose

Phase II Study

More than 100 diseased subjects are enrolled for a longer period study, to know the benefits of the drug along with its safety which includes genetic testing. These studies are also called as "Proof of Concept or Pilot" studies.

This is the phase when the drug's development can fail due to toxicity or less than expected results.

Two divisions of this phase are:

Phase IIa: Pilot study, to determine the clinical efficacy or the biological activity.

Phase IIb: Dose-finding study, to check the biological activity with minimal side-effects.

A combined trial determining the efficacy as well as toxicity are Phase I / II trials.

Phase III Study

These are pre-registration trials means the data of this study is submitted to the regulatory agency through New Drug Application (NDA) for its registration. Also called Pre-marketing or Pivotal trials.

Such studies are multicentral, randomized, in large diseased population ( more than 500 ) with much longer duration of treatment and short follow up period, to determine the long-term safety and efficacy of the drug.

Even if the regulatory submission is pending, the drug is received by the patients in case it's a lifesaving drug until the drug can be purchased.

'Label expansion' that is drug can treat an additional disease, other than the disease for which the drug is already approved, may also be the reason for running the Phase III trial.

It is said that for FDA ( United States Food and Drug Administration ) and MHRA ( United Kingdom's Medicines and Health products Regulatory Agency ) needs at least two trials of successful trials data to register the drug.

After these trials, the drug is approved for market selling.

Phase IV Study

These are Post Market Safety Monitoring studies done after the drug is registered. Also called Late Phase or Confirmatory trials.

This kind of study determines the long-term adverse effects on the much larger population for a very long duration (at least 2 years). If harmful effects are detected in this study, then the drug is disapproved and the company has to retrieve the drug from the market as it can no longer be sold.

The entire journey of the drug from a molecule to a market selling product takes around 15-20 years.

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Source by Nidhi Sharma

Views: 0
July 27, 2022
Entrepreneurship and Innovation: The Inconvenient Truth

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Entrepreneurship and innovation: The popular belief

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

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

The dark side of entrepreneurship

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

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

What it all means

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

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Source by Sergey Ahmetov

Views: 0

July 27, 2022
Sports Medicine

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Despite what the name implies, sports medicine is not confined to the athletic field. The branch of orthopedics consists of the treatment of injuries resulting from physical activity. These injuries can occur due to overuse, over-exertion, traumatic collision, or over-extension of the ligaments and cartilage of joints. Sports injuries can occur to any part of the body; however, the majority of sports injuries occur in the major joints, including the shoulder, hip, knee, and ankle.

Minimally Invasive Rotator Cuff Surgery

A common sports-associated injury of the shoulder is a rotator cuff tear. Composed of a group of four different muscles and tendons, the rotator cuff coordinates the movement of the arm at the shoulder. A tear of these muscles due to a traumatic impact, repetitive motion, or a strong pull may result in serious pain and the loss of mobility in the shoulder.

Based on severity of the injury, a rotator cuff tear can be repaired through surgical or non-surgical methods. If pain is not relieved through non-surgical efforts and surgery is required, rotator cuff tears can be repaired through arthroscopic techniques. A minimally invasive procedure, arthroscopic surgery involves two small incisions for the insertion of a fiber-optic camera and specialized operating tools. Arthroscopic surgery usually results in the successful repair of the rotator cuff and an abbreviated and less painful recovery time.

ACL Repair Surgery for Knee Pain

A commonly performed sports medicine procedure is the repair of the anterior cruciate ligament (ACL) located within the knee. The ACL provides rotational stability to the knee and tears to the ligament occur due to over rotation, sudden changes in direction, landing incorrectly, or traumatic collision. Symptoms of an ACL tear include a 'popping' noise and the inability to put weight on the knee joint, followed by pain and swelling.
Non-surgical treatment options are available after an ACL tear; however, a torn ACL will not heal on its own and surgery is necessary to return to an active lifestyle. Advances in knee surgery techniques now allow a torn ACL to be repaired through an arthroscopic procedure. Arthroscopic surgery techniques allow for a faster recovery time, although an athlete will require at least six months before returning to sports.

Torn Meniscus Surgery for Knee Pain

The meniscus consists of two pieces of cartilage located between the thigh bone and the shinbone that act as cushioning and 'shock absorbers' between the two bones. Sports-related meniscal tears result from excess stress on the knee joint from traumatic collision, squatting, or over rotation, and often accompanies other knee injuries, such as an ACL tear.

Walking is still possible after a meniscal tear and athletes may continue to play through the injury. However, the knee will gradually become more stiff and swollen over a period of a few days. Non-surgical approaches to treatment include the RICE protocol of Rest, Ice, Compression, and Elevation. If the severity of the injury necessitates surgery, arthroscopic techniques utilizing a fiber-optic camera and miniature instruments will allow for the minimally invasive repair of the meniscus.

Shin Splint Repair

Shin splints are a common sports-related injury, as the condition results due to exercise-related overuse. Shin splints, or medial tibial stress syndrome, develop as repetitive, excessive physical activity causes muscle fatigue leading to extra force to be applied to the tissue attaching muscles to the shinbone.
Shin splints are treated with rest and a refrain from physical activity. Rarely do shin splints require surgery; however, persistent pain may indicate the development of multiple microfractures in the tibia. Microfractures are severe and may require the evaluation of a physician.

Achilles Tendon Repair Surgery

The Achilles tendon is the largest tendon in the body and connects the muscles in the back of the lower leg to the heel bone. The Achilles tendon is essential to mobility as it is used to walk, run, and jump. Tears can occur when the Achilles tendon is overstretched and cannot withstand the large forces exerted on it during physical activity. Pain and swelling accompany an Achilles tendon tear, as well as the inability to bend the foot downward.

Surgery is likely the only option to repair a completely torn Achilles tendon for patients who wish to return to sports. Surgically repaired Achilles tendons are more likely to return to near normal performance and less likely to be re-injured.

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Source by Blake Nonweiler

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July 27, 2022
5 Steps to Move From Employee to Entrepreneur
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Have you been considering quitting your day job in favor of starting a business? Have you just lost your job and are currently exploring alternative ways of earning a living? Have you always dreamt of owning your own business some day?

Before you take the leap of faith into self-employment, consider these 5 steps:
1. Get clear on your goals/passions – It’s not enough to decide to become a business owner. There are several questions and things to consider before you move forward in becoming a business owner. You will need to think about what kind of business you wish to run. You`ll need to determine if you wish to grow it from scratch, buy an existing business or purchase an available franchise. But even before you decide that- you should think about how the business will fit in with the rest of your life. Running a business can be a huge commitment of time and money. So ask yourself what do you enjoy doing or what will bring you joy? You will spend much of your day on your business so it’s a good idea for the business to provide work you actually enjoy doing. Ask yourself what you are most passionate about? What would you love to do? What is your dream job/business?
2. Do your research/homework – Don’t make any rash or impulsive decisions and don’t leave your day job until you are absolutely sure of what you want to do and have a plan for doing it. Take the time to do good research by researching the industry, the marketplace, your potential target clients, your competitors. Do proper business research including a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. Get a good handle on projected revenues and realistic operating costs as well as an understanding on how long it will take to breakeven and generate more revenues than expenses. Identify your personal strengths and skills and determine if there are any skills gaps. Determine how you will close any skill gaps or lack of expertise. Which gaps can be closed through skills training? Which gaps can be closed through recruiting the right people? Which gaps can be closed through coaching or mentoring? Determine what options and opportunities are available to you right now?
3. Learn from others’ mistakes – There is no shortage of people who have started or run a business. Speak to as many people as you can who have gone before you. Learn what you can about what works, what doesn’t, and what mistakes others have made. Don’t waste valuable time and money. Be open to hearing others` perspectives on what they would have done differently. Hindsight is always 20/20.
4. Business Plan ahead – Do the work and develop a business plan. While it may be a lot of work, it will be time well spent and most financial institutions will require one if you are searching for financing. The process of business planning is not only to prove to the bank that your business will be a success, it’s also a roadmap for you to follow to ensure success. Running your business finances can be like running your weekly, monthly or yearly personal budget – so if you haven’t developed good budgeting and financial management skills, it might be particularly challenging and doubly important to have a solid business plan.
5. Hire a mentor – Starting and running a business can be challenging or even lonely at times. In addition to the day to day operations of the business, you may be mentally or emotionally overwhelmed by being a business owner. Having a safe place to go to for advice, guidance, and accountability or simply as a sounding board can be just what you need to help you make the transition into entrepreurship easier and smoother. Good coaching and mentoring can really help you fast track your transition.
While there are many advantages to being an entrepreneur, it`s important for you to also consider the downside of self-employment. Become a business owner armed with as much information, skills and tools you can to ensure a successful transition from employee to entrepreneur.

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Source by Linda Cattelan

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July 27, 2022