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First Time in India, Concept by CAs & MBAs
The Importance Of Entrepreneurs In An Economy!
The one thing that drives every nation's economy is Entrepreneurship, if your country has enough of entrepreneurs with zeal to aspire great heights in life than nothing can stop from growing your economy. In an economy where everybody is trying to invent and do something new to attract its audience, its very important that your base concepts are clear, if you are a proper entrepreneur than you shall have correct vision and tendencies that will aspire you and everyone around you to work hard and achieve their individual goals. Entrepreneurship is not just about yourself or an individual; it takes in to consideration the whole concept of an organization, a country can only improve and excel ahead when it has correct ideas, correct management and proper execution.
A country can only progress if it has a developed planning and execution in the correct means and sense to drive it ahead. The present generation sees lots of entrepreneurs heading out on their own and it's beneficial because the use of modern techniques of production they use and their brain works well then the generations of yesteryears. The rise in entrepreneurs around the globe has bought a far reaching effects to the overall economies of nations because people get employment and it raises their standard of living. People innovate, create and implement when they hold a company, obviously no one wants to stay behind in the competition so a visionary entrepreneur will always innovate and invent new things for the betterment of his company and the society.
Entrepreneurs of today have definitely something to boost about, and that is their inventions and innovation made in their expertise field. The terms innovations, inventions and entrepreneurs go hand in hand because all the 3 are inter connected and inseparable in the whole process of production. Innovation is the very core for an organization to run, unless there is innovation, a person cannot be called as an entrepreneur, because entrepreneur is the one who brings in something new and develop the business in that field which will create further ideas and their implementation leads to new products and beneficial for the people who are using it. For the economy to grow, it is very important to develop it along with the innovation factor very much a part of its process and entrepreneurs are the one who can bring along the changes for the economy to grow and bring about better opportunities for an individual to grow.
Baby steps to Innovation
There are hundreds and thousands of Innovative companies that are there on the global list of Fortune 500 companies. The term innovation itself derives that the companies have done something extra ordinary out of ordinary; the innovative companies as we term them are far away from what we actually know about them. They are just incomparable to any achievements. It is also a known fact that a company innovatively specializing in one service may not know or have any knowledge about other field or an industry. They just stand by what they have innovated and keep going ahead to research and innovate more. Hundreds and thousands of companies are developed each day but not all of them create histories, for such companies they should take some baby steps for Innovation that would help them achieve success and popularity over a period of time. So if you had been eager to grow your company in an innovative manner than its high time you start taking baby steps to innovate it:
Clear and action direction
For a company to be successful it is nearly important to create an actionable plan and direction that can help people to grow in their own expertise. You can suggest your employees to work upon the ideas that relate to saving one's time, increasing the sales and save company money or resources. When you strike a perfect chord with money, time and resource, you can innovate processes that could be fruitful for your organization. Do not ever limit any creative thinking in the company; you might never know when a simple accountant may bring in an excellent sales idea. Innovation is all about creative thinking and executing them with perfect time and settings. Innovate the things that are well understood by everybody in the company, limit the time and make changes in the traditional methods of working.
Get everyone in and delegate tasks
The simple element for steady success is to delegate the ownership, once you delegate the other person gets responsible about achieving the targets set by you and in a way the person will have power and responsibility to complete the tasks. Involve all the important people of projects in decision-making and get the best ideas from them in terms of innovation and execution. Execution is an important step to begin with success so a successful execution and implementation would lead to over all success of the company. Delegate the responsibility to evaluate the idea put forward by your employees, review each of them for picking up the best idea. Delegate the task of implementing the ideas put forward by people in their own processes and make them in-charge of attaining those ideas and goals as a company.
Celebrations and promotions
To drive motivational skills in the company employees, it is important to recognize the talents and reward them with recognition and higher designation. The recognition aspect should come from higher authorities in an organization.
It is important to first execute and implement simple idea rather than taking bigger steps and investing hell lots of money in to fixing the problems. The organizational goals are achieved and attained as a company and not an individual so make sure that you involve each of your employees in all the innovative steps for the upliftment of the company
"Why Aren’t You A Successful Entrepreneur?”
"Why Aren't You A Successful Entrepreneur?"
Let us look at the top 5 reasons that have kept many people away from being successful entrepreneurs or from generating revenue on the internet:
1. Not good enough
There are many people who feel that they are not smart enough or good enough to do online business and the truth is that although business over the internet might not be for everyone but it is not impossible.
2. Not enough time
Most of you are probably doing 80h a week and to add to it is the commuting time and the time you spend with your family. Most people would ask how can there be time left for an online business after all this. If you are working 10h a day and if you are commuting by train then you can always think and jot down your ideas while traveling. Spend about an hour every night before you hit the bed to browse through the internet and find the required information and the right sources that will help
your business.
3. Not enough money
Although it may seem like a costly proposition on the outside but the truth is that the internet is really cheap. Most website hosting companies are also offering cheap hosting services ranging from as less as a $1 a month. A simple website design using basic HTML will not cost you more than $100 and broadband is also available at low costs. So you can set up an online business within a budget of $150 with ease and start reaping the benefits from the first month itself.
4. Not an expert
You don't have to be an expert to start an online business. You may need to be a construction engineer to build bridges, but you don't require any kind of educational qualification or work experience to be successful on the internet. All you need is an
understanding of how the internet works and how you can take advantage of the internet to generate revenue.
5. What should I sell?
There are many who believe that they have nothing to sell at all on the internet but they are wrong. You don't have to really start by selling a product or a service of your own. You can choose to sell some other companies product or service on a commission basis and then slowly grow from there.
CEO Story...a story with a moral.
CEO Story...a story with a moral.
A successful businessperson was growing old and knew it was time to choose a successor to take over the business.
Instead of choosing one of his Directors or his children, he decided to do something different. He called all the young executives in his company together.
He said, "It is time for me to step down and choose the next CEO. I have decided to choose one of you.
"The young executives were Shocked, but the boss continued."I am going to give each one of you a SEED today - one very special SEED.
I want you to plant the seed, water it, and come back here one year from today with what you have grown from the seed I have given you. I will then judge the plants that you bring, and the one I choose will be the next CEO."
One man, named Jim, was there that day and he, like the others, received a seed. He went home and excitedly, told his wife the story. She helped him get a pot, soil and compost and he planted the seed.
Every day, he would water it and watch to see if it had grown. After about three weeks, some of the other executives began to talk about their seeds and the plants that were beginning to grow.
Jim kept checking his seed, but nothing ever grew.
Three weeks, four weeks, five weeks went by, still nothing.
By now, others were talking about their plants, but Jim didn't have a plant and he felt like a failure.
Six months went by -- still nothing in Jim's pot. He just knew he had killed his seed. Everyone else had trees and tall plants, but he had nothing. Jim did not say anything to his colleagues, however... He just kept watering and fertilizing the soil. He also wanted the seed to grow.
A year finally went by and all the young executives of the company brought their plants to the CEO for inspection.
Jim told his wife that he was not going to take an empty pot.
However, she asked him to be honest about what happened. Jim felt sick to his stomach, it was going to be the most embarrassing moment of his life, but he knew his wife was right.
He took his empty pot to the boardroom. When Jim arrived, he was amazed at the variety of plants grown by the other executives. They were beautiful -- in all shapes and sizes.
Jim put his empty pot on the floor and many of his colleagues laughed, a few felt sorry for him!
When the CEO arrived, he surveyed the room and greeted his young executives.
Jim just tried to hide in the back. "My, what great plants, trees, and flowers you have grown," said the CEO. "Today one of you will be appointed the next CEO!"
All of a sudden, the CEO spotted Jim at the back of the room with his empty pot. He ordered the Financial Director to bring him to the front.
Jim was terrified. He thought, "The CEO knows I'm a failure! Maybe he will have me fired!"
When Jim got to the front, the CEO asked him what had happened to his seed - Jim told him the story.
The CEO asked everyone to sit down except Jim. He looked at Jim, and then announced to the young executives, "Behold your next Chief Executive Officer! His name is Jim!"
Jim could not believe it. Jim could not even grow his seed.
"How could he be the new CEO?" the others said.
Then the CEO said, "One year ago today, I gave everyone in this room a seed. I told you to take the seed, plant it, water it, and bring it back to me today. However, I gave you all boiled seeds; they were dead - it was not possible for them to grow.
All of you, except Jim, have brought me trees, plants, and flowers. When you found that the seed would not grow, you substituted another seed for the one I gave you.
Jim was the only one with the courage and honesty to bring me a pot with my seed in it. Therefore, he is the one who will be the new Chief Executive Officer!"
| * If you plant honesty, you will reap trust. * If you plant goodness, you will reap friends. * If you plant humility, you will reap greatness. * If you plant perseverance, you will reap contentment. * If you plant consideration, you will reap perspective. * If you plant hard work, you will reap success. * If you plant forgiveness, you will reap reconciliation. * If you plant faith in God, you will reap a harvest. So, be careful what you plant now; it will determine what you will reap later. "Whatever You Give To Life, Life Gives You Back". "Whatever you do better to Others, Others will reciprocate."
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Are homepreneurs getting their due?
Worldwide, increasingly number of people are taking to comfort businesses so that they can spare more time for family and friends, and the more specialized once stands under the category of home businesses commonly known by the name "Homepreneurs". These are a new generation adults on the block who have everything to sell right sitting back at home and still being counted amongst the top successful businesses around the world. They have a new breed of technology, which doesn't require big set ups nor highly skilled manpower so what makes them so unique and yet so powerful to gain worldwide recognition?
Ten years back, we hardly had any imaginations that we can do bigger businesses sitting at home, with increasing awareness of technology and other supplementary resources we can do everything possible under the sun. More likely, the virtual world of Internet has made this possible as people can get interacting for business in a matter of just few seconds from different continents. Home businesses are mostly specialized businesses dealing in unique items, in fact, that is the main reason why they are being able to sell their unique proposition. According to the research survey by Small Business Success Index, following are the learning facts of home-based businesses:
- Given the amount of small businesses being set up in the recent while, around 6.6 million small businesses fit in the category of "homepreneurs", they provide at least half of their total monthly income. 75% of them are working at their businesses full-time.
- Small home businesses are not backed by venture capitalist so they tend to often employ American workers.
- c. It's the real business people are doing at home, some of them had been doing the business for as long as 15 years now.
- Approximately, more than half of these homepreneurs had employees and almost 40 percent said they had around 5 workers on their payroll. The total figure stands at 13.2 million employed under them.
- Around 35 percent of them made more than $125,000 in revenues each year.
Home based businesses are growing each year with the amount of comforts it is providing along with wide scale popularity and the share of revenue and profits, it is the next diversion to doing business in a different, yet sophisticated manner.
Tips For The New “Age” Entrepreneur
According to a U.S. Labor Statistics report, there is a new generation of entrepreneurs usurping the lead in business startups. The ranks of the self-employed aged 55 - 65 rose 33% in 2006, while the number of self-employed 25 - 35 year-olds fell 2%. Furthermore, an earlier Baby Boomer survey conducted by AARP in 2003 found approximately one in three self-employed workers aged 51 - 59 transitioned to self-employment after the age of 50. This trend is not surprising considering Baby Boomers are expected to live longer and have the time, energy, desire and sometimes need to continue to be productive.
There is a whole new "age" of entrepreneurs. The entrepreneurial image of the college drop-out who founded his company at 21 (of course, I'm talking about Bill Gates); or the twenty-year-old mom whose chocolate-chip cookie recipe launched one of the most visible and successful dessert empires (who else but Mrs. Fields), is changing.
It seems there are two reasons why Baby Boomers decide to pursue an entrepreneurial path. They either have to or they want to. The "have to's" may feel they are at-risk of a corporate lay-off. They know they still need an income and are fearful of finding another job because of their stereotyped image as a "high-paid, older worker." The idea of starting their own business seems like a good option. The "want to's" want to seize this time in their lives to use their skills and experience in a whole new arena -- a chance to continue to contribute to society while following their passion.
Whether you are a "have to" or a "want to" Baby Boomer entrepreneur, you need to listen carefully to what your mind and heart are telling you. This is no time in your life to leap before you look. Think about what makes good sense and matches your financial and personal needs and expectations. Here are some ideas to get you started:
Consider Your Resources
Financial
Evaluate your current income and expenses, liquid assets and investments. Determine how much you are willing to invest and how large of a risk you are comfortable and able to take. Think long and hard about the degree of personal assets you are willing to commit as collateral, and how much you want to protect. If you need to raise money, consider how you will do this -- accumulate over a period of time through your own contributions; or tap into a network of funding sources -- family, friends, banks, private investors, government grants, etc.
Personal
Now is the time to build on what you have learned professionally and personally. Think about how you can transfer your years of experience into another endeavor. For example, if you have had a long career as an attorney, think about how your analytical, negotiating and research expertise might translate to a new profession. Pick an industry that plays to your strengths and your desires ... and is reasonable.
Starting a business later in life takes a real commitment, so be sure you choose something you truly love -- something that you would enjoy doing every day whether you got paid or not. Also, consider whether there truly is a need for the products or services you plan to provide. You do want customers, so choose a business where there is a clear need. Think about how your business will be different and who your ideal clients will be.
Research/Technology
The Internet is an entrepreneur's best friend. Only a decade ago, compiling information on a given topic would take hours spent at the library. Not any more.
Other Options
While there are excellent reasons for starting a business when you are over 50, the fact is that starting a business later in life is a bigger risk than when you are younger. Should the business fail, you don't want to have to rebuild depleted finances at this stage in your life. So, you want to make the best possible decision before you invest your dollars in a new business. You might want to consider buying an existing business with a successful track record or a proven franchise. A franchise is like buying a "business in a box." The franchiser has developed a successful system you can duplicate.
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