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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.
So You Want to Be Your Own Boss...
8 tips to get you going, even if you don't know where to start
If you want to start a business but don't know where to start, don't worry--you are not alone. In fact, given the new economic reality of our time, more people than ever before have found the "job" they thought was waiting for them doesn't exist. Others have come to the conclusion that they would rather create work they love, constructed to fit with their own life goals. No matter what the motivation is to be your own boss, you can start today.
Here are 8 Tips to Get You Started:
- Take a Stand for Yourself.
If you are dissatisfied with your current circumstances, admit that no one can fix them except for you. It doesn't do any good to blame the economy, your boss, your spouse or your family. Change can only occur when you make a conscious decision to make it happen. - Identify the Right Business for You.
Give yourself permission to explore. Be willing to look at different facets of yourself (your personality, social styles, age) and listen to your intuition. We tend to ignore intuition even though deep down we often know the truth. Ask yourself "What gives me energy even when I'm tired?"
How do you know what business is "right" for you? There are three common approaches to entrepreneurship:
Do What You Know: Have you been laid off or want a change? Look at work you have done for others in the past and think about how you could package those skills and offer them as your own services or products.
Do What Others Do: Learn about other businesses that interest you. Once you have identified a business you like, emulate it.
Solve a Common Problem: Is there a gap in the market? Is there a service or product you would like to bring to market? (Note: This is the highest-risk of the three approaches.) If you choose to do this, make sure that you become a student and gain knowledge first before you spend any money.
- Business Planning Improves Your Chances for Success.
Most people don't plan, but it will help you get to market faster. A business plan will help you gain clarity, focus and confidence. A plan does not need to be more than one page. As you write down your goals, strategies and action steps, your business becomes real.
Ask yourself the following questions:
- What am I building?
- Who will I serve?
- What is the promise I am making to my customers/clients and to myself?
- What are my objectives, strategies and action plans (steps) to achieve my goals? - Know Your Target Audience Before You Spend a Penny.
Before you spend money, find out if people will actually buy your products or services. This may be the most important thing you do. You can do this by validating your market. In other words, who, exactly, will buy your products or services other than your family or friends? (And don't say. "Everyone in America will want my product." Trust me--they won't.) What is the size of your target market? Who are your customers? Is your product or service relevant to their everyday life? Why do they need it?
There is industry research available that you can uncover for free. Read industry articles with data (Google the relevant industry associations) and read Census data to learn more. However, the most important way to get this information is to ask your target market/customers directly and then listen. - Understand Your Personal Finances and Choose the Right Kind of Money You Need for Your Business.
As an entrepreneur, your personal life and business life are interconnected. You are likely to be your first--and possibly only--investor. Therefore, having a detailed understanding of your personal finances, and the ability to track them, is an essential first step before seeking outside funding for your business. This is why I recommend setting up your personal accounts in a money management system such as Mint.com to simplify this process.
As you are creating your business plan, you will need to consider what type of business you are building--a lifestyle business (smaller amount of startup funds), a franchise (moderate investment depending on the franchise), or a high-tech business (will require significant capital investment). Depending on where you fall on the continuum, you will need a different amount of money to launch and grow your business, and it does matter what kind of money you accept. - Build a Support Network.
You've made the internal commitment to your business. Now you need to cultivate a network of supporters, advisors, partners, allies and vendors. If you believe in your business, others will, too.
Network locally, nationally & via social networks. Join networks like NAPW.com, your local chamber of commerce, or other relevant business groups. Here are some networking basics:
- When attending networking events, ask others what they do and think about how you can help them. The key is to listen more than tout yourself.
- No matter what group you join, be generous, help others and make introductions without charging them.
- By becoming a generous leader, you will be the first person that comes to mind when someone you've helped needs your service or hears of someone else who needs your service. - Sell By Creating Value.
Even though we purchase products and services every day, people don't want to be "sold." Focus on serving others. The more people you serve, the more money you will make. When considering your customers or clients, ask yourself:
- What can I give them?
- How can I make them successful in their own pursuits?
- This approach can help lead you to new ways to hone your product or service and deliver more value, which your customers will appreciate. - Get the Word Out.
Be willing to say who you are and what you do with conviction and without apology. Embrace and use the most effective online tools (Twitter, Facebook, YouTube, LinkedIn) available to broadcast your news. Use social networks as "pointer" sites; i.e., to point to anything you think will be of interest to your fans and followers.
Even though social networks are essential today (you must use them!), don't underestimate the power of other methods to get the word out: e.g., word-of-mouth marketing, website and internet marketing tools, public relations, blog posts, columns and articles, speeches, e-mail, newsletters, and the old-fashioned but still essential telephone.
If you take these steps, you'll be well on your way to becoming your own boss. It's important to remember that you are not alone. If you want to "be your own boss" but you still feel stuck, reach out and connect with other entrepreneurs in a variety of ways. You may be surprised by the invaluable contacts that are right at your fingertips.
Fake Talks Of Entrepreneurs!
As the buzz word goes about the new and old entrepreneurs, their achievements, their goal settings, their targets, I really wonder sometimes in pain, whether these are all for true? And any person with good knowledge about markets and companies would have a benefit of doubt, if entrepreneurs keep pitching about their sales and their achievements. If they pitch, it's for good results, as we know till what extent they can lie. Having been in this industry, for quite some time now and as a serious blogger, mind my word "Serious" I am here to get you all the insights which goes inside the industry, for what you can call as, "Inside story" which no newspaper, or TV channels would ever air on their sets. Its not a very perfect low down on all the fakes, but yes, you will get some idea about the actual things going on in the organization.
- The entrepreneurs are never conservative, we know this fact but still they will say our approaches are very conservative and that it will grow manifold in 4 years of time but if you calculate their targets even after 5 years, you will get the same figures.
- The new firms while delivering their idea of company, have varied slides presenting you with huge figures of how their product trend would be in market, even when its just selling a few plastic bags, they have projections showing you in millions. Their common and most favorite statement is, "We estimate to grow by $30 million by the year so and so".
- Some companies don't even fear putting the names of big companies as joining them, they will say so and so company is going to sign contract with us over the next few weeks from now. This is not the first time statement, I have heard this hundreds and thousands of times till now, but the bigger company is nowhere in picture.
- They go on to speak up to the length that CEOs of some famous companies are going to join their company by looking at their progress and talents, and when you actually know, the big giants are never going to join such small enterprises by ditching their big multinational companies.
- The new entrepreneurs will often have something to boost about their current technological developments, they go on to say that, no one works like we do. They try to say ours way of working is really unique and new technologies are being used at their workplace. They will add up, the market for such type of products is new so as soon as the product picks up, it is going to boom in a big way.
- In reference to the above point, they will go on to add, no one is doing what we are doing, because they have superior knowledge and skill set to blow away the markets across the continents. Now, if it's a new company it doesn't bother the market people, the same types will spring in the next 90 days or so. So what, if they are newly graduated, the people in their batches have the same knowledge, so why fret about it?
- To add a topping to a pastry, they will ask you to hurry up and invest money in their firm only for the reason that other bigger firms are interested in them and if they invest, you cannot invest. Even when you go to them after 6 months, they will invite you to come and have negotiation, may be at much lower the initial price they offered. This is business and anything and everything can happen here in the business world of entrepreneurs.
- When they talk about their professional management team, by this, are they talking about the intern who worked with multinational company, or a summer job? When a person is a true professional joining them, the very first priority for him would be the older organizations, the new organizations are not where he would probably join. So even their professionals are new to join, without experiences.
- Now this is the biggest lie of all, at the start, where they are talking about $30 million after 10 years time, they are just looking for 1% of the market. Now this is contradictory, how can they seek to capture just 1 percent of market share, when its going to be some million dollar company?
These are some of the funniest and the most likeable and favorites of entrepreneurs to speak during their inauguration of company or during some seminar, if you are already well settled with business there is no need for you to get carried away by such bull-shit talks. If they are so confident then let them be, the future will tell!
Famous entrepreneurs
Behind all the successful bigger organizations of today lies a story that is bound by a sheer hard work and the power to attain their own human goals and values. The famous entrepreneurs of today are made up of a successful stories that are valued and time tested to give the perfect results. Any person can become successful in life provided he is determined to get things done and has a belief to attain life's goals. Today, I am going to share the famous entrepreneurs who have invented products that are remembered for centuries together and their services are still touching millions of lives worldwide. The rich and famous accumulate their wealth for good reasons sometimes I feel, for the common cause of giving away their money to charities and helping the people of poor, underdeveloped countries. The good famous entrepreneurs have made a great success stories by creating jobs and earning for life through their hard earned efforts. Lets discuss few entrepreneurs who have made history:
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Bill Gates
Everyone knows him around the world, a small toddler going to a pre-school would know who the person is. He developed a world of computers, today we cannot think of life without computers and especially WINDOWS. I am so excited to write about him first, because I was one of the fortunate ones to see his new house being built in Beverly Hills, Los Angeles during my recent trip to the US. Wow, what a huge house it was! I was truly excited to atleast see his home if not him. Well, coming back to our topic! His company Microsoft raked in US $36.84 billion for the year 2004 and employs around 55,000 employees, by now I am sure the revenue figures may have soared to double.
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Steve Woznaik
The Apple computers. Everybody wants to use Apple computer because of its key features and I keenly take pride in using one. Although, I have one basic model now but planning to buy a good Mac book Pro sooner. His is truly a success story; he was very passionate about bringing computers to everyone's lives. It was in the year 1977 that he started to build personal computer. Their first company and office began in a garage, they sold off their Volkswagen and calculator to raise $1,300 for their venture. Within six months of time, their company was amongst the Fortune 500.
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Oprah Winfrey
She is the woman behind Harpo Inc. "The Oprah Winfrey Show" was one major hits on the national television of United States. The HARPO productions were started in the year 1986 which spelled "Oprah" backwards. The company is based in Chicago and Oprah is the only woman in the history to own and produce her own talk show.
These are just the three of them who I truly admire and respect for their achievements in life. Some of the other names are Michael H. Jay Arrington – Harper-Arrington Publishing and Media, Steven Spielberg – Dreamworks, Vera Wang – Vera Wang Fashions, Russell Simons, Sean Combs – Sean John Clothing, Sam Walton – Walmart, Gordon Moore – Intel, Tyler Perry, Paul Orfaleo – Kinko's, Mike Ilitch – Little Caesars Pizza, Bill Hewlett – Hewlett Packard, Mark Burnett – Television show producer, Ted Turner, Larry Page and Sergey Brin – Google, James Kimsey – AOL. The list goes endless, these people have truly created wonders by creating an altogether a new industry and lots of people have got benefited by showcasing their real talents.
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