Mar/110
Small Business vs Entrepreneurs
What were the basic parts of the Ball of Risk (4) we discussed in the last class and how do they apply to separating out Entrepreneurs from Small Business persons? Think back to the video for some ideas about who is and is not an entrepreneur. (hint: challenge, learning, innovation and growth)
To many people, the word entrepreneurial and small businesses have been used interchangeably without making any reference to the differences that exist between the two. Although the two are involved in business there are a number of differences between the two. Basically referred to as the ball of risk, there are four main factors that differentiate an entrepreneur from a small business. One of the most prominent distinguishing factors between an entrepreneur and a business is innovation. Entrepreneurs prefer creating activities which are manifested by innovative combinations that will assist in making more profit. Unlike a small business which replicated business ideas that have been practiced by other people and which has a limited expansion, an entrepreneur is involved in innovative activities that leads to development of new line of business which continually grows. (Carland et al., 1984)
The other factor that separate between the two is learning. An entrepreneur will be involved in continuous learning in order to get new ideas for business. An entrepreneur will be looking to learn more in order to connect different ideas that can lead to development of a new business. On the other hand a small business is more than satisfied with the basic book keeping skills that have been learned. Lack of interest in learning makes it difficult to operation small businesses a many of them end up collapsing.
The third factor is challenge. In our life not may people who like to be challenged. But for a successful person, success comes from overcoming a myriad of challenges in life. It is the same for an entrepreneur. An entrepreneur will get involved in a challenge that most people are avoiding so long as at the end they are likely to get profit from this challenge. The success for an entrepreneur comes from the way they get overcome these challenges. The hunger for success enables entrepreneurs to overcome different hurdles on their way. On the other hand, most small business operators are likely to run away from the challenges on their way.
The last factor which differentiates between the two is growth. A small business may remain stagnant for a long time. This is because they are satisfied with the nature and are not involved in activities that may stimulate their growth. On the other hand entrepreneurs are likely to record higher growth in a short period of time since they are determined to record higher growth. Compared to small businesses, entrepreneurs will grow and expand very fast.
What role does “faith” play in deciding the difference between Small Business owners and Entrepreneurs? You might consider what each has faith in … the scope of that faith.
Faith is an important virtue in our life. Faith moves us a long way to overcome some to the most devastating effects that we think we would have never overcome. In business faith is also a virtue that plays crucial role. In essence, the concept of risk in business is based on faith. When a business person buys the merchandise, they have full faith that their merchandise will be purchased and they are going to make profit. In other words, what we can refer to as optimistic faith is what drives our business forward.
Faith is another important factor that can differentiate between an entrepreneur and a small business. Since they are all in business, we can say that they have a degree of faith in their operation. However, the scope of their faith varies greatly. For a small business, their fear of risk of loss may confine them to their small operation for a long time. We may call it fear in our explanation but in essences it is the lack of faith in their operations. On the other hands, entrepreneurs have a lot of faith in their operation and they are assured that not matter what circumstances, they are going to make it through. This faith assists them to invest even in risk situation where not many people would be wiling to invest. It is this faith that helps them to overcome most hurdles on their way.
Find and discuss two other articles (use Google or Google Scholar) where this idea of a difference is discussed. List their arguments first and then your reactions to each.
There are a number of researchers who have also documented a great deal of difference between entrepreneur and business owns. Wagener et al., (2001) assert the entrepreneurs are the real business owners. From their study they found out that entrepreneurs were more independent, had a higher tolerance of ambiguity, had a higher risk taking prospects, and had more leadership attributes. However, they did not posses marketing oriented and self-efficacy attributes that were found in small business owners. On the other hand, small business performance well at consumer contact level but were devoid of innovativeness and risk taking.
On the other hand, Williams (2007) assert that there are several characters that set aside entrepreneurs from small business owners. Entrepreneurs tend to create a business that support their own talent and passions in life which is the main reason why they are likely to success more than small business owners who just get into business because there are individuals in that business. Unlike the small business owners, entrepreneur follows their inner calling and they have more purposes in business than just making money. From time to time, entrepreneurs keep on evolving their business fueling their inspiration.
From the article that we have reviewed, it is very clear that there are major difference between entrepreneurs and small business owners. I feel that these differences should exist and the factor that we have used to differentiation between that two are factual and they hold their ground. This is because in the business world we can apply all these factors in order to understand the difference between real entrepreneurs and small business owners.
The author is associated with Research papers. The author will assist you on how to write Research Papers.
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Feb/110
All About Malaysian Women Entrepreneurs
Malaysian women entrepreneurs today are still facing a considerable number of obstacles. You see, venturing in new markets can be a problem for Malaysian women entrepreneurs simply because of the fact that information can be hard to obtain.
We all know that you need information in order to start a proper business venture.
You will need to know about:
a) The market – is there an available market for your product? This determines how well you can expect your product or service to be received. The market determines how much profit you will be able to make. Do you think that people will be wiling to pay the prices you set? Will your market last, or are you experiencing some kind of fad?
Without proper knowledge of the market, Malaysian women entrepreneurs can end up spending a lot of money on complete and utter failures.
b) The finances – you also need proper information as to the costs and the profits you can expect from your business. Entrepreneurs become entrepreneurs mainly because of the objective of profit. By having the correct financial information, you can successfully plan out your business and where you think that venture will take you.
Difficulty in obtaining financial information can cause Malaysian women entrepreneurs to make wrong decisions. You see, you need to be able to estimate your finances ion the best possible manner in order to set up a business correctly.
c) Comparative studies – you need to obtain accurate information about similar businesses in order to know what to expect when starting your business venture. You see, it is often hard for Malaysian women entrepreneurs to obtain accurate and up-to-date information. This can lead to some pretty serious lapses of judgment.
Hypes and fads occur all the time. You need accurate information in order to see if a business that was popular last week is still feasible today.
Another problem encountered by Malaysian women entrepreneurs is lack of networking. You see, connections are important when running your own business. By establishing connections with other Malaysian women entrepreneurs you get a lot of advantages, including:
1) Information sharing – information is easier to obtain if you have a number of people keeping their eyes and ears open. By forming a network with other Malaysian women entrepreneurs, you actually get the opportunity to gather more information, providing you also share what you know.
2) Advice – in starting your own business, you need all the help you can get. How can you get it if you don’t network with other Malaysian women entrepreneurs? Nobody can claim to know everything about business, but within a network, you can come pretty close.
3) Pooling of resources – by networking with other Malaysian women entrepreneurs, you have the opportunity to share resources. We all know that businesses suffer losses. However, being in a network can help you recover quickly from any type of defeat. Entrepreneurial networks today actually have help systems which try and support members when their business is facing a crisis.
Fortunately enough, there actually is a group that Malaysian women entrepreneurs can turn to when they need help. The National Association of Women Entrepreneurs of Malaysia (NAWEM) was formed with the objective of helping Malaysian women entrepreneurs get their businesses off the ground and become globally competitive.
NAWEM actually provides Malaysian women entrepreneurs with different types of help. The organization conducts trainings and seminars designed to help Malaysian women entrepreneurs expand their skills and gain more knowledge regarding entrepreneurship.
NAWEM also provides Malaysian women entrepreneurs with various opportunities to help them penetrate their target market.
You see, by joining an association like this, Malaysian women entrepreneurs finally get the edge they need. The group can act as a network, letting Malaysian women entrepreneurs share resources and information. The organization strives to fulfill the shortcomings of the individual.
NAWEM also helps Malaysian women entrepreneurs with their financial needs, giving them grants or loans in order to help them expand their ideas and business ventures. In doing so, they also strive to better the status of Malaysian women entrepreneurs. They also help these women by providing them with guidance and leadership. Entering the business world can be quite confusing, but an organization like NAWEM can help you find your way.
Dewa Buana Born at Bali Island now work as Tax Officer and free time Artist. Feel free to visit my website Mr Trusted Guide
Article from articlesbase.com
Feb/110
The Traits Of Successful Entrepreneurs
Are you planning to start and run your own business? Do you know the right qualifications and characteristics an entrepreneur must have to succeed? Does your profile match that of a successful entrepreneur? In this article we will explore and discuss the essential characteristics that every entrepreneur must have. There are several important traits and values that are common among successful entrepreneurs. Before you go and start your enterprise, it will be very helpful to think and reflect whether you have what it takes to be a successful entrepreneur. If not, you can also start developing these character traits.
1. Successful Entrepreneurs are Self-Confident – to succeed in the highly competitive business world, confidence and trust in oneself is an indispensable trait. Self-confidence means trusting your own powers and capabilities. The world of entrepreneurship is not alien to failure and disappointments. To survive in such a cutthroat world, an entrepreneur must have the ability to look within himself and find the drive and persistence to pursue his enterprise. An entrepreneur must have the gumption to face any adversity and tackle any problems that may be encountered in the world of business.
2. Successful Entrepreneurs are Risk-takers – being an entrepreneur means having the ability to trust your hunches and acting on them. Great business ideas sometimes start as a hunch which enterprising individuals acted upon. There is always the risk of loss in any endeavor, and entrepreneurs have just the right confidence to take calculated risks to achieve their objective. However, an entrepreneur’s risk-taking does not depend on luck, but on sheer effort and hard work.
3. Successful Entrepreneurs know the value of money and are careful about their finances – to succeed in any business; an entrepreneur must understand the value of money and the cost of things. Typically, successful entrepreneurs learned how to earn and value money at a young age. Most of them started out by earning loose change as teenagers mowing lawns, doing groceries, babysitting for neighbors, etc.
4. Successful entrepreneurs have the so-called head for business – many entrepreneurs are gifted with intuition: they know what product or service is going to ‘click’ next. However, this ability does not involve clairvoyance or extra sensory powers of some sort, but rather, keen observation and understanding of what is going on around him. A good entrepreneur is always on the look out for new ideas and new ways to make money.
5. Successful Entrepreneurs are competitive – the world of business is a very competitive environment. An entrepreneur must be aggressive enough to pursue his goal despite having many rivals and competitors. An entrepreneur must know how to stay ahead of his competitors, either by introducing new ideas and exploring new ventures, all in the spirit of expanding his business.
6. Successful Entrepreneurs are honorable and have a good work ethic – although it is a fact that the business world is ruthless, but the successful entrepreneur will strive to make every business deal honorable. The mark of a successful entrepreneur lies in a good personal work ethic that ultimately leads to good business practices, excellent reputation and good association with industry peers and business partners.
7. Successful Entrepreneurs know the importance of leisure time – hard work and determination are very important values every entrepreneur must have. However, a good entrepreneur knows when it’s time to take a step back from all the rigors of business and enjoy some downtime with their family. Besides, we all do need a little relaxation to refresh the body and mind before plunging back into the challenging (and stressful) world of business.
These are just seven of the most important characteristics of an entrepreneur. Of course, the characteristics every entrepreneur must have are not limited to the ones mentioned. Having these characteristics is not a guarantee that an entrepreneur will be successful. But with these characteristics, an entrepreneur has just the right ingredients for success. All one needs to do is to find the right mix of these values, excellent timing, perhaps a bit of luck and, of course, faith in oneself. So, do you have what it takes to be a successful entrepreneur? Go over these characteristics and values mentioned and reflect if you do have these.
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Article from articlesbase.com
Feb/110
How Entrepreneurs Will Succeed by Doing Less
Michael Gerber wrote a very popular book entitled The E-Myth Revisited about the myths of entrepreneurship. He explained that entrepreneurs must have three skills to win. Gerber claimed that entrepreneurs must possess and execute the technical, the managerial, and the visionary skills to succeed as an entrepreneur by creating a successful business.
I believe that Gerber was only partially correct. He leaves readers with the impression that the entrepreneur (alone) must consistently possess and exercise all three of these skills for the business to succeed, and for the entrepreneur to win. I believe that the key distinction is that the three skills represent the three FUNCTIONS of the business that must be completed for the business to succeed. I believe that the entrepreneur does not have to perform all three functions personally. In fact, I am convinced that the business and the entrepreneur will be more successful if the entrepreneur DOES NOT personally perform all three functions.
A business is like a chain. It is only as successful as the weakest link in the chain. The three links to any business chain are the technical function, the management function and the visionary function. The success of a business will rarely exceed the level of poorest execution of the three functions. For example, if the entrepreneur performs the technical and visionary functions at an excellent level, but performs the management function at a poor level, the business success will rarely rise above the poor management level. Therein lies the dilemma. The business is limited to the lowest level at which these three functions are performed. Yet, it is extremely unlikely that any one person, in this case the lone entrepreneur, can exercise all three functions to a high enough level at one time to generate the expected business success. Hence, businesses where the entrepreneur must personally exercise all three functions will rarely succeed. Let’s look further at each of the business functions to learn why this is true.
The technical function of a business requires someone to actually perform the duties of that business, which attract payments. This could include repairing air conditioners, extracting teeth, painting houses, writing computer programs, or installing tile. People who do the technical work have almost total control over what they are doing, they frequently do something tangible, and they receive almost instant feedback and gratification. This is the “doing function.”
The managerial function of a business requires someone to direct, coordinate, and organize the business activities of other people (and themselves) to achieve the daily and weekly success goals. People who perform the managerial function have much less control, because of reliance on others to actually perform other duties, and they have delayed feedback and gratification from one day to a week.
The visionary function of a business requires someone to look years into the future, set goals, organize, and lead the business to the completion of the vision. People who perform the visionary function have virtually no control, because they must rely on others to actually perform the managerial and technical functions, and the many unforeseen things that will happen during the years. They perform even less, if any, “doing” type of work, and have delayed gratification and feedback from one-to-five years.
It is extremely difficult for one person to simultaneously perform all three functions well.
You can see that the type of skills, activities, control, and gratification periods vary widely for these three very different functions. The very different nature of these three functions, the very different skills needed to perform them well, and the very different types of people who would be mentally and emotionally capable of performing these functions requires three very different people. It would require one lone super-human person with three very different personalities and motivations, and with excessive energy and time to simultaneously perform all three functions at a level high enough for the business to succeed. These wide differences are the reasons it is so difficult for any one person to perform all three functions simultaneously. Yet, entrepreneurs are lead to believe they must execute all three functions themselves. In addition, most entrepreneurs feel not only compelled to do everything themselves, but most feel they are very capable of doing so.
The business will succeed because the lone entrepreneur will not perform all three functions.
But, when the lone entrepreneur feels compelled to work long and hard to execute all three functions of his or her business, the business will almost always fail. In essence, the business will fail because the entrepreneurs did too many things and worked too hard. This year, over 800,000 of the approximately 2,000,000 start up businesses will fail! Nearly 1,000,000 of those remaining will fail within 3 years. Clearly the sole entrepreneur doing everything approach is not working that well.
Smart and successful entrepreneurs discover the three functions they have the greatest desire to perform and will be the most successful at completing. You will also want to know the functions you have the least desire to perform and at which you will probably be the least productive. This is an extremely important discovery process about you, the entrepreneur. Once you have made these discoveries, you will want to design your business around you. By custom designing your business to suit you and your personal desires, passions, priorities, and talents, you will orchestrate your ability to enjoy and excel at the functions you selected for you. Likewise, you will avoid performing the other functions you would have suffered and struggled to execute well enough for the business to succeed. You will want to enlist others to perform the functions of your business that you do not want to do. You will want to join forces only with people who have a strong desire to perform the functions you do not want to do and have a strong desire to avoid performing the functions you love doing.
It really comes down to creating the best fit for you first, and then creating the best fit for the people performing the other functions. It is almost like the sport of baseball. There are nine positions in baseball that must be played well by all nine players in order for the team to succeed. In the entrepreneurial small business world there are three positions that must be played well for the business to succeed. Pick the position you want first then have others play at least one, if not both, of the remaining two positions. This way everyone will be much more productive, have more fun, and the business will thrive.
Hire a business coach.
But how do you as an entrepreneur or business owner discover enough about you to be able to understand which aspects of your business are best suited for you? You engage a business coach. A business coach is, in essence, a life coach who specializes in coaching entrepreneurs and business owners to business related goals. The most common business goal clients achieve with their business coach is to become more successful and productive entrepreneurs and/or business owners and do so on their terms. The initial discovery phase of business coaching will assist you to unravel the mystery of you, so you become The World’s Leading Expert on You! You can work with your equal partner/coach to develop your business to allow you to fulfill your passions, follow your beliefs and values, maximize your talents, avoid as many of your self-imposed obstacles as possible, and operate your life based on your own priorities. Now that you know what you want your business to look like because you have your business coach/partner to support you with options and clarity, and because you as the entrepreneur/business owner have ultimate control over your businesses, you have nothing stopping you from custom designing and completing your business to suit you. By building your businesses to suit you, you will be virtually assured of achieving outstanding success, and you will get to enjoy the ride along the way.
If this is true, then how do entrepreneurs get all three functions executed well enough for the business to succeed, if they don’t do it themselves? Entrepreneurs have others perform at least one of the three functions for the business. We are listing several possible methods entrepreneurs can have one or more of the three functions successfully performed by others.
The partnership solution.
The simplest way to cover all three functions is to have a business with two or more partners who execute different functions. This is a very common success tactic. Do the names of Gates-Allen, Hewlett-Packard, Jobs-Wosniac, Disney-Disney sound familiar? They succeeded in large part because they had at least two people accomplishing the three functions from the outset. Sometimes, it appears easier to go it alone, but if you can find a partner who wants to and is effective at performing one of the three functions, you are way ahead of the game.
As a side note, the most frequent reason business partnerships break up is because the partners are too much alike. Partners with like interests and personalities want to perform the same functions and compete to do so, while not paying attention to the other functions. Friction occurs and partnerships or businesses dissolve. How often do two programmers, or two electricians, or two salespeople, or two mechanics, become partners only to see their partnership and the business implode because they focus on the same function at the expense of the others?
The hiring solution.
Another way to solve this dilemma is to hire someone to perform one of the functions. Normally, the function that is the easiest to hire in is the technical function. However, this fact frequently creates a conflict with entrepreneurs. Normally, entrepreneurs begin their business by performing all three functions, including the technical functions themselves. The baker bakes, the plumber plumbs, the graphic artist does graphic artistry, the printer prints, the accountant accounts, and the list goes on. The sooner entrepreneurs can have someone else perform the technical functions of the business so they can focus on the management and visionary functions, the sooner the business will start down the road to success. When entrepreneurs have others execute the technical functions they transition from being a technician to becoming a business owner.
The Franchise solution
However, if you are excellent at performing the technical functions, you may want to bring in someone to perform at least the visionary and probably some of the management functions. The franchise structure of business has been used for years to allow performers of the technical functions to utilize the franchiser to perform the visionary functions and provide considerable guidance in performing the management functions. Look at the successes of the McDonalds, Burger King, Pizza Hut and other such franchises. The headquarters of each of these groups perform all of the visionary functions and design and teach a large part of the management functions. The franchisee performs the technical functions and some of the management functions. Through this separation of duties all three functions get performed exceptionally well to produce great successes.
Conclusion
As the entrepreneur you have the power, control, and obligation to design your entire business around you. You want to discover and know yourself very well going into the design of your business, so you will know exactly which functions and duties you will really want to perform. You will undoubtedly create excellent results from the duties you want to perform. Likewise, you will want to find, attract, and surround yourself with others who will want to perform the other functions of the business you chose to avoid. They will also produce excellent results from performing their chosen duties. This way you get to do what you love, and you will do it well. You also have others producing exceptional results because they enjoy it so much at the other functions of the business you chose no to do. You win because you will work less and enjoy yourself more, your supporting cast wins because they will enjoy what they do and they will be rewarded for their high quality results, and the business wins because all three functions will be executed exceptionally well.
Everybody wins!
Provided as an educational service by Bill Dueease of The Coach Connection, where “connecting great people with great coaches” is their goal. You may contact Bill at 800-887-7214, 239-415-1777, coaches@findyourcoach.com, or http://www.findyourcoach.com/0o-business-coach.htm
Bill Dueease is the President of The Coach Connection (TCC), which he co-founded in May 2001 to assist people to achieve their greatest results from life coaching. Over 96.5% of TCC’s approximately 1,500 clients have achieved their intial life and career goals by connecting with their personally matched TCC Member Coach. You can reach Bill at bill@findyourcoach.com, www.findyourcoach.com or 800-887-7214
Article from articlesbase.com
Jun/090
Black Women Entrepreneurs : the 7 Traits to an Exceptional & Successful Business
How often have you either referred to or considered the expression, “Success is a journey and not a Destination?” Probably many times, yet often being in a hurry to get there, we forget that success is not an end unto itself, but is instead an ongoing process.
Though some people seem to have the Midas touch and easily turn everything to gold, most of us have to give our endeavors lots of time, effort and the sweat of our brow before seeing things come to fruition. The simple truth is that the majority of us are simply not born leaders, but become leaders by who we are and the actions we take. Consequently, whether or not you’re an established entrepreneur or just starting out on your journey, there are particular traits you’ll usually find operating within the exceptional women entrepreneur. In fact there are 7 particular traits you’ll generally discover deeply embedded within the exceptional and successful businesswoman.
If you’ve already taken the plunge as an entrepreneur, you know that it takes a great deal of planning, development and strategic marketing to succeed. At any given time, there are changes to be considered and new directions to examine. In which case, whether you’re the CEO, CFO, Chief Marketer or Chief Solutions Officer of your company, your journey to success is probably full of trials and tribulations.
To support you in your journey to success, be willing to open your mind and sense of reasoning as you consider whether these traits are part of your driving force. If they are not yet ingrained within you, I recommend that you give them some thought.
THE 7 TRAITS TO SUCCESS
1) Successful Entrepreneurs Gain the Respect of their Peers
One of the first and most obvious characteristics you’ll see operating in an exceptional entrepreneur is an equitable and unbiased disposition . Plain and simple the successful entrepreneur recognizes that no one is above or below. With an attitude of respect for others, the successful entrepreneur gains the respect from everyone they encounter. Strategies, attitudes and methods filter down to each person and reflect on all actions and activities. A successful entrepreneur gives everyone the space to be great. No matter how effective or beneficial your expertise, becoming a successful entrepreneur requires building up of your character muscles, traits and habits, which correspondingly make your dreams a reality.
2) Successful Entrepreneurs Believe and Trust in Themselves
The savvy entrepreneur is good at trusting her own ideas and instincts. Starting out as an entrepreneur requires persistence, determination and a high level of self-discipline. Continuing as a successful entrepreneur requires even more persistence, determination and self-discipline. The wise and successful entrepreneur knows this and works hard at developing their level of confidence. If you have a strong code of ethics and believe in yourself, then your ideas can work. Having the desire and passion are the first steps on your journey; getting there requires believing in yourself.
3) Successful Entrepreneurs Follow a Plan
The successful entrepreneur follows a plan. Haphazard or trial and error have no place for the triumphant entrepreneur, for no one gets to her destination without a map or a guide to follow. That doesn’t mean you won’t go off course if another road seems better, but it’s still more effective to have a plan in place. Most successful entrepreneurs start out by writing a basic business plan that acts as the impetus and guide for their endeavors. It doesn’t have to be fancy or lengthy but it should include marketing strategies, goals, intentions, ideas and why you can do better than your competition. A business plan should be reviewed and updated periodically for each new idea stirs and inspires other ideas.
4) Successful Entrepreneurs Think Creatively
Successful entrepreneurs are not afraid of thinking creatively. Whether a business idea has already been tried makes no difference to the exceptional entrepreneur. She sees better ways of doing things and knows that every idea can be expanded upon, made better, enhanced or broadened . The successful entrepreneur is willing to think outside or the proverbial box, which means using imagination, trying new things and expanding on a vision. The savvy entrepreneur pays careful attention as to whether a particular strategy is working. If after giving it her best shot the entrepreneur realizes the particular strategy isn’t working, they know there’s no point in continuing to invest energy, time and effort in the strategy. They move on to another approach and idea.
5)Successful Entrepreneurs Explore Their Exceptional Skills
Successful entrepreneurs realize that we each have our strengths and weaknesses as well as a multitude of skills and talents. Successful people ask themselves often what skills they have that no one shares in quite the same way. An exceptional and successful entrepreneur explores their particular skills until they find the ones that match most closely with their ideal. They don’t try to be and do everything. If the successful entrepreneur needs help, they’re willing to find someone who can do it better, and allows in the support. The successful entrepreneur stays open to change for they recognize that as they move forward, doors open in unexpected places that carry them to their next level of success.
6) Successful Entrepreneurs Envision Their Success
The successful entrepreneur gives time to envisioning how they want their business to look and how they want it to be. Intention is a powerful and dynamic tool. For those who are not inclined towards intention and visualization, talk to a successful athlete and you’ll discover that before each sporting event, the successful athlete envisions exactly how he or she wants things to turn out. Imagine what it will feel like when you’ve reached a particular set of goals. Get in touch with the feelings, you’d have as a successful entrepreneur. Practice and conceive of the sense of empowerment and the joy of having succeeded. The successful entrepreneur knows they have the power to live life the way they want, but to make it a reality, they know it has to be seen first.
7) Successful Entrepreneurs Never Give Up
Giving up is never in the vocabulary of the successful woman entrepreneur. Of course there may be days when a successful entrepreneur feels discouraged or disappointed, but giving up is not an option. Having faith, trust, confidence and determination are the qualities needed for the successful entrepreneur. To keep their focus on track, they seek out the support of those that know them, encourage them and bring out their natural enthusiasm. The smart and successful entrepreneur realizes that there will be good days and not so good days.
Being a successful woman entrepreneur requires accepting the ebbs and flows of business for it is in fact what separates the exceptional and successful entrepreneur from the one who gives up far too soon.
Robert Moment is an innovative small business coach and author of Invisible Profits: The Power of Exceptional Customer Service. Robert specializes in teaching small business owners actionable how to marketing ideas and strategies that generate profitable results. Visit http://www.smallbusinessmarketingideasstrategies.com and sign-up for the FREE Small Business Marketing Plan 5 day e-course.
Article from articlesbase.com
Feb/090
12 Traits of Highly Successful Entrepreneurs
What are the traits of successful entrepreneurs that set them apart from everyone else? What trait do entrepreneurs like Bill Gates, Steve Jobs, Lawrence Ellison and Richard Branson have that the ordinary entrepreneurs don’t? All these questions are going to be answered in this article.
After understudying the lives of successful entrepreneurs, i have been able to pinpoint 12 traits that make them successful. Without wasting your time, below are the 12 traits of successful entrepreneurs:
1. Successful Entrepreneurs are proactive learners
Entrepreneurship is a life long process and successful entrepreneurs know this. Things change so fast in the business world; you could be an innovation today and become obsolete tomorrow. To stay on course and adapt swiftly to the ever changing trend, successful entrepreneurs keep studying and learning.
They read industrial journals, books and magazines. They attend seminars and update themselves regularly with the latest industrial trend. Successful entrepreneurs know that their cup is never full; they know that they don’t have the right answers to all questions. So they humble themselves and learn when availed the opportunity.
2. They thrive on risk
I have never seen a successful entrepreneur who rose to the pinnacle of success without a measurable amount of risk. Successful entrepreneurs are risk takers; they risk their time, energy and resources with the hope of building a strong business. If they fail, they risk losing everything they’ve ever owned. Risk is the main reason many employees fail to start a business.
3. They work for free
Working for free is one of the traits of successful entrepreneurs that set them apart from others. It’s hard to find individuals who will be willing to work for free, without pay for many years but successful entrepreneurs do this. They work on their business for many years without pay.
Being an entrepreneur, i can attest to this trait because i have built businesses without getting a dime from them for some years. All profits generated are re-invested into the business. To be a successful entrepreneur, you must always bear in mind that you are not building a job for monthly pay. Instead, you are building an asset that can generate residual income for you and add value to humanity in the coming years.
4. They work longer hours than employees
Successful entrepreneurs are known for their extraordinary resilience and long standing commitment to the course of building a business. Building a business is never easy and it requires time and dedication. Some entrepreneurs are known to work for 70 – 80 hours per week while average employees work less than that.
So if you are going to join the league of successful entrepreneurs, then you definitely need to develop the trait of working longer hours than normal.
5. Successful entrepreneurs learn quickly from mistakes
Of all the traits of successful entrepreneurs, this one interests me the most. Many individuals shy away from the game of entrepreneurship because of the fear of making mistakes. They perceive mistakes as bad because mistakes sometimes cost money and pain; so they avoid it like a plague. But successful entrepreneurs see mistakes as a learning tool; they see it as an opportunity to learn something new.
“Even a mistake may turn out to be the one thing necessary to a worthwhile achievement.” – Henry Ford
Successful entrepreneurs make mistakes in business but they don’t quit. They know mistakes are part of the process of entrepreneurship, so they learn quickly from these mistakes and move on. If you are being held back by the fear of making mistakes, i will suggest you read the article “How to learn from your mistakes in business.”
“Excuses cost a dime and that’s why the poor can afford a lot of it.” – Robert kiyosaki
6. They have the ability to run on debt
As a rule of life, we are all indebted to someone in one way or the other. With respect to building a business, i have never seen a successful entrepreneur that hasn’t been in debt. Everyone owes but successful entrepreneurs know how to use debt to their advantage, they know how to use debt as an instrument and leverage to build a business and get richer.
“Be careful when you take on debt. If you take on debt personally, make sure it is small. If you take on large debt, make sure someone else is paying for it.” – Rich Dad
7. They are accountable and responsible
Successful entrepreneurs are accountable and responsible for the failure or success of business. They shoulder the responsibility of piloting the business through its trying times. If they succeed, it becomes a plus to them but if they fail, they will be held responsible.
8. They thrive on criticism
Another trait successful entrepreneurs share in common is the ability to forge ahead in the face of criticism. Building a business comes with its own challenges; as the entrepreneur, you are bound to be loved and hated by the public. But successful entrepreneurs always devise a means to use every bit of criticism to make themselves better and stronger.
“When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” Henry Ford
“Sometimes, i think my most important job as a CEO is to listen for bad news. If you don’t act on it, your people will eventually stop bringing bad news to your attention and that is the beginning of the end.” – Bill Gates
9. Successful entrepreneurs are ambitious
Ambition is one of the traits of successful entrepreneurs. Successful entrepreneurs think big and do things big. They are never satisfied with their current achievement; they believe there is always room for constant improvement and they go for it.
Take a look at Mukesh Ambani’s achievement in building Reliance Group; the world’s largest refinery. Lakshmi Mittal built Mittal Steel, the world’s largest steel producer. Look at Larry Ellison’s ambition to surmount Microsoft. In generality, entrepreneurs are very ambitious personalities.
10. They are opportunist
This is another trait of successful entrepreneurs. Successful entrepreneurs share a common ability to see opportunities, where others see problems. They know that behind every problem lies an opportunity. Successful entrepreneurs are the drivers of creativity and innovation.
“The way to make money is to buy when blood is running in the streets.” – John D. Rockefeller
11. They are great leaders
Successful entrepreneurs are great leaders with a proven leadership strategy. They possess the ability to bring out the best in their employees. They inspire creativity and foster innovation. They also have the ability to hire and lead smarter individuals.
“Good leadership consists of showing average people how to do the work of superior people.” – John D. Rockefeller
12. Successful entrepreneurs are team players
“I want to start my own business,” ‘i want to be my own boss,’ ‘i want to do this my own way.’ These are the words i often hear from would be entrepreneurs. Successful entrepreneurs know that entrepreneurship and investing are team sports. So therefore; they never work alone, they join forces with other entrepreneurs and professional advisers to build a stronger business.
“Go to the wolf, consider its ways and be wise. A wolf will never hunt alone; it hunts in packs because it knows the power of team work.” – Ajaero Tony Martins
In conclusion, these are the 12 traits of successful entrepreneurs which you must possess to succeed. Successful entrepreneurs were not born with these traits, they developed them over time. You can also develop these traits if only you are willing.
Discover the underground Untold Secrets to Becoming a Billionaire from scratch like the Drop out Billionaires
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Jan/090
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs
In relation to entrepreneurs & business top 10 business celebrity entrepreneurs the recent rise of entrepreneurs & business has undoubtedly been fuelled by the popularity of TV business programmes like the Dragons Den & Alan Sugar The Apprentice.
These popular programmes have launched the media careers of their programme panel members, fast tracking many of them into the list of top 10 business celebrity entrepreneurs.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs outlines well known global entrepreneurs.
Business enterprises promoted by celebrities have been a topic for discussion for quite some time.
Celebrities have shown their enterprising instincts in many in different ways and many of them have gone beyond endorsing products which had at best previously been a trend.
This discussion about entrepreneurs & business should act as an inspiration not only to aspiring celebrity entrepreneurs, but also to other prospects who intend to use their entrepreneurial skills to become successful entrepreneurs.
The list of top 10 business celebrity entrepreneurs includes the who’s who of celebrities. Many of these celebrities have created thriving enterprises without any formal training in business management and have launched successful and innovative products and services.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #1 Steven Spielberg
Steven Spielberg who co-founded Dreamworks tops the list. His movie business has generated millions and millions of dollars at worldwide box offices.
Although he has not graced our TV screens in programmes like the Dragons Den or Alan Sugar The Apprentice Steven Spielberg is recognised globally as a celebrity entrepreneur known to push the boundaries in film production.
He is known to have provided business help, business management, consultancy and business development to other aspiring business entrepreneurs.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #2 Hugh Heffner
Hugh Heffner was born into a family of farmers. Heffner launched a magazine which was later named Playboy which has since sold millions of copies.
It’s interesting to know that Heffner started with only 00 which he raised from investors. Hefner is recognised globally through his Playboy brand which expanded upon the initial magazine through shrewd business management, consultancy and business development to include multiple other revenue generations streams the most famous of which is the Playboy TV channel.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #3 Sean Combs
Sean Combs launched the clothing brand Sean John clothing which generates a business turnover of over 0 million globally. Sean is recognised as an entrepreneur who founded his empire on a solid foundation of top quality business management and business development.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #4 Tyra Banks
Tyra Banks became famous after hosting the famous television show America’s Next Top Model and Tyra Banks Show. She is known to provide business help and support to other aspiring entrepreneurs.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #5 Kathy Irelan
Kathy Irelan is recognised globally as a famous model. Her business development initiative of finding solutions for families and busy moms was received well by the market.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #6 Bill Gates
Irrespective of your geographical location, you are probably aware of the rise of Bill Gates whose business development idea revolutionised the personal computer market.
Gates has become a true global celebrity entrepreneur. It has been widely reported that Gates has provided business help, business management, consultancy and business development to aspiring entrepreneurs and charitable organisations.
Many people believe he should have been the person of choice to front the American version of Alan Sugar the apprentice hosted by Donald Trump.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #7 Richard Branson
Richard Branson’s Virgin Empire is one of the world’s most recognised brands which hosts approximately 300 business companies under its business development umbrella.
Branson is also well documented for his desire to give something back and as such many aspiring business entrepreneurs have benefitted from his business help, business management, consultancy and business development.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #8 Steve Jobs
Steve Jobs created a business information technology revolution by launching Apple computers with the first graphical user interface of its kind.
Although the Apple brand struggled and lost its way at times, through laser focussed business management, consultancy and business development it has resurfaced as one of the world’s most trusted business brands.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #9 Oprah Winfrey
Oprah Winfrey is well known for her television shows and her net worth is estimated to be around billion.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #10 Donald Trump
Donald Trump is admired the world over by aspiring business entrepreneurs. His glorious rise to fame as the world’s best known real estate owner was brought to the forefront of the global media after the crash of International real estate.
Trump owed the banks so much money they felt they couldn’t close him down. Deserted by the business fraternity many of whom he had helped and provided financial and business support to he resurfaced even stronger.
To audiences worldwide he is recognised as the main focus of the USA version of Alan Sugar the apprentice TV programme.
Many business people will hold a different opinion on which order the above top 10 business celebrity entrepreneurs should feature. My aim was not to list them in any order, rather just to list them together as the driving force of the top 10 business celebrity entrepreneurs.
What’s interesting is that although most of the above entrepreneurs started with next to nothing, not many of these celebrities availed business consultancy services from a family business consultant. They focussed on their vision and had a detailed action plan which was followed with the right business development strategies.
However as their business empires have grown every one of the above celebrity business entrepreneurs are known to employ the very best business development consultants in the marketplace.
The International Business Guru provides business help to every budding entrepreneur and says entrepreneurs should strive hard to create value for their customers and stake holders.
It might further surprise UK readers that none of the Dragons Den judges appeared in this list.
Dr. Mark D. Yates The International Business Guru & Growth Consultant grows businesses fast delivering exponential growth, increased turnover & profit margins. He delivers business support to small, medium & large businesses in 42 countries. To claim his FREE business case files e-mail him at drmarkdyates@aol.com
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Dec/080
Entrepreneurs
Entrepreneur
How To Choose Your Rights Organization As An Entrepreneur
When resolving to venture out into the broad world of business, you will first want to pick an ownership organization that will efficiently match the requirements of your business, plus protect yourself and your private assets. Opt for a unique proprietorship, alliance, limited alliance, limited liability company (LLC), corporation (for profit), nonprofit corporation (not for profit), or cooperative organizations. Confirm you do your research on every one, as one minor variation from one organization to another could be the key aspect that prevents creditors from hunt your private property in case your business collapses. Examine brief accounts of the most common structures to identify what will best suit your entrepreneur effort. Remember these are just a few of the alternatives out there.
Single Proprietorship: A unique proprietorship is a one-person enterprise that is not registered with the state. You don’t need to do anything special or keep any papers to organize a unique proprietorship—you start one omly by going into business by yourself. Legitimately, a unique proprietorship is indivisible from its proprietor. You and the enterprise are one and equal, denoting you state business income and debits on your own tax return and are independently liable for any business-related responsibilities, such as debts or court judgments.
Alliance: Likewise, an alliance is simply a company owned by two or more persons who haven’t reported papers with the state. An association is formed as soon as you start a company with another entrepreneur. The association’s proprietors pay taxes on their shares of the business profits on their own tax returns and they are each independently liable for the entire quantity of any business debts and accusations. Single proprietorships and associations are good for an entrepreneur with a small service business in which you are seldom prosecuted, and for which you will not be asking for a lot of money.
Limited Liability Company: This kind of organization is a little more complex and expensive to set up, however is the logical option for certain small companies. The main advantage is that your personal accountability for all business-related situations is partial. A company is an autonomous legal and tax unit, detached from the person(s) who own, monitor and organize it. Due to that, the owners of a company don’t use their own tax returns to pay tax on corporate earnings—the company itself pays them. You pay private profits tax just on money you get from the company in the shape of income, extras, etc. This organization is appropriate for an entrepreneur who either is under risk of being prosecuted by clientele or corporation obligations stacking, or has substantial private assets you desire to protect from business creditors.
For severalnumerous resources regarding each organization, there are lots of helpful websites, plus literature presented by industry experts such as Nolo. Hit up your local bookstore for a plethora of business materials to guide you through, from literature to software and even audio books if you comprehend better like this or don’t have time to spend with a book. Consider that you are investing in you and your business—iit is worth it! Good fortune!
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