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Entrepreneurship - Steps To Getting There..

Steps to getting there..

As more and more people start or consider starting their own business, it is important that they understand the core steps that are required to launch successful ventures. These steps include spotting, assessing, selecting and executing upon opportunities.

Spotting Opportunities

The first step to entrepreneurship is identifying opportunities. The entrepreneur must be able to spot an unmet need. Oftentimes this need is seen through an inefficiency in the market – something that doesn’t work quite the way the entrepreneur would like it to. As a result, the entrepreneur figures out a potential solution and the opportunity is born.

Assessing Opportunities

Many entrepreneurs keep a journal that details the myriad opportunities they come across each day. While it takes a creative skill set to identify opportunities, it takes an analytical skill set to assess them. Each opportunity should be assessed to, among others, determine its likelihood of success and the financial and human resources required to execute upon it.

Selecting Opportunities

One of the biggest risks in selecting the wrong opportunity is opportunity cost; that is, the cost of having to forego another opportunity which may have been wildly successful. Entrepreneurs should assess their potential opportunities and come to a firm decision regarding which one to execute upon. Once selected, the entrepreneur cannot second guess themselves. To do so would lessen their focus and drive towards the selected opportunity, both of which are critical in achieving success.

Executing Upon Opportunities

Execution, or the ability to generate the most value out of an opportunity, requires a unique combination of creativity, passion, persistence, focus, responsibility, intelligence, planning and energy. The entrepreneur needs to know what tasks must be accomplished and be the main driver in seeing that these tasks are completed in an appropriate manner.

Understanding the four steps to entrepreneurship enables entrepreneurs to better understand the path that they are embarking upon. It is a path filled with potential pitfalls, but also filled with tremendous excitement, satisfaction and potential to build enormous value.

Since its inception, Growthink Professional Business Plans has developed over 200 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know.

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Entrepreneurship - Self Motivation Is The Key

self motivation is the key..

Motivation is a set of processes that determine individual choices. These processes are influences from families and friends that we receive throughout our life. When speaking with business owners it is clear that they are self motivated and determined to succeed. How did they reach this point and maybe you have not? It is the result of the interaction of your internalized needs and the external influences you receive.

Past experience sways our thinking. Most people who plan to be entrepreneurs have developed a physiological or psychological need. The person then develops a set of behaviors to satisfy this need. The behavior then results in action toward the goal. At some point in their life, they have been exposed to positive self esteem types of people. They appreciate and can accomplish hard work through employment. But, they look past the standard employment model.

It Can Be The Most Frightening of Times, Yet, The Most Satisfying of Times.

Maslow’s Hierarchy of Needs determines that people seek safety and security. This carries over to employment issues. Many people seek positions as employees that will provide long term opportunity with minimal change. What happens when you want to step out of this plan? Anxiety in Excess! Why? You realize that you need to re-train your own thinking process. You are clearly out of your personal comfort zone. You find that you will need a different type of effort to execute successful performance. You realize that there is no one to fall back upon. It comes down to how you operate dealing with all aspects of your own business.

We use the Maslow Theory to transform our Managers into Leaders. What is the difference? A manager understands your goals while a leader can influence the behavior of others to achieve the goals. First, we develop leaders from managers after they develop competence. This means that they have enough experience and training to be productive and efficient. This is the required groundwork to leadership. Next we establish their integrity by stressing truthfulness, being trustworthy, and good character. Customers or fellow sales people need to believe in them if they are to do business or follow them. Finally, we coach them to be inspiring. How do you do this? By instructing our leaders to be decisive with decisions and always provide direction to subordinates and customers.

What are the Challenges Facing Leaders?

1) Leadership must be displayed throughout your organization.
2) Constantly changing environments demand quick response.
3) During times of crisis, a leader must commit themselves to see their decisions through to the end.

How Can I Become a Better Leader?

1) Know yourself before attempting to lead others.
2) Your personal philosophy will influence your behaviors.
3) Prepare to think situational.
4) You must lead by example.
5) Allow for team building. A great team can accomplish much more than any individual.
6) You must be comfortable using different styles according to the variables at hand.
7) Adopt a constant self improvement philosophy.

Entrepreneurship

what does it really mean?

Introduction:

Introduction:

In a world where ideas drive economies, it is no wonder that innovation and entrepreneurship are often seen as inseparable bedfellows. The governments around the world are starting to realize that in order to sustain progress and improve a country’s economy, the people have to be encouraged and trained to think out-of-the-box and be constantly developing innovative products and services. The once feasible ways of doing business are no longer guarantees for future economic success!

In response to this inevitable change, some governments are rethinking the way the young are educated by infusing creative thinking and innovation in their nation’s educational curriculum. In the same vein, they are putting much emphasis on the need to train future entrepreneurs through infusing entrepreneurship components within the educational system, especially at the tertiary level.

Some countries have taken this initiative to a higher level by introducing entrepreneurship education at elementary schools and encouraging them to be future entrepreneurs when they are of age. In a series of survey funded by Kauffman Center for Entrepreneurial Leadership, it was found that nearly seven out of 10 youths (aged 14-19) were interested in becoming entrepreneurs.

Being an entrepreneur is now the choice of the new generation as compared to the preferred career choices of yesteryears such as being a doctor, lawyer or a fighter pilot. In a recent visit to the bustling city of Shanghai in China, an informal survey was carried out among Chinese youths by the author. The results of the survey showed that being an entrepreneur, especially in the field of computer and e-commerce, is perceived as a ‘cool’ career and is an aspiration for many Chinese youths Prior to the ‘opening up’ of modern China, being an entrepreneur was perceived as the outcome of one’s inability to hold a good government job and those who dared to venture, were often scorned at by their peers. Times have indeed changed.

With this change in mindset and the relative knowledge that entrepreneurs bring forth increased job creations, the awareness and academic studies of entrepreneurship have also heightened. In many tertiary institutes, many courses of entrepreneurship and innovation are being developed and offered to cater to the increasing demand. The term “entrepreneurship” has also evolved with numerous variations. The proliferation of jargons such as netpreneur, biotechpreneur, technopreneur and multipreneur are coined to keep up with the ever-changing times and business conditions that surround us.

In view of these changes, it is important that the definition of entrepreneurship be refined or redefined to enable its application in this 21st century. To put it succinctly, “Good science has to begin with good definitions (Bygrave & Hofer, 1991, p13).” Without the proper definition, it will be laborious for policymakers to develop successful programs to inculcate entrepreneurial qualities in their people and organizations within their country.

The paper will provide a summary of the definitions of entrepreneurship provided by scholars in this subject area. The author will also expand on one of the definitions by Joseph Schumpeter to create a better understanding of the definition of the term “entrepreneurship” as applied in today’s business world.

Entrepreneurship through the Years:

It was discovered that the term ‘entrepreneurship’ could be found from the French verb ‘entreprende’ in the twelfth century though the meaning may not be that applicable today. This meaning of the word then was to do something without any link to economic profits, which is the antithesis of what entrepreneurship is all about today. It was only in the early 1700’s, when French economist, Richard Cantillon, described an entrepreneur as one who bears risks by buying at certain prices and selling at uncertain prices (Barreto, 1989, Casson 1982) which is probably closer to the term as applied today.

In the 1776 thought-provoking book ‘The Wealth of Nations’, Adam Smith explained clearly that it was not the benevolence of the baker but self-interest that motivated him to provide bread. From Smith’s standpoint, entrepreneurs were the economic agents who transformed demand into supply for profits.

In 1848, the famous economist John Stuart Mill described entrepreneurship as the founding of a private enterprise. This encompassed the risk takers, the decision makers, and the individuals who desire wealth by managing limited resources to create new business ventures.

One of the definitions that the author feels best exemplifies entrepreneurship was coined by Joseph Schumpeter (1934). He stated that the entrepreneur is one who applies “innovation” within the context of the business to satisfy unfulfilled market demand (Liebenstein, 1995). In elaboration, he saw an entrepreneur as an innovator who implements change within markets through the carrying out of new combinations. The carrying out of new combinations can take several forms:

The introduction of a new good or standard of quality;

* The introduction of a novel method of production;

* The opening of a new market;

* The acquisition of a new source of new materials supply; and

* The carrying out of the new organization in any industry.

Though the term ‘innovation’ has different meanings to different people, several writers tended to see “innovation” in the form of entrepreneurship as one not of incremental change but quantum change in the new business start-ups and the goods/services that they provide (egs, Bygrave, 1995; Bygrave & Hofer, 1991).

Employees Are Your Greatest Asset

Soon after an entrepreneur starts their idea into motion, they realize that they can not reach their vision and goals without the help of others. The successful entrepreneur knows the importance of having the right personnel. Just as capital, equipment, and inventory are essential resources for success, so are people-the human resource. Without the right personnel, even a well equipped and well capitalized business will flounder.

Flourishing companies understand the concept of putting the customer first. Long term profitable companies realized years ago that to have continued success that must treat their employees as well as customers. Matter of fact, we treat our sales force as our most customer. Why? They share our company’s values, ethics, personality, culture and vision. When you create an environment of mutual vision, you will see tremendous growth. This shared vision means that you have asked employee’s what they need to do the job. Prosperous entrepreneurs have seized the idea of allowing employees to create their enthusiasm. What do they want?

• A sense of achievement.
• Recognition for their achievements. Not financial but in personal contact.
• They want to be interested in the work itself.
• Opportunity for growth.
• Opportunity for advancement.
• Responsibility.
• Peer & group relationships, both within and outside the organization.

These motivating factors are found in self employment situations such as Tupperware. Most people are concerned with the nature and potential of the job itself. These factors can be reached through:

• They want coaching. Challenged and held accountable to reach their potential.
• To have the opportunity to contribute in a meaningful way to the company and its’ mission.
• A competent leader of character who supports their success.

Once we recognize that people want to be led in a successful direction, we can coach them to their personal success. This builds an emotional connection that creates synergy! You will achieve tremendous leverage by developing these leadership skills in your people. Your company will grow past your expectations!

Being self employed often feels as if you are alone on an island. You are not.

Lifestyle, Miscarriage, Birth Defects And Chromosome Abnormalities

Many couples who have a miscarriage are told that the laboratory tests have shown that there is a chromosome abnormality. This sounds very serious doesn’t it? It is serious and these problems can lead to the birth of a handicapped child. Usually, however, the problem is not inherent and in most cases can be overcome by changes in lifestyle. The couple can become extremely anxious unnecessarily.

First let me explain that almost all miscarriages are abnormal in some way. The pregnancy is lost because the embryo did not develop properly. The cause of this is usually because either the man or woman has been exposed to chemicals or one or other of them has a dietary deficiency or a bad habit of some type. Bad habits include not drinking enough water, taking drugs, having too much alcohol, smoking heavily and in the case of the man, exposing his testes to too much heat. Infections, both of the common flu variety and of the STD - sexually transmitted variety - can also be involved. Viruses can break chromosomes in exactly the same way as chemicals, radiation and serious dietary deficiencies.

In some rare cases the problem is ongoing and can be inherited. It is important that each case is investigated properly. The types of chromosome abnormalities that are found in miscarriages are most frequently changes in chromosome number. Changes in the structure of chromosomes can also occur but they are far less frequent than changes in number.

Most people reading this article would know that the normal number of chromosomes is 46. So how can this change?

The answer lies in the process of fertility and conception. Fertility in both the man and the woman involves a special form of cell division - called meiosis - in which the chromosome number is halved. This ‘reduction’ division occurs so that when the sperm fertilizes the egg, the child will have the same number of chromosomes as the parents. Half the child’s chromosomes come from mother and half from father.

Sometimes this very specialized division process makes errors and one or two chromosomes end up in the wrong place. The resultant egg or sperm then has one or two extra chromosomes. Of course there is also a complementary egg or sperm that is missing those chromosomes but these cells usually die. In fact the only cells that can survive with missing chromosomes are those that miss sex chromosomes. Some miscarriages have only 45 chromosomes, including only one X chromosome and occasionally babies are born with only one X chromosome. They grow up with a special set of characteristics known as Turner’s syndrome.

Fertilized eggs that result from eggs or sperm with extra chromosomes usually miscarry although those with an extra copy of one chromosome 21 might survive with Down syndrome. However the couples that have these miscarriages or babies with extra chromosomes are themselves, usually normal. It is the conditions in their bodies at the time of creating the eggs and sperm that are the problem. These unfavorable conditions can usually be corrected by correcting the bad lifestyle unless the problem is advancing age.

From about age 35 in both men and women, cell division can be compromised. The problem lies in changes in the body that affect the function of the energy systems in the cells. Optimizing all aspects of lifestyle can often overcome these problems but the effects of any poor habits will be amplified with aging.

The other problem that can affect chromosome number is delayed ovulation. When the egg is over-ripe it can be fertilized by more than one sperm. In such cases the fertilized eggs has one or more extra sets of chromosomes and is often given the unfortunate name of a ‘molar pregnancy’. Fortunately, this problem can also be overcome by correcting poor diet and lifestyle.

If you have had a pregnancy in which a chromosomes abnormality was detected but you, yourselves are normal, make sure that you take the time and effort to correct your lifestyle. You will be rewarded by feeling much healthier and hopefully also by giving birth to a healthy baby. Find about more about support for optimizing lifestyle and fertility on http://www.ez-fertility.co.uk.

Forgiveness : Acceptance And Letting Go

Have you ever noticed the difference in people who are able to easily let go of resentment and forgive, and those who stay in anger and blame?

What I have noticed is that those who continue to stay in blame and resentment are often people who see themselves as victims of other people's choices. I've noticed that people who stay angry at someone are generally people who are very controlling and believe that they can control someone else's behavior through punishment - anger, withdrawal, withholding, blame, righteousness, judgment, and so on.

There is a big difference between forgiving someone and wanting to spend time with that person. For example, if find out that your partner has lied to you in a major way, you might decide to leave that relationship and not spend any more time with that person. You might decide that it is not in your highest good to be with someone whom you cannot trust to be honest with you. Leaving that person may be what is best for you.

However, if you hang on to anger, blame and resentment, what happens to you? You end up feeling miserable.

Whenever someone behaves in a manner that I find unacceptable, I attempt to understand the good reasons behind the unacceptable behavior. Is this person a very scared and insecure person? Did this person come from an unloving background? Is this person a very young soul, doing the best he or she can but is limited in ability? I do not take others' behavior personally, knowing that their behavior is coming from their fears and beliefs and actually has nothing to do with me.

Even though I choose compassion rather than judgment when others behave in unacceptable ways, this does not mean that I want to continue to be around the person. I can fully understand why the person acted as he or she did, yet still decide that being around this person is not in my highest good. I can fully forgive that person, which means that I am not carrying around blame and resentment, without wanting to continue to be around that person.

If you forgive but choose to not be around someone, it is important to be aware of your intent in not being around that person. Your intent is either controlling or loving.

If your intent is to control, then you hope that by not being around that person, he or she will learn their lesson and change their behavior. You have not really decided to end the relationship. You have a secret hope that by distancing yourself, you can have control over whether or not this person changes.

Leaving with the intent to control can lead to you getting stuck in misery, waiting for that person to change.

If your intent is to be loving to yourself, then you have decided that not being around this person is in your highest good. You are ready to move on, rather than being attached to this person changing. You have fully forgiven this person and are now taking loving care of yourself by letting go of all hope of this relationship working.

If someone behaves in a way that is not acceptable to you, this does not mean that you need to leave the relationship. It does mean that you need to accept that it may happen again and that there is nothing you can do about it. You have no control over another's choices. Again, hanging on to blame and resentment will only make you miserable. If you decide to stay, then you need to decide how to take loving care of yourself in the face of the other's unacceptable behavior. When you are truly taking loving care of yourself, then you will find you can easily forgive the other person.

The blessing of forgiveness is that it allows you to let go of life-draining resentment and open to love and joy.

Starting Your Own Online Business

You have racked your brain and finally hammered out all of the details for an online business. Now you are ready to get started, itching to have your first sale under your belt, but you find yourself scratching your head, wondering where to begin.

There are several steps you need to take in order to insure you have a well thought-out plan and are ready to provide your customers with the service they deserve once you hang out your e-shingle, so to speak. Make sure you have done your homework and have given considerable thought to each of these key concepts.

Product Development

There are millions of good ideas out there, but have you done your research to make sure you are selling something the consumer wants? To be successful, you have to have a product that is in demand. You could have the greatest idea in the world, but if nobody is willing to pay money for it, your efforts are all for naught.

Perhaps you are filling a void in the marketplace. That is really the best position to be in – to have something unique that consumers have a desire to buy. If you can enter into a niche market, you will have less competition to worry about.

If you are providing a product or service that is already widely available, you need to determine how to make yours stand out from the crowd. You need to be able to offer a lower price, faster service, or otherwise have a unique spin on the idea.

Once you have decided upon your product or service of choice, write out a plan on how the product will be distributed.

Marketing Strategies

Develop what is known as the Unique Selling Proposition (USP) for your product. You have to determine what it is that makes your product original, and play on that idea.

Once you have developed your USP, write out a marketing plan. Whether you plan to run advertisements in the local newspaper, hand out flyers, send out e-mails to a list, you need to know what you are going to do to promote your product and at what intervals you are going to advertise.

Do not begin to market your product, though, until you have all of the elements in place to allow you to sell it.

Ensure Funding for Your Product

A lot of people have great ideas for an e-business but overlook this very important component. You need to ensure you have enough money to set up and host your website, purchase or produce your product, pay for any shipping costs, and cover any other expenses you may have that are associated with running your business. Make sure you have enough funding to cover your business expenses for at least several months, and remember that most businesses operate at a loss for the first year. Take all of this into consideration before you begin.

Set Up Your Online Store

You need to develop a website that is attractive, informative, and easy to navigate. Do not clutter your website so that it is a dizzying jumble to your customer, and do not make it difficult for your customer to find what they need. There are several good programs that can aid you in website development, or you can seek the assistance of a professional web developer.

If your business is exclusively or primarily conducted via the Internet, you cannot underestimate the importance of a good website.

You also need to set up a merchant account that allows you to process credit card payments, and attach a shopping cart to your website. Many web services offer all-in-one packages and will help you add these items to your site. Make it easy for your customer to buy, and make it easy for them to pay.

Open Your e-Doors for Business

Go through your checklist one more time to ensure you haven’t forgotten anything. Make sure you have your inventory on hand, or that it can be sent to your customer in a timely manner. If you have a downloadable e-product, make some test runs to ensure the downloads are functioning properly.

Have your business phone line, e-mail, website, shopping cart, and everything else you need to operate your business in working order.

Once everything is in place, you are ready for business. Now you can begin marketing your business in earnest. You are ready for your first customer, secure in the knowledge he will be given the attention and service he deserves. You are ready for him to spend his money with you, and send you on your way to e-business success.

To Your Success..

Ariev

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