Category: Entrepreneurs

Entrepreneurs are always looking for ways to start new businesses to make a profit. They are the first to see opportunities in new products and enterprises. Many people may be aware of opportunities, but they may not be aware that three in ten new businesses fail in the first two years. By the end of five years, nearly half have failed.

Many authors have compiled lists of reasons for business failures. Among the reasons are poor management, competition, undercapitalization, location and many other reasons that may be prevented if they are recognized in time. Unfortunately, many entrepreneurs may be too involved in the business to see new opportunities or recognize the danger signs of business failures.

Since poor management is the major cause of business failure, entrepreneurs could use guidance in planning and computing the return on investments, cash flows and breakeven theory. If the business depends on sales of inventories, the entrepreneur should know how to manage inventories to keep them as low as possible without losing sales.

In addition, the entrepreneur should be familiar with the latest technology and how to use supply chain management to maintain efficiency in his business. He should be reasonably familiar with every phase of the business so that financial statements provide him with a clear understanding of the direction the business is going.

Perhaps Entrepreneurs Need Coaches

Since it is difficult to know all of the best investments available, the entrepreneur should consider a business coach. Business coaches are trained professionals who help entrepreneurs plan strategies and techniques to increase profits. Although they are not business experts, they are more than consultants. They can act as sounding boards, and make suggestions for the best methods of advertising strategies.

One advantage of having a coach is getting a new perspective. They are an extra set of eyes to recognize new opportunities or see danger signs. In some cases, business coaches inspire entrepreneurs to do greater things. However, the results always depend on the coach and the entrepreneur. The good coach can give invaluable advice and guidance about your new business investment.

Iron sharpens iron, and entrepreneurs sharpen other entrepreneurs. The wisest businessmen know there is a lot to learn from other businessmen. Looking into getting a coach can be the key to your next big breakout – finding your passion, discovering a new niche that you fit well into, even finding a completely new career path are all things that an outside perspective from a business coach can help out with.

How to Start Looking

The student is only as good as the teacher can mold them, in many cases. You’re going to need a teacher that fits you, and your entrepreneurship style, with expertise in your areas of interest. Be prepared to pay a price for this type of management as well; skill building, advice, career coaching, and emotional support doesn’t always come cheap. It helps to start working towards your goal now, too. If you’re interested in real estate, for instance, go ahead and start working for as many credentials and certifications while on the hunt for the right entrepreneur coach. If you’re interested in law and court, it’s a good idea to look into legal transcription training in the meantime. Make yourself as sell-able as possible, by building yourself up on paper and in person.

Article contributed by Jenna Smith

Infor Global Solutions is a leading software company that serves customers across the world in a variety of industries, including machinery, apparel and foot wear, finance, automotive, aerospace and pharmaceutical industries. They are the third largest provider of software applications and solutions and have over 12,000 employees in 40 countries. Infor Global Solutions employs thousands of developers, consultants, and support professionals that work with 70,000 customers worldwide. They bring in billions of dollars in revenue on a yearly basis from clients like Macy’s, Ford Motor Co., Hallmark, Mazda, and RadioShack.

Their customers also include 8 of the top 10 aerospace and pharmaceutical companies. Other target industries include chemicals, state and local governments, consumer packaged goods, retail and food processing.

Originally named Agilisys, Infor Global Solutions began doing business in 2002 in Pennsylvania. Infor’s goal was to build as large a global presence as possible. The company moved its headquarters to Georgia, where they acquired Infor Business Solutions. The name was then changed to Infor Global Solutions. Infor Global Solutions can claim more than 30 acquisitions of other software development companies.

Infor’s software products are used for managing inventories, shipments, and human capital across the supply chain. Some of the services that they provide are asset, human resources, and warehouse management. In addition to the latest software, they also provide technical support and train associates in 20 languages and have a business presence in 194 countries.

Charles E Phillips (CEO profile) joined the company in 2010 and has made noteworthy strides in utilizing social media to make even more connections to its clients and affiliates.

Phillips created an innovate approach to educating Infor Global Solutions’ employees on the positive and wide spread uses of social media. Because of his efforts, the company was recognized with the Open Leaderships Award in 2010 by the Altimeter Group, the leader and global authority on social media use for business applications. Infor Global was awarded for its efforts in educating employees on how to use social media to create open and clear interactions with internal and external business associates.

In the first few months of the program Infor’s program, social media usage dramatically increased across Twitter, LinkedIn and Yammer. Twitter alone saw an increase of over 300%. Current growth is a 10% per month for each platform.

Infor was highly commended by the Altimeter Group founder Charlene Li. “What really impressed us was [Infor’s] detailed implementation program, which included contests, parties, and incentives to engage people both at the grassroots level and also involve senior executives,” Li stated. Li was also impressed with Infor’s thorough implementation of social media education.

Phillips has made significant improvement at Infor and seen growth in revenue in the millions in part because of the company’s growing online and social media presence. His primary focus has been increasing the company’s global presence innovation and production. Other strategies he has implemented have led to increased efficiency and revenue. Infor Global Solutions headquarters has since moved from Georgia to New York.

Article contributed by Jenna Smith

Article Contributed by Kevin Schweizer

The business ideas of a few entrepreneurs have changed the culture of society since the beginning of time. For example, Mark Zuckerburg had a simple idea for a social media site called Facebook and now many facets of society and life can be connected to Facebook and its social platforms.

Entrepreneurs come in all shapes and sizes but some of the most groundbreaking entrepreneurs of 2012 are some of the youngest we’ve ever seen. Take a look at four entrepreneurs who have been in business since the ages of 10 and have built businesses in industries from art to eco-friendly ecommerce.

Maddie Bradshaw

10 year old Maddie Bradshaw saw her locker in 5^th grade and decided she’d like to decorate it in a unique way. Her search for cool locker magnets came up short and M3 Girl Designs was born. Now at the age of 16, this stylish young girl has created SNAP CAPS, interchangeable bottle caps that are used in accessorizing necklaces, bracelets, hair bows and keepers.  Her company that began with $300 dollars now sells over 50,000 necklaces per month. Maddie has recently finished a book and continues to sell SNAP CAPS as she attends school.

Daniel Schlessinger

At the age of 12, Daniel was an Omaha resident who experienced dry skin in the Nebraskan winters. One day, on a whim, he decided to use lip balm as a way to protect his hands from dryness and cracking. It was through this whim that the idea for the company FixMySkin was born.  At the age of 14, Daniel approached chemists and after 50 formulas, found the correct formula for skincare. Now at the age of 18, his company sells LovelySkin and FixMySkin balms with over $60,000 in yearly revenue.

Jeff Owen Hanson

Jeff Owen Hanson has a genetic condition called Neurofibromatosis that results in visual impairment. It was while he was in the hospital for treatment for his condition that he discovered his love and talent for watercolor. At the age of 12, his artwork was abstract with bright colors and in his first year of painting, he sold over 5,000 watercolor note cards and rose over $15,000 for The Children’s Tumor Foundation. Jeff who is now 18 years old creates larger works of art through using acrylics and watercolors and donates proceeds to charities.

Jason Li

Used cell phones, tablets and other electronic devices have quickly become the fastest growing waste in the United States and to combat that waste, Jason created iRe Tron. In 2011, Jason received a $2,000 loan from his father to launch his breakthrough ecommerce business that provides an eco-friendly way to “throw away” old electronics. Jason’s online company buys back used electronics and restores them to be resold on the market or donated.  Jason, who is in high school at the age of 15, says he’d like to make his company a million dollar business by the time he is in college.

It is through these young entrepreneurs that the future of business and society will grow. Beginning businesses at such a young age has lead these breakthrough business owners to be the next generation’s set of role models and leaders.

About the Author

Kevin Schweizer is the Online Marketing Manager for Phone.com, an internet-based company specializing in home and business phone, virtual office and virtual number services. When Kevin isn’t writing, he can be found watching the NFL and learning about medieval castles.

Article Contributed by Kavin Matthews

At one point of time or the other, all businesses have to go through a phase of low cash flow. Whether you need loans for the expansion of your business or resisting bad business situations, debt is a legitimate business tool. For whatever reason it might be, debt could grow into a serious problem for any business. If your business has accrued a major amount of debt, you could opt for business debt consolidation. With a debt consolidation program, you can combine your high interest bills into a single reasonable payment.

When entrepreneurs start a business, they span an array of industries and dimensions depending on their profit targets and the amount of funds obtainable by them. Settle on your financial objectives and select a business idea that functions for the amount of funds available to you. Online start-up trades are very common among the youngsters. A number of tech-savvy teenagers are taking advantage of the countless opportunities that are available online. However, these youthful entrepreneurs have to face countless challenges while running their online business. Following are a few brilliant tips for budding entrepreneurs to help them earn profits and eliminate their debts.

1.Be prepared to face the challenges – Running a successful business is never unproblematic. Handling a business is very exhaustive with diverse clients to deal with and customers calling you at every hour of the day. Thus, before you start anything, think whether you actually want to be in the trade or not. You may have a technical bend of mind, but operating a successful business is a totally different thing. With college, work, and all in between, you might soon find yourself toiling 20 hours a day. Think about your goals in life, and take your decisions accordingly. For instance, if you are a member of sporting club, and you want to start a full-time business, you probably can’t manage them both.

2.Make use of all the resources – Often, budding entrepreneurs don’t possess a lot of funds but there are other resources available to them. For instance, if you need to hurriedly take on a photo shoot for a promotion campaign, you could take advantage of your parents’ garage. For few, taking help from friends or family could be a little awkward, but making use of the available resources would be very beneficial for you as a budding entrepreneur. With a bit of understanding and intelligence, a majority of your problems can be lessened by employing the resources available at your fingertips.

3.Build a professional communication network – When you are dealing with customers, you will have to work with established professionals who are placed high up in their individual business hierarchies. Convincing them to take you gravely is the complicated part. Your mantra should be to live locally but to function internationally. Take on the role of a grown-up business professional, and you might be treated like one. Prepare few startling speeches for the times when you need to function locally. Maintain a regular speech and make certain that you can deliver it unflinchingly when required.

About the Author

Kavin Matthews is a financial writer who simply loves to share his knowledge by writing articles. He has written several articles on debt related issues and personal budgeting. To know more, just click on http://www.debtconsolidationcare.com/calculator/