Category: Entrepreneurship

Article Contributed by Kavin Matthews

The essence of entrepreneurship is the ability of individuals to take risks of trying something new. Now, if it is with regards to business entrepreneurship, it will have to be those individuals who are trying to establish a new business with some new ideas. Though entrepreneurship is related mainly with business, there is a major difference in being a businessman and an entrepreneur. Usually, an entrepreneur is more of an innovative person who manages a business much better than a businessman.

Importance of entrepreneurship in business

In order to succeed as a business, having entrepreneurship skills is extremely important. So, who actually is an entrepreneur and what are the basic skills that are required of him/her?

Entrepreneurs are bold and more project oriented and believes in innovation. An entrepreneur creates a business out of his own idea unlike the businessmen who in general inherit a business. In case of the entrepreneur, it is the business that works for him.

Entrepreneurship is not only important for the development of a business but is also a vital part of the economy as a whole. They and their work are vital to the growth of the economy and helps in constant up gradation of our living standards. Thus, it is quite obvious that the entrepreneurs help in bettering the business in the process.

Thus, the main idea is that entrepreneurs provide the needed new beginning to the new industries. It helps in development of fresh and new sectors. There are three main roles of entrepreneurs with regards to businesses and these are:

• Planning the business development – Planning the business includes the main architecture of the business. An entrepreneur is that person who envisions and externalizes the structure of the business – the planning. He/she is the one who writes up the whole business plan. The entrepreneur sets the goal the plans that are designed during the start up of a business and this is an extremely crucial point for any business. This also includes the right option through which the business should be financed.

• Researching business prospective and capturing the mass – Entrepreneurs are required to constantly research on how the business is going to evolve and what are the steps associated with it. Just like a sales man, in order to establish the business in the right way and to bring in profits, the entrepreneur is constantly required to research on anything and everything required for the business. These can include recruitment of new employees with high working abilities and skills, raising funds for the developments in the business and so on. The entrepreneurs may choose to hire those individuals who are technically more important for bringing in the development in the business. The entrepreneurs shape and design the business and the marketing strategies in such a way so as to capture the mass.

• Executing what is needed for the business development – The entrepreneurs are not only required to plan and research on the business development. They are also required to execute certain tasks. So, the entrepreneurs are also required to bring in a set of rules and principles so that the functions with regards to the business are carried out in the right way.

So, these are the three main things that an entrepreneur does and this help in development of a proper and successful business. The entrepreneurs fill up the gap between the wants and the needs of the business and also the customers at the same time. Setting up a new business is not at all an easy task. Considering this fact, it can be said that the entrepreneurs are the ones who makes all of these possible.

About the Author

Kavin Matthews is a finance based writer associated with the Debt Consolidation care Community. He has written numerous articles for different finance based websites like on debt, credit, business and debt and so on. For more details you can refer to http://www.debtconsolidationcare.com/.

Article Contributed by OnlineBusinessDegree.org

Just what kind of business are you in that you want to model your professional actions after the greatest cinematic mob story of all time? Well, no matter. The Godfather is chock full of great advice, and there’s lots to learn from the themes of this classic film. Check out the nine best business lessons that we’ve learned from The Godfather, or you might be (metaphorically) sleeping with the fishes sooner than you thought.

Make Them An Offer They Can’t Refuse

Obviously. One of the best ways to get what you want in business is to tailor your product to your customer’s needs. And this works for managers, too. If you want to incentivize your employees, there’s often a way that you can make your request primarily beneficial to them and the company both. Barring using horse-headed death threats as a strategy, make sure that when you want a certain result, you make the incentive good enough to warrant it.

Trust No One

Whether you’re a bona fide wise guy or not, it’s wise to watch who you trust. That’s not to say that you should be suspicious of everyone all the time, it’s that the only person whose decisions and actions that you can safely rely on are your own. Even being in business with people for years doesn’t mean that you can trust them, but you can trust them to be themselves. And whether you’re running the underground or just the office, that’s another key lesson to learn.

Keep Your Friends Close and Your Enemies Closer

Well, maybe not your enemies. More like your competitors. It’s important to have a good idea the landscape of your market competition, both larger and smaller than you. And when there’s an industry-wide issue that could improve your field, do yourself a favor and be the one to lead the charge to unity. You’ll stand out among your competitors while also improving things for all involved when you’re the one to get a group to band together faster than you can say “five families.”

Patience is a Virtue

Don’t expect for things to blow up for you overnight — it takes time to build a mafia empire strong business. And this advice goes for both rookies and veterans: quality comes from patience, planning, and having a great product.

Always Have A Plan

When you’re running an international crime syndicate, you’ve simply got to have a plan. It’s not profitable to do things willy-nilly, with no discussion or lack of a business model. It’s probably best to avoid a business plan that involves gunning people down in the street, but appropriate foresight, planning, and action can lead to, ahem, legitimate business success.

Learn from Your Failures

Failure happens. Even to mafiosos. Let this fact lead you, and give yourself permission to fail. But also let yourself learn from your missteps, as it’s possible to turn any short-term failure into long-time success. If you lose some guys in a gun battle, or lose money from a dirty double cross, you know how crucial it can be to pick yourself up, dust yourself off, regroup, and move forward. Also, what kind of job did you say you had, again?

Loyalty Matters

One of the most important lessons to take from the Don is that loyalty is key. In this day and age, economic security is a spectre — but it’s paramount to remember never to bite the hand that feeds you. Whether you have a boss or have to deal with distributors, it’s always best to be loyal to your higher-ups and those who depend on you. It’s as simple as this: the better everyone does, the better everyone does.

Respect Must Be Earned

While loyalty is important, respect must be earned. Make sure that you’re commanding respect, and not just because of your great work product. If you act with dignity and put integrity first on your value list, you’ll see how easy it can be to build up mutual respect with co-workers, superiors, and those in other areas with whom you have to work. Additionally, take caution to respect respect: it’s easy to build up, takes time to cement, and can be gone forever in a flash.

Business Is Personal

Tom, don’t let anyone kid you. It’s all personal, every bit of business. Every piece of sh-t every man has to eat every day of his life is personal. They call it business. OK. But it’s personal as hell.And there you have it. Michael Corleone said it best, and it’s the honest truth: business is made up of people. People who care, people who create, people who perform, and everything in between. The great thing about a business is that the whole is greater than the sum of its parts, but its parts are people — and those are pretty great, too.

Important aspects of having a business

Deciding to start-up a company and run your own business can be one of the most liberating experiences that you’ll ever have. The opportunity to grow a company from its first few steps into a firm that pays you a salary can be hugely rewarding. It can also give you a much better work-life balance and, with all of the responsibility for its success ultimately in your hands, offer great motivation to get out there and achieve your goals. If you’re keen to start a business or perhaps have recently started one, there are some important aspects to consider.

Develop a vision and stick to it

One of the most compelling reasons for having a business is that it provides you with the chance to run something in the way that you’ve always wanted. That being the case, a clear vision that helps crystallise what kind of clients you want, what you want your company to be recognized for in the marketplace; and what kind of services you want to provide is absolutely imperative. Having a clear vision from the outset and always keeping it in mind can help you set your objectives.

Discover your market

Business guru Peter Drucker once posed the question “what business are you in?” and for the business to succeed, it’s crucial for you to address this by knowing your market. Most businesses simply cannot cater products and services towards everyone and, especially when you’re starting out, you need to know who to sell to. The better that you can define your market, the more precise you can be when targeting possible consumers.

Ensure consistency

One leading area in business is to ensure that you are consistent in all operational aspects. Business growth comes over time and cannot be expected overnight, so you need to be prepared to put in the hours and consistently work towards your goals. In addition, being consistent in your products and services ensures that repeat customers will get the same service, as a minimum expectation, each and every time they return.

Protect your business

From the very beginning, even when your idea is no more than an idea on a napkin, it is important that you look to protect your business. It’s vital to take out insurance to cover such things as business liability, key man protection, repayment of inventory, and protection against third-party damage, whilst over 50’s life insurance can financially protect your assets for dependants and business partners should you become critically ill or die.

There are many aspects of having a business that you’ll need to consider whether you’re just starting out or are looking to grow your current enterprise. Having a vision, marketing to the right people, and staying consistent in your own motivation and the services you provide is vital for success; and, by utilizing products such as buildings, premises and life insurance, you can ensure that you’re fully protected in the event of major losses.

Article Contributed by Online Universities

You’re young, strapped for cash, and totally busy with school. It sounds like a terrible time to start a business, but really, things couldn’t be more perfect. We’re seeing a boom in businesses started in tiny dorm rooms, and there’s a really good reason why: college is an ideal time to get your venture off the ground. With incredible support and resources, a low cost of living, and your life spread out before you, right now is when you should be making the leap. Don’t believe us? Read on, and find 22 compelling reasons to start your dream before you finish your degree.

1. All the cool kids are doing it: Mark Zuckerberg created “The Facebook” as a Harvard sophomore. Bill Gates and Michael Dell both left school behind when it was clear their businesses were taking them to bigger places. Sure, their stories are rarer than the failed ventures that sometimes come out of dorm rooms, but your idea just might be the next million dollar one.

2. You have the time available: Essays, exams, and extracurricular activities may be leaving you with little to no free time these days, but just wait until you have a job, possibly a marriage, kids, and a house. You may not realize it now, but you’re in the glory days of flexibility, so take advantage of it and get your business off the ground now.

3. It is just really cool: In some circles, “I have my own business” is the ultimate pick-up line. But seriously, having your own business at a young age really sets you apart on your resume, with your family, and even socially. People tend to respect those who own their own business.

4. Your professors are an incredible resource: There are few places where you can get more free knowledge and support than college, especially advice of such high quality. Talk to your professors, industry groups on campus, counselors, and more to get expertise and support for starting your business while you’re in school.

5. So are all the school “freebies” you pay for: Sure, they’re in your school fees, but you’re paying for them anyway, why not use them? Computer labs, copy machines, meeting rooms, free wifi, and more are all things you might be taking for granted but will have to pay an arm and a leg to use once you leave campus.

6. Entrepreneurship will give you a crash course in life management: If you’re having trouble keeping up with your grades and time management, being motivated by the possibility of cash just might make you shape up and start doing things right. Having a business just might force you to get organized and be more responsible with your time and money.

7. You might get a break on student loans: Recently-introduced laws on student loans make it possible for you to reduce your monthly payment obligation through your business, freeing up extra cash for getting off the ground and maintaining your finances.

8. You’ll stand out: Lots of young people are jumping in to business, but a college-aged businessperson is still a rare thing, and it can get you some attention. Your sales pitches will stand out because you’re different, and it’s much easier to differentiate yourself at networking events. This is, of course, assuming that you’re presenting yourself professionally.

9. Marketing on campus is crazy cheap: Word-of-mouth marketing is the best kind of advertising that money can’t buy. It’s at the student price of free and spreads like wildfire if you’ve got something exciting going on. Get your buddies on board and you can spread the word on campus and beyond.

10. It’s a great experience, even if you fail: That’s right, even if your small business blows up in your face, it’s a testament to your character that you even gave it a shot. Entrepreneurship shows that you’re creative, driven, and confident, all things that employers can respect.

11. Cheap labor is readily available: Help with your business tasks is typically not much farther than a case of beer and some pizza. Your friends may eventually tire of pitching in a lot for little reward, but almost-free labor is a great resource for getting off the ground.

12. Loyal partners surround you as well: Starting in college when you and your buddies have the time and energy to commit to a business means that you can enjoy a high level of commitment with employees and partners that are likely to stick around even after graduation.

13. You have fresh ideas: It’s sad, but true: after a few years working in a cubicle farm, your creativity and drive are almost certainly going to be dampened. In college, you are (hopefully) not yet jaded by the realities of working life, and you can take advantage of your open, fearless, and exciting opportunities unburdened.

14. There are college budget friendly businesses: While some businesses are capital-intensive, others are time intensive, and these are the ones where college entrepreneurs can really hit their stride. There are legitimate businesses that you can start for about $20, including housesitting and tutoring.

15. You just might make some cash: Chances are, you’re not exactly rolling in cash as a college student. But if you can create an effective business, you just might be able to actually earn some income in between classes. Do a great job, and you can pay off student loans early, graduating from school debt free.

16. Good luck finding a job otherwise: The job market is terrible these days, but not for entrepreneurs who make their own fortune. While your friends schlep their resume over the entire Internet and stand in line at unemployment, you can enjoy controlling your own future.

17. You may never have to work a corporate day in your life: As most college students prepare for a life of corporate drudgery, successful college business owners can rest easy in the fact that they can skip over the corporate world and go on to the exciting world of entrepreneurship.

18. It’s much easier to recover from mistakes: Even if you lose everything you own to your business, you’re probably still about on par with your peers. You can take a major financial hit, and even do some damage to your credit, but still have time to recover and get things right before major life events arrive.

19. You can live in your mom’s basement: OK, not everyone really wants to take advantage of this, but let’s be serious: it is amazingly cheap to move back home if you just can’t make ends meet while you’re launching a business. It’s lame now, but much less weird than if you tried to do it about 10 years from now.

20. An amazing network is waiting for you: Your college friends represent an incredible support system for your business. Chat up your friends in marketing, ask for website help from your computer science buddies, and get your most outgoing friends to help you gather clients and do market research.

21. Everyone wants to help: It’s not just professors and classmates who are willing to pitch in; major organizations offer resources as well. Last year, PayPal gave 20 teams representing entrepreneurs under 20 $100,000 fellowships for funding their big ideas. And they’re not the only ones. Often, colleges themselves will put on contests and grants for those brave enough to claim them.

22. You might not ever do it later: Putting things off until later is a great way to never actually get them done. Don’t wait to finish college to start your business, seize the day right now.