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This article puts forward the points as to why a person should be an entrepreneur. It shows how having a pension, health insurance, company car, canteen, fixed working hours gets very monotonous. It tells us that by being an entrepreneur, a person is not sacrificing by not having a pension plan, how a village doctor can come to his rescue by not having a health insurance plan, how he can cook food for himself in the afternoon by not having a canteen, how different is a company car from a personal car, as both are cars at the end of the day. It also stresses on the fact that by being an entrepreneur, the person has the advantage of flexible working hours. It is also possible to work from home rather than going to the office, being in casuals when he is not in front of a client. To conclude, this article shows that the by being an entrepreneur, a person can break the herd mentality of doing a job, and at the same time work independently, at his own will, at his own house, at favourable times and yet be successful and happy.
Entrepreneurship gains ground as a career choice on campuses
Entrepreneurship is now gaining more significance as a career choice across management schools in India. There are many instances of the same. Business schools across the country are setting up incubation facilities which help the students in their ventures. Having such incubators is the stepping stone for reaping entrepreneurial ideas in the minds of the students. It also shows that with significant mentorship, intellectual inputs and seed money, a student can start a business venture with the help of such incubators. It also shows that starting a business venture is not all that difficult. The only thing required is passion and conviction about the idea.
Things you should consider before starting a business
This article addresses the factors that are required to start a new business. These are just basic questions that a person should answer before he starts the new business. Some of the questions that need to be answered are related to whether or not the person is a self-starter, whether or not he gets along with different personalities, how quickly he can take decisions, whether or not he has the mental and physical stamina to start the business. All these questions are the basic questions that should be addressed by a person seeking to start his own venture. If these questions are not answered, it is possible that the person may not succeed.
Entrepreneurs show inventions at Innovation Fair
The article shows that the new age entrepreneurs will have to come up with innovative ideas to compete in this challenging business environment. More importantly it shows that it is not the innovative products, but innovative ideas that are the way forward. It shows that existing products can be used for innovative uses. This is what an innovative idea is. To conclude, it will be right to say that it is not always an innovative product that can lead to a good business opportunity, it can be an innovative idea that can lead to business opportunities.
Taking a Partner Can Help...or Hinder
It is important to know how business partners can either add value to the organization or destroy it. Business partners or rather venture capitalist, the investors in the business now days not only want a share in the future earnings, but also a say in the decision making like firing employees, markets to enter, etc. This can really be uncomfortable for an entrepreneur. On the other side, the article talks about how venture capitalists can add value to the organization and take it too new heights. It shows how the earnings of a business can triple with the help of a venture capitalist.
Business Insight (A Special Report): Entrepreneurship --- Why Business Plans Don't Deliver: The five most common flaws and how to fix them
Firstly this article speaks about the right time to start a business. It says that the right time to start any business venture is during the economic downturn. I agree with this statement because I feel the best time to invest in a business is when the markets are on a decline, when not many competitors are willing to expand their business and when the market entry barriers are low. This is all possible only during an economic downturn. There are many reasons for a business plan to fail. Some of them are:- when the entrepreneur is fanatical with the elegance of technology. The business plan in this case does not start with the problems of the customers, but the advancement of technology. Another reason for a business plan to fail is when the entrepreneur tries to win a big market share in a larger market. It is much easier to win a larger share in a narrower focussed market rather than a broader market. Another reason for a business plan to fail is when the entrepreneur focuses only on numbers- profits. This kind of business plans focus purely on the profit margins rather than the quality. In many cases, quality of products is put o stake and the entire concentration of the business is to make exponential profits. Another business plan is which concentrates on the two or three critical success factors in the industry. Many times the entrepreneurs fail to identify these two to three critical success factors and spend time on other factors which are not as critical as the former two to three. This is another reason for business plans to fail.
Ventures Fail When They Take the Wrong First Step
Many business ventures fail when they take the wrong steps. The first step in any business is investment. Proper feasibility reports should be made before investing in any business as 66% of the businesses fail within the first 5 years and 90% of the products also fail within the first five years. Thus, a complete and in depth analysis of the product should be done- the physical details, performance characteristics, consumer benefit, market development, the competition. All these factors must be considered before investing in any new business.
Enterprise: Rail Stations No Ticket to Success; Businesses Can't Rely On Rush-Hour Crowds -- So They Must Get Creative
It is important for an entrepreneur to understand that he cannot only rely on the rush our crowds to contribute the major portion of his sales. Yes there will be a peak time when there will be rush our crowd, but for the rest of the day, there will be very few people. This is with regards to businesses like fast food restaurants, small cafes, take away joints on railway stations. It is important to be creative. If the entrepreneur is creative he can then not only work during the peak hours and generate revenue at those times, but also generate income during the rest of the day by being creative. An example of this in case of a take away joint on a railway station is that he could take contracts of people working in the nearby offices for lunch.
Enhancing women entrepreneurs' skills emphasised
There is an urgent need to enhance the women entrepreneursââ‚¬â„¢ skills in the country. This can be done by providing women entrepreneurs training in the fields of their interest. The women entrepreneurs need to be financially solvent for ensuring they are economically empowered and have equal rights in the society.
Asian Entrepreneurs Are Bullish on the Future
The entrepreneurs in India and China are bullish on the future. This is because entrepreneurs in both the countries feel that the financial crisis has had very little effect on the business prospects or viability of new projects. I too believe that there is great scope for new projects and new businesses especially in India, since India is growing at a rapid pace, the markets are expanding, the population is spending more, and businesses are expanding and diversifying. It is also seen that the basic motivation for people to become entrepreneur in both these countries is the state government support. Entrepreneurs in both the countries feel that the state government support is the most important motivator for them to start a business. Another important factor that comes out is that in India, the entrepreneurs believe in jugaad to get around the prohibited rules.
It is evident that there are very few institutes around the world which have a specially designed programme for entrepreneurship. Institute of Business Administration (IBS), Karachi, has in association with Babson College decided to design an entrepreneurship curriculum, train the faculty at IBS and also fund it to some extent. This goes to show the global movement to address several issues such as future labour force needs. This also shows that the emphasis around the world is more on employment creators rather than employment consumers. It is thus becoming more important today to have business schools offering courses specifically designed for entrepreneurs. It is here, at business schools where growth can be stimulated for budding entrepreneurs.
As anÂÂ entrepreneur, failure is not an option
As a manager in any company, there is always a backup plan if the initial plan fails. For example, if a marketing strategy fails, there is always a backup plan B ready, which can be implemented straight away. This is not the case with entrepreneurs. An entrepreneur does not have the option to go to a backup plan. This is because the entrepreneur always looks at opportunities.
Running a Business -- Balancing Work & Life: Kick the Control-Freak Habit; Online edition
The main reason for a business to become stagnant is micro-managing. This means, when the entrepreneur himself starts doing all the activities which are to be done by his staff. In doing these activities the entrepreneur is not only wasting time but also money as the work of the staff is also being done by one person. Thus, it is important to take up only those tasks, which bring in revenue and/or are the main tasks. Basically the entrepreneur should work on only those processes and tasks which add value. All the tasks which compliment this should be handled by the staff.
Technology Basics for Business
This is the technology age. It is extremely important to remain connected at all times. More importantly, the main factor is information. The flow of information should be smooth. It should also be transmitted in a timely manner. Now days all entrepreneurs wish to stay connected to their business even when they are aware. Technology makes this possible. It is possible to keep a check on inventory, easier to manage pay rolls, easy to manage accounts, etc. In fact today, the first basic touch point for any customer be it in any industry is a website. This is the biggest change. Therefore it is necessary that the entrepreneur has his business website in place. This should be well designed and should provide updated information at all times. Apart from this there are some basic technologies which are considered as a must have today. These include the hardware which is the desktop computers, laptops, billing machines, printers, etc. Software is also very important. Now days there are softwareââ‚¬â„¢s available for most of the business tasks such as accounting, printing cheques, e-mail, etc. The next basic technology that is required is a server. A server is a central computer which stores all the information. It is through this central computer that all information is shared among employees. Networking is the last of the basic technology required in business. This includes networking devices such as routers, hubs, switches. These products tie the workstations together and also provide additional security features which include antivirus protection, firewall, etc. To conclude, it is very important today for the entrepreneur to stay connected to his business at all times. Today, in this e-mail era, it is utmost important to reply back to your customers email as soon as possible. Those entrepreneurs who can keep up with the pace of changing technology will end up doing their business more efficiently and also at the same time streamline the processes and increase the productivity.