Archive for the ‘Entrepreneurship’ Category

Entrepreneurship and Human Resources

Entrepreneurship and Human Resources

Through many years of working with entrepreneurs, the thing most likely to bring success to a sudden stop is the lack of attention to the area of human resources. Despite the fact that people costs of the growing business are the biggest single expense, very little attention is paid to this area until the entrepreneurial train hits the buffers.

Whilst I can see why this happens, it is still an inexcusable error by the would-be entrepreneur. When the business first starts there are usually only a small number of people involved and they are usually highly committed to the new venture and interact on a daily, and often hourly, basis. However, as the business grows so does the number of people. Moreover, newer employees are more likely to join because they want the job rather than because they have the evangelistic zeal of the entrepreneur. Add to that the increasing difficulty of communicating with a larger group and human resources is now a time-bomb waiting to explode in the entrepreneur's face.

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The Power of Entrepreneurship

Creating a successful business is about more than financial achievement; it’s more about the satisfaction of creating a service or a product. It’s about taking something that didn’t exist before and making it become reality. It’s about the sheer enjoyment of focusing on a vision and enjoying the risks and possibilities that come from creating a business through entrepreneurship. More and more Americans are leaving the corporate environment and becoming their own bosses. Some enter the realm of business ownership as a result of a downsizing, others as a result of a mid life crisis. Whatever the reason, the growth of small, privately owned business across the nation is at record levels. The bottom line is we live in a country that allows us realize our dreams, both professionally and personally, if we work hard.

Your passions will help you to create a business you understand. That’s very important – do something you appreciate – something you enjoy. Do what you know. Do what you like. Success is never a foregone conclusion, but if you do something you identify with, you’re more likely to realize positive results. Remember, an entrepreneurial attitude is just as important to a firmly established company as it is to a start-up. If you can maintain the “start-up” approach to building the business, you foster a mentality of accomplishment throughout the organization, no matter what its age or its size. But never forget - entrepreneurship is difficult.

Your attitude can make all the difference. There are always challenges and you should focus on opportunities rather than problems. Make the customer number one and strive for high productivity. If you have employees, make sure you set the pace and the example and foster an attitude that creates an “ownership” process throughout the company. Don’t ever stop taking reasonable and evaluated risks. Communicate your vision with employees and customers and keep it simple.

Don’t be misled; there is a lot of information to learn. Business owners need to develop working relationships with a variety of individuals including customers, wholesalers, dealers, staff, bankers and other professionals such as lawyers, accountants and other specialized professionals. Entrepreneurs must make important decisions daily, often at a moment’s notice and most times, under pressure. Owning a business can be very challenging but remember it’s going to take a lot of hard work and long hours. Get to know your strengths and your weaknesses and then adjust to make sure that success becomes more likely. Entrepreneurship isn't always as attractive and glamorous as some pundits may portray. Ask someone who's done it. If you start your own business, life as you know it will never be the same. It might be better than expected, then again, it just could be worse than you could ever imagine; but it will definitely be different from anything you’ve ever done.

If you decide to make a go of it, follow your heart, your passions, and learn all you can about your business and your customer base. Perhaps your company will be the next one that is included in the Forbes Celebrity 100 as a global billion dollar a year power player. Keep pushing forward and never give up.

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Best Benefit Of Entrepreneurship Is Complete Professional Freedom

Anyone who has ever thought they could do a better job than their boss might be a perfect candidate to become an entrepreneur. There are advantages and disadvantages to everything in life; entrepreneurship is no exception. As a matter of fact, taking this step involves a lot of risk taking. Yet, it can pay off very well and nicely, with rewards such as the opportunity to make your own decisions and be your own boss. The benefits of entrepreneurship far outweigh the negatives, but before you give your notice to that inept boss, make sure you're making the right decision.

Here are some pros---and some cons---to entrepreneurship:

Pros:

---You can do it part-time. No one ever said that you have to quit your day job to become an entrepreneur. Many people who are now running their own businesses full time started off working nights and weekends on their dream business. Doing what you love in your free time can even make your day job more tolerable. And once your business is making enough money, you can happily give your two-week notice.

---You are the boss. You make all the decisions. You are in charge of every bit of the business. You don't have to answer to anyone, you don't have to justify a project because the buck stops with you.

---You decide your schedule. When you have your own business, you can set your own hours. No longer do you have to beg your boss to leave early because your child's soccer game starts at 3 p.m. No longer do you have to feel guilty when you're really too sick to work. No longer do you have to use up vacation time and your own sick time to stay home with a sick child. If you want to work out in the middle of the afternoon, you can.

---The pride of ownership. Whether you have a small Internet-based business or are selling artwork from a home studio, having your own business gives you a sense of pride that money cannot buy. Knowing that every success is because of your hard work can be extremely motivating.

--- Salary Potential. Generally, people do not want to be "short-changed"; they want to be paid for the amount of work they do in full.

Cons:

---You are the boss. Yes, it's also a negative. Because if things don't work out, if you make a bad decision, if your business fails, you can only blame yourself.

---You're taking a risk. It can be scary to strike out on your own. Sure, it's also exciting, but some people cannot take the stress of being solely responsible for a business's success or failure.

---You may end up working longer hours. Most small business owners work far more than 40 hours per week. And the more successful you become, the more hours you're likely to work. However, if you're doing something you truly love, it really won't matter.

Many people who become entrepreneurs say they are happier than they've ever been. The trick is to find something you love to do and then do it. Don't do anything simply to make money, because you'll just end up as miserable as you were before you started your journey.

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Smart Women and the Game of Entrepreneurship

A few days ago, my 7 year old daughter came home with what I thought was a challenging school project---designing and creating her own game from scratch. Jenna was stumped at first. She came up with a few ideas but then quickly gave up as she found some "glitches" in her plan. This got me thinking about Smart Women and the game of entrepreneurship.

Entrepreneurship can be fun, exciting, challenging and risky all at the same time—just like any other game we play. There are days when I'm on top of the world because everything is working out just the way I had planned and, there are days when I want to crawl in bed and pull the covers over my head because it feels like every move I make or card I play turns out to be ones that don't move me forward at all.

Jenna's game will be graded on several factors; easy for anyone to understand how to play, organized and neat presentation, and of course, turned in on time. If you want your business to get high marks and become successful, there are several questions that you need to ask yourself:

1. Decide what game you're playing. What type of business do you have or want to have? Is it something that the marketplace needs? Are there other people doing the same thing or a version of your business that have been successful? Jenna sat down in her room and I put her favorite games all around her---Chutes and Ladders, Sorry, Trouble, etc. This exercise helped her to see how other games were put together in terms of pieces, die, cards and rules.

It's always a good idea to research other people who've been successful in your industry. It's not to copy what they're doing but to see similarities—what's working, what's not working.

2. What's the object of your game? What product or service are you offering? When your ideal client makes a choice to work with you, what will they receive at the end of your time together? This is critical to your business process. Helping the client understand how they will be better or different after working with you is of high interest to them.

3. How do people play your game? In other words, how do they work with you? Is it in person? By phone? Online? Do you offer packages or bundle services together? You have to make the access to your service easy for the client.

4. Make the experience rewarding! People want to enjoy the relationship they develop when working with someone. Price is not always the major factor in why people buy. They want to work with someone who has the expert knowledge they need and who will make the process enjoyable.

Jenna created a game called, "Math Baseball." It's a game that she knows a lot about and enjoys playing. The rules she made up for the game are both fun and challenging involving some risk. Sounds a lot like the game we play called "Entrepreneurship."

Anything is possible. Everything is waiting for you.

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