Archive for the ‘Entrepreneurship’ Category

The Benefits Of Entrepreneurship

In times when opportunities to earn money from jobs are less, you got to make opportunities for yourself through entrepreneurship. The benefits of entrepreneurship toward the economy and toward the entrepreneur himself or herself are tremendous. Starting out small and working your way up is always a good idea when it comes to entrepreneurship; small entrepreneurial activities are what keep world economies afloat and not few big businesses. And the benefits of entrepreneurship toward an individual are no less than life changing.

First, entrepreneurship can be your ticket toward financial independence. How much you make really depends on you; you set your own goal and by it you determine how much you compensate your efforts. Of course there are necessary things you need in place before you could realize total financial independence, but working toward your goal is another exciting thing that you could do for yourself as a person. A study by Michael T. Childress and others in 1998 (Entrepreneurs and Small Business - Kentucky's Neglected Natural Resource) found that entrepreneurs make more money, and pay more money to their employees, than working in big businesses or corporations.

Second, entrepreneurship allows flexibility in your life. Once the necessary things are set in place and operation is properly delegated, the entrepreneur can start to experience flexibility in work schedule than working for somebody else. After all, one of the top benefits of entrepreneurship is that you are your own boss. When all aspects of your business are fully functional, you can start to do other things that you love. You can finally make time for your sport, hobby, and, most of all, for your family.

Moreover, entrepreneurship can open endless possibilities for the entrepreneur. Working for somebody else often force people to do jobs they don't like; entrepreneurship can free you from the drudgery of imposed tasks. In fact, your business should be a self-expression, a form of outlet for your creativity and the things that you love to do. It's simply doing the things that you love to do and making money while doing it. No longer will you be in the mercy seniority and office politics to rise and achieve growth. Entrepreneurship will bring you to new heights that not even your limitations can hold you back if your determination is solid.

Other more noble benefits of entrepreneurship are that you're helping provide opportunities for other people and contribute to the society through responsible business. In fact, small business owners are respected people in the community because they are responsible for spurring community development starting at creating local jobs. Jobs provided by entrepreneurs are even more fulfilling in terms of pay and recognition compared to jobs in high-rise offices. You're not only providing for yourself and your family, you're also providing for the community in your own little way. No economy in the world can survive without the ingenuity, creativity, and labor provided by entrepreneurs.

The best part about entrepreneurship is that it doesn't discriminate: men, women, young, old, educated or not, everyone can become an entrepreneur through hard work and dedication to continuous learning and improvement.

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Role Of Entrepreneur And Entrepreneurship

 

ROLE OF ENTREPRENEUR AND ENTREPRENEURSHIP

 

 

Entrepreneur is a person who habitually creates and innovates to build something of recognized value around perceived (aware) opportunities”

 

Entrepreneurship is what drives human lives to change for the better because entrepreneurs put their theoretical innovations into practice.

 

Successful new products are usually associated with `idea-centric' (Full of ideas) creativity

 

The action and result of imagination and ingenuity (cleverness or power of creative imagination) Creativity is not ability to create out of nothing but the ability to generate new ideas by combining, changing, or reapplying existing ideas. Creativity requires passion (strong feeling or emotion) and commitment

 

INNOVATION

Introduction of something new. It is the transformation (Conversion or modification) of creative ideas into useful applications by combining resources in new or unusual ways to provide value to society for or improved products, technology, or services. It is the development of new processes, methods, devices, products, and services for a useful purpose.

 

ENTREPRENEURSHIP

It is the process of creating value through unique(exclusive) resource combinations to exploit opportunity. It is the implementation(execution)  of innovation. the utilization(using) of the skill sets, qualities and characteristics inherent (built in) in, or acquired(gained) by, entrepreneurs.

THE ESSENCE OF ENTREPRENEURSHIP

Innovation is the specific instrument of entrepreneurship. India, the largest democracy of the World, with about a sixth of the World's Human Resource. India also has it's strengths in it's diversity, it's faith in equality and freedom. India has a huge potential for innovation and entrepreneurship. Colleges play a far greater role in the society than just being centres of knowledge transfer and exchange. It is therefore, required of colleges and other educational institutions to cultivate (educate) the habit of innovation, within themselves and in their students.

 

CHARACTERISTIC OF SUCCESSFUL ENTREPRENEURS

Self-confident and optimistic (Positive thinking) Able to take calculated risk Respond positively to challenges Flexible and able to adapt Knowledgeable of markets Able to get along well with others Independent minded Versatile (variety ) knowledge Energetic and diligent (carrying out a task steadily) Creative, need to achieve Dynamic (active) leader Responsive (reacting or responding positively) to suggestions Take initiatives (to go ahead) Resourceful and persevering (performer) Perceptive(sharp or interested) with foresight (advance thinking) Responsive to criticism (comments or  judgements)

BARRIERS TO INNOVATION

Short Term Focus: They are only concerned about short term performance. Leadership: They really don't understand that leaders take responsibility for both long term and short term performance, and hence aren't really leaders.  Surviving against Intense(extreme) Competition : There won't be a tomorrow if the company can't compete today. Fear of failure / fear of uncertainty (not sure) : They don't know how to manage / lead in the domain of innovation. Lack of bandwidth (amount of information): The company doesn‘t have a system for supporting innovation. Lack of confidence in the innovator. They have many activities competing for limited resources and -- like venture capitalists -- choose to invest in innovators in whom they have confidence.

ADVANTAGES OF ENTREPRENEURSHIP

Enormous(large) personal financial gain Self-employment, own bossing (ownership), offering more job satisfaction and flexibility (bent easily or flexible) of the work force Employment for others, often in better jobs Development of more industries, especially in rural areas or regions disadvantaged by economic changes, for example due to globalization effects Income generation and increased economic growth Healthy competition thus encourages higher quality products More goods and services available Development of new markets Freedom from the dependency (depending on someone) on the jobs offered by others Ability to have great accomplishments  (achievement) Reduction of the informal economy Emigration(moving from one place to another) of talent may be stopped by a better domestic entrepreneurship climate Serious tax advantages 

DISADVANTAGES OF ENTREPRENEURSHIP

Salary: Starting your own business means that you must be willing to give up the security of a regular paycheck. Benefits: There will undoubtedly be fewer benefits, especially when considering that your business will be just starting off. Work schedule: The work schedule of an entrepreneur is never predictable ( sure); an emergency can come up in a matter of a second and late hours will have to be put in. Administration: All the decisions of the business must be made on your own; there is no one ranked higher than you on the chain of command in YOUR business. Incompetent staff: Often times, you will find yourself working with an employee who "doesn't know the ropes" as well as you do due to lack of experience. (inefficient staffs) Procedures: Many times during your entrepreneurial life, you will find that many policies do not make sense, nor will they ever make sense act of experience

SUGGESTIONS

It has been immensely felt the need of introduction subject 'entrepreneurship' both in the graduate and post graduate level in a more effective way. There should major/specialized course on entrepreneurship at the graduate level/post graduate level. For the success of these programmes the college should collaborate (work together or cooperate)  with the specific work places, such as the factory, concern, office, hospital, company for effective planning and implementation of (a) Syllabus, (b) teaching, (c) practical experience (d) internship and (e) course offered should be related to local needs

CONCLUSION

Entrepreneurship is no longer seen as being solely (exclusively or alone) applicable to people to start enterprises but to people involved in any endeavor (effort or attempt). It is essential to motivate the youths to become self-employed even when they are studying in schools and colleges. In recent time there is an urgent need to find a place in the curriculum(syllabus) of all institutions and colleges. It is the spirit (feeling)of entrepreneurship that plays a crucial (important or essential)role in making the society move towards the new phase of knowledge economy. A constructive way of contributing to society is by developing entrepreneurial skills. Innovation is the implantation (act of planting) of creative inspiration for Entrepreneurs.

 

 

KAVIYA.S,

LECTURER,

KARPAGAM INSTITUTE OF TECHNOLOGY,

COIMBATORE

Internet Entrepreneurship: first step, getting started: Article 2

I started my first business silk tie retailing using a ready made website template and shopping cart. This was because I did not want to spend a lot of money having a site built and did not know anything about web retailing so wouldn't be able to specify what I needed anyway. It seems to me that this was a good decision. It meant that I could concentrate my work on getting the product, merchandising, sales text and internet marketing right and not worry too much about the other stuff. As I have progressed I have wanted to change some things in the site design but it has been fairly easy and cheap to do so and I have changed only the things that really needed to change. I got my website from www.DPBUk.co.uk who have been good but there are many other companies out there selling ready made retailing websites.

The first step in getting the business up and running was to add my sales text. I decided to aim initially at the UK market only as that is the one I know and is less competitive than the us. My sales text for the front page aims to do a few things; show that I am UK based, show that people can trust and rely on the site (site looks professional, address is prominent, email and phone numbers are listed, money back guarantee and testimonials from customers) and encourage people to browse the ties knowing that prices are reasonable and shipping is free.

Next priority was to make finding the right tie easier. I did this by creating all sorts of categories; by colour, by style etc. Then was the grinding effort as going into every tie in the catalogue and adding it to various categories. This effort was well worth while however, if people can't quickly find what they are looking for then they will go elsewhere. It is so easy on the internet to pop into the next shop that you must make it very easy for people. Not only did I categorise every tie in to multiple categories, but I also tagged each tie with a basic description so that the Search box on my site would pull up relevant searches. Finally I selected what I thought were the nicest ties for the featured products on the front.

Final priority was pricing. I wanted the pricing to be competitive and to be easily changed, so that I could experiment and find the best pricing. I also wanted to make it clear to people that prices were much lower for the quality than you would get on the high street. I therefore decided to put high-street retail pricing in and then use a Sale to reduce the price to a competitive internet level. This has worked fairly well, although I think I under-priced initially. Now I am slowly increasing prices and it does not seem to be hurting sales. In pricing I wanted to have progressive quantity discounts to encourage people to buy more silk ties, however the cart system couldn't handle it. In the website administration it did have bands for price by quantity which I filled in for every product, only to find that it only worked if you bought multiples of the same silk tie. I haven't yet found a way of doing what I want with the cart, but am glad that I left the volume discounts bulk buying of the same tie in. I get lots of orders for multiples of the same tie from clubs, companies and weddings and having the discounts has definately paid off.

Have a look at the site at www.tiespecialist.com to see the design in action.After a week or so have work every evening and weekend the site was looking good enough to go. I placed a few trial orders for silk ties to make sure everything worked. It didn't. Test, test and test again until it works great. Finally the moment of truth, I was ready to go live and start getting customers.

Google AdWords has been the biggest expense in getting the business going. To have a successfull internet business you have to get people to come to your site. When you start a high-street shop you have passers by to sell to but when you start a new website you have no passers by. Google does not rank new websites highly so no one will find you by accident. The only way to get visitors quickly is to advertise. I figured that offline advertising wouldn't be very good, much better to sell to people when they are at their computers already. I also figured that banner ads and listing sites are poor value for money. I therefore focused all my advertising on AdWords first and then Overture.

AdWords is a very clever system. Completely automated, it allows you to advertise to people whoare searching for particular keywords in particular countries. For example for www.tiespecialist.com I want people in the UK who are searching for tie, ties, silk ties, woven silk ties, wedding ties, bow ties, polyester ties etc. The adverts appear on the right hand side of Google and you only pay when someone clicks through. In this way it is better than traditional advertising in that you know you get visitors to your site for your adspend.

How far your ad is from the top depends on how much you are willing to pay and your click through rate (CTR). In essence Google maximises the money making potential of each search by showing the ads people are most likely to click on and that pay the most. When I started my website I put in lots of keywords, wrote an ad and aimed it at the UK. I quickly found that I needed to pay 20p to 35p per click to be in the top 3 for the ads. In the first week of advertising I generated 150 clicks or so per day at 25p each on average and got no sales. After the 1st week sales started to come in at the rate of 1 or 2 per day. When I worked out the cost per conversion I was paying £40 per day for 1 to 2 sales, giving a cost per order of £20 to £40 pounds. The gross margin on an average order is only £10 so I am losing money with every order. This is to be expected at first and I was quite prepared to invest in marketing to get potential customers so that I could improve my website and then build a customer base which would give me long term profitability. However to make pay per click advertising work I needed to do a whole bunch of things:

Cut my cost per click dramatically Improve my conversion rate once people clicked through to my site Increase the average order size I have managed to get the cost per click down to less than 15p per click average by doing a number of things.

First of all I tested lots of keywords to find ones for which there was little competition. For example "how to tie a tie" has no one else advertising on it so I can get traffic for the minimum of 2 pence per click. However the keywords have to be relevant to your product and ultimately convert to sales. I have still found that the vast majority of searches are on the simple keywords; tie, ties so I have to find a way of getting in to that space if I want to get decent numbers of visitors.

Secondly, improve the ads. A great feature of AdWords is that you can run multiple ads simultaneously and track the click through rates of each. Then you get rid of the worst performing ads. The key here is to change one part of your ad at a time (so that you know which change causes the effect) and to wait until you have had least 50 clicks on an ad before making a judgement on it (at low numbers of clicks the performance can fluctuate dramatically with chance). As your ad gets better CTR you get more visitors and a higher ranking so you can reduce the amount per click and still get the same performance. I have improved my average click through from 0.75% when I started to 2.6% by running better ads.

Thirdly, remove poor performing words. You will find that there are some words which are not particularly relevant or have lots of competition, where your clickthrough is low and cost high. I have found it is best to delete them. I have also used negative keywords which allow you to exclude certain words. For example with "tie" I found that some people were searching for "tie fighter" so had "-fighter" in AdWords to exclude these searches. This improves CTR and position.

Fourthly, check out the competition and decide where you need to be in the ranking. For my art website www.artspecialist.co.uk selling oil painting reproductions of masterpieces, I have found that for many words the competition are selling painting courses or prints. Why pay high CTR's to rank above these companies when potential customers will be scanning past them anyway. I have found it really pays to type each keyword into Google and decide where you need to be to match your competitors. On some words I can be bottom and still be the first company selling oil painting reproductions .

I hope you have found this useful. Read more on my blog at http://specialist-paintings-ties.blogspot.com/. In the next article I will take about conversion rates

UK English woven silk tie business at http://www.tiespecialist.com UK reproduction oil painting business at http://www.artspecialist.co.uk Web marketing and internet entrepreneurship blog at http://specialist-paintings-ties.blogspot.com/

UK English woven silk tie business at http://www.tiespecialist.com UK reproduction oil painting business at http://www.artspecialist.co.uk Web marketing and internet entrepreneurship blog at http://specialist-paintings-ties.blogspot.com

You Need to Develop the Spirit of Entrepreneurship to Succeed in Business

(c) Copyright Bayo Bamitale 2006

Many of us are interested in starting home-based businesses or quitting our full-time jobs. There is a marked difference between the psychology of the worker and that of the entrepreneur but the great flicker of hope is that the entrepreneurial consciousness could be developed. If you are tired of your day-time job and have been thinking of leaving your job and striking out on your own, you need to think about this properly. It is necessary to examine yourself and ask whether you have what it takes to be an entrepreneur; and if you don't to go ahead and start the process of developing that consciousness. This article itemises some of the characteristics of an entrepreneur as well as the method by which those characteristics could be developed.

First, be clear about why you are starting business. Why become an entrepreneur? There are various reasons that one may consider in striking to become an entrepreneur and starting one's own business. Some strike out because they hate their bosses, some because they hate their jobs, some because they hate poverty and some because they hate commuting. Becoming an entrepreneur because you hate something may not be the right attitude. It is better to strive to start your own business because you love something. When the chips are down, you will need the energy of love to sustain you in the days of adversity. It is your love of business or entrepreneurship which will keep you going when partners desert you, or a project fails, or the tax-man comes with harassment, or you face other negative circumstances. So the first thing to do is to first settle all the hatreds and rather replace them with the love of something this is done at the level of attitude. Your attitude to business will determine your altitude in success.

Second, don't go into business tabular rasa like a clean slate. You need to develop yourself along the business line. You need to learn some accounting skills, some law, some technology and some philosophy to be a good business-person. A good way to start is to join a network marketing system. When you join, don't join because of the money although you can make a whole lot of money from this business but don't make that your focus. Go with the intention of learning, especially learning to sell. To succeed in business, you need to know how to sell. You will need to sell your business ideas to partners, to sponsors, to customers, and even to members of your work-force. And one good way to learn to sell is by joining a network marketing system and taking advantage of the great training facilities provided there.

Third, understand the difference between assets and liability. Many go out into business without understanding the difference between assets and liabilities. Your knowledge in this area is very vital to your success. So get some good training before you jump in.

Forth, understand the power of systems. A business is essentially a system. Not understanding the power of systems will convert a business-man into a self-employed, and there is a difference between a business-man and a self-employed. A good business-man puts in place a system, which works irrespective of whether he is sleeping or working. The ability to do this is the difference between a business-man and a self-employed.

One needs to take a closer look at him or herself before going into business, but every attitude and characteristics required for entrepreneurial success could be developed by paying attention to critical factors, most of which are essentially psychological.

Bayo Bamitale , a consultant ,teaches how to earn full time income working part time. His vision is to provide informational support for small scale businesses and budding
entrepreneurs.

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You may use this article freely provided it includes the author resource box and maintains the clickable links.
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Bayo Bamitale , a consultant, teaches how to earn full time income working part time. His vision is to provide informational support for small scale businesses and budding
entrepreneurs.

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