Archive for the ‘Entrepreneurship’ Category

Entrepreneurship and Education

There has always been a question in the minds of budding entrepreneurship as to what the role of education is, especially if everything they do is something which they learn on the job. There have always been numerous fables where the budding entrepreneur has been a high school or a college dropout, and has then gone on to make an empire of the very nerds, geeks and other learned mortals that he left behind.

So the question is why does an entrepreneur need any education? The answer though highly debatable still lies largely in the fact that there is always a gray area that any flag bearer goes through. The techniques to surmount the insurmountable may be many, but it is always good to have some well-honed skills that are taught by the leading management course. After all, aren’t the entrepreneurs a jack of all trades and a master of 1?

Just to have a peek at what a management course could teach an entrepreneur, you can go through the syllabus of some of the leading management programs attuned towards entrepreneurship, let us see the subjects in general for one such course, but be ready to be surprised that normal management subjects like branding and macroeconomics take a backseat as compared to crucial subjects like Business Ethics, Leadership and change management, Social entrepreneurship, Enterprise establishment and management.

These unique subjects are unique and stand out, as an entrepreneur isn’t just another manager, he is more than that, he not only has to understand the concepts well, but also has to understand how his decisions affect the entire firm that he is running, it is as if a simple management degree will NOT be enough for ensuring that the entrepreneur will succeed.

Such niche courses are not many in our country, where entrepreneurs are still viewed to be people without proper jobs; this feeling in people is however slowly changing. More and more people are looking out for opportunities to be entrepreneurs, and education is one way to ensure that you learn from other’s mistakes first, and allow you to be more confident while you are running your own business.

Such courses are not just for budding entrepreneurs, such courses also form as a healthy breeding ground for people who believe they have it in them to start out afresh, and more importantly for second generation business men who are currently running a family run business. Such courses can help people to tread boldly in the grey areas where other mortals fear.

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Why entrepreneurship is better than any self-improvement program you can think of

Entrepreneurship is self-improvement. When people think of self-improvement, starting a business is not the first thing that comes to mind. But to be a successful entrepreneur you need to mold yourself into a better version of yourself. Not only do you put yourself at a better position financially, you're also forced to challenge some negative assumptions about yourself and the world around you. The entrepreneur grows on his road to success, not when he finds it.

The first thing that the burgeoning entrepreneur needs to acquire is a sense of self-direction. When you take on building a business, you do it on your own - there is no boss telling you to do this. With that you also need to start taking personal responsibility for your successes and failures. You no longer have any excuses to fall back on; no "my boss is an idiot" or "I didn't get much time" or "I hate my co-workers"…etc. You stand and fall on your own merits. You become the captain of your own financial destiny.

As you move along the road of the entrepreneur, you start to realize the importance of managing your time and money. You really start to appreciate the 24 hours you get in a day and the 7 days you get in a week. You realize that time is valuable and cannot be frittered away. The same with the money you have on hand to invest in yourself and in your business. After realizing these things, learning how to effectively manage both your time and money is a no-brainer. You take it upon yourself to learn how to be efficient with your time and frugal with your money, two very admirable and useful personal traits.

When you start your own business, it is necessary to learn how to actually run a business. That means education. You educate yourself to learn how to run a business and how to better your product or service. But acquiring specialized knowledge is not the only thing you get from learning about starting a business. One acquires a different mindset, a different way of looking at things. You begin to see failures as stepping stones to an eventual success, persistence as the wings that would take me to that success. What you were once afraid of you start seeing them as growth-inducing challenges on the way to success.

But perhaps one of the most profound ways entrepreneurship brings growth is by how it changes long held beliefs. The best example I can give of this is the commonly held belief that you need to take so you can make money. In fact, I found the opposite to be true. In a paradoxical sense, you start need to give and give so you can make money. When you have a money centered mentality, seeing each customer as a dollar sign instead of a person, you decrease you're chances to make a sale because you're not focused on giving them anything, just parting them with their money. But if you start viewing your customers as people with needs and wants, you start giving them things of value, sometimes even for free, and that's when you start raking in the money. It's a very important lesson that can be applied to almost any aspect of social life; give more to get more.

At the end of your entrepreneurial journey, you don't only have a new source of income, you also have a new you. All of it stemming from the requirements of the nature of entrepreneurship. You are forced to grow when you become an entrepreneur.

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Developing Youth Entrepreneurship

At a recent economic forum hosted by the Bethel Baptist Church in Kingston, a young man came forward to ask the panel of financial experts for tips on how he could be successful in his new business venture. As he made his passionate plea for guidance, I recalled the challenges of my first entrepreneurial effort at 23 years of age.

With the adventurous spirit and eternal optimism of youth, I enthusiastically pursued my business idea, but after a couple of years, I realised that having an innovative concept was not enough to attain business growth. I didn't know enough about marketing, sales, product development and strategising; and I remember feeling confused and frustrated as I searched in vain for answers on how to build a sustainable business.

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Defining Entrepreneurship: Are You An Entrepreneur?

Defining entrepreneurship isn't difficult. An entrepreneur is somebody who is willing to take a calculated risk and start his or her own business. Entrepreneurship is not for everybody. If you are a budding entrepreneur this article contains a few tips to help get you started on the road to business success.

1. Do you have knowledge, a hobby or an interest that you are passionate about? If the answer is yes you may be looking at a great opportunity to turn your passion into money. Many people have also become entrepreneurs by starting a franchise with a product that they are familiar with and have had a good experience with. A positive personal endorsement is a great sales aid.

Franchising is not for everybody though because it can involve huge costs but it might be perfect if you have the money available to invest. Owning a franchise is a great way to develop your business skills because the parent company will offer you full training and a blueprint for success.

2. When defining entrepreneurship we shouldn't forget about this less expensive option. Starting an Internet based business is a much more affordable proposition for the average person. You must still possess entrepreneurial skills but all in all the risks are very low in comparison to a traditional franchise business. You might even want to purchase an existing website or blog to get your business growing a little quicker for you.

Today there are plenty of opportunities to learn how to run an Internet business online. If you visit the numerous discussion forums on the Internet you can receive all kinds of free training.

You can also join a membership site and receive specific training on the niche that your Internet business is in. You can even purchase hardbound copies and CDs if you prefer to learn away from your computer.

3. Niche marketing is a good way to start a business today and when talking about defining entrepreneurship we shouldn't forget to mention the entrepreneurial skill of somebody who is able to take a broad theme and narrow it down to an extremely targeted niche and develop it into a very profitable business.

For example fishing would be considered a broad theme but fly-fishing is a narrower niche. It can be narrowed down much further of course, fly-fishing in Alaska for example. A true entrepreneur will be able to spot a niche and exploit it.

4. Business in a box opportunities are another great way for budding, less experienced entrepreneurs to get started in online business. You can quickly become successful with these types of opportunities because much of the hard work is already taken care of leaving you free to learn how to build an Internet based business.

Your website and follow up email auto responder will be set up for you and this alone will potentially save many months of hard work. The best opportunities will also offer you full training to help ensure your success. This allows you to cut down on what can be a very steep learning curve and concentrate more on marketing and growing your new business.

So, when defining entrepreneurship we have to mention certain qualities you must possess. You must be success oriented and always willing to go the extra mile to achieve your goals. You must be willing to take calculated risks based on sound research and you must be able to spot a niche with true profit potential and develop it. If this sounds like you then I would say that you definitely have the makings of a true entrepreneur!

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