Archive for the ‘Entrepreneurship’ Category

Is Midlife Entrepreneurship for You?

Do you think that entrepreneurship is just for the young? That anyone past 50 is simply too old to start up a business? That midlife is the time when you should be thinking about retiring and preparing to live on less? If you do and if you are, then midlife entrepreneurship isn't for you.

However, if you are someone who . . .

* likes to call the shots and live life on your own terms,
* has a strong desire for autonomy and independence,
* is a self-motivated starter,
* knows how to evaluate and take calculated risks,
* is highly self-motivated,

. . . then midlife entrepreneurship could be right for you.

I come from a long line of entrepreneurs. My grandfather owned his own business and worked as an electrician up until the day he died. He was 98. My father owned his own private practice and worked as an expert psychological witness up until three months before his passing. I, too, am an entrepreneur. And, like my father and grandfather before me, I enjoy my work, find meaning and value in what I do, and am passionate about making a difference in the world.

What about you? Could midlife entrepreneurship be right for you?

The Changing Face of Retirement

Retirement, and how we view it, has changed dramatically since the beginning of the 20th century. Before pension plans became standard offerings to U.S. workers during World War II, most people continued working until their death, relying on personal savings and family support to sustain them. While 65 is considered the normal retirement age in the U.S., many of today's midlife entrepreneurs eschew that age, preferring instead to remain actively involved in their businesses well into their 80s. With Baby Boomers comprising nearly half the country's self-employed workers (7.4 million), entrepreneurship among seniors is growing (so say reports from AARP and the U.S. Department of Labor). People turning 50 today still have lots of life ahead of them, and each year more than four million men and women join their ranks.

So, what is retirement, then? Is it the time when you stop work completely or is it the time when you retire from one job and begin another? Does it start at a certain age or depend on the number of years you have served in a specific capacity? Is it based on your physical condition or your personal choice?

10 Reasons for Becoming a Midlife Entrepreneur

1. You're healthy with many years ahead of you.
2. You want to stay involved and engaged.
3. You enjoy generating extra income.
4. You get to build a business around something you enjoy and are passionate about.
5. You have a full Rolodex and 20-30 years of experience to back you.
6. You want the independence and flexibility that comes from working for yourself.
7. You have confidence and experience, and know what you're good at.
8. You may already have a pool of money saved to help finance your business.
9. You can do business from home, using the Internet as your storefront.
10. As an entrepreneur, you aren't discriminated against because of your age.

So what does retirement mean to entrepreneurial men or women who have successfully woven passion into what they do as small business owners? Do they plan on retiring when they reach the age of 65? Do they even want to?

If you are happily turning your passion into profit, it's hard to think about stopping. Oh, sure, you could use some time away, an extended vacation, even a more relaxed pace. But do you actually want to retire and cease what you're doing? Or would you rather stay involved, continuing to contribute, and enjoying life fully?

These days retirement is what you make it. At present, the Baby Boomer generation is redefining retirement, shunning the conventional traditions of stopping, ceasing, and leaving in favor of staying involved, continuing to contribute, and following their passion. Like so many of them, you, too, might find that there are some very compelling reasons to either become or continue being an entrepreneur, well past midlife.

Successful Small Business Start Up Coach, Consultant, & Author takes the fear out of starting up businesses by providing value, inspiration, and direction to entrepreneurial women transforming lives and making a difference in the world. Accidental Pren-her

Rise of Entrepreneurship

The word ‘entrepreneur' was derived from French words ‘entre', which stands for ‘between' and ‘prendre', which means ‘to take'. The word was originally tagged to people who take on risk between the buyers and sellers or start a new venture (Barringer and Ireland, 2006). However, in the contemporary business, the essence of the entrepreneurial behaviour is identifying opportunities and putting useful ideas into practice. Therefore entrepreneurship can be defined as the process by which individuals pursue opportunities without regards to resources they currently control (Barringer and Ireland, 2006, p5).

In recent times entrepreneurship has attracted a lot of attention and is seen as an attractive career path, which has resulted into a barrage of literature and research into the subject of entrepreneurial behaviour (Papers4you.com, 2006). This is evident in the fact that Amazon.com holds nearly 5,800 books that deal with one or the other aspect of entrepreneurial behaviour (Barringer and Ireland, 2006). However, most of the literature is repetitive in nature describing the same personal qualities of passion for business, tenacity despite failure, execution intelligence etc. This coupled with a flurry of women entrepreneurs like Anita Roddick of the Body shop sometimes ends in a debate about women being better equipped with the qualities of being an entrepreneur. On the other hand, it is increasingly becoming apparent that while opening a business is easy, the real challenge is to keep the business open. This is evident in recent statistics provided by the Global Entrepreneurship Monitor (GEM) suggesting that 20% of the new firms in the US failed in the first year itself (Barringer and Ireland, 2006).

However, the significance of entrepreneurial activities to economic development is immense as the fundamental requirement for an entrepreneurial start up is a new and innovative business idea (Papers4you.com, 2006). Schumpeter was the first one to recognise that new technologies and products developed by the entrepreneurs will over the time make current technologies obsolete, terming is as ‘creative destruction' (Welsch, 2005). The whole entrepreneurial process goes through a few common steps vis-à-vis deciding to become an entrepreneur, developing a successful business idea by doing a feasibility analysis, industry analysis and coming up with an effective business model. After a business model has been drafted the next step would be to move from an idea to an entrepreneurial firm, which would include assembling firms initial management team, get a sound financial back and writing a business plan which would help draw the finances. The last and the final step would be to manage the firm to ensure sustained growth (Barringer and Ireland, 2006).

Entrepreneurship is hence a long journey through the steps mentioned above and requires skill and qualities to execute them successfully. However the belief that ‘entrepreneurs are born, not made' is a myth and a through knowledge of the field would enable a smoother journey.

References

Barringer, B and Ireland, R. (2006). ‘Entrepreneurship: Successfully launching new ventures'. Prentice Hall, New Jersey.

Welsch, H. (2005). ‘Entrepreneurship: the war ahead'. Routledge, London.

Papers For You (2006) " P/B/604. Theories on entrepreneurial behaviour", Available from Papers4you.com [18/06/2006]

Papers For You (2006) " P/B/423. What are the origins of entrepreneurial behaviour?", Available from http://www.coursework4you.co.uk/sprtbus34.htm [17/06/2006]

Copyright © 2006 Verena Veneeva. Professional Writer working for http://www.coursework4you.co.uk

Biblical Entrepreneurship

Biblical entrepreneurship is one of the next moves of God. This is the third dimension to the marketplace ministry movement. Marketplace ministry was first exposed when those within the charismatic movement began declaring our covenant rights about prosperity and wealth. The next component was uncovered with the faith at work declaration. This teaching shared the “know-how” of displaying our faith in practical ways within the marketplace. These two components were two-thirds of the circle. The last component is biblical entrepreneurship. Marketplace ministry has followed the biblical pattern within scripture. The pattern is as follows: promise – requirement – manifestation.

When researching the moves of God within scripture we find out that God usually begins a new thing with a promise. Then the promise is coupled with a requirement. The requirement generally deals with a lifestyle issue. After the lifestyle issue has been met the manifestation of the promise will occur. God initiated the marketplace ministry movement when He uncovered our rights to the Abrahamic covenant, which promised prosperity to Abraham’s seed (natural and spiritual). Inspirational teaching from Creflo Dollar, Kenneth Copeland and others has exposed us to this promised.

Next the requirement component was exposed which taught us the fundamentals of living holy in the marketplace. There are books such as God @ Work by Rich Marshall and The Day of the Saints by Dr. Bill Hamon that has helped us conceptualize our roles. Now the promise must be manifested. This is the season for biblical entrepreneurship. The Christian entrepreneur will grab the promises of God along with the requirements of God and build an asset that produces wealth for the glory of God.

There are three fundamental concepts to being a Christian entrepreneur. They are purpose, service and influence. Biblical entrepreneurship is a holistic approach to starting an organization. Christian entrepreneurs must understand that God must be placed at the center of every business activity.

These three fundamental concepts are the keys needed to open the doors to true entrepreneurship. The concept of purpose focuses on the “why” of the entrepreneur. The second concept of service will help the entrepreneur understand that service will take the organization to world-class statues. The last concept of influence encourages the entrepreneur to use his or her resources to communicate the gospel of the kingdom to a dying world.

Christian entrepreneurs strive to have biblical principles as their companies’ standards. The desire of this type of entrepreneur is not centered on wealth and power but on completing God’s will for his or her life. These individuals will build their lives and companies on biblical truths.

Christians that have the calling to purse entrepreneurship need practical teaching on how to live out their faith in the marketplace. They must also be encouraged to seek God so His presence and power can be manifested in their organizations. Our leadership within the Body of Christ has to be aware of the things God is doing in the marketplace.

Biblical entrepreneurship is God’s next move in advancing His kingdom within the marketplace. God has set the stage so we can move into this third dimension. Now is the time to equip believers to minister within the marketplace

Entrepreneurship Case Studies

Entrepreneurs: people who create and grow enterprises

Entrepreneurship Case Study

Entrepreneurship: the process through which entrepreneurs create and grow enterprises: Entrepreneurship development…the infrastructure of public and private policies and practices that foster and support entrepreneurship.

 

Some of the entrepreneurs are:

 

1.Survival entrepreneurs: who resort to creating enterprises to supplement their incomes because there are few other options available. Sometimes called “entrepreneurs by necessity”

 

2.“Lifestyle entrepreneurs” are people who chose self-employment because they no longer want to work for someone else, or because it provides a better way of balancing work and home demands, or because it enables them to stay in communities to which they have great attachment. The focus is usually on providing a living for the entrepreneur and her or his family. They are often called “Mom and Pop” businesses,

 

3.“Growth entrepreneurs” are those who are motivated to grow their businesses so that they can create wealth and jobs in their community.

 

4.“Serial entrepreneurs” are people who enjoy the process of business creation and over their lifetimes will create several businesses, often selling their ventures in the process.

 

this is my personal view  site://www.ibscdc.org providing more case studies on Entrepreneurs if u go through that u can get more knowledge from that some of the available case studies are

 

1.Dean Kamen’s Technological Entrepreneurship
2.Robert E. Rubin: Executive Entrepreneur
3.Social Entrepreneurship: Serving the ‘Niche’ Business
4.Aravind Eye Hospitals: A Case in Social Entrepreneurship
5.Matrix Laboratories – Road to Success
6.Patrick J. McGovern's International Data Group: Growth Strategies in Asia
7.Vijay Mallya, the Indian Business Baron: A ‘Bon Vivant’ Entrepreneur?
8.Technology and Business Incubation in India-Challenges and Opportunities
9Global Hospitals – Where Life Gets a Second Chance

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