Posts Tagged ‘Entrepreneurship’

Entrepreneurs: What It Takes To Achieve Success in Entrepreneurship

Never forget that entrepreneurs are not born – they are created! Within you already lie the essential elements to be successful as an entrepreneur – and in anything in life – because you literally are capable of becoming and accomplishing anything. Remember though that an understanding of the principles below will certainly contribute to the accomplishment of your dreams and goals, but only if they are applied and acted upon continually. Perhaps most importantly, the attribute, characteristic, and action that will contribute most to your success is determining now to never quit. Despite the fears and doubts, the opinions or critiques of others, and the possible failures – success only comes to the individual who never quits.

Understand, however, that success was not achieved by simply knowing or even believing the principles below – it came from actually implementing the principles, taking action, and persisting until their goal or dream was realized.

1) Master-Mind Group: Successful entrepreneurs surround themselves with like-minded as well as more talented and brilliant individuals than themselves. They seek, listen to, and follow the advice, opinions, and experiences of others. They ensure that every idea, venture, and opportunity is critiqued, analyzed, watched over, and improved upon by those close individuals, associates, and friends in the master-mind group. They understand that developing and strengthening relationships and partnerships is absolutely vital to their success.

2) Step Back & Evaluate: They take time – often – to evaluate, think upon, critique, change, and improve what they are doing. Whether individually, or the business as a whole, they ensure that the goals, objectives, processes, business model, daily habits, revenue streams, work ethic, and relationships are adjusted accordingly, changed if necessary, and improved upon always.

3) Declare: Every entrepreneur starts out small, inexperienced, and unknown. Successful entrepreneurs understand this, but they certainly do not communicate it in their thoughts, words, or actions. In every setting and conversation, they declare what they will be (not necessarily what they currently are). They literally believe and practice the cliché: ‘fake it till you make it.’ Before and after they achieve success, they declare and portray themselves as being experienced, knowledgeable, effective, and successful.

4) Moments of Thinking: Every success in life, and especially in entrepreneurialism, starts as a thought or an idea. Because this is true, successful entrepreneurs make time to think. They specifically set time aside, and often, to allow their minds to ponder, reflect, analyze, create, wonder, and think. It is no wonder that during these times that ideas on how to improve their business are thought of, and occasionally new ideas and strokes of genius come.

5) Help to Produce: Similar to the concept of ‘give and receive,’ they take the initiative to help increase the profits for others, grow the business of others, and limit or make easier the work others will need to do. By so doing, these ‘others’ are naturally much more inclined to return the favor and help them do the same. Instead of thinking ‘how can I make money from this relationship or opportunity,’ rather they think, ‘how will they make money?’ This mentality and approach will always be rewarded, because others reciprocate it.

6) Informed Ignorance: Successful entrepreneurs are always staying up to date with the latest information, technology, laws, and developments within their industry. Likewise, they distinctly know and follow what their competition is doing, to ensure their own competitive advantage. At the same time, they ironically develop the ability of selective ignorance. They understand that certain information as well as listening to the news and critiques of others too often will halt their progress. They also are wise enough to realize that obtaining all the knowledge possible and following every new piece of information regarding their industry will never produce any result unless they take action. Being informed, developing selective ignorance abilities, and taking daily action is a large result of their incredible success.

7) Improve vs. Invent: Let’s be honest, the vast majority of inventions are thought of and created by scientists or engineers. Very rarely do successful entrepreneurs actually re-create the wheel – they only make it better. Developing a better but similar product, slightly changing a business model, improving customer service, or even doing what everyone else does with a different company name – this is the reality of most entrepreneurial ventures. Ideas and opportunities are everywhere – successful entrepreneurs look for and take advantage of them. And therein is the secret to their success – that it ultimately is not the business or idea that is all-important – it is the desire, belief, work ethic, and persistence of the entrepreneur that makes the venture a success, not necessarily the product.

8) Pen & Paper: Isn’t it ironic, considering all the essential elements discussed in this Entrepreneurial Success article series, that perhaps one of the greatest indicators of successful entrepreneurs is that they always carry a pen and small notepad with them. They realize that ideas come to their minds at random times, and they believe the Chinese proverb that says: “the faintest ink is more powerful than the greatest memory.” Their dreams, goals, and successes are dependent upon writing down and acting upon these ideas that often come to their mind. And yet, they also understand that having a pen and notepad and writing down the ideas as they come is not enough – they most importantly act upon and implement those ideas.

9) Time is a Friend: In relation to the point above, while they certainly write down and act upon their ideas, they are also wise enough to realize that after the excitement of a good idea dies down, that logic, practicality, and reason always set in. Thus, rather than rushing into anything, they collaborate with their master-mind group, analyze and ask questions before moving forward, test the market before investing time or money, and they allow time to determine whether the idea is good and will work or not. With that said, unlike the majority of people who have great ideas, they never allow the voices of fear and doubt to dictate their actions – because inevitably, during this time, those voices become very persuasive. If the idea, over time, is still good (or gets better), then they will completely commit to their decision to move forward, take action every day, believe in themselves and their idea, and never quit regardless of what temporary failures happen along the path.

10) Employee Assets: Without question, successful entrepreneurs understand that their greatest assets are their employees. Because of this, they treat their employees accordingly. Now don’t get me wrong, these entrepreneurs still demand that their employees work hard and be honest, they ensure relationships are appropriate and even hierarchical, and provide commission and bonus structures to incentivize ultimate performance. But, they also ensure that their employees are highly valued, appreciated, befriended, recognized, feel important, and that they are engaged, committed, informed, and feel as thought they are contributing to something great.

11) There is No Guarantee: Every entrepreneurial venture ever thought of or attempted has had absolutely no guarantee of success. Successful entrepreneurs realize this, but they choose to focus on the fact that there is also no guarantee that that their venture will fail. Perhaps another word for faith is optimism! The revered U.S. founding father, George Washington, had absolutely no guarantee for victory during perhaps the most important war of our modern day, the Revolutionary War. When all odds were against him, he still took a risk, desired freedom and independence, believed it was achievable, and then went to work every day to obtain it. He had faith and hope, but no guarantee. The victory only came after the attempt. When questioning whether now is the ‘right time’ to attempt your entrepreneurial venture, be wise enough to recognize that there never is a ‘right time’ – you just need to do it, in spite of the fact that there is no guarantee for victory.

12) Failures Feed: Successful entrepreneurs understand that failures breed progression, mistakes are lessons learned, weaknesses are potential strengths, and loses precede profits. Every failed attempt should be viewed as a successful step closer to the goal. Ironically, the majority of successes in life are usually accomplished after the individual determines to not give up when they experience failure.

13) It’s Up to You: Successful entrepreneurs never give excuses! While the majority complains that they don’t have the time, knowledge, or money to achieve their goals and dreams, these entrepreneurs make time, acquire the knowledge, and understand that you do not need money to make money. The only limitations in life are the ones we create and nourish in our own minds. In fact, as important as the master-mind group and other relationships are to these entrepreneurs, at the end of the day, they realize that their success is determined by them, and them alone. Their goals, dreams, and potential are determined and achieved not because of talents or brilliance, degrees or awards, race or gender, experience or from others – but because they personally desire success, believe it is possible, think big, take daily action, and do whatever it takes – giving no excuses.

To your entrepreneurial and life success!

This is part three (of three) in the Entrepreneurial Success article series. Contained within part one and two are 25 other essential entrepreneurial success attributes. To view the 40 essential entrepreneurial tips, visit my blog at: http://www.awakeyourpotential.com/

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Entrepreneurship and Family business

What connects Mukesh Ambani, Laxmi Mittal, Anil Ambani, Azim Premji, Shashi and Ravi Ruia, Kushal Pal Singh, Savitri Jindal, Sunil Mittal, Kumar Birla and Gautam Adani… quit a quiz Brainstormer ,isn’t it? Well apart from the fact that all of them are a part of the top ten richest people in India list, there is also something very common between how all of them have accumulated their wealth. Answers anyone?

Yes, you are right my friend, Family Business it is. All of them have started, grown and risen through their diversified Family Businesses. Take the case of lakshmi Nivas Mittal, born into a business family of Rajasthan. He began his career working in the family’s steelmaking business in India and the rest is what they called “history”. Others like Azim Premji joined parental Business at 21 years of age, Shashi and Ravi Ruia had their inception into the big bad world of Business under the guidance of his father, the late Nand Kishore Ruia. Kumar Mangalam Birla hails from a Marwari business family from state of Rajasthan and Gautam Adani after his initial years of struggling tasted success by running and growing a plastics unit in Ahmedabad bought by his elder brother Mansukhbhai.

Not to forget other bright examples of the TATA, Godrej and Reliance, which all exemplify cases of Family Business managed at the most professional terms

Often, in the Media glare that foreign glitzy Corporate Houses enjoy, we forget the immense strength and limitless possibilities that Indian family businesses possess. So if you have a Family Business already and dream of growing it to a globally recognizes Corporation, we have the knowledge and mentorship expertise to convert your dreams into reality.

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The Journey Into Entrepreneurship; Starting A Small Business

For most of us there comes a day when we toy with the idea of starting a small business; work stress and frustrated career goals can often leave us thirsting for autonomy and starting a small business seems to fit the bill. But for those who are thinking of starting a small business, the road can be one of sacrifice and learning.

Before starting a small business do as much research as possible. Talk to other people who have started a small business and are willing to give you some guidance, read books by people who have a passion for entrepreneurship, and get online to read as much as possible about the ins and outs of starting a small business. On the Internet you'll also have access to advocacy organizations developed to help those starting a small business; as well as access to chat forums where you can learn from the experiences of others in your situation

Locally there should also be organizations that can help you in starting a small business. Look at the business advocacy groups in your local area that can offer guidance.

Gather as much information as you can and keep careful notes. Remember that this business will be a reflection of you and as such should mirror the philosophies to which you subscribe. Starting a small business is not the same for everyone; take your own special circumstances into account before beginning your journey.

Depending on the business you are starting, it may also be in your best interest to hire legal counsel. A lawyer can help you navigate the complexities of small business ownership and save you time and money further down the road.

Additionally, a lawyer who is well-versed in online commerce can help you establish an online presence if starting a small business for you includes an Internet component.

Also, if starting a small business for you means bringing on employees, a lawyer is essential to your success. Hiring employees opens you up to a whole new set of liabilities; save yourself any complications by having a lawyer by your side to protect you.

Starting a small business can be a wonderfully rewarding experience. Put your best foot forward by facing each challenge and arming yourself with knowledge. Careful research and meticulous planning will reward you with success and the greatest possibility of future and continued viability.

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Art Entrepreneurship: Showing you Care

What status is art at this time? Is it being held in high regard throughout the country? Is it as important as it should be? Art entrepreneurship is a lucrative business proposition for the artist and the business person. But, where do you take it? Where can it go? The wave of the future is in art workshop centers and you can take it virtually anywhere.

When times get tough throughout the world, people are in distress over wars, hurricanes, destruction and chaos. What do they turn to for their relief? Art is always the answer. Whether an artist composes a song, writes a book or paints a painting, artistic expression is the balm that soothes all ailments. As an entrepreneur, you can care and you can show that you care. An art workshop center is exactly what your community needs.

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