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The Risks of Entrepreneurship
The "spark" for many entrepreneurs is seeing an opportunity that doesn't yet exist. Ted Turner, for example, launched CNN because he perceived that people wanted more television news than they were being offered. It took a lot of patience on Turner's part to realize the vision, but he had read the market in a way that few "experts" did at the time.
In realizing the promise of CNN, Turner demonstrated another facet of the entrepreneurial spirit, persistence. There are a lot of bright ideas that never reach fruition; taking a "raw" idea and converting it into a successful business model is very hard work.
And that work never stops. No matter how innovative your idea, the competition is always just behind you. With anything less than constant creative effort on your part, they may not stay behind you.
Are you still with me? Here is where I reveal why everyone isn't an entrepreneur:
No opportunity is a sure thing, even though the path to riches has been described as, simply "...you make some stuff, sell it for more than it cost you... that's all there is except for a few million details." The devil is in those details, and if one is not prepared to accept the possibility of failure, one should not attempt a business start-up.
It is not indicative of a negative perspective to say that an analysis of the possible reasons for failure enhances our chances of success. Can you separate failure of an idea from personal failure? As scary as it is to consider, many of the great entrepreneurial success stories started with a failure or two.
Some types of failure can indicate that we may not be entrepreneurial material. Foremost is reaching one's level of incompetence; if I am a great programmer, will I be a great software company president? Attitudinal problems can also be fatal, such as excessive focus on financial rewards, without the willingness to put in the work and attention required. Addressing these possibilities requires an objectivity about ourselves that not everyone can manage.
Other types of failure can be recovered from if you "learned your lesson." A common explanation for these is that "it seemed like a good idea at the time." Or, we may have sought too big a "kill;" we could have looked past the flaws in a business concept because it was a business we wanted to be in. The venture could have been the victim of a muddled business concept, a weak business plan, or (more often) the absence of a plan.
When small businesses fail, the reason is generally one, or a combination, of the following:
* inadequate financing often due to overly optimistic sales projections;
* management shortcomings,
-- such as inadequate financial controls, lax customer credit, inexperience, and neglect, and;
* misreading the market,
-- indicated by failure to reach the "critical mass" required in sales volume and profitability,
-- usually due to competitive disadvantages or market weakness.
In a recent Wall Street Journal article titled "Why My Business Failed," Ken Elias cautions that "even if the concept is right, it won't fly if the strategy is wrong." Still, on being asked whether he would start another business today, he answers: "Absolutely. The experience is fabulous, exciting and the possibility of success is always there."
John B. Vinturella, Ph.D. has almost 40 years experience as a management and strategic consultant, entrepreneur, author, and college professor. For 20 of those years, Dr. Vinturella was owner/president of a distribution company that he founded. He is a principal in business opportunity sites jbv.com and muddledconcept.com, and maintains business and political blogs.
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Bring That Difference To Your Business!
Romans had a phrase for this- First among Equals.Online marketing has too coined a similar one - when everything is equal the difference is me.
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Lets Not Forget About The Little Guy
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How Good Is Your Big Idea
Q: I want to start my own business. I have tons of business ideas that all sound great to me, but my husband is not so sure.
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If you have a business idea, or an idea for a servicefor your community, there's one decision you must makeearly on: are you going to structure your project as afor-profit business, or as a non-profit corporation?Now, it may be that you already have a clear idea aboutthis. Some business ideas are clearly "for profit".
Business Name - How to Choose One
It's very important to get your business name right. You mayalready have a business name but it's not too late to changeit.
Work On, Not In Your Business
Are you busy? Everyone's busy! Ask anyone they'll tell you how busy they are. But how many people are accomplishing real results?In your small business, it's easy to get buried in the myriad activities that demand your attention each day.
The Ideal Length of Your Business Plan
How long should a business plan be? A business plan needs to be whatever length is required to excite the investor, prove that management truly understands the market, and detail the execution strategy. From surveys of investor needs, Growthink has found that 15 to 25 pages of text is the optimum length in which to accomplish this.
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So you want to start a business. You have an idea.
Definition of Entrepreneur
EntrepreneurAn entrepreneur is a man who organizes and manages the business. The following are the responsibilities of an entrepreneur that what he has to do?1.
What Kind of Business Should I Start?
It's not uncommon to reach your 30s, 40s or even 50s and still wonder, "What do I want to be when I grow up?" Few people are fortunate enough to be certain of their destinies early on and the rest of us are forced to do some soul searching.The desire to own a business is becoming more common as workers grow more frustrated with the economy and working in corporate America.
Making the Financial Transition
Making the financial transition from paid employment to earning a living on your own is probably the single biggest challenge facing many would be entrepreneurs. For most, the mere thought of financial insecurity holds them back from even trying.
A streak dating back more than three decades came to an end at midnight on New Year's Eve. For the first time since 1972, as America rang in 2005, "America's Oldest Living Teenager" was not in Times Square to count down the dropping of the giant ball.
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? Beginners often rush into business without any planning.? Unless you do your homework, there could be many avoidable pitfalls.
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