entrepreneurship

Ignite Your Entrepreneurial Spirit

The business of a true entrepreneur has to be engaging enough to develop a passion for it, all the while with a strong element of fun, and it has to exercise and employ your most intuitive and creative senses.

Being an entrepreneur that helps entrepreneurs, each time I stand before a group of aspiring entrepreneurs, I can’t help but regularly wonder to myself, whether or not people can really learn the necessary skills and traits it takes to become a successful entrepreneur or if like many are convinced, we’re actually born into the understood skills.

As I continually do research over the years about Entrepreneurship, and blend what I discover with my own experiences as an entrepreneur, I’ve been able to conclude that people are actually born with some of the instinctive traits and distinctiveness of character one needs to be a successful and innovative entrepreneur. However, these characteristics can always be improved through education and experience.

I’ve been fortunate enough to be able learn about entrepreneurship, leadership and teamwork from entrepreneurial family members, close friends and forward-thinking colleagues and yes, experience. Here’s something I often share about becoming an Entrepreneur.

How to Become a Promising Entrepreneur

First of all, you have to believe in yourself and stand behind your passion if you make the decision and choose the entrepreneurial path. You have to have a strong-belief in your confidence of passion so great that you would continue to stand firm behind your entrepreneurial opinions regardless of the discouragements you will face. And understand that even though this rock-solid positive way of thinking may attract a lot of negativity from pessimists and complainers, you should never lose your aspiration and hope.

Stay in a constant state of innovation and creativity since the vast majority of great entrepreneurs rarely create or develop just one profitable idea for products or services. They’re in a constant state of discovering, creating and innovating. Because let’s face it, many times you have to come up with, and work your way through a lot of bad ideas before you finally get to the one that has market staying power. So, persistency is the name of the game, and don’t ever give up.

Stay in motion and maintain your momentum, as highly-successful entrepreneurial innovators accomplish things quickly because they have a deep understanding that time is never on their side. You may actually have that one “big idea,” but because you’re in a race against time to get it out in the market before someone else, the idea can quickly lose profitability.

Video India! India’s Entrepreneurs Face Tough Struggle

Vishwaprashad Alva is an entrepreneur in India that quit a high-paying job with General Electric’s India healthcare division to develop and start up his own business, Skanray Technologies. But getting the company started and off the ground has proved to be an especially brutal process.

Although it can be quite tough to be an entrepreneur anywhere in the global economy, India itself presents special obstacles including an intricately complicated bureaucracy, crumbling roads badly in need of repair, power grids, diverse cultural pressures that penalize entrepreneurial risk-taking, and corruption. Mr. Alva says even thugs demand bribes to go away, but he refuses to pay, as well as many other Indian entrepreneurs making a difference for themselves and others.

Entrepreneurship is a critically vital component to India’s economic growth as the nation of 1.2 billion tries to reduce poverty through a successfully expanding economy.

Check out this video about India’s Struggling Entrepreneurs

Video Business Success! Wayne Rogers on Entrepreneurship

Most of us will quickly recognize Wayne Rogers as a successful actor and the former star of MASH. Here he explains that entrepreneurship is a creative process, in addition to how to fix a broken business model. Much welcomed advice that many sometimes struggling entrepreneurs can use in their journey down the road to entrepreneurial success.

How I Built It: Wayne Rogers


The Next Great Entrepreneurs – Future Creativity

“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.” – Peter Drucker

“Going into business for you, becoming an entrepreneur, is the modern-day equivalent of pioneering on the old frontier.” – Paula Nelson

It’s increasingly difficult to accept as true, but according to several “experts” including the scholarly people at the National Bureau of Economic Research, the economy’s been in recovery mode from the “Great Recession” since June 2009.

Unfortunately, a really big rationale for the resulting stagnation to-date has been, all of us that make up the global market. It’s in our DNA or human nature to wait for economic indicators to turn positive before all of us that are Entrepreneurs are willing to hire and spend.

But Entrepreneurs waiting around is unwise and foolish, and what makes Great Entrepreneurs truly great is the very fact they don’t wait, as the world markets including both local and global shout and plead for innovation, and businesses that realize and take advantage, can capitalize on the resources and capital they already have to ignite the next possibilities.

This brings our discussion to the point of identification of some excellent news, which some of you in the market both understand and are proceeding accordingly. Resource constraints naturally stimulate great business practices, and as a direct result the survival rate of new independent business in some sectors is well on the upswing.

Global Entrepreneurship found a very small percentage of businesses actually closed down last year, when compared to the number of closures in previous years. Even better yet, many small-business profit margins are at a multi-year high directly because of purely innovative and business process savvy cost-cutting procedures and practices adopted and put in place. Hiring may have stalled in many global sectors, and continues to remain so, guess who’ll be first in line to scoop up new employees when sales activity and revenues begin to slowly increase.

So understand and put the news and dire predictions about double-dip recession, dismal unemployment and the drop-offs in entrepreneurial activity out of your mind. Instead, you should remain focused on the fact that since the financial crisis laid waste to business as you have known, the world is packed and overflowing with business potential just for you.

Lastly, the global economic future will be inhabited by movers and shakers that are the Next Great Entrepreneurs, who even now are poised to take their place of greatness.

Entrepreneurs: Innovation is the Key to Creating Wealth

innovation TeamBuilding_and_Leadership“Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth”–Peter Drucker

To be an effective business, Peter Drucker correctly observed the business must always innovate, and once any business failed to perform the task of innovation over a period of time it would fail to be successful (i.e. General Motors, etc.), and yet most executives are marginally satisfied if at all with their businesses current levels of innovation, and of course many are disappointed with the level of improvements that result from their efforts.

In the course of developing innovative ideas successful Entrepreneurs stay keenly aware and very careful that they aren’t just innovating for the mere sake of innovating, since this never results in very profitable endeavors, or it might seem that actually current levels of innovation aren’t really innovations, rather just only small incremental improvements on existing ideas, products and services.

innovation 2Profitable innovation happens most frequently within well defined parameters of problem solving, and without these parameters the innovation would simply be about creating just new ideas, and yet we must realize that innovation, or at least commercially successful innovation is actually more than that, it is about creating new value, and with the new value the potential for the creation of new wealth.

In taking the innovation one step beyond the creation of new technologies one has to determine why many innovative creations don’t work right away, but sometimes take many years and multiple efforts before success is achieved, and when we focus on what was missing in the process, many times it’s as simple as getting the idea to spread and become viral to a point where the innovation becomes very successful when finally combined with another different innovation.

innovation streetThis is true and has been repeated many times when Entrepreneurs are able to create networks that are able to combine different innovations that together synergistically exploit results that solves real problems, meets critical market needs, and therefore become successful as a group called a value network, or a value chain, which is usually taken for granted or purely neglected by many managers and executives, but changes here can result in profitable, innovative solutions for both entrepreneurial organizations and their customers.

A businesses value network is the collection of business functions, systems, and processes that are designed to deliver the greatest value to its customers, and the value network becomes a critical mechanism for the process of innovation, and also becomes a key part of the business strategy because it creates systems that include the creation of a natural barrier to innovation Psychology4aentry for competitors, make the business more competitive in the marketplace, insure profits and good economies, and most importantly insulates the business from losses in a bad market similar to the current state of the global economy.

Instead of building a value network, many businesses look only to marketing its traditional 4P’s (Product, Price, Place, Promotion) to navigate the through hard times or to squeak out an extra dollar of profit, and while the 4P’s are a useful tool, by themselves they frequently do not go far enough, so the creation of a value network serves not only much the same basic function as the 4P’s, but actually takes it several steps beyond, and the good news is the 4P’s can be fairly easy to replicate, however replicating systems and processes are much more complex, as such, the value network becomes intertwined with overall corporate strategies.

Entrepreneurial Strategy is a combination of the many things Entrepreneurs do, for example, for Wal-Mart, McDonald’s or Southwest Airlines to compete on price, all of their 42-15483590processes have to work together and all the small details have to exist to support their one driving goal, which is to provide the lowest prices for their many customers, and of the features of these three companies, part of their 4P’s including the warehouses, and the airplanes, are all fairly easy to replicate. Yet, the way their processes, capabilities, and personnel integrate and execute is what makes each of these extraordinary companies unique and very successful, even in the worst of economic environments like the current global economy.

Finally, a clear understanding of entrepreneurial innovations and how when taken in and of themselves they do not function to solve problems and create new strategies for entrepreneurial success, but when combined with other innovative ideas and processes they create value, success and wealth beyond anything that could be accomplished with the single innovation by and of itself.

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