The 7 Traits of Successful Entrepreneurs This story appears in the January 2014 issue of Entrepreneur. Subscribe » Enter "entrepreneurial traits" into Google, and the menu of frequent searches will complete the query with "... of Steve Jobs" and "... of Bill Gates," among others. These are the forces of nature that spring to mind for most of us when we think of entrepreneurs--iconic figures who seemed to burst from the womb with enterprise in their DNA. They inspire, but they also intimidate. Contrary to conventional wisdom, you don't have to be Type A--that is, an overachieving, hyperorganized workaholic--or an extrovert to launch a successful business. However, the best entrepreneurs do share a collection of characteristics, from tenacity to the ability to tolerate risk, that are crucial to a successful venture. Tenacity Starting a business is an ultramarathon. When failure happens, you have to start all over again. He went on 25 job interviews and got offers for logistics positions paying $200,000 and up. Passion Vision
6 Stories of Super Successes Who Overcame Failure Failure is not the alternative to success. It’s something to be avoided, but it’s also only a temporary setback on a bigger, more significant course. Everybody encounters failure at one point or another. What truly matters is how you react to and learn from that failure. Take the stories of these six entrepreneurs. 1. It’s hard to believe that one of the most recognizable names in online publications was once rejected by three dozen major publishers. Related: Barbara Corcoran: Failure Is My Specialty Even Huffington Post itself wasn’t a success right away. 2. Bill Gates is now one of the world’s wealthiest individuals, but he didn’t earn his fortune in a straight line to success. He tried to sell the idea alongside his business partner, Paul Allen, but the product barely even worked. 3. Before Steinbrenner made a name for himself when he acquired ownership of the New York Yankees, he owned a small basketball team called the Cleveland Pipers back in 1960. 4. 5. 6.
7 Habits That Make Great Opportunities Happen BESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswy <h1 id="title">7 Habits That Make Great Opportunities Happen</h1><div id="author"><div id="name">Liz Strauss</div><div id="title">Speaker, Social Media Strategist, Influence & Chan, SOBCon / Inside-Out Thinking</div><div id="bio"></div></div><div id="content"><p>Everyone hears about that person who is “in the right place at the right time.” Maybe you know someone who seems to be that person all of the time.
How--and Why--to Incorporate Your Business - Entrepreneur.com The term corporation comes from the Latin corpus, which means body. A corporation is a body--it is a legal person in the eyes of the law. It can bring lawsuits, can buy and sell property, contract, be taxed, and even commit crimes. It's most notable feature: a corporation protects its owners from personal liability for corporate debts and obligations--within limits. The corporation is considered an artificially created legal entity that exists separate and apart from those individuals who created it and carry on its operations. the purpose of the intended corporation,the names and addresses of the incorporators,the amount and types of capital stock the corporation will be authorized to issue, andthe rights and privileges of the holders of each class of stock. Why Incorporate? Remember, aside from tax reasons, the most common motivation for incurring the cost of setting up a corporation is the recognition that the shareholder is not legally liable for the actions of the corporation.
Debt Financing For Your Startup Company When your business is a corporation and takes out a loan, it is incurring debt. Loans are a well-known and well-used method of raising capital. The biggest drawback to taking out a loan for your corporation is that a loan must be repaid, both principal and interest, if any. Lenders Loans can be taken out from banks, other commercial lenders, or individual lenders such as shareholders, officers, directors, family, or friends. Bank loans may not be available for small, pure startup corporations due to unattractive repayment terms including the requirement that the borrower personally guarantee the loan. The current Small Business Administration was created by Congress in 1953 and provides information on starting, financing, and managing small businesses. Lender Questions and Document Requirements Commercial lenders and banks customarily require answers to a series of questions regarding any corporation to whom they are considering making a loan. How much money do you want to borrow? General
Six Rules for Effective Forecasting People at cocktail parties are always asking me for stock tips, and then they want to know how my predictions have turned out. Their requests reveal the common but fundamentally erroneous perception that forecasters make predictions. We don’t, of course: Prediction is possible only in a world in which events are preordained and no amount of action in the present can influence future outcomes. The role of the forecaster in the real world is quite different from that of the mythical seer. Unlike a prediction, a forecast must have a logic to it. Even after you have sorted out your forecasters from the seers and prophets, you still face the task of distinguishing good forecasts from bad, and that’s where this article comes in. Rule 1: Define a Cone of Uncertainty As a decision maker, you ultimately have to rely on your intuition and judgment. I visualize this process as mapping a cone of uncertainty, a tool I use to delineate possibilities that extend out from a particular moment or event.
Who Is An Entrepreneur? You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. Last week in one of our afkar.me, our incubation/acceleration initiative for the MENA market, our youngest team member made a quite interesting statement when we were discussing our value proposition for ‘treps: “Well, you know that I’m not an entrepreneur, so I can just try to think like one.” An entrepreneur is a starter. An entrepreneur is an initiator, a challenger and a driver. Someone that creates something new, either an initiative, a business or a company. Being an entrepreneur is not directly related to having an equity stake in a company, but instead showcases the leadership-related points. Entrepreneurship is more than financial gains We tend to associate entrepreneurship with direct financial benefits and risk, but not only when the entrepreneur has equity in the company, he or she is exposed to the financial upsides and downturns. Corporate entrepreneurship does exist
Entrepreneurship: Characteristics,Importance, Types, and Functions of Entrepreneurship Read this article to get information on the characteristics, process, importance, types, functions and Myths about Entrepreneurship! Entrepreneurial development today has become very significant; in view of its being a key to economic development. The objectives of industrial development, regional growth, and employment generation depend upon entrepreneurial development. Entrepreneurs are, thus, the seeds of industrial development and the fruits of industrial development are greater employment opportunities to unemployed youth, increase in per capita income, higher standard of living and increased individual saving, revenue to the government in the form of income tax, sales tax, export duties, import duties, and balanced regional development. Image Courtesy : go.christiansteven.com/Portals/168354/images/accounting1.jpg Concept of Entrepreneurship: The word “entrepreneur” is derived from the French verb enterprendre, which means ‘to undertake’. Characteristics of Entrepreneurship: 1. 2. 3.
Importance of Entrepreneurship Education Entrepreneurship is a key driver of our economy. Wealth and a high majority of jobs are created by small businesses started by entrepreneurially minded individuals, many of whom go on to create big businesses. People exposed to entrepreneurship frequently express that they have more opportunity to exercise creative freedoms, higher self esteem, and an overall greater sense of control over their own lives. As a result, many experienced business people political leaders, economists, and educators believe that fostering a robust entrepreneurial culture will maximize individual and collective economic and social success on a local, national, and global scale. It is with this in mind that the National Standards for Entrepreneurship Education were developed: to prepare youth and adults to succeed in an entrepreneurial economy.
15 Experts On What It Means to Be an Entrepreneur Credit: seyomedo/Shutterstock Most people would agree that an entrepreneur is a person who has started his or her own business. But that basic definition barely scratches the surface. It does little to capture the true essence of what it means to be a risk-taker, innovator and individual willing to carve his or her own path in a world that doesn't always take kindly to people who fail to follow the status quo. Are you itching to venture out on your own, but you wonder if you have what it takes to choose the road less traveled? Check out what 15 company founders and business leaders told Business News Daily about what they think makes a truly successful entrepreneur. "An entrepreneur is someone who seeks to profitably solve a problem that the world has, in exchange for enough monetary compensation to achieve their dreams. "To me, entrepreneurship is creating something, nurturing and leading it. "Entrepreneurship is all about embracing challenges.
The 20 Minute Business Plan: Business Model Canvas Made Easy See also ‘Workshop-Business Model Canvas‘ What’s the Business Model Canvas? If you’re already familiar, you can skip to the next section, ‘How do I get started?’. The Business Model Canvas (BMC) gives you the structure of a business plan without the overhead and the improvisation of a ‘back of the napkin’ sketch without the fuzziness (and coffee rings). The Canvas has nine elements: Together these elements provide a pretty coherent view of a business’ key drivers– Customer Segments: Who are the customers? The Canvas is popular with entrepreneurs and intrapreneurs for business model innovation. How do I get started? The first time you engage with the canvas, I recommend printing it out or projecting it on a whiteboard and going to town (see below for a PDF). If you’re ready to put together something a little more formal (for distribution, presentation, etc.) here’s a Google App’s template you can copy or download as MSFT PowerPoint: *Omnigraffle a popular diagramming program for the Mac.
Business Model Canvas: A Simple Tool For Designing Innovative Business Models Your business model can make the difference between world-leading success and dismal failure. Just ask the people behind the Xerox 914. In 1959, the first dry-process, plain-paper copier was a potential game-changer — but it cost six times the price of alternatives. Potential partners wouldn’t touch it. Alexander Osterwalder wants to encourage that kind of thinking, and he has developed a handy way to do it. Recommended by Forbes KPMGVoice: KPMGVoice: How Utilities Can Lead The Energy Revolution I first heard about the Business Model Canvas from serial entrepreneur turned Stanford/Berkeley/etc. professor Steve Blank, author of the classic marketing manual The Four Steps to the Epiphany. Alexander Osterwalder's Business Model Canvas The wiry Swiss entrepreneur, who earned his PhD in management information systems from the University of Lausanne, created the Business Model Canvas after an exhaustive study of existing academic literature on business models. Business Model ToolBox iPad app