Myth #1: Entrepreneurs Are Risk-Takers.

That’s the conventional wisdom among non-entrepreneurs. But non-entrepreneurs are standing on the outside looking in. Non-entrepreneurs can’t envision themselves as entrepreneurs, don’t see the opportunity that entrepreneurs see. Entrepreneurship is about vision. Building a business in your head, formulating a comprehensive plan, then putting the plan into action. And yes, weighing risk. Every step we take in life has risk associated with it, whether we’re aware of it or not.

Entrepreneurship doesn’t have to be risky. Entrepreneurship may be the safest career path you could choose. There’s never been a better time to be an entrepreneur, considering the frightening number of downsizings, mergers, and consolidations over the past few years. Loyal, capable workers lose their jobs, too. But entrepreneurs don’t fire themselves.

Most of us are conditioned to believe that holding down a traditional job is the safe choice. The entrepreneurial spirit views that “safety” as Golden Handcuffs.

Myth #2: The Failure Rate of New Businesses is Extremely High.

Four out of every five businesses fails within the first two years…that’s the sort of statistic you hear tossed around in the media. But it’s not that simple. That 80% statistic is misleading because it includes voluntary terminations, the dissolution of companies that never actually conducted business, and part-time businesses that were started for supplemental income and were never intended to endure for the long term. Business success or failure rates are subject to who is reporting them, to how “success” or “failure” is defined, and to how, for that matter, “business” is defined. (Many studies, for example, don’t include sole-proprietorships and home-based businesses.)

Recent studies suggest how complex any evaluation of entrepreneurial success actually is…

• According to a five-year study conducted by the U.S. Bureau of the Census (1992 – 1996), 75.5% of all firms which existed in 1992 survived until 1996.
• In a 1999 U.S. Small Business Administration study of businesses that close, only one in seven left unpaid obligations. Business bankruptcies were at an all-time low in 1998, dropping 18 percent from 1997.
• A recent Dun & Bradstreet study found that 76% of new firms survived more than two years, 47% survived more than 4 years, and 29% survived beyond 8 years.
• A 1999 survey by the National Federation of Independent Business found that of all businesses which were closed, sold or deactivated, 56% ceased operations in the first five years.

What do these statistics mean to you? Nothing. Absolutely nothing. The results of someone else’s business decisions are no predictor of the outcome of yours. The devil is in the details. Talent, good management, good timing, and a little luck.

It’s often true that, in the short term, the entrepreneur doesn’t pull the salary he/she pulled in the last job. But entrepreneurship is about building security for the long term. Entrpreneurship always has the potential to generate unlimited income. Few salaried positions do. While it’s true that only a few entrepreneurs achieve great wealth, it’s also true that many are financially comfortable.

And oh yeah, entrepreneurship is fun. For many entrepreneurs, money is not the top priority. If you ask most entrepreneurs why they started their own businesses, they’d tell you that it was about creative freedom and controlling their own destiny. Employ other people and other resources to handle the aspects that you aren’t good at and don’t enjoy. Work is fun when you’re not watching the clock, counting the minutes until the next weekend arrives. Dreading that alarm clock tomorrow morning, facing another workday, just like the one before. And the one before. And the one before.

The best way to learn to be an entrepreneur is to become one. Take control of your life, work hard doing what you love, and have fun. That’s what being an entrepreneur really is.

Author: Vincent Pagliani
Article Source: EzineArticles.com
Provided by: Netbook, Tablets and Mobile Computing

Entrepreneurs and their businesses have a tendency to ambush
themselves when they aren’t looking. This affects how much
revenue they can generate, how fast their business rises,
and even if they survive after the first few years. If you
feel there is a possibility you are getting in your way to
success, review these elements to see if any of these items
might apply.

1. Imagine investing time and money into a product or
services, only to find that it isn’t selling. Or at least
it doesn’t have the results that you expected. Now, I’m
talking realistic here, and not some grandiose vision. It’s
hard to give up something when you have invested your
resources into something, more importantly, you have spout
off to the world (okay, friends and family) that you were
doing it.

Gluing yourself to an idea, product, or service that isn’t
making any money or enough money to support the business
isn’t smart. Ego and pride don’t make money. Getting
hitched to any one idea, or even two, that isn’t profitable
isn’t smart. Every product climbs and falls — even
McDonalds drops a product when it doesn’t test strong. Ideas
are the currency of entrepreneurs, make money with them or
let them go.

2. Be proud of being an entrepreneur. DFor some reason,
the title entrepreneur seems to have caught a disease, but
that shouldn’t be the case. Be proud of being an
entrepreneur. when someone asks you, don’t mumble, and don’t
call it by another name, as if being an entrepreneur was
somehow unprofessional. The same applies to the title of
independent professional — which is another name for
entrepreneur. Stand tall and proud.

When I ask people at networking events if they’re an
entrepreneur, they often respond with strange body language.
Some shift their stance uncomfortably, sometimes their hand
goes over their mouth and they let out a barely audible,
“yes,” and sometimes they even correct me, using some other
title.

3. No bologna (or b.s.). Entrepreneurs can be naturally
excited and optimistic about what they are doing. Don’t let
the excitement sound like hype. Because of this people
don’t trust you. Don’t just tell the pros, add the cons.
Let people know, who is the best person for this service –
not everyone, or what circumstances are best for the
product. People aren’t stupid but if they have to figure
the cons of the product or service, you will most likely
lose the sale.

4. Being in denial of your cash position. Not balancing
the checkbook, not knowing what your accounts receivables,
payables, or what the break even cost is for a product or
service, isn’t smart business. If you don’t know what it
is, get a book on the topic or talk to an accountant.
Denial creates fear, and fear creates denial. It’s a
vicious circle that creates stress and ulcers. Short term
projects turn around short term dollars. Long term projects
never turn around short term dollars. Be realistic with all
your resources.

5. Accepting weak any bodies. Whether its weak staff, weak
clients, weak strategic alliances, or anyone else in your
support realm. If you are attracting weak people, you are
giving weak signals. Change your signals and you will
change what you attract. To attract strong people, you need
strong signals.

6. Confusing possibility with reality. One of the main
characteristics of an entrepreneur, and this could be one of
the reasons people may not like using the name, is their
gift to see everything in possibilities, yet spend money in
the world of reality. Money is always reality.

7. Selling or trying too hard to explain what you sell. If
you find yourself pushing what you’re product or service
does, it is time to change your “success formula.” Common
causes are: (1) You are trying to sell to someone who isn’t
your target, or (2) If you have the right target and you
don’t know what you are selling. You can only handle this
in two ways, know what the customers are buying, or know the
benefits of what you are selling. Benefits in the terms
customers need to hear and understand, not what you choose
to say.

8. Lack of any or adequate support structures. If it takes
a village to raise a child, what do you think it takes to
raise a business. Surely, not a lone ranger. Work with
others to help handle your many business and personal needs.
Entrepreneurs need support, even if it’s only a feeling.
Arrange to have a support structure for every part of your
business. Keep in mind tip number five above for this as
well.

9. Over or under delegating. It is so hard for
entrepreneurs to begin to delegate. Yet once they do they
seem to swing the pendulum completely to the opposite side
and over delegate. Over delegating is “dumping” on people.
Even paid people, don’t like being dumped on. Feeling in
control is a need of most people, entrepreneurs aren’t any
different. They look at it as a money or trust issue, when
in actuality it’s usually a control issue. Delegate
appropriately and with people that think you can trust. Let
the trust build over time.

10. Stop giving up so easily. Successful entrepreneurs
don’t see failure. They see learning lessons. They pick
themselves up, dust themselves off, change and adjust, and
keep moving. Being an entrepreneur, during the early years
of a business — that is under five years for most
professionals, takes more work than being an employee. Even
if you are a graduate with an MBA in business. Don’t
include your learning curve time in with the rest of your
time. Everyone has a learning curve of some kind.

Author: Catherine Franz
Article Source: EzineArticles.com
Provided by: Digital Camera Times

The latest series in “The Apprentice” features 2 distinct group
of candidates. One group, who are only high school graduates are
termed as “Street Smarts” by Donald Trump whereas, the other
group are all college educated with some having MBAs and advanced
degrees. They were termed as the “Book Smarts”.

What was revealed at the start was that the “Street Smart” group
were mainly entrepreneurs and had a net worth 3 times more than
the “Book Smart” group!

What this goes to show is that you do not need a college degree
to be an entrepreneur and rich. In fact, having a college degree
may be more of an impediment to being a successful
entrepreneur.

Why is this so?

For one thing, entrepreneurs cannot be conformist and stick “by
the rules” and college somehow tends to train people to stick “by
the rules”. Entrepreneurs will always come up against obstacles
and will have to find ways around these obstacles, many times,
unconventionally.

College tend to make graduates think in a similar fashion, hence,
they tend to be highly trained clones with no personality.
Entrepreneurs however know that they need to have their own USP,
or “Unique Selling Proposition” to be successful and being
entrepreneurs, will find or create their own USP to make a
success of themselves.

Entrepreneurs know that they need to think out of the box and
create a niche for themselves as they do not have the resources
to fight the big boys on their terms.

For college graduates, there is always the choice of going to
work for one of the big corporations. For entrepreneurs, failure
is not an option as they would not get very far in a big
corporation without a college degree.

This is not to say that all college graduates are not
entrepreneur material but that in most cases, getting a college
education may not be the best route to being an entrepreneur as
the education system is designed to produce workers and not
entrepreneurs.

Author: Benjamin Seow
Article Source: EzineArticles.com
Provided by: Humorous photo captions

Q & A Interview

Q1: How would you define the term “entrepreneur”?

A1: A person who takes “action” on his “imagination”.

Q2 What personality traits do you think the most effective entrepreneurs posses?

A2: Constantly thinking, imagining, day dreaming but always action oriented.

Q3: What specific skill set should an aspiring entrepreneur have possession of, or be in the process of developing?

A3: I very much consider myself to be an entrepreneur. In my personal viewpoint, it is important to have the ability to share your ideas and participate in brainstorming with others, seek the opinions of people you respect, keep an open mind. And, learn the art of selection by elimination.

Q4: How did you get started on the path to entrepreneurship?

A4: I have always been a day-dreamer and I love story-telling, but my first conscious effort was when I put my imagination on paper through writing and painting. Photography is another way in which I begin to exercise the power of vision.

“One important aspect of entrepreneurship is visualization and an ability to make what is seen or sometimes unseen, accessible.“

Q5: Can entrepreneurship be taught?

A5: Yes it can be taught, but to learn it is a different story. Entrepreneurship is very simple – “imagining” things, “discussing” those thoughts, and then taking “action”. This may be a cliché, but it is really true; to be an entrepreneur is a state of mind, if you can “imagine” and are “willing” to “communicate” about your “thoughts” then you are half way there.

Q6: Do you mentor men and women on entrepreneurship?

A6: Yes, I am currently mentoring at UCSF’s business course “From Idea to IPO”. I help physicians, post docs and other individuals to invoke their creativity and show them a process so that they can create a sound “plan” for their business idea.

Q7: Is it essential for an entrepreneur to have an MBA or can an individual achieve a high level of success through a combination of other attributes?

A7: I do not believe having an MBA is necessary, but the process of getting a MBA is very helpful. For some people, an MBA is a ticket to a better job or position and that can be a door opener to gain other skills that otherwise would not be accessible.

Q8: Are the requirements for today’s entrepreneurs different than 10 years ago?

A8: I believe there are more reasons to be an entrepreneur now than 10 years ago. In the past the end point of entrepreneurship was mostly focused on the financial reward. Even though finance is still part of the equation, the social aspect of entrepreneurship is now the driving force. The issues are very different than a decade ago and they touch everyone not just regionally but globally.

Q9: Apart from a strong knowledge base about the business an entrepreneur is pursuing, what other general abilities should they be able to bring to the table?

A9: The entrepreneur is the architect for new ideas with the world in mind. Today’s entrepreneurs should be able see the issues in a larger context and to offer solutions with larger implications in mind.

Q10: In addition to finding a suitable mentor, what other kinds of support are available to budding entrepreneurs?

A10: Practically there is a social networking group for any idea. Entrepreneurs should attend and actively participate in these organizations. One will be surprised how quickly one can become immersed in seeing the big picture by just the act of participation.

Q11: What is the value of failure in the quest for success in the entrepreneurial experience?

A11: Every failure IS a success; learn from these challenging times because no one can teach you the value you gain through your own experience.

Q12: Is there anything else you would like to add?

A12: Entrepreneurs inspire others and as such they need to have a more in depth view of issues. Go beyond the headline news. Stay attuned to the events going on around you and get involved.

Thank you for taking the time to meet-up with MG3Media to share your thoughts on entrepreneurship with our new business community!

Key Take Aways

* Entrepreneurs are creative: develop your powers of imagination and visualization.

* Entrepreneurs are more than daydreamers: learn to think critically and hone your skill sets.

* Entrepreneurs are more holistic minded today: become informed / consider humanity.

For our readers, if you would like to see how Atta is using photography to enliven his creative abilities as an entrepreneur- please visit Imagekind, an online gallery hosting his current work: http://atta.imagekind.com

Have more questions for Atta or want to get more information on Atta’s work in IPTV, eLearning or IPO Mentoring? Please contact him via Email: AttaPilram@yahoo.com

Do You Have an Entrepreneurial Insight You Would Like To Share?

See the “Resource Box” below for contact information.

Author: Marie Gunter
Article Source: EzineArticles.com
Provided by: Digital Camera Times

New entrepreneur, congratulations on your new business. Being an “entrepreneur” is more than a title. Starting a new business as a new entrepreneur takes a serious and steady combination of hard work, focus, dedication, and solid ethics if you want to be successful. About ten years ago, I cut the cord and walked away from my day job. Along the way, I have learned real-life lessons that only experience can teach.

These are just a few of the many “real-life” tips that can help you get ready you for your journey as a new entrepreneur:

#1 – Everyone will NOT be excited about your business or idea, and that’s okay.

Ultimately, the only one who believes in your idea as much as you… is you. Do not look for confirmation or affirmation from others. Not even your family, spouse, or closest friends. If you are bursting with excitement around a new idea and you ask someone you love for their thoughts, most times they won’t be nearly as excited as you are. They may even share negative thoughts instead of positive ones. This can deflate your energy, change your mood, and may even tempt you to quit. So as a new entrepreneur, don’t look for confirmation or affirmation from others in order to keep you going. Just keep going and keep moving forward. Remember, your ideas are YOUR brain child that YOU spend every waking moment obsessing about. Your loved ones don’t obsess about being a new entrepreneur the same way you do. At this point, they may not be able see the big picture as clearly as you can.

#2 – Prepare to get a little less sleep, but remember to get your rest.

A new entrepreneur will inevitably sleep less. Your time will be spent planning, preparing, working, and simply thinking about your new business. You may even find that you spend marathon days and nights getting your business off the ground. This vigorous sleepless pace is normal in the beginning for a new entrepreneur but be aware that if you keep going non-stop, you will run out of gas. Rest is as important as work. A rested body and mind is able to produce better and faster results.

# 3 – Keep an “old-school” notebook and calendar at all times.

I love gadgets and electronic devices as much as the next guy, but nothing beats pen and paper. As a new entrepreneur, please do not, I repeat, PLEASE DO NOT keep all of your important notes and calendar items in electronic form. A new entrepreneur should always keep a small spiral notebook and an old-school calendar to jot down important thoughts, dates, numbers, notes, and meetings – even if the notebook and calendar are used as a backup to your device. This is VERY important. At any time an electronic device can fail, and at some point, they always do. If you have a pen-and-paper record of what is going on in the business and your device crashes, your business will not crash with it. You can continue with your daily activities until you get your device repaired, replaced, or restored.

#4 – Don’t stop moving forward.

As a new entrepreneur, there will be delightful days where everything is working out perfectly for your new business. There will also be overwhelming days that make you feel like giving up. This happens with every new entrepreneur. When you feel like giving up because you are so overwhelmed, stop what you are doing. Take a deep breath and if you need to – walk away. You may need to walk away for a few minutes, a few hours, or even a few days. But once you are rested and your head is clear, always come back to your business. When you do, you will have a renewed energy. This new energy will help you regain focus, solve problems, and complete overwhelming tasks that will allow you to continue to move forward.

#5 – Go ahead and follow the rules.

Doing things “by the book” is much easier than breaking the rules. All businesses have to follow certain rules and regulations. So new entrepreneur, just go ahead and follow them. It takes less energy to do things the right way than it does to do them the wrong way. When you are being sneaky, underhanded, or unethical, you spend more energy and lose more sleep trying not to get caught. They say “what goes around, comes around” so just do things right the first time. Go ahead and follow the rules.

#6 – Always treat customers well.

Remember, your customers pay your salary. When you treat them well, they will continue to support your business. As a new entrepreneur, you are not doing customers a favor by being in business. They are doing you a favor by supporting it. Give customers a quality product or service that keeps them coming back. They will tell a friend who will then become a customer too.

Being a new entrepreneur is exciting. It can lead to a great career if you start off right. Follow these new entrepreneur tips and you will be well on your way to building the solid foundation your business needs to thrive.

Author: Ken S.
Article Source: EzineArticles.com
Provided by: Electric Pressure Cooker

Entrepreneurs are what built America. They revolutionized our society and established many of the products we have come to depend on, including cars, light bulbs and phones. There are several characteristics of entrepreneurs that are found in those that find success and even though the face of business has changed, the basics behind great business haven’t.

What are the most common characteristics of an entrepreneur.

1. Drive. Most entrepreneurs tried and failed several times before they hit gold. The most successful entrepreneurs pick themselves up and start again until they get a system that works. It isn’t uncommon for an entrepreneur to be working on several projects at once.

2. Planning. Entrepreneurs are willing to learn what they need to know and can plan a launch, growth campaign, expansion and more without having to hire a team to do it for them.

3. Confidence. One of the most common characteristics of a successful entrepreneur is confidence. Depending on yourself for income can be scary or rewarding. If you don’t have the confidence to keep going when you fail and try again when you have new ideas, you may not have the characteristics of an entrepreneur. Entrepreneurs are confident that their plan will work and are willing to risk it all to make their dreams become a reality.

4. Ethics. With the world wide web and the ability to post about anything and anyone, a business person, now more than ever, must display that they are honest, forthcoming and a joy to work with.

5. Communication. A great entrepreneur knows what to say and when to say it. They can write a motivating sales pitch, create interesting presentations and inspire you with their emails. Communication is the one skill that every entrepreneur must have in order to survive.

6. Passion. It is possible for an entrepreneur to have a successful business without loving it, but what’s the point. If you don’t have a passion for what you are doing you will eventually decide it’s not for you. Find something that you love and pursue it.

7. Charity. Entrepreneurs support the community that supports them. They are the most generous group of the population and often can be seen at fundraisers and supporting community organizations.

8. Money. Successful entrepreneurs know that having a successful business isn’t about having money. If you are an entrepreneur at heart money will begin to flow into your business.

Some entrepreneurs have all of these characteristics and some have only a few, but these main characteristics of an entrepreneur are only a few of what is seen in most of those who turn their business into a success. They are as unique as each person and each business.

Author: Stephanie Shavers
Article Source: EzineArticles.com
Provided by: Make PCB Assembly

Dear friend,

This article is really going to be personal and very touching. Why? It is going to be so because as you read it, you will be forced to take a look at your life. In life, many entrepreneurs fail to succeed in business. Even with the best economic policy and the right market or product, they still fail to succeed in business.

The fault lies neither in the economy nor the product but in you the entrepreneur. I am going to reveal 3 fundamental reasons why entrepreneurs fail to succeed in business. Below are the 3 reasons entrepreneurs fail:

1. Lack of a well defined purpose:

This is a major reason why entrepreneurs fail. I have come across entrepreneurs without personal purpose, not to talk of their business purpose. They have no dream, no mission, and no target. This type of entrepreneur wakes up in the morning and say “let me go out and see what today holds for me.” They have no set goal.

If you take a closer look at these entrepreneurs, you will observe that their life is driven by fate. They believe in luck and simply takes whatever comes to them with this sentences “such is life” or “life is unfair.” They have lost control of their destiny.

I have a friend who happens to be an entrepreneur. He plays the lottery weekly, hoping to hit millions one day. He goes to his business daily hoping that one day; he is going to make a kill.
Now he has faith that he is going to make it in life but the problem is that his faith and hope are channeled in the wrong direction. The truth is this; this kind of entrepreneur is never going to succeed in business but anyway, i wish him the best of luck.

2. Inability to aim above mediocrity:

Entrepreneurs with this type of attitude are better than those without a well driven purpose. But the problem with this class is that they fail to aim above mediocrity. These groups usually take the bold step to set goals but they set small goals.

They set goals they know they can achieve easily. They don’t want to stress themselves. An example of such is an entrepreneur with a current year turnover of $1,000,000, setting the goal of achieving a turnover of $1,200,000 in the coming year. Now what stops this entrepreneur from setting a turnover goal of about $2,000,000 – $2,500,000? The reason is mediocrity. They don’t want to pay the price for success. I just remembered a quote from my mentor:

3: Lack of self discipline: This is another hot reason why entrepreneurs fail to succeed in business. The worst thing about an entrepreneur that lacks self discipline is that there is no remedy. He can never succeed in business even when placed in the best economy. Self discipline is self control and it results fro self imposed personal standard.

In conclusion, don’t just read this article and dump it. Instead, read it and analyze your life to see if you possess any of these traits. Do this and i will see you at the top.

Author: Ajaero Tony Martins Ifeanyi
Article Source: EzineArticles.com
Provided by: Duty on LCD/Plasma TV

Think back to statistics class and the concept of the correlation coefficient – this month we are exploring the R2 between successful entrepreneurs and successful endurance athletes. While hard core statistics show that the odds are against accomplishing either if “success” is measured by generating millions in an IPO or being a top finisher at Kona, I had the chance to interview 12 entrepreneurs who are very successful in their entrepreneurial pursuits and when you layer on top their endurance accomplishments, we would all agree they are simply amazing.

While we cannot conclude there is a scientific causal relationship between successful entrepreneurs and endurance athletes, there is no doubt that similar characteristics are embodied in both classes of individuals: discipline, extreme drive, and vision. “Successful entrepreneurs and athletes must have a vision – and the dedication and drive to make that vision a reality,” comments Ryan Wuerch, Chairman and CEO of Motricity, “As an entrepreneur and an athlete you face challenges and a level of intensity that sometimes seem too great to overcome, but in both cases, you push through.”

Bud Whitmeyer, General Partner of Research Triangle Ventures agrees,”Both classes of individuals need to have the ‘stick it out’ mentality.” Chef Sarig Agasi knows the recipe – he takes his time in the kitchen at Zely & Ritz named by Organic Style as one of the Top 20 Organic Restaurants in America, but not on the road. His best inventions, including special athlete menus, come to mind while training to break 3:00 in the next Boston Marathon.

Donna Jensen, former CEO of Startups.com in the bay area and now running Vibrant Ventures in Chapel Hill, believes the correlation between entrepreneurship and endurance sports is “a good, healthy supply of ‘endorphins’…the most successful entrepreneurs have high-energy levels and tremendous stamina probably due to the powerful effect of endorphins.” She adds that she does not know of any entrepreneurs on steroids! Jensen always loved to run and when she shut down Startups.com in 2002, she signed up for her first marathon and “discovered that euphoric feeling again at about mile 10 and was hooked.” She discovered that she was not alone. “While training, I came across numerous other dot.com CEO casualties who were also training for a marathon or triathlon. We laughed it off saying it was better than hitting the booze, but I think we all knew that we missed the energy and excitement of it all.” So, endurance sports are also a perfect fit for entrepreneurs between ventures.

This also rang true for me – in 2001, after I completed my one year cross country tour of duty integrating OpenSite Technologies here in Durham with Siebel Systems out in San Mateo, I started to train for my first marathon with Leukemia & Lymphoma Society’s Team In Training, and now am a trustee and board member where our mission is to eradicate blood related cancers.

Austin entrepreneur Kevin Przybocki, co-founder of Anue Systems, makes a profound statement that I have also observed from the behavior of my bay area, Boston, and RTP entrepreneurial colleagues — “It’s not for the fame, money or health benefits. There are plenty of other ways to make money and to get in shape. For these activities it has more to do with challenging oneself, reaching goals, and achieving things that are personally satisfying. In both cases, it is a way of life, and a mind set, rather than an event. ‘It’s in your blood’ to be an entrepreneur or an endurance athlete.”

David Motsinger, CTO of StrikeIron, describes his entrepreneurial goals as not focused first on money but “to succeed in creating value that helps others, helps myself and allows me to learn something new. If in the process I can score a financial win, then that is good too.”

Pete Durand, CEO of Integrian echoes Przybocki’s ‘blood’ sentiment when he states his entrepreneurial goal – “build a great company, have a successful exit, do it again.” All the entrepreneurial athletes I interviewed, like me, don’t stop – we are all energizer bunnies.

Bryan Bergeron, President of Archetype Technologies, who serves on the medical advisory board of Cary startup Virtual Heroes, and on the faculty of the Harvard-MIT Health Sciences Technology program adds this important note — “Endurance sports require the ability to work alone as well as within a group.” Team work certainly is critical at successful ventures and where would Lance be without the strategic peloton drafting of the Discovery Channel Team? Cohesion of teammates can make or break a successful finish.

Individually, entrepreneurial startups and endurance sports each take a large investment of time.

Together, does one get hurt by the other? When asked if endurance pursuits hinder or promote his entrepreneurial endeavors, Ryan Wuerch commented, “My physical training has positively influenced my entrepreneurial endeavors by creating in me a confidence, energy, and discipline far stronger than what they were before I began training.”

Several entrepreneurs mention what Whitmeyer believes – that he has “less downtime due to illness” and is more productive. Przybocki believes that his endurance pursuits motivate his staff – when he started riding his bike to work, it encouraged other people to ride as well (either for commuting or otherwise), creating a healthier workplace.

Wuerch is leading several athletes from his company to form “Team Motricity” for the LA Triathlon- just a few days before one of their industry’s largest trade shows, to be held in LA. “I think that the excitement and camaraderie generated by the triathlon will be a great start for the show.”

While endurance pursuits certainly demand time away from entrepreneurial endeavors, Bergeron believes there is a symbiotic ‘momentum’ effect between the two which more than makes up for the time ‘lost’ and therefore makes him more effective and efficient overall.

Henry Kaestner, Co-founder and CEO of Bandwidth.com, whose Co-founder, Chairman, and President, David Morken competed in Kona last year, states for him there is just the right balance, “While I’m fortunate to work and train with a phenomenal endurance athlete, I’m not at the level where work would hold back my ambitions for mega stardom..I just don’t have that opportunity and therefore I don’t have that tension. I find that a long bike ride can release pent up stress that comes with being the final point of escalation for business challenges.”

What are the endurance pursuits of these 12 star entrepreneurs? Whitmeyer enjoys masters cycling competition and will participate in the Hilly Hellacious Hundred in Asheville. In addition to several triathlons, Wuerch plans on running the NYC marathon and has set a goal to participate in an ironman in 2008. Durand builds endurance through long bike races of 125 miles. Keith Boswell, Vice President of Marketing at rPath, has included his family down to his 7 year old who has his first kids triathlon at UNC. This makes his time management easier because he can train for triathlons with his wife and kids. Boswell is aiming for Pinehurst Olympic Triathlon, Inside Out Sports half marathon this fall, and the White Lake Half Ironman in May 2007.

Kaestner states, “I have some unfinished business left at the Blood, Sweat, and Gears Century…illusions of grandeur caused me to be near the front of the ride during the first part, only to bonk significantly after only 20 miles…I’d like to improve next time.” Morken has on his plate Assault on Mt. Mitchell (100 miles and several thousand feet of climbing), Duke Liver Half Ironman, and Blue Ridge Brutal (another 100 mile + sufferfest with about 14,000 feet of climbing). He states, “I actually enjoy the high intensity and duration of these sports, and one of the benefits is higher energy and efficiency at work.”

Interesting training for busy business travelers include Bergeron’s running of stairs every other day for 90 minutes – “all you need is an iPod and a stairwell in a high-rise.” He comments that this is great training for the Double Dipsea adventure race in Sausalito.

How long do these entrepreneurs hope to pursue endurance sports and which will last longer? Bergeron praises a 90-year man, a former Boston Marathoner, who he sees on his step run in Boston. “He doesn’t run the steps anymore, but he carries a backpack filled with weights…I hope to follow in his footsteps”… I think he means literally! While some think their bodies will give out before their brains and others hope to pursue their endurance activities even more often when their entrepreneurism streaks end, still others are like Wuerch who says “I plan on being active and being an entrepreneur the rest of my life.”

Agasi who started racing in marathons when he turned 41 recounts, “My mom had just been diagnosed with cancer and that made me decide I needed to change my lifestyle to not only cook and eat healthy but also to start acting and being healthy…I was literally running for my life.”

Morken, who started his first company in middle school and started triathlons while in the United States Marine Corp a decade ago, precisely states, “I expect both pursuits to die with me simultaneously.” Not a surprising response from the first overall finisher from North Carolina in the 2005 Ironman World Championships in Kona, Hawaii.

There you have it – the spirited drive in entrepreneurs who attack endurance sports with passion. From this snapshot of 12 successful entrepreneurs and strong endurance athletes, I would say there is a definite correlation between the two drivers. I commend you and wish you all the best in both your ventures and races!

Author: Grace W. Ueng
Article Source: EzineArticles.com
Provided by: Canada duty tariff

Which ones are you making? How can you avoid them?

I was recently asked to do a presentation with my associates at a breakfast seminar for business clients. We had arrived at the title “Seven Biggest Mistakes that Entrepreneurs Make” before I had the list prepared, so I decided to do a survey of entrepreneurs and their advisors to complement my own ideas. The feedback was enlightening.

Here are some of the suggested “Biggest Mistakes” from the survey:

“Cash flow, cash flow, cash flow”, “Afraid of Marketing and Sales, “Reactive, not strategic”, “Not delegating”, “Hiring too fast, Firing too slow”, “Not focused”, “Communicating too much, or too little”, “Not using consultants” (That last one was from the consultants, not their clients!)

The feedback also reinforced my own experience that it is OK to fail and make mistakes, as long as they are small, frequent, and early. It’s all part of the learning experience to get better. But big mistakes can kill your business.

Here is my final list of the Seven Biggest Mistakes that Entrepreneurs Make.

#1 Too Entrepreneurial

Certain characteristics of entrepreneurs are necessary for them to be successful. But if over-indulged they can lead to big mistakes. These include the tendency to be too opportunistic and not be sufficiently selective and focused; to be too optimistic and miss or ignore the warning signs; to be too impatient and expect too much too soon.

Entrepreneurs usually have great confidence in their instincts and consequently rely on “gut feel”. The mistake is to neglect or ignore market feedback and analysis of the facts. Being action-oriented, the tendency is to react and “fire” before the “ready, aim” stages are complete. Painful surprises can result.

Many successful entrepreneurs have achieved a lot based on their energy, charm, charisma, and persuasiveness, but then get caught by selling on personality, not on performance. Clients start to notice that expectations are not being met.

Entrepreneurs are expected to be decisive and demonstrate “leadership”. Both can be overdone – deciding too quickly and providing too much direction so that input, initiative and creativity are stifled.

“Doing it my way” often means improvising and learning on the fly, or sticking with what works, until it stops working. The mistake is in neglecting to evolve and grow by optimizing systems and installing best practices and latest technologies.

All these mistakes can lead to serious consequences, as a result of being “too entrepreneurial”.

#2 Lack of Strategic Direction

Another consequence of the action-oriented entrepreneurial approach is the tendency to get lost in the daily details and completely neglect the original strategic plan and objectives. The owner-manager soon becomes pre-occupied by operating decisions and all the demands on his time from customers, employees and the constant fire-fighting. It leaves little time for fire prevention.

This situation is worsened as the entrepreneur concludes that the best solution is “do-it-myself”. Not delegating to staff or using external expertise may seem like the least-cost solution, but probably undervalues the owner’s own time and expertise and does not lead to long-term solutions.

The entrepreneur may have good awareness of long-term strategic issues and had them in mind when the business was launched. But they are now neglected, and the original Business Plan (if there was one) is not documented, updated or shared.

Lack of strategic direction is listed here as #2, but may be the Biggest Mistake that Entrepreneurs Make.

#3 “That was Easy, Let’s Do It Again!”

Another common mistake that can have devastating consequences on the business is the over-confident entrepreneur who concludes, “That was easy, let’s do it again!” So he or she leaps into new markets, new product lines, or even a new business or investment opportunity.

It’s important to remember: Making money doesn’t make you smart.

Do you really know what you did to succeed? Or what mistakes and risks you avoided? Is now a good time to start something new? How much will the current business be impacted by new initiatives? Is your success really transferable?

Many successful entrepreneurs have made the mistake of jumping into a new venture – merger, acquisition, restaurant franchise or real estate investment – and blowing away the equity value they generated in their original business.

Another big mistake to avoid.

#4 Focused on Profit

Being focused on profit doesn’t seem like a mistake. After all, isn’t that the whole purpose of running a business? No, actually. As I explain to students in their first Finance class, the primary financial objective of any business is “to enhance long-term shareholder value”.

Many short-term profit-oriented decisions can hurt long-term value. Examples are many: cutting staff, maintenance or marketing expense; not upgrading systems and technology; accepting high credit risk or low margin customers; avoiding taxes, environmental or quality issues.

Most entrepreneurs are very focused on managing the bottom line by monitoring sales, gross margin and expenses. They always know those numbers.

But they are usually ignoring asset management, especially cash flow. The business may appear very profitable, but have constant cash flow challenges because management is neglecting inventory and receivables, in particular. And unfortunately it is not as simple as: Collect fast, Pay slow. Customer and supplier relationships can be at risk if cash flow issues force you to take that approach.

Managing the Balance Sheet also requires good management of debt and balancing short-term and long-term needs with short and long-term sources of funds.

And the Most Undervalued Asset doesn’t usually even appear on the Balance Sheet: Human Resources. That leads to Biggest Mistake #5.

#5 Neglecting Key Relationships

The key relationship for any business is the one between its owners and the staff. Management and employee communications are essential to business performance and often not managed very well. Key employees need to be recognized and engaged. Mistakes made with key employees can jeopardize the whole business.

Similarly, don’t make the mistake of being distracted by the most annoying and persistent customer. Your biggest customers are not likely the “squeakiest”, just the most important. Don’t make the mistake of letting them be neglected.

Do you need to squeak more yourself? Do your suppliers appreciate you enough?

Fast growth and profitability may be coming from one or two key customers or suppliers which can lead to over-dependence on their business. And your success may be convincing them that they don’t need you in the middle any more. Be wary.

Another key relationship not to be neglected: Is your bank a welcome and willing partner in your business? Remember “friends in need” have to be developed in advance.

#6 Poor Marketing & Sales

You know there is a problem brewing when you hear the entrepreneur explaining that “The product sells itself”, or “Price is all that matters”, or “Our Sales Reps need to do a better job”. These are signs of poor marketing and sales results. Usually the company is failing at both the strategic marketing level and at the execution of effective marketing and sales activities.

Not only are opportunities for profitable growth being missed, but the company may be on the downward slide to “out of business” without a well-conceived marketing plan and effective sales strategies.

#7 Distracted by Personal Issues

And finally #7 – Personal Issues that distract attention from good management of the business.

Personalities and their issues can seriously affect business performance regardless of whether they are owner, management or staff issues. Sometimes they are simply ignored until they become a problem. Sometimes they are a result of too much success and behaving like a rock star.

Family businesses in particular run the risk of favouritism and having family matters interfere with business success. Managing personalities and corporate culture are a particular challenge in family businesses.

That completes my list of the Seven Biggest Mistakes that Entrepreneurs Make.

In Summary, they are:

1. Too Entrepreneurial
2. Lack of Strategic Direction
3. “Let’s do it again!”
4. Focus on Profit
5. Neglecting Key Relationships
6. Poor Marketing and Sales
7. Personal Distractions

Now the obvious question is: How to Avoid Them?

The answer is: Balance!

Each of these Big Mistakes is a result of the entrepreneur failing to achieve balance between opposing approaches and decision making processes. Avoiding these mistakes requires the entrepreneur and business owner to:

• Balance the Entrepreneurial Approach with Analytical Input
• Balance Strategic Vision with Operational Detail
• Add the Head and the Heart to the “Gut Feel”
• Manage for Long-term Value not just Short-term Profit
• Keep Personal Priorities in your Plan but out of your Business

I hope that helps you to grow and prosper in your own business and avoid the Seven Biggest Mistakes that Entrepreneurs Make.

Del Chatterson

September 2009

Author: Delvin R. Chatterson
Article Source: EzineArticles.com
Provided by: Digital TV, HDTV, Satellite TV

“Don’t out-spend the competition. Out-think them. It’s cheaper, easier and more effective”

Savvy entrepreneurs often outsmart big companies. To them it’s fun. And they seem to do it easily. You can too. All you have to do is think like a true entrepreneur – a real one. Calling yourself an entrepreneur or starting a business doesn’t automatically make you one. To be one you have to think like one.

I once met a dynamic entrepreneur who owned a brick making business among other things. Let’s call him David. One of his competitors was Goliath Bricks a big public company. Yes I changed that name too.

Goliath Bricks decided they would put David out of business. They decided to dump tons and tons of bricks below cost into the local market in which he operated which was a provincial town in the State of Victoria Australia.

This went on for months. Nothing happened. David’s business kept flourishing. The big time executives at Goliath Bricks couldn’t work out what was going on. All the bricks they were dumping into the local market kept selling out fast. Surely this was hurting him. They investigated.

As it turned out, David was buying all the bricks through another company he owned, at way below normal cost, and reselling them back into the Melbourne market, Victoria’s capital city, for a nice big profit.

David was thinking like a true entrepreneur. The big company execs were thinking like big company employees.

So what does thinking like a true entrepreneur mean? Well, Thinking is different to having knowledge. And there’s not just one way of thinking, especially in successful enterprises. If one way of thinking were enough, 95% of start-ups would succeed.

The A.B.C Principle
One way to enahnce your Entrepreneurial Thinking is to apply The A.B.C. Principle. It’s a simple business thinking tool. After all, Entrepreneurial Thinking which is your key weapon for outsmarting big companies.

There are three different Thinking Spaces A, B & C. Master all three and you can be a true entrepreneur. Outsmarting big companies will then become second nature.

A – The Abstract Thinking Space
Einstein once said “What counts can’t always be counted, and what can be counted doesn’t always count.” That is what abstract thinking is all about. It’s not tangible. It doesn’t fit into a spreadsheet. But the results that flow from it can. Thinking skills. Beliefs. Confidence. Imagination. Visionary skills. Optimism. Consciousness. Mindset. And that’s just for starters.

B – The Business Intellect Thinking Space
B encompasses all the measurable business knowledge and skills we acquire. Facts. Figures. Data. Strategies. Analysis. Systems. Qualifications. This is where many business people feel most comfortable. It’s Business Execution Intelligence. Most big companies become over reliant on B thinking.

C – The Creative Thinking Space
C is where great ideas are born. This is a natural part all of us. Not just ‘arty’ types and designers. You use this thinking space every morning during the simple act of selecting your outfit for the day. This is the space that supplies the fuel for your entrepreneurial engine.

Your Thinking Space Comfort Zone
The A, B and C Thinking Spaces naturally overlap. For each of us one of them is our comfort zone. Moving out of that comfort zone and into the other two Thinking Spaces is what entrepreneurs do best. Corporate executives and big companies don’t do it anywhere near as well as entrepreneurs. Some hardly do at all.

Think of it as a diagram. Imagine these thinking spaces as three circles which gently intersect and overlap each other. Draw the three overlapping circles on a sheet of paper, as though the centre of each circle is at each point of a triangle. The three circles intersect in the middle of the page. Do it now. It will take two seconds. You’ll end up with an odd shape space in the middle where the circles intersect. This is the crucial zone where all three A, B and C circles meet.

The Entrepreneur Zone
That odd shape in the middle of your diagram is where the three Thinking Spaces are in harmony with each other. This space can be elusive. I call it The Entrepreneur Zone. It’s the best place to be if you want to think and behave like a true entrepreneur.

How to Get There
Three simple steps can help you move into The Entrepreneur Zone:
1. Acknowledge that all three Thinking Spaces exist and know that all are crucial to your entrepreneurial success.
2. Respect everyone in the different Thinking Spaces especially those outside of your comfort zone. This is vital yet often overlooked.
3. Learn to think in all three spaces simultaneously. To do that you have to move out of your Thinking Space comfort zone. You have to balance out your learning and your thinking.

Successful Entrepreneurs
This is what successful entrepreneurs do. They won’t describe it like this. Few would have heard of The ABC Principle. But you can be guaranteed of one thing. Applying it is exactly what they do.
It may not be easy at first, but it is that simple. As an entrepreneur you probably do it to some degree already. But are your three Thinking Spaces in harmony? Do you always think in them simultaneously?

You are welcome to share this article with your entrepreneur friends if you like it. Copying it onto your blog or web site is also fine if you reference the author PETER J CAHILL and the article source link below.

PETER J CAHILL

Copyright 2009

Author: Peter Cahill
Article Source: EzineArticles.com
Provided by: Digital Camera News