Top Ten Entrepreneurial TraitsWhat are the ten traits most entrepreneurs have in common? Many say that entrepreneurs are born, it’s in their blood. On the other hand, certain skills can be developed and mastered with time and experience. We tried to gather a rundown of the basic traits, what would you add?
1. There’s a lot of talk about P-words: passion, perseverance, and persistence. I mistrust all three. A lot of unsuccessful entrepreneurs have them just as much. You have to have some variation on these traits, but you can have all three and still fail. You and I both know people who never made it and never stopped trying. My favorite P-word in entrepreneurship is planning, but that’s just me. Stubbornness is good too, even without starting with P.
2. Empathy, as in understanding how other people think and feel about things. Empathy leads to understanding what the people you sell to want, what they need, how they think, and how to best reach them. It’s hard to imagine somebody building a company without being able to put themselves in the buyer’s state of mind.
3. A sense of fairness. For dealing with vendors, customers, and employees.
4. Transferable values. This is closely related to the sense of fairness. I just don’t see people building businesses without believing in what they’re doing.
5. Willingness to work hard, shoulder to shoulder with other people. Cliche, but true: the harder I work, the luckier I get.
6. Knowing what they don’t know. To me that’s much more important than what you do know.7. Listening carefully. Shutting up.
8. Vision for what they can build. Imagining a happy future. Dreaming.
9. Making mistakes. You have to deal with failure. Keep pitching.
10. Jumping viewpoints, like from short-to long-term in an instant, mixing those viewpoints together. That’s like dribbling, keeping your eyes up while managing the ball at your feet.
7 Ways to Weigh Your Start-Up Risks — and Reduce ThemWhen you were a kid, how often would you ride your bike down a steep street while letting go of the handlebars, or take your sled to the top of the highest hill in town, not even considering that a false move could end in a tumble? Back then, you knew that the ride was worth the risk. Now, with your own business, are you questioning every decision and avoiding the high hills of opportunity because of a fear of falling? It’s a natural reaction, but it can kill your aspirations and cost you the thrill of that amazing ride to success. Here are some things to consider that may make it easier to leap more fully into entrepreneurship:
1. Worst case scenario: What’s the worst that could happen if you take this risk and fail? Would it be a setback for your business? Maybe. Would it destroy your business completely? Probably not. Take a look at the most disastrous possibility. Could you survive it? If so, it may be time to jump.2. The next-best choice: If you don’t take this risk, what is your next best option? Is it less risky? Will it make as much of a difference if it succeeds? Consider all of your options. If the higher risk choice still seems like the best one, take it.3. Plan B: The old saying don’t switch horses in mid-stream doesn’t fit here. If you take your risky move and it’s not working, switch gears immediately. Have a Plan B and maybe even a Plan C ready if you need them.4. Get opinions: You think this is a great idea. Now ask some people that you respect with experience what they think. In the best case, they will relieve some of your anxieties and maybe even have some ideas to reduce the risk. They may also tell you not to do it. If enough people say that, it may pay to listen.5. Plan, plan, plan: You can reduce risk simply by building a strong plan. Spend some time determining every step so that you are prepared to execute successfully. You may want to use project-planning software or draw up a flowchart with milestones and measures for success. That way you can ensure that you stay on track and that your plan is working.6. Testing…testing: Can you start with a small test of your risky idea and see how it works? Maybe you approach only one current customer with the new idea, or try it in only one of your operations. If it’s a special offer, set it up for a limited time only. You can always extend it or bring it back if it’s a success. This way you minimize the downside potential while still leaving the possibility for upside.7. Jump in: When you’ve analyzed and asked and planned and thought through everything, it’s time to make that move. Conjure up the feeling you had when you were at the top of that high hill or Steep Street and let yourself go. Don’t think about the risks, just enjoy the ride. That’s part of the joy of being an entrepreneur.
6 Ways to Ease into Entrepreneurship
Here are six constructive ways for giving you a good kick in the pants to start up:1. Practice. It can be hard to walk into the office of a potential client and make your pitch, particularly if you’ve never done it before. So prepare by building your presentation, then try it out on friends, family and close colleagues. Be sure to address any issues of concern and any other questions that pop up.2. Start with a small fish. It’s tempting to jump on your best potential buyer or client, but that’s risky. Instead, start with a client you can afford to lose. That way, if you can make any mistakes and discover any gaps in your service, you won’t burn your best prospect. Plus, bigger-fish clients tend to avoid working with new vendors who don’t already have a track record.3. Make cold calls. No one who sells anything can avoid making cold calls forever, so it’s time to start. Understand the most important concept behind cold calling: It takes lots of rejections to get a yes. So try not to get discouraged. Take notes on which openings work the best and which you should avoid repeating. Then, set a number of cold calls you will make every day and stick with it. Eventually it will pay off.4. Start blogging. This is a more passive approach to dipping your toe into entrepreneurship, but it can have a real impact on your success. If your blogs are strong and content-rich as well as engaging, you may get some positive industry attention from them. Be sure to promote your website and blog when you make sales calls and have the URLs on your business cards.5. Network. If there is a professional association in your area that matches your industry, join and attend all of its functions. Those luncheons and meetings are a good chance to make contacts and turn cold calls into warm ones. Just be sure not to turn into mister salesperson at those meetings. It turns off potential clients and makes you look desperate. If an opening appears to mention your business, stick to your elevator pitch (you do have one, don’t you?) and only continue about your business if someone asks a question. Just remember, if someone shows an interest, don’t jump into your sales pitch. Instead, suggest a meeting later in the week.6. Exhibit at a conference. If you’re far enough along to pitch your product or service at a conference and your budget will stand the cost, an exhibit booth can build interest in your business and you may leave with several good leads. Just be sure the conference is a good fit for your company and that it’s well-attended by people who match your buyer profile.Bonus tip: Set a deadline. If you aren’t selling products or services in the next 3-6 months or year, you will give up on your entrepreneurial plans and go work for someone else. Now if that’s not a serious kick in the pants, you’re not really ready to be an entrepreneur.
Top 10 Mistakes Entrepreneurs Make
1. Sticking with one—and only one—idea for too long: While a single idea may be your catalyst to entering a market, don't be afraid to continue to explore new ideas and options. Remain open-minded, and explore new ideas to see which ones will pan out into feasible market opportunities.
2. Being product-driven, not customer-driven: In the world of capitalism, the customer is king. Even if your product is faster, better, or stronger than the competition's, if it isn't what your customers want, then they won't buy it. It's that simple. And to know what your customers want, ask them! Understanding what your customer wants and needs should be your number one priority.
3. Thinking legal problems can be solved later on: Many important legal decisions must be made early on. Neglecting to deal with these issues during the appropriate stage can cripple a business. It's important to hire a competent lawyer with experience in working with entrepreneurs. He/she can advise you on the next steps to take as you are growing your business. It can be much more costly and time consuming to fix the legal blunders you made unknowingly early on than to take care of them at the outset.
4. Spending money before you make it: Cash is key in the early stages of a business. Money owed to you only forecasts future cash flows. While you may have a booming business with many customers, you cannot pay your bills and staff without cash.
5. Not having a clear focus: Write a business plan early on, even if it is only for your benefit. Set both short- and long-term goals for the business, so you can check your progress along the way. Without a clear vision of where your company is heading, your great idea can get muddled along the way.
6. Catching key customer syndrome: Having that one large customer in the beginning may be just what you need to get your business started. But don't rest on your laurels. Use that edge up to work on acquiring more customers—large and small. Having one customer who generates more than 50 percent of the revenues can be a recipe for disaster if that customer goes out of business or stops buying from you for some reason.
7. Performing inadequate market research: Entrepreneurs often overestimate the size of their potential market. So be careful about defining your market segment too broadly, and make sure to conduct sufficient research on potential and exiting competitors. Ask relevant questions, such as: What are potential customers buying now? What is their incentive to switch to buying a new product? Is there enough market demand to support the introduction of a new product?
8. Having too much overhead: Many startups fail due to overspending on overhead. The best entrepreneurs know how to use their cash for business-building processes, such as product research and development. Think carefully before spending and remain focused on the bottom line.
9. Lacking experience: Your lack of experience in the industry you are trying to enter can lead to many costly mistakes. Before trying to launch a startup, gain experience in the field through an internship or a related job. On-the-job experience is the best way to learn about a business.
10. Maintaining equal partnerships: When starting a business, it can be tempting to divide ownership equally among the partners and attempt to make all decisions via consensus. But while partners may agree in the early stages, disagreements will inevitably arise. Partners also often have different ideas about how much time to put into the business. Ensure that there is a defined leader with adequate authority to make final decisions and sufficient compensation to remain motivated.
Biggest Trends of 2013http://www.youngentrepreneur.com/blog/entrepreneurship/the-biggest-trends-in-business-for-2013/
Data
The Rise of Big DataCutting-edge entrepreneurs are stepping up to crunch the vast (and ever-growing) stockpile of information too large for companies to store and analyze in-house.
Manufacturing
Domestic Production Makes a ComebackFactors like more affordable labor, higher shipping costs, a better financial climate and a surge of homegrown innovation mean the U.S. manufacturing startup universe is experiencing a renaissance.
Office SpaceThe Workspace of the FutureThe office is getting a new look — or being phased out altogether.
Management
Managers Who Understand the Importance of Goofing OffCEOs get the message about the value of fun in the workplace and its contribution to the bottom line.
Beauty
Beauty Seekers Favor ‘Cosmeceuticals’Consumers take a shine to advanced personal-care products.
Food
Hot Sauce Goes MainstreamMove over ketchup. Hot sauce is now one of the 10 fastest-growing industries in the U.S.
Beverage
Energy-Drink Market Gets a Boost From Young ConsumersEnergy-enhancing products have grown into a multibillion-dollar industry fueled by young consumers.
HealthHealth Care Goes DigitalThe digital health-technology market will be worth $5.7 billion by 2015, with chronic care, wellness and medication management leading the charge.
Customer Service
Using Transparency to Build Consumer TrustWeary consumers have had enough of false promises and conflicting marketing claims and are simply seeking brands they can trust.
Vending
Unique Vending Machines Drive Industry ForwardRecent innovations like touchscreen technology, electronic-payment options and unique products could give the vending machines industry a boost.
Lending
Creative Financing Grows in PopularityTraditional business lending is still faltering, but more people are starting businesses, which means borrowers and lenders are getting creative.
8 Ways to find business Ideas:
Ask yourself, "What's next?"Successful business ideas are often ahead of the curve. Think about trends and technologies on the horizon and how you might move into those areas, says Sergio Monsalve, partner at Norwest Venture Partners, a Palo Alto, Calif.-based venture capital group. He suggests, for example, thinking about innovations related to the living room and home entertainment systems now that companies like Apple are developing new television technologies. "What can that mean in terms of new ways to live in your house and be entertained?" he says.
Do something about what bugs you.When Colin Barceloux was in college, he thought textbooks cost far too much. In 2007, two years after graduating, he decided to take action and founded Bookrenter.com, a San Mateo, Calif.-based business that offers textbook rentals at about a 60 percent discount. What began as a one-man operation created out of frustration now has 1.5 million users and 200 employees. "You just have to look at what frustrates you," he says. "There's your business idea right there."
Look for new niches.Your business idea doesn't have to reinvent the wheel. Take a look at what some of the big players in an industry are missing and figure out if you can fill the gaps, Key says. In 2003, for instance, he started the company Hot Picks, now based in San Jose, Calif., after realizing the major brands in the guitar pick industry weren't offering collectible novelty picks. Key designed a skull-shaped pick that filled an empty niche and was sold in 1,000 stores, including Wal-Mart and 7-Eleven. "The big guys leave a tremendous amount of opportunity on the table," he says.
Apply your skills to an entirely new field.Think about your skills and whether they might be useful in a new area, suggests Bill Fischer, professor ofinnovation management at IMD, the top-rated Swiss business school, and co-author of The Idea Hunter: How to Find the Best Ideas and Make them Happen (Jossey-Bass, 2011). Consider, for example, JMC Soundboard, a Switzerland-based company that builds high-end loudspeakers. Jeanmichel Capt invented the speaker by applying his experience building guitars as a luthier, using the same resonance spruce to create a loudspeaker that produces a high-quality sound and looks like a sleek wood panel. There's also Providence, R.I.-based Dear Kate, a company founded by Julie Sygiel, who used her training in chemical engineering to create a stain-resistant, leak-proof underwear material that active women can use without worrying about menstrual leakage during a workout.
Find a category lacking recent innovations.When coming up with ideas, Key likes to identify markets that haven't had many recent innovations. For example, when he realized there were few new developments in the product information label business, he created Spinformation, a label consisting of two layers—a top layer that rotates with open panels through which you can see, and a bottom label that you can read by spinning the top layer over it. Companies needing to fit more information about a medication, for example, could use the extra label space for the details.
Make a cheaper version of an existing product.Companies often get their start by offering customers an existing product at a lower price. Take Warby Parker, an eyeglasses company launched in 2010 by four business school friends. The New York-based business sells prescription glasses, which are typically priced at $300 or more, for $95. Since its launch, it has grown to 100 employees.
Talk to shoppers.To come up with an idea that meets people's needs, there's no better way than by talking to shoppers. If you are interested in mountain bikes, hang out in the aisles of sports and bike shops and ask customers what they wish they could find in the marketplace. If you're interested in developing an e-commerce business, consider sending an online survey to potential customers to learn about their needs and interests.
Play the mix and match game.Walk up and down the aisles of a drug, hardware or toy store combining two products across the aisle from each other into one, Key says. That should spark quite a few ideas, but be prepared for most of them to be bad. "You will come up with all these horrible ideas, and every once in a while you will find some brilliant idea out there," he says.
Case Study L3
https://www.carepages.com/
