How To Grow Your Micro-Business
August 17, 2010
If you want to grow your micro-business (defined as a business with fewer than five employees), you might consider some of the findings of a survey by Statistics Canada.
1. The Findings
According to “Growth Determinants of Micro-Businesses in Canada” (Evangelia Papadaki and Bassima Chami, Small Business Policy Branch, Industry Canada), the survey by Statistics Canada revealed the following:
Micro-businesses get much of their advice from family, friends, customers and suppliers. Accountants are more commonly consulted for business advice than lawyers and bankers.
Completion of high school was cited as a factor for growth in the micro-business. Perhaps surprisingly, college or university education was discounted as a factor for success.
Age or sex of business owners did not affect business growth. Nor was being an immigrant a significant factor.
For growth, being willing to delegate, assume risk, and share ownership all seemed to be factors for success.
Expansion of the local market was more important for growth than the export market for the micro-business.
Growth micro-businesses innovate and engage in e-commerce activities.
2. The Opportunities
How Much Risk is Necessary to Grow Your Business?
July 16, 2010
A business owner is thoroughly responsible for their own financial survival and possibly the financial survival of their employees. Business owners, for the most part, seem to be “risk takers”, who really don’t easily “go with the flow”. They are inventive and somewhat confident, as just having their own business does mandate that they possess these qualities.
However, the ability to live with risk is very much a personal issue. Some business owners can live with more risk than others and some can manage the risk better than others.
Having the ability to effectively manage risk is imperative for a successful business venture. Therefore business owners need to be able to effectively judge how much risk is “acceptable” and which business ventures are inherently “too risky” and therefore perhaps harmful to the business overall.
While all businesses must grow and change continually in order to survive, every time a business makes a decision to expand or increase its offerings, a modicum of risk does exist. Most businesses face risks when they incorporate new offerings into their current ones, take on new employees, when they change their marketing techniques sufficiently, or when they expand into new areas of business above and beyond the general core or “parent” business.
Entrepreneurship as Your Passion
June 18, 2010
Entrepreneurship has been my passion for as long as I can commit to memory to learning how to type, and that started in 5th grade! Strangely enough, I wasn’t raised around lots of business owners growing up in New Jersey nor surrounded by many business-minded individuals.
Initially, my passion was expressed through the notion that extra money can be made while working a corporate job. There are several reasons why people become entrepreneurs: to be able to save up for their children’s college education, pay off bills, buy a house, to have the flexibility of setting their own hours, and more importantly to become the boss of their destiny.
Entrepreneurship as your passion truly opens doors to numerous areas of interests. In my mind, being an entrepreneur is like flying a plane without a destination; meaning, it’s endless in terms of what you accomplish, how successful you become, and what truly makes you blissful on a day-to-day basis.
Whether your passion is crocheting sweaters, selling ice cream from a truck to running a corporation, it’s all about feeling great at what you’re doing and reaching your personal success. Your passion is something that you feel comfortable, secure and knowledgeable with and it’s the excitement that keeps you working a 50-hour workweek with a smile on your face. It’s the fulfillment of dodging all the office drama that comes with working the traditional 9 to 5.
The Myth of Undercapitalization - Six Ways Entrepreneurs Achieve Success in Spite of Start-Up Money
May 22, 2010
This year more than 17 million people will become entrepreneurs, according to the National Association of Self Employed (NASE). By the end of the year, 8 million of them will return to the corporate world because their entrepreneurial effort did not succeed. Many will say the businesses failed because of insufficient capitalization. Actually under-capitalization is not the cause of failure, but a symptom of a far more serious problem.
Many experts will say that undercapitalization is the main reason for the failure of an entrepreneur to achieve the dream of having their own business. They will point out that failing entrepreneurs did not start with a large enough bank account to offset the period it takes before a business is profitable. Statistics always back up this theory because, sure enough, the money has run out before the business is profitable. Therefore, they argue, the theory must be accurate.
Hogwash!
The fact that capital ran out before a business is profitable overlooks other factors having an impact on capital. Yes, the business failed because it ran out of money, but under-capitalization is not the culprit. Let me explain.
Find Out If You WILL Be Successful As a Franchisee?
April 26, 2010
Will I be successful as a franchisee?
One of the soundest pieces of advice to take when considering becoming a franchisee is to ‘Assess Yourself’. Assess whether you can accept direction. Some people cannot. Assess whether you can work within definite systems and structures without feeling trapped. Assess if you are committed to the franchise concept and if you believe in it. If you feel that you can work within these parameters then go for a franchise. If not, then a franchise may not be for you.
Also realise that owning your own non-franchised business is nearly 3 times more likely to go broke than a franchised business. In today’s cut throat world you should take every edge you can get. And don’t forget, you are going to be your own boss, if you would sack yourself it may be wise not to have your own business at all.
Are franchises fool-proof?
Absolutely not. Franchises rely on you to succeed. Even if you succeed certain things may occur beyond your control that may make your franchise crash. These aspects are potential failures of the franchisor. Regardless, of how well you run your franchise you may be forced to close because of the performance of you franchiser.
Applying The Daffodil Theory into Business Practice
March 27, 2010
At times all of us need a bit of inspiration to add to our day. When I first read this article, I had started my own home based business and was in a bit of a slump. This inspirational story was exactly what helped spring me into action and keep on going.
I loved it so much that I thought why not share with other people in hopes it would have the same type of effect it had on me.
THE DAFFODIL PRINCIPLE
Several times my daughter had telephoned to say, “Mother, you must come see the daffodils before they are over.” I wanted to go, but it was a two-hour drive from Laguna to Lake Arrowhead. “I will come next Tuesday,” I promised, a little reluctantly, on her third call.
Next Tuesday dawned cold and rainy. Still, I had promised, and so I drove there. When I finally walked into Carolyn’s house and hugged and greeted my grandchildren, I said, “Forget the daffodils, Carolyn! The road is invisible in the clouds and fog, and there is nothing in the world except you and these children that I want to see bad enough to drive another inch!” My daughter smiled calmly and said, “We drive in this all the time, Mother.”
How to Become a Successful Entrepreneur on the Web
February 27, 2010
Becoming a successful entrepreneur in the online world is no different than becoming a successful entrepreneur in the brick-and-mortar world. Both tasks require vision, determination, and hard work.
The online world of the web offers many exciting opportunities for entrepreneurship because it is fresh, new, and exciting. The cutting edge of development has always been the most fertile ground for growing a new enterprise. In the 1800’s, the new frontier was the American west and many fortunes were made there. In the 2000’s, the new frontier is the web, where many fortunes have yet to be made.
Jeff Bezos of Amazon.com is worth 4.85 billion dollars. Pierre Omidyar of eBay is worth just over seven billion dollars. David Filo and Jerry Yang of Yahoo are both billionaires. These men made fortunes on the web, and so can you.
The path to becoming a successful online entrepreneur has changed in the last few years. The over-optimism which characterized the late ’90s and ultimately led to the subsequent crash in the technology sector has matured into a cautious and reasonable optimism grounded in traditional business values.
The party is over; it’s time to get to work.
Entrepreneurial Emotions or It Seemed Like a Great Idea at the Time
January 29, 2010
It’s your first business or the next Great Idea in your ongoing business, online or offline, it doesn’t matter. The roller coaster ride is a theme and variations on the same experiences. First the exhilaration — THIS idea, or THIS business is THE one. It’ll put you on the map with lots of money in your bank account. It can’t fail. It’s just too good. Have you said this? More than once? I have, and several times during my life, with numerous businesses and varying levels of success.
Then comes implementing the idea. The rubber meets the road. One great entrepreneurial joy is having a terrific idea in the shower, and implementing it by noon. The pieces of The Great Idea flow over you like warm water in the shower, feeling just as wonderful, inviting you to stay in that delicious place forever.
WHAT’S NEXT
Seven Key Qualities of Successful Entrepreneurs
December 29, 2009
A recent poll conducted by Forbes magazine shows that majority of its readers would prefer to become a billionaire rather than a Nobel peace prize winner, a great scientist or a famous athlete. There is no secret that most of the average people dream about getting rich albeit very few makes any real effort to become one.
According to statistics, more than 100 thousand people become millionaires each year in the United States alone! Overwhelming majority out of them is self-made and owners of business. This means, if you would like to pursue your goal of becoming rich, you have to start your own venture.
Becoming an entrepreneur is not an easy task! There are certain qualities that are absolutely necessary if you would like to become successful in your business ventures. Some of these qualities are built-in parts of your inherent personality, and some of them get developed over time. Knowing these characteristics and identifying your weak ones - those, which need strengthening - will, eventually, help you become a successful entrepreneur.
1. Common Sense
Studies show that most successful businessmen consider common sense as the foundation of their success. Common sense is defined as an ability to make sound judgments on the issues, which you encounter in everyday situations.
Are You an Entrepreneur That is Starved for Time?
December 3, 2009
Being an entrepreneur and running a successful home-based business is stressful at times, and can be hectic. Success within a home-based business though, absolutely demands time management skills, or the chores that need to get done will be left undone, and procrastination, as well as a serious “personal time deficiency” will occur.
Several studies have shown that many first-time entrepreneurs spend too much time on “non-essential” activities within a business, activities that have nothing to do with business, or that have little impact on business success. At the end of each business day (when it finally ends), they are left feeling stressed out, burned out, separated from their personal lives, and worse yet, with a feeling of non-accomplishment and inefficiency.
You probably have met entrepreneurs like this occasionally in your own life. They constantly seem “busy”, yet they are constantly late for appointments, don’t ever have time to attend personal activities or outings, and are always stressed out about what still “needs to be done” each and every day!
