How to Build A Successful Business or Famous Entrepreneurs?
Starting a business and becoming successful is often part of the American Dream. But there is a difference between starting a business and building a successful business. Many businesses fail within the first few years of existence due to the lack of planning for the long-term. Famous Entrepreneurs in Review there is not enough vision and there is not enough done to strengthen the business properly from the ground up.
If you want to start a business there is an easy way to get a better understanding of why some businesses fail and others don’t. When starting a business think about it similar to building a house. If done right it is protecting you against any kind of storm or danger of the outside world and will last for a long time. It offers shelter and protection. For you and your business that could be translated to that you want to have a business that is able to weather economical ups and downs (=storm) and that will provide income to pay the bills (shelter and protection).
When building a house there are several different steps you need to follow to have the house build. You know you want a house, but you got to pick a location and get an architect to plan everything out. In the business world that would be: you know you want to start a business, but you have to come up with a business idea and work out a business plan. The next thing for the house would be to build the foundation (and eventually the basement) for the house. In the business world – you got to build the initial infrastructure (example: connecting with vendors, find a manufacturer for your product, create a sales team, rent office space, get a delivery truck, etc.). Once that is in place you able to actually do business and earn some money. But you are not completely done yet. You need to build a frame, put in windows and you also need a roof on house. For your business this means that you pay off debt, improve business processes and get professional help when needed (example: find a tax accountant, select a payroll service, etc.).
Once the house is build you probably want to fill it with furniture and make it livable for the future. Nobody wants to sleep on the floor, right. Again translating this to the business world it could mean that you invest money you earned back into your business. You buy machinery instead of leasing it. Eventually you buy a building, hire more staff, develop more products, move into new markets, build up a high cash reserve, and buy other businesses and so forth. This is often the step where winners and losers separate. Re-investing money into the business is a key factor for success. If you go and spend all the money on your own salary to buy things you have nothing to go back to when the economy slips into a recession or if disaster strikes.
The successful business owner has build up a cash reserve or can borrow money from bank – securing loans with the assets of the business. Going back to building a house this pretty much matches the same efforts. You pay off your mortgage and have equity available to eventually borrow against when emergency arises. Emergencies do not include paying off credit cards to use them again or to buy a car. Financially responsible you should be looking at the long term and not finance short-term goods with long-term debt.
Interesting Facts About Famous Entrepreneurs in Reviews:
About Famous Entrepreneurs in Reviews:
How many new products and inventions can you dream up with in thirty minutes? At least a few if you know the techniques of innovation and creative problem solving. The following are thirty minute's worth, with some notes at how they were arrived at.
New Products and Inventions From Old
A fast way to invent new things is to start with existing concepts and find new applications. With the concept of inflatable things, the first thing that comes to my mind is inflatable shelters for emergency situations, such as after earthquakes or hurricanes. Such shelters could be transported easily, and erected quickly with a simple air pump. A basic large tent design, but with inflatable ribs instead of poles might work.
We can always find new products and inventions for babies. Inflatable cribs or playpens come to mind. Deflated, they could be folded up and stored almost anywhere. A simple design for a playpen might be a plastic floor with a simple wall that surrounds it and is attached to it. Think of air mattresses for swimming, set on their sides, connected end to end and wrapped into a circle and you'll get the idea.
When we used to go "tubing" down rivers in Michigan, we were forever trying new ways to carry a cooler with us while keeping it convenient to get a soda or beer out of it. A solution could be an inflatable bar. It might have a cooler built into it, have can and glass holders, and maybe even a secure place to set snacks. It could be used in a pool, lake or river.
Many people drive into water and die each year. One solution to this problem might be inflatable flotation that is activated when the car begins to sink. They would quickly inflate in an accident involving submersion, and would keep the car afloat. Put one in the trunk, and another inside the car, or have them come out from the wheel wells. To avoid accidental inflation, the triggering device would be activated by water, but be in a place where rain and car washing water couldn't reach.
Vending Machine Products and Inventions
When I considered the concept of vending machines, the first thing that came to mind was a beer machine. It could only be used in a bar that was restricted to adults, of course. A big benefit is that it would lessen the need for bartenders, since half of all the drinks sold in a bar are just simple beers. It is an innovation that could be implemented tomorrow, using beer in cans in existing pop machines.
A vending machine for books and magazines might do decent business in an airport, bus station or other places where people are forced to sit for hours. They may already exist, but I haven't seen them yet. Add some padding to the drop chute, and existing snack vending machines could be used.
They sell phone cards everywhere now, but I haven't yet seen them in vending machines. You could also sell those collapsible umbrellas from a machine. There are dozens of other things that could be profitably sold from vending machines. Use simple techniques like this extension of existing concepts, and there are also thousands of other new products and inventions waiting to be made.
Famous Entrepreneurs in Reviews
Traits to Manifest Towards a Successful Entrepreneurial Venture
Do you know why a lot of entrepreneurs succeed with their businesses? Well honestly, they’ve got positive traits that aid them in their success. So, do you have them too?
Almost every successful entrepreneur when asked about their acclaimed success would merit the deed to their attitude. They will surely tell you that it is all about attitude. Yes, it is all about nothing but positive traits to get an entrepreneur going in the business. The real sense of business has changed in meaning and in phase all throughout the years.
Let us credit it to the advanced technology that we are all enjoying these days. Computers—they are all around. With the computers come the internet and the power of the web so as with the email and web pages. The telephone system has likewise changed over time which includes the advantages brought about by voice mails and cell phones.
Now these technological aids are only mediums that make the flow of businesses in smooth transition. Nothing and no one can ever disregard the importance of the positive traits imbued in a person which makes a successful entrepreneurial possible by all means.
Are you then a budding entrepreneur? Do you think you will be capable of dealing with all of the advents alongside entrepreneurial ventures? Then read on so you will learn how to assess your personality and if you’ve got the needed traits of a potential entrepreneur.
Would-be-entrepreneurs must know how to set goals. Now the setting of these goals starts at the tender age of an individual. One’s being a youngster needs to be coupled with discipline in the setting of future goals.
The building up of these traits is usually influenced by the factors such as the parents and the educators. For people who do not belong to the upper class, they are able to realize that when they want something which they know their parents would not be able to afford, they will surely work for it in their own little ways.
When it comes to entrepreneurial, the person is aware that the decision-making lies in his own hands so he will likely turn out to be very responsible.
After the goals have been set, a thorough working out of it is needed. What are goals if they will not be materialized? In order to reach these goals, a person must strive hard and learn the craft of organization, discipline, and risk-taking.
Next, one who has the dream of venturing into entrepreneurial knows how to assess his own strengths and weaknesses. What are you good at? What can you do? What are you capable of giving out in the business? On the other hand, what are your usual failures? What shortcomings are you prone to be subjected to? When entering into any form of entrepreneurial, facing one’s fears cannot be set aside. One must be open to all possibilities in the phase of the business industry.
An entrepreneur must have a nose for business opportunities. What is most likely to be appreciated by the customers? What trend is hot in the business? The truth is that newbie and oldies in line of entrepreneurial must not stop seeking for opportunities and possibilities that will work best in today’s current time.
After such opportunity has been spotted, an entrepreneur must grab such chance and make the best out of it. Talk about taking advantage! There is always that competition which cannot be rid of but then one’s success in business is always measured by the realization and materialization of the set up goals.
Entrepreneurial also equates with the ability of being able to efficiently manage and handle every little thing concerning finances and budgets. When one is unable to control the outflow and inflow of the finances, then the business may be up to closure in no time at all.
Entrepreneurs must know how to recognize the first best. Any opportunity is worked out to turn out to be the best in the area. Experiencing fun in whatever endeavor is always vital for a successful entrepreneur. Entrepreneurs also know the time when they need to seek for help. They are no super heroes so they also need aids from other people.
The question now is, do you have such traits? Will you also be a tailor-made entrepreneur someday?
Entrepreneurial Mind Frame
A new idea is merely the combination of two or more old ideas. The creation of a new idea is the critical first step in establishing any business.
People who dream of setting up their own business but don’t succeed, generally fall into one of three categories:
too few ideas
too many ideas or
waiting for the ‘perfect idea’.
Any of these three states of mind may hinder the budding entrepreneur.
‘Would be entrepreneurs’ with too few ideas.
These individuals typically say “if only I had ‘an idea’ for a business.”
Just remember that if you say you don’t have ‘an idea’ it really means you have ‘no-idea’! If this applies to you, you need to get cracking on that ‘first idea’ fast! As soon as you are able to dream something up, you’ll have the essential ingredient that all successful businesses are built upon.
‘Would be entrepreneurs’ with too many ideas.
Can you ever have ‘too many ideas’ I hear you say? Well if your creative process leaves you feeling overwhelmed for choice then it’s definitely a possibility! Many highly creative people experience inertia in business purely because they have so many ideas. They don’t know where to start or which idea to implement first!
If you fall into this category, just pick one of your ideas (it doesn’t need to be your best one!) and begin to mentally develop it further. Consider the first key steps you need to take to push your business idea forward. Remember that you don’t have to have a 100 page business plan or a fully formed idea before you can start taking action! All you need is a little focus.
‘Would be entrepreneurs’ waiting for the perfect idea.
This is the equivalent of expecting to know how to swim once you’ve found the perfect swimming costume.
If you fall into this category, even if you do manage to find the ‘perfect idea’, ask yourself whether or not you are going to have the right skill base to get it off the ground. Many successful entrepreneurs have failed many times before their ‘perfect idea’ came along. It is through being prepared to fall down and stand up again that you develop the tenacity required to succeed in business.
Stay Ahead of the Game.
Whatever your circumstances, whether you are in business already or looking to start a business, creating ideas and being innovative will help keep you on top of your game. The way we are doing business globally is changing at such a rapid rate that if you don’t consistently innovate, you will soon be out of business.
Cultivate your Innovation skills.
All the entrepreneurs that I have met have been ‘possibility thinkers’. By this I mean they keep their minds open to new opportunities and new ways of thinking. The best way for you to cultivate this ability within yourself is to spend time around other creative thinkers. Challenge each other to innovate.
A Simple Idea Creating Exercise.
Two nights ago I had a brainstorming session with a couple of entrepreneurial friends over a meal. We did a little 5 minute exercise where each wrote down as many ideas as they could on how to create a million pounds within a year. The quality of the initial ideas was absolutely irrelevant. What was really valuable was what came afterwards, when each person read out their individual lists and we discussed how these particular ideas could work.
We had a lot of fun, a lot of laughs and generated a couple of really great business ideas (as well as plenty of ordinary ones!), purely by focusing our brains to answer a simple question.
So how many entrepreneurs does it take to change a light bulb?
Well I’m not entirely sure on the answer to that one! But I do know how many ideas it takes to start a business…
Copyright Damien Senn 2005. All rights reserved.