|
In A Rough Economy, Entrepreneurs Stand to Gain |
 |
 |
 |
Jason White, Knowledge Level: Moderate, Keywords: economy, entrepreneurship, entrepreneur, edge, advantage
I certainly understand that this struggling economy has many people worried.. but I just can't help being excited. As an entrepreneur, I learned early on in my career, that with things get rough, opportunity is abundant. This is true for many reasons:
Investors, while cautious, are looking for new opportunities. Many investors have seen their stock portfolios plummet, and there is a bit of uncertainty in the market. As such, they want to put their existing capital to work without placing it in a volatile stock market... suddenly small business seem a lot more enticing.
Business partners (and employees) are more abundant. As large companies feel budgets tighten, they are laying off qualified workers who are having a hard time finding new jobs that match their existing salary. Many of these unemployed will take advantage of this opportunity to start the business they have been dreaming about, and will be looking for partners with complementary skill sets.
So many companies are focused on retaining their customer base they lose touch with new demand. This is always a great time to improve a business model and target a larger audience.
No matter what it is, energy, cars, clothes, food, friends, etc.. When people are struggling, they are more open to new ideas, and will make adjustments in their life to try and adapt to changes they feel will benefit them.
Cost of goods and services are CHEAPER. With competition increasing, and customers becoming more and more valuable, companies keep lowering their costs in an effort to increase business volume. This makes for a good time to buy everything from office equipment to manufacturing materials.
Keep in mind that while it may become easier to start a business, get angel funding, get partners, employees, office supplies, and some customers.. it doesn't mean that things will not be challenging. You're going to have a lot of competition with other smart entrepreneurs, and you're going to have to work faster, smarter, and be more innovative to come out on top. >p<
Good luck!
Jason is an entrepreneur with multiple start-ups.. Article on economy, entrepreneurship, entrepreneur, edge, advantage by Jason White
Read more: http://www.zeromillion.com/entrepreneurship/in-a-rough-economy-entrepreneurs-stand-to-gain.html#ixzz0FsTTobK4&B |
|
5 Things I Learned From Being A Young Entrepreneur |
|
|
|
Leah Larson, Founder of Yaldah Magazine, Knowledge Level: Moderate, Keywords: entrepreneur, lesson, tips, tricks, young, leah larson, yaldah maagazine
I never thought of myself as a businesswoman. I actually thought of myself as a kid. That's because at the age of twelve I sort-of landed in my own business, and the rest is history. Now I'm seventeen, and my business, Yaldah magazine, has grown tremendously. I've learned quite a bit about running a business throughout these five years, and I've learned that it really can be fun! But if I had to narrow it down to the five most important things I've learned, it would be:
1. Notice a Niche
I never decided to start a business. What I wanted was a magazine for Jewish girls, and when I saw that there was no magazine like that available, I decided to create my own. I figured that if I wanted a magazine like Yaldah, there must be many other girls out there looking for the same thing. And I was right. As soon as the first issue came out, word of mouth spread quickly and I soon had hundreds of subscribers. A business has to fill a need, and who's a better person to identify what you need than yourself?
2. Act on a Dream
It all started with a dream of mine, and it could have ended with the dream as well. The hardest part is to act on your dream, even when everyone else doubts you can do it. As a twelve-year-old with no experience in the publishing business, people had valid reason for thinking that it was impossible for me to succeed. But I kept my dream in mind and my goal in sight and moved forward, learning from my mistakes. Sometimes to everyone else your brilliant idea is just impractical and, well, just a dream. Believe in your idea and you can make it happen.
3. Value Time
As a full time high school student, magazine editor and publisher, and freelance graphic designer, I've learned that every minute counts. In fact, every second counts. I always have to prioritize: What must get done today? What can wait until tomorrow? I keep a detailed to-do list on my computer; I can't trust my memory any more. Each night I take the most urgent items from my to-do list and schedule them into the next day. That way I have a realistic expectation of what I practically have time for the next day, and what will have to wait. I wake with a fully organized schedule ahead of me, knowing that I've already prioritized, and I'll be spending my time on the most important tasks.
4. Network
Networking happens everywhere, not just at official conferences or business functions. Carry business cards, brochures, or samples with you everywhere. You never know who you'll meet at a dentist appointment, family party, or even in the grocery store. You may also meet someone who knows someone. Many people are eager to share their advice and ideas with you. Carry around a notebook to jot down the advice people share - it just might come in handy in the future!
5. Think Positive
I believe that thinking positive is the key to a successful business, or at least enjoying what you're doing. Realize that there will be challenges and setbacks to overcome, but they are just bumps in the road leading to your final goal. Keep your goal in sight. Whenever there's an option to worry or to hope for the best, definitely hope for the best. Positive thinking will bring positivity to you and your business, enabling you to succeed. When people see you believe in yourself, they'll believe in you too.
Leah Larson, age 17, is from Sharon, MA and is a senior at Bais Chomesh High School in Toronto. She is the founder, editor, and publisher of YALDAH Magazine, a magazine for Jewish girls, by Jewish girls. Leah is currently one of 5 finalists running to win $100,000 to expand her business. Vote for her (Evelyn from MA) today at WellsFargo.com! (Voting ends November 10) . Article on entrepreneur, lesson, tips, tricks, young, leah larson, yaldah maagazine by Leah Larson, Founder of Yaldah Magazine
Read more: http://www.zeromillion.com/entrepreneurship/5-things-I-learned-from-being-a-young-entrepreneur.html#ixzz0FsT5b5He&B |
|
5 New Year Resolutions for the Entrepreneur |
|
|
|
Alby Colmond, Knowledge Level: All Levels, Keywords: new year, resolution, entrepreneur
In the state of North Carolina, basketball reigns king over all sports from the first leaf dropping in the autumn, until the champion��™s alma mater is played in early April. And in the world of basketball, no one is known for his or her work ethic like Tyler Hansbrough. Although I am partial to the 3-time All American because I attended UNC for undergrad, it was a quote regarding his New Years resolution that struck me in an article earlier this week. Tyler, in what I assumed to be frozen in a dumbfounded face stated ��œI don��™t understand it [. . .] Why do you have to wait one year to have a resolution? Why don��™t you just do whatever it is you want to accomplish right now?” Point taken.
In the world of business, just like in the world of basketball, we should shame ourselves on not taking initiative to begin our New Year��™s resolutions months earlier. This exceptionally applies in the world of entrepreneurship. So while making my New Year��™s Resolutions, I looked back at my downfalls in 2008 and how I can improve upon them. Why doesn��™t Tyler Hansbrough have any New Year��™s Resolutions? Because the 2008 National Player of the Year doesn��™t need them when he takes the initiative to improve himself on a daily schedule.
So here are 5 shortcomings that happened in my life, that can be used as suggestions for any entrepreneur in the year of 2009. Hopefully they will help improve productivity and efficiency in your live and workplace:
5. Work more intelligently. Working efficient is working intelligent. Limit your disruptions and minimize the pork work. Inefficiencies are a loss to company and personal time. You will also leave the office feeling better about yourself.
4. Network with more people. Regardless of who you are, there are no diminishing returns in the art of increasing your network. By asking yourself how you can better interact with people outside your job, you will be able to learn more about yourself, industry, and others like you as well. The friendships you establish will also help you down the road with future jobs and references.
3. Make yourself Unique. By finding a unique skill or technique that you can bring to the table in your company, you not only justify your employment, but you can also justify raises and bonuses. In tough economic times, this resolution will come a long ways.
2. Help Out with the Community. Giving back to the community is imperative to developing your sense of self. Ask what you have done lately to improve the lives of others, or what you can do to increase the time you give to the community. This will increase the lives of others, as well as your own self worth and networking possibilities.
1. Get along better in the office. Is there the one man you always avoid around the water cooler? Or the cubicle you avoid under all circumstances just because you do not like the person sitting in it? Well this is absolutely uncalled for in the work place, as a company must work as a team to increase their impact in the markets. Find positive ways to change to situation that draws you away from your troublesome boss or coworker. Sit them down and begin to create a positive working environment.
Bonus: At this time next year, have no resolutions. Just like Hansbrough said, there is no reason to wait until the end of the year to begin a New Year��™s Resolution. From this point on, be sure the only New Year��™s Resolution you have is to never have one again. When there is a step in the positive direction that need to be made, take the initiative and do it then and there. That��™s the entrepreneurs way.
Colby is a financial services and entrepreneurship expert. Article on new year, resolution, entrepreneur by Alby Colmond
Read more: http://www.zeromillion.com/entrepreneurship/5-new-year-resolutions-for-the-entrepreneur.html#ixzz0FsSNPbKS&B |
|
Start up Loans for Small Businesses |
|
|
|
Jason Dawkins, Knowledge Level: Novice, Keywords: small business, startup loans, loans, financing, small business administration, franchise financing, micro loans, development financing, credit history, loan repayment
Start up loans for small businesses can be acquired a number of ways, but always require a thorough business plan and loan proposal. The business plan should specifically outline exactly where the money will be spent and why, as well as income projection to ensure the lender you are capable of repayment.
Local lenders typically provide small business loans, but depending on credit history including previous loan repayments, your application may not be approved. A solid personal credit score with a history of on-time payments will give the lender confidence that you will be able to repay the business loan. It is therefore advisable to thoroughly research personal credit history before requesting a loan.
Banks are also more likely to loan money to a business than an individual, so building excellent business credit is preferable over personal credit. If your credit score is lacking and your application is denied, you may request that the lender submit your application to The U.S. Small Business Administration, which can guarantee up to 80% of a small business loan.
The SBA offers a variety of flexible loan guarantee programs for small businesses but have a specific set of criteria that must be met to qualify. In addition to the business plan and solid credit score, you must be able to show you are placing your personal finances at stake with the business startup. This will not only prove to the SBA you are determined and serious about the business, but will undoubtedly work harder to bring in consistent income when your own money is involved. Depending on the amount of capital need required from the borrower at startup, a refinancing of personal property or liquidation of stocks, bonds, etc. is often required.
Several more specific loans exist for small business startup. Development financing loans are available to cover startup costs for major assets like land acquisition, utilities, landscaping, any renovation of existing property or even the construction of new facilities. These loans benefit not only the small business owner but are intended to contribute to the general economic development of a given area.
For Franchise financing, the SBA can offer assistance but most turn to the franchise companies, who generally assist the borrower in finding a suitable bank or outside lender. Depending on the size and resources of the franchise company, many will offer financing themselves.
If a smaller amount of money is required for startup, Micro loans might be a more preferable choice for the small business owner. Micro loans range from $35,000 or less and because of the lesser risk involved are generally easier to obtain. The downside to these comparatively small loans is a correspondingly smaller repayment period, usually less than 6 years, with varying specifics. These Micro loans also require a personal guarantee on behalf of the business owner, i.e. some kind of collateral to put the lender at ease.
Considering the wide variety of small business loans available, a proper assessment of what is specifically required for your personal startup is advisable before requesting any of these small business startup loans.
Jason is an internet entrepreneur with years of experience in many various industries. . Article on small business, startup loans, loans, financing, small business administration, franchise financing, micro loans, development financing, credit history, loan repayment by Jason Dawkins
Read more: http://www.zeromillion.com/business/start-up-loans-for-small-businesses.html#ixzz0FsQg1PNA&B |
|
|
Feed Entries