Many people have a lot of myths about what being an entrepreneur is and how it will shape/affect their life that are simply not true. business biographies in Rating and these are the seven biggest myths that I continuously hear.
1. Being an Entrepreneur is too risky for me.
Starting your own business in these days is not too much more risky than trying for any other corporate job. At a corporate job you can be laid off at any time, how to be become a successful entrepreneur have benefits cut with no reason, and work long overtime without being compensated for that. If you are student as well, the risk can’t be that bad. It’s not like you have a mortgage or family to support if it fails.
2. I am too young to start my own company
Being young is not a negative, in fact in most cases it’s a positive! When your young you have the passion energy and enthusiasm that is needed to work 14 hour days day in and day out for a company you believe in. Most older people with more experience just don’t want to do that any more.
3. I have no experience
Again, business biographies this can work towards your advantage. Your lack of experience means that you are looking at everything with a fresh set of eyes. You wont get stuck in the “we have always done it that way” kind of thinking that can stop other entrepreneurs. Running your own company will also build much more valuable experiences than a job flipping burgers will at your age.
4. It is not the right time for me to launch a business.
As a student you have a schedule that is completely flexible and large blocks of time between classes and on breaks to start a business. Campuses have tons of resources you can harness as well, 5 things you need to become a successful entrepreneur so there really has never been a better time than now.
5. If I am running a business my grades will fall.
Running a business takes organization and discipline. If you are organized and disciplined in one area of your life it will probably pass over to the other areas of your life as well. Many student entrepreneurs I know actually report their grades increasing once they started a business.
6. Student businesses are just small rinky-dink operations
Some student business that started as just rinky-dink operations were Dell, Google, and Microsoft. You have probably heard of those companies right? That is because they were great ideas and hard work created products that had potential to expand from their small beginnings. Your business can too!
7. I don’t have any money! I can’t start a company
Everyone seems to think only millionaires start companies. This is simply not true. Most companies are started with the founders savings and no investment capital. Start with what you can and work hard. Things will come together if you want them to come together. You will be amazed at what you can do!
business biographies in Rating?
Financial advisors often find themselves consulting to successful entrepreneurs about how to continue to grow their assets after the business has been sold or taken over through a carefully planned succession strategy. But developing a small business (defined here as having less than $50 million in annual revenues) is not so simple.
After the initial burst of business success and survival in the first three years, many small businesses encounter struggles that can leave them feeling isolated. What can assist a 30-year old consulting firm whose personal presence and paper products face a changing world of electronic presence and high travel costs by helping them with development of electronic products? What can encourage a small playground equipment manufacturer to move from $1 million to $2 then $5 million in annual revenues by helping her with facility expansion issues? What can help a successful cookie baker beat the competition through strategic partners, cause marketing and high tech kitchen equipment?
Small Business Development Centers can.
According to the Small Business Administration these SBDC's gave face-to-face help to more than 247,000 clients last year. A treasury of business answers lies waiting and ready to assist at 1,100 top colleges and universities across the United States, according to the SBA. These centers are funded by a combination of federal, state and local government monies as well as with private sector dollars.
Here are just few examples from the State of Wisconsin. The University of Wisconsin at Whitewater hosts a Small Business Development Center at www.uwwsbdc.com [http://www.uwwsbdc.com/] Its email is firstname.lastname@example.org This center is also affiliated with the Wisconsin Innovation Service Center, that "takes pride in an extremely high rate of client satisfaction...nearly 75% of clients have been referred by former clients and professionals. The Wisconsin Innovation Service Center charges an "affordable fee" to provide companies with enough information for improved product and market development decisions.
A few diverse examples of this university-related treasury of successes include these:
- A local gardener gained international attention for a unique gardening tool.
- An innovative drywall finishing product offers significant benefits over competition.
- A new product helps a honey producer grow.
- A business in the electrical equipment industry finds new customer segments.
- Investors and inventors find value in a flooring company start-up.
- An environmental product company breaks past the $15 million mark with a new product.
- An ornithology hobby becomes a successful business venture.
- An outdoor equipment manufacturer finds a potential acquisition.
- Customer purchase decisions and perceptions are revealed to a manufacturer.
- An automotive aftermarket tool gains distribution outlets across the U.S.
- A "hot" tool is offered to the propane and plumbing industries.
Part of the success of these entrepreneurs and a couple of hundred thousand others is due to the one-on-one relationship of these advisors with their entrepreneurial clients. Developing business plans, wading through loan applications, securing critical market research, exploring product design options, identifying a lasting competitive edge---these are typical of the services that SBDC's can provide to the entrepreneur.
These services are nothing to be sneezed at. In another state, South Carolina, the economic impact on the state's economy in 2005 alone was $86 million, resulting in a return on investment of $121.11 for every dollar of state funding, according to Regional Director Jill Burroughs as quoted in the Greenville News. Further explaining the power of the program, Burroughs said that breaks down to $45.7 million in capital formation, 1038 jobs created, nearly $25 million in wages paid, $869,000 in additional sales taxes and $15 million in contracts awarded to 381 businesses.
SBDC's are located in all 50 states, the District of Columbia, Guam, Puerto Rico, Samoa and the US Virgin Islands. If you conservatively cut the impact of South Carolina in half and multiplied by the 50 states, you would have a $2.1 BILLION impact.
This is a powerful treasury of real riches that spills over to the rest of the economy from the struggles of entrepreneurs who refused to let their dreams be defeated by the obstacles they encountered. They got help.
How to Recognize, Learn from and Correct the Most Common Blunders
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.