The true potential of your business will only reveal itself if, you, as the business owner, start thinking “business.” Without the right entrepreneurial mindset, you certainly won’t see your business going anywhere in the years to come.
Small to medium enterprises, including home-based businesses, fail for a lot of reasons. Reasons include, but are not limited to, poor management, ineffective marketing, wrong market potential, and miscalculated capitalization.
But for whatever reason these businesses fail, one major factor to look into is the ability of the business owner to think and plan strategically to allow the business to overcome any challenges that may come its way.
When you start a business, you have to be prepared for all sorts of pressure coming your way. You have the utmost pressure to get it right the first time – make the right decisions, implement the right marketing strategy, hire the right employees, and have the right funding.
This may be achievable in an ideal business school setting, but things vary greatly in the real word of business.
It is necessary that you develop a business instinct so that you’ll know at once if a particular idea will work or not before you spend time, effort, and financial resources.
Some steps for developing an entrepreneurial mindset are listed below to help you get ready to embark on that dream business of yours:
1. Get an Ego-Check: Because they own the business, business owners often think that they can do whatever they want with it without needing the opinions of the other parties who make up the business model.
No matter how intelligent you are, there will always be something you won’t know, and this is where communication and open-mindedness will come to play. In the real world of business, it’s really not as simple as black or white.
2. Be Curious: When you are curious, you begin to explore other options and get to the root of the matter. Sometimes, if you focus too much on what you know, you will be blinded by your distinct belief in that certain idea.
By being curious, however, you are able to uncover possibilities and options which can make your business better. It’s always recommended to become a sponge for information in order for you to build an entrepreneurial mindset.
3. Don’t Focus on the Solution Alone: Instead of finding fast fixes to your problems, why not clarify the issues you have at hand first? You need to go through all aspects of the company and the problems you are facing so that you know where you stand.
And remember, unless your solution provides a business value or prevents another problem from occurring, then it will be a worthless one.
4. Gather Proofs: For you to really get to the bottom of things, you need to have hard evidence of what’s causing the problem. Be sure and be very specific with the questions you ask in order to get the correct answers.
Through these specific answers, you will be able to really see the real picture of things.
5. Calculate Risks: Risks are always a part of any business endeavor. But you must be able to weigh every investment and its corresponding return. You have to see how your decision will impact the business before you even implement it.
It is also necessary that you have a benchmark of success for your business so that you can check back at certain times to see if it is indeed progressing.
6. Consider Your Employees’ Welfare: Aside from thinking about how your decision will affect the business, you also have to consider how it will affect each and every one of your employees.
Any successful business owner will tell you that you cannot accomplish this on your own but you need a team of talented, loyal people working towards your goals.
7. Be Forewarned: If you see early signs of possible obstacles, then do your best to resolve it before it can even snowball into something larger. Even if you fail to resolve it when you see it the first time, at least you won’t be doing severe damage control later on.
8. Get to the Bottom of Things: Instead of solving the effects, see to it that you go right to the source of the problem. In order to understand completely, you must get all the facts and underlying truths. Never stop asking questions.
By taking these tips into mind, you will definitely be able to develop a business/entrepreneur mindset. Without it, your business won’t flourish as long as you want it to.
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Kathy Dobson is a free spirited business owner and entrepreneur dedicated to helping others achieve financial and personal freedom. Learn to leverage your time while exploding your business. Grab this free report: href="http://www.empoweredoutsourcing.com/EmpoweredOutsourcing.htm">www.enpoweredoutsourcing.com/EmpoweredOutsourcing.htm
Tags: business tips, Entrepreneur mindset
7/20/2011
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A Job Opportunity for Entrepreneurial New Grads - US News and World Report
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Recent college graduates who are interested in entrepreneurship but not yet ready to leap into self-employment may want to check out a new program that will soon place young workers at startups.
Based on the Teach for America model, Venture for America will offer 50 positions at a variety of new companies in Detroit, New Orleans, and Providence, R.I., with the goal of growing both numerically and geographically in coming years. The nonprofit organization aims to both provide jobs for smart-minded young people and help new companies succeed in cities that need them.
"If young people are interested in entrepreneurship, learning how to build a business, potentially putting themselves in a position to learn how to build their own business someday, this is a fantastic learning environment for that," says Andrew Yang, who founded the organization. Yang created and worked with several startups, including Manhattan GMAT, a test-preparation firm that is now part of Kaplan Test Prep.
[See Why New Graduates Should Consider Entrepreneurship.]
Venture for America's application period opens in August, and the first participants will begin working in summer 2012. They'll bring home a salary in the mid-$30,000 range, paid by each host company. The organization itself, as well as training and recruitment, is funded by philanthropists and corporate sponsorship from IAC, an Internet company that includes Match.com and Vimeo.
Participating companies include Detroit Venture Partners, a venture-capital fund that backs new technology companies; VCharge, a Providence-based company that aims to make the energy grid more efficient; O'Connor Real Estate and Development in Detroit; and Liveset, a New Orleans company that streams live concerts in high definition.
"It's a really cool concept," says Josh Linkner, CEO of Detroit Venture Partners, which launched in November. "It's a win for the fellows themselves because they get exposure and experience in a world that's typically not easy to get into." And it's a win for the companies because it helps them bring smart workers on board, he says.
Detroit Venture Partners will place 20 to 30 participants at companies they fund or are affiliated with, Linkner says. "Entrepreneurship and innovation is what's going to get us out of the [economic] challenges we face today," he says.
[See Job Market Sucks? Not for Techies.]
For applicants looking to increase their chances of acceptance, Yang says Venture for America will look for innovators who have graduated college within the last few years, those who have proven that they're leaders and high-performers. Applicants should have studied economics, finance, or business, or somehow gained a basic knowledge of how businesses work.
They'll also be looking for applicants with Web and technical skills. "We'd certainly love programmers and engineers to apply," Yang says. "Just like other startup companies, our network of companies are hungry for programming talent."
Venture for America Launches to Drive Nation's Top College Graduates to Careers... -- NEW YORK, July 20, 2011 /PRNewswire/ --
Venture for America Launches to Drive Nation's Top College Graduates to Careers as Entrepreneurs in U.S. Cities of Need
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Modeled Off of Teach for America, Program Aims to Attract Thousands Over Next Five Years, Spur Job Creation and Create Culture of Entrepreneurism
NEW YORK, July 20, 2011 /PRNewswire/ -- With the goal of directing thousands of this country's most talented and successful students into careers as entrepreneurs and job-creators, Venture for America (VFA) today announced the official launch of its organization and the beginning of an application process to recruit an inaugural pool of 50+ graduating college seniors from the class of 2012 ("Fellows"). Beginning in the fall of 2012, Fellows will take jobs at start-up companies in some of the most economically-challenged cities in the U.S., including Detroit, Providence, and New Orleans.
VFA is designed to do for entrepreneurship what Teach for America has done for education --
bring young, talented grads to work in underserved communities for at least two years. At the same time, the organization aspires to spur enterprise and encourage entrepreneurship in parts of the U.S. that struggle to attract top college graduates. VFA expects to contribute to the creation of 100,000 U.S. jobs by 2025.
Detroit Venture Partners, an early-stage VC working to rebuild Detroit through technology and entrepreneurship already has verbally committed to hiring at least 20 fellows from the 2012 graduating class. "We are thrilled to join forces with Venture for America in an effort to facilitate urban renewal, job growth, and hope," said Josh Linkner, CEO and Managing Partner of DVP. "We believe this incredible program will not only benefit our portfolio companies, but will also provide a rich experience for the fellows that, in turn, will shape their careers in a positive and high-impact manner."
"We're excited to have enterprising young college graduates come to Detroit to help build businesses," said Mayor Dave Bing. "Detroit is a land of opportunity for those looking to make their mark."
"The overwhelming majority of seniors from the country's top universities opt for traditional careers in service-based industries within big cities like New York, Boston and San Francisco. Far too few of them are engaged in job-creating enterprises—especially within communities dealing with economic transition," said Andrew Yang, founder and president of VFA, and also a successful entrepreneur in his own right, having sold a graduate school test prep company to the Washington Post/Kaplan. "Our country's inability to channel its talent to create jobs is a major weakness for the U.S. in the global economy, and will only get worse if it's not addressed," he added.
Here's how VFA will work:
Start-up companies within the target cities will be identified within industries of great potential or future importance (e.g., energy, biotech, materials sciences, infotech, education innovation, etc.). These start-ups will be presented with VFA fellows to hire for two years, at a discounted salary of $32- $38,000 per year. At the end of the 2-year period, the company can hire the fellow under new terms.
Fellows will be selected through a competitive application process that will include peer and faculty recommendations, multiple interviews, case studies, business plan submissions, and behavioral exercises. They can express preferences for regions and industries of interest, but will be obliged to accept their assignments. Fellows will be sent in groups to cities to encourage a sense of shared experience and will live in group housing.
At the beginning of the program, fellows will attend the Venture Fellows Institute, a five-week boot camp that will consist of training programs in relevant skills as well as lectures, discussions and meetings with experienced entrepreneurs. Brown University has agreed to provide its dorms and facilities to host the first Institute during the summer of 2012.
Fellows will also be gathered for an 'intermission' after the conclusion of the first year of their assignment and a one-week graduation program at the conclusion of the second year. At the conclusion of the two years, the fellow who is determined to have performed the best during his or her fellowship will receive $100,000 in either seed investment for a new venture or support for his or her current company. Over time, VFA will work with established venture capital or angel networks to enable multiple awards and vendor services with each award.
In addition to its Fellowship program, VFA will provide a centralized recruitment infrastructure for start-ups and early-stage companies across the country. Applicants to the program will be included in a database that will be made available to approved companies for recruitment purposes.
About Venture for America
Venture for America (VFA) is designed to do for entrepreneurship what Teach for America has done for education -- bring young, talented grads to disadvantaged communities for at least two years. Beginning in the fall of 2012, VFA will send an inaugural group of 50+ graduating seniors from the top U.S. universities to join start-up companies in some of the most economically challenged cities in the country including Detroit, Providence, and New Orleans.
VFA is a registered 501c3 non-profit corporation. It has received commitments to-date of approximately $500,000 to commence operations and support from board members, philanthropic individuals and companies including IAC, Lawrence Lenihan of FirstMark Capital, David Lee of SVAngel, and Dan Porter of OMGPOP. It has established partnerships with Detroit Venture Partners, Betaspring, Bizdom U., the New Economy Initiative, Rhode Island Center for Innovation & Entrepreneurship, Ann Arbor SPARK and other regional start-up accelerators, investors, and incubators.
Press Contact: Naomi Berlin / naomi@dukaspr.com / 646.808.3647
SOURCE Venture for America
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A Job Opportunity for Entrepreneurial New Grads - US News and World Report
Related Articles
Recent college graduates who are interested in entrepreneurship but not yet ready to leap into self-employment may want to check out a new program that will soon place young workers at startups.
Based on the Teach for America model, Venture for America will offer 50 positions at a variety of new companies in Detroit, New Orleans, and Providence, R.I., with the goal of growing both numerically and geographically in coming years. The nonprofit organization aims to both provide jobs for smart-minded young people and help new companies succeed in cities that need them.
"If young people are interested in entrepreneurship, learning how to build a business, potentially putting themselves in a position to learn how to build their own business someday, this is a fantastic learning environment for that," says Andrew Yang, who founded the organization. Yang created and worked with several startups, including Manhattan GMAT, a test-preparation firm that is now part of Kaplan Test Prep.
[See Why New Graduates Should Consider Entrepreneurship.]
Venture for America's application period opens in August, and the first participants will begin working in summer 2012. They'll bring home a salary in the mid-$30,000 range, paid by each host company. The organization itself, as well as training and recruitment, is funded by philanthropists and corporate sponsorship from IAC, an Internet company that includes Match.com and Vimeo.
Participating companies include Detroit Venture Partners, a venture-capital fund that backs new technology companies; VCharge, a Providence-based company that aims to make the energy grid more efficient; O'Connor Real Estate and Development in Detroit; and Liveset, a New Orleans company that streams live concerts in high definition.
"It's a really cool concept," says Josh Linkner, CEO of Detroit Venture Partners, which launched in November. "It's a win for the fellows themselves because they get exposure and experience in a world that's typically not easy to get into." And it's a win for the companies because it helps them bring smart workers on board, he says.
Detroit Venture Partners will place 20 to 30 participants at companies they fund or are affiliated with, Linkner says. "Entrepreneurship and innovation is what's going to get us out of the [economic] challenges we face today," he says.
[See Job Market Sucks? Not for Techies.]
For applicants looking to increase their chances of acceptance, Yang says Venture for America will look for innovators who have graduated college within the last few years, those who have proven that they're leaders and high-performers. Applicants should have studied economics, finance, or business, or somehow gained a basic knowledge of how businesses work.
They'll also be looking for applicants with Web and technical skills. "We'd certainly love programmers and engineers to apply," Yang says. "Just like other startup companies, our network of companies are hungry for programming talent."