Have You Been Thinking About Owning Your Own Business? Or Becoming An Entrepreneur? Part 1
Almost every day, I talk with people who want to start their own home-based businesses. I receive an interesting reaction when I ask people, "What are you looking for in a home-based business?" The most common response I get is, "Umm, well . . . I don't know." Keep in mind that these people have requested information about starting a home-based business. They have taken time and effort to go online and fill out a form, or do some research. And yet, they don't know what they want.
At first this puzzled me, but then I began to realize that most of these people are in the early stages of seeking their independence from a job or corporate America. They have never done anything like this before, so of course they don't know what they want in a business. Most people don't know much about evaluating a business much less starting one.
A few years ago, I stood in their shoes. I wanted something different. I wanted financial independence, but I didn't know what I wanted. When I look back at myself, I realize that I was incredibly naive and green.
I did know that I wanted something that would bring me financial independence, but I didn't know what it was or how to go about finding it. Remembering my early beginnings, I'm not surprised that people don't know what they want in a business. They just know they want something different or that there is something better out there. They want to find it. They are being proactive and looking, but they are not sure what that "something" is. People in this stage are very vulnerable. This could be the "make it" or "abandon it" stage in becoming financially independent. If people don't get answers and understanding, they may give up!
If you are at this point in moving toward financial independence, I don't want you to give up. I want to try and sketch out for you the steps that you should take to become successful. If you are past this stage, but not experiencing the success that you want, these principles could also help you to move forward.
There are six principles that can open the doorway to success. People must understand, implement, and practice, practice, practice these six principles. The principles don't just apply to business but to everything in life. When people begin to understand and use these principles, they can begin to change and take charge of their lives.
The Six Principles:
1. YOU are your biggest and best asset.
These seem simple and straight forward to people who have been practicing them; however, to people who have not been taught these principles or who are newly awakened to the possibilities life has to offer, these principles sound good, but without explanation and coaching, they are shrouded in mystery.
Next: YOU are your biggest and best asset.
Cora Foerstner is on her road to success. She also wants to help as many people as possible find their road to success. She is a network marketer, sometimes writer, and often can be found teaching at a local university. Contact Cora at 714-774-0624, firstname.lastname@example.org, or visit her web site: http://www.corafoerstner.com
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Why Every Student Should Start a Business
With the economic downturn, students in all the major business schools have been dropping out of their entrepreneurship classes and transferring back to classes where they think they have a secure future. Students and professionals who were once planning to start businesses now have decided to go back to their cushy jobs. Everything is going back to normal. Or at least that is how it looks. Below are nine reasons why any student should start a business:You gain experience. Owning and running your own business is an incredible way to gain experience and credentials regardless of whether you decide to stay in business once you graduate. Jaime Gonzalez of Oklahoma State University received the highest job offer in his entire graduating class. Now, there are two kickers: First, he was the founder of an IT consulting company, and second, he had a 2.4 GPA. Hmmm...I wonder if starting a business helps in getting a better job when you graduate? You have nothing to lose. I think it's safe to say that most students dip into their parents' checkbook when it comes time to pay the bills. In general, students aren't paying child support, rent, utilities and many other expenses. The worst thing that could happen if your business fails is that you get a job, have an incredible credential on your resume, and have experience that will increase your chances of success in the future. The best thing that can happen is that you'll become the next Microsoft. I don't know about you, but I think that is better than choosing between no job and jobs that you're in just for the money. Two-thirds of millionaires are entrepreneurs, according to Thomas Stanley and William Dank, authors of The Millionaire Mind. If it's the money you want, then consider entrepreneurship. You receive not only a salary, but also a lot of money if you're lucky enough to sell your company or take it public. Michael Furdyk, a successful young entrepreneur, was able to sell his business, MyDesktop.com, for $1 million when he was 16 years old! You develop networking skills. You've likely heard that your network increases your net worth. Consider the fact that by running a business and constantly being in a business community, you will develop excellent contacts. If you choose to get a job after you graduate, you will have a great pool of people who will be more than happy to hire you or send your resume to somebody who wants to. You increase your value. Put simply, starting a business in college increases the value of "the brand called you" and gives you more options. For example, an entrepreneur with a large brand value can publish a book, star in a documentary movie (i.e., Startup.com), or go straight to the top of another company. I recently met one of the founders of Diversity Planet, a job site for minorities. He spent a year working very hard on the company and has since left to take a reporting job with Dateline NBC at the ripe age of 20! People don't often don't get an opportunity like that until they are much older. Operating a profitable business in the long term is less risky than being an employee in the long term. For example, just look at the recent economic downturn. Tens of thousands of people have been laid off. I can guarantee the owners of profitable businesses are still with the business. They will be the last people to go down with a ship. Business owners can have multiple streams of incomes from different customers. If you're an employee, you only have one stream of income and therefore are bearing more risk. You will learn more about yourself and what they don't teach or prepare you for in school. Furthermore, entrepreneurship is the combination of all the disciplines of business. It includes knowledge of marketing, accounting, management and operations. Already having knowledge of these topics before you take classes on them allows you to see more clearly how everything applies. Also, you will be able to learn early-on what subjects you like so you can make better decisions on what to major in and what industries to target. It is yours. You make the rules, create your own hours, work from wherever you want and choose who you want to work with. You can also pick what interests you the most in the world and then start a business that is related to that topic in some way. If you like art, you can start a design business. If you like marketing, you can create or choose a product and then market it. If you like writing, you can write a book and do your own public relations and marketing. If you like the Internet, you can start a Web development business. You'll grow. I personally have grown a lot from owning a business. I used to be terrified to speak in front of others. Now I look forward to it. Before owning a business, I had probably read a total of five books outside of school, and I only read them because my mom made me. Since starting my business, I've probably read more than 100 books. The business has also allowed me to learn more about myself. I know that I will be an entrepreneur forever in some way, shape or form!
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In his book, The Road Ahead, Bill Gates of Microsoft writes of "friction-free capitalism" made possible by developments in communications, chief among them the Internet and its World Wide Web. In this context, "friction" is everything that keeps markets from functioning as the "perfect competition" of economics textbooks. This friction can be a function of distance between buyer and seller, costs of overcoming this distance, and incomplete or incorrect information.
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Once again the squeeze is on as renewed inflation worries slow the economy's growth and many companies resort to believing that cost cutting is the best means to scramble back to profitability in an uncertain economy. The problem with this classic approach is that it sends the clear message to your brightest and best talent that no matter how well they perform, today there is no job security. Not only does such a move have a serious impact on morale, but as the economy improves we will find ourselves once again in a very tight labor market. It will be next to impossible to replace laid-off workers and worse yet, your current work force, especially those brightest and best, may well decide that it is time to move on to greener and possibly more secure pastures before the next downturn hits. Is there a better approach than cutting off your nose today and spite your face tomorrow? Absolutely!
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