I asked myself What is innovation and creativity? Is it in the mind or is it in the output? Is it in many small things or a great idea that will change the world forever? Is it something that flows out of genius's mind.
Innovation and creativity is a state of being. It does not get taught in MBA classes. It shies away when simplicity is shorn and we seek sophistication. It is a flow, a spontaneity and a continuum.
Bottomline :It is trying doing something new and doing it differently .
Showing posts with label entrepreneur. Show all posts
Showing posts with label entrepreneur. Show all posts
Wednesday, July 16, 2008
Wednesday, July 02, 2008
How To Get Started in Your Own Business?
http://drhowell.net/preparing-to-get-started-in-your-business.html
The biggest problem I had in “Getting Started” on making my idea into a practical business reality was my own fear. Whether it was fear of the unknown, fear of failure, or some other unknown fear I possessed, it was keeping me from reaching my potential. What I learned through experience, and to quote FDR, “The only thing to fear in starting your business, is your own fear itself”.
With proper research, planning and delegation of responsibility, there is no reason your idea, service, or product cannot succeed. In your pursuit towards fulfilling the goals you have laid forth, you must stay focused on the management of your daily routine; however you should always be thinking toward the future. Remain creative in your approach towards using conventional tools, methods, and processes that are needed to succeed in business. In today’s society, we have unparallel access to all the necessary resources and tools you would ever need to educate yourself on various business subjects.
The question becomes, how do I access the vast amount of resources that are available in the most productively efficient manner? The short answer is; visit a consulting firm which offers a step by step guide to starting your business. The Motivated Entrepreneur is a full service consulting firm that offers a wide range of services that vary from simple incorporation consultation packages at very economical prices, to more complex detailed full business packages which include business plan preparation, along with marketing, public relations, advertising, and financial services.
As far as information is concerned, there are numerous places to access business tools and information on the World Wide Web. As mentioned above The Motivated Entrepreneur is a great online source of business information. However, the best source on the internet to supply you with the documented information you are looking for is the Small Business Administration website, SBA.gov. No matter what route you choose to take, whether it is through business consultation or solely through your own hard work and ingenuity, you should always review the government information provided on their website to make sure you are heading in the right direction.
The next step is to start organizing your information and material so that you can develop a clear direction and begin to integrate this direction into your business plan & organizational structure. The first step is to develop a rough business plan, a rough business plan is necessary for you to verbalize your thoughts into a visual medium. This will allow you to gain an added perspective for use as critique on your own thoughts; it is a great aid to helping establish the type of legal form of organization that will best suit your structure of business from a tax perspective.
When approaching you rough business plan, you should break it down into sections. Below is a simple guideline that can be used to conceptualize your plan.
Introduction
• Give a detailed description of the business and its goals.
• List the skills and experience you bring to the business.
• Discuss the advantages you and your business have over your competitors.
Marketing
• Discuss the products/services offered; identify the customer demand for your product/service.
• Identify your market, its size and locations.
Financial Management
• Develop a monthly operating budget for the first year.
• Develop an expected return on investment and monthly cash flow for the first year.
Operations
• Explain how the business will be managed on a day to day basis.
• Discuss hiring and personnel procedures.
• Account for the equipment necessary to produce your products or services.
• Account for production and delivery of products and services.
Concluding Statement
• Summarize your business goals and objectives and express your commitment to the success of your business
Ok, you have your rough draft business plan together and you are interested in incorporating! Here’s the next step… research, research, research! As I mentioned in the beginning of this article, in today’s society our access to the enormous amount of information that exists gives us a great advantage. It is time to start thinking about your legal structure and the type of organization that will best suit your needs, not just now, but for the successful future you are seeking. I have listed below some information to consider when you begin thinking about incorporation. Another option is to use a full service consulting firm who can give you advice from different perspectives, such as legal and tax implications, as well as expansion management.
When organizing a new business, one of the most important decisions to be made is choosing the structure of a business. Factors influencing your decision about your business organization include:
Legal restrictions
Liabilities assumed
Type of business operation
Earnings distribution
Capital needs
The easiest form of incorporation is the Sole Proprietorship. It also is the least expensive and has the least barriers to incorporation. The majority of small businesses start out as sole proprietorships; sole proprietors own all assets and profits of the company. The business is easy to dissolve, if desired, which can also be a benefit. The downside, is that that sole proprietors have unlimited liability and are legally responsible for all debts against the business. In addition, they may be at a disadvantage in raising funds and are often limited to using funds from personal savings or consumer loans.
Another very popular form of incorporating is the Partnership. A partnership is easy to organize but must have an agreement. In a partnership, the partners have unlimited liability; however they receive all the income from the business. With more than one partner, the ability to raise funds is increased, but since decisions are shared disagreements can occur.
The last form of legal structure is the corporation. The corporation is considered by law to be a unique entity separate from those who own it. A business may incorporate without an attorney, but advice is highly recommended. The corporate structure is usually the most complex and more costly to organize than the other two business formations. Control depends on stock ownership. Persons with the largest stock ownership, not the total number of shareholders, control the corporation. Shareholders have limited liability for the corporation’s debt’s or judgments against them.
The process of incorporation requires more time and money than other forms of organization and corporations are monitored by federal, state and some local agencies, and as a result may have more paperwork to comply with regulations. There are different structures that may be best suited for your needs, such as the C-corporation, Subchapter S-corporation or Limited Liability Corporations. You should seek professional consulting advice before deciding to choose which form of corporation is most applicable to your business.
© Copyright 2004-05 by www.motivatedentrepreneur.com
The biggest problem I had in “Getting Started” on making my idea into a practical business reality was my own fear. Whether it was fear of the unknown, fear of failure, or some other unknown fear I possessed, it was keeping me from reaching my potential. What I learned through experience, and to quote FDR, “The only thing to fear in starting your business, is your own fear itself”.
With proper research, planning and delegation of responsibility, there is no reason your idea, service, or product cannot succeed. In your pursuit towards fulfilling the goals you have laid forth, you must stay focused on the management of your daily routine; however you should always be thinking toward the future. Remain creative in your approach towards using conventional tools, methods, and processes that are needed to succeed in business. In today’s society, we have unparallel access to all the necessary resources and tools you would ever need to educate yourself on various business subjects.
The question becomes, how do I access the vast amount of resources that are available in the most productively efficient manner? The short answer is; visit a consulting firm which offers a step by step guide to starting your business. The Motivated Entrepreneur is a full service consulting firm that offers a wide range of services that vary from simple incorporation consultation packages at very economical prices, to more complex detailed full business packages which include business plan preparation, along with marketing, public relations, advertising, and financial services.
As far as information is concerned, there are numerous places to access business tools and information on the World Wide Web. As mentioned above The Motivated Entrepreneur is a great online source of business information. However, the best source on the internet to supply you with the documented information you are looking for is the Small Business Administration website, SBA.gov. No matter what route you choose to take, whether it is through business consultation or solely through your own hard work and ingenuity, you should always review the government information provided on their website to make sure you are heading in the right direction.
The next step is to start organizing your information and material so that you can develop a clear direction and begin to integrate this direction into your business plan & organizational structure. The first step is to develop a rough business plan, a rough business plan is necessary for you to verbalize your thoughts into a visual medium. This will allow you to gain an added perspective for use as critique on your own thoughts; it is a great aid to helping establish the type of legal form of organization that will best suit your structure of business from a tax perspective.
When approaching you rough business plan, you should break it down into sections. Below is a simple guideline that can be used to conceptualize your plan.
Introduction
• Give a detailed description of the business and its goals.
• List the skills and experience you bring to the business.
• Discuss the advantages you and your business have over your competitors.
Marketing
• Discuss the products/services offered; identify the customer demand for your product/service.
• Identify your market, its size and locations.
Financial Management
• Develop a monthly operating budget for the first year.
• Develop an expected return on investment and monthly cash flow for the first year.
Operations
• Explain how the business will be managed on a day to day basis.
• Discuss hiring and personnel procedures.
• Account for the equipment necessary to produce your products or services.
• Account for production and delivery of products and services.
Concluding Statement
• Summarize your business goals and objectives and express your commitment to the success of your business
Ok, you have your rough draft business plan together and you are interested in incorporating! Here’s the next step… research, research, research! As I mentioned in the beginning of this article, in today’s society our access to the enormous amount of information that exists gives us a great advantage. It is time to start thinking about your legal structure and the type of organization that will best suit your needs, not just now, but for the successful future you are seeking. I have listed below some information to consider when you begin thinking about incorporation. Another option is to use a full service consulting firm who can give you advice from different perspectives, such as legal and tax implications, as well as expansion management.
When organizing a new business, one of the most important decisions to be made is choosing the structure of a business. Factors influencing your decision about your business organization include:
Legal restrictions
Liabilities assumed
Type of business operation
Earnings distribution
Capital needs
The easiest form of incorporation is the Sole Proprietorship. It also is the least expensive and has the least barriers to incorporation. The majority of small businesses start out as sole proprietorships; sole proprietors own all assets and profits of the company. The business is easy to dissolve, if desired, which can also be a benefit. The downside, is that that sole proprietors have unlimited liability and are legally responsible for all debts against the business. In addition, they may be at a disadvantage in raising funds and are often limited to using funds from personal savings or consumer loans.
Another very popular form of incorporating is the Partnership. A partnership is easy to organize but must have an agreement. In a partnership, the partners have unlimited liability; however they receive all the income from the business. With more than one partner, the ability to raise funds is increased, but since decisions are shared disagreements can occur.
The last form of legal structure is the corporation. The corporation is considered by law to be a unique entity separate from those who own it. A business may incorporate without an attorney, but advice is highly recommended. The corporate structure is usually the most complex and more costly to organize than the other two business formations. Control depends on stock ownership. Persons with the largest stock ownership, not the total number of shareholders, control the corporation. Shareholders have limited liability for the corporation’s debt’s or judgments against them.
The process of incorporation requires more time and money than other forms of organization and corporations are monitored by federal, state and some local agencies, and as a result may have more paperwork to comply with regulations. There are different structures that may be best suited for your needs, such as the C-corporation, Subchapter S-corporation or Limited Liability Corporations. You should seek professional consulting advice before deciding to choose which form of corporation is most applicable to your business.
© Copyright 2004-05 by www.motivatedentrepreneur.com
Thursday, June 26, 2008
Global groundbreaking software from India?Well..
Good article : I concur with the author that we should move towards more innovative product or ideas based rather then services based industry
Global groundbreaking software from India?Well..
Author: Ashish Sinha | Mar 21 2007 | | 
While India Inc boasts of groundbreaking services capabilities, fact of the matter remains that we haven’t yet built global IT products.
To a certain extent, iFlex/Tally have made a significant impact, but India scores a big zerO when it comes to B2C products.
There are hugely successful India specific products [Naukri.com/Indiatimes etc]; but then, these are not really global products. Infact, leaving Zoho aside, there is hardly any Indian product which has successfully made a dent in www.
Ankur [CTO, CellNext] summarizes the whole Indian experience [courtesy LinkedIn].
A groundbreaking product results not just from scientists/engineers — it emerges from the environment and mindset. The environment in US (for example) makes it quite ‘normal’ and routine for companies to innovate and come up with breakthroughs. There are already support systems and practices in place — eager financers, entrepreneurs, marketers, customers always wanting more… They have been inventing for more than 200 years now and see it very natural to solve problems using new ideas and technologies.
On the other hand, Indians learn technologies to get jobs. Instinctively, they don’t want to solve any problems using new ideas and rock the boat. They would rather live with status quo and quickly become tolerant (worse, ignorant) of small inconveniences. Our approach to technology is bookish — we learn things to get degrees and jobs, not out of real interest and curiosity. There are so many, e.g., who have high degrees in say, economics, psychology, engineering, etc but have least interest in these subjects.
Isn’t this an irony that Indians file more patents than China/Taiwan combined; but when it comes to innovation from India- we take a backseat?
I am aware of big product companies’ shop in India and surprised to see that most of these companies work on service/consulting mode [i.e. treat US counterparts as customers, instead of buddies!!], and have this *service* mentality very deeply embedded. Outcome of British slavery?
To cut the long story short, People with bended back cannot rule the world. Indian companies are way too risk averse and way too deep in services.
Maybe it’s time we become mavericks, and not powerpoint managers?
Maybe it’s time we talk about ‘Next Practice‘ and not ‘Best Practice’?
Maybe it’s time we start creating scientists/real engineers and not just $-hungry-IT professionals?
Maybe it’s time leaders get their hands dirty [and stop talking yada yada]?
Maybe it’s time we shake Indians out of their *comfortable zone* ?
Maybe it’s time we stop talking about job security?
Maybe it’s time we teach our kids to ‘leap frog‘ and not ‘baby steps’?
Maybe it’s time we shout “Where the mind is without fear! And the head is held high! Really high!”
Maybe?
What do you people think?
PS: I don’t mean to undermine Infys/Wipros of the world. They are okay, but…India is more than that. Atleast I believe so.
Wednesday, June 25, 2008
Top 10 reasons why you should be an Entrepreneur
Source : http://trak.in/tags/business/2007/08/11/top-10-reasons-an-entrepreneur-start-your-own-business-your-own-boss/
Why should I become an entrepreneur? Is it worth all the trouble of going through hardships and uncertainties of starting my own business? What if I fail ?
Here are the top 10 reasons according to me why you should be an entrepreneur:
- The number one reason is also the reason why most of us are afraid to be an entrepreneur. To experience the uncertain journey on Entrepreneurship. You have one short life, and if you do not give a shot at it, you are missing out on a great experience. The journey of becoming an entrepreneur will itself teach you so much it is worth it only for that one reason. The zing, the high, the thrill - experience it and you will know what I am talking about.
- To bring out the inner strength within yourself, that is rooted deep inside somewhere. That reserve of strength will bring out a new and confident you.
- To make yourself proud by walking on a path that is less traveled. To stand out of majority of people and creating an unforgettable identity for yourself based on what you have done.
- To show people around you that you are a man of strength and confidence. People will look upon you as a source of strength. They will seek your advice during their hardships.
- To value your own skills and strengths, instead of giving off cheaply by working for someone else.
- To be an inspiration and example for others.
- To be creative. Yes, when you walk on the entrepreneurship path, the creative side of yours will surface in most unexpected ways.
- To make a difference in lives of others. When you are an entrepreneur you will have the power of making a difference in the life of your employees, friends and customers.
- To be happy. To love life and to love self.
- And finally, to create wealth. Yes, this is important, but it is the last reason. All the above 9 reasons will give you much more satisfaction than this 10th reason.
Go ahead, start moving and walk on this wonderful path called entrepreneurship !
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