Category : Business Start-Up

Business Start-Up Entrepreneurship

Take Control of your life- Start a Business

Think Big Work Smart,Hustle Hard: Business Start-Up Series
Job security is a word that is quickly becoming obsolete, in the past person could have boasted of their job security and having a secure future. In today’s world of uncertainty, depending on others to provide some sort of job security for you may be one of the biggest mistakes you can make. Individuals will need to be able to create their own job stability and own opportunities for having a secure future. One of the ways this can be done is through entrepreneurship. Individuals can start their own business and take control of their lives and not depend on others.
There are some frightening statistics that shows that a huge percentage of businesses fail within their first year of operation. This is one of the reasons that many persons decide to not venture into entrepreneurship and starting their own business. One of the reasons for this failure is a lack of knowledge as it relates to Business Start-Up. The internet has become an information hub for entrepreneurs thinking of starting a business. The internet has also made it very easy for entrepreneurs to start and grow business.
In an effort to help with this problem, I have decided to start a Business Start-Up series. Here entrepreneurs and aspiring entrepreneurs can ensure that they are well knowledgeable as to what it takes to start a business, starting from deciding what type of entrepreneur you are to the actual business launch. This business Start-Up series is presented on and individuals can subscribe to the Business Start-Up series Newsletter to receive important and timely business start-up information.

It’s important to note that knowledge by itself is not power, the correct application of knowledge is power. And the knowledge that one will gain through this business start-up series, if properly applied can be very powerful.
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Think Big Work Smart Hustle Hard: Business Start-Up Series Part 1

What Type of Entrepreneur are you?

I have been an advocate for entrepreneurship for many years, I believe in the opportunities that entrepreneurship can offer, however I also know that not everyone can be an entrepreneur. I have also come to  the realization that there are different types of entrepreneurs, while someone may succeed as an entrepreneur in one field, that person may not do so in another field due to the fact that it may not be his entrepreneurial type.  I believe the first thing one needs to do is to determine whether or not they are an entrepreneur or have what it takes to become an entrepreneur.
Many individuals decide to get into entrepreneurship without much preparation. They come from different walks of life and decide to go full steam into becoming an entrepreneur without really taking stock of one self.  The fact that you may be able to become an entrepreneur doesn’t mean it is the right time for you.
It is very important for someone to understand their strengths and weaknesses when deciding to become entrepreneurs, it is important to understand that:
·        – Proper work ethic and discipline needs to be developed, time needs to be spent working on your business and not slacking
·       –  Control your spending, in deciding to become an entrepreneur, it’s important to know how and when to spend money.
·        – Have a strong urgency of now. You need to understand that things need to be done in order to get your business off the ground and procrastination is the greatest hindrance to entrepreneurial success.
·        –  Reinventing the wheel is overrated. When deciding to get into entrepreneurship, many individuals try to do something that has never done before. That’s overrated, as an entrepreneur you can look at what already exist and try to make it better, or execute it differently and become successful.
·         –Your wellbeing is very important, your health is your wealth, according to Arianna Huffington, wellbeing is the third metric of success, taking care of your body to avoid burnouts that could lead to health problems. Ensure you balance work and play
·      –   Keep people around that can guide you, having a mentor can be an indispensable part of entrepreneurial success
Many writers may tell you that to become an entrepreneur you need to
1.       Be a risk taker
2.       Excellent at sales
3.       Willing to work 24/7
4.       Outgoing
5.       You need to have a killer idea
While all this is really nice I do believe that every entrepreneur I know violates at least one of these and many more not listed there. I believe that what aspiring entrepreneurs need to do is take a look at themselves and figure out what type of entrepreneur they can be or need to be. I believe Rhonda Abrams hit the nail on the head when she broke down your entrepreneurial type into 9 categories, once this is understood, we can all have more entrepreneurial success.
A.      First there is the Advisor/Counsellor, these are the individuals who gets paid for giving their opinion.  They have a great deal of knowledge and experience that people are willing to pay for. It takes time to build credibility here, but it’s worth it
B.      There is the Builder/Creator; these people excel at making things, whether it’s a cake or building a house or just painting. It’s for people who have the desire to create stuff.
C.      The Caregiver/Maintainer is the person that provides consistent and reliable nurturing to others. Society has a need for maintenance, be it for peoples, plants, animals or things. If that’s you then you can look towards this route for entrepreneurship.
D.      This is one of my favorites, the Communicator/Trainer, these individuals are exceptionally good with words, written or verbal and does very well with communicating complex ideas to others. The number of communication channels has increased in recent years and so has the need for communicators and trainers.
E.       There is the Entertainer/Host, these people love parties and love to be the life of the party, they thrive on being with people or in front of people, outgoing and enjoy the spotlight. They can command attention and love making others happy.
F.       The Investor/Owner is good with numbers, and loves to take calculated risk and have money available to them (or is able to raise the money) to make investments).
G.     The Organizer/Administrator is the one that keep things running daily. They excel at managing multiple task, details and deadlines. They are not the star of the show but without them there is no show. They are detail oriented, making sure all details get attended to.
H.      The Seller/Broker are true hustlers, everyone needs good sales people. If you can sell then you’ll always be in demand since there are opportunities to sell anything. Sales are great for self-employment.
I.        Then there is the Technologist/Engineer, these people designs, makes, sells or service all those technology gadgets that we all need. They liked figuring out computers, cars, engines when they were only kids. If you can do this you can build a business around it.
Once you understand the type of person you are, it becomes easier to fully understand what kind of entrepreneur you can become. Not everyone can become an entrepreneur, some persons are better at working for entrepreneurs and that’s OK. Not everyone can handle the pressures of entrepreneurship, however everyone is capable of becoming an entrepreneur if he so desires. Look out for more articles and videos in this series that will help you launch you into the path of entrepreneurship.

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Developing an Entrepreneurship Policy in the Caribbean

Many Caribbean countries have been plagued with many problems over the years. These problems range from crime and violence to high levels of unemployment especially youth unemployment among others. In these countries a phenomenon that has been on the rise is that of self-employment. Though this trend seems to indicate that entrepreneurship is being fostered in those countries, it can be said that persons who get into this type of business is out of need; a need to feed themselves and their families and not necessarily because they saw an opportunity and decided to take advantage of it. Nevertheless, if this is nurtured and the correct policies exist then this can be the engine to power the economies and alleviate much of the problems being faced.
To reduce poverty and hunger, eradicate extreme poverty, create dignified and decent work,
and raise the standard of living of all our people, we must achieve higher levels of business
development and sustainable economic growth with equity (OAS, 2009)
 According to Kuratko and Hodgetts 2007, Entrepreneurship is a dynamic process of vision, change, and creation. It requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions. Essential ingredients include the willingness to take calculated risks–in  terms of time, equity, or career; the ability to formulate an effective venture team; the creative  skill to marshal the needed resources; the fundamental skill of building a solid business plan; and, finally, the vision to recognize opportunity where others see chaos, contradiction, and confusion.
In the Caribbean, whereas many persons have already accepted that the only way they will move forward is through becoming entrepreneurs. There is a problem that is faced by many in that there isn’t an entrepreneurship policy that helps guides and propels an entrepreneurial model through our economies in many of the Caribbean countries. Though this has not limited or hindered many of the most successful entrepreneurs throughout the Caribbean, it is believed that if one such policy was to be developed, countries such as Grenada could have less dependence on the outside world and more locals would be willing to take more risk to help build their economy.
It is believed that the main issue affecting many entrepreneurs and the development of entrepreneurship in most Caribbean countries is that of the lack of a policy that guides the entrepreneurial process. Although many countries have a ministry that deals with small business or international business among others, there isn’t in many cases a ministry that guides the development of entrepreneurship. According to Lundström and Stevenson, there are six areas that can be focused on to develop an entrepreneurial policy and they are:
1. Entrepreneurship promotion
2. Entrepreneurship education
3. Reducing administrative, legislative and regulatory barriers to entry and exit;
4. Business support for start-ups
5. Business and start up financing; and
6. Target group measures
Developing such a policy can help alleviate some of the problems that are inhibiting entrepreneurship in many countries such as, Lack of access to funding and lack of technical support. One of the biggest problems that this can address is lack of education about the importance of entrepreneurship and how it can help improve economies and people also, another problem this can address is that of a lack of training.
In many situations persons grow up in a culture where entrepreneurship is not something that is seen as important and mainly persons who grow up in business families are the ones to get involve in business however such a policy can help curb this problem and help build better societies.

In conclusion there is a serious need for a policy in the Caribbean centered on entrepreneurship in order to help foster this phenomenon and propel economic growth and development. Entrepreneurship, as identified by many scholars and business persons in the Caribbean, is a very important avenue for economic growth, it helps alleviate unemployment and help create wealth, and more emphasis needs to be placed on it.
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