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| Internet Marketing the Human Networks |
| Friday, November 24, 2006 |
The video posted below, while somewhat grainy provides, commentary that is helpful to anyone who is starting a business with a web-based component. The speaker, Willie Crawford, discusses the importance of personal networking in order to gain valuable marketshare.
The speaker provides some insight from personal experience and how you can benefit from attending seminars on subject matter that are relevant to your present of prospective business. It is a firmly established reality that personal networks yield valuable positive returns on the investment and are one of the best tools for staying current in various markets and learning about inside trends in different industries. Additionally, in this age of private venture capital and private placement IPO's the netwroked individual simply has more opportunities and and avenues to generate the funding necessary to develop big ticket products.
One of the keys to entreprenuerial success is meeting and interacting with like-minded individuals - people who can share your vision for the future and who want to work with you to create the necessary system to carry out the key functions of the business. |
posted by Domesticated Dog @ 12:39 PM  |
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| Creating An Opportunity |
| Saturday, November 18, 2006 |
Sometimes the best next job to get is the one you give yourself. Or, so I am telling myself now. I've been self-employed for the last 3 years and I find that it is extremely rewarding when the paydays finally arrive. One of the lessons that I have learned and continue to learn is to explore opportunities by siezing them first. A day wasted is a day lost.
To work on my business, the first thing I had to do was clear the time to be busy on a new project. This involved closing out existing work and preparing myself to go without income for a period of time. I made sure to let my family know what I was gearing up to do and then jumped. It is an act of faith. All the preparatory steps are just that - preparations to justify my faith.
The last few months have been a little of a challenge. Primary objectives have included: identifying necessary resources, making phone calls, doing some dry run sales cales to guage market interest in the project, and realizing that this entire project would be a lot easier with more cash. On the other side, I take some inspiration from Steve Wozniak who said on recent program that sometimes it better to have less to start with because it will make you more efficient in your methods. You have to assume that, based on his track record, he would know.
This week is important to me. There will be a combination of cold calls and systems diagramming to prepare for my first implementation. My goal is to sell business services to business customers and as such I need to be ready to roll from the moment I contact them in orer to close the sale. They need to know that a system is waiting for them.
I've made some projections about potential expenses and have examined the public operations of large, successful firms in my particular field and have come to the conclusion that the market is not full and more importantly that the barriers to entry wil remain low, because the service is simple, practical, and always in high demand. Most importantly, it is a service I enjoy providing and the work itself creates additional opportunities and relationships.
Life is a great and wonderful experiment. |
| posted by Domesticated Dog @ 5:46 PM |
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| Find a Big Problem - Create Solutions |
| Wednesday, November 15, 2006 |
"Do not worry about your difficulties in Mathematics. I can assure you mine are still greater."
-Albert Einstein
The bigger the problems you try to solve the greater the rewards are when you try to solve them. Think about the vacuum cleaner and washing machine. Although cleaning a floor and washing clothes seemed like small problems, they were in fact massive problems, because of the frequency with which the problems occured. The inventor/entrepreneurs who solved these problem made fortunes and created thousands of new opportunities for other business with the activity and process innovaiton that they introduced.
You should always be looking to start your own business even if you have a job. The harder you look the more likely you are to find the business that puts you ver the top. Consider custom manufacturing and visit the sites of custom manufacturers to examine their offerings. If you have an idea for a product that is feasible a good custom manufacturer can make your dreams become a reality.
You have probably noticed that the market for custom manufacturing has increased as products become more sophisticated, more unique, more in demand, or al of the above. There are many niches markets that depend on the custom manufaturing sectr to provide them with the solutions they need to the big problems that entrepreneurs try to resolve.
Despite the constant media attention and public outcry about the decline in US manufacturing, the US remains a manufacturing leader and more importantly is the leading outsourcing manufacturer. A great deal of the profit of overseas businesses does indeed return to the US by way of the American firms that mange ovrseas operations and provide the financing to see that those operations are sufficiently capitalized and connected to provide quality units in a timely manner.
Take a look at www.export.gov and look through some of the listed opportunities and see if you can generate some ideas about how you could fill the order. Then go talk to some people that you know and see if you can assemble the right team to manage the activities for you. There are some companies that will help you manage you import/export operations overseas and work with you to find the manufacturers or service providers you need to make you business competitive. |
| posted by Domesticated Dog @ 11:31 PM |
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| Enter the Milionaire |
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Consider this report about the increase in millionaire households for the year ending 2005.
Millionaires Once Again on the Rise Reports New Study from TNS
For the third consecutive year, the number of households with more than one million dollars ($1MM) in net worth (excluding primary residence) has risen, according to new research released today by TNS Financial Services, a division of TNS, one of the world’s largest market information companies...
Unlike 2004, year to date stock market growth did not fuel the increase in millionaire households. The Standard & Poors 500 and NASDAQ posted no significant gains during the time period measured, and the Dow Jones Industrial Average posted only a 4% gain. In fact, while ownership of stocks and bonds is up (72% of millionaires own individually held stocks and bonds, up from 63% in 2003), the average balance invested is down. Ownership of mutual funds is flat and the average balance also fell, dropping about 20% (mean among mutual fund owners in 2005 was $283,000 versus $355,000 in 2004.)
TNS found that the majority of the affluent households were earning from active reinvestment of capital.
Millionaire and affulent households are becoming more and more common. And, although many people have complaints that the quality of modern life is diminishing with so much government intervention, long commutes, and often long work hours, the evidence seems to indicate otherwise. A great example of this is easy to see everyday. Look at all the Jiffy Lubes, Chili's, and Target's and then take a look at how few people change their own oil and filters, brown bag it to work, or make their own clothes from scratch. There has beena notable increae in life's little luxuries. Even in poor areas you see an alarming number of working automobiles, name brand clothing, and other acouturements that indicate a certain level of wealth in almost all comunities.
There are many steps each of us can take to change this. One of the first is to develop knowledge about the systems that are necessay to increase ones net worth and then apply ourselves to activities that will help us make that move. If you fell that you're in a rut get out. |
| posted by Domesticated Dog @ 10:43 PM |
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| Exporting to China |
| Monday, November 13, 2006 |
Here is the link and a summary.
Exporting to China: Peril or Smart Business Plan
China, one of the fastest growing economies in the world, has strong attractions for American traders who are considering entering the ... all » Chinese market. Yet it can be a difficult country in which to do business. American firms must deal with a wide variety of issues, including the changing priorities of the Chinese Government, the lack of transparency in government decision making, the ups and downs of U.S.-China relations and the difficulties in dealing with a different culture. This 2 hour 50 minute long seminar will help guide you past such obstacles-and put you on the path to a successful venture in this large and challenging market. Topics covered include:
Prospects for the Chinese Economy. - General overview plus business environment as perceived by American business in China (examples include HR, IPR, WTO). - Industry Issues, including Automotive, Banking. - Outlook for Business in China
China's Commercial Landscape - Opportunities and Challenges, Paths to Market Entry and Available Federal Resources
Managing Risk in an Evolving Business Environment. - Protecting IP. - Negotiating contracts, useful clauses & considerations.
Assessing and Reaching Chinese Market. - Customs and Logistics: Getting your products to Market. - Secure Financing and Getting Paid
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| posted by Domesticated Dog @ 2:59 AM |
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| Silicon Capital |
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This movie provides yo with some background on the beginning of the venture capital market in Silicon Valley. If it happened once it will happen again. By understandin the past you know when and where to ack in the future.
The speakers in this film are leaders in the venture capital market and might provide you with the edge you need to get your business funded.
Nothing ventured. Nothing Gained& How did the venture capital industry get started in Silicon Valley? Why here and not elsewhere? How has ... all » it changed? How has it stayed the same? What were the key milestones, the big obstacles, and lessons learned? Join us as we investigate the personal stories of an incredible array of pioneering power brokers in this amazing industry."
Venture capital has a lot to do with relationships and as you listen to the panel you will understand that a number of them had great connections. I believe four of them ar Harvard MBA's, so they probably had agood bit in their noodle when they were getting started. One of the wonderful aspect of the Internet is that we now have access to resources that were once reserved for a very small group.
This leveling of the playing field increases competition for the capital and also creates more possibilties for the possessors or that capital.
Presently there is a great deal of growth in Southeast Asia, Pakistan, and India - and product or services that can be developed using the skills and specializations of the scientists and engineers in thos countries have been looked on favorably. These region represent the new Silicon Valley. For that reason, I am including an excellent video on exorting to China. The oportunity channel flows both ways.
www.computerhistory.org |
| posted by Domesticated Dog @ 2:39 AM |
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| A Comment on Business Models |
| Friday, November 10, 2006 |
In the 1990's, the term business model was everywhere and was being tossed around very liberally. Basically, if you said the word business model you looked smarter than you were and it matter little if you understood what you were saying or new how to implement one, because you were so smart. The term itself and its definitions are only as specific as the user can make them and, for the most part, you will look smarter today if you use the term and know what it means. If you really know how to define a business model and can recognize when one is new to the world or unprotected you can patent the model and it becomes an intellectual property that you can negotiate with as an asset.
What is a business model?
A business model is a conceptual tool used to describe a business system. This tool allows for a business to be diagrammed and discussed as an abstract entity. A business models include a description or illustration the core business functions and how the relate to the system that the business exists in. The process of creation of a business model requires basic systems thinking and the end result can be simple or complex. The modeler determines the degree of complexity. So, in a nutshell a business model is a tool.
The simplest business model would be the village merchant business model, which is Business A sells Product A to Customer A for a fee. It is the basic model that underlies most business concepts.
What is this utility of a business model?
A business model is primary a communications and planning tool that can be used to express complex tools in a compact and understandable form. When a business can be expressed in finite terms and reduced to its basic activities and relationship investor, stakeholders, managers, and, increasingly, governments can evaluate the merits of any given business.
Entrepreneurs should consider business models to be of the utmost importance because they will be accountable for the risks involved in any given business activity they participate in and should make every effort to understand what it is their business is supposed to be doing. This general sense of the functions and entities that make up the business system can then be communicated to employees and al members of the business team in order to keep the entire group focused on reaching the same goal.
Is there a specific process for creating a business model?
There has been an effort to introduce conventions into the practices of expressing a business model, but these efforts will benefit academics much more than the average individual, but there are a lot of people who need business models. A business mode can be expressed in using any method appropriate for the author of the model and the parties to which it needs to be communicated.
Resources for understanding the significance of business models:
To understand business models, practice drawing system diagrams of how businesses you know work or talk to businesses owner and ask them to diagram their businesses for you. If you work in an office talk to a manger and ask them to diagram how your department works and how it relates the product or service your company provides. Business models have a lot to do with how you think about a business. As such, there are literally hundred of thousands of resources that you can consider.
Recommended readings:
In the 1990s, the big push for business process reengineering started as almost every major business realized that there were benefits to be gained by implementing new technologies into there business to effect radical change in business performance. I would recommend that anyone interested in an overview of business process reengineering to read Reengineering the Corporation - A Manifesto for Business Revolution by Michael Hammer and James Champy. This as an excellent overview of the subject by authors who claim to have invented the concept. Another book I would recommend is Process Innovation: Reengineering Work Through Information Technology by Thomas Davenport. These authors have been very influential on the subject and, after reading several books and a number of papers by each author you will find that many of their differences a primarily semantic. The major area where they are of a difference of opinion is about the rate at which the desired changes should be implemented.
Both books are highly educational reads, although, Hammer and Champy write in a more narrative style. I recommend reading about Business Process Reengineering (BPR) and Business Process Innovation (BPI), because these two activities are heavily dependent upon understanding a business model and both of these authors discuss in sufficient detail how to examine a business from a conceptual view and provide examples of how models have been utilized to transform businesses. These books are over a decade old, businesses still operate on the same basic principle with the primary differences being the technology that is employed to accomplish tasks in an economically beneficial manner. |
| posted by Domesticated Dog @ 2:49 PM |
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| Overview of Business Systems |
| Sunday, November 05, 2006 |
There is more to a good business than a good product or service. Good businesses have good systems and can leverage the combined benefits of these systems into increased profits and market capitalization.
Some of the primary systems that are important for a successful business model inlcude:
- Legal
- Product
- Cash Flow Management, Finance, and Accounting
- Marketing, Sales, Communications
- Business Systems
- Collections
The relative importanc of these systems can be detemrined by the management team, however, none can be overlooked.
Legal Systems:
Your business has to have the ability to protect its assets and the assets of the owners. Without some plan for protection a good business can disapear in one legal action and the owners might lose more than they imagined possible. Additionally, good legal systems can assist a business managers in finding new opportunities, eliminating competition, and negotiating with employees, suppliers, or customer. In certain business, particularly those that are government regulated, it is absolutely critical to have a knowledge of the law or a knowledgeable lawyer to help guide the business in its business decision.
Product Systems:
It is critical to understand what your product is and how is created, while maintaining a degree of vigilance regarding change in the industry. Good product systems and healthy research an development keeps your business current on available technologies that can make your business more effecient and more caable of satisfying market demands. This is true in many fields that seem as though they have remained the same for years. If you are paper clip manufacturer, you product knowledge or research and development activities could perhaps help you identify the next great way to manufacture your product and help you gain critical marketshare. In the event, that you discover a technique or material that your competitors desire, you could sell or license that intellectual property for a fee and draw profits from paper clips made by others.
Cash Flow Management, Finance, and Accounting:
Businesses are revenue seeking entities and most businesses are profit seeking entities. Cash flow management systems allow businesses to project the quantity of cash resources that will be available and predict slow periods when additional capital will be needed. Finance systems allow business to effectively allocate resources and recognize methods of obtaining new resources to keep the coffers full enough to go from quarter to quarter. Accounting systems are central to the success of almost every business, because it help you keep track of where the money is going, recognize when you need to enter a collection action, prepare taxes. Additionally, the quality of performance of the accounting function can determine the elegibility of firm for new capital from lending sources.
Marketing, Sales, and Communications:
Most businesses need to sell in order to stay alive and to do this the need to understand and communicate with the market. The marketing function includes advertising, distribution, and merchandising and is oftem closely link to the activities of the sales departments and the financial department. Sales is exactly what is sounds like and a whole lot more a good sales team can often overcome a poor product for a short period of time, but most sale professionals seem to prefer to have product strength on their side. The key in sales is closing the deal. Communications is important to every aspect of the business. The high cost of obtaining new customer makes a communication system that focuses on customer relationships and service a must have for most businesses, if they expect to be successful in the long run.
Business Systems:
Although all of the systems described thus far are business systems, this category refers more specifically to the systems that allow information to pass from one part of the company to another and the systems that convert data into actionable or marketable information. If you examine many of the successful Internet based business you will not that they usually had a great deal of competition in their market, however, business systems made a great deal of difference when determining which business would survive and fail. Good business systems allow businesses to determine what is and is not working faster.
Collections Systems:
A sale costs your business money unless you can collect. One of the keys to surviving in business is being able to convert accounts recievable into revenue. |
| posted by Domesticated Dog @ 9:50 PM |
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| The Early Stages |
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In the early stages of creating an entrepreneurial venture it is likely that you will not be paid for your efforts. In a sense, you are mortgaging your present resources, even if you only resources are time and creativity, for the purpose of reaping a reward or controlling an asset in the future. You will need to be prepared to work for free and you need to accept that there may be very little specific information you can find to tell you how to be an entreprenuer. This is due to the fact that the entreprenuerial path is broad and potentially encompasses avery field of human knowledge.
This is not uncommon. The stealth technology used on milatary aircraft, to a degree, is an example of this. The government announced that it would award the contract to the contractor that presented the most convincing and attractive product design for development. This meant that any of the contractors that were going to compete would have to work on their project without any guarantee of reward - and it was an expensive project. This was the risk that they had to take to be awarded with the funds necessary to obtain the capital to fully develop the technology and the aircraft. (Incidentally, the developer agreed to share the future benefits of the contract and to work as partners on the craft to mitigate the risk involved.)
To establish your interest and to market it, you need to take steps towards making it a going concern before you will obtain the resources.
Start Talking to Potential Investors:
Begin to visit places where that investors visit and learn about the requirements that they have for investment. This will benefit you in a couple of ways. First, it will get you into the market. Second, it will educate you about the investment market and the investment class. The tools of the entreprenuerial trades are different from the tools of most jobs. The require an individual to be able to effectively collaborate with others and to understand the language, terminologies, and subtleties of a wide variety of organizations, people, and systems. From the very beginning work at developing your personal network. If you live in a vacuum, move. Success is rarely found in vacuums. If you are unable to speak directly to individual investors, go to a bank and talk to a loan officer or contact a funding company and learn how they think.
Start Recording about Your Strengths:
Critically examine yourself and write down what your strengths - and your weaknesses- are. This will help you to identify where you need the most assistance in pursuing goal. Perhaps, when you review your strengths you will see that you are a self-starter, so you know that your primary needs do not include the need to hire a motivational coach. Or, perhaps, you will note that you have prior exerience in finance, human resources, accounting, payroll, retail services, warehousing, or manufacturing. Get a grip on what you know and consider ways that you can use these strengths to sell yourself, your product, your service, or your idea.
And, remember to consider your weaknesses. It is almost as important to understand your shortcomings, so you can get started early in seeking out individuals or agencies that can help you reduce the limitations any of your weaknesses imposes on your ability to be a success. Find resources that can help you. If you realize that you know very little about corporate law, lending practices, management, or workplace practices, put these facts on a to do list and make sure that you get yourself a good education in this field or find a resource that can provide you with the expertise you will need in the future.
Find a product or service:
Identify a marketable product or service, then research its features, producers, and consumers. What existing products or services interest you? If there are none, you will need to create one or you may need to consider whether or not being an entrepreneur is appropriate for you. If you cannot identify or create a product or service that interest you, you will have a challenging time maintaining the necessary enthusiasm to do the extra legwork that is necessary to get yourself going.
The product or service that you identify or the group of products and services can be in virtually any field from aeronautics to housecleaning. Think about how many hotels would outsource room cleaning if they could get high quality service at a reduced cost and, even more importantly, reduce the liabilities and claims that they have for theft. Consider how many businesses would outsource their manufacturing function if they could be guaranteed, quality, timely delivery, and reduced cost - even if the reduction in cost is derived from a reduction in the amount of human resources, benefits, warehousing space, and equipment they need to create their output. Think about how many people would pay to have a secure place to secure their property in a storage building or a place to park near where they work.
Create a draft of your business plan:
Spend some time writing your business plan. If you use public transportation to commute, do it on the train, plane, or bus. If an idea comes to you while in a restaraunt write it down on a napkin or on the back of a reciept. You can always flesh it out later. Sometimes, when you jot something down it helps you to organize your thoughts and makes it a little easier to convert those thought into actions.
Keep moving:
At all costs, keep moving forward. Time is one resource that is always in short supply. Opportunity present themselves to everbody everyday. The problem is that everyone is not prepared when that opportunity arises. Train yourself to be on the lookout for opportnities and practice pursuing them. It is easier to stumble upon the next great thing if you are always moving. Find out about new changes in the law and technology that may create an opportunity for you. |
| posted by Domesticated Dog @ 10:37 AM |
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| What would you do with a million dollars? |
| Friday, November 03, 2006 |
It is extremely important to consider how you would utilize cash and other resources, if you had them. Have you ever taken the time to fully consider what you would do with a million dollars? Or, ten million? Or, fifty million? Have you ever considered how you would apply and distribute cash resources?
Create Business Plan:
When you consider how you would use assets that you have not yet obtained, you are thinking like an entrepreneur, you are organizing the components of a whole prior to their existence. This act of forethought can lay the ground work for the development of a prosperous future and provides you with a mental excercise that requires you to consider the mechanics of the business enterprise you desire to create.
Even before it exsists, the concept of a business can be bought and sold. It is a marketable instrument. A well crafted business plan will provide a narrative summary of what the business will be, how it will work, and how it will benefit investors and stakeholders. If you know what to do with a million dollars or more, someone will probably give it to you so you can use it. Understandably, the will expect their investment to be returned to him and increased. Consider the biblical parable of the three servants. A business plan is your chance to tell investors why you will be the good servant.
Epimetheus and Prometheus:
This was the difference between Epimetheus and Prometheus. For those who may be unfamiliar with Greek mythology, Epimetheus and Prometheus were titans and brothers. The myths hold that they ruled the universe before the pantheon of gods (Zeus, Hera, Athena, etc...). These two titans despite there close familial relationship had extremely different approaches to the creation process. Epimetheus (whose name translates to be "hindthought") was given the task of distributing unique gifts to animal creations, many of the gifts he gave to the animals made them into the monsters that littered Greek lore and he incidentally exhausted all of the gifts he could think of before he came to man, the masterpiece of his brother Prometheus (whose name translates to be "forethought"). Prometheus realized that man would be helpless and gifted man with the fire and the ability to manipulate and control it. It was quite a boon for mankind (or s othe story goes) and mankind with its gift was capable of everything and possessed an almost divine power by virtue of the gift. Epimetheus failed and Prometheus corrected that failure and greater enetity by thinking ahead. The forethought of Prometheus made him superior to his brother in many ways. As the story goes on Prometheus is bound for making man so great and Epimetheus, the poor guy, ended up marrying Pandora - but that's another story.
Asset Allocation:
The principle of asset allocation is critical for the purposes of developing a marketable business plan and building any business. Businesses operate with the resources they have and can generate additional resources from a variety of sources if they can illustrate how those resources can be effectively and gainfully applied. Remember not every business concept that is turned into a "the next big thing" starts in a garage operating on a shoe string budget. Many start on a few sheets of paper that show an intellegent design for a business model and demonstrate to investors how they will be rewarded for sharing, lending, or investing resources in a startup business.
Find the Funds:
The funds are out there and entrepreneur have to compete for them. Although the sheer amount of funds makes it seem as though there is an unlimited amount of capital available, it is in fact a finite source. The possessors of this capital are often entrepreneurs and look for opportunities to increase their own wealth by involvement in new businesses or by providing a boost to going concerns.
A few examples of websites that create markets for these types of transactions include:
The Go BIG Netwok offers a venture capital guide that can be quite useful to anyone who wants to get a baseline understanding of what venture capital is and an overview of how to obtain it.
Visiting these sites is useful way to develop your understanding of the marketplace, but represents only a beginning venture capital is very sophisticated market and to improve your chances of capturing the attention of investors and securing the funds for your business. Consider some research into more specific elements of venture capital such as Regulation D Securities Offerings that provide three exemptions from the Securities Act registration and allows entreprenuers to sell securities offering without taking licensing examinations, so long as no compensation is paid for the sale of those securities.
Turn over some stones:
You need to look at the available opportunities to find the seed capital that you need to create your enterprise. Many opportunities are missed, not because they are overlooked, but because they are never looked for. The animation below will show you how to ask for what you want. It remains up to you how you will use it.
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| posted by Domesticated Dog @ 8:01 PM |
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| What is an entreprenuer? |
| Thursday, November 02, 2006 |
An entrepreneur is a person who organizes, manages, and assumes the risks of a business or enterprise. This is a dictionary definition of the word entrepreneur and, to understand this definition, it is essential to understand the meanings of each of the word included in the definition. Each of the definitions provided below will be limited to definitions that are relevant in discussions about business and entreprenuerialism.
What is a person?
You are a person.
What does it mean to organize?
To organize is to arrange components into a configuration that creates a systematic whole. This can be done in art, in a kitchen drawer, in a file cabinet, or with a group of people. Each of these instances represents a real situation where the principles of organization can be described. The very nature of organization is part art and possibly more science. Organizing creates patterns and makes experiences more predictable.
What does it mean to manage?
To manage is to direct, control, or influence the behavior of some unit. The unit can be an office, an election, a group of independent contractors, or a complex machine. The act of managing is the process of management and it is important to understand that management is a process.
What does it mean to assume risk?
To assume risk is to take upon oneself the responsibility for the possibility or probability of loss, damage or injury. When one assumes risk they become accountable for outcomes. The act of assuming risk is a conscious or unconscious choice and exposes an individual to liability for the outcomes of an endeavor.
What is a business?
A business is a commercial, industrial, professional, or trade activity engaged in for the purpose of generating revenue. The possible exception to this is the not-for-profit business, however, it is important to note that many not-for-profit business generate substantial revenue. Businesses are ubiquitous, they are very few place in the world that one can go without seeing the processes of exchange that are represent the rudimentary elements of business activity.
What is an enterprise?
An enterprise is an industrious, systematic activity, especially one of some scope, directed toward profit. Enterprise is often used as a synonym for business; however, the term enterprise implies a type of journey or venture. Private enterprise is one of the staples of capitalism and the Western business philosophy.
What is an expanded definition of entrepreneur?
An entrepreneur is a person who practices the arts and sciences arranging and distributing resources, including people and machinery, for the purpose of generating revenue or creating profit in a commercial, trade, or professional system and, in doing, accepts accountability for all outcomes of endeavors engaged in. By virtue of the definition, it is easy to see that being an entrepreneur implies involvement in a wide range of disciplines.
What makes an entrepreneur different from any manager?
One of the main differences is that entrepreneurs are self-employed, and if they are full-time, they have no security provided to them by an employer. Managers in the context of a business owned by another investor are must answer to the authority of the ownership or face termination. Managers are, generally, speaking, limited in the scope of the decision that they can make by the owners, whereas, entrepreneurs are the owners and have less insulation from risk.
It is interesting to note that being an entrepreneur does not imply that one is an expert in any of the areas of activities an entrepreneur will need to be engaged in. An entrepreneur is a generalist as opposed specialist that shoulders the responsibility for the performance of a any number of different components of the system they operate in even, if those elements are not directly under their control. |
| posted by Domesticated Dog @ 9:27 PM |
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