Entrepreneurship
MBA candidates no longer get a good job. As such, they should think about establishing their own company.

Hey MBA Student, are you done with your degree? What’s your plan now? We are sure shot that like so many other MBA graduates out there you will start dropping your resumes here and there. Well, behold! Because gone are the days when an MBA degree could get you hired with some of the best companies in town.

Today, thousands and thousands of MBA graduates are stepping out of colleges every year. Employers no longer consider this as a preferred qualification because nearly every potential candidate out there already has it on their resume. Point is, even with an MBA degree, you cannot set yourself apart from the rest of the applicants, and thus, will have to struggle a lot to get employed.

Is there an alternate way?

Yes, that’s the best part of it all. Why are you even thinking of finding a job when there are so many other options to consider? Did you ever think about establishing your own business? If not, now is the time! Entrepreneurship is a path chosen by a rare few, but these few are the most successful out there. Yes, you will have to struggle, you will have to give it your all, but when you look back you will be satisfied that you did, and be glad of the decision that you made.

Being an entrepreneur is indeed, hard work, but it is so rewarding, and hence, worth it. You learn, you grow, you use your skills. You do something new every day, and whatever you do is what you are passionate about it. And after all that hard work, when revenues start to flow in, you‘ll be content.

Your MBA degree will still not be wasted

Oh so you like the sound of entrepreneurship, but what about your MBA degree then? You think it will be totally wasted. No, you are wrong! You become a more successful entrepreneur if you have an MBA degree. Why? Because it teaches you so much that you can cash onto later on.

Your MBA degree teaches you the fundamental concepts of how businesses work and operate. You learn about planning, you gain knowledge about finances and you get to understand supply chain. As you may already know, there are so many aspects of running a company, and your MBA degree walks you through all of them. Plus, you have to solve case studies, which gives you an insight into how successful leaders work and manage and work. You can then apply this learning later on.

Not to forget that you get to network with a lot of people who may turn out to be your future partners and investors.

So what are my next steps?

Well for starters, finish off with your MBA degree if you already haven’t done so. Secondly, think of an absolutely amazing and promising idea. Work on it, find a mentor and then use their guidance to establish your own company. Good luck!
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Entrepreneurship
The best thing that you can do after acquiring your MBA degree is to establish your own business, instead of getting hired.

You are finally done with your MBA degree, and now are developing your future career plan. What do you think is the best path forward? Depends on your preferences mostly, but we can surely give you some advice.

Okay, so tell us what do you prefer more. Do you want to stay stuck in the same routine every day? Do you want to do the same thing over and over again? Do you want someone constantly nagging down your back, and asking you to do this and that? And do you want a pay that fails to justify the efforts you make? No, right? This is exactly why you should not sign up for a job at all. Instead of struggling and trying to find your foot in the tough competitive world, you should just stay out of the job market.

If you are not applying for a job, what can you do? Build your own company. Find a creative idea, pitch it out and then sell. Why are we saying that you should tread on an entrepreneurial path? Because when you establish your own company, you reap in numerous benefits. Learning, growth, flexibility, revenues, and most of all, you do something that you are passionate about.

Where does an MBA degree fit in all of this? Do you think that you could have done this even without an MBA degree? No, your MBA degree will be of immense help on your journey, and here is how.

Strategy

When you establish your own startup, you will have to be creative and take risks every day. Your MBA will be of vital help in all these risky scenarios because it can teach you about proactive planning and strategizing. You learn risk management, and use it to make sure that all potential risks are being actively monitored. 

Plus, your MBA degree will also train you for growth. You will be able to put all the pieces together, and make sure there are no loopholes in the picture. From developing the product to launching an enticing marketing plan, your MBA will teach you how to do all of it effectively and successfully.

Execution

Do you want to get business from the bigger companies out there? Or do you want potential investors to provide you with substantial amount of funds? You need to show them that you are organized, you have a promising idea and you can certainly execute it well. 

Today, all the bigger companies have an extremely structured approach and do not tolerate operational errors, bad planning and incompliance. Point is that if you want business with them, not only should you have a great product, but you should also have well laid operational principles. Doing so will also give you an edge and help you save money.

Talent

Sooner or later, you do need a team to work with. But how do you judge quality candidates? Your MBA will teach you all that you need to know about recruiting and retaining top talent.
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Business, Entrepreneurship
This is a list of five entrepreneurial businesses that an MBA graduate could pursue after graduating.

After graduating with an MBA degree, the opportunities for securing a good job offer from a reputable company might seem limitless. However, is getting a good job the only way forward for an MBA graduate?  Definitely NOT! Why use your talents to make someone else rich when you can use them to earn tons of money for yourself.

Entrepreneurship is the key to being your own boss and paving the way for building your own business empire.  Here are some of the things you can do after getting that hard earned MBA degree:

Freelance Writing Services

Many companies are seeking freelance writers to produce quality content for their websites and promotional campaigns. Creating a company that provides quality freelance writing services is an easy way for a skilled MBA graduate to step into the world of entrepreneurship in a cost effective way.

Business Consulting Service

Help other organizations solve their financial and business related problems by starting your very own business consulting service. You can put your MBA degree to good use by teaming up with companies to helping them manage their business strategies, develop better business models, and create marketing plans which would enable them to enhance their growth.

Educational Services

Education is a noble field which allows one to reach out to others and help them grow in their careers. Starting an educational institution would not only be one way of putting your degree to good use, but it would be an ideal way to help others in their quest for knowledge. It might not be as financially rewarding as some of the other entrepreneurial pursuits, but it certainly is an excellent way to achieve self-satisfaction by educating others.

Event Planner

An MBA degree holder with excellent management skills and an analytical way of thinking could also consider diving into the field of event planning. As an event planner, you would be organizing meetings and various types of events. It’s a very profitable field with lots of room for growth and development.

Financial Advising

A financial advisory business seeks to help other organizations with problems related to taxes and insurance. A financial advisor is also responsible for helping individuals and companies in making smart investment decisions. Many professionals hailing from different fields require finance related counseling from time to time and as a financial advisor, you would be there to help them out in their financial endeavors.
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Entrepreneurship
3 rookie mistakes entrepreneurs make that have proven to be fatal for their careers

Setting up your own business always involves risks and no one guarantee you success at the beginning. It is the decisions that you make along the way, that have the most impact on the fate of your business. You can’t control all the factors (and remember that you should not try to either) but there are certain sure ways that have proven to be fatal for businesses. Here are top three rookie mistakes that entrepreneurs make, which plummets their business down the rabbit-hole.

1.     Don’t be an accidental entrepreneur

So let’s begin with the foundation. Before jumping to the planning and execution phase, STOP! And ask yourself if this is what you really want to do and why you want to do it. Be honest with your answers because you can’t and shouldn’t lie to yourself. Ask yourself what is your long term goal with this.

Before starting anything, you should be absolutely clear about it in your mind. And no, don’t confuse this with having an entirely perfect business plan penned down from day one. This is not possible and things are bound to change along the way. But you should know your goals with choosing an entrepreneurial path. If you are in it just because it is the next cool thing for the decade, then chances are that you will fall into the trap of being an Accidental Entrepreneur and that is not a good start.

2.     Know your product and audience

Now that we have established that you have chosen this career path for yourself and not just stumbled upon it, we can go ahead with the preliminary phase of doing market research. I get it, crunching the data and collecting market surveys is not a dream task but it is just one of those fundamental steps that can’t be skipped. I can’t stress on this point enough, on how important it is to know your customers.

We have entered the realm of digital marketing, and people are blasted with tons of information through internet every single day. If you are not completely aware of the needs of your customers you are going to be another failed product that will land in junk folders. So know your audience and build a product that they need or be proactive enough to create the need for that product.

3.     Communication is the key

So now you have made the product and have successfully marketed it to your targeted audience. Another common mistake that entrepreneurs make is that they don’t communicate with their customers. Don’t think that your job is done once your product has reached the customer. No, the real work actually begins after that.

The experience that your customer will have with that product is going to determine whether that person is going to come back to you or not, so be extra careful. Answer queries on time, listen and respond to feedbacks and most importantly be open to criticism. Building a loyal customer base is extremely important for any business to be successful.

Above all, be open to experiences. Understand that you will make mistakes, but it’s how you react to them that make a whole lot of difference. Begin by knowing yourself, then follow to knowing your audience and build a relationship with them for a thriving business.
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Entrepreneurship

Working has never been this easy because this is the era of the internet. The internet has changed the structure and operations of businesses as we know it. Many people these days are leaving the daily grind of the corporate world and opting for home based business and diving into the world of entrepreneurship.  Women in particular, are opting to start home based businesses that create a healthy work-life balance for them. This way they can manage their home and families without compromising the advancement of their careers. If you are thinking about starting an online business but don’t know where to start then these some of the options you can try are:

Online coaching/blogging

This is a lucrative business and you can start it without any need for capital. Skilled based services are really profitable and online coaching/blogging are rated top in the list. You can write blogs and coach people on various aspects of life such as relationships, parenting, health & nutrition, make-up, fashion, self improvement and the list goes on. Whatever the topic maybe , chances are there is always going to be someone who will be willing read and pay for the coaching services you offer. As long as you are passionate and you have the credentials in field, then you can surely thrive.

 

Retailing

There are 2 ways to this. You can either sell your products on websites such as Amazon, EBay, Etsy etc or have your own online store/website. If you don’t want to invest in a website then you can have your own Facebook page where you can sell your stuff. You just have to think of a niche or service that will attract a certain demographic and work your way up in the world of online business. You can sell clothes, handmade items, arts and crafts, or anything under the sun.

 

Web hosting

This is one of the most profitable businesses out there. Even though there is a high amount of profit in this business but it demands full time attention. Because you will hosting many servers online therefore you need to ensure that everything is working properly.

 

Content writing

If you are skilled in the art of words then look no further. There are tons of content writing job online that you can do. Whatever your writing style and tone is, you will get a client that will be willing pay you to write. The writing can be creative, persuasive, technical or academic, so just choose your category and write away.

 

IT skills

If you are a programmer, know how to code or have professional web designing experience then you can make money online by offering your technical services. These jobs are never out of trend and you just need to ensure that you are up to date with all the knowledge and softwares.
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Entrepreneurship

So you are almost done with your MBA. Time to create a resume or to dish out an awesome idea? While the latter path is highly beneficial, there are so many of you who’d take the former approach. We don’t really blame you because it is completely your fault. The reason you cannot turn towards entrepreneurship right after stepping out of college is not only because you are not capable enough, but because you were not groomed the right way.

There are so many colleges which don’t focus enough on entrepreneurship, and so MBA students fail in learning the tricks of the trade. The knowledge and skills that they do acquire are of immense help on their jobs, but not if they are to establish a startup of their own.

Lack of Relevant Courses

Already mentioned this, but let’s elaborate more. Most of the courses offered by MBA colleges are great choices if you are looking for a career in banking or marketing. But if you want to delve into entrepreneurship, you’ll only have a handful of courses to choose from. And with some colleges, it is only one or two electives and that is it.

More colleges should start offering a major in entrepreneurship so that more MBA students consider setting up their own businesses.

Inappropriately Qualified Professors

Offering relevant entrepreneurship courses is not enough, if they are not being taught by the right professors. A teacher may have a PhD, but if they have not tried out entrepreneurship on their own, they are probably not a good enough choice.  Because it’s not only about what is contained in the books, it is also about hands on experiences that can only be shared by someone who has stepped into the field.

Thus, if entrepreneurship courses are taught by entrepreneurs themselves, they will be able to narrate their own personal experiences to students. Students wont only be given theoretical information but also the practical knowledge.

Incompletely Researched Ideas  

Okay, so there are these MBA students with an entrepreneurship major taught by the right professors. Is that it? A large part of this falls on the student themselves. Even if they learnt all that they should have in college, they should be absolutely sure that their idea will be a success in the industry, that there are no flaws and that all loopholes have been covered.

An MBA entrepreneur should thoroughly research their idea, and ensure it’ll leave a mark. It may have been done before, but if it’s done in a new way now, it may still have a huge impact.

A Proper Plan

Coming up with an out of the box idea is only half the story. There should be a detailed plan as well that covers everything from the methodologies to the finances.

 

If both universities and students do what is required of them, young entrepreneurs will start to it the market in bigger numbers.
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Entrepreneurship

Women sure have come a far way in life when it comes to work and family. They really do live up to the multitasking stereotype. This of course is not to say that they don’t get tired or exhausted but they know what their priorities are and so they learn to manage their time well.  Men can do that too but since they hardly have ever been put into that position, it’s the women who are taking the lead in the multitasking game.

Enter the Momtrepreneur: a mother who starts her own business and works from home. A tigress to say the least.  There is a new wave of women entering the business world who are stay at homes and entrepreneurs at the same time. Having a child and a business to run is like raising 2 babies at the same time. That might seem daunting in the beginning, but it is fulfilling and satisfying at the same time.

Here are just some of the reasons why being an entrepreneur and a home maker can have so many benefits:

 

Your family can inspire you in more ways than you can imagine

There are many businesses being run by women that have been inspired by their family life especially their children. These are so helpful because they are made by women for women because women understand the needs of other women more than anyone else. For e.g. creating a baby’s clothing line which is comfortable for the baby but also quite convenient for the mothers to change their nappies,  environmentally friendly milk bottles , eco friendly diapers and toys , jewelry line for baby girls, children’s books etc. So pick up your baby or toddler, play with him/her and see how they inspire you.

 

A balance like no other

Let’s be honest here, the typical corporate life can be draining especially if you know that you have to go to a crying baby, but before that you have to endure the bad traffic on your way back home to exhaust and stress you out even more. Then you have to deal with your spouse who is equally tired from work as well. All this can suck the life out of you in the long run. But if you start your own business from home and take charge of your life. You don’t have to answer to any boss, deal with annoying coworkers and can take as many breaks as you want while being in your yoga pants all day. Pretty neat right?

 

The time of your life… literally

You will be saving so much time by working from home. You won’t have to spend hours in traffic to and from work every day, take multiple breaks, watch that soap, talk to a friend or neighbor, take a nap, spend time with your family, wake up whenever you want. You would literally live on your own terms. This will reduce stress levels and increase productivity. So what are you waiting for? Be an entrepreneur and explore the possibilities.
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Entrepreneurship

In the past two decades there has been a much bigger focus on entrepreneurship than ever before. You must have noticed this yourself – young people are more into entrepreneurship instead of finding jobs. It might seem a bit puzzling, the way society’s perception on jobs and self-employment are changing, but there are some very good reasons behind this shift. Let’s look at how changing technologies, societies, economies, and globalization have made entrepreneurship so attractive these days.

People don’t trust jobs anymore

This is something that most people don’t realize has affected people’s attitudes towards entrepreneurship, that jobs and careers are no longer as attractive as they were once before. Go back thirty years and the general advice was to go to a good college so you will get a good job. Getting a good job was considered to be a major achievement, and an easy way to ensure that you will have a good life. A good job meant you would grow, earn, save, and end up working in the same company for a decade.

The last two decades have shows everyone the folly of this thinking. It worked as long as economies were stable, but the banking crisis, the housing market crash, economic distresses, and other similar shocks have shown people just how weak jobs and careers can be. People who had been working for years in companies were downsized, regardless of their performance. Jobs started drying up. People have realized that they cannot depend on jobs to have a good life anymore.

It has never been easier to become an entrepreneur

This shift has largely been driven by information technology. It has never been as easy to be an entrepreneur as it is now. You have many industries which can be entered without a big investment. Can’t afford to open up an office or a shop? Just spend a few dollars on getting a domain, set up a website using a free WordPress template in a few hours, and your store is up. If you don’t want to do that, you can even begin selling things from a free Facebook page. Sure, such entry level businesses will not make you a millionaire overnight, but they are excellent alternatives to entry level jobs, and give you the freedom to pursue your dreams.

Marketing is cheaper than ever before

Digital marketing has completely changed the game for entrepreneurs. Until a decade ago there was no cheap and effective way to market your business. If you were running a small restaurant, you couldn’t afford to put an advertisement on TV or even the newspaper. There was no customer targeting. Billboards were expensive as well. Now, even if your restaurant is just a small hole in the wall, you can spend a few hundred dollars and advertise to the exact demographic that you want to. You don’t even have to spend a hundred dollars – you can set aside a few dollars and run a daily campaign on Facebook.

It has never been easier to go out and pursue your dreams. If you are still stuck in a job or are dreading having to work for someone else, you need to look around you and see how entrepreneurship can help you.
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Entrepreneurship

Open up a dictionary and it will describe entrepreneurship as an activity that involves taking financial risks (usually setting up a business) with the hope of making a profit. Previously, this is exactly what entrepreneurship was – the term was increasingly associated with setting up a business alone. Today however, the scope of this term has broadened.

Entrepreneurship today is being described as a mindset that is committed to convert an idea into a profitable venture by creating value for and providing solutions to the market. So what makes this mindset important? There are several factors that contribute to that. Let’s take a look at them:

Entrepreneurship Brings Economic Development

Entrepreneurs are risk takers. They will jump into anything that hints at prospective profits. This means there will always be a new business starting up somewhere or another. With the start of every new business, you are looking at more jobs, more products/services, development in ancillary industries, and an overall improved consumer spending on the whole. All this combined contributes to economic development in the long run and are positive indicators of growth.

There is Constant Innovation

In order for businesses to survive, they need to constantly improve on the quality of their products and services, and sometimes even diversify into a different range of products altogether to improve their market share or venture into newer markets. This requires them to keep trying out new technology, bring in creativity, and innovative ideas to try and capture better market niches, or cut down costs in an attempt to increase their revenue channels and/or improve their profits.

It Recognizes and Values Talent

Today, more than ever, the role of entrepreneurial ventures has made a paradigm shift towards discovering, nurturing, and retaining new talent. We’ve all heard about talent management programs in different businesses. In order to compete better in the market, businesses need talented individuals with an entrepreneurial mindset – people who are creative and able to take risks with the commitment to turn every opportunity at hand into a lucrative prospect for the organization – what the economy gets in return, are more entrepreneurs with firsthand industry experience and the drive to turn their dreams into reality.

They Help the Whole Community to Grow

Yes entrepreneurship creates more jobs, which means more people are employed, and more families get to improve their standard of living. However, that is not the only way entrepreneurship contributes to community growth. Most modern entrepreneurship ventures now take specific interest in associating their brand with a social cause – you can see businesses working with cancer foundations, blood collecting drives, feeding the homeless, or providing animal shelters. While most of this is done to promote a softer side of the brand, it is the community at large that benefits the most out of it!  

If we steer away a little from the technical aspects of the things that make entrepreneurship matter, one can see how even the simplest form of this mindset allows people the ability to pursue their passions and consequently bring about a change in their own and other peoples’ lives. Without it, the world wouldn’t have had the privilege of the advancements science, technology, and corporate culture that we see today!
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Business, Entrepreneurship

Mistake #01: Not having a plan

If you don’ have a plan then you fall into a category called as ‘Accidental Entrepreneurs’. The only problem with the entrepreneurs staring of from here is that their success might be accidental but their failure will not come as a surprise.

Mistake #02: Looking for shortcuts

There are no shortcuts when you are trying to establish a brand name. It takes a lot of hard work, patience and persistence. And the amount of time and effort you are willing to put into your business depends on how passionate you are about it.

Mistake #03: Investing way more than its required

Common misconception new entrepreneurs have is that the success of the business is directly proportional to the amount of money they invest in it. And because of this the end up investing a lot more then it is required, in the beginning. Many successful businesses had a humble start and managing your finances from day 1 can steer you clear of any future debts.

Mistake #04: Doing things randomly

You can’t make random decisions and hope that things will fall in place at the end. Every decision you take, about your business, should align with your long term goal. If things don’t add up in the beginning, it’s ok! As long as you know why you are taking a certain decision and how will it benefit your business down the road.

Mistake #05: Resistant to change

Sure, persistence is required in setting up a business but at the same time you should not be resistant to change. One of the best advices I was ever given was, ‘to not stick to a mistake because you spent a long time making it.’ Observe which strategies are working for you and which aren’t and then be proactive in changing the ones that aren’t.

Mistake #06: Trying to become a Jack of all trades

If you are trying to do everything at once, there is a high probability of messing things up. Instead focus on the things you are good at and do them perfectly. As Jack Dorsey, Co-founder of Twitter puts it, “Make every detail perfect, but most importantly, limit the details to perfect”.

Mistake #07: Having a competitor-based approach

If you have a competitor based approach then you’re going to operate out of a place of fear. Fear of losing to your competitor. You should opt for a customer-based approach instead, because at the end of the day it is your customers who are helping your business grow. Therefore, you should be aware about their needs and requirements first.

Mistake #08: Equating web traffic with success

This point is particularly true for online business ventures. Creating traffic on your site should be an intermediate step and not the end goal. The end goal should be to make the sale because that is what is going to get you revenues, not the page views.

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Business, Entrepreneurship

Mistake #01: Not having a plan

If you don’ have a plan then you fall into a category called as ‘Accidental Entrepreneurs’. The only problem with the entrepreneurs staring of from here is that their success might be accidental but their failure will not come as a surprise.

Mistake #02: Looking for shortcuts

There are no shortcuts when you are trying to establish a brand name. It takes a lot of hard work, patience and persistence. And the amount of time and effort you are willing to put into your business depends on how passionate you are about it.

Mistake #03: Investing way more than its required

Common misconception new entrepreneurs have is that the success of the business is directly proportional to the amount of money they invest in it. And because of this the end up investing a lot more then it is required, in the beginning. Many successful businesses had a humble start and managing your finances from day 1 can steer you clear of any future debts.

Mistake #04: Doing things randomly

You can’t make random decisions and hope that things will fall in place at the end. Every decision you take, about your business, should align with your long term goal. If things don’t add up in the beginning, it’s ok! As long as you know why you are taking a certain decision and how will it benefit your business down the road.

Mistake #05: Resistant to change

Sure, persistence is required in setting up a business but at the same time you should not be resistant to change. One of the best advices I was ever given was, ‘to not stick to a mistake because you spent a long time making it.’ Observe which strategies are working for you and which aren’t and then be proactive in changing the ones that aren’t.

Mistake #06: Trying to become a Jack of all trades

If you are trying to do everything at once, there is a high probability of messing things up. Instead focus on the things you are good at and do them perfectly. As Jack Dorsey, Co-founder of Twitter puts it, “Make every detail perfect, but most importantly, limit the details to perfect”.

Mistake #07: Having a competitor-based approach

If you have a competitor based approach then you’re going to operate out of a place of fear. Fear of losing to your competitor. You should opt for a customer-based approach instead, because at the end of the day it is your customers who are helping your business grow. Therefore, you should be aware about their needs and requirements first.

Mistake #08: Equating web traffic with success

This point is particularly true for online business ventures. Creating traffic on your site should be an intermediate step and not the end goal. The end goal should be to make the sale because that is what is going to get you revenues, not the page views.
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Business, Entrepreneurship

Congratulations for finally joining the not so new but slowly growing wave of women who are choosing to work from home.  You have got all the tools you need, a business plan, support from your family and determination. But here are some tips that you will need in order to thrive in your new working from home journey:

Manage your time

Leaving the office life behind doesn’t mean you completely disregard your time and not manage your time. The best thing about working from home is that it saves your time and gives you so much more to do. It offers you the flexibility that you didn’t previously get in managing your life. no more traffic to deal with, no more rushing and waking up early and getting dressed, no more ironing clothes for the next work day etc. that’s all fine and dandy but don’t abuse this new opportunity to be productive by taking too many breaks, talking to friend son the phone for long periods of time or watching  TV shows.

You need to make a schedule of your work timing and stick to it like glue. A smaller but undisturbed work time is much better than long working one full of many breaks and distractions.

Don’t overwork

Never over work yourself because this is the reasons why many women become burnt out in the earlier stages of working from home running a business form home.  Just work at your own pace and be relaxed. You have nowhere to go because you are already at home, no traffic to worry about or to pick up kids from daycare. Women think that just because they are working from home, they have to overcompensate it by working too much. This is actually very counterproductive.

Don’t wear pajamas all day

The idea of wearing whatever you want when you are working from home is a great one but it might not necessarily be productive. It’s great that you don’t have to wear formal clothes that you did at the office. But staying in pajamas all day will give a feeling of leisure and comfort, the mind is going to associate it with sleep and soon you will be taking naps on the sofa or taking too many breaks. Just wear casual clothing that you would wear everyday at home.

Take meaningful breaks

It’s totally up to you how many breaks work for you but when you do make sure they don’t waste your time. Your breaks should include you getting out for some fresh air, a siesta, lunch, calling parents/spouse, reading, listening to music, spending time with your kids etc. leave the comedy re-runs for the evening with your spouse.

Make to-do lists


It’s always great to prioritize your work and making lists for the next day/week/month. It saves you time and de-clutters your mind and it will make multitasking so much easier for you.
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Business, Entrepreneurship

Google, Apple, Hewlet Packard and Amazon – what do these businesses have in common? Sure, they are ruling their respective industries, possess the highest market shares and are multi-billion dollar corporations but what else? A little known common fact about these business giants is that they all started in the back of a garage. Yes! Shocking isn’t it.

With the right execution, a small business that begins in the back of the garage has the capability to transform the living style of an entire generation. We millennials, belonging to the online generation of Google and Amazon, are a living proof of it. So if you have an idea and you are unsure about it because everyone around you jokes that it is way too crazy or unrealistic, well then maybe it is, but who is to decide that crazy is not good. Let me tell you, it is the decisions you make along the way. Below I have compiled a list of things that you should avoid to transform your crazy business idea into a great one.

Here are a few tips I wish someone had told me when I was starting my own business.

Sometimes those who wander are lost

For any business to work it is absolutely imperative to have a concrete business plan. You should make sure that you set small targets for yourself to ultimately achieve the big goal. You have to have an idea about where you are headed, what your target audience is and which market are you attempting to operate in. Having a road map makes it easier for you to reach your destination and you achieve your end goal faster.

Don’t be overly-positive about any outcome

It is good to be positive and optimistic about your business idea but don’t forget to look at the things critically in the process. Be wary of your flaws before someone else points them out for you. Try to opt for an active approach rather than a reactive one.

Don’t stick to a mistake just because you spent a long time making it

This advice is not only for new entrepreneurs, it can be applicable regardless of the scalability for your business. If something is not working out, as you had planned, stop wasting more time and resources over it and move on.

Don’t be afraid to ask for help

Even the best businesses out there require a team so why are you exhausting yourself by doing everything on your own? Don’t be ashamed or afraid to ask for help. Even if you have limited resources you can always depend on family and friends.

Don’t be afraid of making mistakes

Lastly the most important thing you should know is that no one can avoid failure completely. Yes you can learn from others’ mistakes and try and do things differently and this is why I have compiled this list for you. But you learn from your experiences, so don’t be afraid to dive in and give your 100 percent.

Good Luck! Now go and start working on that dream project of yours.
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Entrepreneurship, Innovation
Are you interested in learning about what it really means to be innovative? Read this post to find out.

The term “innovation” seems like it has found its way into everybody’s dictionaries. Recruiters seem to use this term the most when they say they are looking to build a workforce that has the “innovative spirit”.

But what is exactly the innovative spirit?

The Common Concept of Innovation:

For most people the term “innovation” means something new, something different. To do something innovative would mean to come up with something which is one of a kind. This concept of innovation is absolutely 100% correct.

It only starts to go a little towards the downhill slope when people assume that to “do something different” they will have to rely on technology only. This is on partly correct. While there is no denying that technology can help you immensely in carrying your innovative spirit forward, it is not entirely true.

In a way, the only actual thing you need to have in order to be innovative and set your mark is: ideas.

And here’s the really cool thing about ideas: you neither need technology for them, nor money! Literally anything under the sun from the external environment and sometimes, even internal, can inspire you. That inspiration is what is going to lead you to think of an innovative idea.

Irrespective of how clichéd this sounds, ideas truly can change the world. This is because of the innovative quality in them. You can look at any great invention and understand exactly how a truly innovative thing can change the entire game. Before we had airplanes, nobody could even fathom flying in the sky, yet here we are today being in one place today, and in the second one a few hours later.

And if you think that you have to come up with something extraordinarily special to revolutionize things around you, then you are mistaken again! Sometimes, innovative ideas can actually be so simple that they leave people wondering why it had not occurred to them!

Experts recommend focusing on what’s really bothering you in the moment and taking things from there. Focusing on what is that one thing you wish to change can help you get your thoughts together. Once you have identified some sort of a ground to build on, metaphorically a lane that you want to drive your innovative car in, anything and anybody around you and your environment can work as a source of inspiration.

Getting an innovative idea is the easy part. The difficult part is turning that innovative idea into a great reality. For this, you might definitely have to resort to technology, but do you need it to come up with an innovative idea in the first place? Definitely not!

They say that ideas are abundant, but the drive isn’t. Meaning to say that you might come up with an innovative idea a little too often, but the willingness to see it through is where most people fall short. At the end of the day, what you actually do with and about your innovative idea is what matters.
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Entrepreneurship
Learn how you can start your own business form home.

Starting your own business might seem like a daunting task but once you take a leap of faith, you are in a safe zone. True, it might not be fairly easy as opposed to working for some company but it’s much more rewarding at a personal level. It brings a sense of accomplishment and takes away from the pressure of working for someone else. You are your own boss and you can follow your own passion.

If you have the right skills, passion and a good amount of persistence, then you can make it big by working from home. There are many options for you to start your own business online. Here are some of them: Note that having a business does not mean that you need to have a company, it could simply be you offering your services to someone and that is business in its own right.

Online tutoring

This is a booming industry online and one of the most interesting fields. If you have a particular skill that you can teach someone then you can teach it online without the hassle of travelling. The customer will also save their money by not travelling as well so it’s a win-win situation for both of you. Some examples include; teaching English (or any language that you are fluent in) to someone online. One –on-one tutoring has a benefit because people are willing to pay more for a private teaching session as opposed to a class. You can students from all over the world willing to pay for your services and that’s the best part of online tutoring. There are other areas such as teaching guitar, math etc that can be taught online.

Coaching/mentoring/consulting

If you are an expert in a particular field such as business, law, psychology and self development, then you can offer your coaching and mentoring services to people online. There are many people out there who are willing to pay the buck for a coach and mentor. Just establish your credibility and soon you will be having clients that will bring profit to your home business.

Social media executive

This is a designation that has been formed with the boom of the social media scene. Now every company has its own social media platforms. You can manage the social media accounts of various businesses and get paid to run them. The only skill you require is to be social media savvy and the rest is just a breeze.

Paid Blogging

There are many business and people out there looking for good writers who can maintain their blog and write for them. If you have the gift of the written word or at least can churn out a decent amount of readable material then this is the work for you. There are many websites offering freelance bloggers to work with them and you can find your clients easily.
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Entrepreneurship
Gone are the days when starting up your own business required a ton of money. The internet has made life easier for the new age entrepreneurs!

Gone are the days when starting up your own business or turning your ideas into a profitable venture required a ton of money. Today, we live in the age of internet, where access to anyone and anything across the globe is just a matter of seconds. Like everything else the internet has touched and transformed, entrepreneurship too is undergoing an evolution that will change things as we know them.

Having access to the internet has made starting, managing, and running a business far easier than ever before. It is not without reason that one witnesses a host of different start-ups springing up around them. In case you’re wondering how the internet is responsible for this proliferation in the number of entrepreneurs around you, here’s a peek into the ways the internet is helping them excel.

Low Investments

Set up a business online and you don’t need to acquire an office space or even employees, unless you wish to expand. There are a number of people running successful businesses single-handedly from the comfort of their homes. You don’t need brick and mortar spaces to showcase your products or provide our services to the customers as long as you can manage to do that online. So there is practically no rent or any other investments required except for the cost of setting up a website, promoting it, and keeping your stocks up to date!

The Market Prospects are Infinite

With the internet, an entrepreneur is not limited by geography to reach out to customers far and beyond the usual proximity. So if you set up a fashion jewelry outlet online from your home in San Diego, you’re not just limited to the market niches within San Diego and adjoining areas. You can explore new markets and sell to absolutely anyone across the globe regardless of where they are located! Of course you would have to work out the finer details of shipment and return policies in this case.

Lean Teams

Like we said, you don’t really require a team of professionals to run an online business. However, you may need one in case you wish to expand. A regional representative or even a couple of freelancers could be more than enough to help you run your business remotely from locations far away from yours! A number of online businesses employ virtual employees who help them with the smooth operations of their business – point is, since there are no physical offices as such, there is no need of hiring anyone other than the people you actually need.

Better Profitability

An online business doesn’t really have too much of operational costs. You don’t really have to pay any utility bills, there are seldom any storage or holding costs, you don’t really have to pay any transit or administrative costs either. So whatever you’re earning from your online business – the greater part of it at least – becomes your profit. Obviously, this may take a while to start up, but once the business gets going, it usually ends up earning good profits.

With the access to fast-paced internet, entrepreneurs around the world have the liberty to locate and operate even in the markets that lie far beyond the geographical proximity of their operations. It has literally brought the world in the palms of their hands.
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Education, Entrepreneurship
Thinking of becoming an entrepreneur? You definitely can go far ahead with an MBA degree than without it.

So you are about to get an MBA degree as the next feather in your cap. How do you go forward from here onwards? Do you want to work for someone or establish your business? We’ll suggest you to take the latter option, and trust us, your MBA will help you a lot.

Here is how an MBA degree can benefit you if you want to establish your own business.

MBA students understand business management theory

When you are done with your MBA degree, you will have a deeper and well founded understanding of management principles: the fundamental concepts, business planning methodologies and what creates the difference between winning and losing.

You’ll learn all of these things and more in great detail, and then apply them when you run your own company.

MBA Students gain operational knowledge

How do you manage your business? There are so many ways, and your MBA degree will teach you all of this. You’ll come to know of the pros and cons of each method, and accordingly, can decide the best one for your particular situation. Plus, you will be solving several case studies which will help you gain an insight into how the best of business leaders think. You can then replicate their strategies and use them for the good of your own company.

MBA students make several contacts

Enrolling as an MBA student exposes you to so many people, with whom you can make contacts for a lifetime. Every person in your classroom today will be a business leader or an industry expert tomorrow. In the time to come, each of you can cash onto each other strengths and steer your way through difficult situations together. So reach out to everyone around, strike conversions with them and make as many connections as you can. Who knows they might be your business partners or clients down the road.

MBA students grow at a global level

An MBA program gives you access to all the tools and guidance that you require to take growth of your company to a global level. Expanding internationally is of utmost importance in today’s market, especially if your industry is nearing saturation or is already saturated.

MBA students gain access to a talent pool

Running a business also means building your team sooner or later. And when you take this step, you will need access to a talented pool of candidates. With your MBA degree, you learn skills that help you judge good candidates and use your resources optimally.

MBA students develop proper business plans

Looking around for investment for your business? Yes, many people will be interested in funding but only if you make them realize that your business is worth the amount of money they want to put in. For this, you need a proper business plan, and your MBA degree will help you with it. Thus, you will be able to draft a plan that convinces the investors and help you get the funding that you want.
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Business, Entrepreneurship

All your hard work has finally paid off and you have an MBA degree in your hand. Now what? Your first thought might be to start looking for a highly paid job that matches your qualification. But is that your only option? Not anymore!

More and more MBA graduates are opting to become an entrepreneur rather than securing a regular job. For those who are ambitious enough to venture out into the vast field of entrepreneurship, here are some of the ways in which MBA graduates could put their degrees to good use by creating their very own business:

E-Commerce Services

The popularity of online commercial services is rapidly increasing and many attractive opportunities have been created for people seeking to capitalize on this growing trend. An MBA graduate would have the skills needed to effectively run an online commercial service without the need for a huge budget.

Green Consultancy Services

The need for a sustainable and eco-friendly work environment cannot be overstated. Many firms around the world have gone green and many more are finding ways to adopt green solutions for their businesses. Graduates with MBA degrees can endeavor to create enterprises which aim to help businesses in the adoption of methods and procedures which would make them environment friendly.

Market Research Services

Market research is critical for organizations wanting to get a better idea about what their customers want. A market researcher helps businesses to get to know more about their clients and the existing trends prevalent in the market. This enables businesses to have a competitive edge over their rivals. As an MBA graduate you could start your own company to help businesses collect data from consumers and analyze it.

Recruitment Consultancy

A recruitment consultancy is involved in the testing of potential candidates for different vacancies, negotiating their terms of employment, and even providing the necessary training. As a recruitment consultant, you would be helping businesses in the recruitment process by filtering out unwanted candidates and recommending the ones most suitable for the needs of the company.

Corporate Training Services

It is very important for the employees of a company to be provided with adequate training so that they may execute their jobs efficiently. There are many organizations that specialize in the provision of corporate training services for the employees belonging to a wide variety of businesses. An MBA graduate would have the skills to provide trainees with what they need to excel at their workplaces and enhance their productivity.
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Entrepreneurship
Being a terrible businessman all his life with several failed business attempts to his name Colonel Sanders turned his life around at the age of 65 with just a recipe – the recipe of the world famous Kentucky Fried Chicken! KFC today is a name almost everyone around the world is familiar with. While Sanders was able to build an empire for himself by the age of 88 when he sold off the KFC franchise to interested investors, there is an unending string of entrepreneurs like him – some young, others old – who have set their feet in the ground with an idea that they were able to successfully sell and build thriving business ventures out of it. Mark Zuckerberg was just 20 when he started Facebook, so was Bill Gates when he launched Microsoft. Steve Jobs started Apple when he was 21; Jeff Bezos of Amazon was 30, and Walmart founder Sam Walton was 44. Can you guess the age of Richard MacDonald when he started McDonald’s? He was 53! Then we have the sprightly Emerson Spratz who launched Mugglenet – a website that quickly grew into the largest hub for Potterheads with over 10 million new visitors every month – when he was ONLY 12 years old! These people are phenomenal and they made one thing very clear: it doesn’t matter what age you are, what background you come from, or how much experience you have in a particular field – entrepreneurship is for everyone: all ages, all races, all the people; as long as you have what it takes to be an entrepreneur. So what exactly makes an entrepreneur, when age is obviously just a number and experience is not THAT important? Here’s a look into that: Most entrepreneurs or you could say potential entrepreneurs display a bunch of similar qualities that include, but are not limited to: • They don’t hesitate from taking risks and are always up to the challenges that come their way. • They have ideas – innovative ones – that can bring positive change to the community as a whole or provide a plausible solution for a particular market. • They do not back down from promoting their ideas and looking for ways to develop and bring them to life. • They make money from their ideas – either by selling them to others or by setting up a business venture to generate money from it. • They are always looking for opportunity, and once they find it, they tend to make the most of what they have to capitalize on the opportunity. • They are constantly evolving. The successful entrepreneurs recognize the need of the hour and upgrade and update themselves accordingly to keep up with the changing market trends. • They enjoy working independently – taking decisions and molding their ways to steer through the challenges that come their way. All these traits aren’t limited to a particular age group or faction of people. Anyone who has the motivation to better than they currently are can be an entrepreneur as long as they don’t shy off from taking risks and doing whatever it takes to put their ideas into the mainstream.
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Business, Entrepreneurship
A list of some of the common characteristics exhibited by the most successful entrepreneurs

People are often fascinated by the lives of entrepreneurs and start to think that maybe they should drop everything and become an entrepreneur too. What they fail to see, is the crooked path, those people have taken to be where they are today. Failures they have endured along the way to be successful and the sleepless nights they have spent, working tirelessly on their businesses, to earn a comfortable lifestyle.

It takes a special kind of grit and persistence to be an entrepreneur. Below I have compiled a list of characteristics exhibited by most of the successful entrepreneurs.

They are good Planners but excellent Executors

You can plan every strategic detail and have a perfect blueprint in your mind but that is not going to get you anywhere. What determines your success as an entrepreneur is the ability with which you execute those plans. A good entrepreneur can transform a flawed plan into a successful reality by his extraordinary execution skills.

They are passionate about their work

You can’t build a successful business out of something you don’t like doing. If you are not contended with your job, you can always switch but that kind of option is unavailable when it comes to entrepreneurship. Building a business is not a 9-5 job, it is a 24/7 commitment and you have to be passionate about what you do. Because if not, chances are that at some point you are not going to put in the effort that is required.

They are aware of their strengths and weaknesses

Successful entrepreneurs are completely aware of their strengths and weaknesses. They use their strengths to maximize their benefit and let the areas they are weak in be handled by others. No one can be good at everything they do, and successful entrepreneurs understand this fact. So instead of wasting time in dong things they are not good at, they ask for help and get the maximum utility out of their available time and resources.

They invest in themselves

Entrepreneurs are lifelong learners. When they achieve one feat in their lives they set an even higher target to achieve. They are aware of their weaknesses and constantly try to improve on those fronts. They read resource materials on entrepreneurship, they invest in attending business seminars and trade shows. And they do this because they realize that the best kind of investment they can make, is investing in themselves.

They have a strong work ethic

Many people choose to be entrepreneurs because they like the comfort and flexibility associated with it. But unlike common perception, entrepreneurs have the toughest routines and they exhibit a strong work ethic to be on top of their game.

If you can relate to the points stated above then you definitely exhibit entrepreneurial spirit. And even if you don’t possess some of these qualities, don fret! These skills can easily learnt with a little determination.
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