A successful home-based business is something that many people dream about. With it, they can establish their own work schedule, be their own boss, and save thousands of dollars a year on commuting and other work expenses – not to mention avoiding all that traffic! But the problem these people commonly run into is that they lack the entrepreneurial mindset required to move forward with their business in spite of challenges. They give up when things go sour and they become upset when they fail to generate the kind of income they expected to right away. That’s a natural reaction, but the entrepreneurial mindset requires a reaction of a different sort – and it can significantly alter the outcome of your home-based business.
Entrepreneurs who are successful find that they don’t see problems as insurmountable difficulties. Instead, they see problems as opportunities to be fleshed out and challenges to meet and conquer. They like to think outside the box and to devise new and creative ways to overcome adversity. A successful home-based business is operated by someone who can implement these strategies – someone with an entrepreneurial mindset. When an entrepreneur encounters something that is not going his or her way, giving up is never an option. Changing course is possible, but only out of necessity after considering all the alternatives. According to the entrepreneurial mindset, no decisions are made out of fear, anxiety, or misplaced passion. An entrepreneurial mindset is a positive mindset; it emanates success thinking, and thus it attracts success in the greater world.
If you want to run a successful home-based business, developing an entrepreneurial mindset is crucial. Fortunately, you can train yourself to do this; i.e., it doesn’t have to be an innate characteristic of your personality. You simply need to commit to its development and promise yourself that you’ll never give up, as it won’t happen overnight. For any entrepreneur who is running a successful home-based business, you can be sure that it took time and patience to get there and that the journey was fraught with trial and error. The entrepreneurial mindset won’t make you immune to challenges, but it will show you how to turn these challenges into short-cuts to success.
Generally speaking, the entrepreneurial spirit comes in two different flavors-DIY and KISS. DIY of course stands for Do-It-Yourself, and refers to the entrepreneurial mindset that would rather build everything from scratch. If you do this successfully-think Bill Gates or Steven Jobs here-you can make a massive fortune. The sad reality is however that not everyone has the same drive to succeed as Gates or Jobs. (We all have the same potential for greatness-some of us just don’t use it as effectively as those guys did.)
The KISS approach (for Keep It Simple, Stupid) is generally much more appropriate for those of us who don’t want to reinvent the wheel while trying to launch a successful home-based business. With the KISS approach anyone with an entrepreneurial mindset can look for and find a veritable business in a box that provides a turnkey solution for a successful home-based business startup. Either approach can work-the key is to find the one that works for you.
Former Scientist for 15 years, burnt out, changing career was a MUST. A great educational and fully integrated internet marketing system gave me the applied knowledge, trained me on the most efficient internet marketing strategies. Passionnate, I immediately started learning many different strategies, social networking, SEO, article marketing, video marketing, PPC. I managed at the same time international and local campaign for different projects with clients and team members. In a few months, with this very system I transformed my life dramatically. I have time for my family, money to enjoy life. Internet is an incredible world of opportunities, of leverage for everyone having entrepreneurial mindset. Now I share with others and help entrepreneurs to start or improve their own business using powerful internet marketing strategies.
The entrepreneurial spirit is the motivating factor that has allowed many civilizations to prosper. It is a motivational and empowering spirit as well. Often, it will inspire many to become successful entrepreneurs. There are after all, many great rewards that can be attained with the entrepreneurial “can do” attitude. While it is certainly appealing to seek out one’s path in the world of entrepreneurialism, it is never an easy one. Those that do wish to become successful entrepreneurs need to be up for the challenge. And those that do want to be challenged should look towards The Entrepreneurial Challenge by Paul Zane Pilzer for answers and inspiration.
Many have a vague idea of what is needed to be a successful entrepreneur. Here is some news: a vague understanding of a subject is not enough to be successful in any competitive endeavor. That is why listening to this brilliant CD series is so helpful. It presents the much needed clarity required to enhance entrepreneurial success.
Right off the proverbial bat, Paul Zane Pilzer informs the listener the key to successful entrepreneurship is to be action oriented. Successful entrepreneurs do not wait for things to happen. They make things happen. The Entrepreneurial Challenge shows many of the steps required for being seriously proactive in your ventures.
The Entrepreneurial Challenge is a very detailed work that covers its material from all manner of different perspectives. While comprehensive, it is not a work that is prone to suffering from the presence of fluff. In other words, all the material in the series is direct and to the point. There are no generic platitudes as this is a work of targeted specific substance.
Several helpful and important themes are present in the compact disk series. Among the most insightful would be the mentioning of the ten most important skills all entrepreneurs should possess. Having a guide to such skills is a huge help.
Advice into what you truly need to do to effectively start and manage a business in today’s tough climate is examined. Seriously….this advice is needed. It is NOT easy to start up or run a business in today’s day and age. Those hoping to navigate a potentially tough field really should pay heed to Pilzer’s advice on this subject.
Insight into what may be the best businesses to start right now is helpful. Paul Zane Pilzer has provided such insight and, while not set in stone as industries can experience changes, it can prove to be very helpful to those trying to determine which businesses to explore.
Tips on how to take a current business and dramatically improve it as also provided. Often, an outside perspective is needed to make the proper determination as to where to take a business. The Entrepreneurial Challenge does offer such an outside perspective.
The Entrepreneurial Challenge by Paul Zane Pilzer truly is an innovative work. Most will find it to be quite interesting since its material presents brilliant insight into how to succeed at being an entrepreneur. Remember, such success could lead to a dramatic increase in wealth.
There are multiple sources of entrepreneurial funding. A typical start-up will seek entrepreneurial funding sources during 5 separate stages of business development. Typically the Entrepreneur will develop an idea and fund this research and early stage market research with his own funds, he will then seek out the “FFF” investors who may fund his idea with, lets use $15K as an example.
An accelerated start-up may seek out an Angel Investor after 3 months, netting $200K and after another 6-12 months they may seek a further $2M from a Venture Capitalist.
Before we begin talking about funding, it’s important to note that building a business using the traditional model and leveraging “Entrepreneurial Funding Sources” is not the only way to succeed. Companies such as Mailchimp and others have succeeded using their profits to fund their growth, which is known more commonly as bootstrapping.
So in a nutshell, here’s how Entrepreneurial Funding Sources work. You start off with a pie, that’s your dream, your idea for the business. Its a small pie but its all yours. You decide you would like a larger pie but don’t have enough ingredients (cash in this case) to make it work so you enlist the help of others.
First you get a friend or family member to provide some additional cash to make the pie bigger, you give a share of your pie to the family member who has helped supply the cash.
Next you decide you want an even bigger share of the pie so you seek out additional Entrepreneurial Funding Sources in the form of Angel investors and Venture Capitalists who will provide the funding for a slice of the pie, your slice in terms of percentage get smaller but the overall pie is much larger so you effectively have more pie (Remember it’s cash we are talking).
Finally you want to take the pie public because that where everyone will have the opportunity to supply ingredients – yep cash – to ensure your pie is increased to the maximum size. Each of the pie investors will take a share, and your own share percentage wise may be small but worth a large chuck of… Pie.
So technically the 5 Stages of Funding Sources are:
This is where the idea is yours and/or your partners alone. You own everything in the company and there is nothing to share with anyone else. Family/Friends Stage This stage allows you to seek small amounts of funding from family and friends. The typical amount of funding here is $10-15K and for that the investor would expect in return a 5% stake in the business. This stage is often referred to as the FFF, friends, family and fools stage because it is high risk investing in a business at this early stage however the returns are often very high.
There are two trends of investment that are starting to appear in this entrepreneurial funding sources. We are seeing the emergence of Incubators and business accelerators as a viable alternative to outright investment. The advantage of these funding sources is that they do not only provide the cash they also provide collaborative workspaces and business advisors to work alongside. The asking price is steep at 10%-15% for a $25K investment but often the chance to work with these advisors is worth the equity alone. The second choice is a straight out investment where an angel investor would contribute anywhere from $200K – $1M with the average in 2012 being $600K. (Source: Halo Report) with a typical equity share being 15-25% of the business. This is the type of investing done on television shows such as the Dragon’s Den which is a personal favourite of mine.
This is where things start to get serious. Venture Capital can have multiple rounds and each round takes a share of the equity. VC’s typically invest more than $500K and it’s more likely to be in the multiple million dollar range to get them excited. They will value their slice of the pie as a formula of the companies net worth divided by the amount they are investing i.e. a $4M company valuation, where they put in $2M puts the company at $6M post investment so the VC expects a 33% share of equity.
An IPO is technically just another way to raise capital for the company. The company is listed publicly and anyone can purchase a stake in the organisation, including Mum and Dad investors who missed out on investing at the very start because they thought it was too risky.
So in summary, Entrepreneurial Funding Sources are straight forward and common sense. They are simply a way of increasing the amount of capital available for your business to grow. You will give up equity along the way to each of the Entrepreneurial Funding Sources however this sacrifice is to gain a larger and larger share as the pie gets bigger.
Simon Maselli, is a world-recognised business consultant for Metamorph specialising in business innovation [http://metabiz.com.au]. Simon has 20+ years of experience on international projects and business, developing profitable businesses and advising in the areas of Innovation, Entrepreneurial Leadership and Corporate Sustainability. He is known for his inspirational communication style and his repertoire of innovative, practical, and highly effective solutions to the challenges that technology-orientated companies face in today’s business landscape.
The small business advice that wives give their husbands:
Did you know that today and everyday over 200,000 people are online right now as we speak looking for entrepreneurial resources or a way to start a new business from home?
Everybody is seeking entrepreneurial ideas from Holly the housewife to Frank the CEO no one’s exempt.
And with the cancer that’s sickening our economy leaving 2.6 million people without jobs and anticipating 50 million more world wide, even Joe the plumber could end up in the soup line if he don’t join the entrepreneur club.
When was the last time our country has seen a time like this …the great depression?
Many people are hanging on by a thread to their cars, houses, and what’s left of their skimpy 401 k’s.
Business owners don’t know what to do so they just close their doors forcing thousands more out of jobs almost weekly.
If million dollar businesses are closing what makes me think a small business start up is possible in a time of crisis… Is this the question you’re asking yourself?
Entrepreneurial Ideas: That Special Something that Inspires Every Successful Professional to start a new Business venture
Step away from the problem for a minute. Everyone is thinking the Recession is the problem. Let’s examine some entrepreneurial ideas that require some innovation and creative thinking skills. Could the Recession be the solution to our economic problems?
Could this potentially be the perfect time for a low-cost start up business?
How long could the average family afford costly houses some doubling after 60 days of ownership, $5.00 gas prices, the average car price $35,000, and inflation rising into the hemisphere?
The Recession saves the day for those that understand (and many do)… the trends and cycles of economics which will set new records with ground-breaking entrepreneurial ideas.
Learn 3 ways to out produce big business in a low-cost start up business
These same 3 discoveries are what assist entrepreneurial success and small businesses to thrive:
1. Big business has lost control: we all know people that work for large corporations or have witnessed first hand the slackers on their jobs… their main objective is to come up with entrepreneurial ideas to try to creatively manipulate “father time-clock”.
Their sole purpose is to see how innovative they can become to not work eight hours a day… Then you have those human walkie talkie’s… yep…. they don’t do squat all-day but talk …I’m pretty sure those lost hours weren’t calculated into the business start-up cost. Can you believe the average employee actually works less than 4 hours a day?
2. Big business many times isn’t fair: Why does it seem that the most qualified persons with the best entrepreneurial ideas are NOT leading the team.
Many time the most egotistical, narcissistic co-worker ends-up with the magical position as the manager which kills entrepreneurial spirit, originality and inspiration. Wouldn’t it seem like any successful entrepreneur could see that “John” is messing up big time so why is he still the manager?
“Why not chose another manager”? Some big Businesses just don’t get it…encouraging entrepreneurial ideas will be critical in the new economy because competition will force businesses to cut loose the dead weight even if it’s their best buddy.
3. Big Business comes with big-risk: and the biggest risk is balancing between doing what’s best for the company or what’s best for the stockholders. What most people don’t realize is that companies don’t always do what’s in the best interest of their employees (shocking I know) but rather what’s in the interest of the stock holders.
And some of the greedy money sucking, stock holders and CEO’s have one goal and one goal only… WIIFM (what’s in it for me) to make as much money as humanly or inhumanly possible, many times at the expense of thousands of others.
With the aid of CNN news and the internet we don’t have to elaborate on that issue much … E.g. $35,000.00 Toilets, private or corporate jets, cooking the books, (accounting errors) Etc…
An old song is playing in my head… “God bless a child that has his Own.” And for those that are metaphorically challenged that’s simply means” God bless the child that has her own home based small business’
Well I’ve done my part. The statistics splattered all over the nightly news and in the Local Newspaper don’t scare Me. “Are you goanna let ‘em intimidate you”?
Will you put on your entrepreneurial thinking helmet and get in the game.
100,000 people (mostly traditional business owners and other professionals) are thrilled about exercising their new found entrepreneurial ideas since most big businesses are sinking faster than the titanic…
Imagine not worrying or caring about the economy or about where your next meal is coming from, who’s going to watch the kids while you work 2 jobs or will you even be employed next week, month or year.