Progress Has Power

25 Top Internet Billionaires and the Secret to their Success

2012-07-19T01:09:00.001+03:00

Who are the 25 top internet billionaires in the world? What’s the secret to the success of the top internet billionaires? How did they come about their wealth? How did they become billionaires? And how can you replicate their success strategies to become a millionaire or billionaire? You are going to find out soon.

In this article, I am going to list the top 25 internet billionaires and also highlight the secret to their success. But before I proceed, I want to emphasize the point that this article not focused on the wealth and net worth of the internet billionaires; rather, it’s more interested in the “how” of their success.

If you are more interested in knowing the estimated net worth of the internet billionaires; then Forbes magazine is the right place to go. But if you are interested in learning the exact step by step strategies that helped these internet entrepreneurs became billionaires; then please read on. Now who are the 25 top internet billionaires in the world?

25 Top Internet Billionaires in the World

1. Mark Zuckerberg – Facebook

2. Larry Page – Google

3. Steve Case – AOL

4. Jeff Bezos – Amazon

5. Reed Hastings – Netflix

6. Jerry Yang – Yahoo!

7. Craig Newmark – Craiglist

8. Pierre Omidyar – Ebay

9. Sergey Brin – Google

10. Eric Schmidt – Google

11. Masayoshi Son – Softbank

12. Hiroshi Mikitani – Japan’s leading online shopping mall

13. Charles Schwab – Online investing to the masses

14. Ma Huateng – Runs China’s most popular online chat service

15. Robin Li – Baidu

16. Mark Cuban – Broadcast

17. Andreas Von Bechtolsheim – Google Investor

18. William Ding – China’s second largest online gaming site

19. Shi Yuzhu – Giant Interactive

20. Yoshikazu Tanaka – Gree

21. David Filo – Yahoo!

22. Marc Benioff – SalesForce

23. Peter Thiel - Facebook Investor

24. Jack Ma – Alibaba

25. Todd Wargner – Broadcast

Now that the 25 top internet billionaires in the world have been listed, I think it’s time we dig into the behind-the-scene secret to their success.

25 Top Internet Billionaires and the Secret to their Success

1. They took advantage of trend

“There are no shortcuts. You have to work hard, and try to put yourself in a position where if luck strikes, you can see the opportunity and take advantage of it. I would also say it's hard not to fool yourself. Everyone tells you how they are going to be "special," but few do the work to get there. Do the work.” – Mark Cuban

The fist secret to the success of the internet billionaires was their preparedness and ability to take advantage of a moving business opportunity. The internet came as a trend and while most established business owners fought to resist its impact on their businesses; these internet billionaires embraced the internet and went about seeking ways to use it as leverage. The ability to take advantage of trend; the ability to accept change is the big difference between successful entrepreneurs and the average business owners.

“To truly prepare for the unexpected, you’ve got to position yourself to keep a couple of options open so when the door of opportunity opens, you’re close enough to squeeze through.” – Pierre Omidyar

2. They started small

The 25 internet entrepreneurs listed above are billionaires by all standard but they were not so many years ago; and they did not become internet billionaires overnight, they started small. Most people admire entrepreneurs such as Mark Zuckerberg, Jeff Bezos and Larry Page but only few knew the starting point of these entrepreneurs.

“There are no shortcuts.” – Reed Hastings

One key to becoming a successful entrepreneur or business owner is the ability to start small. Most people dream big but only few are humble enough to start small. I think it’s worthwhile you know that Mark Zuckerberg, Larry Page, Jerry Yang, David Filo, Sergey Brin started their internet businesses from the dorm of their various schools; Jeff Bezos started Amazon from his garage.

“Most people think it's all about the idea. It's not. EVERYONE has ideas. The hard part is doing the homework to know if the idea could work in an industry, then doing the preparation to be able to execute on the idea.” – Mark Cuban

These internet billionaires did not sit on their business ideas and business plan; waiting for the million dollar investor. They started with what they’ve got on hand and kept it going till they hit fame and fortune. So if you must replicate the success strategies of these internet billionaires, then you must be willing to start small.

3. They worked for free

“It’s not because of the amount of money. For me and my colleagues; the most important thing is that we create an open information flow for people. Having media corporations owned by conglomerates is not just an attractive idea to me.” –Mark Zuckerberg

Extraordinary success comes with extraordinary sacrifice. During the early startup years of these internet billionaires, they weren’t paid a dime. They worked for free developing their business ideas and even when their various companies was formed; they kept working for free.

What’s the lesson I am trying to stress here? The lesson I am emphasizing is that “delayed gratification is essential to becoming a billionaire and building a successful business; whether on the internet or offline.”

4. They were innovative

I did a careful research and found out that the internet billionaires were not pioneers in their niche; they were late comers but they came with a competitive strategy, “innovation.” Google and Yahoo weren’t the first search engine; before them was ask.com.

“We are targeting innovation. We believe mobile applications are essential.” – Larry Page

Amazon wasn’t the first online bookstore; other small independent bookstores existed but Jeff Bezos used innovation as an edge to position Amazon as the world largest bookstore. Facebook wasn’t the first social networking site; MySpace was already on ground and successful but Mark Zuckerberg positioned Facebook using innovation as an edge.

The lesson here is that you don’t have to be the first to win; you don’t have to reinvent the wheel, all you have to do is improve on the present idea and you will have a winner on hand.

5. They had a mission

“The thing I really care about is the mission; making the world open.” – Mark Zuckerberg

One of the reason the 25 internet entrepreneurs listed above became billionaires was because they had a mission; a mission to positively affect humanity. Why do you want to start a business? The answer to this question will determine if you’ll succeed or not.

“The most important single thing is to focus obsessively on the customer. Our goal is to be earth's most customer-centric company.” – Jeff Bezos

A business mission is essential to starting a business and growing a business because it helps you the entrepreneur maintain focus; it keeps you on course. Without a strong business mission; you might hit success but you can never sustain that success. MySpace went under because Facebook; its competitor had a stronger mission and that business mission became the driving force behind Facebook’s success.

“Basically, our goal is to organize the world's information and to make it universally accessible and useful. That's our mission. When we started, we had about 30 million Web pages, which was quite large for the time — that was two years ago. Now, we have well over a billion Web pages. So that gives you some idea of how we've grown in content. So we try to make more and more stuff available to people, we try to, when you come to Google, fulfill that need that you have as quickly as possible.” – Larry Page

6. They served everyone for free

Have you ever been charged for doing a search on Google? Were you charged a subscription fee for your Yahoo, Google and Facebook account? The answer is no. The reason these internet billionaires became successful was because they served everyone for free. Mark Zuckerberg helped family and friends stay in touch without charging a dime. Google provides direction to vital information without charging a dime; Craiglist is also a free resource.

"If you want to be rich, simply serve more people." – Rich Dad

Now what is the key point here? The key point for success here is to provide a valuable service to many people for free or a lot less than normal.

7. They reinvested in their business

The last secret to the success of the internet billionaire was that they reinvested in their businesses. Jeff Bezos didn’t pay a dividend for five years; Larry Page and Sergey Brin worked their socks off without getting a dime. These internet entrepreneurs became billionaires because they reinvested not only the profits; but their time and resources.

Instead of taking a profit and throwing a party; they chose to stay committed and expand their business via strategic acquisitions. Re-investing in your business is essential to business growth and expansion.

As a final note, these are the top seven secrets to the success of the internet billionaires. Do you want to become an internet billionaire? All you have to do is to replicate these seven success secrets and I will see you at the top.

Are You Really Prepared to be an Entrepreneur?

2012-07-13T01:17:00.002+03:00

So you want to become an entrepreneur? You want to start your own business and be your own boss? Well, I say congratulations but my concern is: are you really prepared to be an entrepreneur? Do you have what it takes to be an entrepreneur?

Is starting a business risky?

“He that is prepare; has half won the battle.” – Sun Tzu

I have been an entrepreneur for over five years and I want to state that it has been a worthwhile adventure. Over these years, I have learned a lot of things that I wouldn’t have learned if I didn’t take the entrepreneurial route. As I reflect over my years as an entrepreneur, I have come to realize that there’s nothing glorious about being an entrepreneur. In fact, you are better off keeping your job than starting a business. Now for those wanting to become entrepreneur, let it be known to you that entrepreneurship is not a bed of roses; it’s a war zone.

“Experience taught me a few things. One is to listen to your gut no matter how good something sounds on paper. The second is that you are generally better off sticking with what you know and the third is that sometimes, your best investments are the ones you don’t make.” – Donald Trump

Now don’t think I am trying to scare or discourage you from starting your own business. No. I just want to share with you the realistic truth about building a business, so that you can better prepare yourself. Just as a general must prepare adequately before a battle, so must an entrepreneur prepare before starting any business; and business is a series of unending battles. If you fail to prepare adequately, you are destined to fail; and nothing can save you.

Most people think entrepreneurship is all about raising capital and pursuing million dollar projects but it isn’t so. Entrepreneurship is a thing of the mind; it starts from the inside and reflects on the outside. Business idea creation, critical thinking, risk analysis and problem solving all occur on the inside; and this means that if your mindset is not right, you have failed from the start.

“There are no bad business or investment opportunities. There are only bad entrepreneurs and investors.” – Rich Dad

Are you really prepared to be an entrepreneur? Well, you better be because the moment you decide to become an entrepreneur; you have just sounded the war drums. When I started my first business few years ago, I was very excited because I have taken a bold step. I was burning with enthusiasm and determination; but looking back now, I can see how naïve and unprepared I was back then. Even as at the time of writing this; I don’t think I am still prepared for the future challenges of building a business.

Are you really prepared to be an entrepreneur? Well, you better be because it is never going to be a smooth ride. Right from the day I decided to become an entrepreneur, it has been problems and challenges all the way. In fact, I have been dealing with challenges from day one and the more I solve them, the more the challenges get bigger. Don’t think money or success will shield you from the challenges of the business world; it won’t. In fact, the bigger your success and the more money you acquire, the bigger your problems will be. So you’ve got to be prepared.

“Without the element of uncertainty, the bringing off of even, the greatest business triumph would be dull, routine and eminently unsatisfying.” – J Paul Getty

Are you really prepared to be an entrepreneur? Well, you might think you are prepared because you have spent quality time working on your business plan. You have thought everything through and plugged the loopholes; you have done your SWOT analysis and you are prepared to face the competition. Well, I give you thumbs up for your effort; but I want you to draw your attention to something.

Most people think the biggest challenges in business is either finding customers or fighting competition but I stand to tell you that it isn’t. The biggest challenge you will face in business sometimes come from the inside. It could be from your family, friends, employees or even you. In fact, the most deadliest challenges are usually unforeseen; I am talking about factors which are beyond your control. It could be an ailment or disease, a change in trend, it could be the loss of a loved one, it could be a natural disaster, it could be a change in government’s policy (Consider the Amazon associate business owners who were wiped out just because of a slight change in tax laws by some states); in fact, it could be anything. The question is: are you really prepared to face whatever comes?

One of the reasons why I have stayed true to the cause is because I am adequately prepared to face what comes; I have toughen my mind over the years, never to be shaken by surrounding circumstances. I have faced critical family challenges, i have been robbed at gun point, I have handled crucial business problems, I have been backstabbed by my closest friends, I have once lived with the fear of liquidation, etc. but the joyous part of it is that the more I encounter and solve these problems as they come; the bolder and tougher my mind becomes.

“Prepare for bad times and you will only know good times.” – Rich Dad

As a final note, the point I am trying to emphasize is that business is not a bed of roses; never expect a smooth ride. Don’t be carried away by the hype, fallacies or stories of successful entrepreneurs. You have to be prepared for the worst; you must toughen your mind. The sad part is that I can’t really tell you how to prepare yourself because it’s a thing of the mind. But a good way to begin is to analyze your personal strengths, weaknesses and your risk bearing capacity. I rest my case.

“In the end, you are measured not by how much you undertake but by what you finally accomplished.” – Donald Trump

Five Entrepreneurial Skills You Need To Build a Successful Business

2012-06-27T01:19:00.000+03:00

"I wanted to be an editor or journalist. I wasn't really interested in becoming an entrepreneur, but I soon found I had to become an entrepreneur in order to keep my magazine going." – Richard Branson

I hope you know that to be a successful footballer, you must possess the necessary skills of a footballer. The same goes for every other profession including entrepreneurship. In this article, I will be tearing apart, the important entrepreneurial skills that set apart; the great entrepreneurs from others. If building a business is your concern, then you should make the acquisition of these entrepreneurial skills a priority.

"Skills make you rich, not theories." Rich Dad

Without beating about the bush, below are five important entrepreneurial skills you must develop to build a successful business from scratch.

Five Entrepreneurial Skills You Need To Build a Successful Business

1. Personal Skills

"It takes 20 years to build a reputation and only five Minutes to ruin it. If you think about that, you will do things differently." – Warren Buffett

The first skill you must develop as an entrepreneur is your personal skill. Now what do I mean by personal skills? Personal skills are simply those skills that are attached to your personality, more like habits. They are the characters possessed by successful entrepreneurs. For instance; if you are a professional proofreader, then it's important you develop a keen eye for spotting errors.

"Great men are ordinary men with extra ordinary determination." – Abraham Lincoln

When I talk about developing your personal skill with respect to building a business, I am talking about developing your entrepreneurial mindset. You have to be in the right mindset before ever starting a business. Being in the right mindset entails you have abandoned the get rich quick mentality and above all, you must have integrity.

“The most important thing in your business relationships is your reputation for honesty. If you can genuinely and sincerely fake honesty, you will be a success. Never doubt it.” – The Mafia Manager

If you carefully study the lives of successful entrepreneurs, you will observe they are courageous, passionate about their entrepreneurial calling and most of all, they think outside the box.

"Men of genius are admired, men of wealth are envied, men of power are feared, but only men of character are trusted." – Arthur Friedman

"Courage is what it takes to stand up and speak, courage is also what it takes to sit down and listen." – Winston Churchill

To develop these personal skills, I will recommend you read the 15 Characteristics of Successful Entrepreneurs and How to develop yours and the 12 Traits of Successful Entrepreneurs. These articles are bound to set your entrepreneurial fire blazing.

2. Communication skill

"The test of a real comedian is whether you laugh at him before he opens his mouth." – George Jean Natha

The next important entrepreneurial skill you need to develop is communication skill. A famous speaker once said that "the fact that you are talking doesn't mean someone is listening." I don't know who made this statement but I know there is an atom of truth in it.

"Your words have the power to start or quench passion.” – John Mason

To be a successful business owner, you must be a powerful communicator. Look at Bill Gates; whenever he speaks, people listen with rapt attention. Steve Jobs successfully launched the IPod and IPad because he was a powerful communicator. Whenever Warren Buffett gives a directive or recommendation, people act.

"If the customer says they are not interested, it means you are not interesting." – Jeffrey Citomer

Investors scramble for Buffett's annual letter to his CEOs. Why? They do so because Warren Buffet has taken time to perfect his communication skill. Now how do you develop this communication skill? Warren Buffett; the billionaire investor once confessed in an interview that he took a public speaking course at Dale Carnegie’s academy to improve his communication skill. So to get started, I'll suggest you read How to Improve Your Communication Skill or better still; attend a seminar on public speaking.

"The more I risk being rejected, the better my chances are of being accepted." – Rich Dad

3. Negotiation skill

In the course of building a business, you are bound to negotiate deals. You negotiate with customers and suppliers over goods and services offered. You negotiate with bankers over bank loans terms and conditions, just as you negotiate with investors over equity and stakes.

"If you cannot negotiate, you will end up getting good deals at exorbitant prices or worse still, you will get nothing." – Ajaero Tony Martins

Bill Gates became the richest man in the world in his thirties because he strategically negotiated a deal with IBM in his early 20s. If Bill Gates lacked persuasion skills, his name may not have been imprinted in the sands of time. So if you cannot negotiate, if you lack persuasion skills; building a business may just be a dream to you. Negotiation or persuasion is an art that can be learned, all you have to do is to devote your time to learning it and you will become a master at it.

4. Leadership skill

"In business, leadership skill is not an option. It's a necessity." – Rich Dad

Business is all about your relationship with people. It entails uniting people with different backgrounds, beliefs and skills to a common cause. It entails forging people with different skills and ideologies into a business team.

"Good leadership consists of showing average people how to do the work of superior people." – John D. Rockefeller

I have never seen a great business without a great leader at the helm of affairs. Building a successful business therefore requires you become an excellent business leader. Take a look at Bill Gates, Henry Ford, John D. Rockefeller, Andrew Carnegie, Thomas Edison, Aliko Dangote, Steve Jobs and so many others. These men are great leaders in their respective businesses.

"Business is not just doing deals; business is having great products, doing great engineering and providing tremendous service to customers. Finally, business is a cobweb of human relationship." – Henry Ross Perot

Successful entrepreneurs were not born business leaders; they were made. They became business great leaders because they desired it; they humbled themselves and learned the art and science of leadership. Today, they are leaders in their game with a huge number of followers.

"Everyone has an invisible sign hanging from their neck saying, 'make me feel important.' Never forget this message when working with people." – Mary Kay Ash

It’s within you reach to become a good corporate leader or but you must first develop the first three entrepreneurial skills listed above which are: personal skill, communication skill and negotiation skill. This is necessary because these three skills are vital components of effective corporate leaders.

"The ability to deal with people is as purchasable as a commodity as sugar or coffee and I will pay more for that ability than for any other thing under the sun." – John D. Rockefeller

5. Sales skill

"If you cannot sell, you will be sold." – Ajaero Tony Martins

This is perhaps, the most important entrepreneurial skill of all. I decided to list it last so that I can explain its details in full. The reason I regard this as the most important is because I have never seen a business that doesn't sell one thing or the other. If you are not selling tangible items, then you are probably selling intangible items such as services.

"A man's success in business today turns upon his power of getting people to believe he has something they want." – Gerland Stanley

I regard sales skill as the most important because life is all about selling. To get a good job, you must sell yourself to your employers. Even before you get married, you must sell yourself to your spouse, convincing him/her that you are the best partner. Success in business is also all about selling; you must first sell yourself to your investors, next to your suppliers, your business team and employees and then to your customers.

"The best way to turn a woman's head is to tell her she has a beautiful profile." – Sacha Guitry

Many people shy away from selling because they are afraid of rejection. Bill Gates sold himself to IBM before he became a billionaire. Steve Jobs personally sold his products such as the IPad in the media. Thomas Edison and Ray Kroc started as salesmen; I am also in the business of selling. The moment I stop selling; I will cease to be an entrepreneur. So my last note to you today is this "start selling something."

"The ability to sell is the number one skill in business. If you cannot sell, don't bother thinking about becoming a business owner." – Rich Dad

In conclusion, I want you to go over the five entrepreneurial skills again and decide which one is missing in your life. As a last note, I leave you with this quote;

"Skills make you rich, not theories." – Rich Dad

Must-Have Skills for Entrepreneurs

2012-06-27T01:11:00.000+03:00

You’ve decided that you want to get out of the corporate rat-race and be your own boss. As you begin planning how to start your own business from home, you begin listing down what you want to do and what you can do. You tell yourself that you love to do a little bit of everything you can do research, Web design, write, with a 10 years experience in legal and administrative support. But then, you ask yourself, “What skills do I really need to have to succeed as a home based entrepreneur?” If you are thinking of starting a business, you will need a broad array of entrepreneurial skills to succeed in today's competitive market. You must possess basic skills necessary to enable you to start, develop, finance, and market your own home business enterprises. There are a number of qualities and skills you need to have, including personal attributes, business skills and management capability. While you may not have all of them right now, there are five basic skills you really must have to run any kind of business.
These five skills are:
1. Sales and marketing skills. Sales and marketing are the two most important skills you must have when you plan to start your own business. A business is nothing if it has no customers. You may have the fanciest computer with the latest graphics software, but if no one is knocking at your door to hire you as a graphic designer, then you better rethink why you are in business in the first place. Maybe you are better off employed by a firm. To have revenues and profits, you first need to have customers. To get customers, you must be able to market your business and possess the skills to close the sale.
As you plan your business, you must begin to think how to reach your target audience and the people who may need your products or service. This entails understanding the concept of marketing, and using the tools that your budget permits. You must have a knack for understanding what people wants, listening to their needs, and interact well with other people.
It would be extremely helpful if you possess excellent written and oral communication skills to help you sell your products and services (more so if you are a solo entrepreneur who will be doing everything by yourself). You need to create a buzz about your business by talking to people and presenting to them your business. You need to write ads, press releases and story ideas about your business. Starting a business is a time to get out of your timid self and begin to aggressively market your venture. That’s the only way you can succeed.
2. Financial know-how. You are in business to make money. Therefore, the most important skill you must have is the ability to handle money well. This includes knowing how to stretch the limited start-up capital that you have, spending only when needed and making do with the equipment and supplies that you currently have. You also need to identify the best pricing structure for your business in order to get the best kind of return for your products or services.
Success in business is not limited to those who have tons of capital in the beginning. Look at the failed dot-coms with funding of as much as $100 million. Even if they are awash with cash, they still ended up as a failure because they were not able to manage their money well. They lavished themselves with high-tech office furniture and gave their CEOs fancy jets to fly, only to have their cash flow depleted in less than a year.
If you are able to manage your cash flow well when the business starts to run, you will be able to survive the ups and downs of self employment. The important thing is to always focus on the bottomline. For every spending, always ask yourself: “How much will this contribute to my bottom line?” If it will not give your business anything in return financially, better think twice before opening your wallet.
3. Self-motivation skills. As an entrepreneur, you do not have the luxury of bosses and bureaucracy to tell you what needs to be done. Everything rests on your shoulder from thinking where to get the money to fund the business, to developing the product, to determining how to reach the customer, and so on. Only you will create the plans, and change them should the situation shifts. You need to be smart enough to know when you need to go ahead, and when to stop.
To succeed in business, you must be a self-starter with a clear desired goal in mind. You must have the confidence in yourself, and in your ideas (how can you sell your ideas to others if you yourself do not believe in them?). More importantly, you must be willing to focus your energy and work hard towards each and every step that will make your enterprise a success. Especially if you work at home, it is doubly hard to get into the work mindset: sometimes, the television is just too tempting that it is hard to get out of your pajamas and begin typing in your computer. You therefore must have that extra drive and commitment to make sure that you are taking the necessary steps to make your dream of a successful business a reality.
4. Time management skills. The ability to plan your day and manage time is particularly important for a home business. When you wake up in the morning, you must have a clear idea of the things you must do for the day. Especially if you are running a one-person operation, you must have the ability to multi-task be the secretary at the start of the day typing all correspondences and emails, become the marketing man writing press releases before noon, make sales call in the afternoon, and become a bookkeeper before your closing hours. Imagine if you are selling products and you still have to create the products, deliver and fulfill the orders, rush to the bank to cash the checks. Lots of job for a simple home-based business! No, you don’t have to be a superman (or superwoman). You simply have to know how to manage time and prioritize your tasks.
One difficulty of working from home is that you can never seem to stop. There are simply too many things to do, as if work never stops (and it doesn’t!). Part of having good time management skills is knowing when to stop and when to leave work, and begin doing your other roles in your family as the husband, wife, mother or father. You must be able to know how to keep your home life separate from your work life, and ensure that there exists a balance between the two.
5. Administration skills. If you can afford to hire an assistant who will organize your office space and file your papers and mails, lucky you! However, most start-up entrepreneurs cannot afford such luxuries. Over and above the tasks of managing, marketing and planning your business, you also need to possess a great deal of administration skills. You need to file your receipts so tax time will not be a trip to Hades. You need to do all the work in terms of billing, printing invoices, collecting payments, and managing your receivables.
Starting a business is never easy, even if you have the perfect background and possess all the above skills. Having all the needed skills and qualities will not even ensure your success. But having these basic skills will, at least, lessen the pain of the start-up process, giving you greater chance in seeing your business grow and prosper.

Entrepreneurial Skills:The Skills You Need to Build a Great Business

2012-06-26T14:37:00.000+03:00

What makes someone a successful entrepreneur?
It certainly helps to have strong technology skills or expertise in a key area, but these are not defining characteristics of entrepreneurship.
Instead, the key qualities are traits such as creativity, the ability to keep going in the face of hardship, and the social skills needed to build great teams.
If you want to start a business, it's essential to learn the specific skills that underpin these qualities. It's also important to develop entrepreneurial skills if you're in a job role where you're expected to develop a business, or "take things forward" more generally.
In this article, we'll look at the skills you need to be a successful entrepreneur, and we'll explore resources that you can use to develop the traits needed for success.

Defining Entrepreneurship

Some experts think of entrepreneurs as people who are willing to take risks that other people are not. Others define them as people who start and build successful businesses.
Thinking about the first of these definitions, entrepreneurship doesn't necessarily involve starting your own business. Many people who don't work for themselves are recognized as entrepreneurs within their organizations.
Regardless of how you define an "entrepreneur," one thing is certain: becoming a successful entrepreneur isn't easy.
So, how does one person successfully take advantage of an opportunity, while another, equally knowledgeable person does not? Do entrepreneurs have a different genetic makeup? Or do they operate from a different vantage point, that somehow directs their decisions for them?
Though many researchers have studied the subject, there are no definitive answers. What we do know is that successful entrepreneurs seem to have certain traits in common.
We've gathered these traits into four categories:

Personal characteristics.
Interpersonal skills.
Critical and creative thinking skills.
Practical skills.

We'll now examine each category in more detail, and look at some of the questions you will need to ask yourself if you want to become a successful entrepreneur.

Personal Characteristics

First, examine your personal characteristics, values, and beliefs. Do you have the mindset that's typical of successful entrepreneurs?

Optimism: Are you an optimistic thinker? Optimism is truly an asset, and it will help get you through the tough times that many entrepreneurs experience as they find a business model that works for them.
Vision: Can you easily see where things can be improved? Can you quickly grasp the "big picture," and explain this to others? And can you create a compelling vision of the future, and then inspire other people to engage with that vision?
Initiative: Do you have initiative, and instinctively start problem-solving or business improvement projects?
Desire for Control: Do you enjoy being in charge and making decisions? Are you motivated to lead others?
Drive and Persistence: Are you self-motivated and energetic? And are you prepared to work hard, for a very long time, to realize your goals?
Risk Tolerance: Are you able to take risks, and make decisions when facts are uncertain?
Resilience: Are you resilient, so that you can pick yourself up when things don't go as planned? And do you learn and grow from your mistakes and failures? (If you avoid taking action because you're afraid of failing, our article on Overcoming Fear of Failure can help you face your fears and move forward.)

Interpersonal Skills

As a successful entrepreneur, you'll have to work closely with people – this is where it is critical to be able to build great relationships with your team, customers, suppliers, shareholders, investors, and more.
Some people are more gifted in this area than others, but, fortunately, you can learn and improve these skills. The types of interpersonal skills you'll need include:

Leadership and Motivation: Can you lead and motivate others to follow you and deliver your vision? And are you able to delegate work to others? As a successful entrepreneur, you'll have to depend on others to get beyond a very early stage in your business – there's just too much to do all on your own!
Communication Skills: Are you competent with all types of communication? You need to be able to communicate well to sell your vision of the future to investors, potential clients, team members, and more.
Listening: Do you hear what others are telling you? Your ability to listen can make or break you as an entrepreneur. Make sure that you're skilled at active listening and empathetic listening.
Personal Relations: Are you emotionally intelligent? The higher your EI, the easier it will be for you to work with others. The good news is that you can improve your emotional intelligence!
Negotiation: Are you a good negotiator? Not only do you need to negotiate keen prices, you also need to be able to resolve differences between people in a positive, mutually beneficial way.
Ethics: Do you deal with people based on respect, integrity, fairness, and truthfulness? Can you lead ethically? You'll find it hard to build a happy, committed team if you deal with people – staff, customers or suppliers – in a shabby way.

Tip:
You can improve your people skills further by taking our How Good Are Your People Skills? self-test.

Critical and Creative Thinking Skills

As an entrepreneur, you also need to come up with fresh ideas, and make good decisions about opportunities and potential projects.
Many people think that you're either born creative or you're not. However, creativity is a skill that you can develop if you invest the time and effort.

Creative Thinking: Are you able to see situations from a variety of perspectives and come up with original ideas? (There are many creativity tools that will help you do this.)
Problem Solving: How good are you at coming up with sound solutions to the problems you're facing? Tools such as Cause & Effect Analysis, the 5 Whys Technique, and CATWOE are just some of the problem-solving tools that you'll need to be familiar with.
Recognizing Opportunities: Do you recognize opportunities when they present themselves? Can you spot a trend? And are you able to create a plan to take advantage of the opportunities you identify?

Practical Skills

You also need the practical skills and knowledge needed to produce goods or services effectively, and run a company.

Goal Setting: Do you regularly set goals, create a plan to achieve them, and then carry out that plan?
Planning and Organizing: Do you have the talents, skills, and abilities necessary to achieve your goals? Can you coordinate people to achieve these efficiently and effectively? (Here, effective project management skills are important, as are basic organization skills.) And do you know how to develop a coherent, well thought-through business plan, including developing and learning from appropriate financial forecasts?
Decision Making: How good are you at making decisions? Do you make them based on relevant information and by weighing the potential consequences? And are you confident in the decisions that you make?
Core decision-making tools include Decision Tree Analysis, Grid Analysis, and Six Thinking Hats.
You need knowledge in several areas when starting or running a business. For instance:

Business knowledge: Do you have a good general knowledge of the main functional areas of a business (sales, marketing, finance, and operations), and are you able to operate or manage others in these areas with a reasonable degree of competence?
Entrepreneurial knowledge: Do you understand how entrepreneurs raise capital? And do you understand the sheer amount of experimentation and hard work that may be needed to find a business model that works for you?
Opportunity-specific knowledge: Do you understand the market you're attempting to enter, and do you know what you need to do to bring your product or service to market?
Venture-specific knowledge: Do you know what you need to do to make this type of business successful? And do you understand the specifics of the business that you want to start? (This is where it's often useful to work for a short time in a similar business.)

You can also learn from others who have worked on projects similar to the ones that you're contemplating, or find a mentor – someone else who's been there before and is willing to coach you.

Viashiria vya Kitamaduni vya Maendeleo ya Binadamu:

2012-06-20T02:33:00.000+03:00

Kukuza maendeleo ya binadamu na kuheshimu tofauti za kiutamaduni ni changamoto kubwa kwa
Afrika na kwa dunia nzima. Katika mazingira ya sasa mambo matatu ni muhimu katika
kufanikisha lengo hili.
La kwanza ni kubuni rajua (dira) ya pamoja: Afrika haina budi kubainisha rajua yake yenyewe
kwa ajili ya mustakabali wake. Tafiti za malengo ya muda mrefu zilizofanyika katika ngazi ya
kitaifa na kikanda zinaonyesha kwamba rajua ya namna hiyo itajumuisha nyanja mbalimbali za
kiuchumi, kijamii, kisiasa, kimazingira, kitamaduni na kiteknolojia. Katika kila uwanja, mikakati
sahihi haina budi kubuniwa kwa kuoanishwa na malengo ya muda mrefu ya rajua hiyo. Katika
uwanja wa utamaduni, mkakati unaofaa zaidi ni wa ukuzaji wa umoja katika uanuwai kama
unavyohimizwa na Ripoti ya UNDP1 2004 ya Maendeleo ya Binadamu. Mkakati huu hautilii tu
mkazo katika kuvumiliana, bali pia katika kushirikiana miongoni mwa vikundi vya wenyeji
katika ngazi ya kitaifa na ya kikanda. Aidha unadokeza haja ya kuvumiliana na kushirikiana
katika ngazi ya kimataifa miongoni mwa mataifa.
Mchakato wa uundaji wa rajua hiyo hauna budi kupewa umuhimu sawa na matokeo yake.
Mchakato huo hauna budi kuwa shirikishi na jumuishi kwa kadri iwezekanavyo, kama lengo ni
kuwa na rajua yenye kunufaisha wengi na inayomilikiwa na walio wengi pamoja na jumuia
mbalimbali.
Pili, utendaji ni kipengele muhimu na unapaswa uhusishe masuala ya shughuli za utafiti, hatua za
kisera na shughuli za utekelezaji. Shughuli za utafiti hazina budi kushughulikia masuala ya
viashiria vya kitamaduni vya maendeleo na viashiria vya maendeleo ya kiutamaduni. Masuala ya
kisera yatahusu uundaji na utekelezaji wa viunzi ambavyo vitalazimisha kuwapo kwa tathimini
ya ubora wa shughuli za utamaduni. Shughuli za utekelezaji hazina budi kuelekezwa katika
kuhimiza kuingiza sera za utamaduni katika mikakati, sera na programu za maendeleo za maeneo
na za taifa.
Tatu ni tathmini na ufuatiliaji. Hata kama rajua iliyobuniwa itakuwa inatia hamasa na utekelezaji
wake utafanywa vyema, bado maendeleo haya inabidi yatazamwe kama mchakato wa kujifunza
ambao unapaswa kufanyiwa mapitio, marekebisho, na mageuzi ya mara kwa mara. Na ni
muhimu kuhakikisha kwamba wadau wote wanashirikishwa katika mchakato huu wa tathmini na
ufuatiliaji, na kwamba juhudi za makusudi zinachukuliwa kuhakikisha kwamba wote
wanashirikishwa kikamilifu

you need to know your purpose

2012-06-18T15:55:00.000+03:00

I discovered long ago what I was put on this earth to do.I determined my true purpose in life,my “right livelihood.” I discovered how to inject passion and determination into every activity I undertake.And I learned how purpose can bring an aspect of fun and fulfillment to virtually everything I do.Now I’d like to help uncover the same secret for you.You see,without a purpose in life,it’s easy to get sidetracked on your life’s journey.It’s easy to wander and drift,accomplishing little.But with a purpose,everything in life seems to fall into place.To be “on purpose” means you’re doing what you love to do,doing what you’re good at and accomplishing what’s important to you.When you truly are on purpose,the people,resources,and opportunities you need naturally gravitate toward you.The world benefits too,because when you act in alignment with your true life purpose,all of your actions automatically serve others.Learn to get in touch with the silence within yourself and know that everything in life has a purpose.

BAJETI YA SERIKALI YA MWAKA 2012/2013

2012-06-15T02:01:00.001+03:00

BAJETI ya Serikali ya mwaka 2012/2013 inatarajiwa kutumia Sh15 trilioni katika vipaumbele saba ikilinganishwa na Sh13.5 trilioni zilizotengwa mwaka 2011/12.Waziri wa Fedha na Uchumi, Dk William Mgimwa aliileza Kamati ya Bunge ya Fedha na Uchumi kuwa matumizi ya kawaida ya Serikali yanatarajiwa kuwa Sh10 trilioni na fedha za maendeleo ni Sh5 trilioni.
Dk Mgimwa alimweleza mwandishi wetu kuwa kipaumbele cha kwanza katika Bajeti yake ya kwanza tangu kuteuliwa hiyo ni miundombinu.
Kwa mujibu wa waziri huyo, miundombinu imegawanyika katika makundi manne ya reli, umeme, maji salama, usafirishaji na uchukuzi ambavyo vimetengewa jumla ya Sh4.5 trilioni.
Vipaumbele vingine vya Serikali ni kilimo, viwanda, rasilimali watu, huduma za jamii, utalii, biashara ya ndani na nje na huduma za fedha.
Habari kutoka ndani ya kikao hicho zilisema kuwa katika bajeti hiyo, fedha zilizopelekwa Wizara ya Uchukuzi kwa ajili miradi ya maendeleo ni Sh252 bilioni huku sekta ya usafiri wa reli ikitarajiwa kutumia Sh130 bilioni.

Katika Bajeti hiyo ya maendeleo, Wizara ya Ujenzi imetengewa Sh693 bilioni, wakati sekta ya nishati ikiwa nayo imepewa umuhimu na mradi wa ujenzi wa bomba la gesi kutoka mikoa ya kusini umetengewa Sh325 bilioni.

Mwelekeo huo wa bajeti unaonyesha pia kwamba, Wizara ya Afya na Ustawi wa Jamii imetengewa jumla ya Sh364 bilioni.

Kuuza mashangingi

Taarifa kutoka ndani ya kikao hicho, zilisema katika mkakati wa kubana matumizi, Serikali itapunguza matumizi ya magari ya kifahari kwa kiwango kikubwa.
Katika hatua hiyo, inatarajiwa pia kupiga mnada baadhi ya magari hayo yanayotumiwa na mawaziri, manaibu waziri, makatibu wakuu na wakurugenzi na kununua magari madogo yenye gharama nafuu.

Hata hivyo, chanzo chetu kilisema waziri huyo hakufafanua suala hilo akisema atalizungumza zaidi wakati wa kuwasilisha Bajeti hiyo Mjini Dodoma.
Takwimu za Serikali za mwaka juzi, zilionyesha kuwa Serikali Kuu hadi na Tawala za Mikoa na Serikali za Mitaa (Tamisemi) ilikuwa ikimiliki magari 40,000, kati yake 11,000 yakiwa ya kifahari.Tayari Wizara ya Ujenzi kupitia timu ya wataalamu mwaka Aprili, 2007 ilitoa ripoti ya namna bora ya kupanga matumizi ya magari ya Serikali kwa kuangalia kila daraja la kiongozi, lakini ripoti hiyo iliishia mezani kwa aliyekuwa Katibu Mkuu Kiongozi, Philemon Luhanjo.(chanzo gazeti la Mwananchi )

15 tips for running a business from home

2012-06-14T00:24:00.000+03:00

Working at home may be the dream of many, but it is not easy to make it happen. It takes an iron will and a lot of discipline not to deviate from its target. Basing your business in your home has a number of advantages, but at the same time is extremely challenging and demanding it. It is not easy, but you can do. On this site we have published a lot of tips to make your business or home based business work better. But it never hurts to update the topic and that is precisely what we do today. The following is a list of 15 recommendations to help you achieve your goal without much trauma.

1. Before opening a business in your home, evaluate whether you have the necessary requirements for such a venture. Start a business in the house, requires discipline, planning, initiative, professional independence, persistence and willingness to take hours of solitude.

2. When choosing the site of his house, to install the office, prefer one that is as separate from the house shake, preferably with separate entrance.

3. If you have employees, it becomes key to have a separate entry for them. This is the best way to preserve the privacy and security of the family.

4. Concentrate their activities in a single space. Prepare the room, bathroom or garage to host the business, using the same furniture and equipment to be adopted at an ordinary office.

5. The planning office should include acoustic treatment on walls to prevent noise from domestic activities in your home do not interfere with work.

6. Special attention are the positions of the chairs, table, computer. Follow the rules of ergonomics, to avoid health problems in the future.

7. When mounting the office, remember that things you like an office ideal. Things related to the right furniture to be taken into account as much time you will be there to be uncomfortable.

8. Do not use your home address for business cards and business correspondence. It is best to have a postal address or use a virtual office.

9. Answer your phone professionally. It seems obvious, but the fact of being at home makes some entrepreneurs respond with a simple “hello” instead of using the company name.

10. Do not mix personal accounts with the company. Control finances (yours and the company) with rigor.

11. Set hours of work in his office and try to fulfill them. For use as a basis that the times when customers and suppliers work and not personal preferences.

It is useless to begin work at six in the morning if your customers are accustomed to meeting in the afternoon, for example.

12. Organize and manage your time with parsimony. Meet deadlines and commitments to the customer. The fact that your company is in a garage means you will not be punctual, have good price and quality.

13. Take care of your appearance. Dress every day like it was for the office or as having an appointment with an inverter. The appearance helps to convey an image of seriousness and professionalism to customers, suppliers and employees.

14. Talk to someone outside the “office” at least once a day. Spend the day alone and in silence, communicating only by email or text messages can lead to stress. Plan lunches, go to seminars, lectures and conferences related to their business. Visit their suppliers and customers frequently.
15. For those who work in an office, it is normal to create small distractions throughout the day to relieve stress. The fact of working at home does not mean you have to work eight hours per day without interruption.

Why People Fail in Business!

2012-06-13T14:28:00.001+03:00

There are 5 reasons why entrepreneurs fail or never make it to the top. Everyone keeps saying to me it’s hard, otherwise everyone would be starting their own successful business and making their own money instead of working for someone.
But although the top reason that people fail in business is because they never get started as they are scared to risk their hard ‘earned’ money, one of the main reasons is self doubt. Not believing in ones self, makes us less determined and less ambitious. So here are five descriptive reasons, if you have any more to add comment after reading through.

#1 Scared of Losing ‘Hard Earned’ Money

The top reason is one that a lot of individuals/entrepreneurs fall under, the fear of losing hard earned money. Now let me tell you something, your going to lose money, your going to learn from that loss of money and your gonna go on and lose more money, until you learn and until it suddenly hits you in the face that ‘you finally get it’, you finally know what it takes to run a successful and profitable business.
Money has no worth unless spent, so whether that’s building an empire or spending it on clothes, don’t just leave it there, lifes too short and your not going to take it with you, so lose the fear and at least you can say you tried and you failed, but trust me you’l succeed as long as you know what your doing!

#2 People That Put You Down

I can not help but find this stupid but it’s true. People are always going to be against you when you are just starting out, they will never believe you can be as successful as you aim to be, because it never happened to them. Now when someone tries to put you down, just think to yourself, why are they trying to put me down? and the answer is because they can not do it themselves.
Never let somebody tell you, you can not achieve something. Soon as you start ‘making it’ being successful, those people that once doubted you are suddenly your friends’ again. Why? because you have money now, your successful and they will probably try to get on your good side. I believe in forgiving, but not forgetting.

#3 Listening Too Much To People’s Opinions!

Now I know this one may seem to be similar to the last point, but it’s not. In this instance, what I mean is; people fail in business because they make the wrong decision of asking people that do not have experience or a business mind about what they think of an idea. Let’s face it, I don’t mean to be too judgmental here, but some people are just meant to work for other people, they have been brought up that way and they require security more than high risk = high reward.
So to overcome this, ask people for their opinions but never doubt your own opinion. Trust me when I say this, your end action should be as a result of what you think, not what some stupid individual thinks, that can not see the overall picture in your mind. You know more than you think you do, so trust yourself and make your own decision!

#4 Lose Hope Too Quickly

Now this is one of my biggest disadvantages that really bugs me and I need to resolve it other wise I am going to ultimately fail. Every individual that ends up thinking about starting their own business, loses hope. The reason is it’s hard, for every strong advantage of an idea, there are possibly about 3 disadvantages and this results in us questioning whether we really have the skills and experience necessary to make an idea of this proportion succeed in this competitive environment.
For example if I get an idea and it’s good but also has several flaws which could result in the idea ultimately failing, I lose hope. I don’t think to myself we’l overcome it and just run with the idea and learn on the way. So my next aim is by September 2012 to create my idea and run with it and see what happens, of course a calculated risk will be taken but more of not questioning my entrepreneurship ability or questioning whether I will succeed.

#5 Not Enough Networks

Now I emphasise this because it is really important. The more people you know, the more people that will look into your idea and direct it towards some of their friends which may have the experience needed to support and consult the idea to a large extent and maybe even invest so you do not have just your money riding on this.
You have to remember that people are what move money around the world, one service for another service. I may for example want to listen to music on the go on my mobile, therefore that is where spottily comes in, because it is cheaper than actually downloading every single album that I like, I just pay $10 dollars and I can listen to any songs for 1 month. It’s supply and demand and whoever believes in competition is not thinking very clearly for one reason. It’s all about focusing on what your doing and whether it will be successful, leave competition for the other businesses to focus on and for you too later focus on. Individuals will come to you for your brand and service. Just make something unique and well and you will wonder why you did not start earlier.

How to Minimize Stress as a Startup Owner

2012-06-13T02:00:00.000+03:00

As people living in a hectic, fast-paced world, we’re all pretty accustomed to a good amount of stress.

However, few of us are prepared for the kind of stress business owners often experience. If you’re a startup owner, you may be struggling to keep your stress levels under control. Since the success of your business hinges upon your mental well being and ability to do your job, you have to learn how to manage and minimize the stressors in your life.

This isn’t always easy, but it can be done. Here are a few tips to help you stay sane in the crazy world of business ownership:

Make prioritizing tasks a priority – You probably have what seems like hundreds of things on your agenda each day, and each of those things probably seems important to you. However, it’s crucial that you take a step back and focus on doing what needs to be done right away. It’s not a mistake to put some things on the backburner. You can get those things done when you have some extra time or you can delegate non-essential tasks to your employees. Trying to do more than you can realistically handle is a recipe for stress.

Don’t forget about your health – Your ability to do well as a business owner depends on your mental and physical health. So, eat healthy, exercise often, and spend time doing non-work-related things that you enjoy. Keeping yourself healthy will allow you to be better equipped to deal with stress and the challenges of your demanding job.

Don’t lose sight of the big picture – Things will go wrong. You and your employees will make mistakes. Unless something happens that seriously threatens the health of your business, don’t sweat the small stuff. You’ll have a much easier time if you can focus on the big picture, take mistakes with a grain of salt, and learn from everything that goes wrong.

Figure out ways to make your job easier – Research and invest in software that will help make your job and life easier. If your budget allows for it, consider hiring an assistant to help you with all the paperwork, data entry, reporting, and correspondence associated with your job. Next time you go on a business trip, consider flying on a jet charter and skipping the chaotic and unpleasant experience at the airport. Do what you can to lighten your load and make things simpler. Eliminating all the stressors you possibly can makes a world of difference.

YOU EITHER CREATE OR ALLOW EVERYTHING THAT HAPPENS TO YOU

2012-06-12T01:02:00.000+03:00

To be powerful, you need to take the position that you create or allow everything that happens to you. By create, I mean that you directly cause something to happen by your actions or inactions. If you walk up to a man in a bar who is bigger than you, has obviously been drinking for a long time, and say to him, “ You are really ugly and stupid,” and he jumps off the bar stool, hits you in the jaw, and you end up in the hospital—you created that. That’s an easy-to-understand example.
Here’s one that may be harder to swallow: You work late every night. You come home tired and burned out. You eat dinner in a coma and then sit down in front of the television to watch a basketball game. You’re too tired and stressed out to do anything else—like go for a walk or play with the kids. This goes on for years. Your wife asks you to talk to her. You say, “Later!” Three years later, you come home to an empty house and a note that she has left you and taken the kids. You created that one, too!
Other times, we simply allow things to happen to us by our inaction and our unwillingness to do what is necessary to create or maintain what we want:
■You didn’t follow through on your threat to take away privileges if the kids didn’t clean up after themselves, and now the house looks like a war zone.
■You didn’t demand he join you in counseling or leave the first time he hit you, so now you’re still getting hit.
■You didn’t attend any sales and motivational seminars because you were too busy, and now the new kid just won the top sales award.
■You didn’t take the time to take the dogs to obedience training, and now they’re out of control.
■You didn’t take time to maintain your car, and now you’re sitting by the side of the road with your car broken down.
■You didn’t go back to school, and now you are being passed over for a promotion.
Realize that you are not the victim here. You stood passively by and let it happen. You didn’t say anything, make a demand, make a request, say no, try something new, or leave.

YOU’RE COMPLAINING TO THE WRONG PERSON

2012-06-11T01:23:00.000+03:00

Have you ever noticed that people almost always complain to the wrong people—to people who can’t do anything about their complaint? They go to work and complain about their spouse; then they come home and complain to their spouse about the people at work. Why? Because it’s easier; it’s less risky. It takes courage to tell your spouse that you are not happy with the way things are at home. It takes courage to ask for a behavioral change. It also takes courage to ask your boss to plan better so that you don’t end up working every weekend. But only your boss can do anything about that. Your spouse can’t.
Learn to replace complaining with making requests and taking action that will achieve your desired outcomes. That is what successful people do. That is what works. If you find yourself in a situation you don’t like, either work to make it better or leave. Do something to change it or get the heck out. Agree to work on the relationship or get a divorce. Work to improve working conditions or find a new job. Either way, you will get a change. As the old adage says, “Don’t just sit there (and complain), do something.” And remember, it’s up to you to make the change, to do something different. The world doesn’t owe you anything. You have to create it.

55 School Drop Out Billionaires and Successful Entrepreneurs

2012-06-10T01:12:00.000+03:00

Do you feel dejected or left behind by your peers because you don’t have a college degree? Do you see your supposed illiteracy as a limitation to achieving your dreams? Or are you in the group that thinks education is the ultimate yardstick for success? If any of these questions best describes you, then please read on.

How does it sound to your ears that most of the world’s richest men and women were school drop outs? Well don’t be surprised; it’s the truth.

“I have nothing against education. But at times, education gives people false confidence. It makes people relax, trusting in the power of their certificates rather than in working hard.” – Rasaq Okoya

Today, I will be sharing with you a brief compilation of the entrepreneurial success stories of self made men and women; who took the bull by the horn by building a business, without being held back by the lack of a college degree. These men and women found their entrepreneurial spirit, surmounted business challenges, completed the entrepreneurial process and became successful entrepreneurs.

“I have been within the four walls of school and I have been on the street. I can confidently tell you that the street is tougher, challenging, daring, exciting and more rewarding. In school; you play alone. But on the street, you play with the big boys.” – Ajaero Tony Martins

Warren Buffett, Mo Ibrahim, Mike Adenuga, Oprah Winfrey, George Soros, John D. Rockefeller, Sam Walton, Jerry Yang and David Filo, Anita Roddick, Sergey Brin and Larry Page, Jeff Bezos, Pierre Omidyar, Martha Stewart, Henry Ross Perot and Aliko Dangote; the richest black man in the world did not make the list because they possessed college degrees. Without wasting much of your time, below is a comprehensive list of some of the world’s richest school drop out billionaires.

“Behind every adversity is an opportunity. If you lament over the adversity, you will miss the opportunity.” – Ajaero Tony Martins

The World’s Richest School Drop Out Billionaires

1. Bill Gates: He is the billionaire co-founder of Microsoft Corporation, the world largest software company. Dropped out of Harvard to focus on building Microsoft. According to Forbes magazine, Bill Gates has held the position of the world richest man for thirteen consecutive years and he not showing a sign of letting go that position.

“To win big, you sometimes have to take big risks.” – Bill Gates

“We were young, but we had good advice good ideas and lots of enthusiasm.” – Bill Gates

2. Thomas Edison: Thomas Edison was labeled dumb and scatterbrain by his school teachers but he went on to become one of the world’s greatest inventors and founded General Electric; one of the most powerful companies in the world.

“Many of life’s failures are people who did not realize how close they were to success when they gave up.” – Thomas Edison

3. Orji Uzor Kalu: He is one of the richest men on the soil of Africa. This young billionaire was rusticated from college for his participation in a student’s protest. Instead of lamenting over his predicament; he started trading on palm oil and from that humble beginning, he grew his business into a conglomerate “Slok Group.” Though he was later pardoned by the school authorities, he rejected the amnesty offer thereby refusing to return to school.

“A good businessman must have nose for business the same way a journalist has nose for news. Once your eyes, ears, nose, heart and brain are trained on business, you sniff business opportunities everywhere.” – Orji Uzor Kalu

4. Li Ka Shing: Billionaire owner of Hutchinson Whampoa; one of the largest conglomerates in Hong Kong, with operations that span over fifty countries and more than 220,000 staff worldwide. Dropped out of school at the age of 15 and started out by selling watch bands.

“The first year, I didn’t have much capital so I did everything myself. I had to keep my overhead low by learning everything about running a business, from accounting to fixing the gears of my equipment. I really started from scratch.” – Li Ka Shing

5. Richard Branson: Best known for his adventurous spirit and outrageous business tactics. He dropped out of school at the age of 16 to start his first successful business venture; Student Magazine, bought his own 79-acre Caribbean island when he was just 24 and he was knighted in 1999. He is the billionaire founder of the Virgin brand and its 360 companies. His companies include the famous Virgin Atlantic Airways.

“I wanted to be an editor or journalist. I wasn’t really interested in becoming an entrepreneur, but I soon found I had to become an entrepreneur in order to keep my magazine going.” – Richard Branson

Successful Entrepreneurs and World’s Richest School Drop Out Billionaires

6. Lawrence J. Ellison: Larry Ellison dropped out of college twice and was told by his adoptive father that he would never amount to anything but he went on to become a billionaire by building Oracle, the world’s second largest software company.

“I have had all the disadvantages required for success.” – Larry Ellison

7. Michael Dell: He dropped out of college at the age of 19 to start PC’s Limited; later renamed Dell Computers Inc. Dell became the most profitable PC manufacturer in the world making Michael Dell a billionaire.

“I had to give it a full go and see what happened.” – Michael Dell

8. Steve Jobs: Billionaire co-founder of Apple Inc and Pixar; dropped out of Reed College to start Apple.

9. Henry Ford: This automobile billionaire was born in abject poverty. He never saw the four walls of school but he went on to build Ford Motor Company and become one of the richest men that ever lived.

“Thinking is the hardest work to do, that’s why so few people are engaged in it.” – Henry Ford

10. Walt Disney: Walt, regarded as the most influential animator because of his creativity with cartoons. He dropped out of high school at 16 and founded Walt Disney; a company which now has an annual revenue of about $30billion.

“If you can dream it, you can do it.” – Walt Disney

Successful Entrepreneurs and World’s Richest School Drop Out Billionaires

11. Ray Kroc: Billionaire Ray Kroc never saw the four walls of school and spent most of his life working as a salesman. He bought McDonald’s in 1961 for $2.7m and grew it into a multi billion dollar company.

“Press on. Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.” – Ray Kroc

12. Debbi Fields: A 20 year old housewife with no education and business experience started Mrs. Fields Chocolate Chippery and became the most successful cookie company owner. She later renamed, franchised, and then sold Mrs. Field’s Cookies.

“You don’t have to be superhuman to do what you believe in.” – Debbi Fields

13. Cosmos Maduka: Nigerian Elementary school drop out and billionaire founder of the Coscharis Group.

14. Ingvar Kamprad: Billionaire founder of IKEA. He dropped out of high school at the age of 17 to start IKEA; now the top home furniture retailer in the world, with over 90,000 employees working in its 200-plus stores, and annual revenues in excess of $10 billion.

“I’m not afraid of turning 80 and I have lots of things to do. I don’t have time for dying.” – Ingvar Kamprad

15. Carl Lindner: Billionaire investor and founder of United Dairy Farmers. He dropped out of high school at the age of 14 to deliver milk for his family diary.

Successful Entrepreneurs and World’s Richest School Drop Out Billionaires

16. Simon Cowell: Famous for his involvement in American Idols, he dropped out of school at age 16 and started his own record label “Fanfare” at the age of 23.

“Good is not enough; you’ve got to be great.” – Simon Cowell

17. Mary Kay Ash: Founder of Mary Kay Inc and best known as the most outstanding business woman in the 20th century. Mary never saw the four walls of school.

“When you reach an obstacle, turn it into an opportunity. You have the choice. You can overcome and be a winner, or you can allow it to overcome you and be a loser. The choice is yours and yours alone. Refuse to throw in the towel. Go that extra mile that failures refuse to travel. It is far better to be exhausted from success than to be rested from failure.” – Mary Kay Ash

18. Coco Chanel: Fashion magnate and founder of the Coco Chanel brand, she never saw the four walls of school.

19. Wayne Huizenga: Wayne is the only person in history to build three Fortune 1000 companies practically from scratch: Waste Management Inc, Blockbuster Entertainment and AutoNation. He is the only person to have developed six NYSE-listed companies.

He also owns the Miami Dolphins and is previous owner of the Florida Marlins baseball team and the Panthers hockey team, making him the only person ever to own three pro teams in a single market, two of which won national championships. He dropped out of college to join a friend in a garbage collection business.

20. Barry Diller: This billionaire media magnate dropped out of college to start Fox Broadcasting Company. He is chairman of Expedia, and was once the CEO of IAC/InterActiveCorp which includes Home Shopping Network and Ticketmaster.

“There’s a world in which reasons are made up because reality is too painful.” – Barry Diller

21. Andrew Carnegie: Founder of Carnegie Steel Company and one of the richest men that ever lived. Born in abject poverty, Andrew never saw the four walls of school.

“I shall argue that strong men conversely know when to compromise and that all principles can be compromised to serve a greater purpose.” – Andrew Carnegie

Successful Entrepreneurs and World’s Richest School Drop Out Billionaires

22. Sir Philip Green: Billionaire retail mogul and owner of the Arcadia brand, he dropped out of school at the age of 16. After four business failures, Philip Green made his first million at the age of 33.

“If you’ve got a natural talent, I think it’s fantastic. If I wasn’t in retail, being a singer or a tennis player would be a better idea.” – Sir Philip Green

23. Madame C. J. Walker: She was born into the family of ex-slaves and farmers. Despite being widowed at the age of 20 and faced with extreme hardship, she started a cosmetics business and went on to become the first American self made female millionaire.

“I had to make my own living and my own opportunity! But I made it! Don’t sit down and wait for the opportunities to come. Get up and make them” – Madam C.J. Walker

24. Mark Zuckerberg: The youngest billionaire in the world, dropped out of Harvard to promote his social networking platform; Facebook. As at 2010, he was 23 years and worth $4billion.

25. Ted Turner: Billionaire drop out media mogul and founder of CNN; pledged a billion dollars to the United Nation.

“All my life, people have said that I wasn’t going to make it.” – Ted Turner

“Over a three year period, I gave away half of what I had. To be honest, my hands shook as I signed it away. I knew I was taking myself out of the race to be the richest man in the world.” – Ted Turner

26. Cornelius Vanderbilt: Dropped out of school at the age of 11, began operating his own boat at the age of 16 and became one of the richest men in history.

“If I had learned education, I would not have had time to learn anything else.” - Cornelius Vanderbilt

27. Mayer Amschel Rothschild: was born in a ghetto; started business as a money lender and built the largest private fortune in history. He never saw the four walls of school.

“Give me control over a nation’s money supply and I don’t care who make the laws.” – Mayer Amschel Rothschild

28. Ty Warner: Billionaire real estate investor, hotel owner, sole owner, CEO, and Chairman of Ty, Inc. Ty Warner is a savvy, yet private business man. Ty, Inc; made $700 million in a single year with the Beanie Babies craze without spending money on advertising. He has since expanded to include Ty Girlz dolls, directly competing with Bratz dolls.

29. Howard Hughes: Dropped out of California Institute of Technology and Rice University; founded Hughes Aircrafts and Co and went on to become a billionaire.

“I intend to be, the richest man in the world.” Howard Hughes

30. Giorgio Armani: Billionaire founder of the fashion brand; Giorgio Armani S.P.A. Dropped out of medical school at the University of Bologna because he couldn’t stand the sight of blood.

“Remain true to yourself and your philosophy.” – Giorgio Armani

Successful Entrepreneurs and World’s Richest School Drop Out Billionaires

31. Asa Candler: Founder of the Billionaire company and world’s most popular brand; Coca Cola. He dropped out of school at the age of 10.

32. Jenny Craig: With no college degree, this woman started Jenny Craig Inc from scratch and grew it to become one of the largest and most recognized companies in the weight management industry.

“If I make a commitment to something, I will stick to it no matter what.” – Jenny Craig

33. Rachael Ray: Despite having no formal training in culinary arts, Rachel Ray made a name for herself in the food industry. With numerous shows on the Food Network, a talk show and cookbooks, high-energy Rachael never slowed down. She has also appeared in magazines as well has having her own magazine debut in 2006.

34. Milton Hershey: With only a fourth grade education, Milton Hershey started his own chocolate company. Hershey’s Milk Chocolate became the first nationally marketed chocolate.

35. Frank Lloyd Wright: surpassed all odds to become the most influential architect of the twentieth century. Frank Lloyd Wright designed more than 1,100 projects with about half actually being built. He never saw the four walls of high school.

36. David Geffen: billionaire founder of Geffen Records and co-founder of DreamWorks.

“I never went to business school. I was just bumbling through a lot of my life. I was like the guy behind the curtain in the Wizard of Oz.” – David Geffen

37. Billy Joe (Red) McCombs: founder of Clear Channel media, real estate investor.

38. Craig McCaw: billionaire founder of McCaw Cellular.

39. Dave Thomas: billionaire founder of Wendy’s.

“There’s no one to stop you but yourself.” – Dave Thomas

40. ay Van Andel: billionaire co-founder of Amway.

Successful Entrepreneurs and World’s Richest School Drop Out Billionaires

41. Micky Jagtiani: billionaire retailer, Landmark International

42. John Paul DeJoria: billionaire co-founder of John Paul Mitchell Systems and Patron Spirits tequilla.

43. David Green: billionaire founder of Hobby Lobby.

44. Frederick “Freddy” Laker: billionaire airline entrepreneur.

45. Kirk Kerkorian: billionaire investor, owner of Mandalay Bay and Mirage Resorts, and MGM movie studio.

46. Leandro Rizzuto: billionaire founder of Conair

47. Leslie Wexner, billionaire founder of Limited Brands.

48. Marc Rich: billionaire commodities investor and founder of Marc Rich & Co.

49. S. Daniel Abraham: billionaire founder of Slim-Fast.

50. Theodore Waitt: billionaire founder of Gateway Computers.

51. Y.C. Wang: billionaire founder of Formosa Plastics.

52. Paul Allen: billionaire co-founder of Microsoft Corporation; dropped out of Washington State University.

53. Ralph Lauren: Billionaire fashion mogul. Studied business at Baruch College for two years and dropped out.

54. Dean Kamen: Billionaire Kamen holds more than 80 US patents; famous for the Segwey PT, Auto syringe and IBOT robotic wheelchair; dropped out of Worcester Polytechnic.

55. Dhirubhai Ambani: Famous founder of Reliance Group and father to two billionaires; Anil and Mukesh Ambani. Started Reliance Industries from scratch and never saw the four walls of school.

15 Characteristics of Successful Entrepreneurs and How to Develop Yours

2012-06-09T23:20:00.000+03:00

What is the driving force behind most famous, successful entrepreneurs that propel them in their quest to acquire massive wealth? This seems to be the most bugging question on the mind of young entrepreneurs.

Today, I am going to answer that question by sharing with you the exact qualities or characteristics most successful entrepreneurs possess and how you can develop yours. Join me as I reveal the secret of successful entrepreneurs such as Thomas Edison, Bill Gates, Oprah Winfrey, J. Paul Getty, Larry Ellison, Mukesh Ambani, Lakshmi Mittal and Aliko Dangote; the richest black man in the world.

1. Passion and Energy

When you think of the likes of Bill Gates, you tend to feel he is living a life filled with long vacations and excessive free time. But that’s not true; most successful entrepreneurs are known to have a great amount of passion and energy.

“Passion is what drives me forward. Passion is what makes me go to bed at 2am and wake up at 6am.” – Aliko Dangote

In fact, they possess the capacity to work long hours with minimal sleep. What most people don’t realize is that entrepreneurs work longer hours than most employees; shuffling between their family, business duties and meetings. This just reminds me of a quote from Warren Buffet, the world’s richest investor and founder of Berkshire Hathaway.

“Without passion, you don’t have energy. Without energy, you have nothing.” – Warren Buffett

2. Ability to take Responsibility

“Sometimes when you innovate, you make mistakes. It’s best to admit them quickly and get on with improving your other innovations.” – Steve Jobs

Successful entrepreneurs are known to take responsibility of their actions and decisions even in the face of failure. They don’t blame their employees; instead they take charge, correct their business mistakes and move on.

“My philosophy is that not only are you responsible for your life but doing the best at this moment puts you in the best place for the next moment.” – Oprah Winfrey

3. Long Standing Commitment

“It’s my job for Oracle, the number two software company in the world; to become the number one software company in the world. My job is to build better than the competition, sell those products in the marketplace and eventually supplant Microsoft and move from being number two to number one.” – Larry Ellison

This is a very vital character possessed by any successful entrepreneur you come across. Entrepreneurs are known to be committed not just for the moment but for years. You can imagine Warren Buffet, who is in his 80′s, yet he is still committed to the growth of Berkshire Hathaway, which he founded many years ago.

“I’m not afraid of turning 80 and I have lots of things to do. I don’t have time for dying.” – Ingvar Kamprad

“If I make a commitment to something, I will stick to it no matter what.” – Jenny Craig

4. Self Belief

“You are nuts and you should be proud of it. Stick with what you believe in.” – Trip Hawkins

Successful entrepreneurs are known to display a high level of self confidence. They have little belief in fate; they strongly believe in themselves and their ability to achieve their set goals. This is a major character venture capitalist watch out for before financing any business venture.

“Some people intertwine self belief and faith but I stand to say they are not the same. Faith is not self belief. While faith says it can be done, self belief says ‘I can do it.’ While faith says there is possibility, Self belief says ‘I am the possibility.’ Faith without self belief is vain.” – Ajaero Tony Martins

5. Persistence

“When the going gets tough, the tough gets going.” This is what persistence stands for; the ability to press on in the face of hardship. Without persistence, nothing can be achieved. When you think of persistence; think of Henry Ford, founder of Ford motor Company and Ray Kroc, founder of McDonalds.’

“Nothing in the world can take the place of persistence. Nothing is more common than unsuccessful men with talent. The world is full with educated derelicts. Persistence and determination alone are omnipotent.” – Ray Kroc

6. Goal Setting

“I intend to be, the richest man in the world.” – Howard Hughes

All successful entrepreneurs share the characteristic of being goal oriented. They have the ability to set clear goals for themselves. These goals are high and challenging but realistic and attainable. To them, life without goals set and achieved is life wasted.

“I think I am very goal oriented. I’d like to win the America’s cup. I’d like Oracle to be the No 1 software company in the world. I still think it is possible to beat Microsoft.” – Larry Ellison

7. Ability to take Risk

“In today’s rapidly changing world, the people who are not taking risk are the risk takers.” – Robert Kiyosaki

As we all know, business is a risk and to undertake it, you have to be daring. Successful entrepreneurs are risk takers; they put down their time, energy and resources to make sure their business stand the test of time.

“You must take risks, both with your own money or with borrowed money. Risk taking is essential to business growth.” – J. Paul Getty

8. Intelligent Use of Feedback

Feedback is one element that successful entrepreneurs don’t joke with. In fact; it is so important that they surround themselves with smart teams so as to get feedbacks about decisions they took. Most importantly, they make intelligent use of the feedback they receive. Please note that feedback can be in the form of criticism, opinion or advice.

“Sometimes, I think my most important job as a CEO is to listen for bad news. If you don’t act on it, your people will eventually stop bringing bad news to your attention and that is the beginning of the end.” – Bill Gates

9 Strong Self Imposed Standards

“It takes 20 years to build a reputation and only five Minutes to ruin it. If you think about that, you will do things differently.” – Warren Buffett

Successful entrepreneurs have laid down principles which they don’t compromise for any reason. If you want to be a successful entrepreneur, you must be firm, strict and be a man or woman of principle.

“I am stingy and I’m proud of the reputation.” – Ingvar Kamprad

“Real integrity is doing the right thing, knowing that nobody’s going to know if you did it or not.” – Oprah Winfrey

10. Ability to Work under Pressure and Uncertainty

To be an entrepreneur, you must have the ability to work under pressure and uncertainty. Whenever you are facing tough times in your business; remember Donald Trump, who was in personal debt of a billion dollars and his corporation was in debt of 9 billion dollars yet he kept cool and worked his way out of the debts.

“You must not only learn to live with tension, you must seek it out. You must learn to thrive on stress.” – J. Paul Getty

11. Strong Internal Control

Control is essential to the business survival of every successful entrepreneur. To build a successful business, you need firm control of your cash flow and all other business systems. Control is a watch word of entrepreneurs and investors.

“In order to be a player on the fast track, you will need to have a plan on how to gain more and more control. On the fast track, it is control more than money that counts.” – Rich Dad

12. Intelligent Use of Resources

Sometimes, entrepreneurs are faced with the challenge of building a business with limited capital. When building a small business startup from scratch, there is need for efficient utilization of the limited resources. It’s called building a business on a “Shoe string budget“

“IKEA people do not drive flashy cars or stay at luxury hotels.” – Ingvar Kamprad

13. Ability to Quickly Learn From Failures

“Punishing honest mistakes stifles creativity. I want people moving and shaking the earth and they are going to make mistakes.” – Henry Ross Perot

Successful entrepreneurs make lot of mistakes that sometimes lead to business failures but they don’t bow their head in defeat. Instead, they quickly acknowledge their business mistakes, correct them, learn from their failures and move on. They fail but they don’t quit. Instead, they get inspired by their failure and use their failure as a stepping stone to success.

“Failure is just a resting place. It is an opportunity to begin again more intelligently.” – Henry Ford

14. Money as a Means of Keeping Score

“I don’t make deals for the money. I’ve got enough much more than I’ll ever need. I do it to do it.” – Donald Trump

This characteristic might sound a little bit funny but it is a common attribute found in most successful entrepreneurs. Entrepreneurs use the money acquired from their business as a landmark, a target and a sign to move on to other business challenges. An entrepreneur who makes his/her first million dollars will be happy with the achievement and will set a goal to make his/her first 100million dollars.

“Build wealth as a by product of your business success; If wealth is your only objective in business, you will probably fail.” – J. Paul Getty

15. Delayed Gratification

“You know you are on the road to success if you would do your job and not get paid for it.” – Oprah Winfrey

I should have listed this first but I decided to save it for the last. Most individuals like the concept of getting rich quickly, invest today and gain a 1000% ROI in a week and stuffs like that. Entrepreneurs know that profit or reward may not be instant and may even take as much as five years before receiving any dividend. Sometimes, they work without pay, hoping for a greater reward in years to come.

“I never attempt to make money on the stock market. I buy on assumption they could close the market the next day and not re-open it for five years.” – Warren Buffett

Having revealed the characteristics of successful entrepreneurs, I will advice you try to develop these characters because without these characters, your success will be limited.

How To Start A Small Business With No Capital

2012-06-09T08:51:00.000+03:00

Do you want to start a small business but you have no start-up capital and you want to avoid loans? Though many small-business guidebooks will tell you that this is not possible, it certainly is. Read this article to learn how!

Start Small
The main key to starting your small business without capital is to start small. You can make plans to grow larger at a later date, but if you want to start with no outlay of capital, you need to start small.

Start With What You Have
The second key is to start with what you have. If, for example, you want to start a lawn care business, start with the lawn mower you already own. You can purchase a larger mower later, once you've gotten started and have some cash flow. But for the time being, start with what you own.
You will find that this may limit the types of businesses you can start. Very few people own, for example, a printing press, so if you want to start a printing business, you may need to look into obtaining financing.

If you haven't yet decided what type of business you want to open, try looking around at what you have and what you know how to do. The most successful small businesses start with the owner's hobby and develop from there. Most people who enjoy sewing already own all the materials needed to start a small sewing business. Most people who enjoy programming computers already own the necessary equipment for this business. Take a look at what you already own and go from there.

Start In Your Own Home
With no capital, you will not be able to open a physical storefront or an office outside of your home. Instead, you will need to use space already available to you in your own home. Some people are lucky enough to have an entire room available for their use in operating a small business. Perhaps a child has just moved into his or her own home, or maybe you have a den that doesn't get much use. Put that space to work!

But what if your house is already bursting at the seams? Many businesses require no more than a desk and some storage space. A small desk and a file cabinet can occupy a small section of any available room - a corner of the bedroom, perhaps, or even the living room or dining room! Many people successfully convert an unused closet into their home office, which provides a handy way to hide the mess when expecting company.

Start With Low- Budget Advertising
Many companies find that their best marketing is free! Word of mouth is usually cited as the best way to obtain new clients or customers. Ask every customer to refer you to at least one or two friends.

Joining local business groups is another great way to market your business - these groups provide plenty of opportunity to network and get the word out about your business.

Most importantly, mention your business at every opportunity - when chatting with friends, when meeting new people, when visiting family. Don't be shy! If possible, bring an example of your work with you everywhere you go. You never know when you will meet an interested potential customer.

Use Your Money Wisely
Use what money you do have wisely. Before every purchase, ask yourself if the item you're about to purchase will really help you grow your business and if you can really afford it at this point. Don't be afraid to put off any purchases until you've been able to consider it for a week or more.

Are You Too Scared To Dream?

2012-06-06T19:57:00.003+03:00

Fear might hold you back from going after your dreams - but it shouldn't have to.

If you allow fear to control you, then you're simply guaranteeing failure. By worrying about the consequences of your every action, you may paralyze yourself with fear - leaving you unwilling to take action to achieve your dreams. But choosing the "safe" path of inaction is self-sabotaging. When you don't act and this avoid the opportunity for failure, you also deny yourself the opportunity to succeed. The harder you work and the more risks you take, the more chances you give yourself to find success. Achieving your dreams is a probability game. You may not succeed the first time you attempt something, or even the second. But the more risks you take, the higher the probability you will succeed. That's not possible if fear keeps you from acting at all.

Perhaps fear is holding you back from living your dream or achieving success. You may have an idea of what you want to achieve in your life. Perhaps you want to publish a novel or graduate from law school. But as you begin to envision this future, you pull back. Having this dream, or planning on this achievement being a part of your future, is risky. You choose not to consider the possibility, believing you'll jinx it. But by not setting these hopes as goals, you're leaving yourself without a plan and a direction. Your fears become a self-fulfilling prophecy. Having a dream and envisioning it can also be a powerful motivating tool - you should allow yourself to imagine what it will feel like to sign your book deal or cross the stage at graduation.

How do you keep your fears from sabotaging you? First of all, it's important to acknowledge that you feel fear. By identifying exactly what you are afraid of, you can take ownership of your feelings and proactively address them.

Determine exactly what your fear is - and then, although it sounds counterproductive, envision the worst-case scenario. Then, more importantly, picture how you would respond. Are you afraid of failing at work and being fired? You would find a new job. Are you afraid of breaking up with your significant other? You would eventually find someone else better suited to you. Are you afraid of financial trouble? You would cut back on expenses.

By considering how you would deal with any scenario that arises, you'll recognize that even the worst-case scenario isn't truly so bad - leaving you less afraid of failure. When you're confident you can deal with any crisis that arises, you'll be more willing to take risks. That in itself becomes a self-fulfilling prophecy, giving you the confidence to dream big without fear holding you back...

Gerald Joseph Mtenga,the business and entrepreneurship ideas writer from Tanzania!!

10 golden rules to become rich!

2012-06-06T18:50:00.000+03:00

Once you decide to put your money to work to build long-term wealth, you have to decide, not whether to take risk, but what kind of risk you wish to take. Here are 10 investing rules that can make you rich:
1. There's no escaping risk
Once you decide to put your money to work to build long-term wealth, you have to decide, not whether to take risk, but what kind of risk you wish to take.
Yes, money in a savings account is dollar-safe, but those safe dollars are apt to be substantially eroded by inflation, a risk that almost guarantees you will fail to reach your wealth goals.
And yes, money in the stock market is very risky over the short-term, but, if well-diversified, should provide remarkable growth with a high degree of consistency over the long term.
2. Buy right and hold tight
The most critical decision you face is arriving at the proper allocation of assets in your investment portfolio -- stocks for growth of capital and growth of income, bonds for conservation of capital and current income.
Once you get your balance right, then just hold tight, no matter how high a greedy stock market flies, nor how low a frightened market plunges. Change the allocation only as your investment profile changes. Begin by considering a 50/50 stock/bond-cash balance, then raise the stock allocation if:

You have many years remaining to accumulate wealth.
The amount of capital you have at stake is modest.
You don't have much need for current income from your investments.
You have the courage to ride out the stock market booms and busts with reasonable equanimity.

As these factors are reversed, reduce the 50 per cent stock allocation accordingly.
3. Time is your friend, impulse your enemy
Think long term, and don't allow transitory changes in stock prices to alter your investment program. There is a lot of noise in the daily volatility of the stock market, which too often is 'a tale told by an idiot, full of sound and fury, signifying nothing'.
Stocks may remain overvalued, or undervalued, for years. Realize that one of the greatest sins of investing is to be captured by the siren song of the market, luring you into buying stocks when they are soaring and selling when they are plunging.
Impulse is your enemy. Why? Because market timing is impossible. Even if you turn out to be right when you sold stocks just before a decline (a rare occurrence!), where on earth would you ever get the insight that tells you the right time to get back in? One correct decision is tough enough. Two correct decisions are nigh on impossible.
Time is your friend. If, over the next 25 years, stocks produce a 10% return and a savings account produces a 5% return, $10,000 would grow to $108,000 in stocks vs. $34,000 in savings. (After 3% inflation, $54,000 vs $16,000). Give yourself all the time you can.
4. Realistic expectations: the bagel and the doughnut
These two different kinds of baked goods symbolize the two distinctively different elements of stock market returns.
It is hardly farfetched to consider that investment return -- dividend yields and earnings growth -- is the bagel of the stock market, for the investment return on stocks reflects their underlying character: nutritious, crusty and hard-boiled.
By the same token, speculative return -- wrought by any change in the price that investors are willing to pay for each dollar of earnings -- is the spongy doughnut of the market, reflecting changing public opinion about stock valuations, from the soft sweetness of optimism to the acid sourness of pessimism.
The substantive bagel-like economics of investing are almost inevitably productive, but the flaky, doughnut-like emotions of investors are anything but steady -- sometimes productive, sometimes counterproductive.
In the long run, it is investment return that rules the day. In the past 40 years, the speculative return on US stocks has been zero, with the annual investment return of 11.2% precisely equal to the stock market's total return of 11.2% per year.
But in the first 20 of those years, investors were sour on the economy's prospects, and a tumbling price-earnings ratio provided a speculative return of minus 4.6% per year, reducing the nutritious annual investment return of 12.1% to a market return of just 7.5%. From 1981 to 2001, however, the outlook sweetened, and a soaring P/E ratio produced a sugary 5% speculative boost to the investment return of 10.3%.
Result: The market return leaped to 15.3% -- double the return of the prior two decades.
The lesson: Enjoy the bagel's healthy nutrients, and don't count on the doughnut's sweetness to enhance them.
5. Why look for the needle in the haystack? Buy the haystack!
Experience confirms that buying the right stocks, betting on the right investment style, and picking the right money manager -- in each case, in advance -- is like looking for a needle in a haystack.
Investing in equities entails four risks: stock risk, style risk, manager risk, and market risk. The first three of these risks can easily be eliminated, simply by owning the entire stock market -- owning the haystack, as it were -- and holding it forever.
Owning the entire stock market is the ultimate diversifier. If you can't find the needle, buy the haystack.
6. Minimize the croupier's take
The resemblance of the stock market to the casino is not far-fetched. Yes, the stock market is a positive-sum game and the gambling casino is a zero-sum game . . . but only before the costs of playing each game are deducted. After the heavy costs of financial intermediaries (commissions, management fees, taxes, etc.) are deducted, beating the stock market is inevitably a loser's game. Just as, after the croupiers' wide rake descends, beating the casino is inevitably a loser's game. All investors as a group must earn the market's return before costs, and lose to the market after costs, and by the exact amount of those costs.
Your greatest chance of earning the market's return, therefore, is to reduce the croupiers' take to the bare-bones minimum. When you read about stock market returns, realize that the financial markets are not for sale, except at a high price.
The difference is crucial. If the market's return is 10% before costs, and intermediation costs are approximately 2%, then investors earn 8%. Compounded over 50 years, 8% takes $10,000 to $469,000. But at 10%, the final value leaps to $1,170,000 -- nearly three times as much . . . just by eliminating the croupier's take.
7. Beware of fighting the last war
Too many investors -- individuals and institutions alike -- are constantly making investment decisions based on the lessons of the recent, or even the extended, past. They seek technology stocks after they have emerged victorious from the last war; they worry about inflation after it becomes the accepted bogeyman, they buy bonds after the stock market has plunged.
You should not ignore the past, but neither should you assume that a particular cyclical trend will last forever. None does. Just because some investors insist on 'fighting the last war,' you don't need to do so yourself. It doesn't work for very long.
8. Sir Isaac Newton's revenge on Wall Street -- return to the mean
Through all history, investments have been subject to a sort of law of gravity: What goes up must go down, and, oddly enough, what goes down must go up. Not always of course (companies that die rarely live again), and not necessarily in the absolute sense, but relative to the overall market norm.
For example, stock market returns that substantially exceed the investment returns generated by earnings and dividends during one period tend to revert and fall well short of that norm during the next period. Like a pendulum, stock prices swing far above their underlying values, only to swing back to fair value and then far below it.
Another example: From the start of 1997 through March 2000, Nasdaq stocks (+230%) soared past NYSE-listed stocks (+20%), only to come to a screeching halt. During the subsequent year, Nasdaq stocks lost 67% of their value, while NYSE stocks lost just 7%, reverting to the original market value relationship (about one to five) between the so-called 'new economy' and the 'old economy.'
Reversion to the mean is found everywhere in the financial jungle, for the mean is a powerful magnet that, in the long run, finally draws everything back to it.
9. The hedgehog bests the fox
The Greek philosopher Archilochus tells us, 'The fox knows many things, but the hedgehog knows one great thing.' The fox -- artful, sly, and astute -- represents the financial institution that knows many things about complex markets and sophisticated marketing.
The hedgehog -- whose sharp spines give it almost impregnable armour when it curls into a ball -- is the financial institution that knows only one great thing: long-term investment success is based on simplicity.
The wily foxes of the financial world justify their existence by propagating the notion that an investor can survive only with the benefit of their artful knowledge and expertise. Such assistance, alas, does not come cheap, and the costs it entails tend to consume more value-added performance than even the most cunning of foxes can provide.
Result: The annual returns earned for investors by financial intermediaries such as mutual funds have averaged less than 80% of the stock market's annual return.
The hedgehog, on the other hand, knows that the truly great investment strategy succeeds, not because of its complexity or cleverness, but because of its simplicity and low cost. The hedgehog diversifies broadly, buys and holds, and keeps expenses to the bare-bones minimum.
The ultimate hedgehog: The all-market index fund, operated at minimal cost and with minimal portfolio turnover, virtually guarantees nearly 100% of the market's return to the investor.
In the field of investment management, foxes come and go, but hedgehogs are forever.
10. Stay the course: the secret of investing is that there is no secret
When you consider these previous nine rules, realize that they are about neither magic and legerdemain, nor about forecasting the unforecastable, nor about betting at long and ultimately unsurmountable odds, nor about learning some great secret of successful investing.
In fact, there is no great secret, only the majesty of simplicity. These rules are about elementary arithmetic, about fundamental and unarguable principles, and about that most uncommon of all attributes, common sense.
Owning the entire stock market through an index fund -- all the while balancing your portfolio with an appropriate allocation to an all bond market index fund -- with its cost-efficiency, its tax-efficiency, and its assurance of earning for you the market's return, is by definition a winning strategy.
But if only you follow one final rule for successful investing, perhaps the most important principle of all investment wisdom: Stay the course!

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2012-06-06T17:40:00.000+03:00

No matter what you do for a living, no matter how old you are, and regardless of where you grew up, we all share something in common—a desire to be successful. True success should be defined by you, specific to you and your goals. What success means to one, can be very different for another. Success to some may mean fancy cars and homes. Success to others may mean being a good parent, spouse, or friend. For others, it may be simply to be happy. Or it can be all of the above.
I believe true success begins with this core principle:

Your success, happiness—anything you truly want for your life—has to begin with unwavering, non-negotiable desire, commitment, and persistence. Without it, you cannot withstand and overcome the tests that will be put in your way, to not only see how badly you really want it, but to help you appreciate what you have once you get it. Because it is through the tests, that you discover yourself and your purpose, which is what you were really looking for to begin with....It’s not about what you want to do for a living, it’s about you who want to be. What is your purpose and legacy? I believe the age-old question, “What do you want to be when you grow up?” is wrong. We need to be asking, “Who do you want to be? What footprint do you want to leave in this world?” From there, you will have your answer as to what you should “do.”

the universal principles of success from Steve Jobs

2012-06-05T14:52:00.000+03:00

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As we kick off the New Year, leaders, entrepreneurs and business owners are looking for new and innovative ways to grow their brands. Who better to turn to than one of the most innovative leaders of our time—Apple CEO Steve Jobs? Through first-person interviews with Apple employees, experts, and analysts, as well as Steve Jobs’ own words over the past thirty years, I discovered that there are 7 principles largely responsible for Jobs’ breakthrough success. These are described in my new book, The Innovation Secrets of Steve Jobs, and they are principles that I will discuss in blog posts over the coming weeks. Briefly, here are the principles that anyone can use to “think differently” about their service, product or brand.
Principle One: Do what you love. Steve Jobs once told a group of employees, “People with passion can change the world for the better.” Jobs has followed his heart his entire life and that passion, he says, has made all the difference. It’s very difficult to come up with new, creative, and novel ideas unless you are passionate about moving society forward.
Principle Two: Put a dent in the universe. Passion fuels the rocket, but vision directs the rocket to its ultimate destination. In 1976, when Jobs and Steve Wozniak co-founded Apple, Jobs’ vision was to put a computer in the hands of everyday people. In 1979, Jobs saw an early and crude graphical user interface being demonstrated at the Xerox research facility in Palo Alto, California. He knew immediately that the technology would make computers appealing to “everyday people.” That technology eventually became The Macintosh, which changed everything about the way we interact with computers. Xerox scientists didn’t realize its potential because their “vision” was limited to making new copiers. Two people can see the exactly the same thing, but perceive it differently based on their vision.
Principle Three: Kick start your brain. Steve Jobs once said “Creativity is connecting things.” Connecting things means seeking inspiration from other industries. At various times, Jobs has found inspiration in a phone book, Zen meditation, visiting India, a food processor at Macy’s, or The Four Seasons hotel chain. Jobs doesn’t “steal” ideas as much as he uses ideas from other industries to inspire his own creativity.
Principle Four: Sell dreams, not products. To Steve Jobs, people who buy Apple products are not “consumers.” They are people with hopes, dreams and ambitions. He builds products to help people achieve their dreams. He once said, “some people think you’ve got to be crazy to buy a Mac, but in that craziness we see genius.” How do you see your customers? Help them unleash their inner genius and you’ll win over their hearts and minds.
Principle Five: Say no to 1,000 things. Steve Jobs once said, “I’m as proud of what we don’t do as I am of what we do.” He is committed to building products with simple, uncluttered design. And that commitment extends beyond products. From the design of the iPod to the iPad, from the packaging of Apple’s products, to the functionality of the Web site, in Apple’s world, innovation means eliminating the unnecessary so that the necessary may speak.
Principle Six: Create insanely great experiences. The Apple store has become the world’s best retailer by introducing simple innovations any business can adopt to create deeper, more emotional connections with their customers. For example, there are no cashiers in an Apple store. There are experts, consultants, even geniuses, but no cashiers. Why? Because Apple is not in the business of moving boxes; they are in the business of enriching lives. Big difference.
Principle Seven: Master the message. Steve Jobs is the world’s greatest corporate storyteller, turning product launches into an art form. You can have the most innovative idea in the world, but if you can’t get people excited about it, it doesn’t matter.
Simply put, innovation is a new way of doing things that results in positive change. Innovation is attainable by anyone at any organization, regardless of title or position. Make innovation a part of your brands’ DNA by thinking differently about your business challenges..!!!

The Top 10 Ways to Earn Money at Home

2012-06-01T16:01:00.001+03:00

You do not have to read many success stories before you start wishing you could work for yourself. The opportunity to be your own boss and the potential for high income are enough to entice us to venture on our own. But what can you do? What kind of business would you be suitable to start? We have compiled the top 10 ways to earn money at home, enough to be a full-time self-employed businessperson!
1. Antiques
The buying and selling of antiques has been and should continue to be a very productive business, financially, for those that do it. Here, you only need an extra room in the house, or the use of your garage -- and you have an office!
If you have a large home that has some antique furnishings, you might consider turning it into a showroom for your antique acquisitions and sales, providing you satisfy any local zoning regulations. The interest in antiques will survive into the foreseeable future. Many people choose to spend their free time on the weekends "antiquating" from place to place to try and pick up a few odds or ends and maybe a jewel or two. If you know anything about antiques, this may be a great opportunity for you.
2. Baking
Have you ever been told that you have a recipe that people would line up to get if they could? Ever had anyone tell you that you should be selling those cupcakes you make?
There are a number of success stories about people who have launched successful businesses by cooking at home and then marketing to local people first. You may specialize in on just one well-tried and tested food product; or you may innovate on a product that you created yourself and which has never been marketed before. Having perfected the recipe you then turn to packaging and marketing. Word of mouth on a good product may start to get restaurants or bakeries interested in acquiring your culinary masterpieces. Then you progress to selling them statewide and you're on your way to a profitable home-based business.
3. Bed-and-Breakfast Proprietors
Have you ever stayed in a bed and breakfast and thought, "Hey, I can do this!" You probably went on vacation and simply chalked your thought up as one of those pipedreams one gets when they stay in a beautiful spot.
Don't toss that thought away! While it's not easy work as the hours can be long and it's usually a seven days per week business, it's often something that you can work into a daily schedule. After all, it's merely an extension of doing the housework for family, right? More and more Americans are taking after Europeans and opening their homes to travelers.
If you have an extra room or two since the kids moved out, you can start a bed and breakfast in your own place! Bed and breakfast popularity will continue as more and more vacationers and business travelers seek a different accommodation away from the predictability of the average hotel room. If they enjoy their stay, many become "repeat" customers, coming back to the same familiar surroundings time and again.
If you don't need to do any major renovations in the house to accommodate this type of establishment, you can be off and running with very little money invested, other than advertising and some new "guest room supplies". If your dream is to buy a bed and breakfast somewhere in a vacation paradise, there are probably houses for sale that will work for this purpose.
4. Childcare
Due to the financial pressures faced by many families today, parents work outside of the home to bring in enough income to pay daily living expenses. A single parent is obviously working but all too often, both members of a two-parent family are in the workforce. This creates a home-based opportunity. Children must be watched, all day if they're not in school, or, otherwise, for a brief time after school before the parents finish work for the day. Most parents want their children immersed in a more stimulating environment than is usual with the average babysitter. You can begin small at home, offering a more stimulating and educational environment setting for client children.
Caring for one additional child may not be that lucrative, but taking care of several children can certainly be a full-time, financially successful business. Often, taking care of several children is made somewhat easier as the youngsters often will play together. You can do this at home for only a small investment in basic equipment and toys for the kids in addition to the advertising of your business.
5. Computer Specialist
The advent of the computer age has changed the concept of self-employment. Having a computer at home has opened a number of opportunities for running your own business utilizing this equipment. Companies everywhere are "outsourcing" work that can be done by someone else on their computer, out of their own home.
If you are a whiz in computers, you may end up working as a consultant, writing programs for companies. If you are a beginner, you may find yourself able to obtain work as a writer, using your computer to produce copy that is easy to edit. You can also keep accounting and payroll records for companies on your computer's database.
Word processing software can be used not only for writers but for those that can offer secretarial services out of their house. Desktop publishing software can allow you to do newsletters for businesses and other organizations. If you can operate a computer, you can find work in the information age today.
Of course, the advent of the Web has opened a lot of business opportunities for the enterprising individuals. If you have skills in lay-outing and graphic design, you can be a website designer. Website designers earn significant amounts of money nowadays.
6. Gardening
If you like working in your garden each year , it's a definite possibility for home-based employment. Imagine clearing a little more space and growing more items that you can sell directly to the consumer. You can produce vegetables, bedding plants, bonzai tree, exotic plants, flower trees, herb, house plants, landscaping plants, orchids and many more.
Most produce stands will buy from you if your product is one of high quality. If you enjoy gardening, this could be your ticket! If you have some more land to use, do it! Plant what you can, when you can! Contact your local produce stands to ascertain their buying habits.
You can even inquire about your own produce stand if you have enough product. The more space you have on your land, the more likely you will be able to generate enough crops to run the business. People love homegrown vegetables. They just do not have the time or want to be bothered doing it themselves. That is your open door!
You can also engage in selling other gardening products and supplies such as compost, earthworms, herb boxes, beneficial bugs, or drip irrigation systems.
7. Importer and Distributor
There are a substantial number of products manufactured in other countries that can be bought inexpensively and sold in your country at a profitable level. The Government and the formation of international trade organizations have made it easier to bring in other products from other countries.
This is a business easily operated out of the home, depending on the types of stock you're carrying. You may have to rent some storage space, but the capital required to start should essentially be limited to the products you're buying to sell here.
If you know the type of product you want to import and the market most likely to purchase your goods, you have great potential for a successful home-based business.
8. Interior Decorator
Interior decorating is a business that will require you to be mobile, constantly meeting with customers. It offers flexible hours, a good variety of activities, and a very lucrative return. If you have a fascination for decorating a home, this could be your line of work. Many people do not know where to start when they are remodeling or buying a house for the first time.
If you have the knowledge of colors and patterns and what looks good together, plus the expertise of knowing where to get materials and furnishings, this can be a winning home-based business for you. To be able to decorate a room so that it conveys the mood that the homeowner wishes will be your goal. Strive for the skillful, personal touch in all you design.
9. Photographer
The sky is the limit here! Armed with your trusty camera and some good advertising, you can do weddings, models, family portraits, passports, student photos, local newspaper coverage; almost anything that requires a picture!
You can easily start this work, part-time, and work into full-time work based on your success and inclination. Not much equipment is necessary to get going as a camera off the store shelf can often do the trick today. Picking up a tripod and having a room sufficient for developing your pictures, and you're in business -- at home!
10. Sewing and Alterations
Many people love to sew. If you are one of them, consider offering this service out of your home. When someone buys a new outfit, it rarely fits perfectly, meaning some kind of alteration must be done.
People look long and hard to find reliable individuals to do their alterations. If you can sew, you are well on your way to opening the doors of this type of business.

20 Qualities of Successful Entrepreneurs

2012-06-01T03:30:00.002+03:00

A person who decides to start his or her own business face a long, winding road that is tumultuous on occasion and blocked by obstacles. While some people may have the motivation and desire for business ownership, they may not have taken the time to properly investigate and research their abilities and their business ideas. As a result, while thousands of new businesses are started each year, many more either fail or discontinue, and others transfer ownership or control. If the business fails – and it could – it may not only wreak havoc with your personal savings and other assets, but it could give your ego a tremendous blow.
What does it take to be a successful entrepreneur? This is a question that every business owner wants to know, with many trying to understand if there’s some magic formula to achieving success.
There is no “ideal” entrepreneurial personality – successful entrepreneurs can be analytical or intuitive, risk-averse or thrill seeking, or gregarious and taciturn. However, experts suggest that successful small business entrepreneurs, whether male or female, share some common characteristics.
Below are some of these characteristics:
1. They dream big.
Successful entrepreneurs have the ability to envision a new reality and the will to bring it to fruition. They have crazy big dreams, even though to some these dreams may not be realistic or practical. But it is the big dreamers who really succeed. They are possibilities thinker who believe there are possibilities and are not limited by commonly held boundaries. They look beyond to ask the “what ifs” questions. They look for answers and solutions and aren’t daunted by challenges. In fact, they relish challenges.
2. They have a passion for positive change.
The entrepreneurs who make it big know that they have a unique contribution to make to society. They start a business, not just to change their own lives, but also to make a difference in the world and make it a better place. They want their products or services to succeed not only in terms of profits but to bring about positive change in the communities they live in by solving existing problems or filling existing gaps. They are motivated by their desire to improve circumstances at the broader level.
3. They have a clear vision of what they want to achieve.
Successful entrepreneurs have the vision for the future – what they want to achieve, what opportunities they need, and how they can accomplish it. Their vision gives them purpose and helps maintain their focus on what they want the business to achieve. It also helps them overcome the many humps and challenges they meet along the way.
4. They engage in calculated risk taking.
Contrary to common wisdom, entrepreneurs are not risk addicts. Instead, they take reasonable risks. While taking risks is part of the entrepreneurship process, those who succeed weigh the options, see what else is out there, and careful about the types of risks they are willing to take for themselves and those that might rely on them.
5. They are self-directed and self-motivated.
Entrepreneurs have a strong faith in their ideas, their capabilities and in themselves. After all, to succeed, they constantly need to ask themselves the hard questions and then come up with ways to answer them. They have “intestinal fortitude” or that “fire in the belly.” They love to be their own boss, carving their own paths along the way. .
6. They are results-driven.
Successful entrepreneurs are passionate about results. They want their actions to have a direct impact on results. They want the job done. They also have the ability to conceptualize the whole of a business; not just its individual parts, but how they relate to each other. They are individuals who always come up with new ideas.
7. They have a strong desire to be independent.
Entrepreneurs love to be in charge and be their own boss. They want to be in control. They carve their own path, relying on their own talents, instincts and skills. They don’t take orders from anyone and do not need validation from superiors judging them whether they are worthy of a promotion or capable of handling more responsibilities. They move and make decisions on their own, without waiting for someone to push them. While being in charge can be daunting at times, the rewards of seeing the results of all the hard work are tremendous.
8. They know how to sell. Business is all about selling.
Whether selling their idea to an investor, negotiating with a bank for a loan, talking to a supplier, or directly selling to customer, entrepreneurs know how to sell. The business is bound to fail if the entrepreneur does not know how to sell. If they do not have sales skills, they are smart enough to partner with someone who excels at it.
9. They have a powerful drive to accumulate wealth.
Entrepreneurs appreciate what money could bring to their lives – and embrace it. They know that financial success can afford them with opportunity, freedom, and well-being. They view starting their own businesses as an opportunity to earn far more than they could ever from working for others. Win, lose or draw, entrepreneurs want to be master of their own financial destiny.
10. They embrace fear.
Successful entrepreneurs strongly believe in themselves. In fact, many of them are supremely confident individuals. However, their strong belief in themselves doesn’t necessarily mean that they don’t experience self-doubt. They do! They experience fear, but instead of running away from their fears, they embrace what they fear the most and just plod on.
11. They exhibit tolerance towards ambiguity.
Even though there is no assurance that a business will succeed, entrepreneurs are not daunted by this uncertainly and instead continue to pursue the idea of starting a business.
12. They see opportunities where others do not.
Those who succeed in business have finely honed business skills based on their environment, education, experience and innate intuitive abilities. What sets them apart is their inherent sense of what is “right” for a business. They have the ability to spot opportunities for growth, with loads of courage to pursue these opportunities. They love the challenge of pitting their resources and skills against the environment.
13. They are not afraid to make mistakes.
Successful entrepreneurs are not afraid of making mistakes because they see it as an opportunity to learn and improve. They don’t focus on blame and retribution, and instead work on finding solutions to rectify the mistake and prevent it from happening again.
14. They seek out help when needed.
Successful entrepreneurs realize that they don’t know everything. They will pull in resources and seek the advice of experts to help them achieve their goals. They know that they key to getting things done is to find the right people who can do the job. They understand their strengths and weaknesses – and find people who can complement them in areas that they need the most.
15. They have the willingness and capacity to persevere.
Entrepreneurs possess a high level of energy, sustainable over long hours to make the business successful. They welcome the responsibility that goes to owning a business. They are tenacious, always finding a way to display persistence or able to dig deep within oneself to find it. When things don’t go their way, they are able to handle thousands of rejections along the journey.
16. Good interpersonal skills.
They recognize that much of their success will depend on how well they deal with people. While success in entrepreneurship takes rugged individualism, it’s a “team sport” at it’s core.
17. Discipline.
Successful entrepreneurs possess huge doses of discipline. Discipline is important to stay focused on their objectives and vision. The process of building an idea into a business entails working on a lot of details — some of which the entrepreneur may not want to deal with — but it is discipline that makes the entrepreneur work on completing every task. As an entrepreneur, it is easy to go off strategy, including the allure of not working (for home-based entrepreneurs, that mean sleeping or watching TV instead of working), and discipline keeps them on the right track.
18. They keep their focus.
Successful entrepreneurs understand that focus is a key ingredient to the success of their business. They know the importance of identifying and concentrating on making the unique aspects of their business as superb as possible. They are clear on what their business stands for, and stick to it. They don’t have to grab all opportunities that come their way or try to do too much too quickly. They keep their eyes on the prize and spend their resources, time and energy in focusing on the attainment of their goals — running and developing a successful, profitable and viable business. Every day, their focus is how to further enhance their business.
19. They are flexible.
Successful entrepreneurs are always on their toes, ready to make the shift if needed. They know that as the business grow, the needs of their business changes and they will require help in developing and executing their vision. Their managerial skills become critical, and their understanding of the market and competition becomes crucial. They know that sleeping on the job is the worst mistake an entrepreneur can make, and they always strategize and prepare for change.
20. They love what they do.
Successful entrepreneurs are passionate with what they do. They love what they do, and their work feels more like fun, play and inspiration. They more they are having fun and loving what they do, financial rewards come easier. They are energized by the activities and challenges of their business. Even if they fail often, their passion keeps them going until they get it right.
Before committing yourself to the extraordinary investment of time, energy and money that starting a business requires, you need to engage in some personal soul-searching. You need to review your pluses and minuses, your strengths and weaknesses to determine if you are a suitable match for the challenge. Remember, the entrepreneur IS the business – its originator, its motivating force, and its energy. Without the needed ingredients, the business can fail as quickly as it started...brought to you by TAECO!!!

10 Secrets of Successful Entrepreneurs

2012-05-31T12:26:00.000+03:00

1. Think success. To attain the kind of success that you want, you need to dream big. Every success story starts with big dreams. You need to have big dreams for yourself - which you want to be somebody rich, famous or fulfilled. You need to have a clear vision of what you want to achieve. But it doesn't stop in dreaming alone. You should actively visualize success in your mind that you can almost feel it, touch it or it is within your reach. Play this image back at every opportunity. What does it feel to triple your current income? How will your life change? What will your business look like if you achieved the million-dollar mark?
Successful entrepreneurs possess an attitude of openness and faith that you can have what you want if you can simply envision it as the first step on the path of action to acquiring it. Management gurus have taught us the power of visualization - seeing yourself in your mind as having accomplished your dreams. If you want to be a successful writer, envision yourself signing books for a throng of people who have lined up to have your autograph. If you want to be rich, picture yourself in luxurious surroundings holding a fat bank account. And the process of envisioning success for you should be a constant activity! You need to think that you are successful (or will be one) every single waking hour. A personal development coach shared me her secret to help her continuously visualize her goals for the moment: when climbing stairs, recite your goal with every step you take. So if you want more money, say "I will have money" in every step of the stairs. This technique will reinforce your goal and keep it fresh in your consciousness.
2. Be passionate with what you do. You start a business to change any or all part of your life. To attain this change, you need to develop or uncover an intense, personal passion to change the way things are and to live life to the fullest. Success comes easily if you love what you do. Why? Because we are more relentless in our pursuit of goals about things that we love. If you hate your job right now, do you think you will ever be successful at it? Not in a million years! You may plod along, even become competent at the tasks, but you will never be a great success at it. You will achieve peak performance and do what you have to do to succeed only if you are doing something that interests you or something that you care about. Entrepreneurs who succeed do not mind the fact that they are putting in 15 or 18 hours a day to their business because they absolutely love what they do. Success in business is all about patience and hard work, which can only be attained if you are passionate and crazy with your tasks and activities.
3. Focus on your strengths. Let's face it; you cannot be everything to everybody. Each of us has our own strengths and weaknesses. To be effective, you need to identify your strengths and concentrate on it. You will become more successful if you are able to channel your efforts to areas that you do best. In business, for example, if you know you have good marketing instincts, then harness this strength and make full use of it. Seek help or assistance in areas that you may be poor at, such as accounting or bookkeeping. To transform your weakness to strength, consider taking hands-on learning or formal training.
4. Never consider the possibility of failure. Ayn Rand, in her novel The Fountainhead, wrote, "It is not in the nature of man - nor of any living entity, to start out by giving up." As an entrepreneur, you need to fully believe in your goals, and that you can do it. Think that what you are doing will contribute to the betterment of your environment and your personal self. You should have a strong faith in your idea, your capabilities and yourself. You must believe beyond a shadow of a doubt that you have the ability to recognize and fulfill them. The more you can develop faith in your ability to achieve your goals, the more rapidly you can attain it. However, your confidence should be balanced with calculated risks that you need to take to achieve greater rewards. Successful entrepreneurs are those who analyze and minimize risk in the pursuit of profit. As they always say, "no guts, no glory."
5. Plan accordingly. You have a vision, and you have enough faith in yourself to believe that you can achieve your vision. But do you know how to get to your vision? To achieve your vision, you need to have concrete goals that will provide the stepping-stone towards your ultimate vision. Put your goals in writing; not doing so just makes them as intangible fantasies. You need to plan each day in such a way that your every action contributes to the attainment of your vision. Do you foresee yourself as the next Martha Stewart of hand-made home furnishings? Perhaps today, you need to see an artist to help you conceptualize the new line of hand-made linens that you hope to launch. Intense goal orientation is the characteristic of every successful entrepreneur. They have a vision, and they know how to get there. Your ability to set goals and make plans for your accomplishment is the skill required to succeed. Plan, plan and plan - because without which failure is guaranteed.
6. Work hard! Every successful entrepreneur works hard, hard and hard. No one achieves success just by sitting and staring at the wall every single day. Brian Tracy puts it out this way, "You work eight hours per day for survival; everything over eight hours per day is for success." Ask any successful businessperson and they will tell you immediately that they had to work more than 60 hours per week at the start of their businesses. Be prepared to say goodbye to after-office drinks every day, or a regular weekend get-away trip. If you are in a start-up phase, you will have to breathe, eat and drink your business until it can stand on its own. Working hard will be easy if you have a vision, clear goals, and are passionate with what you do.
7. Constantly Look for Ways to Network. In business, you are judged by the company you keep - from your management team, board of directors, and strategic partners. Businesses always need assistance, more so small businesses. Maybe the lady you met in a trade association meeting can help you secure funding, or the gentleman at a conference can provide you with management advise. It is important to form alliances with people who can help you, and whom you can help in return. To succeed in business, you need to possess good networking skills and always be alert to opportunities to expand your contacts.
8. Willingness to Learn. You do not need to be a MBA degree holder or PhD graduate to succeed in your own business. In fact, there are a lot of entrepreneurs who did not even finish secondary education. Studies show that most self-made millionaires have average intelligence. Nonetheless, these people reached their full potentials achieved their financial and personal goals in business because they are willing to learn. To succeed, you must be willing to ask questions, remain curious, interested and open to new knowledge. This willingness to learn becomes more crucial given the rapid changes in technologies and ways of doing business.
9. Persevere and have faith. No one said that the road to success is easy. Despite your good intentions and hard work, sometimes you will fail. Some successful entrepreneurs suffered setbacks and resounding defeats, even bankruptcy, yet managed to quickly stand up to make it big in their fields. Your courage to persist in the face of adversity and ability to bounce back after a temporary disappointment will assure your success. You must learn to pick yourself up and start all over again. Your persistence is the measure of the belief in yourself. Remember, if you persevere, nothing can stop you.
10. Discipline yourself. Thomas Huxley once said, "Do what you should do, when you should do it, whether you like it or not." Self-discipline is the key to success. The strength of will to force yourself to pay the price of success - doing what others don't like to do, going the extra mile, fighting and winning the lonely battle with yourself.

Bill Gates - Biography and History

2012-05-31T08:51:00.000+03:00

Bill Gates was the founder and first chairmen of Microsoft.

By Mary Bellis, About.com Guide

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Microsoft co-founder Bill Gates listens during a press conference to launch a plan aimed at saving 10 million mothers and newborns in the poorest countries

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Bill Gates came from a family of entrepreneurship and high-spirited liveliness. William Henry Gates III was born in Seattle, Washington on October 28th, 1955. His father, William H. Gates II, is a Seattle attorney. His late mother, Mary Gates, was a schoolteacher, University of Washington regent, and chairwoman of United Way International.

Bill Gates - Early Life

He had an early interest in software and began programming computers at the age of thirteen. In 1973, Bill Gates became a student at Harvard University, where he meet Steve Ballmer (now Microsoft's chief executive officer). While still a Harvard undergraduate, Bill Gates wrote a version of the programming language BASIC for the MITS Altair microcomputer. Did you know that as young teenagers Bill Gates and Paul Allen ran a small company called Traf-O-Data and sold a computer to the city of Seattle that could count city traffic?

Bill Gates & Microsoft

In 1975, before graduation Gates left Harvard to form Microsoft with his childhood friend Paul Allen. The pair planned to develop software for the newly emerging personal computer market. Bill Gate's company Microsoft became famous for their computer operating systems and killer business deals. For example, Bill Gates talked IBM into letting Microsoft retain the licensing rights to MS-DOS an operating system, that IBM needed for their new personal computer. Gates proceeded to make a fortune from the licensing of MS-DOS.
On November 10, 1983, at the Plaza Hotel in New York City, Microsoft Corporation formally announced Microsoft Windows, a next-generation operating system.
On January 1, 1994, Bill Gates married Melinda French Gates. They have three children.

Bill Gates Philanthropist

Bill Gates and his wife, Melinda, have endowed the Bill & Melinda Gates Foundation with more than $28.8 billion (as of January 2005) to support philanthropic initiatives in the areas of global health and learning.

MS DOS The Operating System History
From a Quick and Dirty Operating System a giant walks (ms-dos), in 1980, IBM first approached Bill Gates and Microsoft, to discuss the state of home computers and Microsoft products.
Windows 1.0 To Windows Beyond 2000
Windows is the graphical user interface for IBM and IBM compatible machines, this article discusses the origins of Windows and where Windows is heading.
Top Books on Bill Gates
Authorized and unauthorized books on Bill Gates, Microsoft Chairman and the youngest self-made billionaire in history.

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What's your Issue for a better world? SOCIAL ENTREPRENEUR

2012-05-31T07:41:00.001+03:00

In a better world, everyone would be able to earn their livelihood at jobs that help to make the world a better place. Many people today are finding ways to work for a better world and make a living at the same time. A social entrepreneur is someone who sees a social problem and creates a new and innovative way to address it. While some social entrepreneurs work through nonprofits, citizen groups or government programs, many create sustainable businesses to address the problem. Typical businesses measure their success by the amount of profit they make; social entrepreneurs measure their success by how big an impact they make in bringing about social change.
The term 'social entrepreneur' is fairly new - it was first used in the 1960s and 1970s. But social entrepreneurs can be found all throughout history and include many historical figures. Florence Nightingale, for example, established the first nursing school and helped develop modern nursing practices; Robert Owen created one of the first cooperative movements, and Maria Montessori, Italy's first female physician created a new education method that supports each child's unique character and development. All can be considered social entrepreneurs.
Social entrepreneurship has become even more widespread today, often to fill the gaps where government programs or nonprofit organizations haven't reached. In 2006, social entrepreneurship was featured in the spotlight when Muhammad Yunus, the founder of the Grameen Bank (which gives microloans to poor people so that they can create their own sustainable businesses), won the Nobel Peace Prize.
The modern social entrepreneur movement began in 1981 when social entrepreneurial pioneer Bill Drayton founded Ashoka: Innovators for the Public to identify and support social entrepreneurs. To date, Ashoka has supported more than 1800 social entrepreneurs in over 60 countries. Now there are quite a number of organizations that promote social entrepreneurship as an important way to address today's social problems. The Skoll Foundation, started by eBay's first president Jeff Skoll, awards a million dollar annual prize to a number of social entrepreneurs. The Schwab Foundation for Social Entrepreneurship, created by World Economics Forum founder Klaus Schwab, highlights social entrepreneurs of the year around the world and helps connect them to investors and to each other. YouthActionNet and YouthVenture promote social entrepreneurship as a way to empower youth who wish to help build a more peaceful, just, prosperous and sustainable world.

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