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Ideas to Beat Your Entrepreneurial Inertia

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Entrepreneurial Inertia

Entrepreneurial Inertia

Entrepreneurial inertia is something that cause entrepreneurs to become resistant to change what is opposed from what exactly an entrepreneur must to be.

Are you finding yourself in a situation when you want or must to take some action steps, but you didn’t take it? Are you finding yourself in a position that you want to start a business, but something pulls you back to the current status quo situation? Are you finding yourself in a situation when you must to decide, but you didn’t decide?  Are you finding yourself in a position to make your plan, and never implement it, in reality? Are you finding yourself to have a vision, but to tell never mind?

All of these situations are examples of entrepreneurial inertia that can make your entrepreneurial life much harder.

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Some Entrepreneurs Succeed and Somebody Not – Why?

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Some Entrepreneur Succeed And Some Not!

Some Entrepreneur Succeed And Some Not!

There are a variety of analysis and research that show how most persons who tried themselves in entrepreneurship fail, while much smaller part succeeds. It is not easy being an entrepreneur.

To start a business it is enough to have idea and passion to implement that idea into reality. However, to sustain and grow the business, there is a need of much more additional elements that an entrepreneur needs to possess. Yes, it sounds scary, but it is not something that cannot be learned through experience. This does not mean that if someone has not knowledge of marketing shouldn’t try to start a business, but they should be aware that will need to increase their skills after the first day when they open the door of the company.

In this post, I will present some of my thoughts why some succeed and some simply fail.

1. It is not About the Idea, it is More About Entrepreneur!

Often entrepreneurs find the reason for failure into their business idea. Sometimes it might be guilty, but I don’t believe that someone would start the business that didn’t have a potential to attract the customers. The number one rule number for each idea is to have at least one buyer who is not the entrepreneur or his family. So, do not try to make your idea as the only reason for failure, the reason is you.

2. We’re Different!

We are all different. We all have different thoughts, habits, ideas, abilities, knowledge … We cannot expect that everyone will be a good baker. Someone will be a good baker, and some will be a good designer. Well, if we take two bakeries we cannot expect to have the same success. One would have better quality, better starting finance, higher sales team …

3. Startup is Different From Maintaining and Growing!

One thing is to start a business, which is really the easiest part of the business life cycles. However, to maintain and grow a business is something completely different and require completely different actions, knowledge and skills by an entrepreneur. Many people believe that they will start a business, and that is the greatest success. That’s nothing, just a simple start of a long journey into the world of equations with many unknowns.

4. It Takes More Than Passion!

Starting a business without passion for that business is a sign that something in the start is condemning to the failure, but on the other hand, just a passion is not enough to reach the success. Therefore, it doesn’t mean that if you have a passion, you’ll be a good and successful entrepreneur, and your company will flourish only because of your passion. However, it is necessary first to expand that passion on other business functions like marketing, finance and sales, and then continually increase your knowledge of industry.

5. It is not About the Competition, It is More About Your Creativity!

Often it is easier to tell that the competition is the reason for our failure. However, do we really expect that our company will not have competition. As we fight to each customer on the market, our competition also will fight for them. They are not guilty for our failure. We are guilty because of our weaker creativity in attracting customers to our company. Today, more creative will succeed.

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Opportunity Recognition & Idea Generation – Part 2

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Opportunity Recognition & Idea Generation

Opportunity Recognition & Idea Generation

In the first part of Opportunity and Idea Generation provides an overview of the academic literature available in the area of entrepreneurial opportunity recognition. In the second part will be presented the practical part of this post – interview with an entrepreneur.

Interview With an Entrepreneur

The entrepreneur I had the chance to interview has extensive experience in the hotel and restaurant sector, which is a part of the larger hospitality industry. In the short time, I had been available to make an live interview. I acquired a better insight in the reality faced by today’s entrepreneurs. I also believe that I developed a better understanding of the psychological development process of entrepreneurs and the trigger factors that ultimately push them into pursuing opportunities and being proactive.

For the person who agreed to the interview, one of the main motivations to start her own business was the notion of working long years for other people and not having much to show for at the end of the day. She acquired enough experience, and becomes more and more qualified, but felt underappreciated. In addition to that, with her experience, she was in a better position to recognize certain changes in terms of customer satisfaction, tastes and preferences. Another factor contributing to her proactiveness was her two young children. What she wanted to provide for them is an environment where proactiveness, forward thinking and risk tolerance was not unknown terms. She believes that with her actions, an example will be set for her children to follow in their future and perhaps learn some lessons in life sooner than their parents.

Some of the environmental settings that contributed to the creation of this opportunity are part of the current global economic crisis. Namely, what the entrepreneur noted and was realistic enough to recognize was the emerging trends of a large number of customers preferring lower pricing of products and services. Another factor that helped this opportunity become more easily identifiable and accessible was the fact that the current participants in the local restaurant sector did not pay any attention to the complaints of these people, managers were not proactive enough to come down on the customer service level and engage a direct a contact. So, one of the things that were in favor of the entrepreneur was the narrow – mindless of the managers and their lack of appreciation for customer and general market feedback.

As stated in the interview, to keep to the low cost business model running, only family members were involved in the restaurant management. The other reason why initially only family members were involved was the expected flow of communication, as that was recognized as an important aspect of organizational management. In terms of the idea generation, the entire process and to place in academic terms, the “connecting of dots” was done by the entrepreneur, through information gathering from the environment.

In relation to academia and scholar research, there is only one aspect of the opportunity recognition model that can be identified in the real life case analyzed through the interview. The factor of previous knowledge and experience related to the industry is the obvious one with the entrepreneur having more than 25 years of practical knowledge in the specific sector. What makes this case perhaps a peculiar one is the absence of some of the more established opportunity recognition model variables as recognized by scholars. In the particular case, the entrepreneur did not touch on the topic of entrepreneurial alertness, and the discovery was obviously not achieved after a purposeful market research. The restaurant was managed internally, where the children helped in the operation facilitation, and the company was opened on the initiative of an individual, where she does not mention any specific networks of business partners. In this aspect, a business network can be the customers she communicated with that led to them revealing how they felt about the prices. More specifically, these people would fit in the description of the so called “loose ties”, which as discussed by researchers, are much more than the closer ties, like family and friends.

Conclusion

As a rapidly developing field within economics, entrepreneurship is considered one of the biggest economic drivers for improvements and expansion. With academia and industry experts increasingly recognizing the role and importance of future developments in this field, efforts are being made towards establishing entrepreneurial activity and perception models. Such models would help provide better insights and facilitate the entrepreneurial processes in the future. So far, academia has somewhat agreed and established upon several aspects or factors of the entrepreneurial opportunity identification and discovery process. However, due to the lack of uniformity and standardization in this process, a universally acceptable and applicable model has not been developed so far.

The interview conducted with the entrepreneur provided valuable insights for the findings of this post, which somewhat contradicted the general findings of the academia. Although the findings from the interview cannot  be generalized, they did not match the majority of already established academic criteria related to the opportunity recognition process. As a small scale research, this only further implies the diversity of circumstances and variety of factors that can influence this entrepreneurial process.

This is a guest post by Aleksandar Delev, Ba in Marketing, Sheffield, UK.

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Opportunity Recognition & Idea Generation – Part 1

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This post provides an overview of the academic literature available in the area of entrepreneurial opportunity recognition.

Firstly, the opinions and theories of some respectable members of the academia from this field are discussed and compared. Then some contemporary issues in entrepreneurial models’ design are elaborated upon with one specific scholar study being given as an example.

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Value Shipping – Questions for Entrepreneurs

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Value Shipping - Entrepreneurs

Value Shipping - Entrepreneurs

For a long time, I’ve analyzed different states of businesses and entrepreneurs around me. About the situation, I cannot say that it is pink.

However, we must follow the rules of entrepreneurship to reach our long term success or simply to survive. So as one of the first elements of entrepreneurship I think that is important is shipping, because that’s entrepreneurs – value shippers.

They are value shippers to the society, to the state, to the government, to the market, to the consumers, to the suppliers…

So maybe it would be good to ask yourself these questions every day, or maybe every week or minimum every month:

  • What can I ship as a value today, yesterday, previous month, previous year?
  • Who received my shipped values?
  • How much is valued that shipped value?
  • What is the reaction from recipients?
  • Do they recognize the real value of my shipped value?
  • How they can better recognize my shipping’s and their real value for them?
  • What I can get from my shipped value?
  • How can be increased the real value of your shippments?

When you answer the questions, consider the possibilities how to improve the shipment to all stakeholders, and of course how to improve your personal benefit, because I hope that your business exist because of you and your family and not because of the state or society. However, you are in the spotlight, you are an entrepreneur.

However, besides this, there is another element connected with your shipping. This is availability of the shipments.

You may ship the greatest value for me, but if I don’t know what you ship, I cannot find your shipments. Because of that, you must have special attention on the availability of what you ship as a values.

Let’s suppose that you provide a high level values, regardless if you shipped it for free or in exchange for money. However, here is a need of the road that will bring your prospects into the distribution channel of value that you want to deliver.

Because of that we need a magnet, a magnet which will attract prospects to the already constructed road that will lead to the request of your shipments.

Magnet – Attention, Reputation and Trust

As a possible magnet for the availability of what we won’t to deliver is attention, reputation and trust. If we don’t achieve all three elements, the probability of visibility and availability of our shipments to everyone will be at a very lower level.

Platform

There are different platforms about shipments and availability of that shipments.  What type of the platforms you will choose will depend on what you ship and of course to what market is your shipments. If your target market is on Facebook, start distributing values there, if they are on Twitter be there… If they are everywhere, be everywhere.

To find the best platforms for your value shipments answer these questions:

  • Which shipment for which receiver is designed?
  • What platforms are used by potential recipients of my shipments?
  • Where are those who want to receive my shipments?
  • Are they in a coffee shop nearby? Or they are on Facebook?  Maybe they read newspapers. Maybe they are looking TV news three times a day on each TV station or only on one.
  • Is my delivery going there to where it is intended?
  • Is the person who should to receive your shipment already received it? Did he notice it?

These are questions that always need to look for an answer.

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Business Blog in Vacation Time

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Blogging for Business

Blogging for Business

Business blog as a marketing tool is a significant part of your overall marketing for small businesses and entrepreneurs. However, it’s time for summer vacation. The biggest problem for small businesses about this marketing tool is the lack of human resources. Lack of human resources that will contribute to your business blog and make it live in a summer time is a real threat to this marketing tool. In many cases, the entrepreneur is the one and only person who fully performing these activities about blogging.

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