Encouraging Entrepreneurship Among Australian Students.

 

Encouraging Entrepreneurship Among Australian Students.
Australia has one of the fastest growing economies in the world. This has been made possible by the rising literacy rate. I must sadly point out that the Australian educational system equips the students to become job-seekers, rather than job creators. Though, the government has fought relentlessly to inculcate the spirit of entrepreneurship in its students, but this effort is not enough.
Success in entrepreneurship among Australian students can bring both micro-economic and macro-economic advantages. The American economy is second to none in the world because her students imbibed the culture of entrepreneurship. Over 90 percent of jobs in America were created by small businesses. This happened because the government created a level playing ground for it.
The 21st century business world is very tough and competitive. In this regard, Australia cannot be left out because, she is part of the global community. The government should do more to encourage its students to venture into entrepreneurship. It's pertinent to mention that entrepreneurship is the engine-room of any successful economy.
Just imagine how Google, Yahoo, Microsoft, Apple and Starbucks support the American economy.
Now, on the part of Australian students, with the right mindset, can possibly establish companies as large as, if not larger than those in the United States of America. This mindset can be achieved by learning the following qualities exhibited by successful entrepreneurs:
a. You must be confident.
b. You must be optimistic.
c. You must be a risk-taker.
d. You must have foresight.
e. You must have financial management skill.
f. You must always persevere. 

Basically, there are two types of education taught about entrepreneurship, which are:
a. An education that  teaches  about setting up a business.
b. An education that is needed in order to become a successful entrepreneur.

In my candid opinion, the country's educational system teaches the 'a' above, which is a pure deviation from what is obtainable in a modern societal setting. Consequently, with the right education, and mental attitude, Australian students can become successful entrepreneurs like their counterparts in the United States. 

Great things don't just happen, they're set on motion.
In a nutshell, Australian students should start learning entrepreneurship today. If you like this post, please share it with your friends.

How a Kid Entrepreneur Made $30m in 18 Months.

In the year 2013, a kid entrepreneur (Nick D'Aloisio) invented a program that was sold for $30m. Summly was the name of the program founded by the 17-year old. It was an application that summarized an entire webpage for mobile devices. This company was bought by Yahoo
for $30m. Nick, when a little boy, taught himself how to program. This feat was made possible by virtue of the fact that he was creative, and constantly developed himself. The fundamental principle behind this is to see what others can't see. This is where creativity comes in.

The 21st Century is rife with a lot of fundamental societal problems. And, your ability to provide solutions to these problems puts you in a good position to strike it rich. In the recent past, there has been an upsurge of the number of kid entrepreneurs who are taking the world to the next level. They came up with ideas that transformed their financial world. I must point out that these ideas have to do with knowledge-driven technology. With these I've been prompted to ask: Why are some kids very rich, whereas some old men are rather very poor? Is it because of their mindsets? Or, is it because they came from different backgrounds? If the latter is anything to go by, what about some rich kid entrepreneurs who were from indigent families? I think the right answer is 'their mindsets.'
The way we think determines how our lives will be. Nick developed a positive mindset, and suddenly became rich. What makes you that person you are, is the inner person inside you.  i implore you to work on your mindset. If you like this post, please share it.

6 Strategic Management Case-Studies For Students Entrepreneurs.

 

This post was written out of the burning desire to reveal to 'would-be' entrepreneur students, how some hitherto small  firms went from being one-employee firms to becoming  global brands. This was made possible by sound management decisions. I'll also go further to unveil their business practices and cultures.
 Case study 1.

 Enterprise-Rent-A-Car :
This is a car-rent company located in ST. Louis, United States Of America. Its founder is Andy Taylor. They have two salient business cultural Practices, which are:
a. Customers' satisfaction.
b. Employee motivation.
Enterprise built an extensive network of neighborhood locations serving the home-city and other US cities.
As at 1996, their total earnings was put at $ 2.6b, and with a total cars of over 300,000.
They place high emphasis on customers satisfaction. This, they achieve by investing in their employees.
My assessment about them.
a. A great place to start.
b. Promotion from within.
c. Run a business within two years.
They try to create ceo's with small letter 'c'. Every new employees are expected to run a business within two years. During peak periods, they process over 800,000 transactions an hour.
 Case Study 2:

Dunking Donuts:
This is a case study of a company striving to diversify from from its current line of products. This company saw a potentially large market for bagel. It invested one and half a year in the development of this idea and brand. After a thorough analysis of the market, bagel was successfully introduced.
 Case Study 3:

United States South-Western Airlines.
This airline company came with its innovation, thereby forcing established airliners to wake up from their slumbers, or be shown the way out of the industry. Its strategy was:
a. Highest quality service.
b. Lowest price.
Within 4 years of its operation, it was able to capture a large US market.
 Case Study 4:

US Royal Marine Corps.
This organization is well-known for its sound and transparent recruitment practice. Best recruitment practice entails the right person for the job. This, in turn leads to increase in productivity and efficiency.
 Case study 5:

Rollerblade, inc
Rollerblade is a company that engages its efforts towards the production of skating materials. Rollerblade knew that the only way it could remain the market leader was to innovate its products in response to changing consumer desires. In an industry that was just recovering from an enduring maturity phase of its products, Rollerblade believed that if it could let people know why they should skate, its market share would take a quantum leap, which it did successfully.
 Case Study 6:

Coca-Cola (Japan).
This is a Coca-Cola subsidiary that was faced with the decision of introducing canned tea into the Japanese market. The marketing manager, after studying the market demographics, made a recommendation. The new line of products was successfully introduced.
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The Theory Of Innovative Firms In America.

 

By definition, innovative firms are 'idea' firms. The idea may take the following forms:

a. New products.

b. New services.

c. New ways of doing things in a cost-effective way.

In reality, innovative firms tend to grow exponentially because they meet needs that consumers can't get elsewhere. They tend to be monopolists in this area. One of the obvious reasons why innovative firms are important is job creation. Innovative firms such as Google, Yahoo, Starbucks, Microsoft, Enterprise-Rent-A-Car, and others are the largest job creators in the United States. Take a look at the thriving regions in America, and you'll discover  that  the highest employers of labor are innovative firms.

Having big ideas is one thing, implementing these ideas is another thing. At times, or most of the time, an idea might not seem totally new. For instance, Google wasn't the first search engine, nor was Starbucks the first coffee shop chain in America. But, both of them became successful by improving upon existing ideas, in an extraordinary way. Some innovative firms came into existence by fine-tuning not-so-big ideas: Fred Smith named his company Federal Express, because initially, it was meant to serve the Federal Reserve System. When this concept failed, he expanded his strategy to serve American businesses. Starting an innovative firm attracts lesser risk level. But, growing this business is where the risk factor comes in. With an increased capital, and asset base, there will be the tendency to lose everything; and i mean, everything.

 This is not a reason to quit, but a testing ground to know how tough you are as an entrepreneur. You just have to fire on all cylinders to get your business going. Please, share this post to your friends.

A Case For The Growth Of Innovative Firms .

 

I wonder how less disturbing, business would be if the future can be predicted with a high level of certainty. Entrepreneurs wouldn't have to go about looking for how to outdo one another. But, business would never be fun, considering the fact that the outcome is known in advance. At times, I ask myself 'what brings about success?' Is it energy or an unquenchable desire for success? Is it teamwork, or a bright idea? These are very serious questions when societal growth and development are brought to the front-line. It is difficult to quantify the enormous contributions of  innovative firms such as Google, yahoo, Dell, Microsoft, and other highly innovative firms in the United States Of America and around the globe. What was the driving force that took them from being one-,or two-employee firms, to becoming the powerhouses of the world. If we could unravel the mystery behind their successes, new entrepreneurs can replicate them.
Nowadays, many people ask the question 'what does it take to build a great company in the 21st century? I think, it is the mindset. The mindset is the only force that can take an individual to heights unimaginable. Another key principle is to copy what winning entrepreneurs are doing, and constantly learning new things and improving on our performances, everyday.
 

Policy-makers, entrepreneurs-to be, and academic scholars need to answer the following fundamental questions: What does it take to start and grow highly innovative firms like Google and Microsoft? How did Steve Jobs and Bill Gates sensibly leave school in search of 'opportunity'? Please, share this post with your friends !

How Young Entrepreneurs Can Make Rational Decisions.

 

Decision-making is a key determining factor of the success of every business organizations. I've seen blue-chip companies grow, or die as a result of the decisions taken by their managements. Some established
entrepreneurs have seen their businesses threatened by their own decisions. Inculcating a sound and rational decision-making process is of paramount importance. Sound managerial decisions are sure to be made, after taking the following decision-making steps:

 1. Problem identification:
The presence of a problem is what triggers a decision-making process. The identification of a problem goes the way of detecting a particular need. Identifying a problem is half the solution. 2. Examine the problem:
This entails a critical scrutiny of the problem. At this stage, a closer look at the problem will be taken. This will, to a greater extent, proffer probable solutions to the problem.

3. Source for solution:
At this stage, the decision maker is expected to go scouting for information. These pieces of information could be generated from various avenues. The more the information generated, the higher the tendency to have this problem solved.

 4. Examine the information gathered:
At this stage, a thorough examination would be carried out in order to get the best solution. With the eclectic generation of information, it's easier to have a rational decision made.  

5. Select the best solution:
 After a careful scrutiny on the processed information, the decision-maker will then select the best solution that is aimed at helping him make an informed decision.  

6. Implement the best solution:
The next step is to implement the selected best solution.  

7. Monitor the result:
After implementing the best solution in order to solution the identified problem, the decision-maker ought to monitor the outcome, and check for rationality.
In conclusion, most decisions taken by some policy makers aggravated the problems they were meant to solve. This is as a result of the fact that the decisions were not well-structured. For young entrepreneurs
to become successful, sound and rational decisions must be taken at all times. Please share these tips with your friends.

Entrepreneurship; As An agent of Economic Liberation.

 
Entrepreneurship, which is the creation of new enterprises,is a tool for economic growth and development. With the present economic malaise bedeviling the global economy, governments have seen the need for entrepreneurship education in higher institutions of learning. Recently, there have been a surge in the rise of young entrepreneurs. With what I've seen so far, I've been prompted to point out more clearly, the following benefits of entrepreneurship to a nation:
 
1. Increase In Gross Domestic product (GDP):
GDP is the totality of goods and services produced within an economy. Entrepreneurship helps in raising a country's GDP. Entrepreneurship thrives in a market economy. A country with a high GDP stands to have a favorable balance of trade (BOT).
 
2. Increase In standard Of Living:
With job availability and increase in goods, there will be an increase in the living standard of the people.
 
3. Job creation:
Employment is another advantage that can be derived from entrepreneurship. Considering the job creation workload on governments, entrepreneurship can help extricate it. I strongly urge governments to create enabling work environment for entrepreneurs to come in. We should note that, a rising employment rate is an economic indicator that the economy is making headway.
 
4. Enhancement Of Local Initiatives:
Any nation  with an entrepreneurial culture tends to be in a good position to enhance its local initiatives and conserve its local currency. America is a good case in point. In view of these advantages of entrepreneurship, any nation that fails to entrench entrepreneurship education into its culture will suffer the fate of the dinosaur.please, share this article with your friends.

How Students Can Become Successful Entrepreneurs

How Students Can Become Successful Entrepreneurs.
America, as a nation, is very successful because of her entrepreneurship culture. She has a GDP greater than that of China and Russia put together, because her citizens have imbibed the idea of venturing into knowledge-driven technology-software. Becoming a successful student entrepreneur is easy if the following guidelines are strictly followed:
 
1. Work On Your Mindset:
  Your mindset goes a long way in determining how successful you are going to be as a young entrepreneur. Building a positive mindset has to do with how optimistic you are when confronted with a difficult situation. Maintaining a positive mindset can be very helpful towards achieving success and fighting fear.
 
2. Avoid Procrastination :
procrastination is another critical enemy of success. Most people tend to put off till a later date, what they ought to have done today. I think it's a general phenomenon to procrastinate. To Fight it means disciplining oneself. If great entrepreneurs such as Bill Gates, Warren Buffet and Larry
Page had procrastinated, they wouldn't have achieved greatness. The
following might be the reasons why people procrastinate:
 
a. Fear of failure.
b. Lack of the wherewithal.
c. Lack of information.
 
3. Indulge In Creative Thinking:
This has to do with you thinking beyond the ordinary. Most innovations came as a result of creative thinking. Good thinking gives birth to good products. All you have to do is look at how things work and come up with a new idea. This helps in the development of foresight. And,
your ability to see things before others do, put you in a good position to make headway.
 
4. Search For Information:
As we know, information leads to transformation. An informed mind is a transformed mind. Being up-to-date with the happenings in the business-world is of paramount importance.
 
5. Copy The High Flyers:
Copying the high flyers will serve as a guide to get you started. But, you just have to be creative in your own way. Most great companies started by using creative imitation. Please, share this post with your friends.

A Case For Entrepreneurship Among American Students.

 
Entrepreneurship has evolved over time in the US,and the world over. Entrepreneurship education falls into two distinct categories:
a. The academic study of entrepreneurship.
b. The education needed to become an entrepreneur.
 
My critique will focus mainly on the second category, which encompasses people who will become entrepreneurs. That leaves me with a fill-in-the-gap kind of question like 'why is entrepreneurship education important?'
Most people believe that much of the success of the United States accrue from her entrepreneurship culture. So, whatever she can do to enhance that culture will be so beneficial to her, both nationally and regionally. Entrepreneurship is already a routine human behavior. It's vital for students to learn the many difference the discipline makes. Just the way musical instruments are learned, entrepreneurship too can be learned. The following are the importance
of entrepreneurship:
 
1. Self-Reliance: 
Entrepreneurship brings about self-reliance to the entrepreneur. He depends on nobody for jobs. He doesn't need to seek anybody's opinion before taking a decision that seems
rational to him.
2. Monetary Gains:
Being the sole owner of the business, all the monetary rewards belong to him. But, society can gain in terms of Corporate Social Responsibility (CSR).
3.  Prestige:
Society places high premium on accomplished entrepreneurs.
4. Economic Growth:
Knowing full well that the youths are the leaders of tomorrow, and entrepreneurship is the right took to help them lead, i strongly advise all American students to go the entrepreneurship way. Please, share this post with your friends.

5 Indispensable Qualities of An Entrepreneur.

The 21st century has witnessed  the rise in the number of new enterprises. This may be as a result of the popularity of the internet, and high emphasis being place on entrepreneurship by higher institution of learning. I want to point out more clearly that
entrepreneurs are anticipated to evince the following qualities:


1. Risk-taking:
Since entrepreneurship has to do with risk-taking, an entrepreneur is expected to be an innate risk-taker. This enables him to create things unimaginable without fear. Though, risk is inherent in virtually all the things we do on a daily basis. The fear thereof, will lead to failure. Risk-takers are not risk-averse, but they adopt risk-reduction techniques before venturing.


2. Foresight.
This quality is very essential for an entrepreneur. This helps one to see through one's mind. It serves as a  mental light that shines in the darkness of ignorance. It brings its user closer to success. It helps one see what others can't see. I think- most new businesses failed because of lack of it. It is a natural gift, but can be achieved by reading motivational books, and thinking thoughtfully.


3. Leadership.
It is imperative that an entrepreneur must possess leadership qualities. The following are the qualities of a leader:
a. He must be a teacher.
b.He must be a problem-solver.
c. He must possess interpersonal skill.
d. He must be bold, not conceited.
e. He must be courageous.
In the real world, a leader is seen as a person with an encyclopedic knowledge, which is required of an entrepreneur.


4. Perseverance.
Businesses are like young plants, they need time and care in order to grow into tall trees. He must be able to endure hardship and downturn in business. Though, this is an essential part of business, but life in general. It enables one to stand again after a fall. Do you still recollect the adage: 'it is not how many times you fell that matters, but your ability to stand up again.'


5. Technical Skill:
He must have an in-depth technical knowledge of what he is venturing into. For instance, It is expected of a software developers to be extremely good at programming. In conclusion, those venturing into entrepreneurship should inculcate the above-mentioned qualities in themselves. please, share this post!
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12 Young Successful Millionaire Entrepreneurs

1. Mark Zuckerberg .26 years.
He is an American entrepreneur with a passion for social interaction. He started learning programming at a very early age. His passion for social interaction led him to create a renowned social networking site 'Facebook'. He is a co-founder of this website where he owns 24% equity. Currently, he is worth over $6.9bn.
 

2. Dustin Moskavitz 26 years.
This is another entrepreneur who co-founded 'Facebook'. In the year 2008, he left Facebook to found his own company 'asana.com'. It is a company formed with the aim of tackling the problem of workplace collaboration. He is worth over $1.4bn.
 

3. Andrew Mason 29 years.
Right from a very tender age, he has had an entrepreneur spirit. It was this spirit that led him to create an online business giant 'groupon' in the year 2008. Groupon is an online discount website. He is worth over $600m.
 

4. Matthew Mullemweg. 26 years.
He is a very innovative entrepreneur with a passion to create and recreate. In the year 2oo5, his innovation gave birth to wordpress and akismet. Wordpress is a blog-hosting platform. Most successful blogs are hosted on this platform. He is worth over $250m.
 

5. Blake Ross.25 years
Blake Ross is an american entrepreneur who specializes in the development of software. He is the founder of the renowned internet-surfing program 'mozilla'. He is worth over $150m.
 

6. Gurbaksh Chahal. 28 years
He was born in India, but settled in California. He dropped out of school when he was 16 years. He is the founder of gwallet,inc. He is worth over $100m.
 

7. Naveen Selvadural 28 years
he made a fortune via joint venture. He is a co-FOUNDER of foursquare,inc. He is worth over $80m.
 

8. Angelo Sotira 25 years.
He is a graphic designer, a photographer, and a web developer. This profession led him to found an online graphic and photography website 'deviantart.com. He is worth over $75m.
 

9. Nat Turner 26 years.
He is a hard-working entrepreneur. He co-founded a universal buying platform 'invitemedia.com'. Later, Google bought him and his co-founder. He is now worth over $7om.
 

10. Peter Cashmore 24 years.
In the year 2005, he established mashable.com.The website has over 10 million readers monthly. And, he is worth over $70m.
 

11. Alexander Levin. 25 Years.
In 2003, he started imageshack with his brother -jack; an image-storing website. When he was a little boy, he had a passion for drawing. He is worth over $56m.
 

12. Sean Belnic. 22 Years.
When he was a child, he locked himself incommunicado for 3 days brainstorming for ideas. At 14 years, he founded biz chair.com, where he sold office chairs online. He is worth over $50m.

How To Build a Creative Mindset.

Creativity is the currency we are to spend in the 21st century. It is the only force that separates a successful person from an unsuccessful one. For one to become creative, some fundamentals must come to play. It determines if a person is going to be successful or not. It is inborn, and can also be achieved by carefully imbibing the following principles:
 
1. Optimism:
This is one of the key principles of creativity, because it brings about a positive mindset. To build a creative mindset, one must believe in oneself and in one's mindset. It also helps in warding off fears. Without optimism, creativity is not complete.
 
2. Read Motivational Books:
Reading motivational books inspires one to create and invent. An adage has it that 'a reader is a leader'. Some solutions to the problems of life are hid inside the book, it is only only when one open one's books that he would see them. Just the way good food give physical strength, good books give mental strength and insight.
 
3. Read About Successful People:
Reading about successful people serves as a motivation to become creative. It gives an insight into what it takes to succeed in today's world. It also gives one the inkling about the principles that propel great people to lofty heights. Success can be copied and replicated. But, just be creative with the way and manner you do it.
 
4. Be observant:
Strive to observe the things around you, and how they operate. You just might be sitting next to your source of innovation and creation. Most inventions arose out of curiosity and intent observation of nature. Observation is the key element of creativity.
 
5. Have a Sound Mind.
For creativity to be feasible, you must maintain a sound mind. Soundness of mind is of paramount importance, before anything worthwhile can be created. It is only a creative mind that enables us to make a sound decision. Creativity is an inborn, but it can be achieved as well, if the principles above can be inculcated into one's culture.

How to Become Successful in Business.

Small businesses, which are the engine-rooms of any economy that wishes to see the light of day, have had a very agonizing battle for survival and growth. In the 21st century, challenges being faced by small businesses are becoming tougher by the day. The following measures should be put in place to stay afloat:
 

1. A Sound Business Plan.
A sound business plan is very instrumental for the survival of any small business. It serves as a guide to notch up a firm’s goals as contained in its Mission Statement. There should also be a survival strategy.
 

2. Have a Foresight:
Foresight is the ability to see things before they transpire.It can also be defined as ' Seeing the end from the beginning'. With this intuition, a manager stands on a better position to invent a new product or idea. Most innovations, in years gone by, arose out of foresight. Developing this intuitive gift has to do with your interaction with people who are creative in what they do. You should also peruse motivational books.
 

3. Sound Financial Management.
Finance, which is a very sensitive issue in any business organization, should be properly managed. The proper keeping of books of accounts is very necessary for business growth. It can be used as measure for checking fraud and error. Financial resources, if prudently utilized,
bring about  increase in the wealth of a business.
 

4. The External Business Environment:
These are factors outside the control of management. Any management worth its salt is anticipated to react adequately to them. They can make or mar the objectives of a business concern. These factors can take any of the following:
a. Legal Environmental Factors.
b. Social and Cultural Factors.
c. Technological Factors.
 

5. The Global Economic Depression.
Since the advent of the global economic depression in the third quarter of 2009, so many small businesses have shut down. Survival strategy should include the following:
a. Increase in the quality of product or service.
b. Customer satisfaction.
c. Decrease in running cost.
d. Be up to date with technological changes.
 

Business failure in the 21st Century has been triggered by some environmental factors. Business managers are required to fight tooth and nail in order to stay afloat.
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