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.
Please, share these tips with your friend.

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.