Top Entrepreneurial Topics and Value of SBA

Top Entrepreneurial Topics and Value of SBA

 

Are entrepreneurs made or born?  That is just one of the topics addressed in The Wall Street Journal’s report about Entrepreneurs and the Small Business Administration.  The Small Business Administration is one of the first sources my entrepreneurial students consider when asked where they would obtain funds for their venture. Check out some very interesting debates about six small-business issues:

The article about whether entrepreneurs are made or born is something that is discussed in several of my courses.  The above graphic demonstrates some of the characteristics of successful entrepreneurs.  This discussion creates an interesting debate considering some very talented entrepreneurs dropped out of school.  However, as noted in this article, there is a lot to be gained from education as well as from real life experience.

For more comprehensive information about how to be a successful entrepreneur, check out:  Top 30 Links for the Successful Entrepreneur.

Related Articles

Top 30 Links for the Successful Entrepreneur

 

The following list contains the most popular articles used as supplements in my entrepreneurial courses.  Click on the title name to be directed to the article.

  1. Ten Entrepreneurs Who Hit It Big Before Turning 35
  2. Top 10 Companies Code of Ethics and Conduct
  3. Top 10 Company Mission Statements
  4. Famous Entrepreneurs Who Hit it Big With Humble Beginnings
  5. Researching Apple: Top 10 Most Useful Links
  6. Value of Top Companies   
  7. The Top 10 Most Misunderstood Entrepreneurial Terms
  8. Top Five Things to Know to be a Successful Entrepreneur
  9. 50 Famous People Who Failed Before They Became Successful
  10. Top 50 Venture Funded Companies   
  11. Top 5 Networking Tips for Small Businesses
  12. Time for a New Career? Change the Daily Grind to a Job of Your Dreams
  13. 50 Excellent Lectures for the Small Business Owner
  14. An Entrepreneur’s Startup Business Model Checklist
  15. Importance of Being Proactive vs. Reactive
  16. Important Terminology for Entrepreneurs
  17. Chief Officer Acronyms Explained
  18. Top 20 TED Talks Not to be Missed
  19. Companies Rewarding Employees for Entrepreneurial Ideas
  20. Increasing Motivation:  Right Brain vs. Left Brain
  21. Women Becoming Successful Entrepreneurs
  22. Most Inspiring Entrepreneurial Women
  23. Capitalizing on Manic Depression
  24. What Happens When Genius Leaders Pass the Torch
  25. New Businesses Not Getting Loan Approval
  26. Serial Entrepreneurs Share Words of Wisdom
  27. 10 Famous Product Failures
  28. Microlending:  Funds for Small Businesses
  29. Brand Awareness:  The Importance of Facebook
  30. Top 25 Links to Change Your Body, Career and More

Importance of Being Proactive vs. Reactive

Many good foresight or business courses teach students to be proactive vs. reactive to change.  Anyone who has read The 7 Habits of Highly Successful People will tell you that the very first habit Covey lists is to be proactive. Covey explained that to be proactive “means more than merely taking initiative.  It means that as human beings, we are responsible for our own lives.  Our behavior is a function of our decisions, not our conditions.”

When a person is in control of an expected or anticipated occurrence, they have taken proactive measures.  When a person is reactive, they are responding to something that they had yet to have anticipated.

In leadership courses, they often give examples of a proactive vs. a reactive leader.  The following chart gives an example of the different mindset of these two styles of leaders. Click on the picture for more information.

Carol Shultz’s article Proactive vs. Reactive Approaches to Your Business and Talent explained two cases that demonstrated how reactive companies lost employees for different reasons, and the associated costs.

There are a number of theoretical models for change that include the importance of being proactive.  Some of these include:

To read more about these and other models for change, click here.

Related Articles

Could Augmented Reality Technology Inspire the Next Steve Jobs?

 

One of the biggest obstacles the new entrepreneur faces is coming up with a unique idea.  The Steve Jobs and Mark Zuckerbergs of the world have raised the creativity bar.  By creating augmented reality phone apps, certain companies are getting attention.  Autonomy has developed a new technology called Arasmsa that may change how people interact with objects.  It works with a smart phone and can reveal some things that are not readily visible to the naked eye.  Check out the following video:

With the popularity of QR codes and now new technologies like Arasmsa, there is potential for some amazing app possibilities.  For example, you can now point your phone at a magazine and have an app translate the material from one language to another.  There are a variety of augmented reality apps already available on the market.  Check out 40 Best Augmented Reality Phone Apps and 2 Augmented Reality Technologies that are about to Change the World.

The question is who will be the next Zuckerberg or Jobs to create an idea that goes above and beyond what is already out there?  Perhaps they are listed in the article 8 Important Silicon Valley Innovators Not Named Steve Jobs.  Only time will tell.

Related Articles

Things To Know Before Investing in an IPO

 

There is a lot of talk about IPOs lately.  IPO stands for initial public offering.  When a company decides to make shares of the company available to the public, it may sound like a great opportunity to get in on the ground floor.  However, it may not be easy or sometimes wise to buy into an IPO as soon as it is offered.

USA Today had an excellent article about Five Things You Should Know Before Investing in an IPO.  According to this article, some of these things include:

  1. Learn the Lingo – Do you know what a red herring is or an IPO offer price?
  2. It’s Difficult to Get In – It may not be impossible, but you may have to be a preferred client.
  3. First-Day Investing May Be Risky – If you like the thrill of rolling the dice, the first day can be a wild ride.
  4. Know the Sales Figures – Find out about the company’s annual sales performance.
  5. Know the Long-Term Outlook – “The Federal Reserve identified two characteristics of successful IPOs in a 2004 study: The companies have been around longer than other companies issuing stock for the first time, and they’re making a profit before they do so.

To learn more about each of these 5 areas, check out the article by clicking the link listed above.

Related Articles

Top 10 Most Misunderstood Entrepreneurial Start-up Words

 

Some of the most interesting companies right now are considering going IPO?  If you are confused about what that means, you are not alone.  I find that a lot of my students would enjoy reading articles about new start-up companies but avoid them due to the writer’s use of confusing terminology.  Having taught entrepreneurship for many years, I have come up with a list of some of the most misunderstood words that have to deal with entrepreneurs and start-up companies to make things a little easier to understand.  Click on the links provided below for more information about the definition of the term:

  1. Angel Investors – Investors getting startup from self-funded stage to obtaining venture capital.
  2. Bridge Loan – a short-term way to obtain a loan that meets immediate needs for capital.
  3. IPO – Initial Public Offering – when a private company offers stock and becomes a public company.
  4. Limit Liability Company or LLC – legal form of a company providing limited liability.
  5. Me-Too Product – when competitors’ products are basically indistinguishable for yours.
  6. Portfolio – Holdings of a private investor or institution.
  7. Seed-Funded – investment to start a business until the business can fund itself.
  8. Start-up – Differing opinions on this . . . Check out the article:  How do you define a startup?
  9. Valuation – Company’s market worth.
  10. Venture Capital – Money or capital provided to start a business.  Those providing money may be referred to as Venture Capitalists.

Related Articles

Top 20 TED Talks Not To Be Missed

 

TED.com contains some of the most inspirational, educational and entertaining videos on the Internet.  TED stands for Technology, Entertainment and Design.  The site shares video-recorded talks given by some of the most intelligent and interesting people in the world.  There are plenty of top TED presentation lists on the Internet, that are created based on people’s interests.  One of the most recent subject-specific lists I’ve seen is 20 Essential Ted Talks for Entrepreneurial Students.  This is an excellent list for potential entrepreneurs.

However, TED has far more than just entrepreneur-related topics to offer.  If you plan on getting lost on any site on the Internet, do it on TED. I try to view to as many TED talks as I can possibly fit into my schedule.  Of the ones I have watched recently, I have created my own top 20 list of TED talks that I feel should not be missed:

  1. Arthur Benjamin on Doing Mathemagic
  2. Alain de Botton on A Kinder Gentler Philosophy of Success
  3. Ted Pink on the Surprising Science of Motivation
  4. Deb Roy on the Birth of a Word
  5. Dennis Hong on Making a Car for Blind Drivers
  6. Oliver Sacks on What Hallucination Reveals About Our Minds
  7. David Bolinksy on Animating a Cell
  8. Anthony Atala on Printing a Human Kidney
  9. Stewart Brand on Does the World Need Nuclear Energy
  10. Adam Astrow on After Your Final Status Update
  11. Jeff Hawkins on How Brain Science Will Change Computing
  12. John Hodgman on Aliens, Love and Where Are They?
  13. Cameron Herald on Let’s Raise Kids to be Entrepreneurs
  14. Edward Tenner on Unintended Consequences
  15. Misha Glenny on Hire the Hackers!
  16. Gregory Petsko on The Coming Neurological Epidemic
  17. Malcolm Gladwell on Spaghetti Sauce
  18. Joshua Walters on Being Just Crazy Enough
  19. Barry Schwartz on the Paradox of Choice
  20. Steve Jobs on How to Live Before You Die Speech at Stanford

Related Articles:

Top 5 Things to Know to be a Successful Entrepreneur

The typical entrepreneurial personality has the drive and ambition for success.  Like anything in life, though, it is always harder to do something the very first time.  This can discourage many new entrepreneurs from taking that initial leap and to start their own business. 

I teach several entrepreneurial courses and have put together some important articles that I recommend to my students.  The following list contains many of these articles and some of the most important things that entrepreneurs should do in order to be successful:

  1. Read Success Stories and Attend Lectures:  An excellent way to be inspired and learn from other entrepreneurs is to read their success stories.  Onlineuniversities.com recently came up with a list of 20 Biographies Every Serious Entrepreneur Should Read.  These books include important success stories from Ben Franklin to Sam Walton.  Another very important article to read is:  50 Excellent Lectures for Small Business Owners.
  2. Learn the Truth About Failure:  Many entrepreneurs are stalled in their pursuit of success due to their fear of failure.  Even some of the most famous entrepreneurs met with failure before success.  To find out more about this, check out:  50 Famous People Who Failed Before Becoming Successful. Also see:  Famous Business Failures: Is it as Gloomy as it Sounds? Also see:  10 Famous Product Failures and the Advertisements That Did Not Sell Them.
  3. Learn the Truth About Finances Required:  Not all entrepreneurs come from wealthy families.  It can be challenging to come up with the funds required to begin a business.  Find out how some very famous entrepreneurs became successful in the article:  Famous Entrepreneurs Who Hit it Big With Humble Beginnings.
  4. Learn How Women Have Become Successful Entrepreneurs:  Some very successful entrepreneurs have been women.  Check out:  Most Inspiring Entrepreneurial Women.
  5. Learn How to Network:  One of the best ways to get a product or company known is through social media.  Part of an entrepreneur’s success is through finding their customers and their niche.  Check out:  5 Top Networking Tips for Small Businesses.

Once an entrepreneur has developed a strong idea of the direction they want to take, they need to work on their feasibility study.  Investors will want to see this to be sure that their idea is sound. Another important aspect of creating their new business is deciding on a vision and mission statement.  Check out The Top 10 Mission Statements in 2011. Once an entrepreneur has received enough funds to get their new business off the ground, they may want to consider whether or not to go IPO.  Many companies like Facebook have waited and not gone this traditional route.  Find out Why Companies Are Not Going IPO due to fear of the past dot com crash.

Famous Business Failures: Is It As Gloomy As It Sounds?

Many hopeful entrepreneurs secretly have concerns about failure.  Although the failure rates are often misquoted, they are a natural concern.  It is not unusual to hear someone say 9 out of 10 businesses fail within 2 years. That statistic may sound impressive, but it is probably inaccurate.  According to smallbusinessplanned.com after 4 years, 50% of small businesses are still open.

There are a lot of successful business owners out there that didn’t necessarily make it on their first try.  The good news is that they didn’t give up and eventually found success.  For a list of 50 famous people who failed before they became successful, click here.

That is not to say there haven’t been some incredible blunders.  Accountingdegree.com has an interesting article about 13 of the biggest business blunders of all time. That list includes:

  • Enron
  • Charles Ponzi
  • Pan American
  • British Petroleum
  • SwissAir
  • Woolworth’s
  • Rafaello Follieri
  • Toyota Recalls
  • Washington Mutual
  • Goldman Sachs
  • Fashion CafĂ©
  • Bernie Madoff
  • Napster

To read the full article and find out more about how these business blunders occurred, click here.

50 Excellent Lectures for the Small Business Owner

Many are now just completing their MBA or considering starting their own small business. There is a great article from BSchool that includes 50 excellent lectures about entrepreneurship, practical tips, innovation, leadership, technology and the economy.  The courses come from sources like the University of California through UCTV.  The one I first watched was an hour long and had four accomplished entrepreneurs discuss the excitement and challenges of starting a business. It offered an insight into what to expect as a new entrepreneur and pitfalls to avoid.

These are excellent lectures. To see the complete article, go to BSchool’s link by clicking here.  Bschool.com is an online resource for MBA programs and top
online business schools. They provide thorough information on MBA subjects, specialty MBAs and business school rankings.

To see the the types of lectures, I have included an excerpt from the  bschool.com article:

Entrepreneurship

These lectures tackle topics in entrepreneurship, from appealing to the consumer to making great pitches.

  1. Entrepreneurs: Four entrepreneurs share their journeys to open a new business, and the talks inspire passion and excitement.
  2. Entrepreneurship and Society: This talk from UCTV is led by Tom Kemp, President and CEO of Centrify Corporation. He talks about what new ventures need in order to effectively appeal to the modern-day consumer.
  3. Women Entrepreneurs: Consider the differences between men and women as business leaders and owners.
  4. Presidential Summit on Entrepreneurship: President Obama gives a talk to an international audience on entrepreneurship and realizing the American dream.
  5. Entrepreneurs: Then and Now: Guy Kawasaki compares the foundation of entrepreneurial strategy during the late 1990s and what’s popular and effective now.
  6. Leadership and Entrepreneurship: This lecture from MIT World features three business leaders from completely different fields but who have relied on their instincts and bold ideas to get their ideas off the ground.
  7. Whatever it Takes to Stay in Business: Frank Levinson encourages entrepreneurs to lose their pride, just like a baby, in order to please their customers and stay in business, whatever it takes.
  8. New Media Entrepreneurship: This talk is from 2008 but still has valuable tips on developing a good, emotional, factual pitch and going for the gold in order to move up in business.
  9. Behaviors of Successful Business Owners: Ron Finkelstein from Akris, LLC shares how entrepreneurs can make more money and develop productive employees, all with an efficient use of time.
  10. David S. Rose on pitching to VCs: In this TED lecture, serial entrepreneur David S. Rose helps you to pitch and prove yourself to venture capitalists.

Practical Education

From management to marketing, here are lectures that give you new ideas to help you build your business.

  1. John Gerzema: The post-crisis consumer: Learn how to appeal to the post-recession consumer here.
  2. Team Process Leadership: James Seferis’ innovative philosophy on business leadership and success involves active participation from all team members.
  3. Finding Gold: Hiring the Best and the Brightest: Watch this lecture from UWTV to build an invaluable team that’s focused, motivated and cooperative.
  4. Customer Relationship Management: Former Amazon.com executive Bill Price weighs in on customer relationship management.
  5. Marketing a Start-up: Learn how to develop a smart marketing strategy before attempting to sell anything.
  6. The Case for Sustainability: Sustainability isn’t really an option for new business owners in today’s society: it’s a necessity. Here you’ll learn how to develop a sustainable, environmentally conscious business that’s also attractive to consumers.
  7. The Naked Corporation: Learn how to be a more transparent and honest business owner, in an age when positivity is just as important as profitability.
  8. Talk to an Angel: Crucial Connections to Early Stage Capital: This group from MIT helps entrepreneurs find the right investors when they’re first starting out.
  9. Joseph Pine on what customers want: Writer and consultant Joseph Pine gives tips on selling authenticity to modern consumers.
  10. Choosing people — the ultimate talent?: Look over the transcript from this lecture given at Gresham College to choose the right senior people so that you have less managing to do later.
  11. Challenges of Managing: Firing People: Gajus Worthington is a proponent of firing employees in order to produce a healthy, successful business. This 22-part lecture series offers tips for firing and recruiting.
  12. Business Ethics: These lectures given by top business executives and professors will clue you into integrity, corporate responsibility, and ethical leadership culture in the business world.
  13. No Sweat Speaking: Whether you need to work on giving pitches or improving upon your networking skills, this public speaking lecture will teach you how to tell a good story, make use of the audience, and relax before speaking.
  14. Chinese Business Culture for Business Travelers: If you plan on doing business in the East or recruiting from China, watch this lecture.

Innovation and Leadership

Learn how to effect change and inspire your workers here.

  1. Leadership in an Age of Uncertainty: James Parker and Barbara Stocking discuss strategies for energizing and motivating all employees of an organization, from the top down.
  2. Bringing Creativity into an Organization: Ignore the classic MBA management strategies if you want to really cultivate creativity in your workplace, argues Robert I. Sutton.
  3. Building the Next Generation Company: Innovation, Talent, Excellence: Lecturer John Chambers came out of the last recession with big profits, and in this speech, he explains how you can beat the recession, too.
  4. Seth Godin on standing out: Don’t bury your creative ideas because they seem outrageous: those are the ones worth nurturing.
  5. Howard Rheingold on collaboration: Learn how to work with team members around the world with technology, new media and open culture.
  6. Richard Branson’s life at 30,000 feet: Notable entrepreneur Richard Branson is interviewed about his larger than life ideas, his major struggles, and his motivations.
  7. A Policy on Leadership: If your business is struggling — or you want to prevent a fallout — watch this lecture to learn how to create a fact-based analytical organization and good management teams.
  8. Values-Based Leadership: Strive to be a leader with character, and you’ll end up inspiring your employees to work just as hard as you do.
  9. Innovative Leadership during Economic Crisis: Let this lecture help you to think outside the box, no matter what kind of crisis is getting in your way. You’ll learn how to be innovative in three areas: with customers, people, and products.
  10. How great leaders inspire action: Simon Sinek’s TED speech uses examples like Martin Luther King, Apple and the Wright brothers to explain how the mark of a great leader is his or her ability to inspire action and change.
  11. Composing a Career and Life: Get inspired to take a nonlinear path when obstacles are tossed into your plan.
  12. Derek Sivers: How to start a movement: Don’t settle for selling goods or services. Learn how to start a movement.
  13. The case for collaborative consumption: Rachel Botsman’s lecture focuses on our natural desire to share, and how collaborative consumption is a powerful economic force.
  14. Gerd Leonhard: Find out why ego doesn’t have a place in business anymore, and what that means for your business plan.
  15. Video Player The Power of Competition: How to Focus the World’s Brains on your Innovation Challenges: Conversely, Fiona Murray believes competition is healthy, too, and asks business owners to embrace it in order to add a jolt of energy to the enterprises.
  16. Nurturing a Vibrant Culture to Drive Innovation: Here’s another lecture on inspiring innovation in order to nurture a talented, unique team that drives your business.

Technology

Become a smarter user of technology so that social media and other tools end up working for you.

  1. Technology and the Recession: how new technology is changing the way we do business: Consider technology’s new role in business.
  2. Craig Mod: Publisher and developer Craig Mod discusses the changes coming for the book publishing industry, but as one commenter notes, the questions raised are relevant to all business ventures.
  3. Why social network mess can benefit your business: Euan Semple’s talk should convince you to get involved in social media, even though it’s always changing.

The Economy

Discover how to work with the economy, even in bad times.

  1. Shaped by Booms and Busts: How the Economy Impacts CEO Management Style: On your way to becoming a CEO, find out how to make room for economic changes.
  2. Video Player The Economic Meltdown: What Have We Learned, if Anything?: Paul Krugman delivers this lecture to MIT to help us learn from our mistakes.
  3. Alex Tabarrok on how ideas trump crises: Consider the notion that free trade has opened us to global collaboration and an idea-sharing culture.
  4. Hanna Rosin: New data on the rise of women: Get statistics on the rise of women in the workforce, and their newly appreciated value in the economy.
  5. The Resilient Enterprise: Overcoming Vulnerability for Competitive Advantage: Here you’ll learn why it’s important to organize your company so that it can withstand catastrophe, from an economic downturn to an event like 9/11.
  6. Making Globazliation Work for All: Watch this lecture to learn how to make use of globalization without succumbing to immoral practices, like using sweatshops.
  7. Business, Knowledge and Global Growth: You’ll learn about the true impact that MBAs and business schools have had on the economy.