In discussing entrepreneurship and writing articles on the subject, I have found that it aids understanding when we begin by agreeing on exactly what the word means to us.

Entrepreneurship is the process of creating or seizing an opportunity, and pursuing it regardless of the resources currently controlled. The American Heritage Dictionary defines an entrepreneur to be a person who organizes, operates, and assumes the risk for business ventures.

These are rather abstract concepts for a person just beginning to consider whether they ought to start a business rather than take a job, or leave a secure job for a chance at greater self-fulfillment. Let us try to refine our understanding of entrepreneurship by asking some more specific questions.

Is everyone who runs a business an entrepreneur? Many would not consider the newspaper carrier, shoeshine person, and grass cutter entrepreneurs, though these are often the youthful pursuits of those with an entrepreneurial bent.

Does it matter whether the business is merely part-time? Whereas some part-time activities are basically hobbies, or undertaken to supplement income, some entrepreneurial ventures can be tested in the marketplace on a part-time basis.

The path to an entrepreneurial venture might begin by earning a salary in the business one expects to enter, while learning more about it, and waiting for the opportune time to go out on one’s own. This time can be used to develop a support network, professional and personal, and generating ideas to bounce off people whose opinion one respects.

At what scope does self-employment become a venture? The primary objective of many self-employed people is merely to employ themselves (and others if necessary) at a moderate to good salary; some are even willing to eke out a living to do what they enjoy. This approach is often referred to as a lifestyle business, and is generally accompanied by little, if any, plan for growth.

These questions are intended, not to develop a precise definition of

entrepreneurship, but to help us understand our attitude toward its many forms of expression. We may each answer these questions differently, yet all answer appropriately within our own frame of reference.

Entrepreneurship is more an attitude than a skill or a profession. Some of us may prefer a corporate or public service career path, but many would choose an entrepreneurial opportunity that feels right.

Would you consider a person who inherits a business an entrepreneur? From the point of inheritance on, it is their own money and financial security at risk. They could possibly sell the business, invest the proceeds in blue-chip stocks, and live off dividends. Some might consider managing a personal stock portfolio for a living as an entrepreneurial venture.

Would a person who inherited a small or marginal business, then took it to new dimensions be considered an entrepreneur? The inheritor could have tried merely to keep it going, or even to pace the business decline to just carry them to retirement. In a family-held business, long-term success is often a central goal.

Are franchise owners entrepreneurs? Many feel that, for those who have access to the large up-front investment, franchises are sure things. For many, operating a franchise is similar to investing in blue chips, a relatively sure thing with generally unexciting returns.

 

Youve already figured out that your small business needs a web site to compete with the big boys and maintain every aspect of your relationship with your customers. But once you have your web site up and running, youll need web site promotion ideas so that people know about your web site. After all, no one will visit your web site if they dont know it exists.

The first of your website promotion ideas is submitting your web site to all the major search engines. Search engine traffic is a major draw to web sites and most web masters will tell you that the vast majority of their traffic is coming from search engine clicks. Most of the major search engines have a specific page you can use to submit your site. Once its submitted, it will usually take a few days to a week before it starts showing up in keyword searches.

Other web site promotion ideas include advertising your web site on internet message boards and discussion forums centered on subjects related in some way to your business. For example, if you run a small business selling pet supplies, you could go to message boards and discussion forums frequented by pet lovers.

Other tried and true web site promotion ideas include affiliate and banner exchanges. You can contact other web sites involved with the same target market and ask to exchange banners on each others web sites, or you can sign up at a banner exchange portal that will automatically generate banners for other sites on your site and banners for your site on other participating sites.

For even more web site promotion ideas, there are many online resources dedicated solely to teaching people how best to create awareness of their web site through the internet at large and strategies for attracting more visitors to their web site. Start with these basic ideas and when youre ready, explore for more!

Why Women In Small Business Must Have A Web Site

In recent years we’ve seen a HUGE increase in the number of small businesses owned by women. This growth has been so dramatic that millions of people now think of a woman when they visualize who owns the businesses they buy from.

Women everywhere deserve a big pat on the back for this amazing accomplishment. But as is always the case for small business owners, there is still a lot of work to be done.

The one thing your small business MUST have is a web site. Sure, ten years ago having a site was an option many small businesses could do without. But that is no longer the case. Here’s why:

* These days consumers and business leaders are more likely to use search engines than the Yellow Pages. They’ll type the name of your town and your type of business into Google and start their research from there.

* A web site lets you put as MUCH information as you want in a public forum. You no longer have to pay thousands for a big newspaper ad just to let customers know about your prices, new services, or show photos of what you do. Now you can keep all that information available on your web site 247 at little or no cost.

* You know as well as I do that most customers are a little shy about asking questions. Often they don’t even want you to know they’re interested until AFTER they have learned more about your product, service, or idea. A web site allows that vast number of potential customers to privately and anonymously read all about your business. Then, when they’re ready to buy, they’ll come forward with their questions and orders. This is a MUCH more efficient way to do business, which leads to my next point.

* Web based business operations can be EXTREMELY EFFICIENT. Customers often prefer convenient email over phone or in-person visits. Email encourages customers to organize their ideas, contacting you when they know what they want and are ready to act. You’ll find your web site generates many more customers and the customers you get are better organized.

* Finally, women love to buy from women-owned businesses. Women, as a group, tend to be less compulsive shopper than men. While a large segment of men will buy an item on impulse, the vast majority of women prefer to learn about your product or service, getting all the details they can before placing an order. Web sites are perfect for presenting a lot of information at very little cost.

Over the years countless institutes and individuals have asked the million pound question. What makes an entrepreneur an entrepreneur? What traits or characteristics are inherent to a successful entrepreneur and is one born with those traits? Theres great news! Successful entrepreneurs are born every day!

Some people believe an entrepreneur is born while others believe an entrepreneur can be taught. Some believe an entrepreneur is like an artist – either you have it or do you dont. Some see entrepreneurs as leaders that are focused, disciplined, competitive, and charismatic, while others see them as huge risk takers. And all of these analogies are right to some degree.

Its true all successful entrepreneurs share a few qualities and skills that allow them to be successful. These inherent qualities can be taught; but they often seem to be an inherent driving force that sends individuals down the path of being in business or formally training to for a career in business.

Entrepreneurs see the world differently. They have the ability to see the world as a system. They have the ability to see something in its entirety and as an integrated unit, and they seem to possess the ability to see opportunity within the global picture. They are what is called a system thinker.

There are other characteristics they possess. Entrepreneurs possess an overpowering need to achieve and tend to be very competitive against themselves. They are continuously trying to outthink themselves and others and they are constantly looking for the edge. This is a process that occurs as naturally as breathing and is a driving force behind most entrepreneurs.

They have the determination and dedication to follow through with commitments and they always appear confident and in control. Youll notice they also possess a positive atmosphere. They are of the mindset I can, and I will. They are not afraid of failure because failure is not in their vocabulary nor is it an option.

They are objective but have the ability to weigh risks realistically within the big picture. They have an uncanny ability to anticipate developments which gives them the edge on many competitive situations. Entrepreneurs seem to feel right from their gut, call it instinct. They are a resourceful group that possess excellent problem solving skills and are able to diligently work through obstacles as they occur.

Entrepreneurs are excellent communicators and recognize how important clear and concise communication is to their success. They also possess a sound working knowledge of the business they are involved in.

When it comes to successful entrepreneurs its a question of what came first, the chicken or the egg. Is it inherent qualities that we are born with that lead us to be entrepreneurs or is it when we choose to become an entrepreneur that we develop the skills and qualities of success? Thats a question we shall leave to the great debaters to resolve.

What is for certain is that successful entrepreneurs are born every day and that you too can be a successful entrepreneur by developing the skills of success.

2006Simple questions are often the most difficult to answer. Or so it seems when dealing with the government. Small businesses have enough to worry about around tax time without having to struggle to find the information they desperately need. So, we have done much of the work for you.Below you’ll find a list of valuable online tax resources every small business should bookmark. You’ll find they put a world of information right at your fingertips. They also offer contact information for agencies you may need to deal with directly.New York State Department of Taxation and Finance – http:www.tax.state.ny.uspromptdefault.htm – New York state residents can easily pay their taxes online via this secure site. By clicking the links at the top of the page, you can also print forms and find contact information for customer service. If you don’t live in New York State, you can find out if your state offers the same type of program by typing “pay [name of your state] state tax online” (without quote marks or brackets) into your favorite search engine. Electronic Federal Tax Payment System – http:www.eftps.com – Tired of having to take your federal tax deposits to the bank? You can save yourself a lot of time by signing up for an online payment account. It only takes a few minutes to arrange, and then you will be able to remit federal tax payments online instead of at your local bank branch.Social Security Administration – http:ssa.gov – Definitely a site to bookmark! Here you can get detailed information about the Social Security program, calculate your estimated retirement or disability benefits, access great info about the Social Security Administration which allows you to calculate your social security benefits, apply for benefits, print forms and publications and more. Employers can verify a worker’s SSN, contact the Administration directly and get other types of help.University of the State of New York, State Education Department – http:usny.nysed.govprofessionals – Did you know the state of New York requires acupuncturists, landscapers and midwives to be licensed? They do! Those, along with many other professionals, are required to apply for and receive a license prior to performing work. On this site you can find out which professions should be licensed and which specific businesses hold valid licenses. Tax Almanac – http:www.taxalmanac.orgindex.phpMain_Page – This free online tax resource consists of an open community, including a discussion forum, a current-events page and updates on recent tax changes. An excellent resource for small businesses.When you know where to find the information you’re seeking, staying up to date with your payroll, quarterly, annual and other taxes is much easier. These sites will give you a wonderful start to finding answers to your questions, plus forms and resources to help ensure your tax liabilities are met with the least amount of frustration possible.

If you run a small business, advertising costs must be figured in as part of your overall expenses. If you have received quotes for phone directory ads, business association block ads, and mostly any other print media, these costs are quite high. So, what if your budget is small, perhaps negligible? Will you be left outside of the advertising arena or are there other avenues to help you get the word out? The answer in one word is: yes. Lets explore ways you can get the word out through online meansyes, via the internet!

The rise of the internet has spawned an entire industry with it. You may remember in the late 1990s stories of dot.com companies who made a fortune and then went bust. The irrational exuberance of that era has, thankfully, passed by and in its place is a much more rational, but very lively market.

Todays biggest players online are search engine providers led by Google, Yahoo!, and MSN. Between them, these three search engines dominate the market. Mostly everyone today searches the internet for products sold by small businesses to large corporations and these are the people you want to target. Indeed, while Christmas season sales typically increase around 4% year over year for brick and mortar retailers, the internet has been seeing year over year increases of 30% and higher! No small business operator should exclude the internet when crafting a marketing plan.

Speaking of the search engines, both Google and Yahoo! have their own advertising networks. Google has its AdWords program while the Yahoo! Publisher Network is a comparable, though newer program. This is where you, as a small business owner, can do some of your advertising. By selecting the advertising plan that works for you, you can have your ads appear on web sites in your local area or across the world and be charged a small amount per click. In other words, you dont pay for advertising unless someone clicks on your ad and goes through to your site. To keep clicks from getting out of control you determine the price per click and the amount per day, week, or month you are willing to pay. No busting of your small business budget!

Banner or text ads on select sites can also be helpful for your small business. If there is a web site you like and you suspect that a lot of your customers would frequent that site, contact the webmaster to learn what his advertising charges would be. Perhaps in exchange for submitting a few helpful articles, the webmaster would waive your advertising fee altogether. Or, at the very least, accept any other help you could provide [moderating a forum, answering questions, etc.].

Another way of getting the word out is through your own web site. No, you dont need a web professional to establish your site, but it does help to have someone who can guide you through the set up process. At the very least a few pages is what you will need, so set up costs shouldnt be terribly expensive. In addition, figure on paying monthly hosting and domain name fees but these expenses should be no more than 100-125 per year. Pay a little extra for a web professional who can help you optimize your site [make it search engine friendly] and youll get your money back much quicker. Finally, check with your accountant for small business tax deductions.

You can also generate plenty of attention by writing articles, just like the one you are reading now. No, you dont need to be a professional writer, but if you can clearly convey your thoughts and present a plan of action for your readers [such as: buy my product] you can get what amounts to be free advertising. How so? By submitting what you write to article submission sites for wider dissemination. By including helpful links in the author resource box you can cause search engines to make your web site much more visible as your article gets reprinted on other web sites. Furthermore, readers will perceive that you are an expert and will likely inquire to find out just what you are all about. You can call this, small business advertising on the cheap!

No, as a small business owner you dont have to be strapped by high advertising costs — who has the cash to spare? Instead, the internet offers to you several cost effective ways of informing people about who you are, what you do, and where they can find you.

Select the marketing plan that works best for your small business. A mixture of all four points is a great plan of attack for many small business ownersjust like you!

‘One who organizes, manages, and assumes the risks of a business or enterprise’

Merriam-Webster’s Collegiate Dictionary

Ho Humm… does that do it for you?

Why? …

Because you are probably one of them, an Entrepreneur.

Think back when you began entrepreneurial endeavors.

Now think of Lewis and Clarke, Magellan, Columbus, or the Wright brothers. Explorers…entrepreneurs, I see very little difference.

We are in it for the game, for the recognition, financial rewards and possibly the adventure.

As “Amelia Earhart, Christopher Columbus, Leonardo da Vinci, and You”… WE CONTROL OUR DESTINY; call the shots, for better or worse, and Take Charge.

An Entrepreneurs Story

Imagine yourself, going to say goodbye to you boss, or your largest competitor.

Hi Jack, I just dropped in to say goodbye Im throwing in the towel, closing up shop. Its just too difficult doing business.

When you see the subtle glimmer in his eye, trying so hard to convey sympathy, and you know, he is thinking about throwing a party…Yes sir, it is just too difficult running this operation any longer from this environment. I have gone global, working out of my new home here in any town, using my laptop and my cell phone while I travel.

Have you heard that I am teaching others to do what we do, and that I have fewer than four employees, thats including my fifteen-year-old son?

How did my business grow so quickly? I hired an expert marketing consultant that charges 100,000 for one consulting session. – You will still get to see me occasionally in the success journals, or as a speaker at our national convention.

Have to go now Jack, hope to see you soon”!

Walking away now, a grin of satisfaction emerges from within, while thinking to yours-self “I forgot to mention that I didnt pay 100,000, and that I merely subscribed to a Marketing Newsletter, and some information reports.
A Marketing Master in a mall.

Entrepreneurs… ‘Be All You Can Be’

Have you heard it knocking?

Someone once said that opportunity knocks.

Oh no not a physical knock but in the form of a thought, an idea, a whisper of a recollection

Sometimes I believe opportunity literally SCREAMS to Do IT Now!

As that idea, thought, or opportunity fades away, becoming dim and distant, the ghost of opportunity past creeps in Hindsight.

Do it Now You will be glad you did.

Dave Powell
http:www.SuccessShoppingMall.com

I recently updated the phone system for my business. We’re a small company with just a handful of employees in an office about the size of a two car garage. We do a lot of business over the phone and although we could handle the call volume with our old system, I still felt (and was informed many times) that it was antiquated and hard to use. I knew it needed to be brought up to speed so I consulted my employees and asked them to list the features that they felt would improve productivity and make their jobs easier. I then looked for phones and equipment that would meet our needs. I was somewhat in shock over the price of a new phone system.

I didn’t realize it could cost so much. Disheartened but not defeated, I kept searching until I found a vendor who offered the phone system we were looking for at a great price. It was substantially cheaper than the next closest competitor, which made me look a little closer. As it turns out, these phones were used. They weren’t refurbished phones, and came with the same warranty as a new phone, but there was something in my psyche that turned me away from the idea of buying used electronics. Still, money is money and if they were going to give me the same warranty as a new phone system had, what did I have to lose. After talking to the vendor and voicing my concerns, I purchased nine phones and the line equipment we needed for a lot less than what it would have been brand new.

The new system has been in place for several months now and everyone is quite happy with the improvement. The phones are reliable and we have never had a problem with them. If you decide at some point to update your business phone system but don’t think you can afford what you really need, look into buying used phones. You can save quite a bit of money and, as I’ve found out, they are a product that holds up well to daily use. I’m afraid that if I hadn’t stumbled onto them in my search for the best deal, I might have never found the system I have now, and never even considered purchasing used equipment. If you find a reputable company to deal with that will back up their products, new or used, you can make a little money go a long way.

I recently updated the phone system for my business. We’re a small company with just a handful of employees in an office about the size of a two car garage. We do a lot of business over the phone and although we could handle the call volume with our old system, I still felt (and was informed many times) that it was antiquated and hard to use. I knew it needed to be brought up to speed so I consulted my employees and asked them to list the features that they felt would improve productivity and make their jobs easier. I then looked for phones and equipment that would meet our needs. I was somewhat in shock over the price of a new phone system.

I didn’t realize it could cost so much. Disheartened but not defeated, I kept searching until I found a vendor who offered the phone system we were looking for at a great price. It was substantially cheaper than the next closest competitor, which made me look a little closer. As it turns out, these phones were used. They weren’t refurbished phones, and came with the same warranty as a new phone, but there was something in my psyche that turned me away from the idea of buying used electronics. Still, money is money and if they were going to give me the same warranty as a new phone system had, what did I have to lose. After talking to the vendor and voicing my concerns, I purchased nine phones and the line equipment we needed for a lot less than what it would have been brand new.

The new system has been in place for several months now and everyone is quite happy with the improvement. The phones are reliable and we have never had a problem with them. If you decide at some point to update your business phone system but don’t think you can afford what you really need, look into buying used phones. You can save quite a bit of money and, as I’ve found out, they are a product that holds up well to daily use. I’m afraid that if I hadn’t stumbled onto them in my search for the best deal, I might have never found the system I have now, and never even considered purchasing used equipment. If you find a reputable company to deal with that will back up their products, new or used, you can make a little money go a long way.

With Singapores desire to become a regional business hub, it plans to attract a good number of entrepreneur minds into the country from overseas. The EntrePass is a type of Singapore Employment Pass that is designed to facilitate the entry and stay of foreign entrepreneurs who are ready to incorporate and launch a business in Singapore. EntrePass was introduced in 2004 and is aimed at attracting foreign entrepreneurs into the country.

Two categories of foreign nationals are eligible for the Singapore Entrepass:
A foreign national who is an entrepreneur ready to start a companybusiness and be actively involved in the operation of the companybusiness in Singapore.
A foreign national who is an existing shareholderpartner in a Singapore registered companybusiness and who wishes to become actively involved in the operation of the companybusiness.

The EntrePass allows global value-creating entrepreneurs and innovators to establish and run their business ventures in Singapore.

You don’t need to have a Ph.D. from top-notch school or have millions in the bank to get started. All you need is a good business plan and some investment to cover your startup expenses and support yourself in the early stages.

Important Facts about EntrePass

Application for EntrePass should be made prior to incorporating your business in Singapore.
Along with EntrePass application, you will need to submit a 10 page long business plan. The details of preparing a good business plan are described in the subsequent sections of this document.
Businesses not of entrepreneurial nature for example, coffee shops food courts, foot reflexology, massage parlours, karaoke lounges, money changing remitting, newspaper vending, and tuition services etc will not be considered for an EntrePass.
The application processing time is usually 2-3 weeks.
If your application is successful, you will normally be issued an EntrePass that is valid for two years. You do not need to incorporate your business in Singapore until the successful outcome of your EntrePass application.
Your EntrePass allows you to bring your immediate family members to Singapore to live with you.
The EntrePass is renewable for as long as the business remains viable. You are also eligible to apply for a permanent residence in Singapore in due course.

Importance of Business Plan for EntrePass Application

Preparing a good business plan for your new Singapore business is one of the most crucial aspects of applying for EntrePass. The Good news is that the business plan is expected to be relatively concise i.e. no more than 10 pages long.

In addition to its importance in applying for EntrePass, another important value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically.

A well thought out business plan will not only improve your chances of getting a Singapore EntrePass, but it will also help you clarify your mind and better prepare for your entrepreneurship journey. The well-known fleas-in-the-box analogy applies to your plan as well; if you put a lid on the box, the fleas will learn to jump to that height only, but if there is no lid, they jump as high as they are capable of doing. Your plan should set that lid higher. At the same time you must be confident that figures in business plan are achievable. You must strike a good balance between optimism and realism.

Make sure business plan EntrePass is impressive in presentation. Your plan must get across to readers what is interesting about your business. Stress your marketing and sales strategy and include a break-even analysis. Be sure to include tax payments, payments to local accountants and other service providers and the fact that your business funds will be kept in a Singapore bank!

How to prepare a good business plan for EntrePass?

So are you ready to prepare your business plan and apply for Singapore EntrePass? The guide below will help you to get a better understanding of the various sections and contents that are expected in the business plan.

1.Executive Summary (Approx. half-page)
Write this section last and keep it to half-page. Provide a brief summary of product(s)service(s), target customers, owners, and the future for your business and industry in Singapore.

2.Business Concept (Approx. half-page to one page)
In this section you should include brief description of the proposed business and industry, a mission statement, company goals and objectives, business philosophy, strengths and core competencies of the proposed venture, critical success factors, and legal form of ownership. (To find out more about possible legal forms, see Singapore Business Structure Options for Entrepreneurs).

3.Product(s)Service(s) (Approx. 1 page)
This is the place where you need to describe your product(s) or service(s) in detail. How will you differentiate your product(s)services(s) from the competition? What will be your competitive edge?

4.Marketing Plan (Approx. 2-3 pages)
No matter how good your product andor service, your business venture will not succeed without effective marketing. And it begins with careful research and planning upfront. Talk about the size of your market, current demand, and future growth prospects, and opportunities for a business of your size. What barriers will you face with your new venture and how will you overcome them? Write about your targeted customers, their characteristics, and their geographic locations, otherwise known as their demographics. Write about your direct and indirect competition: who, their size, position in the market. How will your offerings compare with your competition? Use a competitive analysis table to compare your new Singapore Company with the two most important competitors. Include factors such as price, quality, selection, service, reliability, technical and management expertise, sales and marketing strength, etc. Make an honest assessment of your companys strong and weak points against the competition. Outline your marketing strategy. How will you identify potential customers? How will you create awareness of your offerings? How will you advertise? What is your marketing budget (startup and ongoing)? What image do you want to project? What is your plan for creating marketing collateral (logo, website, business cards, brochures, etc.)? How will you retain customers? Write about distribution channels. How do plan to distribute your productsservices? What will be your pricing strategy?

5.Operational Plan (Approx. 1-2 pages)
Explain the operations and resource needs of your new Singapore business venture. How and where your product(s)services(s) will be produced? What equipment do you need? What is your procurement plan? Explain production, delivery, and quality control processes for your product(s)services(s). Describe your location and space requirements? Who will be your suppliers? What will be the proposed credit, delivery, and quality control policies? What are the legal requirements for your business? Business licenses? Other regulations that apply to your industry? Insurance coverage needs? What are personnel requirements? What type of workforce (skills and experience) do you need? Pay structure? Job descriptions? Duties & Responsibilities? Organizational chart? HR policies? Recruitment plan? What services do you plan to outsource and to whom? What are your inventory needs and how do you plan to manage it? How do you plan to manage your accounts receivables and accounts payables?

6.Financial projections (Approx. 2 pages)
Provide projected sales and net profit before tax for three years, startup expenses, cash flow projections, and breakeven point, key assumptions. The intended startup capital for your new Singapore business must be able to cover your startup expenses and keep you afloat for the first 6-months. Many startup businesses fail because they run into cash flow problems soon after they start. The person who will be evaluating your Singapore EntrePass application will definitely be paying close attention to this.

7.Management Team (Approx. 1 page)
Talk about your past employment and business experience, achievements, key competencies, and roles & responsibilities. Identify weak areas and how you plan to address them.

8.Supporting Documents
Here you can provide any supporting documents that you have to backup the information you provided in your business plan. This might include customer leads, written articles, awards, certifications, etc.

Although it requires some effort and research, preparing a good business plan is not as difficult as you might think. Writing a business plan is just capturing your longer-term goals, objectives, estimates, and forecasts on paper. It typically takes couple of weeks to complete a good plan. Most of that time is spent in research and re-thinking your ideas and assumptions. So make time to do the job properly. Those who do, never regret the effort.