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Helping entrepreneurs turn ideas into a business

The Meaning of Entrepreneurs for the New Year!


 

Entrepreneurs

Upon reading a blog by Virginia Postrel,  “In Praise of Irrational Exuberance. Does a flourishing economy depend on delusion?” spurred me to reflect on this soon to be past year and in anticipation of  the new. This reflection draws me to thoughts of the entrepreneurs I have met and will meet. How many hopes, dreams, and aspirations have reluctantly been put on that “back burner”? How many dreams have died only to be replaced with the reality of another 50 hour a week job working for someone else? Who knows? What I do know is that for every ten dreams that had to be set aside there is a dream that is well on its way to becoming a reality. 

 

As I type these words there are many would-be entrepreneurs contemplating taking the leap. I say kudos to them. For without entrepreneurs the world would be black and white with only shades of gray. But with entrepreneurs taking the risk of beating the odds they help create a world which is full of vibrant and soulful colors. So let’s encourage future entrepreneurs and say thank you to those who dared to paint with a palette full of color.

An excerpt from Virginia Postrels insightful and beautifully written blog on the meaning of entrepreneurs is listed below and a link to her full post is also included.  

“Through the whole of his life,” writes Smith, “he pursues the idea of a certain artificial and elegant repose which he may never arrive at, for which he sacrifices a real tranquillity that is at all times in his power.” The man is deluded by the glamour of wealth, tricked by an illusion. Yet his achievement is not only real but socially beneficial: “It is this deception which rouses and keeps in continual motion the industry of mankind.”

“Many entrepreneurs aren’t even that lucky. They wildly overestimate their chances of success. But this second delusion, suggests economic historian John V.C. Nye, may be essential to maintaining an entrepreneurial culture.”

To view this beautiful article on entrepreneurs click on the link below:http://www.bigquestionsonline.com/columns/virginia-postrel/in-praise-of-irrational-exuberance

To view more valuable information helpful to entrepreneurs go to www.zebraheard.com.

To all entrepreneurs Happy New Year!

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December 31, 2010 Posted by | Entrepreneur | , , , , , , | 3 Comments

Five Things To Keep In Mind When Writing Your Business Plan


The first thing an entrepreneur encounters when considering starting a business is the business plan. A significant number of people will say the sole purpose of a business plan is to obtain funding. Not so. In my opinion, the most important reason to produce a business plan is to make you a better entrepreneur. The processes you must go through when producing a solid business plan is invaluable to laying a1.      Although it is good to relay a positive tone throughout your business plan, it is just as important to present the downside. Remember, be realistic. No one expects your business NOT to have a downside.  Entrepreneurs who fail to present the downside are obvious “rookies” in entrepreneurship and this causes investors to get nervous.

Business Plan Complete

strong foundation to start your business.

 

 

 

2.      When writing a business plan, be thorough in your effort. There are good business plans and there are bad business plans. Anything other than a good business plan is a failed one. The most important way to ensure your business plan is good is to avoid blind spots in your plan. The blind spot occurs because an entrepreneur is so involved in their idea or concept that they fail to see other perspectives … hence the blind spot. To avoid “blind spots” conduct thorough research on every assumption you proclaim and provide the appropriate supporting data.

 

3.      Long is not always better. The question is often asked, “How long should my business plan be?” The quick answer is, “As long as it needs to be.”  It needs to be as long as it takes for you to concisely convey your business idea. The key word is concisely.

 

4.      Weak revenue model. Entrepreneurs love to write about their idea but fail to focus on the age-old questions, “How are you going to make money?” Your business plan MUST convey the answer to that question. The answer needs to explain from the beginning as to where the customer initially comes into contact with your product/service all the way through to follow-up after the sale. In other words, how are you going to bring in revenue?

  

5.      Please, no grammatical errors. Having grammatical mistakes in your plan is another big red flag to investors. If you don’t care enough about presenting a plan without grammatical and punctuation errors, why would you care to manage a business (and their money) correctly? Make sure your article is well written and please do not rely on any grammar software to check for mistakes. If necessary, hire a professional editor. A mistake-free business plan is that important!

December 26, 2010 Posted by | Entrepreneur | , , , , | 7 Comments