1. You become passionate about working. Success in entrepreneurship depends on following your passions. 2. You wonder how you ever held a normal job. Each day, that typical office-based 9-to-5 lifestyle seems stranger and less appealing to you. 3. You think critically about everything. Being in control makes you evaluate everything, from your morning coffee […]
Myth 1: Online customers are easy to please.
Myth 2: If I launch a site, customers will flock to it.
Myth 3: Making money on the Web is easy.
Myth 4: Privacy is not an important issue.
Myth 5: The most important part of an e-commerce effort is technology.
Myth 6: I don’t need a strategy to sell online.
Myth 7: Customer service is not important.
Myth 8: Flashy Web sites are better than simple ones.
Myth 9: It’s what’s up front that counts.
Myth 10: Its too late to get on the Web.
What is the difference between product evolution and product revolution ?
Builds on something that is already available in the market and understood , and its evolution can be concerned with providing cheaper product, new features, new market.
Building a product or service from scratch which is much harder than the product evolution, here it completely depend on innovative ideas for providing something new in the market that was not expected to appear, same as what apple did.
Now you have the choice between both ways.
1. Walt Disney
In the year 1921, Mr. Walt Disney established his maiden animation company in Kansas City. He signed an agreement with a distribution company for shipping his cartoons to them and would receive payments after 6 months. But the company dumped him at the last moment. But he did not lose hope and toiled hard to make Walt Disney Inc one of the best animation companies in the world.
J Heinz started the company in association with some of his friends in the year 1989. They launched the brand by selling horseradish sauce in clear bottles but the company failed to sustain in the market and faced bankruptcy the year 1973. But again in 1919, Henry relaunched the brand with his cousins by selling consumer products like ketchup, baked beans, and pickles. This time, he was successful in his endeavor in establishing the brand in the global market
It is quite hard to believe that Google was a struggling firm in its initial days. But it finally tested success in the year 2003 by launching the Google Adwords program and was successful in earning $21 billion by the year 2008. Thereafter there was no looking back. Presently it is one of the most profits making company worldwide.
“Failure is the pillar of success”. This proverb was proved correct by the IT giant Apple. During 1990’s the company faced multiple failures. But with the launch of products like iPod and iMac it became successful in establishing itself as a renowned brand in the world.
Ford operated with the brand name Detroit Automobile Company. But in 1901, the company faced bankruptcy. The company made several attempts to regain its lost glory. The brand was finally revived by some angel investors and renamed it as Ford Motor Co.From these success stories we can conclude that with continuous effort and patience, anybody can achieve success in life.
#Success_Stories #Ford #Apple #Google #Heinz #Disney
Within the overall outline of the business plan, the executive summary will follow the title page . The summary should tell the reader what you want, clearly stating what you’re asking for in the summary. The statement should be kept short and businesslike it’s size should be 1/2 of page to full page.
2-Market Analysis / Survey
A market analysis forces the entrepreneur to become familiar with all aspects of the market so that the target market can be defined and the company can be positioned in order to collect its share of sales. Market analysis enables the entrepreneur to establish pricing, distribution and marketing strategies that will allow the company to become profitable within a competitive environment.
3- Company Description/ Legal Framework
This should include high level look at how all the different elements of your business fit together.The company description should include information about the nature of your business as well as the crucial factors that you believe will make your business a success.
4- Organization and Management
This includes your company’s organizational structure details about the ownership of your company, descriptions of your management team and qualifications of your panel of experts or board of directors.
5-Marketing and Sales / Pricing Strategies
This is the lifeblood of your business, marketing creates customers and customers generate sales. Define your marketing strategies .Start witg strategies , tactics and channels that you have used to create your greatest successes . Next branch out to successes that are being used by competitors.
6-Service and / or product line
This section describe your service and product, whar is it that you are actually selling? Making sure to emphasize the benefits (not the features) . Establish your unique selling proposition, this means you should not only show that your product is different, but why it’s different?
7- Funding requirements
The amount of funds you will need to expand your business, includes best case and worst case scenarios.
Develop the financials after you have analyzed the market and set clear objectives. You should include 5 years of historical data.
An entrepreneur is one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them.
Entrepreneurs faces alot of risks in their life and they struggle alot to reach the success they want ….
But what keeps them going ?
A number of startups are promoting a more sustainable Middle East by providing eco-friendly products and services.
In recent years, numerous exciting technological startups have emerged in response to a growing entrepreneurial climate in Egypt.
There’s only one thing, one constant thing that I believe keeps me moving closer to my goals, and keeps me fixed on what I want to do. It’s got nothing to do with being close to the universe or attracting things to me with positive energy. My secret weapon is that I read. Running a […]