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In today’s world, more and more people are turning toward self-employment as a way to earn their living. Being your own boss, making your own hours and having complete control over normal business operations are just a few of the benefits that many entrepreneurs enjoy. But, what about operating a new business that has the ability to gain instant recognition through the use of a trademark name? Sound good? Thought so!
You can find a franchise for sale opportunity by visiting the company’s website and searching for franchise information. There, you will be prompted for your contact information and will soon be contacted by a franchise specialist, who handles the process of speaking with potential entrepreneurs and explaining the process by which a franchise can be acquired. If you do find a franchise for sale, there are franchise fees that must be paid upfront, which can be anywhere from $10,000.00 to $100,000.00. In addition, there are investments that must be made by the entrepreneur in the original startup of the business.
In limited circumstances, the current operator of a franchise business may be looking to sell their establishment. If you learn about a particular franchise for sale, you may want to contact the establishment and inquire about simply taking over the business. Because the franchise is already built and established, there may be lesser fees involved in taking over the business. Each company has it’s own qualification requirements that each franchise operator must possess, which would include a substantial amount of cash in order to pay employee wages, training, marketing and other business related expenses.
If you do find a franchise for sale, you will either have to be able to pay cash for the franchise or have it financed through a private lender or the Small Business Administration. The best place to locate a franchise for sale is through local classified ads, bulletin boards or through the company itself. If you would rather open your own franchise, you will need to deal directly with the trademark company.
These days, more and more people are looking for a way to be their own boss. It’s an attractive incentive at the through of controlling your own schedule, having more say in daily business operations and essentially taking control of your life. An entrepreneur who is self-employed and looking for the next big thing must just find the answer in purchasing a franchise for sale. No matter what the dream, there is almost certainly a big company out there looking for ways to branch out. A franchise opportunity helps them do just that and, best of all, helps to fulfill the dreams of an entrepreneur.
Ours is the only Country founded on a good idea. -John Gunther
The American Dream is right to be who we want to be. This is the human dynamic behind today’s entrepreneur! We all the face the challenge of “being true to ourselves”. We must assess the meaning of success. Who do we value as successful? What are the characteristics they possess?
We live in a culture where winning is important. You and I participate daily in a much more important event than can be found in the sports pages. We successfully own and operate our business daily! Success may require you to shift your thinking to a whole new level. We must understand that careers are goal orientated. However, business ownership requires us to focus on the purpose for our lives.
The American Dream provides us the opportunity to be what we want and be paid for our talent. It also allows us to build a future free from lay-offs, not requiring permission to see our children’s events, and create financial stability. To be paid for performance is a dramatic change to most people’s work paradigm. In our business we are rewarded for building a larger sales force. In our business we are rewarded for growing our sales. In our business we are rewarded for leadership. We do not ask for raises, we develop plans to increase our income. In our business we do not seek recognition, our accomplishments are recognized.
In working for yourself, you only answer to yourself. It is the first time you will have a boss that you actually understand!! You will be able to respond to the moods of the boss and be on the same page. It makes for a pleasurable working environment. Surveys tell us that an employee’s stress level is created by their supervisors and environment. We have the opportunity to create a prosperous environment for ourselves and those around us.
We all have been given the right to pursue The American Dream. You deserve the possibilities that await you. Set yourself FREE!
Are you a frustrate
Being self employed is typically thought of as working in your own business, as opposed to working for someone else's business. However, you can start working for yourself today, even if you are working in someone else's business. It all a matter of perspective.
You are an employee when you are working for someone else, but you don't have to think of yourself in that way. Think of yourself as self employed. Even if you're flipping burgers, you're in the business of selling your labor, right? And business people think differently than employees.
The word "employee" often carries connotations of slavery, as in the expression "wage slave." It is associated with a loss of control, a sense that the "boss" is the one calling the shots. What an awful thought! There is a better way.
Be In Business Starting Today
My employers have never been more than customers to me. If I dodn't like the terms or price, I negotiate or go elsewhere. There are opportunities everywhere, after all. This attitude has meant I've never felt trapped in a job I didn't like. I look at jobs as business opportunities, and choose the best one at any given time. If my own business is a better one, as it is now, then I do that.
Ther is nothing sadder than bitter workers who feel cheated and dependent on an employer. I have had terrible employers, but they never made me bitter. In any business you sometimes work for customers you don't like, if the pay is worth it.
Many years ago I worked at a casino. As a reservation casino they could get away with not paying minimum wage. With the tips, we made good money, in fact more than any of the five other casinos in the state. Most of the workers were bitter, though, because the employer wasn't doing what they were "supposed to do."
They had their employee mentality, and so felt cheated. As a businessman, I could look at it objectively and see they were paying more than other potential buyers of my labor. They certainly were a "problem customer" in many respects, but I chose to do business with them, so I couldn't feel bitter about it.
How To Be Self Employed
It helps to have money in the bank. "Wage slavery" is only true to the extent that you've put yourself into that position. It takes only a few weeks to find another customer for your labor. Anytime you feel you can't quit your job tomorrow, you're probably not arranging your financial affairs properly. Any smart businessman plans for ups and downs.
Here is what you need to do to support your new perspective: put a little money aside, keep out of bad debt (only debt that produces income or profits is good debt) and keep your fixed expenditures low. Take responsibility today for your choices. You are in business, selling labor, skills and knowledge.
You are opening your mind to the possibilities of better jobs and business activities. These are nice advantages, but not the best reason to adopt this attitude. You see, even if you stay at your job for thirty years, you will feel free, and not dependent. This is YOUR business decision, and the freedom that comes with this acceptance of responsibilty is the best reason to take this perspective. Starting today, you are self employed.
It's posted all over the Internet. You hear it on the radio, and see it on television. The United States government is giving away free money in the form of federal grants. While it's true that the government does indeed award $400 billion annually through its 26 federal entities, the statement of free money through the government doesn't exactly pinpoint the definition of a federal grant.
A grant isn't a gift or a free-for-all giveaway. It also doesn't mean that if you've been awarded a grant, you've won the lottery. According to American Government and Politics by Jay M. Shafritz, a grant is "a form of gift that entails certain obligations on the part of the grantee and expectations on the part of the grantor." The key word in this definition of the word is obligations. Getting a government grant will get you an unbelievable amount of obligations, and not fulfilling your obligations will, in turn, grant you legal problems.
The majority of federal grants that are awarded are the farthest thing from being considered free money. Grants are most often awarded to organizations planning major projects to benefit a community. It could include money to be used for repaving streets in a city. A grant could also be awarded for a nonprofit organization featuring an art exhibit or musical performance. Grants are also awarded for technological research, conservation, and flood control projects. While there are other sources that are awarded grant funding, in general, the free money aspect is lost, and individuals, in general, are not qualified for most grants other than those used for educational purposes such as to pay tuition bills for higher education. Businesses can also tap into the federal grant program, but only by meeting strict criteria through the government agency offering the grant, such as if grant funding is available for research in a particular area that is of specialty to that business.
Once the free money is provided through the grant, the organization that has been awarded the free money must keep careful track of all project expenditures. Organizations that are awarded free money must be prepared for detailed audits, which will be conducted by the Federal government annually or more often. Any money not spent and accounted for goes back to the United States Treasury, and is not extra free money for the organization. Detailed program goals must be developed, approved, and completed by the organization exactly as specified in the grant application without exception. Any unforeseen project changes that occur along the way must receive prior approval by the government agency that awarded the grant. All project phases must be completed as planned, and even more importantly, completed successfully and on time.
The free money offered through a grant program can lead to financial and legal disaster to an organization that does not abide by the strict rules that the grant holds. By failing on a part of the obligation agreed upon when the grant is approved, the organization and/or persons in charge are held accountable. Penalties can range from economic sanctions to prison in the instance of improper use or theft of this free money.
The majority of grants, or free money, that is requested is applied for and awarded to other Federal agencies, state governments, city governments, colleges, universities, and research organizations and businesses. Few individuals have the money, time, and expertise necessary to prepare adequate applications that are awarded free money through federal grant funding. Most active grant seekers, such as universities, employ full-time grant writers to do nothing but apply for and administer Federal grant funding. A full staff of grant writers is not uncommon at a large university.
Because this free money through Federal grants is carefully monitored, the truth is that the money isn't actually free. Applying for Federal grants takes an unbelievable amount of time. Additionally, by even unintentionally not abiding by the grant's requirements, as mentioned, an individual that is unfamiliar with the Federal government's grant programs can find themselves in a financial or legal disaster. With Federal funding cutbacks and the competition for grant fundings becoming more intense, seeking free money through a grant requires not only time, but also money, with no guarantee of success.
Stating it plainly, Federal grants and free money are fictitious. Often, it's more work, not to mention more time and money spent obtaining a Federal grant, than obtaining a low interest loan. Large organizations, such as universities, can benefit from grant funding much easier because they can apply for multiple grants at once, and a skilled, knowledgeable staff can monitor the grant's use carefully. A small business or organization may not see as much success in obtaining a grant due to the time needed to apply, monitor funds, and prepare materials for auditing.
The plain truth is that with federal funding cutbacks and competition for them becoming more intense, seeking a federal grant always requires a lot of time and potentially a lot of money up front with no guarantee of success. Dedication is needed, and is the most important part of attempting to obtain free money through grant funding.
Rebecca Game is the founder of Digital Women ®, an online community for women in business. A 30 year entrepreneur and dedicated to helping other women find business loans and business grants. Visit her site: Business Grants for Women http://www.digital-women.com
So you have this great idea and are convinced that you are the right person to make it work. 75% of people starting their own job are motivated by the idea of starting a new career. The other 25% is made of unfortunate victims of lay-offs or company restructuration. Those have less chance of succeeding because success is first and foremost a matter of attitude. Based on some studies, only 10% of people are made to be an entrepreneur. Are you one of them?
Do you know how to sell yourself? Do you know your market? Do you have a good network of contacts? Can you handle the risk of having no revenue for a while? These are all questions you should ask yourself before making the big jump. The first victim of building your own job is the revenue and this is why 25% of people starting a new business fail the first year. Those who don't make it are disorganized, unable to sell themself or have a wrong evaluation of their market.
How to avoid these problem?
A good business plan is a must before you start anything. The plan will give you the potential of your idea, the objectives to obtain and follow, and the direction you want to take. Be honest with yourself while building your plan. For example, do you start your business to make more money than before, to have more free time, or to make extra money while keeping a regular job? This will all lead to different objectives and different directions. Once your business plan is written, stick to it!
Your business plan will also make you discover your strengths and your weaknesses. This is important for the next advice: do not try to do everything by yourself. Do not hesitate to hire someone for tasks you're not good at. You're not good with numbers? Then don't waste your time doing your own accounting. You know nothing in PhP? Sub-contract a programmer. This way you will put all your energy into what you're good at. This will also help you to focus on your core business which is very important.
Network. This is also very important. Let people know you exist. Participate in forums, conferences, associations, events. Be eager to learn; the more you know, the better you are. Take the time to follow courses, read, ask questions.
Work. It may sounds obvious but believe it or not a lot of people think they only need a good idea or follow the steps of a 'get rich quick' scheme to succeed. Unfortunately, it doesn't work like that. The only 'get rich quick' schemes that I know are winning the lottery or inherit from a rich parent. If you want to succeed in your business you have to be prepared to work. Even if your objective is to have more free time to spend with your family, as paradoxal as it sounds, you will have to work more to succeed at working less ;-)
Be prepared to spend money. You have to invest in your business to make it work. It goes from a good computer, office supplies, and other equipments related to your business to publicity, exposure and marketing strategies. The good news is that, as an entrepreneur, most of your expenses are tax deductibles. Ask a good accountant about this.
With all that in mind do you still think you are made for having your own job? I hope so because there is nothing like being your own boss while doing what you love and turning your hobby into a cash machine
A few months ago, I received an assignment from an individual who had just acquired his third business. His first business was a retail store that was quite successful. He operated it for three years and then sold it for a profit. He took the proceeds from that sale and acquired a rental business. He operated that business for a number of years and even purchased the property it was on, which included a number of other buildings that he leased out. He eventually sold that business for a profit and proceeded to invest the entire proceeds, into a plumbing contracting business. With the first two businesses that he bought and sold, he dealt with sellers and buyers who negotiated in good faith and fair intent. In both cases, a common lawyer was utilized to avoid increased expenses to either party (this is something I am definitely against under any circumstances, it is penny wise and dollar foolish). After closing, in the first two cases, there were some discrepancies and disputes but they were resolved, without much effort and to both parties mutual satisfaction. The third acquisition, the plumbing contractor turned into a complete nightmare. This individual naively believed that he and the seller were using a common lawyer, but it turned out that the lawyer was representing only the seller and that meant that the buyer did not have any legal representation whatsoever. The agreements and documents were all drawn up to leverage the seller’s interests and any safeguards that are normally in a buy/sell agreement to protect the buyer were nonexistent. Every time a new discrepancy or dispute arose the buyer would say things such as; “it is not fair”, “that was not my understanding” and “that is not what the agreements say”, and I kept having to point out that it may not be fair, it may not be what you understood but it is exactly what the agreements say, and you signed them.
I cannot stress the importance of good, independent legal representation when acquiring a company. Just because you may have been successful previously without legal council does not mean that you will be successful every time. An analogy would be that you have driven for twenty years without having an accident hence you may as well cancel your car insurance. Having a good lawyer is the same as having an insurance policy, you hope that you will never need to fall back on the safeguards placed in any of the agreements because of an attorney’s efforts, however you will be very thankful that they are there if you ever do need to utilize them.
When choosing a lawyer, do not forget the old adage that you get what you pay for. If one lawyer charges you $100 an hour but takes 10 hours to do the same thing as a lawyer who charges $150 an hour but only takes 5 hours to do the same amount of work, which way are you better off?
Lawyers are specialists, they all have their areas of expertise, do not hire a real estate lawyer to provide legal expertise on your business closing agreements and documents. After all, you wouldn’t go to a podiatrist for heart surgery, yet they are both qualified doctors!
There are other advantages to using a qualified lawyer:
· A lawyer can be the intermediary in a tough area of negotiation. If you have to deal directly with the seller, you may develop animosities towards one another during the acquisition stage. If you then need to contract with the seller for a period of time to transfer his inherent knowledge of the business and/or to train you in its operation the animosity developed during the negotiation stage may make an on-going relationship very strained.
· Having your lawyer request the list of due diligence material required places a buffer of what might be considered pettiness.
If you are comfortable with doing the due diligence on the business on your own that is quite acceptable. You may still want to have your lawyer request the information on your behalf.
· It is best to have your lawyer do title searches, to confirm that there are no liens or chattels on the assets. Your lawyer can also check for outstanding lawsuits. He can also ensure that corporate, sales and withholding taxes have been paid to current dates.
· The lawyer is the best individual to determine that the articles of incorporation are valid, that any dba’s (doing business as) and/or fictitious names are valid, that the bylaws allow the business to operate and be sold in the manner that is being negotiated and that the minute books are up to date.
· You may want your lawyer to verify that the wording within any contracts that the current business has with vendors and/or customers allows them to be assigned or transferred to new owners. Many contracts contain clauses that do not allow the contracts to be transferred or assigned without the consent of all parties.
If there are customer or vendor contracts that have to be renegotiated, I highly recommend that you renegotiate them, not your lawyer. You are the person who will have to deal with the other party, now is the perfect time to introduce yourself.
· Should your investment require a partnership agreement then your lawyer is the best person to draft it. Your lawyer will ensure that as many safeguards as possible are placed within the agreement.
· When entering into the acquisition of a business it is wise to determine what happens to the ownership of the business should something happen to you. In other words, it is time to update your will.
If you currently reside in a different State than the State where the business is located or incorporated, it is best to consult with a lawyer who is licensed to do business in the State where the business is located. He can explain how the laws of your State may vary from the laws of the State the business is actually registered in.
Corporations can be registered in one State and do business in another state. Your lawyer will verify all jurisdictional issues as part of his due diligence process on the corporate entity.
To reduce legal expenses you should make a list of exactly what items that you want to discuss with your attorney before you visit him in person. Lawyers charge by the hour, the more efficient you are, the more efficient your lawyer will be, the less time you will take and hence the less money that you will spend. Read all documents sent to you by your attorney, make sure that you understand what all the documents say. Lawyers are not perfect and make mistakes as well. Make changes and corrections in batches. In other words, read all draft documents sent to you, make all the corrections that you require and make a list of items you don’t understand or feel are miss worded. Then contact your attorney to discuss the changes and corrections. Taking this route will save you time and money.
Always remember that a lawyer is there to give you legal advise – not business advise. If you need business advise then contract with a business consultant.
It’s a dream shared by millions around the world –turning their hobby into a business; actually making money from doing what they love. It’s what journalists and authors do when they write. It’s what mechanics do when they tinker on motors and get paid for it. It’s what artists do when they draw, sculpt, or paint.
When you’re in a business that you love – it’s more like “pleasure” than “work.” The difference you’ll feel leaving “working for a living” for “doing what you love” is astounding. Imagine what the person who loves to bake feels when they bring the loaf out of the oven and smell the overwhelming aroma of fresh-baked bread, hear the customer exclaim “mmm,” and hear the cash register go ka-ching at the same time.
Tiger Woods once said, “I get to play golf for a living. What more can you ask for - getting paid for doing what you love.”
Back when I began my career, I was skeptical about being able to survive as a writer; because I’d heard so many ‘starving writer’ stories. My first job was as a secretary, but in my personal time, I wanted to research things and write books, articles, poetry, songs—anything. People were always coming to me to write their resumes and speeches, to help with their essays and reports, or to fill out their paperwork. Yet, I was actually in my 30s before I finally got around to believing that my real love and talent—writing—could become a viable career and a business.
Maybe you’re one of those people who have discovered that your hobby is expensive to maintain, and you’d like a way simply for your hobby to ‘pay for itself’. That’s the case of a man I know who loves flying his airplane, looking at all different types of airplanes, and talking about airplanes (this man has miniature airplanes on his “second” Christmas tree). After retiring from his “real” job, he merged his work with his hobby, and now he gets paid to manage the airport where he keeps his plane. Many businesses and careers have been started for that reason.
Business savvy individuals and tax attorneys may share with you a semi-guarded trade secret: You can deduct hobby losses from your main income if you can prove the hobby is a legitimate, profit-motivated business. That means you must be engaged in the activity “for profit.” If you want to go that route, you will need to set your hobby up as a legitimate business with: business cards, a separate set of books, a separate business bank account, advertising, business cards, etc.
You should also make sure to obtain all the required business licenses and permits. For those of you, who love to travel, consider how nice it would be to have your travel and entertainment expenses deducted from your taxes as a business expense. It happens every day, all around the world.
Two great resources for further information are: Home Business Tax Deductions: Keep What you Earn by Stephen Fishman, and Women Biz Mentors, where experienced business women mentor other women who want to start their own business.
You may be someone who engages in your hobby part-time and you “accidentally” made income from it. That’s how a lot of hobby businesses start too. You sold a friend some outdoor furniture you made in your hobby shop; word got around; and soon, you were making money on the weekends, just because you liked woodworking.
The guy who loves exotic sports cars may broker the sale of a few each year just to support his own “passion” for cars. Nuts for Cars, one of the businesses I write for, began because three friends were searching for car events to attend one weekend and couldn’t find anything in the local newspapers or magazines. Later on, they learned they’d missed a big car show that was near them. So they solved their problem – and in the process, created a viable business—by getting together to create an auto event club and online directory of auto events.
Could it be that Shakespeare was really enlightened when he said:
“This above all: to thine own self be true; And it must follow, as the night the day, Thou canst not then be false to any man.”
Take a few minutes today to consider what you love to do. Do you find yourself always talking about your hobby or favorite interest? Do other people say you’re really good at a particular skill or talent? Whether you use your hobby/talent/passion as a tax shelter; use it simply to make your hobby pay for itself; or use it to make your fortune, it is worth your time to consider making your hobby a business today. Life is too short to spend it in a miserable job if you don’t have to, and you give your best to the universe when you operate within the sphere of your primary talent.
With increased globalization people have seen the need to increase wealth creation especially within the underdeveloped Third World. It has also become evident that neither the government nor the formal sector can supply the necessary job creation without a sustained effort and partnerships between all sectors of the economy. One means of creating work opportunities will be the development of entrepreneurial and innovative skills within the country. The creation of such job opportunities by encouraging entrepreneurial innovation has been well illustrated by Dana, Korot and Tovstiga (2005:12) in Silicon Valley, Israel, Singapore and the Netherlands. These authors report that in the narrow 35 mile by 10 mile corridor within Silicon Valley 6,500 technology enterprises are located. Singapore is home to almost 100,000 entrepreneurs and had a per capita GDP of US$42,948.00 during 2004 and an annual growth rate of 8.8% (Singapore Statistics, 2006).
In addition higher education has become a prime export commodity of total world services trade, amounting to a staggering 3% (Grundling & Steynberg, 2006:5). With the increased interest in entrepreneurial innovation as an economic driver there is a need to develop expertise within this area. Thus there is a need to develop entrepreneurial innovation knowledge within higher education institutions to ensure the maintenance of a competitive edge in an under developed market. Dana, et al. (2005:10) define knowledge as “the integration of information, ideas, experience, intuition, skills and lessons learned that creates added value for a firm”. In addition Dana et el. (2005) define innovation as “the process by which knowledge is transformed into new or significantly modified products and/or services that establish the firm’s competitive edge”. It can thus be seen that it is imperative that higher education in South Africa actively pursue a policy to encourage entrepreneurial innovation to ensure the creation of expertise, the development of new industries and the empowering of students to establish themselves within an entrepreneurial innovative culture. Higher education will be required to become a key player in domesticating knowledge and diffusing it into the economy in order to serve as engines for community development and social renewal (Grundling & Steynberg, 2006:6).
Problem statement
The research question under discussion is formulated as What minimum requirements should be set in an entrepreneurial and innovation framework in order to support entrepreneurial and innovation knowledge creation at institutions of higher education?
Purpose
This article attempts to develop a framework to encourage entrepreneurial thinking within a higher education environment, taking into account consideration policy and infrastructural requirements, knowledge creation fundamentals and institutional arrangements.
Policy intervention
Policy initiatives within higher education institutions are essential to establish guidance for entrepreneurs, funding agencies, industry, labour in general and for students and institutions of higher education in particular. From a higher education perspective government as well as institutional policy requirements will be discussed in brief.
·Government policies
If this is to be accomplished it will require government intervention to construct policies which should include the reduction of taxation in the form of capital gains tax rate, providing incentives for increased spending on research and development, encouraging active venture capital markets, an alteration of the ‘hiring and firing’ labour regulations, and encouraging the spending on new technology shares (Da Rin, Nicodano & Sembenelli, 2005:8).
·The higher education institution policies
The higher education institution must provide a working atmosphere in which entrepreneurship can thrive. Venkataraman (2003:154) proposes that it is not merely the injection of capital that enhances the development of entrepreneurship. Rather, it is the tangible infrastructural essentials such as capital markets, advanced telecommunications, sound legal and transportation systems. In addition, intangible components must be in place. These intangibles are access to novel ideas, informal forums, role models, region specific opportunities, access to large markets, safety nets and executive leadership. As policy within the institution is developed it must consider and include a planning process to accommodate these essentials.
Policy must also augment the entrepreneurial culture within the higher education institution as a new mindset of students must be established from one of expecting to be employed, to one of providing work opportunities for others. Technology licensing offices (TLOs) must be established at the higher education institutions. Stanford University sponsored research expenditures of US$391 million generated 25 TLO start ups in 1997 (Gregorio & Shane, 2003:209). An investment in patent rights by the higher education institutions will ensure future capital investments into the institution. Intellectual property (IP) policies should be framed so as to capture the wealth generated and to distribute it equitably between investors, partners, the university and the entrepreneur. Such rewards will generate future interest for both the investors and the entrepreneurs. Policies, procedures and network contacts to capture venture capital must be established.
Research and Development policies in entrepreneurship must be refined and focused. Currently, the focus of entrepreneurial research at Tshwane University of Technology in South Africa falls within the three niche areas of business clustering, business development and management of innovation. In each of these niche areas it will be necessary to develop Masters and Doctorate programmes in entrepreneurship and innovation. This in turn will mean a need for the improvement of the staff qualification profile within these areas. Along with the Masters and Doctorate programmes, accredited research outputs must be produced in entrepreneurship and innovation (Grundling & Steynberg, 2006:6). In addition to the Masters degrees in Entrepreneurship and the Masters degree in Comparative Local Development, a Masters degree in Cognitive Reasoning should be considered for the future. Such a course should include a thorough foundation in finance reasoning along with creative thinking and business planning.
Institutional structures to be established
The higher education institution will have to establish itself as a seamless knowledge node into which a variety of parties can contribute. Parties contributing to such a knowledge node might include industrial partners, specialists from industry, relevant government agencies, foreign investors, community forums, labour unions, academic specialists, research foundations, funding agencies, students and potential entrepreneurs. Such a node would provide the necessary contact between entrepreneurs, funding agencies, industry and labour. This will ensure exposure of research and innovative ideas to the relevant parties. It would also provide a relevant export/import platform for entrepreneurship within the country. In addition to this, regular colloquia should be held to allow potential entrepreneurs to expose their innovative ideas to the funding agencies. An information network connecting entrepreneurs to venture capitalists should be established within this knowledge node.
Such forums would allow industrial partners to present commercially-oriented research proposals to the higher education institution which funding agencies in turn would be willing to fund. Gregorio and Shane (2003:212) also emphasize the need for the higher education institution to demonstrate intellectual eminence. It is suggested that better quality researchers are more likely to exploit inventions than lesser qualified researchers. The intellectual eminence also makes it easier for researchers involved to start enterprises and to exploit their inventions (Gregorio & Shane, 2003:212). In addition, more eminent researchers provide a better knowledge base and this in turn will attract better qualified researchers and students. To ensure an intellectual eminence of their outputs, higher education institutions should select students carefully.
The higher education institution should also encourage the development of incubators, either close to the institution or close to the involved industry. This will certainly influence the start up capital expenditure. Gregorio and Shane (2003:213) suggest that such incubators would allow entrepreneurs to “ripen” technologies in close proximity to inventors and specialists.
The establishment of technology parks could be instituted at the institution. Dana, et al. (2005:12) report that the first technology parks were established in the Netherlands. It is hardly surprising that the Netherlands is one of the leading nations in promoting entrepreneurship, comparing favourably with Israel, Singapore and Silicone Valley. Perhaps such parks could be established in conjunction with the government and serve to expose students to the entrepreneurial culture.
Information networks connecting entrepreneurs to venture capitalists should be established within the higher education institution. Dushnitsky and Lenox (2004:618) reinforce this view. Gregorio and Shane (2003:214) also recommend that in exchange for taking an equity stake in TLO start-ups the institution should pay patenting, marketing or other up-front costs. These measures would encourage the formation of start-up enterprises. Furthermore, locating a higher education institutional foundation presence in physical proximity to the enterprises donating the capital might be an advantage (Gregorio & Shane, 2003:211).
Strategy to develop an entrepreneurial innovative culture
·Re-curriculation of syllabi within Entrepreneurship programmes
When training entrepreneurs two realms of knowledge should be recognized, “tacit” and “explicit”. “Explicit knowledge is easily identifiable, easy to articulate, capture and share. By contrast, tacit knowledge consists predominately of intuition, feelings, perceptions and beliefs, often difficult to express and therefore difficult to capture and transfer. Of the two, tacit knowledge carries the greater value in that it is the essence of innovation” (Dana et al., 2005:10). Perhaps an illustration given by Ali (2001:339) serves to illustrate the difference between the skills involved in producing an artifact. The engineer is a man of action developing mental skills but seldom having the opportunity to develop manual skills. The craftsman uses his hands more than his head, tools more than instruments and rarely uses science or mathematics. Both are geared towards inventing. The engineer is concerned with ideas and artifacts, while the craftsman is concerned with the making of artefacts. The craftsman has no ready made methods and the technique is devised during the process. The engineer draws mainly on explicit scientific skills while the craftsman draws on intuitive, tacit knowledge. This person is involved in the creation of something new, an innovative skill. The engineer’s plans and blueprints might well involve tactic knowledge.
In curriculum design one must recognize the difference between infrastructure supporting recursive skills which are typically routine in nature and infrastructure supporting the nurturing of innovation and making skills. These involve designing, innovating, communicating in groups, problem solving, face-to-face communication, idea generation and group-work (Ali, 2001:41). Brown and Duguid (1991) quoted by Ali (2001:342) make use of the expression “communities of practice” to describe the social context for developing work, learning and innovation. Lin, Li and Chen (2004:4) and Markman and Baron (2003:291) make use of the term “social capital” to describe the ability to establish networks of supporting relationships. This ability is seen as a means of mobilizing environmental resources to overcome obstacles and threats within the entrepreneurial process. Others have noted how important social capital is in the creation of new business ventures. Lin, et al. (2004:4) recognize the need for formal and informal funding relationships within the business environment. Such entrepreneurs are termed “business angels” for they gain access to required resources, such as capital investors, suitable distributors and talented employees from the external environment. Lin, et al. (2004:6) thus regard social capital as “entrepreneurial social infrastructure”. Harris, Forbes and Fletcher (2000:125-126) suggest that planning “dampens” the entrepreneurial spirit and that emergent problems tended to be better training triggers than planned approaches. It is proposed that the learning style for entrepreneurs should be one using facilitators, learning by doing, interactive classroom approaches, peer group work, problem solving, grasping opportunities and holistic approaches. It is recommended that inputs should be made by outside speakers and entrepreneurs (Harris, et al., 2000:126). Johnson (1987:31, in Harris et al., 2000) states that an entrepreneur’s planned approach to any problem should be problem awareness, problem diagnosis, the development of solutions and the selection of a solution. Once again the need for “an emergent” approach rather than a “planned approach” is emphasized. In addition, Harris, et al. (2000:133) emphasize the need for long standing close relationships in the development of the entrepreneur. Such partners can share vision, and serve as sounding boards for ideas and concerns. These relationships are vital for the development of innovative thinking. The findings suggest that entrepreneurs must be trained in a less structured way, which involve group work, class discussions, specialist input, a concentration of social skills, communicating and conflict management. The methodology must involve face to face contact and the developing of lasting relationships.
Another factor that should be written into the curriculum is the ability to deal with problems that arise and then to reschedule goals so as to accommodate the new situation. This is clearly illustrated by Ireland, Kuratko and Morris (2006:12) showing the presence of internal and external triggers of corporate entrepreneurship. External triggers that encourage entrepreneurship arise from developments in the external environment. These include diminishing opportunities, rapid changes in technology, labour shortages, aggressive moves by competitors, change in the market structure or regulatory threats. Internal triggers include employee rewards, directives from managers, tension between staff, problems with cost control, etc. Ireland, et al. (2006:12). Triggers for entrepreneurship may be summed up in the statement “necessity is the mother of invention”. This once again emphasis the need for trainers to concentrate on the entrepreneurial process rather than the content, with particular emphasis on change, the unexpected and resolving problems that emerge within any particular process.
Markman and Baron (2003:288) regard self-efficacy as an important success factor in developing entrepreneurs. Self-efficacy is defined as “the extent to which persons believe that they can organize effectively, execute actions to produce given attainments” (Bandura, 1997 quoted by Markman and Baron 2003:288). Successful entrepreneurs will have high self-efficacy and tend to believe that their actions will lead to a successful venture. It is also suggested that entrepreneurs need to recognize opportunities from possible businesses. In addition it is suggested that entrepreneurs need perseverance and need to be able to overcome adversity and uncertainty. The curriculum should thus contain training on self esteem, reliability, perseverance, overcoming setbacks, having a vision, setting goals and rescheduling if things go wrong.
Boussouara and Deakins (1999:204) suggest that a gradual approach into a high technology business can be an advantage in that it allows time to develop contacts, strategy, and networks as well as gives time to acquire funding and income. The latter authors emphasize the need to acquire market-based knowledge for a successful business (Boussouara & Deakins, 1999:205). It is thus recommended that networks and external business agents present relevant market research to the trainees. These findings should be brainstormed and shared in the larger group.
Conclusion
In this article an attempt has been made to develop a framework for the development of entrepreneurial thinking within a higher education environment. This framework needs to be supported by government policy initiatives and include taxation incentives for entrepreneurs, encouraging investment in research and development, incentives for industry for active venture capital and alterations to the labour law to accommodate small entrepreneurial industries. In addition techno-parks should be developed in conjunction with government to expose students to the entrepreneurial culture.
Research should be done within the business development niche area to investigate these policies and communicate the needs to government. If government officials are participating in the knowledge node it might provide the necessary exposure to government.
Policy initiatives from within the higher education institution should establish the knowledge node which should include academic specialists, research foundations, relevant government officials, industrial partners, specialists from industry, foreign investors, community forums, labour unions, funding agencies, students and potential entrepreneurs. Information networks connecting entrepreneurs to venture capitalists should be established within this knowledge node. Intellectual Property policies should be developed by the business development niche area to ensure that possible TLO start-ups within the higher education institution are protected and that patenting, marketing or other up-front costs are paid by the higher education institution or associated enterprises. The higher education institution could liaise with the Innovation Hub established in conjunction with the CSIR. A cooperation agreement could benefit both parties. Research should be carried out by the business clustering niche area to select the most appropriate combinations and networking within the knowledge node.
To ensure intellectual eminence the correct researchers, academics and industrialists should be chosen within the entrepreneurship cluster. Incubators and TLOs should be founded to “ripen’ developing technologies and to form small innovative industries. Research within this area could be done by the niche areas business development and management of innovation.
A funding agency for the entrepreneurship innovation (previously termed the institutional foundation) could be located close to the industry partners for fundraising. All three niche areas should be actively networked with industries on an ongoing basis, communicating needs and proposals.
A teaching strategy should be developed to foster tacit knowledge development. Group work, problem solving, idea generation, innovating, designing and face to face communication should be extensively used. Smaller classrooms need to be utilized allowing for group work. Curricula should include topics like self efficacy, perseverance and the need to overcome adversity. In addition market-based knowledge should be presented by specialists from the industry on an ongoing basis. Networking should be a normal part of the curriculum and will allow venture capitalists to be connected to the innovations developed within the knowledge node.
If South Africa and institutions of higher education do not see the need to develop entrepreneurship within all communities, people may be delegated to a life of poverty, with no opportunity to work or to develop South Africa’s rich natural resources for future generations.
It’s no secret that the United States has a nursing shortage, one that promises to grow to alarming proportions. Too many nurses are retiring, and too few are entering the profession.
To compound the problem, within the next 5 to 10 years, over 76 million Baby Boomers are scheduled to retire from the workforce, with only about 44 million Generation X'ers available to pick up the slack. This will soon place unprecedented demands for services on a health system that is already stretched thin.
This shortage of allied healthcare professionals, especially nurses have a created a new boom to the nursing agency registry business, supplemental staffing agency for medical professionals, permanent placement medical recruiter, or starting a business in homecare and staffing pool. The medical staffing industry will continue to grow because of the upcoming baby boomers, and the current supply of nurses are dwindling. The average age for nurses are in the forties, and they are not being replaced by the new generations. Entrepreneurs have made lucrative business in nursing agency, nursing registry, homecare business, medical recruiter recruiting, or as independent contractor in their own field.
The time is now for entrepreneurs to start a nursing agency,nursing registry business, operate a homecare business, or as a medical recruiter or just become an independent healthcare contractor. By being an independent healthcare contractor, you are bypassing the agency and are self employed. Healthcare facilities are the clients. Homecare are regulated by all levels of goverment from local to fedeal level. Homecare levels of regulations depends on the category of service provided to clients. Homecare services ranges from providing just companions or the more medically needed clients such as terminally ill clients. Homecare services can be in the form of social service, non-medical, and medical services.
At every few corners in major urban areas, you used to see phone booths.
Before cell phones, they served a significant purpose, of course, providing telephone access to the multitudes.
But now that they’ve been disappearing, they’ve taken more than dedicated phone lines with them.
They’ve removed a significant semi-private space, as well.
The old phone booth, while seldom perfectly quiet, facilitated several significant things:
(1) It was quiet enough so we could compose ourselves before conversations, thinking through what we were going to say.
(2) It did muffle some outside noises, making it easier for us to monitor our own voices, and hear ourselves think.
(3) It made it easier for listeners to concentrate on our messages.
(4) And perhaps most important, it kept our conversations confidential.
I’ve never been comfortable talking business, surrounded by fellow passengers in an airport lounge, or when I’m sitting in a restaurant. I don’t want them to snoop, and I don’t want to intrude into their acoustical “space.”
What we need to do, as I see it, is build cell phone booths.
They won’t have a telephone—you’ll bring yours. But there will be a platform for placing documents, and for four quarters, you’ll be able to buy five minutes of peace, at a shot.
My conversations are worth it.
Are yours?
Dr. Gary S. Goodman, President of Customersatisfaction.com, is a popular keynote speaker, management consultant, and seminar leader and the best-selling author of 12 books, including Reach Out & Sell Someone® and Monitoring, Measuring & Managing Customer Service. He is a frequent guest on radio and television, worldwide. A Ph.D. from USC's Annenberg School, Gary offers programs through UCLA Extension and numerous universities, trade associations, and other organizations in the United States and abroad.
A few years ago, one of my consulting clients, a large, independent appliance store gave me an education in the marketing of refrigerators.
Walking me past a lineup of mostly white machines, the president said, “Look at the pricing, and tell me the one that most customers will want.”
I can’t recall if I guessed right, but soon enough he gave me the answer.
“The middle one,” he said. “They don’t want the cheapest, and they don’t feel they can afford the most expensive, so they take the one that’s priced, in between.”
That makes sense, I thought. But the fun was just beginning.
“Now,” he continued, “Guess which machine is the most profitable to us; the one with the fattest margin.”
”The most expensive?” I guessed.
“Wrong; it’s the middle one!”
He went on to tell me that his margin was the thinnest on the “best” machine, and he really hoped buyers wouldn’t select it.
Interesting, isn’t it? The average grade is the winner.
He noted that the costliest is the best value, having a longer warranty, disproportionately more features, better energy efficiency, and so on. In fact, it is the cheapest to own, in the long run.
My boss in the leasing business shared this notion:
“Gary, do you know the only way to beat the car business? Buy the very best car you can get, and then keep it running, forever!”
But that’s not what we do, generally. We buy a middle grade vehicle, become dissatisfied quickly, trade it frequently, and our overall cost of driving might exceed that of someone who owns the Bentley or Rolls for a few decades.
The lesson, for all of us is pretty clear: whether you sell goods or services, offer a middle grade, then step back, and let people convince themselves that it is the reasonable choice for them!
Dr. Gary S. Goodman, President of Customersatisfaction.com, is a popular keynote speaker, management consultant, and seminar leader and the best-selling author of 12 books, including Reach Out & Sell Someone® and Monitoring, Measuring & Managing Customer Service. He is a frequent guest on radio and television, worldwide. A Ph.D. from USC's Annenberg School, Gary offers programs through UCLA Extension and numerous universities, trade associations, and other organizations in the United States and abroad.
A lot of aspiring entrepreneurs have saved enough money and are still in search of some guidance when it comes to entering the small business arena. Always be on the lookout for buying a franchise opportunity that is not seasonal but can still rake in the cash for you.
1. Budget Everything
First and foremost, you need to have a budget. Having a set budget will enable you to think of how much money you can actually spend on your franchise. It is best to be in touch with reality here since buying a franchise, as compared to just starting a small business from scratch, is not only risky but comparatively costly as well. So you need to be fully aware of what you are putting your money into and if it is truly worth all that trouble.
2. Choose Wisely
This brings us to the next highly important thing that you need to consider when buying a franchise: the countless franchise opportunities out there. Keep in mind that the success rate of buying a franchise is lot higher than just a starting small business. Look for franchise opportunities that are considered hot.
Still you have to think twice (or maybe a million times) before buying a franchise. Not only the ones that are deemed as hot but for any franchise. One day their products might be selling like hotcakes and are considered as a hot commodity but what about after the season or at the end of the year? Are they still hot? Are they still selling? Some franchise opportunities unfortunately fall flat on their faces after they have over saturated the market with their products.
3. Understand The Business
When it comes to finally committing to buying a franchise, the franchisee must fully know and understand the policies of the franchise opportunity that he or she is actually buying. The contract for example, should always be understood well by the franchisee before signing it. Mere coaxing from the company and just mere verbal word play are something that companies use on new entrepreneurs just to make them see it their way which is why when it comes to buying a franchise, entrepreneurs must always proceed with caution.
A good franchise opportunity should be able to provide the franchisee with various benefits and services that the franchisee is entitled to from the moment that he or she signs on to buying a franchise. Such benefits include the franchisor providing the training, marketing, and support needs of the franchisee. Franchisors that do not comply with such benefits should be seen as dubious since they are just merely trying to make some extra profits from the franchisee and are not exactly interested in helping him or herself out in this small business venture.
Before signing the bottom line, consider the following:
1. Proper Training
Most franchisors will actually offer to help your small business to get some added leverage by helping you first establish, run and as well as expand you small business. Buying a franchise clearly has its perks since newly started entrepreneurs will have the opportunity to learn the ropes from established businesses.
2. Financing
Contrary to popular belief that you must have a lot of money for you to be able o acquire the franchise of your dreams, a lot of franchisors actually provide their franchisees with some highly flexible financing options.
3. Proven Products and Methods
When it comes to buying a franchise, it is highly important that you take not of the ones that are really in-demand and are not seasonal. When it comes to having a franchise as compared to starting your own business out of nothing, you will actually have the confidence at heart that your products and services will sell because it already has a proven market.
4. The Cons
- Fees
Franchisees always face this problem when it comes to buying a franchise. Since franchises are highly expensive, there are usually ongoing payment that the franchisee must pay to the franchisor as a result of the royalty fees as well as the debt service that one must pay for when it comes to buying a franchise.
- Loss of independence
For those who are buying a franchise, you need to be reminded that since you did not come up with this business idea all by yourself, you must always adhere to you franchisors strict rules and regulations when it comes to the upkeep of your franchise. You should be able to adhere to the company’s good image and quality of products and services.
For more great franchise related articles and resources check out http://www.lookingforafranchise.com
Some of the brightest entrepreneurial minds on the planet have converged to bring us a new way to get there.
These guys promise exciting new options on the terminal horizon of our future commercial air travel vacations and business trips! The hub-and-spoke system of air travel has become outdated. Flying through Atlanta to get to anywhere on the planet is routine.
National Business Aircraft Association (NBAA) Fact Book 2004 reports that 30 out of the 550 commercial airports in the U.S. account for 70% of all of our air travel. Our skies are crowded around many major airports and the air traffic control system is rapidly approaching capacity. NBAA also reports that there are 5300 available satellite airports in the U.S. Many of these underused airports could be used by small jets to relieve this situation. "Very Light Jet" air transport technology is on track to make this a reality.
Very Light Jets are identified by other names including VLJs, Microjets, and Personal Jets. Their manufacturers are scheduled to begin deliveries worldwide within the next twelve months. With manufacturers reporting advance sales of thousands of these new planes, their customers are comprised of owner/ pilots, air-taxi fleet and charter operaters, private owners, and fractional providers.
Very light jets are considered to be a new category of plane because of their smaller cabin size compared to other business jets and they weigh less than 10,000 lbs. They are also powered by a group of newly developed and smaller jet engines.
Many groups are planning to compete for a piece of this new way to travel. These entrepreneurial efforts include a team headed by Donald C. Burr, founder in 1980 of the former airline, People Express. On March 29 Burr, his son Cameron, and associates made a Securities and Exchange Commission filing for their Very Light Jet Company, POGO.
Burr says "our intent here is to bring the private-travel market down from CEO level to manager-level people." The reported pricing plan of POGO is to provide a $3 to $4 a mile travel experience. This fare structure compares to retail first-class on most flights.
The commoditization of these Very Light Jet air-taxi seats will make this travel option available to progressively larger segments of air travelers.
The aircraft at the heart of this breakthrough technology will have one or two engines, glass cockpits, and seats for four to nine passengers. Their range will be over 1000 miles and they will fly at a speed of 340 to 380 knots and up to FL410. The turbofans that power these rockets produce 700 to 1700 pounds of thrust and weigh 200 to 300 pounds!
The VLJs will be certified and equipped to fly with a single pilot but most of the planes will likely be flown with a crew of two.
NASA's General Aviation Propulsion Program (GAP) ran from 1996 until 2002 on a mission to deliver a selection of vastly improved performance-to-price ratio General Aviation engines.
NASA and Williams International participated in the turbine portion of the GAP cooperative agreement and developed the FJX-2 turbofan. This prototype engine weighed 85 pounds and ultimately produced over 700 pounds of thrust with a thrust-to weight ratio over 8.2, the highest in commercial turbofan history!
The FJX-2 program inspired the development of the GE/ Honda HF118, Pratt & Whitney Canada PW615F, and Williams International FJ33, which are the production engines for the Very Light Jets. There are also many military applications for these new engines beyond their use in commercial aviation.
The aircraft are in various stages of manufacture and certification. Adam Aircraft Industries, Avocet, Aviation Technology Group, Cessna, Diamond Aircraft, Eclipse, Embraer, Epic, Eviation, Excel-Jet, Honda-Jet, Maverick, Scion, Spectrum, and others are at the starting line. Which manufacturers will win the high-stakes race?
What about our future vacations and business travel? Will we be comfortable in these small Very light jets? Will our kids miss running up and down the aisles and harassing the flight attendants? Will our spouses complain about the size of the bathrooms- and will we miss those hours spent at the Atlanta Hartsfield airport?
Stay tuned!
