Archive for the ‘The Entrepreneur’ Category

h1

Does the way only reach your goal?

September 6, 2007

by Tetsutaro Mameda

One of the characteristics of entrepreneur is always seeking opportunities. In Magdalena case, she did not have consistency. She worked in engineering, marketing etc. She took many different paths.

On August 23, we had guest speakers from Today’s Mama. They talked us their business plan. They changed the business plan five times in three years. Their first business plan was publishing the book. Then they adapted community web site to keep touching their customers which are mothers. They try to push forward themselves because someone passes them if they stay current place. It reminded me one fairy tale which about race between rabbit and turtle. The rabbit runs much faster than the turtle. However, the turtle won at the end of the story because the rabbit takes a nap in the middle of race.

We should not stay one place in the business. We need to seek opportunities to reach a goal.

h1

Honesty in a Business

September 3, 2007

by Tetsutaro Mameda

On August 16, we had a guest speaker. During the talk, he showed us his criteria for hiring an employee. One of the criteria is honesty.

What do you think that honesty is important in a business?

I agree with him. Honesty is one of the most important characteristic in a business. Recently few well known companies in Japan had scandals which came from dishonesty. Fujiya, for example, which is famous sweets company, used of expired milk in cream puffs. Other example is livedoor case. Livedoor was quick growth IT Company. However, its 90% of revenue came from financial business. The management group committed a financial fraud. After that, Japanese stock marked went down. Dishonesty is the cause of the scandal. They caused huge negative impact to economics.

An entrepreneur needs to keep honesty in s/he mind when a company is growing bigger and bigger. A small injustice reads to a huge illegality.

h1

Choosing Between Opportunities

August 24, 2007

by John Finlay

“Choose, but choose wisely,” says a grizzled thousand-year-old knight, as Nazis try to choose the true “Holy Grail.” They choose a a golden, jewel-encrusted chalice. They drink from it and whither into dust. In response, the knight sagely states that “He chose poorly.”

Now Indiana Jones chooses a ratty old wooden grail, drinks from it, and the knight with a twinkle in his eye says, “You chose… wisely.” Then Indiana Jones saves the day and they all live happily ever after.

Sometimes as entrepreneurs we are faced with choosing between multiple opportunities. How do we know which one to choose? Where is our knowledgeable knight to help us “Choose wisely”? The stakes are just as high. We could easily choose “poorly” and follow an opportunity that will cause us to whither under the pressures of an unhappy situation. We could also choose “wisely” and pursue an opportunity which leads to many personal rewards.

Some might say that you obviously choose the one that will earn you the most money. Given a good, thorough financial analysis, it shouldn’t be hard to figure out which one that is. However we know what happened to the Nazi who chose the “golden” chalice in Indiana Jones. Of course the financial rewards should be considered, but they shouldn’t be the only thing that you use to base your decision on.

In an article entitled “The Questions Every Entrepreneur Must Answer,” Amar Bhide gives us some guidance that can also be used to help us choose between multiple opportunities. There is no easy formula, but by exploring who YOU are, you can tell which opportunity would give you the greatest satisfaction.

Bhide’s thought provoking questions are meant to get you thinking about your goals and what it is that YOU want to accomplish. You may want a business that will make you a millionaire, or you may want to pursue an opportunity that will bring about the most good for humanity. Maybe you are interested in something that will bring you personal satisfaction, that you can brag about to your family. Maybe you want something with a little lower risk so that you can test the waters and see what kind of entrepreneur you are.

In the end you should consider the following taking into account feedback from family and friends:

  • Will I be happy doing this?
  • Will this help me meet my long term goals?
  • What are the risks and am I willing to take those risks?
  • What will it take to accomplish this opportunity and am I capable of doing it?
  • Does this opportunity match with my personal values?
  • Will I be able to support myself in the short term? What are the potential profits in the long-term?
  • Will the world be better because I did this?
h1

How do/should Entrepreneur’s manage employees?

August 7, 2007

by Andrew Snow

This week I have been contemplating how an entrepreneur manages people and how there is a fine line between that and how a professional manager manages. Like in most businesses skill, hard work, and luck turn that dream into a business success. At some point, as the company grows and matures, the founder faces a decision – should he/she continue to manage the company or stay with the dream. This example I have thought of ever since I have read an article from the Harvard Business Review, Magdalana Yesil. So, should the founder continue with entrepreneurial management or is it time to engage professional managers so the founder can devote more time to the company’s core idea? It is a question that our current company is facing now and must continue to be faced as our company continues to grow. When is the right time for the founder to pass along control of their dream to a professional? Some would have you believe it has to happen as soon as the founder begins to look for outside capital.

h1

The Importance of Developing the Right Relationships in Entrepreneurial Endeavors

July 26, 2007

by Tetsutaro Mameda

What is important for entrepreneurs to succeed?

I think the right relationships are very important to succeed. Entrepreneurs create their business ideas, take risks, and spend time for the business. However, many start up companies could not take off even though there were business opportunities. The right relationships is key of success. Some entrepreneur has great ideas but does not have marketing skill or other business skills. He/She can find initial employees, but he does not have enough option to hire.

Amar Bhide said “The lack of talented employees is often the first obstacle to the successful implementation os a strategy.” Person who succeeded, Ford for example, has great pertners. It is hard to put in every knowledge in one person. I believe the right relationships solve so many obstacles in the business.

h1

Why Entrepreneurs?

July 26, 2007

by Andy Snow

In our Entrepreneurship course, defining what an entrepreneur was rather difficult for me to wrap my arms around. In my current career, the company has been around for a little over 10 weeks. I term the founder as an entrepreneur and we have seen huge amounts of success within these past 10 weeks. Looking at my notes from the course, listening to our guest speakers, and from what I have observed within the current career, I have come up with 4 reasons how entrepreneurs succeed.

1) Desire – To succeed you have to have a massive desire to break out of the average ordinary. An entrepreneur’s desire for personal fulfillment and professional success is his number one key strength and that which will force him to start out in business in the first place. This desire to achieve will become a desire for success and this desire for success will be reflected throughout the business.

2) Positivity – Entrepreneurs have a positive mental attitude towards the job, their business and themselves; they are not restricted by disappointments and regrets and they look forward not backwards.

3) Commitment – To succeed you have to be committed to putting in the hard work necessary to build a business from the ground up. You have to commit to your beliefs and desires, you have to commit to your business idea and you have to commit to the employees within the company.

4) Persistence – When obstacles appear, when goal posts are moved and when ‘these things are sent to try us’ you have to persist with your ideas, persist with your hard work and keep focused on success. With patient and committed persistence the desired results will come.

h1

What is the Difference Between an Entreprenur and a Founder?

July 18, 2007

by Tetsutaro Mameda

During considering what characteristics an entrepreneur has, one word came to me. It was “founder”. Definition of founder is someone who establishes a business, organization, school etc. On the other hand, definition of entrepreneur is someone who starts a company, arranges business deals, and takes risks in order to make a profit. Both a founder and an entrepreneur start a business. A founder might take risks in order to make a profit. When an entrepreneur is introduce in front of people, he/she is called that “He/She is founder of this company.” So, what are the different between an entrepreneur and a founder? An entrepreneur equal to a founder?

In my opinion, an entrepreneur and a founder are the same person. However, time phase is different. There are phase of company: planning phase, starting phase, growing phase, then settling phase. During growing and settling phase, an entrepreneur becomes a founder because a company name is getting famous then everyone starts be interested in it and care about it, so he/she needs to have more longer term of vision.

What do you think about the differences between an entrepreneur and a founder?