Not even a degree from one of the nation’s most prestigious universities will help you excel at entrepreneurship, but it can swing the learning curve. I should know.
Before launching my second company Infographic World in 2009, I earned a Master of Business Administration from Binghamton University. While I’m certain that I’d still be an entrepreneur today if I hadn’t attended graduate school, that experience did help prepare me for the daily rigors of running a business. Among others, I’m able to create financial models and develop marketing campaigns. In addition, I was able to make connections with people who would later become key investors. I also learned how to manage people and businesses. Read the rest of this entry »
Nineteen years ago, I returned from my family’s winter holiday, unlocked a small, empty, rented office, and started my own tax and financial planning firm.
I knew what it would take for my business to succeed. I would have to become the best financial adviser I could be. I would also have to attract enough clients, and the right sort of clients, to support a growing company, as well as my young family, since my wife was then staying at home with our 6- and 2-year-old daughters. And, at some point, I was going to have to build a staff that could take the business to places I would never reach alone. Otherwise, I would not be creating an enterprise; I would merely be keeping myself gainfully occupied until retirement. If I had wanted to do that, there was no reason to leave my former job at a big accounting firm in the first place. Read the rest of this entry »
Forbes magazine has been hard at work with its calculators to reveal Africa’s 40 richest people – but the list has been scrubbed clean of any dictators. Top of the pile is Nigerian Aliko Dangote, head of food and cement company Dangote Group, with a net worth of $10.1billion (£6.4billion). Many of the country’s dictators such as Kenya’s former president Daniel Arap Moi and Equatorial Guinea’s President Teodorin Obiang are also billionaires, but Forbes discounts them as much of their wealth comes from being in a position of power.
Forbes describes the list as ‘a testament to the growing global importance of the continent’. The combined wealth of the 40 richest people in Africa is $64.9billion (£41billion) – and 16 of them are billionaires in their own right. There are no women on the list at all and the richest men are based in just six of Africa’s 47 countries – Kenya, Zimbabwe, South Africa, Nigeria, Morocco and Egypt. Dangote’s wealth has shot up by a staggering 557 per cent in the past year alone, according to Forbes. His Lagos-based company is Africa’s biggest cement manufacturer –and it also makes enormously popular food products such as noodles, spaghetti and milk.
Like any self-respecting high roller, 54-year-old Dangote likes to flash the cash. His 45th birthday present to himself, for instance, was a £28million bombardier aircraft, which he uses to pop over to London for meetings. Number two on the list is 66-year-old South African Nicky Oppenheimer, who has amassed a $6.5billion (£4.1billion) fortune through the lucrative diamond trade. He took the helm of world famous De Beers in 1998, but sold a 40 per cent stake in the company to Anglo American, which was founded by his grandfather, for $5.1billion.
You’ll find the third wealthiest African in Egypt. Nassef Sawiris has a net worth of $4.75billion (£3billion) and runs the country’s most valuable publicly-traded company – Orascom Construction Industries. Fifty-year-old Sawiris makes a bit of extra cash through stakes in cement firm Lafarge and Texas Industries. Completing the top five are Johann Rupert, the 61-year-old South African worth $4.7billion (£2.9billion) who heads Richemont, an umbrella company for the likes of Dunhill and Montblanc, and 58-year-old oil tycoon Nigerian Mike Adenuga who’s worth $4.3billion (£2.7billion).
Forbes never includes rulers in its rich lists, explaining that it’s hard to distinguish between wealth derived from entrepreneurship and that gained from being in high office. It said: ‘Forbes has long separated rulers and dictators from our annual rankings of the World’s Billionaires, distinguishing between personal, entrepreneurial wealth and wealth derived largely from positions of power, where lines often blur between what is owned by the country and what is owned by the individual.’ Were dictators to be included in Africa’s rich list Daniel Arap Moi would undoubtedly be near the top.
He ruled Kenya for 28 years and diverted a billion dollars from the government’s bank account to his own personal one, according to risk consultancy company Kroll Associates. Meanwhile, Egypt’s former President Hosni Mubarak has a fortune that Forbes puts at being ‘in the region of nine to 10 figures’. However, it’s almost impossible to calculate his precise worth. The magazine said: ‘It is almost certain that Mubarak diverted an enormous amount of his country’s funds into his personal piggy bank.’ Equatorial Guinea’s President Teodorin Obiang has a $600million fortune, according to Forbes, but it is convinced that a lot of this has also been amassed by siphoning off state funds. (DailyNews)
Nike, Ralph Lauren, and Apple; these are all brands we are obsessed with on a daily basis and associate with high quality and prestige. All these brands have invested millions of dollars and manpower in order to maintain their status and continue the legacy of their brands. While we face an influx of advertising, there is a brand we are heavily vested in that doesn’t get the attention it deserves: ourselves. Whether we are hanging out at social events or working day-to-day at our jobs, everyday we are building our brand for better or for worse. For those running their own business, the personal brand becomes critical.
While many people like to think they make decisions on pure rationale, at the end of the day many decisions are made on the concept of “fit.” During many job interviews, interviewers often cite someone not being the right fit as the reason for not hiring him or her. For business owners, many customers decide on purchasing a product or service based on the perception of the owner or sales team.
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The beauty of studying successful entrepreneurs is that you can learn what took them 30, 40 and sometimes 50 years to learn in a matter of hours. And no matter what industry you’re focused on, you can always find that common thread that links everyone together.
So even when you think business owners like Tiffani Bell, Daymond John, Jacqueline Nwobu andDamone Roberts are worlds apart in terms of experience in the game, you’ll find that they all share at least one or more of the following attributes.
1. Passionately curious Most entrepreneurs have an insatiable appetite for information about their field and related industries because they are always searching for that tiny nuance or lingering question that could lead to their next big break.
2. Have a great team No self-made man ever got that way on his own, which is why most successful people in business surround themselves with individuals that are often more intelligent and capable than they are. Oh, and then they delegate which is a huge reason why it seems like they are able to do it all.
3. The right to be wrong They say that the fastest way to get to success is to experience your fair share of failures. Because if you’re not failing then that means you’re not taking any risks.
4. Laser-like vision and focus The most revered business owners are known for sticking to their plan no matter what is happening around them. When the proverbial blinders are on, no industry change or economic volatility can deter them. Read the rest of this entry »
This article originally appeared at American Express OpenForum
There’s a lot we can learn from the Kardashian family about running a business. Scoff and roll your eyes if you will, but the litany of licensing partnerships netted Kardashian Inc. a staggering $65 million in 2010. That’s more than Tom Cruise, Angelina Jolie and Sandra Bullock combined.
In case you’ve managed to avoid knowing who the Kardashians are, they’re currently the most successful family of socialites-turned-reality TV stars in America. Viewed on the E! Network, they’re in the sixth season of their wildly-popular show “Keeping Up with the Kardashians,” and they currently have three spin-off shows with a fourth in the works. But their revenue streams exceed television. Led by matriarch Kris Jenner—a savvy businesswoman who has monetized everything from her daughter Kim’s famed sex tape, to diet pills, fragrances and clothing lines—the “famous for being famous” family has figured out how to live the American Dream while thoroughly and shamelessly enjoying the work. Read the rest of this entry »
Nolan Bushnell said….“The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.”
A lot of people have brilliant ideas that can transform their lives, but have been sitting on those ideas waiting for the right time to come. many have died with their innovative ideas that could have transformed the world. Procrastination is the thief of time. The time to act is now, not, tomorrow or next week. Foe how long are you going to dream? Act TODAY AND TAKE YOUR RIGHTFUL PLACE.
Businesses spent huge sums of money running adverts and promotions in a bid to capture a sizable market chunk. The market place is now a fierce battle ground where cut-throat competition is the order of the day. Many strategies are used in order to capture and win customer’s trust. Market supremacy can not be achieved if basic tenets of marketing are not followed. In order for busineses to capitalize on their marketing spent and start realizing returns the following can be done:
The first question to ask is why should customers choose my product/service ahead of company X? What is the one thing that can distinctly separate my offer from competition?. Answering these questions provides a platform upon which a business can come up with a clear and distinct competitive clout. This platform will now be used as arsenal in the battle for supremacy in the market place. USP should be very clear, distinct, precise and differentiated.
The best way to come up with a winning USP is to identify a gap in the market. Your USP should adequately and practically address the shortfall and provide a winning solution. Make sure your product/service delivers on this promise.
The second question is to ask who your target customers are. Who are they in terms of various customer descriptor variables. Customer information can be classified into Demographics and Psycho-graphics. Demographics relates to customer information such as location, age, gender, income, education e.t.c, while psycho-graphic information looks at motivations that drive purchase behavior.
Check out part two!!!!
In order to succeed as an entrepreneur, you need to understand and appreciate the essence of saving money. Money is a commodity which makes our lives easy and brings a lot of comfort in life. Money is a commodity which you need to use to make more money for you. But how do you do this?. You can do this by investing your money wisely.
Investing is not a sure thing in most cases, it is much like a game of cards – you don’t know the outcome until the game is concluded and a winner is declared. Anytime you play any type of game, you have a strategy in mind on how you can win that game. This principle also applies when you are investing your money.
You need an investment strategy in order to safely navigate the mucky waters of financial instruments . An investment strategy is basically a plan for investing your money in various types of investments that will help you meet your financial goals in a given time. Each type of investment contains individual investments that you must choose from. The stock market is a type of investment, with different types of stocks, which are held by different companies in different sectors of the economy. If you haven’t done your research, it can quickly become very confusing – simply because there are so many different types of investments and individual investments to choose from. This is where your strategy, combined with your risk tolerance and investment style all come into play.
If you are new to investments, work closely with a financial planner before making any investments. They will help you develop an investment strategy that will not only fall within the bounds of your risk tolerance and your investment style, but will also help you achieve your financial goals. Never invest money without having a goal and a strategy for reaching that goal! This is essential. Nobody hands their money over to anyone without knowing what that money is being used for and when they will get it back! If you don’t have a goal, a plan, or a strategy, that is essentially what you are doing! Always start with a goal and a strategy for reaching that goal!
Different Types of Investments
There are three different kinds of investments. These include stocks, bonds, and cash. Sounds simple, right? Well, unfortunately, it gets very complicated from there. You see, each type of investment has numerous types of investments that fall under it. There is quite a bit to learn about each different investment type. The stock market can be a big scary place for those who know little or nothing about investing in stocks. There are also three types of investors: conservative, moderate, and aggressive. The different types of investments also cater to the two levels of risk tolerance: high risk and low risk.
Conservative Investor
If you are a conservative investor your best bet will be investing in cash. This means that you can put your money in interest bearing savings accounts, money market accounts, mutual funds, Treasury bills, and Certificates of Deposit. These are very safe investments that grow over a long period of time. These are also low risk investments.
Moderate Investors
If you are a Moderate investor you could invest in both cash, bonds and you may also dabble in the stock market. You can also invest in real estate, providing that it is low risk real estate.
Aggressive Investor
If you are an aggressive investor you can invest in the stock market, which is higher risk. You can also invest in business ventures as well as higher risk real estate.
Caution: Before you start investing, it is very important that you learn about the different types of investments, and what those investments can do for you. Understand the risks involved, and pay attention to past trends as well. History does indeed repeat itself, and investors know this first hand!. You can borrow a leaf from Warren Buffet, the world’s number one investor who has defied all odds and consistently reaps big on the stock market.
In order to deepen your knowledge on various investment vehicles available, you can buy a book entitled, ‘The Real Warren Buffet by James O’ Loughlin. Suggestions and contributions on other investment vehicles will be greatly appreciated.
First ten people to comment and make contribution to this post will receive my free eBook titled ‘Real Estate Investment Secrets.
To your successful investing!!!!!
