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Chapter 1

Success as a Path

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Entrepreneurship Defined

• Having a vision and following-through to achieve that vision

• Setting your sights on what you want and doing what it takes to get there

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Entrepreneurship

Advantages

– You create your own destiny.

– Potential for limitless income.

– You manage your own time.

– Job security.

Disadvantages

– You’re in charge of everything.

– Income takes time to build.

– Your time belongs to the business.

– Job security relies on customer.

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Self-Employment Defined

Self-employment involves providing an income for yourself through the entrepreneurial vision of someone else.

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Self-Employment

Advantages

– Successful business model.

– Up-front costs are affordable.

– Potential for limitless income.

Disadvantages

– You must feel passion for it.

– You toe the company line.

– Pay your own benefits.

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Business Plans

• Your business plan is a road map for your enterprise.

• It maps out your goals and strategies for attaining them.

• Review and update your business plan each year.

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Ways of Funding a Start-Up

• Self-funding

• Friends, family, associates

• Commercial lenders

• Government loans

• Venture capital firms

• Angel investors

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Managing Infrastructure(physical and intellectual equity)

• Nourish the well-spring of your mind.– Be a lifelong learner.

• Find professionals you can trust.– Get recommendations.

• Seek out ongoing guidance.– Create an advisory board.

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Managing Systems

Companies need a systematic way to approach the work they do:– Create a plan.– Set networking goals.– Play the host.– Always follow up.

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Managing Money

Maintaining positive cash flow:– Focus on high profit items.– Pay yourself first.– Manage your operating expenses.– Negotiate with your vendors.– Pay bills promptly.

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Managing People

• Employees– Hire the best and treat them well.

• Key suppliers– Use tact and diplomacy.

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Intrapreneurship Defined

Intrapreneurship involves having a vision to create or to innovate something as an employee within a large corporation and taking responsibility for transforming the idea into a profit-making venture.

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Intrapreneurship

Advantages

– Support of a larger company.

– Earn rewards for contributions.

– Revolutionize the future.

Disadvantages

– Company may block you.

– You have to fight for your ideas.

– You pay whether your ideas fly or die.

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Managing Time

Time is money:

• Practice strategic time management.

• Delegate effectively.

• Tame the telephone.