Post Tagged with: "Small business"

 
  • Small Business vs Entrepreneurship vs Capitalism by Peter Ireland

    Small Business vs Entrepreneurship vs Capitalism   If you are trying to get a handle on The Tycoon Playbook as some still are, I think this may help.   Think of the business world as having three separate rungs. At the bottom you have the small business rung. The consensus definition of small business is that it’s primarily about having a steady pay-check for oneself with a little extra left over, hopefully, for the Golden Years. As a result, typical small business owners are concerned with playing it safe, taking as few risks as possible, and basically maintaining the status quo. Once a small business owner has reached a certain level of income their focus shifts to merely maintaining it rather than increasing it. Many small businesses can be found along the proverbial “Main Street.”   On the next rung up is entrepreneurship. Entrepreneurship is an entirely different game. It’s about marshaling resources and taking calculated risks to create something new that will hopefully reward the founders with substantial wealth. Entrepreneurship has no allegiance to the status quo. Rather it’s about starting from scratch and disrupting the marketplace. Most entrepreneurial ventures will be found in emerging industries and fast growth markets.   A few years ago I found myself in a heated exchange with a college business professor who was claiming that there is no difference between small business and entrepreneurship. I was flabbergasted by his inability to see the obvious differences.   The highest and most lucrative rung is capitalism. Capitalism is simple to grasp if you think of it this way. It’s about using capital to acquire more capital. To make the concept as simple and clear as possible, it’s about starting with a single cashflow, in most cases, and then using it to keep acquiring more cashflows until the clock runs out.   If you study how billionaires have made their fortunes over the past 200 or so years starting with the first tycoon, Commodore Cornelius Vanderbilt, you will see that wheeling and dealing in assets is the most proven route to great wealth. Most people today don’t understand this because for the past 15 years the media has been obsessed with the Internet and technology wunderkind.   This narrow focus has led the masses to conclude that the Internet is the only road to wealth creation. However, for every online success story you hear about there are hundreds of failures, and I am only counting the teams which had a shot a success. I am excluding all the one-person blogs and sites that comprise 99.9999% of the 250 million domains registered as of December 2012.   To put it bluntly, there’s just too much competition online today. All of the low-hanging fruit that could be picked by the little guy or gal was gone ten years ago. Today you need a high quality team and financial backing to go after any online opportunity still worth pursuing. Another serious problem with doing business exclusively online is the culture. No one under […]

     
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  • Daniel Isenberg On The Value Of Contrarian Entrepreneurs

    Part 1: Daniel Isenberg On The Value Of Contrarian Entrepreneurs Babson Global professor and author of ‘Worthless, Impossible, and Stupid’ discusses super chickens, mud-runs, and innovative education models in Part 1 of a 2 part conversation with Steve Forbes. Part 2: Behind Every Great Entrepreneur Is A Great Entrepreneur Daniel Isenberg, author of “Worthless, Impossible, and Stupid,” talks to Steve Forbes about entrepreneurial failures, successful micro-enterprises in Rwanda, and why startups must think globally in order to truly endure. Part 2 of 2.  

     
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  • GDP Growth – Infographics

    daily-infographic: Contributions to growth http://daily-infographic.tumblr.com/  

     
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  • Succession Planning for a Family Business

    “Succession Planning for a Family Business” Part 1 of 3 Michael Gray interviews attorney John Hopkins for Financial Insider Weekly about how to determine which child gets what proportion of your family business and some unique issues that come up when planning for the future of your family business. Part 1 of 3. Part 2 of 3 Part 3 of 3  

     
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  • Pramodita Sharma: Research on Women in Family Business

    Pramodita Sharma: Research on Women in Family Business Pramodita Sharma describes recent research trends regarding women in family business. She notes which trends are most relevant to women currently working in a family business, and she describes promising areas for future research.  

     
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  • David Bork on Family Business Boundaries

    David Bork on Family Business Boundaries David Bork describes seven critical boundary issues for family businesses: compensation, succession, siblings, spouses, non-family executives, spouses of family members, and confidentiality.  

     
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  • James Olan Hutcheson on “The Six Reasons Why Family Businesses Fail”

    James Olan Hutcheson on “The Six Reasons Why Family Businesses Fail” James Olan Hutcheson describes the six reasons for family business failure: a poor business concept; inexperienced management; poor planning; inadequate capital; inadequate financial controls; and “the family effect”.  

     
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  • “Talking Business Strategy” with David Norris, Business Consultant

    “Talking Business Strategy” with David Norris, Business Consultant David Norris from Active Assist Business Consultancy, discusses the “take five rule”, running effective boards in family businesses and the order of magnitude benefits on turnover by narrowing the business focus for small companies.  

     
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