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Posted by on Nov 17, 2012 in Food For Thought | 1 comment

Babies and Entrepreneurs: 8 Common Traits

Babies and Entrepreneurs: 8 Common Traits

I was playing with my one year old son the other day and it occurred to me that he was behaving in a very similar manner as many successful entrepreneurs I have been around. First let me introduce you to the little guy Kareem. Here are some of the behaviors he exhibits that he shares with successful entrepreneurs: 1- Sense of Purpose: From the second he wakes up, he gets going. He plays and explores the world around him. He is supercharged with this incredible energy. A few times in the day he will need to refuel and recharge. Believe me, when he’s hungry we have to feed him immediately! Entrepreneurs are driven by a vision and are known to have an incredible drive and energy to realize that vision. Many are known to see well beyond what everyone else sees and are willing to live through the ambiguity of how to get there. Look at Amazon’s Jeff Bezos, Virgin’s Richard Branson, Apple’s late Steve Jobs, and many others...

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Posted by on Nov 10, 2012 in Business Plan, Featured, Food For Thought | 0 comments

Funding Your Startup: 10 Options with Pros and Cons

Funding Your Startup: 10 Options with Pros and Cons

You might call it money, cash, dinero, masari, grimata, para, soldi, argent, dinheiro, moola, or something else. Whatever you call it, you need it to start and run your business. Many entrepreneurs don’t know where to go, are overwhelmed with the choices, or are unaware of some of the options for financing their businesses. Here I will list and expand on the funding options for your startup. To better understand the different sources of financing, lets first break them down by type and by stage they fit in. Then we will put them all together to make sense of it all: Type of Financing: Generally, financing comes in the form of Debt or Equity. Debt means you borrow the money from someone and agree to pay it back at a certain date, or schedule, along with interest. The lenders make their profit from the interest. The riskier your business is (i.e. chance of you not paying back the loan), the higher the interest rate they will charge you. This...

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Posted by on Nov 4, 2012 in Food For Thought | 8 comments

Save-Up to Start-Up

Save-Up to Start-Up

In a previous article, I talked about the 8 habits that hold corporate warriors back from entrepreneurship. Now, I want to talk about an external obstacle holding people from starting up. If you ask people why they don’t start-up a company for their idea, eight out of 10 will tell you “no money”. This is a formidable obstacle especially when you have financial obligations (e.g. family to support, debt to pay off, home to pay for, etc). However, many entrepreneurs started and succeeded despite having very little money to start with. Take Apple, which was started by Steve Jobs and Steve Wozniak who both had very little money and were working for large companies (Wozniak for HP and Jobs for Atari). They ended up starting and growing one of the world’s most valuable companies! There are plenty of other examples such as Mark Zuckerberg with Facebook. What is more encouraging is that it is easier to start a company today than it was before. The cost of starting a...

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Posted by on Oct 22, 2012 in Food For Thought | 1 comment

6 Steps To Apply Natural Selection To Give Your Customers Value

6 Steps To Apply Natural Selection To Give Your Customers Value

I first learned about the theory of evolution when I was a psychology student at university. I took a class on motivation with a professor who was a die-hard believer in the theory, particularly on its effect on our motivations (naturally). Charles Darwin introduced the theory of evolution to the world with his book On the Origin of Species. An essential part of the theory was the idea of natural selection, which is commonly referred to as “survival of the fittest”. Before I go on, I am aware that the theory is controversial, but its irrelevant to this article whether you agree or disagree with it. So hold back your punches and bear with me. Briefly, the theory of natural selection proposes that members of a species or population have mutations over time. If the members with the mutations adapt to their environment better, they are more likely to survive, reproduce and pass it on to their offspring. Over time, this mutation becomes “standard option” since the members with...

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Posted by on Oct 14, 2012 in Food For Thought | 19 comments

8 Habits Holding You Back From Entrepreneurship

8 Habits Holding You Back From Entrepreneurship

I have come across many people who have been working for a long time in large companies, had plans to start their own businesses, but sadly most don’t make that leap. My father, may he rest in peace, was a corporate warrior. For the bulk of his career, he worked for a large firm as head of personnel and administration. He was very good at his work and had a great deal of experience. I frequently went to him for professional advice when I was grappling with an issue at work. Each time revealed to me the depth of his experience and wisdom. For a very long time, he had plans to start his own business. He had many ideas that included setting up a farm, a restaurant, chocolate shop, apparel store, and many more. He was a very meticulous man with great attention to detail. He put together business plans for each of these ideas, but never pulled the trigger to start any of them. That got me...

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