(Business marketing) Entrepreneurship - Everything Starts with an Idea

August 20th, 2008 admin Posted in business |

By Paul Hata

Are you still mystified with what an entrepreneur is doing in his everyday life? Well, according to some people, entrepreneurs are great thinkers and so they must be spending most of their time thinking of what new things they can offer to the world. This may be true and if you’re a beginner in the field of entrepreneurship, you have to get the best entrepreneur idea guide to get you started.

Entrepreneurs are generally business people. However, this is only half of who they really are.You see,entrepreneurs are also idea thinkers and deal makers. Through the available or existing circumstances, an entrepreneur can uncover new ideas and then turn them into a good deal.

Many entrepreneurs hardly ever concentrate on one business venture. THheir primary aim is to earn money so will try to venture into all kind of businesses as long as it provides a profit.

The business ideas created by a certain entrepreneur are often found in archives. This is because some business ideas may not be feasible at present and so they keep it for future use or reference. Those business ideas which have higher market feasibility are investigated further and if in case the entrepreneur decides to act on the idea immediately, he will put such ideas to work and earn money.

Feasibility studies are vital to every business venture. From the idea, the entrepreneur thinks of certain services or products and formulates questions. Oftentimes, the entrepreneur conducts surveys to potential customers and he meticulously records all the responses. The documentations made can be used by the entrepreneur once he secures capital from financial backers.

If the entrepreneur have the capital to finance the said business idea, then it will be good for him because he will reap all the profits. However, most entrepreneurs prefer to seek assistance from financial backers so that their decisions will not be affected by their own vested interest.

Different interest groups will look into the business ideas provided by the entrepreneur. If anyone from the group is willing to finance the business proposal, then they will have to contact the entrepreneur.

The business deals are usually carried out together with a lawyer so that everything will be formal and documented. Once the ideas are backed, the entrepreneur will start earning money. If the business idea proves to be successful, more money will come rolling in for the entrepreneur.

Being an entrepreneur is hard especially for beginners. However, with diligence, hard work, patience, knowledge, and a whole lot of other qualities, even you can become a successful entrepreneur.

At present, many entrepreneurs are into internet business. One reason is that many internet businesses are potential money makers and are not hard to handle. If you want to become an internet entrepreneur, make sure that you conduct your own research about it and how it is done. As beginners, you have to have to gather as much information as you can for the success of your chosen field.

Now that you know everything starts with an idea, you can already determine if being an entrepreneur is what you really want in life. Some say that if you want to become a successful entrepreneur, you have to be born with the characteristics of one.

However, you can work things out as you grow older and learn new things. So don’t get discouraged and try really hard if you’re determined to become an entrepreneur.

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Improve Your Business Model Concepts While Testing Specific Changes
By Donald Mitchell

How can you get your new business model into implementation faster without taking a lot of unnecessary risks?

Relax. While the experiments and tests are occurring, you can be thinking about the best course for your company.

A good place to start is to understand more about the elements that successful business models contain. Then, you can compare where you are with those patterns. The contrasts that come from this comparison will show you where more thinking can produce other ways to make progress while your tests of specific concepts are being conducted.

The most successful business models contain the same important elements, and you need to think about those elements in order to look for and check on ideas for improved business models.

First, the best business model in an industry creates many more resources for its stakeholders than it consumes itself in a ratio that is higher than what competitors offer.

Think of this as creating more financial as well as nonmonetary benefits for all those who come into contact with the company. The greater the ratio of benefit to stakeholders, the better the model.

Cytyc is a good example of such a company. As a start-up, the firm pioneered a new form of Pap smear test that is much more accurate than its predecessor. If a woman has cervical cancer and the disease is discovered early, she can always be cured.

Previously, many women who had cervical cancer received the erroneous information that they did not have cervical cancer when they did (and thus received no treatment) and they did have the cancer when they didn’t (and were frightened by an incorrect test result, and may have received unneeded treatment if a repeat test result was also faulty). The health, economic, and psychological benefits of the improved test to the women having the tests are obvious.

The cost of treating the early stages of this cancer is also much less expensive than having the patient get worse or die. This means that the demands on insurers and health care providers are less. Those who pay for health insurance will also have lower premiums. The community also benefits by having these women live longer, healthier lives as people others care about and rely upon in personal, family, and working relationships. Those who care about the woman also benefit from avoiding worry and having to do less to help her deal with her health issues.

Second, each stakeholder perceives that they will benefit more by encouraging the success of this business model than by supporting any other, or by ignoring the company which operates the best model.

When the competitive advantage among business models is very large in favor of each current and potential stakeholder, the company’s best interests become the individual stakeholder’s best self-interest as well. This circumstance can reverses the usual tension among a company’s stakeholders’ interests.

Haemonetics’ business model offers an example of providing a clear benefit to many stakeholders. Haemonetics is a global company engaged in the design, manufacture and marketing of automated blood processing systems. The company developed a business model vision of making safer and more economical blood components available when needed.

In the late 1980s and early 1990s, there was worldwide concern about transmitting viruses such as HIV through blood transfusions from donors. One of the technologies invented by the company, intra-operative autotransfusion, addressed this issue. Intra-operative autotransfusion allows for salvaging and washing of the red cells (a critical blood component) that would otherwise be lost by a patient during surgery. As a result, such patients are less likely to need red cells that are not their own in high-blood-loss surgeries.

In recent years, the company has followed this business model vision to address growing shortages of donated blood components. One solution was to offer a new intraoperative salvage device that can be used in a broader range of surgeries for patients to receive their own blood products. Another solution has come from introducing systems that allow blood centers to collect multiple units of needed blood components from a single blood donation without harm to the donor. With the new blood donation technology, costs are reduced, safety can be improved, and donors get the satisfaction of helping more people

There are many stakeholders involved with Haemonetics’ technology, including the patient, the patient’s family and friends, the hospital, blood donors, or other patients needing blood. For each of these, there is a clear benefit from a business model that makes safe and economical blood components available when needed.

Third, the best business models also seek to equitably share the economic benefits they generate with all stakeholders. Doing so creates a trust that permits people with otherwise widely differing interests to want to protect and support the business model.

Timberland is a good example of this approach. The footwear and apparel company sees its role as serving its stakeholders, and shares that perspective visibly and persuasively. Jeff Swartz, the company’s third CEO from the founding family, puts it this way. “Doing good and doing well are linked.”

He sees customers and consumers not as passive recipients of what the company provides but as “citizens” with a stake in the company who should be given every opportunity to tell what they want. Employees are not “hired hands” to be ordered around, but “paid volunteers” who come to work because they believe in what the company is doing. As part of this ethic, the company provides 40 paid hours of time a year for employees to do volunteer work. They apply this time to projects they care about.

Suppliers have to meet standards of quality on the products, and how they produce them. For example, Timberland wants to be sure that its products are not produced by child labor. Shareholders should get good financial results and the satisfaction of owning a stake in a company whose values they can be proud of. Mr. Swartz also sees his role as bringing the community into the company.

As two examples, Timberland provides day care on premises and also is a national supporter of City Year, a national youth service organization located in 13 cities around the United States. Many Timberland employees also work on City Year projects.

Company-sponsored volunteerism goes in so many directions, that Mr. Swartz doesn’t even try to keep track of all the activities it supports. While many other companies espouse these kinds of positive values, Timberland makes sure there is no mistake about its intent in order to be sure that resources its fine business model creates are shared fairly.

Fourth, the company’s business model would take a competitor many years to duplicate or exceed by any means currently available or potentially possible. In a world where competitive leads seem to be getting shorter and shorter, this sounds impossible. But the best business models have this core characteristic.

Invacare is a good example of this approach. The company started as a manufacturer of wheelchairs and expanded its business model to become the most efficient and easy-to-work-with, high-quality provider of almost everything you need when you go home from the hospital.

By combining product superiority and diversity with low costs in manufacturing and distribution through home medical equipment (HME) providers, the company’s business model could only be displaced by exceeding each element simultaneously. The company’s business model advantages have become so significant that other companies are hiring Invacare to handle their distribution. Each time that happens, the potential to overtake the Invacare business model is reduced.

To further increase its advantages, Invacare is starting to build a consumer brand image to create further preference for its offerings. Since many of these products are reimbursed by health insurance and Medicare, forms handling and interaction with health care providers are significant challenges that HME providers service well.

Having the HME provider as a customer lets Invacare build on the customer’s location advantages as well. Invacare has established a Web site to direct inquires to these stores in order to make them more successful in developing consumer business.

Donald Mitchell is an author of seven books including Adventures of an Optimist, The 2,000 Percent Squared Solution, The 2,000 Percent Solution, The 2,000 Percent Solution Workbook, The Irresistible Growth Enterprise, and The Ultimate Competitive Advantage. Read about creating breakthroughs through and receive tips by e-mail through registering for free at

http://www.fastforward400.com .

From Small Business To Big Business: Subway
By Cash Miller

The world is full of sandwich shops. Seemingly they are on every corner and within every strip mall. But there are a few that have managed to stand out from the crowd. They have in fact become so successful that they are known all around the world. Subway is just such a chain. In fact as far as franchises are concerned they are now the third largest in the world. Trailing only Yum! Brands and McDonald’s in total number of stores being operated. For those people looking to buy a franchise this one certainly has some things going for it.

So how did it all start? Well it all started with a thousand dollar loan from family friend Peter Buck to a 17 year old kid. Fred De Luca was the kid in question. At the time he was trying to raise money for college and thought that starting a small business might be a good way of doing it. He had aspirations of becoming a doctor at the time which is what Peter Buck Ph D. was. Hence the official corporate name of Doctor’s Associates Inc. which has absolutely nothing to do with any medical organization anywhere.

As soon as the doors were opened the business was started pouring in. Originally they had named the business Pete’s Submarines but over the radio it came out sounding like Pizza Submarines. So they soon changed the name to Pete’s Subway and eventually just Subway. Regardless of the name they definitely had a hit on their hands. From that first location they have grown to over 29,000 locations as of 2008. And they operate in 86 different countries all over the world. Truly they have become a global force in the fast food industry.

Subway is also responsible for one of the best known advertising campaigns in recent memory. Using Jared Fogle the college student that lost a whopping 245 pounds while eating Subway sandwiches and exercising. Their timing could not have been much better as America was in the midst of a health conscious craze. Still today Subway uses Jared to promote their products.

Each year Entrepreneur Magazine puts out its list of the top 500 franchise opportunities in business. And Subway despite some past problems here and there consistently ranks at the top of the list. In fact for 2008 they were ranked number two along with being ranked the third fastest growing franchise and the number one global franchise going.

What started with a humble beginning has blossomed into a global powerhouse that shows no signs of slowing down. Even the simplest of businesses can still do things better than their competition. So never think that just because your business idea is not new or seemingly innovative enough that you still can’t do it better than the next guy. In business you look to gain an edge over the competition and produce better results than they do. If you do then even the simplest of business models can achieve great success.

Cash Miller is an experienced entrepreneur and speaker who has spent over a decade as a small business owner. His years of experience in small business cover a variety of topics. If you are looking for more small business help please check out http://www.smallbusinessdelivered.com

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