INSIDE the ISSUE 2
Letter from the Editor: DeAndre Nixon
Are you a potential entrepreneur?
How old is too old to start a business?
Top Characteristics & Habits of Successful Entrepreneurs and Intrapreneurs Importance of assembling a good team for your business venture Creativity & Innovation: Core to Entrepreneurs & Intrapreneurs Four Basic Tips for New Entrepreneurs How Emotional Intelligence plays a role in Entrepreneurial Orientation The benefits of hiring an intrepreneur Turning business ideas to reality: Five essentials of funding
Education Around the World - Chile
52 56 60
Youâ€™ve Just Graduated? Entrepreneurship or a Corporate Job? So you want to become an entrepreneur to start a business. Construction Company Owner on Hands-On Education Benefits
Why Is the Moon Sometimes out in the Day?
67 70 71 72 73
Virtual reality for effective learning Maze Vocabulary Word Search Sudoku
20 24 28 32
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Founder/President of iN Education, Inc. and Editor in Chief of Zealousness Magazine Dear Readers, In today’s ever-changing workforce landscape, many of us seek stability, good income, and retirement security. So which is the “safe” way to go: entrepreneurship or a corporate job? In this issue we explore differences and similarities between being an Entrepreneur and Intrapreneur. We have interviewed entrepreneurs from local communities and we have a lot of inspirational articles for you as well: You’ve Just Graduated? Entrepreneurship or a Corporate Job?, Top Characteristics/Habits Of Successful Entrepreneurs & Intrapreneurs, How Emotional Intelligence plays a role in Entrepreneurial Orientation, Importance of assembling a good team for your business venture among others. Whether you are employed by a company or running your own business it is important to know what it takes to “stay in business.” It can be the difference between keeping your job or losing your job and staying in business or shutting down your business. More and more employers are seeking knowledge and researching ways to find or retain skilled workers as part of their sustainability plan. Things are not how they used to be as competition becomes stiffer. It is very important for everyone, including medium- and large-sized businesses, to keep up with the trends as the number of century old companies is decreasing. The average lifespan of a company listed in the S&P 500 index of leading US companies has decreased by more than 50 years in the last century, from 67 years in the 1920s to just 15 years today, according to Professor Richard Foster from Yale University (bbb.com). On the flip side, more and more Americans are finding ways to supplement their income. According to the article, 16 Surprising Statistics about Small Businesses by Forbes, approximately 543,000 new businesses are launched each month. Those new small businesses have generated over 65% of the net new jobs since 1995. There is no right or wrong here; however, it is important to become an expert at what you are doing as this will determine your value on the job market. Say NO to mediocrity on any level. Open up your mind and keep on learning every day!
YOUR CHANCE TO BE ON THE MAGAZINE What do you think are the Top up-and-coming Five careers? Send us a short 3-4 line paragraph or maybe a drawing expressing your thoughts! All submitted responses will be posted on the website and the top two will be featured on our next issue!
ZEALOUSNESS TEAM EDITOR IN CHIEF
EDITORS John Himes Priyanka Lauren Kirk Jessica Y Sinha Sabrina Campanella
WRITERS Anjali Nick Harris Lauren Kirk Erica Murphey Nidhi Memon Shweta Roy Nupur Srivastava, Ph.D. Sita Singh Acsah Zachariah Richard Wu
PRODUCTION ARTISTS Ronalyn Concepcion Katie Rizzo Hai Van Van GRAPHIC DESIGN/ VIDEO PRODUCTION Sona Nixon Bowen Tang
Zealousness is an iN Education, Inc. e-magazine. Copyright 2014-2018, All Rights Reserved.
firstname.lastname@example.org 3867 West Market Street, Suite 166 Akron, Ohio 44333 SUMMER 2018 3
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Are you a potential entrepreneur?
ARE YOU A POTENTIAL
by Nupur Srivastava, Ph.D.
One of the joys of becoming an entrepreneur is that sometimes you
not only challenge the rules, but also get a chance to break them. As Anglican Bishop Alan Wilson has noted: “If nobody ever experimented with going ahead of the rules, the rules would never change and that’s the evolutionary process. . .”
Who is an entrepreneur?
preneurs can be anyone - men and women, of The most general and probably the earli- any race, both young and old, genius and not so est meaning is “celui qui entreprend quelque genius, person with disabilities, need not to be chose,” which literally means “he who gets rich. things done,” in other words an active person. Entrepreneurs have always been with us like 10 important skills to become an efhunters and gatherers who thought of doing fective entrepreneur things differently. Some ancient entrepreneur What is the secret to successful entrepreneurdecided to plant crops and raise domestic an- ship? Is it: imals. According to the Global Entrepreneurship Monitor (GEM), there are those who become entrepreneurs by necessity (no income, starving, etc.) and those who are opportunistic (exploit a need, market, invention, etc.) (1) The entrepreneur is an individual who establishes and manages a business for the principal purpose of profit and growth. The entrepreneur is characterized by innovative behavior and will employ strategic management practices in the business. Entre-
• PASSION • VISION • FOCUS • INTELLIGENCE • GRIT? While there is no recipe for becoming a successful entrepreneur, certain characteristics are associated with entrepreneurial success. The research team at Harvard Business School led by HBS Professor Lynda Applegate administered a
Are you a potential entrepreneur?
self-assessment that combined literary reviews How can one develop the entrepreneurship and entrepreneur interviews. Here are ten im- skills? portant ones: • Self-assessment 1. Identification of Opportunities -To • By taking courses and a basic underdevelop skills and behaviors and seek out standing of accounting principles high-potential business opportunities. • Researching, and 2. Vision and Influence - The ability to in- • Joining organizations fluence all internal and external stakeholders that must work together to execute a busi- Are You a Potential Entrepreneur? You can ness vision and strategy. evaluate your entrepreneurial aptitude using 3. Comfort with Uncertainty this link https://www.surveymonkey.com/r/ 4. Assembling and Motivating a Business ucedc-assessment Team References 5. Efficient Decision Making 1. Malin Brännback, Alan Carsrud (2016) Fundamentals for 6. Building Networks becoming a successful entrepreneur from business idea to 7. Collaboration and Team Orientation launch and management. 8. Management of Operations 2. Chell, E. (2013) Review of skill and the entrepreneurial pro9. Finance and Financial Management cess. International Journal of Entrepreneurial Behaviour and 10. Sales - Promoting strong customer rela- Research, 19(1): 6-31. 3. http://thssbusiness.com/business-10/chapter-13.pdf tionships and engagement.
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Are you a potential entrepreneur?
CATEGORIES OF ENTREPRENEURSHIP SKILLS IDEA IDENTIFICATION/CREATION •Idea generation / envisioning •Opportunity recognition means-end analysis
•Ability to acquire information about a potential opportunity, domain knowledge and associated skills •Recognition of social / market need
CAPITALIZATION ON IDEAS •Awareness of environment and factors conducive to opportunity exploitation •Ability to garner the necessary material resources •Ability to convince others of the value of an opportunity •Networking and social embedding
TRAITS/BEHAVIORS •Self-belief, self-awareness, trust in own judgement etc. •Ability to manage risk and shoulder responsibility •Ability to endure and cope with difficulties - Energy, motivation, persistence etc.
Source: adapted from Chell (2013, p.12)
MANAGERIAL/LEADERSHIP SKILLS •Ability to manage others •Ability to overcome institutional and other constraints •Ability to develop an idea into a commercial opportunity •Decision-making capability
How Old is Too Old to Start a Business?
How O L D is Too O L D to Start a Business? by Shweta Roy
You are never too young or too old to start a business. The truth is, there will never be a good time until you can do away with the thoughts of various hurdles you might find lingering around your mind. Poignant examples of such hurdles could be: age, the responsibilities that come with age, and social construct surrounding age in general.
If you are ‘too young,’ some might consider you to be lacking experience. It is not uncommon for young entrepreneurs to face age-based stereotypes that seem to limit one’s chances of obtaining their goals, and navigating the complex path towards entrepreneurial success. In a similar fashion, if you are now in the ‘later’ part of your life, some may assume that it’s time for you to retire, ‘throw in the towel’, or that your ideas are too ‘old school’. Further, with ageing also comes various responsibilities like starting a family, caring for that family as it continues to grow, saving up money for your kid’s college, and/or paying towards a mortgage or student loan debt. The accountability of adulthood is infinite, it is duties like these that can make starting your own venture feel constantly out of reach.
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How Old is Too Old to Start a Business? Opportunities can come as a teenager1. Matt Mullenweg, who invented WordPress in 2003, was just 19 years old . WordPress is currently an extremely successful blogging platform that is used on a global scale. 2. Isabella Dymalovski founded Luv ur Skin when she was only 14 years old . Luv ur Skin is a natural skin care company, only for girls, made with botanical ingredients. . 3. Noa Mintz, who is only 16 years old, founded her own nanny agency, Nannies by Noa2 It is a responsible and well-known childcare agency in the New York city and the Hamptons area. Opportunities can come as a young adult 1. Mark Zuckerberg- He created Facebook from his dormitory room when he was in his early 20’s. Today Facebook has more than 2.13billion monthly active users for 2017 . 2. Adam D’Angelo started Quora in 2010, when he was only 25 years old . Since then Quora has become a massive and well-known site for questions and answers. 3. Mike Kriegar, 25, and Kevin Systrom, 27, founded Instagram in 2009 . This app now, is one of the most popular social networking sites with almost 800 million users.
Opportunities can come later in life-. 1. Robert Noyce, founded Intel at the age of 41. Intel is an American multinational Corporation and technology company with their headquarters situated in Santa Clara, California6. 2. Leo Goodwin founded GEICO at the age of 50 in 1936 in Washington, DC . Today it’s extremely flourishing with over 14 million policyholders to date6. 3. Harland David Sanders franchised the famous Kentucky Fried Chicken (KFC) at the age of 62, in 19526. Today, it has its empire extended in 118 different countries with 18,800 outlets. The above individuals are just a handful of the many inspirational journeys demonstrating just how irrelevant age barriers can be. The aim of a perfect entrepreneur would be to build an environment that can thrive; those who thrive will exist and flourish. So, go ahead-be your own boss today
How Old is Too Old to Start a Business?
References: 1. Cathy Matusow (October 28, 2004). “The Blog Age – Page 4 – News – Houston”. Houston Press. Retrieved 2013-06-15. 2. “18 Under 18: Meet the Young Innovators Who Are Changing the World.” Fortune. Accessed April 03, 2018. http://fortune.com/2016/09/15/18-entrepreneurs-under-18-teen-business/. 3. Carlson, Nicholas (March 5, 2010). “At Last – The Full Story Of How Facebook Was Founded”. Business Insider. 4. How did DAngelo and Cheever come up with the name Quora?”. Definition.net. March 12, 2018. Retrieved March 12, 2018. 5. Lagorio-Chafkin, Christine. “Kevin Systrom and Mike Krieger, Founders of Instagram.” Inc.com. Accessed April 03, 2018. https://www.inc.com/30under30/2011/profile-kevin-systrom-mike-krieger-founders-instagram.html. 6. Entrepreneur Philippines: Business Ideas for Entrepreneurs.” Entrepreneur.com.ph. Accessed April 03, 2018. https:// www.entrepreneur.com.ph/.
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Top characteristics & habits of succesful...
Top characteristics & habits of succesful...
Top Characteristics & Habits of Successful Entrepreneurs & Intrapreneurs by Acsah Zachariah Have you ever found yourself wondering what
exactly is difference between an entrepreneur versus an intrapreneur? An entrepreneur is someone who tries to come up with a feasible solution to solve a problem, in a reasonable way. Intrapreneurs behave exactly same as that of entrepreneurs, except they do not start their own business; instead they opt to work for someone else. Now-a-days, it seems like almost everyone aspires to become an entrepreneur in an effort to gain financial independence and assert control over their own life. Yet, as the saying goes, such level of autonomy is “easier said than done”. When we look at successful entrepreneurs, we are typically looking at the end state, the goal that has been achieved. We often aren’t privy to the years--sometimes decades--of sacrifice, hard work, and tenacity that becomes the foundation for the ladder of success. You see, to become an entrepreneur, one needs to start working from the basement, sometimes literally. Beginning with an innovative idea, entrepreneurs then must cultivate a means of bringing such innovation to the market. This encompasses everything from branding, to marketing, to production, to re-investing capital into growing the company, and so on. It can be an extremely taxing venture; a lifestyle not for everyone. For those who prefer a less risky means of working towards their professional goals, there is intrapreneurship. With intrapreneurship, you can work as an entrepreneur within an organization. Herein, intrapreneurs are typically afforded the opportunity of bring-
ing their innovative ideas to market without having to sacrifice their own personal capital or job security to do so. Though entrepreneurs and intrapreneurs are both alike, there are distinct differences in how they apply their skills in the professional world.
RISK TAKING Elon Musk, co-founder of PayPal and Tesla Motors; founder of SpaceX, says ‘When I started SpaceX, dedicated to reducing the cost and increasing the reliability of space missions, I’d never been involved in designing anything and had no experience in the aerospace industry. I even ended up pouring in most of the capital from the sale of PayPal. (SpaceX’s annual revenue is now over $100 million. In December 2008, SpaceX won a $1.6 billion contract with NASA to re-supply the International Space Station, an international research facility.)’ Though taking risks can be scary, as an entrepreneur, it is most often the vital difference between a successful business and a non-successful one. As with many risks, the higher the gamble, the greater the reward. It is never guaranteed that you will win the situation, but rest assured you will always get a chance to learn from any mistakes. There is a major psychographic difference in risk taking between intrapreneurs and entrepreneurs. When it comes to entrepreneurs, simply taking risks is not enough. Instead they often calculate every move and find a way to reduce risk on each . Leaving too much to chance
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Top characteristics & habits of succesful... will lead them to failure than success, which oftentimes leads to the perish of ones’ dream business. Hence, we can confidently assume that, as an entrepreneur, being a calculated risk taker is vital. If such is often true for entrepreneurs, what are the risk-taking characteristics when it comes to an intrapreneur? Intrapreneurs consciously choose to receive a paycheck from the organization instead of a large ransom close at hand. For them, the risk is related to their career; a noteworthy slip can jeopardize their job as well as the professional emolument.
EFFECTIVE DECISION MAKING Strong decision makers tend to be the pillars of successful endeavors. A beneficial decision at the right time can take your business to peaks. At the same time, a hasty and/or uninformed decision could potentially affect the success rate of the product, loyalty of employees, and potentially ruin the business entirely. Being an entrepreneur, you hold the responsibility of the direction your company and/or product will continue. The infinite decisions associated with this, from fiscal, to branding, to who you hire as the janitor, begin from day 1. Intrapreneurs aren’t necessarily free from decision-making either. From the initial decision to apply for and accept a position in line with your passions, intrapreneurs consistently choose to remain within and navigate the professional culture put forth by their employer. If that culture does not align with an intrapreneur’s morals and/or values, they then can choose to either a) take effective action to enforce needed change, or b) choose to move on to a different position, company, and culture. In sum, an entrepreneur remain the primary independent decision maker whereas intrapreneurs are more often dependent on the enterprise, its culture, and leadership.
INNOVATION - BLAZE A TRAIL Innovation remains vital to the workplace as it provides companies with the necessary ‘edge’,
leveraged to penetrate markets faster or providing a more successful connection to developing markets- on the global scale, this can lead to opportunities with higher pay-offs, especially in riskier markets. For example, establishing a cable-wifi company in America might prove difficult due to the saturation of the market- making it extremely difficult for a small business to compete with the low prices of bigger companies. However, that same service might yield a much greater pay-off if the small-business owner happened to be contracting with governments of much less developed countries. So, what is innovation? BusinessDictionary.com states that in order for an idea to be considered innovative it “…must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products.” From both an entrepreneurial and intrapreneurial perspective, thinking about new ideas is just the first step, turning that into an actual product or service that will benefit the customers is what will take you from a dreamer, to a doer. While entrepreneurs can be the driving force behind taking an innovative idea and turning into a successful business venture, intrapreneurs tend to be the drivers of innovation in an organization. Intrapreneurs are vital for the continued success of an organization as it moves to remain current in any competitive market. In other words, Entrepreneurs initiate the spark, Intrapreneurs keep the flame.
DID YOU KNOW? Did you know how Gmail has emerged? Google is a company that support intrapreneurship by allowing their employees to use 20% of their work time to develop personal projects that are related to the business. An employee, Paul Buchheit, came up with the initial idea which then led the organization to create one of the most widely used email platform.
Top characteristics & habits of succesful...
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Top characteristics & habits of succesful... INTERPERSONAL SKILLS
Chris Roebuck (2004) defines “Entrepreneurial Leadership is organizing a group of people to achieve a common goal using proactive entrepreneurial behavior by optimizing risk, innovating to take advantage of opportunities, taking personal responsibility and managing change within a dynamic environment for the benefit of the organization”. Building a business is rarely based on the performance put on by a single person. It usually requires teamwork, ability to trust each other and effective communication among team to take the business far. For an entrepreneur, leadership quality is essential in such a situation to retain the employees in the path of success. Being a leader, you need to be trustworthy and honest with the employees throughout the journey. In addition, a thorough knowledge of motivational factors for others can be helpful to keep the talented workers. Although leadership plays a pivotal role for an entrepreneur, it is not DEDICATION TO IMMERSE THEM- crucial for an intrapreneur. Intrapreneurs typically abide by the rules and regulations set by SELVES entrepreneurs to reach their goals. In sum, enOne of the most important characteristics that trepreneurship can be considered as a different makes entrepreneurs and an intrapreneurs breed of leadership. similar is their passion towards a specific end. Passion is typically defined as one’s drive, am- VERSATILITY bition, and love of what you do and/or who you serve. Think of a time you found yourself doing Changes are inevitable in business as well as or participating in something that you were not in any given market, domestic and global. It is at all interested in. You probably felt bored, or important for one to be prepared for changbecame easily frustrated if you happened to not es. Along the path to success, one may need to immediately achieve an expected result. This is develop or modify their innovative product or where the energy of passion can mitigate the idea; sometimes re-directing their efforts to a new venture entirely. It is important to realize success or failure of a specific endeavor. Typically, with passion comes an insatiable in- this from the beginning and maintain the unterest and drive to accomplish your goals; you derstanding of how vital the quality of flexibility might find yourself immersed, losing track of can be in competitive markets. time; it’s much more palpable to retain a sense of hope and dedication, regardless of the immediate sacrifices, when you are ignited by the flame of passion. “When you believe in a thing, believe in it all the way, implicitly and unquestionable.” – Walt Disney Interpersonal (or, ‘people’) skills are vital to establishing and maintaining connections with employers, employees, as well as current and/ or future clients. A leader with poor communication skills can fail to gain the trust of employees, which in-turn can suppress productivity. As an entrepreneur, you need to have a strong set of interpersonal skills to interact with others in order to ignite that spark of innovation. However, as an intrapreneur, social skills can be of less importance. If a person is a problem solver with high creativity, entrepreneurs will find that person within the organization and seek help from them. However, entrepreneurs need to reach out to different people to increase the popularity of the product or business. Unlike intrapreneurs, they need to manage different kind of people in the company to improve their business.
Top characteristics & habits of succesful...
BEST SUCCESS PRACTICES AS AN ENTREPRENEUR As you know, there is no shortcut to success but there are few small practices which will help you to cultivate success as an entrepreneur, specifically. Whether you are planning to start your own business or are in the midst of developing your venture, adding the following practices in your daily routine will help to earn reputation. CLEARLY DEFINED VISION Develop a practice to imagine yourself in a position that you want to be. All things are basically created twice: once in our mind and once in the actual. What happens in the physical environment usually follows what we imagine in our own mind. Former Indian president, Dr. APJ Abdul Kalam once said, “...without vision, you cannot be a leader” Hence, it is important to take the time and visualize yourself as you aspire to be- who you want to be and what you want in your life, along with the work and tasks required to reach those pre-determined ends. SET UP GOALS Having a clear vision is not enough, you must also dedicate yourself to specific, defined ends. Establishing goal will help you to achieve clearly defined reference points, and maintain your focus on your ultimate journey towards success. Goals are also important in that they allow us to compartmentalize and organize our time effectively, mitigating the possibility of burn out should we begin to feel overwhelmed by our larger, vaguer aspirations. For example, creating a marketing flyer today is a much more achievable goal in the near future than “I need
to get the word out”. PLAN AHEAD Before you dive head first into the business world, it is vital you have a proper business plan. It will keep the company focused and on track to success. Herein is also a good opportunity to calculate the risk and benefits- plan for a period of being in the red. Don’t expect your company will immediately make money from the start. PRIORITIZE As an entrepreneur, time is money. Prioritizing your work will lend efficiency to your journey; helping to maximize the finite hours in a day as well as the capital required to sustain progress. A good technique can be to rank your tasks under 4 metrics: Important/not-important and Urgent/not-urgent. Things that comes under important and urgent need to be solved first. Likewise, you need to rank the rest of the tasks every day, which will make you more organized. PERSISTENCE Being persistent in striving towards your vision is crucial when it comes to maintaining a successful endeavor. Nothing rarely happens instantly when it comes to the corporate world. In fact, it may take years to reach your ultimate goals. Further, throughout this journey, you are bound to make mistakes and experience unexpected setbacks; sometimes big, sometimes small. Persistence is absolutely vital during this time. Optimizing and exploiting your lessons learned instead of allowing them to weigh you down will help maintain your motivation to grow both your business, as well as yourself.
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Top characteristics & habits of succesful... HOW TO SPOT AN ENTREPRENEURIAL SPIRIT IN YOU? The following are a few questions to assess yourself and your entrepreneurial mindset. There are no right or wrong answers in this quiz (This is not a scientific quiz). Try to choose the option that best describes you, answering as honestly and as spontaneously as possible for the most accurate result. Rate yourself from 1 to 3 for each question where 3 represents ‘Totally Agree’, 2 represents ‘Somewhat Agree’ and 1 represents the ‘Completely Disagree’.
1. When I take a new project, I like to take challenges on my own. ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 2. I can cope with stressful situations easily without affecting productivity ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 3. I love to take responsibilities proactively ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree ̚̚ 4. I trust my instincts and decide how to proceed with an assignment in a difficult situation ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 5. When others see obstacles, I see the possibilities to overcome them ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 6. I am not at all worried to express my opinions to others ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 7. I take a rapid-fire trial-and-error approach, trying lots of things as cheaply as possible, following up on what looks most promising ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 8. I can hang on in difficult situations and can come back quickly
̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 9. I believe it is possible to influence one’s destiny ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 10. When committed to a long term project, I work hard from the beginning to the end ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 11. I am not afraid of working overtime without interruptions ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 12. I don’t tend to give up until the end result is visible ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 13. I believe that teamwork provides the best result than solo work ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 14. I trust others when working as a team ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 15. I respect others opinion and consider them as important as mine ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 16. I connect with others and build strategic
Top characteristics & habits of succesful... relationships ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 17. I rank my work based on its importance ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 18. I prefer to create a proper strategy at first, to complete the work assigned ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 19. I am willing to spend more time until the best result is obtained ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 20. I can be disciplined when I need to accomplish a difficult task ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 17. I rank my work based on its importance ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 18. I prefer to create a proper strategy at first, to complete the work assigned ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree
19. I am willing to spend more time until the best result is obtained ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree 20. I can be disciplined when I need to accomplish a difficult task ̚̚ Totally Agree ̚̚ Somewhat Agree ̚̚ Completely Disagree
Total Score: _________ of 60 Interpreting Your Score: If your score is above 45, you likely have a strong skill set to become a successful entrepreneur. Scores less than 45 does not necessarily mean that you should not attempt to start a business. Identifying the weak traits and continue to develop your strengths. Remember, implementing a strategy to improve is the key to success. Remember, entrepreneurship does not also necessarily equate to success. Being a successful intrapreneur can still allow you to follow your passions and make a sincere impact in this world!
References: 1. “In Pictures: The Greatest Risk They Ever Took - Forbes.” Accessed April 11, 2018. https://www.forbes.com/2010/01/20/ gucci-indy500-letterman-entreprenuer-management-risk-greatest_slide. 2. “Babson College Professor Shares the Number One Characteristic of ....” Accessed April 11, 2018. https://startupnation. com/books/characteristic-successful-entrepreneurs/. 3. “What is innovation? - Business Dictionary.” http://www.businessdictionary.com/definition/innovation.html. Accessed 11 Apr. 2018. 4. “Be inspired: Five brilliant examples of intrapreneurship in action | Virgin.” Accessed April 11, 2018. https://www.virgin. com/entrepreneur/be-inspired-five-brilliant-examples-intrapreneurship-action 5. “12 Walt Disney Quotes That Will Inspire You | Bright Drops.” Accessed April 11, 2018. http://brightdrops.com/inspiring-walt-disney-quotes. 6. “Critical need for Entrepreneurial Leaders during turbulent times | Chris ....” Accessed April 11, 2018. http://www.chrisroebuck.co/critical-need-for-entrepreneurial-leaders-during-turbulent-times/. 7. “Former President APJ Abdul Kalam: ‘A Leader Should Know How to ....” Accessed April 11, 2018. http://knowledge.wharton.upenn.edu/article/former-president-apj-abdul-kalam-a-leader-should-know-how-to-manage-failure/. 8. “Entrepreneurial Profile - Entrepreneuriat.com.” Accessed April 11, 2018. http://entrepreneuriat.inforoutefpt.org/documents/File/ANG_Profil.pdf.
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The Importance of Assembling...
The Importance of Assembling...
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The Importance of Assembling...
The Importance of Assembling... aspirations of employees’ as they get to learn from other team members which would help them in the long run. The tasks are accomplished at a faster pace as every team member is assigned one or the other responsibility according to his specialization, level of interest and thus the output is much more efficient and faster. In a team, conflict resolution of a firm’s problem is sound as all the alternatives can be explored to come up with the best possible solution. Thoughts can be discussed among the team members and the pros and cons can be evaluated. The work never takes a backseat in a team as other members can pitch for the work in the absence of any member.
n entrepreneur as a lone hero battling against the storms of economic, government, social, and other environmental forces is a myth. Most successful entrepreneurs were either part of a team throughout or build teams for their venture. For instance, when we think about Apple Computers and its success, the name of Steven Jobs immediately springs to mind. However, while Jobs was the charismatic folk hero and visionary, it was Steve Wozniack who invented the first PC model and Mike Markkula who offered the business expertise and access to venture capital. Jobs himself said, “Making a product is hard but making a team that can continually make products is even A healthy competition among team members’ harder. The product I’m most proud of is Apple fuels better results as it has shown to increase and the team I built at Apple.” production. So, by channeling that increased production into a fun, inclusive team building Evidence suggests that irrespective of the activity, employees can bond in a way impossible geographic location, type of industry or by other means. Teamwork also reduces the the gender of founders there is a positive chances of unnecessary conflicts among the relationship between entrepreneurs who start employees and every individual tries his level an entrepreneurial firm in a team and their best to support his team member. success compared to entrepreneurs who start on their own. Firms founded by entrepreneurial In today’s intensely competitive world, teams were more likely to achieve fast growth individualism is doomed to failure. We must than firms founded by lone entrepreneurs. learn to work as a team to succeed. To achieve Without a good team, functioning of businesses becomes cumbersome, complex and timeconsuming; and hence most business owners are strapped for time and may go bankrupt just because they did not take an informed decision. The challenging tasks facing businesses today almost always require the input and expertise of people with disparate views and backgrounds to create cross-fertilization that sparks insight and innovation. To enhance an organizations’ performance, hiring a good team is paramount as it creates synergy – where the combined effect of the team is greater than the sum of individual efforts. It enables mutual support and learning and can generate a sense of belonging and commitment.
that we must know our own aptitude and position and that of the other team members, take the characteristic team dynamic into account, combine virtual with physical presence, and adopt a team spirit of sporting collaboration and continuous learning
Tell us what your thoughts! What is THE most important trait of a great team?
Good team brings in unique individual strengths email@example.com which in turn not only benefits the business in a holistic way but also quenches individual
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Creativity & Innovation: Core to....
Creativity & Innovation: Core to....
Creativity & Innovation: Core to Entrepreneurs & Intrapreneurs. by Anjali
Many of the firms in “The World’s Most Ad-
oriented. So, being creative doesn’t mean the eruption of those big-bang ideas from the cremired Companies” ranking of Fortune are lead- ative chambers of your mind. ers in Creativity and Innovation within their industrial segment. A further testament to The simple definition of innovation is the “introthe importance of creativity and innovation is duction of a new idea”. Innovation is also not shown in the US Council on Competitiveness necessarily disruptive all the time. It can be inReport that concluded that firms could main- cremental or evolutionary. The unique feature tain (or gain) market leadership only through of innovation when it comes to business or an Innovation. organization is using the new found ideas, betCreativity & Innovation in the workplace have ter and new processes as well as products that become increasingly important determinants of are created which ultimately satiates the expecorganizational performance, success, and long- tations of the end user. term survival. A cardinal sin that any businesses could commit – whether implicitly or accidental- Some of the Most Innovative Entrepreneurs & ly – is to stifle the creativity. Intrapreneurs of the world: A creative environment and a management structure that encourages idea generation and Steve Jobs: The co-founder of Apple Computinternal problem solving is essential in nourish- ers, which came out with some of the most ing the abilities of employees and in helping to innovative products and inspired future innominimize staff turnover. Nobody wants to be vations in computing and mobile technology. met with a metaphorical brick wall when at- Apple’s innovative product designs were major tempting to present ideas and innovations. market disruptors as they created a whole new
So, what is Creativity and Innovation? Creativity serves as a precursor to innovation, entrepreneurship and intrapreneurship. Creativity is an ability, an attitude, and a process. Creativity can be particularly useful for generating ideas and for problem-solving at work. Creativity can connote both “creation” & “recreation”. Recreation should be looked upon from the perspective of reinventing ideas, polishing them, making an idea more result/goal
league of products, which many claimed were way ahead of their time and were futuristic.
Walt Disney: Disney set up a small animation business and released several cartoon series, such as Laugh-O-Grams and Alice in Cartoon land. However, the business did not last long as they had to declare bankruptcy when the studio was not able to repay all of its debts. He took this as his cue to move to Hollywood with his brother, and they set up the Disney Brothers’ Studio. They had a met a few snags at first, but
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Creativity & Innovation: Core to.... it was nott until Walt created “Mickey Mouse” and increased storage capacity. that everything took off. 3M: The Post-It Note - 3M were one of the first Bill Gates: Co-founder of Microsoft Corp. found- multinational corporations to recognize the creed in 1975. “Ultimately, the PC will be a window ativity contained within their workforce, and alto everything people are interested in and ev- lowed them to spend up to 15 percent of their erything we need to know.”-Bill Gates. The start work time developing new projects. From here, of Microsoft was shaky in the beginning. scientist Spencer Silver developed an adhesive that wasn’t complete rock solid – it was a more user-friendly “stickiness.’ Jeff Bezos: Credited for being the one who pioneered e-commerce when he founded Ama- As Schumpeter advocated, the creative destruczon.com initially as an online bookstore. Ama- tion is what keeps us evolutionary, especially zon.com officially opened on July 16, 1995 and in the realm of innovation-led growth. “Innoit became a worldwide sensation in just over a vation drives growth and helps address social month. Amazon.com was not the first e-com- challenges” (OECD 2010). Innovation mitigates merce site at that time as other retailers also climate change, advances sustainable develophad their own online stores. However, Amazon. ment, and promotes social cohesion. com was able to come out on top. Innovation being both evolutionary and disruptive has the capacity to change entrepreneurLarry Page: Together with his friend Sergey ship. As humans evolve, so will their needs and Brin, Page set up a search engine that “listed re- wants. The more diverse, ever growing and dysults according to popularity of the pages.” This namic requirements can be catered to with inwas in 1998, and they called it Google. Today, it novation and creativity keeping pace with the is the most popular and widely used search en- societal evolution gine, and the company itself has now become a conglomerate, having purchased YouTube. Elon Musk: With his extraordinary ability to think ahead of times, he has major innovations to his credit. Be it Tesla, Space X, or the Hyper-loop project, Elon Musk has been harnessing technology and innovation to its optimum References: Oxyford Handbook on Innovation to change the face of human lives. Mark Zuckerberg: The Social Media Baron, founded Facebook. No doubts that he has turned social media into a new dimension of human interaction. The power of social media is only increasing with each passing day with millions of users connected worldwide on a common platform such as Facebook. Google: Google is a company that embraces intrapreneurship by offering their workforce a 20 percent time frame on developing personal projects relating to the business. One such project from Paul Buchheit was the initial template for Gmail, particularly the search function (the first of its kind from email service providers)
http://fortune.com/worlds-most-admired-companies/ https://doc-0o-4k-apps-viewer.googleusercontent.com/ viewer/secure/pdf/k2t8f06nf8vul5fo266v4139c654b3fa/36fhjh3lj5qfibe8mmkgnudv5r22d022/1525230000000/ gmail/10849024212980727441/ACFrOgCdplbjo2aVZW7PMlkU6BBtKX4BnYXc0EXt-nYJ8sKmFo9c9np2VZUfYClzHpOQVQB0VpwbxoUNy0mlwO51rvAV11-TeydSneeobtutJbaAbe2DV33BUChSPQc=?print=true&nonce=d2bd0daanhgfe&user=10849024212980727441&hash=5bi0985e14ffu94vfcml0t83q3qgt429 https://www.virgin.com/entrepreneur/be-inspired-five-brilliant-examples-intrapreneurship-action https://pdfs.semanticscholar.org/da92/24dca3f6ff91ca7c147a13a00b9e07ea3cc4.pdf https://www.cleverism.com/entrepreneurial-creativity-leads-innovation/ https://www.cleverism.com/entrepreneurial-creativity-leads-innovation/
Creativity & Innovation: Core to....
Creativity is an ability, an attitude, and a process. Creativity can be particularly useful for generating ideas and for problem-solving at work. Creativity can connote both “creation” & “recreation”.
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Four Basic Tips for New Entrepreneurs
Four Basic Tips for New Entrepreneurs by Erica Murphey
ccording to sba.gov only half of American small businesses flourished for 5 years or longer. 4 Why do so many first time entrepreneurs flounder? There are a multitude of elements of the entrepreneurial journey that can mitigate one’s chances of success. One poignant factor is people simply not understanding the basic rules of business. Fear not! A novice understanding of business and professional culture does not necessarily mean that you are destined to fail, nor should you relinquish your aspirations of becoming an entrepreneur. There are a multitude of opportunities, either free or affordably priced, which you can take advantage of to gain the vital insight and business savvy required of entrepreneurship. Further, you can jump start your business education with these 4 tips. Money is important. It can be said that business is nothing but a vanity project unless it turns profit. The book Spark & Hustle notes that new entrepreneurs should calculate their basic expenses first. These include but are not limited to: • Staff • Utilities • Office supplies • Taxes • B u s i n e s s licenses
if you want to work full time rather than running a business on the side. Finally, you should consider additional funding options if you really need them. These include but are not limited to:
Savings accounts • Family loans (Write and sign an agreement before you ask a relative for money, though.) • Bank loans (You will need good credit to do this.) Following, the authors • Crowdfunding websites (These suggested, “...research are sites where people contribute to get a range of price options for each, then money because they love your vision.) chip away at any overhead expense that isn’t essential.” You must also consider and determine the Some new entrepreneurs assume it takes years cost of your product based on a detailed to make money. Though this might prove true analysis that begins with the cost of overhead, for some it is heavily dependent on the context in production, etc. Do not undervalue yourself or that your business (and its services or products) your product/services. There are many ways to was cultivated. Do not let this discourage you, achieve a set price, but a good starting formula but do not allow your business to turn into a is to determine your product/service capacity hobby. Aim to turn a profit your first day. 2 per week and multiply that by 50 weeks. This is
Four Basic Tips for New Entrepreneurs Market well. Good marketing is a key to starting any business and there are a variety of engaging and creative ways to reach possible clientele. Considering the amount of capital it can take just to get you to opening day it may not always be cost effective for a new business to use marketing platforms such as television, newspaper, and/or popular magazine advertising. There are several cheaper ways to get the word out, though. Whatâ€™s Stopping You? notes that good P.R. techniques include press releases, newsletters, media coverage, etc. 1 Another great tool for new entrepreneurs is the web. Internet methods include pay per click advertising, blogging, and social networking.
Additional avenues of marketing, which might connect you with your local clientele, is via radio! Connecting your product with a familiar voice can resonate more deeply with potential customers than through print or digital marketing. 3 Get legal assistance. IIt is good practice to ensure you have some sort of legal aid available. Granted the early stages of developing your business might not warrant the ability to have a lawyer on retainer, but establishing a working relationship with a single specialized firm is a good start. In a perfect world, business conflict would be nonexistent. However a majority of the global culture is based on a capitalist system, and there are many situations when it is necessary to have an attorney. Yet how exactly do you find one? It is strongly suggested you do not take an easy or haphazard path to finding legal aid because legal assistance can prove to be vital to the survival of your business venture. You can easily find thousands upon thousands of lawyers among the internet, newspapers, and commercials but not all are the same. Find one who fits your needs and the needs of your
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Four Basic Tips for New Entrepreneurs business. For example, a research company would probably look for a lawyer specializing in intellectual property over one specializing in real estate. According to Nolo’s The Small Business StartLocation, Location, Location Your business can blossom or wither depending on where you are located. Location is irrelevant to some entrepreneurs such as professional gardeners or people who work from home. However it is very important for others. If location is vital to you you should consider a couple of things: • Traffic (Do you want customers to come in on foot or drive there?) • Accessibility (Can your customers park? If so, where? Do employees have parking places?) • Competitors (You won’t do well if you are a small book store in the same strip as a large corporate book chain.) • Zoning laws (These regulate the types of businesses allowed and forbid certain activities in certain places. Make sure yours complies with them.) There are also factors such as utility costs and appearance. People will not flock to a place they consider an eyesore. 3 New entrepreneurs have a lot to learn. Although these tips will not teach you how to run a successful business overnight they will give you a good head start. Do your homework if you are ambitious and you will flourish
Up Kit “The best way to find a good lawyer is to get a personal referral, such as from your accountant…Even better is a referral from someone who owns a business…similar to yours.” 3
Four Basic Tips for New Entrepreneurs
Resources 1. Barringer, Bruce R., and R. Duane Ireland. Whatâ€™s Stopping You? Shatter the 9 Most Common Myths Keeping You from Starting Your Own Business. Upper Saddle River, NJ: FT Press, 2008. 2. Johnson, Tory. Spark & Hustle: Launch and Grow Your Small Business Now. New York, NY: Berkley Books, 2012. 3. Pakroo, Peri, and Marcia Stewart. The Small Business Start-up Kit: A Step-by-step Legal Guide. Berkeley, CA: Nolo, 2018. 4. SBA Office of Advocacy. Frequently Asked Questions. PDF. Sba.gov, September 2012.
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How Emotional Intelligence plays a role ...
HOW EMOTIONAL INTELLIGENCE PLAYS A ROLE IN ENTREPRENEURIAL ORIENTATION by Lauren Kirk
If you have been keeping current with develop-
ments in the domain of Cognitive Science over the past decade or so, you have probably heard the term Emotional Intelligence (or, EI) thrown around. Emotional Intelligence is a cognitive model that has been widely received in the corporate world, particularly due to research, assessments, and programs created and supported by individuals such as Daniel Goleman, Peter Salovey, and more. Neatly defined, EI is “…a set of skills hypothesized to contribute to the accurate appraisal and expression of emotion in oneself and in others, the effective regulation of emotion in self and others, and the use of feelings to motivate, plan, and achieve in one’s life.” EI has been tied to individual success in personal, academic, and professional contexts; specifically, as it relates to leadership. Just as EI appears to be a vital characteristic of
high performing individuals, so too does research support the presence of Entrepreneurial Orientation (or, EO) as a vital characteristic of successful business ventures. A widespread commonality among past iterations of EO is the inclusion of innovativeness, pro-activeness, and risk-taking as defining aspects of businesses identified as having strong EO. Keep in mind that EI is an individual measure, while EO is usually a construct applied to the business as a whole, inclusive of firm-level strategic orientation, strategy-making practices, managerial philosophies, and firm behaviors that are entrepreneurial in nature. With this knowledge in mind, what can we say about entrepreneurial organizations with individuals who possess high EI? Does that mean that the organization would or should inadvertently display key beneficial EO factors? Possibly. One study subjected several Australian en
How Emotional Intelligence plays a role ...
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How Emotional Intelligence plays a role ... trepreneurs to qualitative assessments in which each participant yielded EI levels that were above the norm. i.e., entrepreneurs typically hold a higher level of EI than other individuals. Yet another study look at the manager’s EI level specifically and compared that to the EO level of the organization. Researchers there found a positive correlation between the manager’s EI and the organization’s EO. With this brief review of present literature, we can assume that the ‘perfect storm’ for an entrepreneurial endeavor requires leadership to possess a higher than normal level of EI for the organization to maintain beneficial levels of EO. Now what if you, the reader, happen to have a tremendously innovative idea but believe you lie on the lower end of the EI scale? Is all hope lost? Absolutely not! EI itself has been found to be plastic, meaning it’s not fixed genetically, nor does it develop only during childhood- rather, it is something that can be continuously learned and developed throughout your entire life. Interestingly enough, research has demonstrated that an organization’s level of EO can raise or fall over time, at any point in time, as well.
Just as Emotial Intelligency appears to be a vital characteristic of high performing individuals, so too does research support the presence of Entrepreneurial Orientation as a vital characteristic of successful business ventures.
What we can conclude here is that it is well within the best interests of entrepreneurs and entrepreneurial organizations to invest in raising the Emotional Intelligence of leadership, and further focus efforts into raising an organization’s Entrepreneurial Orientation. Doing so has proven to provide a significant advantage in the sustainability and success of a company, and all of its employees therein Resources: 1. Salovey, Peter, and John D. Mayer. “Emotional intelligence.” Imagination, cognition and personality 9, no. 3 (1990): 185-211. 2. George, Jennifer M. “Emotions and leadership: The role of emotional intelligence.” Human relations 53, no. 8 (2000): 1027-1055. 3. Lumpkin, G. Tom, and Gregory G. Dess. “Clarifying the entrepreneurial orientation construct and linking it to performance.” Academy of management Review 21, no. 1 (1996): 135-172. 4. Wales, William J., Vishal K. Gupta, and Fariss-Terry Mousa. “Empirical research on entrepreneurial orientation: An assessment and suggestions for future research.” International Small Business Journal 31, no. 4 (2013): 357-383. 5. Anderson, Brian S., Jeffrey G. Covin, and Dennis P. Slevin.
“Understanding the relationship between entrepreneurial orientation and strategic learning capability: an empirical investigation.” Strategic Entrepreneurship Journal 3, no. 3 (2009): 218-240. 6. Cross, Bernadette, and Anthony Travaglione. “The untold story: is the entrepreneur of the 21st century defined by emotional intelligence?.” The International Journal of Organizational Analysis 11, no. 3 (2003): 221-228. 7. Suleiman Awwad, Mohammad, and Hanane Kada Ali. “Emotional intelligence and entrepreneurial orientation: The moderating role of organizational climate and employees’ creativity.” Journal of Research in Marketing and Entrepreneurship 14, no. 1 (2012): 115-136. 8. Goleman, Daniel. Working with emotional intelligence. Bantam, 1998. 9. Wiklund, Johan. “The sustainability of the entrepreneurial orientation—performance relationship.” Entrepreneurship theory and practice 24, no. 1 (1999): 37-48. 10. Yitshaki, Ronit. “How do entrepreneurs’ emotional intelligence and transformational leadership orientation impact new ventures’ growth?.” Journal of Small Business & Entrepreneurship 25, no. 3 (2012): 357-374.
How Emotional Intelligence plays a role ...
Below are references to assessments where you can begin to understand both leadership Emotional Intelligence as well as an organizationâ€™s Entrepreneurial Orientation.
Emotional Intelligence Assessment(s)
Entrepreneurial Orientation Assessment(s)
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The Benefits of Hiring an Intrapreneur
Photo credit: Pixabay.com
The Benefits of Hiring an Intrapreneur
By Nidhi Menon
ntrapreneurs have the skill set of an ambitious entrepreneur and can effectively work within an organization. That works splendidly for any employer. While an entrepreneur can be creative and have several new ideas, they may not necessarily be equipped to execute them. Intrapreneurs will not only engage in the process of developing new ideas but will also be excellent team players, and assist with the implementation of those ideas. They will help you boost your companyâ€™s relations with stakeholders, employees, and customers and this will eventually reflect on the companyâ€™s growth. Several companies equate hiring Intrapreneurs to relinquishing power. This is untrue. While, Intrapreneurs can be great leaders, they know when to follow and when to lead. Hiring Intrapreneurs and allowing them to contribute can offer several benefits to the entrepreneur as well as their company. They will stimulate creative discussions in order for them to stem innovative ideas. Having an intrapreneur in your organization will help your team evolve and you would not have to constantly be present to ensure the smooth running of your company. An intrapreneur is self-motivated to perform potently.
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The Benefits of Hiring an Intrapreneur Intrapreneurs will be an added asset to the company instead of just another employee. They understand the business and the core of the work done by employees in the various sectors of a huge organization. This will help them communicate better, and they will work constantly towards making improvements. Intrapreneurs realize the importance of building and maintaining relationships and will be great at networking. You also want an employee who will not shy away from taking risks. They work passionately to make improvements and help the business grow. As an employer, having an intrapreneur working for you will help you foresee the big picture for your organization’s future. The intrapreneur will be actively involved in moving your organization forward. Who wouldn’t want that?
1. INTRAPRENEURS HAVE THE SKILL SET OF AN AMBITIOUS ENTREPRENEUR 2. COMPANIES EQUATE HIRING INTRAPRENEURS TO RELINQUISHING POWER 3. INTRAPRENEURS WILL BE AN ADDED ASSET TO THE COMPANY INSTEAD OF JUST ANOTHER EMPLOYEE
Photo credit: Pixabay.com
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Turning business ideas to reality: 5 essentials of funding
Turning business ideas to real by Nupur Srivastava, Ph.D.
undraising is a problem many tech entrepreneurs struggle with when starting out. Whether it’s a cool new app or a stylish café, most businesses and most entrepreneurs require at least a little bit of funding to really get off the ground in their early days. According to studies, most new businesses are launched with less than $10,000 of start-up capital. 73% of new businesses were launched with no outside funding. Many startup entrepreneurs have a well thought out idea, a solid business plan, and they also start building a team of experts, but they fail.
your idea or your brilliant business plan. They look for startups with a proven product/ market need and a demonstrated evidence of the founder’s ability to run, grow and sustain a business. When examining investors, Sir Richard Branson, founder of Virgin group, suggests that you ask yourself, “Will this person or group give us the space and time we need to build a great business?” With the major problem in starting up any small or big businesses is “funding” there are a lot of ways to get the cash you need to start your dream. Each funding method has its pros Why start-ups fail? and cons. Not all of it is the best fit for every Is there any solution to overcome it? situation. And there’s a lot of competition for The first challenge comes with the investors as venture capital, so you may need to rely on they might not at all be interested in funding alternative funding.
Turning business ideas to reality: 5 essentials of funding
lity: Five essentials of funding
In an interview with Chris Hogan, the Chief Strategist of Money, Business, and Leadership for best-selling author says he consulted with over 250 start-ups. When it comes to advising them about how to launch their business, he recommends
“take a step back and ask, ‘how does this product or service serve people?”
The key is simply to start.
So whether you’re trying to jumpstart your business or you need to boost the capital to take it to the next level, there can be multiple different ways of raising capital for the business but I have listed below the five essential ways and their pros and cons of overcoming the hurdle of securing the money you need:
He advises companies to start small and only expand when the product or service begins meeting the need. He warns companies not to take out any type of loan to get the business off the ground or for any expansion purposes.
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Turning business ideas to reality: 5 essentials of funding Pros Cons 1. Self-Fund or Bootstrapping One of most effective and inexpensive ways to ensure a business’ positive cash flow and the entrepreneurs can use to fund their startups without outside help, like either taking small business loans from financial institutions or approaching rich investors. With fewer and fewer startups obtaining venture capital funding these days, bootstrapping is more common. full decision making, freedom and control over the company complete focus on business and the product can spend money wisely
reinvesting profits earned slow growth not every business can be bootstrapped competitors with better funding have better chances in the market
2. Crowdfunding A way of raising funds for your company by asking a large number of people each for a small amount of money. If your company is gaining popularity both among investors and potential customers, you can try this method. Entrepreneurs use social media, alongside traditional networks of friends, family, and work acquaintances, to raise money. 3 types of crowdfunding: donation, debt, and equity crowdfunding respectively.
faster than raising the same amount of money through bank loans easy to build customer base before pushing out your product promotion of your product through social media, helping more potential customers find out about your business feedback received when product is still in the concept and design stage, giving a chance to refine product
lot of work: there is a page to set up and maintain, not to mention the need to attract people to your business–and there’s no guarantee of return for your efforts. most campaigns fail: Some types of businesses–particularly those aimed at solving problems for other businesses, rather than individuals–may struggle to raise capital through this model. might not fund large capital requirements makes your project inflexible
options to raise funds without giving away equity in your business more controlling power 3. Angel Investors Anyone mostly doctors, lawyers who are wealthy and invest his/her money in an entrepreneurial company in return for a piece of the action. Unlike venture capitalists and bankers, many angels are not motivated solely by profit. Investment sizes range, but usually are less than $1million.
Turning business ideas to reality: 5 essentials of funding are more experienced and can offer helpful guidance and introductions to their network
angel investors take an active role in making decisions that affect the outcome of your business.
less rigid so flexible business agreements are possible 4. Venture Capital Venture capital (VC) firms provide capital; strategic assistance; introductions to potential customers, partners, and employees; and much more. unlimited access to financial aid credibility and integrity connections and networking in the business community corporate expertise
loss of equity and control minor ownership status the uncertainty of the funding duration profit share with your financier venture capital time consuming no reliability
added resources in the critical areas pertaining to legal matters, tax, and other personal matters. debt reduction and accelerated growth 5. Bank Loans Banks are the largest small business lenders and most frequently sought after source of financing. These usually require strong personal and/or business credit scores, a personal guarantee, collateral, and healthy financial. Bank financing can be tricky as there are many different types of financing options and interest rates to go along with them. offer a range of funding amounts and payback options to fit your needs predictable monthly payments helps build business credit time of funding is quick once qualified
lengthy paperwork longer wait time the financing options can be confusing. If you lack the knowledge or experience, you may lock yourself into an unfavorable deal with poor payment terms.
Are you interested in starting your own business than working for someone else? Consider asking yourself below questions to discover if you are at the right path:
Where does your organization’s funding/capital come from, and how do you go about getting it? How do you obtain investors for your venture?
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Turning business ideas to reality: 5 essentials of funding Resources 1. https://www.forbes.com/sites/amymorin/2014/03/03/starting-a-business-without-debt-an-interview-with-chrishogan/#61ee2e776f85 2. https://www.limitedcompanyhelp.com/10-ways-to-fund-your-new-business-venture/ 3. https://www.allbusiness.com/guide-to-venture-capital-financings-for-startups-116467-1.html 4. https://startupheretoronto.com/type/startup-news/ask-an-investor-what-are-the-pros-and-cons-of-raising-venturecapital/ 5. https://www.dr-hempel-network.com/digital-health-startups/startups-venture-capital-funding/
WORLD SUMMER 2018 45
Education Around the World: CHILE
Education Around the World: by Erica Murphey
hile is a country that struggles with economic inequality. Despite this its citizens are adaptable and passionate about school. Many get a technical education, enjoy attending private schools, and want access to college for all.
American and Chilean Grades There are 4 educational levels in Chile: educación básica, educación media, educación parvularia, and educación superior (primary education, secondary education, preschool, and college). The former 2 are mandatory and are for 6 to 18 year olds. The latter 2 are not. In short, basic Chilean and American grades are not that different.
PSU vs. SAT The closest equivalent the country has to the SAT test is the PSU exam. PSU stands for Prueba de Selección Universitaria (University Selection Test). Like its American
cousin it prepares hopefuls for college. Public universities are extremely competitive and a higher PSU score means getting into a better one. In fact, some students take a pre-university course just “to prepare for the exam”, notes teachingchile.com. The SAT tests people on Math and Language Arts with an optional essay. However, there are a few different pieces to the PSU. Chileans can take electives such as Biology, Geography, and History. The test itself is not mandatory but highly encouraged.
Technical school may be shorter and cheaper. According to the OECD’s publication Education in Chile, Reviews of National Policies for Education one in five Chilean children
Education Around the World: CHILE
live in poverty and it is extremely difficult for them to get richer. This is partly because of “lower educational attainment” among them. The country has “the greatest inequalities based on educational attainment.” Statistics show Chilean students in poverty perform at the equivalent of a little over 2 school years behind their richer peers. Sources heavily imply students pursue a technical education because other higher education like university is too expensive. Higher education is divided into sciences/humanities, arts, and technical school. The arts have the least amount of enrollment while technician programs are the most popular. There are 69 vocational schools in the country as opposed to 60 universities. Technical programs are only 2 to 3 years long and people who complete them are awarded the title Técnico de Nivel Superior (Higher Level Technician).
College Coverage The short answer is there might be a way someday. There was outrage in 2017 because many students did not believe poorer Chileans had access to universities. President Michelle Bachelet tried to give all people free college in 2016 but apparently some still did not qualify. According to americasquarterly.org, “While the new program pays for tuition and fees for students from the country’s most vulnerable households based on family size and household income…not all universities have to comply with the program.” Some people believe the program unfairly shines the spotlight on those in poverty and want a bigger solution to the problem. Many pupils believed the system was very flawed in other ways too. President Bachelet’s solution was basically a nationwide scholarship. Though some liked her assistance to lower income families, others protested that it did not cover all higher education expenses. For instance, Bachelet’s solution only covered tuition and taxes. Things such as textbooks were not covered.
What happens to those who choose to go There is still concern in 2018. Some think things to four year university programs, though? Is have not changed since the new president Sethere a way for citizens in poverty to get into bastián Piñera was elected. them?
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Education Around the World: CHILE municipal schools. (OECD, 2016). Many citizens believe these providers should deposit more money should be put into public schools since there is still a wide valley between the rich and poor. Despite socioeconomic challenges, Chileans are an inspiring population and value quality education. They pursue their dreams and know that a good education and tenacity are the keys to success
Falling Behind the U.S.A. America outperformed the country on the Programme for International Student Assessment, or PISA, in 2015 according to pewresearch. org. The U.S. received an average PISA score of 496 in science, 470 in math, and 497 in reading. Meanwhile, Chile received an average score of only 447 in science, 423 in math, and 459 in reading. The OECD average international scores for these 3 subjects in 2015 were 493, 490, and 493.
Sostenedores: Powerful Providers Sostenedores, or independent providers, can own/operate schools. They are either public or private. The OECD notes that sostenedores oversee staff members, teaching materials, and infrastructure. Private sostenedores can include nonprofit, government funded, or independently owned providers, although the “regulations have established that all entities receiving public funds must be designated as not-for- profit organizations” from 2015 on. Some public sostenedores have schools operated by a local education department. Others are funded by a municipal corporation. Finally, the remainder are owned and operated by nonprofit bodies with a “delegated administration.” As of 2015 PISA showed the majority of Chilean students attended private schools. Over 50 percent attended private academies which received money from the government. In contrast, just a little over 38 percent of them attended public
The territory of Chile has been populated since at least 3000 BC
Capital and largest city: Santiagoa National language: Spanish Population: 2017 census :17,574,003 (64th)
Education Around the World: COUNTRY Resources OECD (2017), Education in Chile, Reviews of National Policies for Education, OECD Publishing, Paris. http://dx.doi. org/10.1787/9789264284425-en Bos, María S., Alison Elías, Emiliana Vegas, and Pablo Zoido. PISA: Latin American and the Caribbean. .pdf. Http://repositorio.minedu.gob.pe, 2015 Free College in Chile! So What Are Students So Mad About? Brendan O’Boyle - http://www.americasquarterly.org/content/free-education-frustration-chiles-student-activists, Accessed February 27, 2018 DeSilver, Drew. “U.S. Students’ Academic Achievement Still Lags That of Their Peers in Many Other Countries.” Pew Research Center. February 15, 2017. Accessed February 27, 2018. http://www.pewresearch.org/ fact-tank/2017/02/15/u-s-students-internationally-math-science/. “University Selection Test-PSU in Chile.” Www.chileeducation.info. Accessed March 02, 2018. http://www.chileeducation. info/Tests/Entrance-Examination-for-Higher-Education.html. TeachingChile. TeachingChile. Accessed April 18, 2018. https://teachingchile.com/about_chile_overview.htm. COHA. “The Failings of Chile’s Education System: Institutionalized Inequality and a Preference for the Affluent.” COHA. Accessed April 23, 2018. http://www.coha.org/the-failings-of-chile’s-education-system-institutionalized-inequality-and-a-preference-for-the-affluent/. https://en.wikipedia.org/wiki/Funicular_railways_of_Valpara%C3%ADso https://en.wikipedia.org/wiki/Chile#History
Valparaíso in Chile, due to the number of hills above the plan has had up to 26 working funicular railways - most are now inactive.
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You’ve Just Graduated: Entrepreneurship or Corpoate Job?
You’ve Just Graduated:
Entrepreneurship or a Corporate Job? by Nick Harris
o, you have just graduated high school or college, and you’re ready to start your career. You may have taken some vocational classes during high school or some or completed internships through your university. You set out to seek employment, but you wonder if college degree or high school diploma necessitates a job at a corporation. What if you could apply those same skills that you learned of entrepreneurship so you could create a business and make a living for yourself? What is entrepreneurship, and why is it important? Entrepreneurship is defined as establishing one or more businesses, or taking part in a financial risk in an attempt to earn profits. But let’s face it: the reality is that entrepreneurship may not be for everyone, because it comes with an element of uncertainty. Determining the amount of capital needed to start business, the profitability of the venture,
business losses, or the target market for your industry can be challenging. When you get a job with a corporate organization, a salary is determined at the date of hire. You know the value of your paycheck, when and how often it will be received, and what types of corporate benefits are available. Entrepreneurs don’t have that luxury. Establishing a business strategy, developing a product or service, understanding a market, managing responsibilities and expense, taking a business loss, and not paying yourself a salary are all the elements that can come with entrepreneurship. Entrepreneurs are great for the economy. Whether you decide to offer a new product or service or an existing one, entrepreneurs stimulate related businesses, which has a positive effect on economic development. Entrepreneurs also add to their country’s GDP or national income. Many existing
You’ve Just Graduated: Entrepreneurship or Corpoate Job? companies tend to remain restricted to existing markets and in so their revenues may reach its full potential. On the other hand, when entrepreneurs develop an improved product or service, it creates new markets and builds wealth. Entrepreneurs also help to lower unemployment rates by creating jobs. Higher earnings and increase employment generate more tax revenue that can then be used to aid other struggling industries.
My Road to Success as an Entrepreneur
I am Founder and Chief Executive Officer of a small company called Bear Hammer Furniture, LLC, located in the central Florida. Some of my business models are refinished furniture sales, asset liquidation for hospitality organizations, and junk removal service. I have been in business since 2014, and I enjoy what I do. As CEO of my company and as an entrepreneur, I take part in business strategies that enable my organization to explore what we can improve in our business while giving back to the community through charitable donations. In addition to business, education and empowering others, helping people is my passion. I decided to join iN Education, Inc. in 2017 because I also want to enhance student’s education. I not only want to aid the organization’s mission to increase and improve the ACT, SAT, and other standard test averages, but also want to create material that will enable students to understand that they too can become an entrepreneur.
I graduated with my high school diploma from Lake Taylor High School in Norfolk Virginia in 1996. During high school, I took computer information systems in vocational school. I was also part of the FBLA, the Future Business Leaders of America; because I knew very early on that I wanted to be an entrepreneur and a businessman. I then spent the first decade and a half of my professional corporate career in the communications industry, where As an entrepreneur, my success has not come I gained expertise in customer relations, easy. There were many obstacles and challeadership and project coordination. lenges I had to overcome when I first During this time, I earned Bachelor’s started my business venture. I reDegree in Business Administration searched the market and I had to with a minor in Human Resources learn who my customers were. In adManagement from Strayer University. dition to learning efficiency with refinCurrently, I am completing my Executive ishing furniture I made many mistakes Master’s Degree in Business Administrathat taught me valuable lessons, such as tion from Strayer University’s Jack Welch undercharging a few clients for commercial junk removal services, resulting in the Management Institute. As for business,
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Youâ€™ve Just Graduated: Entrepreneurship or Corpoate Job? company breaking even. I also refinished several furniture pieces and sold them for much less than they were worth.
My Entrepreneur Challenges and Workforce Strategy
From the beginning, I understood that I wanted to run a business with very little operations and overhead cost. Instead of hiring a workforce, I used subcontractors. There are five employment or staffing types that entrepreneurs can utilize, including permanent or fixed-term workers, casual workers, trainees, outsourced or employment agency employees, and contractor/subcontractors. Bear Hammer Furniture, LLC obtains sub-contractor staff types to assist in large projects. Because the organization brings on subcontractors based on project needs, the firm always has the workforce needed to execute organizational strategy. A subcontractor is an individual or company who is hired by a firm to complete work under contract until a project has reached completion Bear Hammer Furniture, LLCâ€™s long-term strategy is executed by gaining a competitive advantage over other organizations in the same industry by offering a low cost for junk removal
and property preservation services. Because the company recycles goods and salvages furniture and household goods as part of its commercial junk removal services, the organization can pass the savings down to its consumers through sales of furniture refinishing. Bear Hammer Furniture, LLC has a cost leadership strategy because we minimize costs by discounting our products and services, thus maximizing revenue and increasing sales. Our outlined workforce planning strategies guarantees that Bear Hammer Furniture, LLC can ensure that we meet our business strategy of offering low-cost services while achieving significant profit margins in furniture refinishing sales and commercial junk removal services. So, if you want to become an entrepreneur, understand that you can be successful, but that it can also come with many challenges. Understand that being an entrepreneur requires personal sacrifice. Nonetheless, you may be surprised how you can apply your education to building wealth for yourself instead of working a corporate job. With an education, you have many options for financial success
Youâ€™ve Just Graduated: Entrepreneurship or Corpoate Job?
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So You Want to Become an Entrepreneur.
So You Want to Become an Entrepreneur. 6 Strategic Steps to Get Started as an Entrepreneur
by Nick Harris
ou have decided to start a business, but you don’t know where to begin. Fortunately, you are not alone. Because finding a corporate dream job may not be for you, entrepreneurship is the perfect opportunity to set up and craft a job specifically for you.
and to take care of your business. For example, let’s say you want to start a lawn care service. You must first invest time to establish a business name, choose a business entity, research your target market, and develop a business plan. Then you will have to invest money in applying for a business license, purchasing lawn equipment 6 Strategic Steps to Get Started as an and a vehicle, and paying for marketing. SpendEntrepreneur: ing money and time comes with risk. Entrepreneurs can manage risk by creating a budget for Make a Strategic Commitment investing and time management, understanding Being an entrepreneur can come with many competition, and identifying the business’s comchallenges. You will need to have self-discipline petitive advantage and any environmental risk. because going into business will require risks. Select the Appropriate Business . The overall risk includes time invested, known as sweat equity, as well as the money and other Research, research, research! necessary capital to start a business. It’s importIt is important to never rush into any business ant to understand that, through it all, you must venture. Whether you have a new product or remain committed. You must treat your busiservice, or you have discovered an innovation ness venture like a newborn baby. You must not in an existing product or service, it is essential walk away, and it’s imperative to stay consistent for you to select a business in which you truly
So You Want to Become an Entrepreneur. believe. Ask yourself, “What am I good at and how can I use that to make money?” Maybe you have a passion for baking and have a great secret recipe for cookies that all of your friends and family love. You can start a bakery business! Maybe you have a passion for cars and are good at fixing automobiles. You can start an auto repair business! Pick the business that is right for you.
nance startup cost associated with a business venture. Whether you decide to raise capital from investors or borrow money from a bank, knowing how much you need to get started will help you accurately develop a business and manage expenses.
Know Which Business Entity You Want to Set Up
One of the first things you must do as an entrepreneur is to choose a business entity esStart a business doing what you are passionate tablish. Just to name a few, Sole Proprietorabout: following your passion will bring per- ships are businesses run by one person for their own profit. Limited Liability Companies sonal satisfaction to your work. (LLC) can be both partnerships and corporaResearch a business that you like: be sure to retions in which members can generate business search and learn about businesses that you income with limited liability exposure. Corpoare interested in. Once you find an industry rations are a type of business that identifies you want to work in, run with it. the business as a separate, legal entity. Solve a problem: do you have an idea that can Come Up with a Business Plan solve a problem within a particular It is essential for an entrepremarket? Have you thought of an inneur to develop a business novation to an existing product plan. For a new business or service? It is vital to become venture, a business plan is knowledgeable in a product a document that outlines and service by performing a the type and description marketing analysis and reof the business, marketing searching demographics to strategy, goals, mission, understand your target marmarketing and competitive ket. analysis, staff, startup costs, Know How Much Monand any other financial components. If you need capital ey You Will Need to Start from angel investors and venYour Business ture capital firms in order to start your business, banks and other Depending on the type of business financial institutions won’t even look you want to start, your startup cost can your way without a business plan. Anbe as small as a couple hundred dollars to gel investors invest their money in starthundreds of thousands of dollars. Finding the ups or entrepreneurs. To gain a return on associated cost with starting a business can be their investment, angel investors either want done with research. For example, let’s say you a percentage of business profits through an want to start a mobile car wash business. You ownership stake or interest rates through a can research the costs of a business license, line of credit. Venture capital firms also invest insurance, pressure washer, water tank, gen- in start-ups and entrepreneurs searching for erator, and a small used pickup truck. It is also capital to grow their company. Unlike angel inessential to understand how a business ven- vestors, venture capital firms pool money and ture will impact your personal finances. Some use other financial resources from wealthy inentrepreneurs use personal savings, credit dividuals, pension funds, and insurance comcards, 401K loans, or equity in a home to fi- panies to provide capital to business. Venture
Important Things to Consider:
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So You Want to Become an Entrepreneur.
“Being an entrepreneur can come with many chall enges. You will need to have self-discipline because going into business will require risks.”
They gain a return on investment through interest rates. Mapping everything out on a business plan is one of the strategic components that will help you lead your business down a roadmap to success.
Market Your Business
Don’t be shy. You must communicate what your business is to your customers! Luckily for us, modern technology has enabled entrepreneurs to use social media platforms such as Facebook, YouTube, LinkedIn, and Twitter to connect with their audience and market their business. Once you establish a fan base or soare paid back in the form of management fees cial following, you will be well on your way to through a percentage of profits generated by generating revenue for your business. the company. Bank and other financial lending institutions also invest in start-ups and entreUnderstand that many people want to bepreneurs needing capital for their business. In come an entrepreneur but are unsure where addition to focusing on time in business and to start. Don’t worry. Do not feel that you are profitability, banks and financial lending es- by yourself. You are not alone. By taking these tablishments concentrate more on consumer strategic steps, you will be on the right track to credit ratings and collateral from the owner. becoming a successful entrepreneur
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Construction Company Owner on Hands-On ...
Construction Company Owner on Hands-On ...
CONSTRUCTION COMPANY OWNER ON HANDS-ON EDUCATION BENEFITS by Erica Murphey
stablished customers email him a blueprint so he can do a roof and siding takeoff of a building that is about to be built after everyone else has gone home on a Friday evening. “It’s just another rush job” young entrepreneur David Campbell casually points out over the phone. Campbell, originally born in Cleveland, Ohio, is the Owner of DLC Construction Services in Willoughby, Ohio. Founded in 2012, the company’s primary mission is to create quality blueprint takeoffs, which generates a list of construction materials needed for a project. “When I graduated from college, the job market wasn’t that great, and construction was something I’d known. My father was in construction, his father was in construction, so on and so forth; so it was something I was pretty familiar with. My dad gave me the idea of what to do with the business and that’s just kind of how it started. I never intended to start my own business. It just kind of happened that way.” He states that, while his education played a role in where he is today, Campbell believes he benefited from in person experience more than anything a university taught him. Such experience, he states, dates back to his middle
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Construction Company Owner on Hands-On ... school years, where we would help his father ple realize, ” he cautions. with small odd-projects, such as building sheds. “Colleges teaches you only what happens in a He laughs that he isn’t trying to deter anyone perfect world.” Campbell notes. but thinks they should come in with a solid business plan first. He believes the biggest misconception about being your own boss is that people can set their Despite his talent, he insists he does not want own hours; when in reality, he never really ‘quits’ to force his future children to continue his enworking. In fact, Campbell states that weekends trepreneurial legacy. are some of his busiest times, when customers request what’s known as a rush-job, or a priority “If I have kids, they could have completely difjob that must be completed immediately; such ferent hopes. You know, they might want to be as the circumstance we found him in when we doctors, actors, scientists, or something combegan the interview. Seemingly ‘minor’ issues, pletely different.” he notes. like one single unhappy customer or disgruntled employee, can snowball into much larger Remember, following your passions does not problems if he does not remain tenacious. always guarantee a smooth journey to success. Take a look at some of our tips for entrepreHe advises that if people wish to be an entre- neurs, and the differences between entreprepreneur because they are sick of working long neurs vs. intrapreneurs throughout this issue hours, then it is not the path for them “...unless to learn more about which path might be the they are in a huge company like Amazon.” best one for you “I don’t have a 9 to 5. I don’t take weekends off,” he laughs. It’s important for you to note that, even a company as big as Amazon began as a small start-up in the garage of its founder, Jeff Bezos. His journey to success included similar sacrifices, as well as the extreme dedication and tenacity demonstrated by Campbell and other entrepreneurs like him, before becoming the beast it is today. He also warns against people believing entrepreneurship is a “get rich quick scheme”.
“It isn’t for you if you believe you are going to make a huge profit within six months, and retire in Maui. You have to understand that in the beginning, you’re going to be putting more money into the business than you’re going to be making...”
“It isn’t for you if you believe you are going to make a huge profit within six months, and retire in Maui. You have to understand that in the beginning, you’re going to be putting more money into the business than you’re going to be making. You have to advertise, set yourself up, buy your equipment. It’s going to be…more headaches…in the beginning than I think peo-
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Why Is the Moon Sometimes out in the Day?
Why Is the Moon by Sita Singh
Sometimes out in the Day?
As it turns out, whether or not we can see the moon during the day depends on the brightness
of its light—which is really just the sun’s light reflecting off of the moon’s surface and the earth’s rotation.
The moon is bright enough to be seen above the blue/white hue of the sky. In order for the moon to be visible in the sky, it needs to be above the horizon. On an average, the moon is above the horizon for 12 hours a day. The duration for which it is above the horizon of Earth coincides with the sun, making it visible during the daytime.
Since the Earth is constantly rotating, the moon appears above the horizon for around 12 hours out of the total 24. On some days, these 12 hours coincide with the sun’s 12 hours above the horizon. We can see moon during the daytime! In fact, the moon is visible during the day nearly every day, except for when it’s close to a new moon or is a full moon
References1. http://mentalfloss.com/article/54049/why-can-we-sometimes-see-moon-during-day 2. http://www.planetsforkids.org/why-can-we-see-the-moon-during-the-day.html 3. https://greenwichmeantime.com/time-gadgets/
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Virtual reality for effective learning
Virtual reality for effective learning by Acsah Zachariah “The world has changed far more in the past 100 years than in any other century in history. The reason is not political or economic but technological—technologies that flowed directly from advances in basic science.” -- Stephen W Hawking
he scientific and technological revolution has changed all aspects of human life. At present, technologies have not only become common but also an indispensable part of our daily routine. One such technological advancement is Virtual Reality (VR). It can also be referenced as ‘immersive multimedia’ which stimulates a real world experience in a computer-generated environment. People can interact in the virtual world similar to how they do in their physical environment. The idea of immersive technology is not modern. In fact, the original concept dates back to World War II . During that period, pilot training for the battle required realistic simulators, however, the technology at that time was insufficient to develop such a tool. Technological developments in later years lead an American computer programmer named Ivan Sutherland to develop a fully functional head mounted display in 1970. In 1972, the first flight simulator was developed for training purposes. Later on, several tools have been developed and eventually VR became a crucial method for pilot training. In these complex simulators, the officers became totally immersed in the graphic representation which allowed them to feel as though they were experiencing flight in a real aircraft.. Recently, it appears to be useful in several other fields such as automobile industry for designing cars and components,
medical industry to examine the body parts etc. Nowadays, this technology seems to be emerging in the field of education as well. Adopting VR learning methods in educational organizations can have unique benefits . The interactive VR environments can alter a passive learner to an active learner, where students are in charge of their education. It allows them to learn experimentally at their own pace. As they sense and visualize the objects in the virtual world, we can assume that it would be a painless process to grasp difficult topics. Besides, VR helps students surpass the language hindrance in the process. Several applications have text access which provides the students an with opportunity to socialize with other users in different cultures and to work together. This may guide them to understand the significance of teamwork at a younger age. On the whole, immersive learning activities can assist users in improving their visual literacy as well as information processing skills. The most auspicious application of VR among schools is the field trips to different places around the world, without leaving the classroom. Traditionally, gaining knowledge mainly relied on textbooks and educators. However, integrating VR tools provide a virtual tour to the places that are impossible or unsafe to visit such as the universe, the bottom of the oceans or a disastrous environment. Today,
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Virtual reality for effective learning several mobile applications are available for free in the market to expand the VR experience among students. For instance, virtual reality app “Titans of Space” provides a guided tour
to our Solar System where users can closely examine the planets and stars. The app provides information about how big the planets are, and also allows the user to compare the size of the
planets and stars.
classrooms is by using the apps such as Google Street View - available for iOS and Android devices. This mobile application allows users to create 360-panorama views of the streets or landmarks either using the mobile camera or a certified street view ready camera. Furthermore, users learn more about the latest technologies and its usages along the process.
Moreover, virtual reality can be used to immerse students to the prehistoric era. Applications such as “View Master Dinosaurs” take students to the time when dinosaurs ruled the world. The panorama views provides a thrilling experience on life for survival with the dinosaurs. In sum, VR can be applicable in wide areas of curriculum including mathematics, science, history, Though virtual reality has a lot of advantages geography and even in designing. over education technology, there are a few limitations as well. Earlier, the evolution of VR In addition to virtual voyage, users are allowed technology among schools was slow. One of the to create their own VR contents as well. One main reasons was high cost of VR equipment. of the painless method to implement this in You see, Oculus Rift, one of the good quality
Virtual reality for effective learning headsets, costs $399. Expanding such trends in schools might account for billions of dollars. Fortunately, the head-mounted systems such as Google Cardboards viewers even with some reduction in quality made the equipment extremely economical. Even so, private spaces are essential to implement VR in schools. Tutors need to be cautious to find a suitable space for children to comfortably complete their studies using VR equipment. Otherwise, students may bump into each other and fall over the chairs during the learning process. Another potential hurdle to its adoption is the VR sickness . Due to the lag between the user’s movement and the movement in virtual environment, users may experience eye fatigue, discomfort, nausea, vomiting and sometimes disorientation. High frame rate displays appear to be helpful in
such situations for a user who is in motion, but studies show that it can still affect a person with disability or someone who is moving virtually using their control. As a suggestion, finding private spaces and taking breaks in-between would be helpful to avoid the problems related to VR. To sum up, learning through virtual reality is always fun and exciting. Although there are concerns that virtual reality affects children badly, both students & teachers seems to enjoy the immersive learning method. Most of the educational organizations look forward to see further developments in immersive learning techniques. As the technology advances day by day, we can expect many more devices to change the educational standard more significantly than any other technologies to date
References 1. "A brief history of relativity - December 31, 1999 - CNN.com." Accessed April 19, 2018. http://www.cnn.com/ALLPOLITICS/ time/1999/12/27/relativity.html. 2. "Virtual reality - Wikipedia." Accessed April 19, 2018. https://en.wikipedia.org/wiki/Virtual_reality. 3. Petechuk, David. "Virtual Reality." In The Gale Encyclopedia of Science, 5th ed., edited by K. Lee Lerner and Brenda Wilmoth Lerner, 4591-4594. Vol. 8. Farmington Hills, MI: Gale, 2014. Gale Virtual Reference Library (accessed April 12, 2018). http://link.galegroup.com/apps/doc/CX3727802546/GVRL?u=cast18629&sid=GVRL&xid=03881274 4. "Reasons to Use Virtual Reality in Education and Training Courses ...." Accessed April 19, 2018. http://earthlab.uoi.gr/ theste/index.php/theste/article/view/22/17. 5. "Titans of Space® PLUS Gear VR." Accessed April 16, 2018. http://titansofspacevr.com/. 6. "View-Master® Dinosaurs - Android Apps on Google Play." Accessed April 16, 2018. https://play.google.com/store/apps/ details?id=com.mattel.vmnatgeodinosaurs. 7. "Google Street View - Apps on Google Play." Accessed April 19, 2018. https://play.google.com/store/apps/details?id=com. google.android.street&hl=en_US. 8. "Combating VR Sickness through Subtle Dynamic Field ... - Columbia CS." Accessed April 19, 2018. http://www.cs.columbia.edu/2016/combating-vr-sickness/images/combating-vr-sickness.pdf.
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Find the shortest path through the maze.
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Based on the sections and articles, find these words: BUSINESS CORPORATION EMOTIONAL GOOD INNOVATION CHARACTERISTIC
SKILLS TEAM WORKFORCE CAPITAL CREATIVITY
ENTREPRENEURSHIP HABITS INTELLIGENCE START-UP VENTURE
EDUCATION FUNDING IDEA INTRAPRENEUR SUCCESS VIRTUAL
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STAY TUNED! for Fall 2018
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D E R U S T E A RI E F TO S
D N U
O R A D N RL O I O T A W C E U H D T E
2018 YOUTH SECTION