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Friday, May 20, 2011
7 Traps to Avoid When Starting Your Business
by Melissa Chaika Sobel
Friday, May 20, 2011
provided by
Yahoo Small Business
While economists continue to debate whether we're truly rising out of the recession or entering into a double-dip, one thing is clear: The employment sector is still in a slump. The strongest job growth seems to be in the small business sector, which has accounted for 65% (or 9.8 million) of the net new private sector jobs created in the US between 1993 and 2009, according to the Small Business Administration. The small business sector has actually seen a surge in activity: Research from the Kauffman Foundation indicates that the number of American businesses created in 2009 marked a 14-year high, surpassing the number of businesses created during the 1999 and 2000 high-tech boom.
If you're thinking about starting or joining a small business in this economy, here are seven traps to avoid:
1. Don't let the economy get you down. While many workers view precarious economic conditions as a time to hunker down in their jobs and try to weather the economic storm, others see it as a window of opportunity. Starting a business in a weak economic environment can have several clear benefits: The cost of doing business can decline because suppliers and partners may be more willing to negotiate on pricing and conditions, and the opportunity cost of lost income from a traditional job may be lower. Access to capital is also improving: The Small Business Administration's Office of Advocacy reports that in mid-2010 commercial banks started easing lending conditions while levels of venture capital investments increased.
Of course, there are also precautions to starting a business in a weak economy: Discretionary spending is down, so businesses selling goods or services that appeal to budget-minded customers may have an easier time gaining new customers in this economy than sellers of full-priced luxury items. Similarly, do-it-yourself services and low-cost substitutes may fare better than full-service or premium alternatives. For example, self-service storage and organizational retailer Organize.com saw a greater than 10% increase in year-over-year sales from 2007 to 2008 and again in 2009. Explains Terry Shearer, CEO of Organize.com, "Even in a recession, people want to improve their homes, but they want to do it inexpensively. Buying good home products from a reasonably priced online retailer is a much less expensive way to improve your home than, say, hiring a construction team or designer."
2. Don't think that an idea equals a plan. Too often people start businesses with a general notion of what they want to accomplish but lack a solid, well-conceived plan. While a business plan is always important, in a tough economy, it's even more vital to think critically about your product or service, customer acquisition strategy, pricing and promotion plans, and key logistics like inventory management and fulfillment. Similarly, it's important to be very clear about your unique business angle and your differentiation from competitors.
3. Don't be an island. Though entrepreneurs tend to be well versed in a wide variety of areas, even the most skilled entrepreneur cannot expect to be an expert in every aspect of business. From IT issues like network maintenance and website development, to marketing and customer acquisition, to accounting, payroll and legal services, there's too much for most people to handle alone. Have a clear sense of your own strengths, and surround yourself with the right partners and advisors for the remaining tasks.
4. Don't expose yourself to unnecessary financial stress. Starting a business can be extremely costly, both in terms of lost income from a full-time job and in terms of capital investments — but it doesn't have to be. Don't quit your day job too soon, seek outside investors in addition to your own personal assets, and consider lower-cost options for starting your business. For example, if you're going into a retail business, make sure you consider both brick and mortar and online business models, given the considerable difference in capital requirements for each model.
5. If you build it, they may not come. Having a great idea and even a great skill and product are very useful in starting a business, but you also need to have a carefully thought-through marketing plan. Customers won't just come to you. You need to think through all of the tactics at your disposal — from newspaper and radio advertising, to online marketing, to good old-fashioned referrals — to consider how to acquire customers and then turn those customers into repeat buyers.
6. Don't launch without specific goals in mind. Starting a business can be as simple as turning your hobby into an online store or as complicated as building a capital-intensive new product or service requiring research and development. In any scenario, it's important to map out clear goals for yourself and set up times to reassess your progress. Consider setting targets for product availability, establishments of key partnerships and vendor relationships, sales levels, and profitability levels. You don't want to wait until you're two years into a business to discover that you need to make fundamental shifts in your strategy that could have been identified 18 months earlier. Set regular, realistic goals and review periods to learn from your experiences and make changes as needed.
7. Don't be afraid to fail. Many of the most successful entrepreneurs failed before they were successful, and most have had significant failures along their paths to success. Henry Ford failed multiple times before finally launching his successful car company, and Bill Gates and Paul Allen formed a firm called Traf-O-Data before going on to create Microsoft.
Fortunately, more new businesses succeed than fail. According to the Census Bureau, nearly 7 in 10 new small businesses survive at least two years. What's most important isn't whether you succeed or fail in your intended milestones, but rather that you assess and learn from your actions along the way so that no mistake — or spectacular success — takes place in vain
Friday, May 20, 2011
provided by
Yahoo Small Business
While economists continue to debate whether we're truly rising out of the recession or entering into a double-dip, one thing is clear: The employment sector is still in a slump. The strongest job growth seems to be in the small business sector, which has accounted for 65% (or 9.8 million) of the net new private sector jobs created in the US between 1993 and 2009, according to the Small Business Administration. The small business sector has actually seen a surge in activity: Research from the Kauffman Foundation indicates that the number of American businesses created in 2009 marked a 14-year high, surpassing the number of businesses created during the 1999 and 2000 high-tech boom.
If you're thinking about starting or joining a small business in this economy, here are seven traps to avoid:
1. Don't let the economy get you down. While many workers view precarious economic conditions as a time to hunker down in their jobs and try to weather the economic storm, others see it as a window of opportunity. Starting a business in a weak economic environment can have several clear benefits: The cost of doing business can decline because suppliers and partners may be more willing to negotiate on pricing and conditions, and the opportunity cost of lost income from a traditional job may be lower. Access to capital is also improving: The Small Business Administration's Office of Advocacy reports that in mid-2010 commercial banks started easing lending conditions while levels of venture capital investments increased.
Of course, there are also precautions to starting a business in a weak economy: Discretionary spending is down, so businesses selling goods or services that appeal to budget-minded customers may have an easier time gaining new customers in this economy than sellers of full-priced luxury items. Similarly, do-it-yourself services and low-cost substitutes may fare better than full-service or premium alternatives. For example, self-service storage and organizational retailer Organize.com saw a greater than 10% increase in year-over-year sales from 2007 to 2008 and again in 2009. Explains Terry Shearer, CEO of Organize.com, "Even in a recession, people want to improve their homes, but they want to do it inexpensively. Buying good home products from a reasonably priced online retailer is a much less expensive way to improve your home than, say, hiring a construction team or designer."
2. Don't think that an idea equals a plan. Too often people start businesses with a general notion of what they want to accomplish but lack a solid, well-conceived plan. While a business plan is always important, in a tough economy, it's even more vital to think critically about your product or service, customer acquisition strategy, pricing and promotion plans, and key logistics like inventory management and fulfillment. Similarly, it's important to be very clear about your unique business angle and your differentiation from competitors.
3. Don't be an island. Though entrepreneurs tend to be well versed in a wide variety of areas, even the most skilled entrepreneur cannot expect to be an expert in every aspect of business. From IT issues like network maintenance and website development, to marketing and customer acquisition, to accounting, payroll and legal services, there's too much for most people to handle alone. Have a clear sense of your own strengths, and surround yourself with the right partners and advisors for the remaining tasks.
4. Don't expose yourself to unnecessary financial stress. Starting a business can be extremely costly, both in terms of lost income from a full-time job and in terms of capital investments — but it doesn't have to be. Don't quit your day job too soon, seek outside investors in addition to your own personal assets, and consider lower-cost options for starting your business. For example, if you're going into a retail business, make sure you consider both brick and mortar and online business models, given the considerable difference in capital requirements for each model.
5. If you build it, they may not come. Having a great idea and even a great skill and product are very useful in starting a business, but you also need to have a carefully thought-through marketing plan. Customers won't just come to you. You need to think through all of the tactics at your disposal — from newspaper and radio advertising, to online marketing, to good old-fashioned referrals — to consider how to acquire customers and then turn those customers into repeat buyers.
6. Don't launch without specific goals in mind. Starting a business can be as simple as turning your hobby into an online store or as complicated as building a capital-intensive new product or service requiring research and development. In any scenario, it's important to map out clear goals for yourself and set up times to reassess your progress. Consider setting targets for product availability, establishments of key partnerships and vendor relationships, sales levels, and profitability levels. You don't want to wait until you're two years into a business to discover that you need to make fundamental shifts in your strategy that could have been identified 18 months earlier. Set regular, realistic goals and review periods to learn from your experiences and make changes as needed.
7. Don't be afraid to fail. Many of the most successful entrepreneurs failed before they were successful, and most have had significant failures along their paths to success. Henry Ford failed multiple times before finally launching his successful car company, and Bill Gates and Paul Allen formed a firm called Traf-O-Data before going on to create Microsoft.
Fortunately, more new businesses succeed than fail. According to the Census Bureau, nearly 7 in 10 new small businesses survive at least two years. What's most important isn't whether you succeed or fail in your intended milestones, but rather that you assess and learn from your actions along the way so that no mistake — or spectacular success — takes place in vain
Tuesday, April 26, 2011
Kenya President
The President
His Excellency Hon. Mwai Kibaki
President KibakiPresident Mwai Kibaki was born on November 15th, 1931 in Gatuyaini Village, Othaya division, Nyeri, in the Central Province. He is the last-born son of the late Kibaki Githinji and the late Teresia Wanjiku. His siblings include Philip Githinji, Kinyua Kibaki, Anastasia wangui, Waruguru Kibaki (who are all deceased now), Ester waitherero, Bernard Nderitu and a half-brother Samuel Githinji.
Mwai Kibaki went to Gatuyaini village school where he completed what was then called Sub "A" and sub "B" which is the equivalent of standard one and two. He then joined Karima mission school for the three more classes of primary school. He later moved to Mathari School (now Nyeri High School) between 1944 and 1946 for Standard four to six. Here, he learnt carpentry and masonry because students would repair furniture and provide material for maintaining the school's buildings. He also grew his own food as all students in the school were expected to do.
Kibaki extended the art of self-reliance to his school holidays where he earned extra money by working as a turn boy on buses operated by the defunct Othaya African Bus Union.
After Karima Primary and Nyeri Boarding primary schools, he proceeded to Man'gu High School where he studied between 1947 and 1950. He passed with a maximum of six points in his "O" level examination. He was influenced by the veterans of the two World Wars in his village and once considered becoming a soldier in his final year in Man'gu. This did not materialize because of a ruling by the Chief colonial secretary, Walter Coutts, which barred the recruitment of the Kikuyu, Embu and Meru communities into the army.
After Man'gu he proceeded to Makerere University to pursue a Bachelor of Arts degree in Economics, History and Political Science. While at the University, Kibaki was the Chairman of the Kenya Students Association and the Vice-Chairman of Makerere Students Guild.
He graduated in 1955 with a First Class Honours Degree (BA) in Economics and took up an appointment as Assistant Sales Manager Shell Company of East Africa, Uganda Division. It is during the same year that he earned a scholarship to do postgraduate work in any British University. He enrolled at the prestigious London School of economics for a B.sc in public finance, graduating with a distinction.
He went back to Makerere in 1958 where he taught as an Assistant Lecturer in the economics department until 1960. In December 1960, he quit Makerere and returned home to take up a job with Kanu as an Executive Officer. Earlier in March 1960,he had been involved in the founding of the KANU party.
In 1962, Kibaki married Lucy Muthoni, the daughter of a Church Minister, and together they have four children: Judy Wanjiku, Jimmy Kibaki, David Kagai, and Tony Githinji. They also have three grandchildren: Joy Jamie Marie: Mwai Junior and Krystina Muthoni.
In 1963 he made a debut in elective politics by contesting the Donholm Constituency (now Makadara) in Nairobi Province, which he won on a Kanu ticket.
He was made the parliamentary secretary to the Minister of Finance from 1963 to 1965 and in 1965 he was appointed a minister at the Ministry of Commerce and Industry where he served until 1969.In the same year, Mwai Kibaki was re-elected the MP for Donholm Constituency on a Kanu ticket.
He was later moved to the strategic ministry of Finance and economic Planning where he served from1970 to 1978. During this period Kibaki, moved his political base from Nairobi to Othaya and was re-elected in 1974 to represent Othaya constituency on a Kanu ticket. He was re-elected MP for the same constituency in the subsequent elections of 1979, 1983 and 1988. Besides being MP, Kibaki was the Othaya Kanu branch chairman from 1974 to 1991 when he resigned from Kanu to found the Democratic Party (DP).
Kibaki was appointed Vice-President in 1978 when Daniel Arap Moi took over the reins of power following the death of founding President, Jomo Kenyatta. He continued to serve in the Ministry of Finance and Economic Planning until 1983 when he moved to the Ministry of Home Affairs and National Heritage .He served until 1988 when he was again moved to the Ministry of Health. Kibaki was also the Leader of Government Business and Chairman of the Sessional Committee from 1978 to 1988.He was the Kanu vice-President from 1978 to 1988.
Kibaki founded DP on December 25th, 1991 and vied for the Presidency on its ticket in the 1992 elections.He came third after Daniel Moi and Kenneth Matiba.
In 1997 he contested for the Presidency again on the same ticket and came second to Kanu's Daniel Arap Moi. He became Member and Chairman of Public Accounts Committee from 1997 to 2002.
In January 1998 DP became the Official Opposition Party hence Kibaki assumed status of the Leader of the Official Opposition Party. He also became a Member of the House Business Committee from 1998 to 2002.
Mwai Kibaki was sworn in as President on 30th December 2007 after winning in the preceding General Elections held on 27th December 2007. He is Kenya's 4th President.
His Excellency Hon. Mwai Kibaki
President KibakiPresident Mwai Kibaki was born on November 15th, 1931 in Gatuyaini Village, Othaya division, Nyeri, in the Central Province. He is the last-born son of the late Kibaki Githinji and the late Teresia Wanjiku. His siblings include Philip Githinji, Kinyua Kibaki, Anastasia wangui, Waruguru Kibaki (who are all deceased now), Ester waitherero, Bernard Nderitu and a half-brother Samuel Githinji.
Mwai Kibaki went to Gatuyaini village school where he completed what was then called Sub "A" and sub "B" which is the equivalent of standard one and two. He then joined Karima mission school for the three more classes of primary school. He later moved to Mathari School (now Nyeri High School) between 1944 and 1946 for Standard four to six. Here, he learnt carpentry and masonry because students would repair furniture and provide material for maintaining the school's buildings. He also grew his own food as all students in the school were expected to do.
Kibaki extended the art of self-reliance to his school holidays where he earned extra money by working as a turn boy on buses operated by the defunct Othaya African Bus Union.
After Karima Primary and Nyeri Boarding primary schools, he proceeded to Man'gu High School where he studied between 1947 and 1950. He passed with a maximum of six points in his "O" level examination. He was influenced by the veterans of the two World Wars in his village and once considered becoming a soldier in his final year in Man'gu. This did not materialize because of a ruling by the Chief colonial secretary, Walter Coutts, which barred the recruitment of the Kikuyu, Embu and Meru communities into the army.
After Man'gu he proceeded to Makerere University to pursue a Bachelor of Arts degree in Economics, History and Political Science. While at the University, Kibaki was the Chairman of the Kenya Students Association and the Vice-Chairman of Makerere Students Guild.
He graduated in 1955 with a First Class Honours Degree (BA) in Economics and took up an appointment as Assistant Sales Manager Shell Company of East Africa, Uganda Division. It is during the same year that he earned a scholarship to do postgraduate work in any British University. He enrolled at the prestigious London School of economics for a B.sc in public finance, graduating with a distinction.
He went back to Makerere in 1958 where he taught as an Assistant Lecturer in the economics department until 1960. In December 1960, he quit Makerere and returned home to take up a job with Kanu as an Executive Officer. Earlier in March 1960,he had been involved in the founding of the KANU party.
In 1962, Kibaki married Lucy Muthoni, the daughter of a Church Minister, and together they have four children: Judy Wanjiku, Jimmy Kibaki, David Kagai, and Tony Githinji. They also have three grandchildren: Joy Jamie Marie: Mwai Junior and Krystina Muthoni.
In 1963 he made a debut in elective politics by contesting the Donholm Constituency (now Makadara) in Nairobi Province, which he won on a Kanu ticket.
He was made the parliamentary secretary to the Minister of Finance from 1963 to 1965 and in 1965 he was appointed a minister at the Ministry of Commerce and Industry where he served until 1969.In the same year, Mwai Kibaki was re-elected the MP for Donholm Constituency on a Kanu ticket.
He was later moved to the strategic ministry of Finance and economic Planning where he served from1970 to 1978. During this period Kibaki, moved his political base from Nairobi to Othaya and was re-elected in 1974 to represent Othaya constituency on a Kanu ticket. He was re-elected MP for the same constituency in the subsequent elections of 1979, 1983 and 1988. Besides being MP, Kibaki was the Othaya Kanu branch chairman from 1974 to 1991 when he resigned from Kanu to found the Democratic Party (DP).
Kibaki was appointed Vice-President in 1978 when Daniel Arap Moi took over the reins of power following the death of founding President, Jomo Kenyatta. He continued to serve in the Ministry of Finance and Economic Planning until 1983 when he moved to the Ministry of Home Affairs and National Heritage .He served until 1988 when he was again moved to the Ministry of Health. Kibaki was also the Leader of Government Business and Chairman of the Sessional Committee from 1978 to 1988.He was the Kanu vice-President from 1978 to 1988.
Kibaki founded DP on December 25th, 1991 and vied for the Presidency on its ticket in the 1992 elections.He came third after Daniel Moi and Kenneth Matiba.
In 1997 he contested for the Presidency again on the same ticket and came second to Kanu's Daniel Arap Moi. He became Member and Chairman of Public Accounts Committee from 1997 to 2002.
In January 1998 DP became the Official Opposition Party hence Kibaki assumed status of the Leader of the Official Opposition Party. He also became a Member of the House Business Committee from 1998 to 2002.
Mwai Kibaki was sworn in as President on 30th December 2007 after winning in the preceding General Elections held on 27th December 2007. He is Kenya's 4th President.
Tuesday, April 19, 2011
Thursday, April 7, 2011
The Way to Happiness: The Way to Happiness now available on film!
The Way to Happiness: The Way to Happiness now available on film!: "IN A CHAOTIC WORLD of plummeting moral standards The Way to Happiness reaches out to millions of people across 130 nations with a message of..."
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