Hope it helped. Until next time, school's out, learning's in!
A strong, positive self-image is the best possible preparation for success.
Joyce Brothers
Friday, April 20, 2012
Lesson #3.8: The Elevator Pitch
Hope it helped. Until next time, school's out, learning's in!
Lesson #3.7 Social Entrepreneurship
We are currently doing a business plan for our course and my group mates and I decided to focus on a social need to fulfil. Our business idea, after much thought, was to create a publishing house in the Caribbean that transcribes Caribbean books into usable formats for children ages 2-12years who are visually impaired. While there are many such companies in the United States that does this, there is none in the Caribbean. To add, while we do have books being transcribed to Braille, many of these are usually American books, and not those written by our very own Caribbean authors. So we saw a social need, and decided to develop a business to address that need. Late we found out that what we are actually doing is what is known as social entrepreneurship, which is the topic of today;s lesson.
is Social Entrepreneurship?
Social entrepreneurs are individuals with innovative solutions to society’s most pressing social problems. They are ambitious and persistent, tackling major social issues and offering new ideas for wide-scale change.
Rather than leaving societal needs to the government or business sectors, social entrepreneurs find what is not working and solve the problem by changing the system, spreading the solution, and persuading entire societies to take new leaps.
Social entrepreneurs often seem to be possessed by their ideas, committing their lives to changing the direction of their field. They are both visionaries and ultimate realists, concerned with the practical implementation of their vision above all else.
Why we need Social Entrepreneurs
Each social entrepreneur presents ideas that are user-friendly, understandable, ethical, and engage widespread support in order to maximize the number of local people that will stand up, seize their idea, and implement with it. In other words, every leading social entrepreneur is a mass recruiter of local changemakers—a role model proving that citizens who channel their passion into action can do almost anything.
And just in case this I have not convinced you so far, I found two videos that helped to convince me of the importance of social entrepreneurship. Take a look:
Many times when we think of becoming entrepreneurs we think about the cash influx to be gained from starting our own business venture, what benefits there are to us. Today I challenge you to think about how can you create a business that will benefit the wider society and make an important difference in someone else's life.
How wonderful it is that nobody need wait a single moment before starting to improve the world. ~Anne Frank
Saturday, March 24, 2012
Lesson #3.6 The Business Plan vs Business Model
Now my lecturer has been talking to us over the past couple of weeks concerning the business plan and the business model, and until now I never understood the difference. I did not even realise there was a difference and thought they were terms being used interchangeably.
According to my research I was wrong. First let us look at the powerpoint shared with us by my lecturer Mr. Gerry McDaniel. It explains step by step how to write a business plan, which is usually needed to show investors your ideas, it also helps to organise the business structure for you.
While searching the web for extra resources to help me understand the difference I found this very interesting powerpoint on creating a start-up which also explains the difference between a business plan and a business model. Take a look!
Want more information on the business model? I sure did, and so I found this awesome video that explained it in even more detail.
I really hope this helped to clear up the confusion that might have had. It sure helped me. I've started working on my business model, how about you? Until next time... School's Out, Learning's In!
'Plan for the future because that’s where you are going to spend the rest of your life'.
– Mark Twain
Lesson #3.5 Why Students Should Become Entrepreneurs
All my lessons to this point have been done with the assumption that young people understood the benefits of becoming entrepreneurs. But as my fifth form Math teacher always told us when you assume you make an ass of you, not me :) So no more assumptions! This lesson aims to convince all those non believers (maybe taking it a bit too far, I know) about the awesomeness that is entrepreneurship! Let the fun begin!
Let's start off with a video by Pauline van der Meer Mohr explaining from her experience, why students should become entrepreneurs.
Advantages of being an entrepreneur
Next I present to you five solid advantages of being an entrepreneur!
By far the most alluring aspect of being an entrepreneur is the freedom to decide on everything related to your business activities, the possibility of setting your own work hours and taking a vacation right at the time you need it, as well as the overall independence that being self-employed offers you.
2. Being accountable to yourself only.
Even if you own a small business, being an entrepreneur means you're only accountable to yourself. Instead of having a boss as you would on a regular job, you are the boss and you are in full control over the decision-making process.
3. The chance to use your skills and talents.
Working for others typically means you have a specific job title and you're getting paid to use a limited set of skills. However, a successful entrepreneur is often a jack of all trades that oversees and gets involved in all the areas that define a business (marketing, sales, accounting etc.) This is a fantastic opportunity for being creative, turning your ideas into reality and putting to use all of your talents.
4. Self-fulfilment and personal satisfaction.
Entrepreneurship is a venue for attaining a high level of self-fulfillment and satisfaction, since it represents a great opportunity to create something worthwhile that can benefit you, others and even society at large. It is essentially one of the most productive ways of unleashing your full potential and achieving some level of greatness. If being an entrepreneur is your dream of a lifetime, reaching this ideal offers a strong feeling of achievement and happiness.
5. Financial independence and high income.
By owning a business, you can earn a lot more than by being an employee. Furthermore, you also have the chance to increase your income a lot faster by putting in more work and by gradually expanding the business every year. Entrepreneurship is the most straightforward way to financial independence and wealth, since you don't depend on anyone paying you a salary and you also have the opportunity to make a lot more money by providing your own product or service.
Still not convinced?? Well here is yet another link to a Jamaica Information Service (JIS) article giving even more reasons for you to become an entrepreneur.
If after all my efforts you still are not convinced, then maybe entrepreneurship is not for you. But I wish you the best of luck at your 9-5 job (yes, I had to slip that one in..lol). Until next time, School's Out, Learning's In!
"My son is now an 'entrepreneur'. That's what you're called when you don't have a job."
- Ted Turner, broadcasting entrepreneur
Wednesday, March 21, 2012
Lesson #3.4 Have You Got What It Takes??
My lecturer gave us a link to do an online Entrepreneurial Strengths Assessment that I thought I would share with you.This is just to help you find out if you are on the right track and if you have the right stuff where being an entrepreneur is concerned. Please don't worry if you got a low to average score like I did :) . It is all about the learning process, to see where you stand what you need to improve on. School's Out, Learning's In.... Good luck!
“Knowing others is intelligence; knowing yourself is true wisdom. Mastering others is strength; mastering yourself is true power.”- Anon
Lesson #3.3 What Could You Do with US $10??
For my Entrepreneurial Skills in the Communication Industry Class, we had to do a feature story on an international media mogul. Many persons chose seasoned veterans in the business then spoke about how they made it to that point. I, on the other hand, chose someone younger than myself, who was still learning from his mistakes, and is turning heads before the age of twenty. Check out my feature story below followed by our Young Entrepreneur Highlight section with a live interview of Farrhad on CNN:
What Could You Do With US$10??
Have you ever thought of being the owner of the next multi-billion dollar enterprise?
Often as young adults when we talk of owning our own business we begin with the words, "When I grow up…" or "One day when I'm older..." or even, "In the future I would like to...." But what is it that really separates us from our dreams? Why do we see them only in the future tense rather than as present continuous?
The saying goes that a journey of a thousand miles begins with the first step. For one young man, the journey to living his dreams began in the 8th grade with just a US$10 loan from his parents. His name is Farrhad Acidwalla.
Farrhad Acidwalla was born in Pune, India on November 16, 1993. Eighteen years later he is now known as one the world’s youngest entrepreneurs; founder of Rockstah Media, a web development, marketing, and advertising company. Rockstah Media, now in its third year, has a full-fledged team of developers, designers and market strategists that caters to a global clientele.
At the age of thirteen Farrhad used his US$10 loan to purchase his first domain name. He went ahead to develop an online community dedicated to aviation and aero-modeling. The site went on to become a huge success. He later sold the website for US$1200 to a fan and invested US$400 as start-up for launching Rockstah Media.
When asked what he believes is the single most important reason for his success Farrhad says, “I’ve never sat on an idea. If I get something, I act on it.”
Our problem today as young people is not our lack of ingenuity, intelligence, or even passion but our lack of confidence in acting. In the words of Tim Blixseth, famous American business man, “Many great ideas go unexecuted, and many great executioners are without ideas. One without the other is worthless.”
As one of India’s youngest international business owners, Farrhad continues to demonstrate the skills and traits of what Blanchard and Hudson (2007) describe as that of a successful entrepreneur.
First on the list of twenty attributes of a successful entrepreneur (Blanchard and Hudson, 2007) is being resourceful. In life we are all afforded many opportunities. You never know what form your US$10 loan will come in. The secret of success in life is for a man to be ready for his opportunity when it comes (Benjamin Disraeli). Farrhad was resourceful enough to use his $10 opportunity to do something he loved that would later reward him greatly.
Risk taking is also high on the list, if success as an entrepreneur is truly desired. Making the decision to sell his website was not an easy one for Farrhad. “Business is all about taking the leap,” says Farrhad.
Taking that critical leap is often times the difference between those who merely achieve, and those who achieve greatness. Many would have settled for simply having a successful website, but not Farrhad. Risk taking however needs to be accompanied by another important attribute that is a must for the successful entrepreneur, being visionary. Farrhad explains, “The larger the vision, the larger the need to pave your path with skill and confidence.”
Currently, Farrhad is adjusting his focus to developing two new companies in the fields of entertainment and travel. Being as ambitious as he is humble, Farrhad explains that even if you get success early as an entrepreneur, it should not intoxicate you. “There are lots of things to do in life. You need to diversify and be innovative all the time,” he says. He however continues leading his creative team as CEO and founder of Rockstah Media.
Forming a company at the age of 16 was no easy task. The most difficult part, Farrhad says, was getting his initial clients as they always looked at him and had doubts as he was just a ‘kid’. Being salesmanship oriented and employing his problem-solving skills assisted him significantly in overcoming this challenge. What also helped him was the fact that he had been doing web design as a hobby between classes. His portfolio was able to speak of his innovativeness. Today he caters to companies such as M Dhruva & Partners (MDP), a progressive, entrepreneurial and innovative law firm based in Mumbai, India.
What makes Farrhad’s story even more outstanding is the fact that he runs his business while simultaneously pursuing a degree in Finance at India’s prestigious H.R. College of Commerce and Economics.
When asked why he has decided to stay in college despite already having a successful and growing business Farrhad answered, “Education never goes to waste. I know I can put the things I learn in college to use in my business. Business is something that’s never certain, there’s always a risk. But, if you have your education in place, it’s going to help you analyze challenges and deal with them.”
He went on to say that although it is not all about making money, while formal education will make you a living, self-education will make you a fortune. Self-education has indeed made Farrhad a fortune as his web design and development skills were all self-taught.
Juggling homework and business does have its challenges, however. Staying up all night on his Mac Book Pro is a habit Farrhad has had to acquire to stay ahead of the game. He has also had to convert his Dadar Parsi Colony house in Mumbai into a workstation for his web development and media company. Farrhad’s determination and purposefulness however gives him the drive needed to rise above the challenge. Farrhad explains that although college takes a lot of time, if you learn and make efforts to manage your time properly, and with the right business set up, your business can still strive.
Farrhad however understands that being an entrepreneur does not mean you have to stand alone. He attributes much of his success to the support of his team and his parents. Being both leadership-oriented and team-oriented are important to becoming and remaining a successful entrepreneur. On the Rockstah Media website the Rockstah team is described as “an award-winning team of designers, developers, consultants and market visionaries who work towards one goal – Creating Awesomeness.” Farrhad often boasts of his ‘like-minded’ team who can make up for him at any given moment. The 42 member team has achieved many awards for their innovative work in branding, marketing and web development.
All work and no play can however make for a very dull entrepreneur. Balance is key to the success of any entrepreneur. Farrhad ensures that he finds balance within his life as well, and not be totally consumed with school and work. He makes it a priority to make time to hang out with his friends, read, watch movies and play the guitar.
Despite his many successes, Farrhad, like all entrepreneurs, has to be careful to maintain his viability within the developing media market. Setting achievable goals for the future is important. When asked where he sees his business in 5 years Farrhad responds, “I haven’t actually thought that far ahead to be honest! I take each day as it comes.” While taking challenges bit by bit is more than recommended, it is still advised that we look strategically into the future and pre-empt obstacles and expand on successes.
The expansion of his company, Rockstah Media is however something that Farrhad and his team are looking into. He says in the future they plan to diversify and scale up the business by producing Hindi language entertainment programmes.
Currently, Rockstah Media focuses on marketing and branding mainly in terms of creating a visible image for its clients through web design and other collateral material. There is much room for more work to be done in the area of public relations, and events planning and coordination. Expanding in this area can help to give Rockstah Media an even further competitive advantage globally.
Although over the past three years Farrhad has travelled across India speaking publicly on his success and how he manages his business, more can still be done in the areas of writing, public speaking and youth empowerment. Farrhad’s journey is one that inspires all those who hear it. Youth around the world need to engage and interact with more young visionaries like Farrhad to motivate them to not sit on their dreams, waiting on an unknown future to act on them.
How many great ideas have you let go of so far? How many have you packed away in a box labeled ‘FUTURE’?
Isn’t it time we let go of the notion that our dreams of success can only be accomplished in the future? Isn’t it time we stopped thinking that leadership and innovation can only come from our parent’s generation?
Let us today take a leaf from Farrhad’s book. As he explained, "Being young is an added advantage as I can come up with many innovative ideas." Opportunity knocks only so often. What will you do with your US$10??
Farrhad was blessed to receive the opportunity to do a live interview via Skype on CNN. So for our young entrepreneur highlight today I wanted to share the video with you. Check it out!
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| What could you do with US $10? |
There is no scarcity of opportunity to make a living at what you love; there's only scarcity of resolve to make it happen. - Wayne Dyer
Lesson #3.2 Stress Less!!!
I am totally feeling the same way at the moment, and so I figured that since no human experience is unique, there must be someone out there feeling the same way I am. Over the past couple of weeks I have been so swamped with school work, I almost forgot about the blog (ALMOST being the operative word... LOL) And so I decided to try and get some help not only for myself, but for all those out there feeling pressured and in desperate need of assistance. Today's entrepreneurship lesson is therefore a little unorthodox, its all about helping us to stress less!
How Stress Works
In How Stress Effects Neurotransmitters, Bev Storer explains
The brain uses feel-good transmitters called endorphins when managing daily stress. When the brain requires larger amounts of endorphins to handle increased stress, the ratio of many of the other transmitters, one to another, becomes upset creating a chemical imbalance. We begin to feel stress more acutely -- a sense of urgency and anxiety creates even more stress. As a result, harmful chemicals are released in our bodies that may do damage, causing more stress. This vicious cycle is called the "stress cycle."So the frequency of our head aches have increased, we're agitated more easily, our emotions are constantly on a roller-coaster ride, its difficult to even drag yourself out of bed...yes we are feeling stressed. So how do we fight the feeling to become stress-less?
The Causes of Stress
Whether it is starting a business, running one, or developing the idea for one, stress remains a common factor. But what is the most common cause of stress? FEAR.
- Fear of failure
- Fear of rejection
- Fear of other's disapproval
- Fear of loss of love
- Fear of people saying NO
- Fear of confrontation
- Fear of loss of security
- Fear of the unknown
According to Joe Robinson in his article Managing the Stress of Starting your Own Business, "Building and sustaining a business is a day-in, day-out battle between uncertainty and willpower. Your ability to persevere through prolonged periods of risk and manage the stress that comes with it is as important to your company's survival, as well as your own, as any business decision you'll have to make along the way."
Becoming Stress-Less
While trying to find us the help we need to become stress-less I found this really funny article that outlined 10 Ways to Become Stressed Starting a Business. Below is a synopsis:
1. Do it all yourself
2. Set unrealistic expectations
3. Make sleep a luxury- not a necessity
4. Adopt this mindset: Effort = Results
5. Discuss critical points with key person when you are exhausted
6. Stop exercising
7. Steadily raise your daily caffeine intake
8. Work all the time
9. Friends, family and significant others are distractions
10. Under no circumstance, never ever meditate
It took me a while to understand number 4. But what he was saying is that hard work does not always equal success, if the work is being focused on the wrong things. What is important is focusing on the 20% that brings you the 80% of the outcomes of your business needs. So it is not work harder, but work smarter. So if you want to become or remain stressed you now know what to do, if not, you now know what NOT to do!
Even if we avoid doing all those things, we at times will still become a bit overwhelmed. Stress, unfortunately is inevitable. The aim is to not let it take over our lives. Below are eight ways of dealing with the feeling of being stressed.
Stress Busters:
1. Laughter: Watch a funny movie - have a good laugh. Laughter, like crying, releases chemicals in your brain that will make you feel good and give you the ability to cope with whatever may come.
2. Tears: Have a good cry - take a pillow and a box of tissue, close the door and let yourself howl. I had to do this the other day when my group members were arguing, my assignments were all due in the same week and I just needed a pressure release. It may not solve the problem, but it helps to clear the mind and ease a burdened heart.
3. Physical Activity: Take a brisk walk or do some vigorous exercise - physical activity helps release the energy that's tied up in your body, and gets those endorphins flowing. Pound on something, kick a ball, run around the block, dig a hole!
4. Deep Relaxation: You do not have to twist yourself into a pretzel to become relaxed. Take some time to yourself, turn off the lights, listen to some soothing music, pray, meditate, listen to the sounds of the ocean or the rain (what do you think YouTube is for?). Before you know it, you are ready to take on the next challenge.
5. Imagine Worst Case Scenarios: What is the worst that could happen? Your business fails, you become bankrupt, you are left out on the streets begging, you starve... you die? Most fears culminate in a fear of death. So if dying is the worst that could happen, why stress? Even if you were successful it will still end in you dying. Sometimes if you take your fear all the way to the natural conclusion you'll find that it's really not so overwhelming.
6. Change your Routine: A change in routine is a great way of relieving the feelings of stress. So you come home, you normally prepare dinner (maybe), then settle in to do work. Why not change it up? Read a book (not one work related), call up an old friend, go see a movie, then settle in to do some work.
7. Plan your Time: This is my biggest problem. I always find myself just sitting and wondering where did the time go? But sitting and wondering where the time went is in itself wasting time! So instead of sitting wasting time wondering how you are going to get everything done, plan a schedule and get started!
8. Feed your Heart: One of the best stress-busters is simply doing something you love. If you find the business of crafting is getting too stressful, leave the business side for a while and just do a project you enjoy for the love of it. Do something to please your own heart then get back to the business.
While we learn how to become great entrepreneurs, as human beings we have to remember that balance is key. So stress less because Schools Out, Learning's In!