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Key Steps to concider before taking the BOLD Entrepreneurship move

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Consider these 10 steps before making the big-boy move to the world of entrepreneurship. As an entrepreneur, you wear many hats — visionary, technician and manager. But you must not let the hustle and bustle of your business steer you away from having a solid financial foundation. Showing discipline with your personal finances will strengthen your success with your business finances. A few basic initial steps can be taken when making the transition from employee to entrepreneur. In addition to creating a business plan, you need to begin by figuring out the expected expenses for your particular field. There are also some common expenses for which you can prepare, such as fees to incorporate, costs of bookkeeping software and various forms of insurance you may be leaving behind with your former job. Next, create two spending plans: What your expenses and cash flow look like today, versus what they may look like when you start your company and are living off reduced income and savings. …

Number of Businesses owned by Women of Colors is massively increasing.

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Last year, her friend Trishona Helm was visiting L.A. from their native Omaha and snapped Caldwell a picture of rolledice cream--which is rolls of ice cream placed vertically in a cup, finished off with various sweet toppings.  Helm's response: "Let's bring it to town. No, I'm serious."  In August, they invested $10,000 of their savings and a $30,000 loan into launching Mixins Rolled Ice Cream in downtown Omaha. By the end of October, the business had generated $100,000 in sales--and Caldwell is already planning to create a rooftop ice cream bar at Mixins next summer as well as mulling franchising the business.  Caldwell has a lot of company: Nearly 63 percent of women financed their businesses from their own savings, according to the 2018 State of Women and Entrepreneurship survey of 279 women. Compare that to versus 43 percent of surveyed Inc. 5000 CEOs. Caldwell, a 25-year-old biracial single mother with three kids, previously worked at a news station and childcar…

Sufficient Business know How seen as Major Reason Hurting Women Entrepreneurship in Rwanda

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Lack of business skills and information about the available opportunities in the sector are among the factors undermining   women in business. This was disclosed on Tuesday in Kigali, during a three-day workshop that brought together 50 women entrepreneurs among others. Organised by the Sustainable Development Goals Centre for Africa, the workshop aims to strengthen the capacity of women in Rwanda who are running businesses. According to a trainee, Diana Gakwandi, from Centre for Education Network, women in business still lack the entrepreneurial  skills, specifically about financing, interacting with clients which affect their performances, adding that there is hope that the training will play a significant role towards their improvement. Eugenie Mushimiyimana, from the Private Sector Federation and owner of Mamu Tower Company, said that the main challenge was lack of knowledge. “Sometimes, we start busines with the intention of earning money, but some women entrepreneurs lack the skills …

Entrepreneurship has Key to Unlocking Economic Development in Africa - Tony Elumelu

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5,000 African entrepreneurs, private and public sector leaders and the broader entrepreneurship ecosystem convened in Lagos on Thursday, October 25, 2018 for the annual Tony Elumelu Foundation (TEF) Entrepreneurship Forum. The event which is the largest gathering of African entrepreneurs in the world, is a unique opportunity for bringing together young business talent, creating dynamic networks and transmitting the message to policymakers that a vibrant and responsible private sector will deliver economic transformation. Now in its fourth year, the Forum marked the graduation of the 2018 cohort of the TEF Entrepreneurship Programme, following a rigorous nine-month period of training, mentorship and funding, which brought the total number of beneficiaries of the Programme to 4,470, with over 300,000 applications received to date. One of the highlights was the unveiling of TEFConnect, a revolutionary digital community that brings together the complete entrepreneurship ecosystem across Afr…

Is Entrepreneurship the Answer to Obsolete Education System?

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It is a fallacy that start-ups have some kind of a monopoly, and that entrepreneurship is an exclusive domain only for the privileged few. Entrepreneurship is open for all; today it has become important in all spheres of life. An entrepreneur’s job is not merely to think for himself but to solve problems of the world. In this digital age, everyone needs to have an entrepreneurial mindset because opportunities are aplenty. For instance, in the realm of entertainment with the emergence of various platforms like Netflix and games like Angry Birds, Candy Crush and others; we are at a juncture where in, we are competing against the time not only among ourselves. If you are not making something fun, innovative, competitive and good enough to lure the masses why would anyone give you his or her precious time, when the market is flooded with so many products of similar kind? Thus, it is imperative to create good experiences and pay attention to the qualitative aspects. One has to adopt a diff…

ENTREPRENEURSHIP IS THE SOLUTION TO JOB CREATION AND BOOSTING ECONOMY IN NIGERIA

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Entrepreneurship, simply put, is taking the risk of running your own business. In the case of Nigeria, young Nigerians have to brave quite a myriad of challenges before they can actually float their businesses. This, however, has discouraged aspiring Nigerians to shelf their entrepreneurship dreams. Unknown to them, being an entrepreneur does not mean you must have a brick and mortar store. You can run your entire business online – thanks to Internet penetration. Jumia has proven that direct and indirect jobs can be created via e-Commerce. It has empowered thousands of Nigerians to run their businesses through various initiatives like the Jumia J Force Sales Consultancy, Jumia Vendor Hub, Jumia University, and many others. So, when it comes to job creation, you do not need to wait for the government. The government only needs to create an enabling environment, while the private sector and entrepreneurs will provide the much-required employment. Moreover, being an entrepreneur is a reliable …

5 Vital signs you are infected with 'ENTREPRENEURSHIP'

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Imagine yourself at the beginning of the school year, selecting your course load for the semester. Your favorite subject is offering two courses. The first option is easy -- you already know most of the material and you can coast through the class to get an A, no problem. The second course is more challenging and will require that you push yourself -- it’s not a guaranteed A, but you will learn a lot and if you hustle hard, you’ll earn the grade. So, which course do you take? If you chose the second course, chances are you’ve got the entrepreneurial spirit. You’re a doer, don’t back down from a challenge and chase success through hard work. It tends to be an all-consuming and admirable trait, and one people celebrate each August 21 on World Entrepreneurs’ Day. Here in Silicon Valley, it seems those leaders are everywhere, drawn to one another and our incubative city for its challenge and opportunity. In my experience, these leaders want to solve big problems, inspire and be inspired, an…

Entrepreneurship Sucks

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The process of becoming an entrepreneur could be very stressful and depressing especially for a new comer entrepreneur. But even with that there’s no denying that entrepreneurs are the new rock stars. Many people have given up this journey to be successful in entrepreneurship and some who still stick to it will tell you that it sucks. Part of that reason is because most people get into the van as ignorant who want to learn, learning in this type of competitive reality can be mind bugging. We are bombarded with exciting tales of overcoming adversity on the road to success and the message is often that you too could quit your day job, launch a successful venture and reap the multi-million-dollar rewards. Here’s a reality check on things you need to know before you jump on the van.
The fact is that three out of four venture-backed startups fail. Why? Because founding a company is harder than most of us imagine. Behind the glamorous image of entrepreneurship lies a rollercoaster of epic hi…

SUSTAIN YOUR FAMILY BUSINESS BY DOING THESE

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It is logical to understand that in most families, Emotions serve as the pillars of almost all relationships In a Business or Enterprise, however, it is Economics which defines relationships! Emotions & Economics are evidently, opposites of each other.  Apart from the first letter, these two words hardly have anything else in common.  ‘Emotions’ are feelings of the heart  …while ‘Economics’only understands that which is rational and supported by valid theories. Interestingly, family businesses, are a unique combination of both, Emotions and Economics! This is why they are rather a delicate form of Enterprise.  Undoubtedly, they hold huge potential, but they also tend to become more & more fragile  …with time.  Family Businesses and India Surprisingly enough, family businesses make up between 80% to 85% of the world’s GDP and fund 85% of all start-ups across the globe! Not so surprisingly, however, the rate at which family businesses die out is alarmingly fast. 70% of family business…

BECOMING AN ENTREPRENEUR IS A PIECE OF CAKE BUT SUCCEEDING IS HARD

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It is quite easy to think about an innovation and work hard to achieve that. You can be an entrepreneur but, can you be the successful one? We all can participate in the marathon. We know we all cannot win, but what we all can do is playing a fair game. Same as that, it is quite easy to be an entrepreneur with schemes like Make in India by the government, but can you be a successful one? It takes a lot and demands great sacrifices on personal and social upfront. One has to burn day and night without any second thought to make their dream a success story. Let us discuss few points that give us evidence that it is easy to be an entrepreneur but it is quite difficult to successful one – IDEAS CAN BE BRISK OF A BUBBLEIt is quite easy to daydream about a startup from which you will get million of profit and you will rule the market. But, when you give the shape of a product to your idea, it turns out to be quiet pathetic you, yourself do not just that it can be the idea that you dreamed about…

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