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Five types of Entrepreneurs

June 27, 2010 Leave a comment

Home-run Sluggers:

Home-run sluggers want to change the world in a big and obvious way, says serial entrepreneur John Warrillow. They are not thrilled with incremental success, and the trend toward serial entrepreneurship is not necessarily appealing to them. Sluggers would rather make a single business their life’s work, and make it big (if at all.) They are not as amenable to early exits or succession planning. Fred Smith of FedEx is an obvious example of a slugger.

On-base Hitter

Think of business owners who have a series of successful business start-ups to their name as you would hitters in baseball who have a high on-base percentage. Like the on-base hitter, these entrepreneurs are content to achieve success in bite-sized bits on a regular basis, rather than all in one flourish. Rene Lacarte fits this description. The founder of PayCycle and Bills.com has launched a serious of similiar businesses in the online payment field. Each has been a success, though none has been a bullseye.

Fact Finders
Fact Finders, as defined by the Kolbe personality test, are entrepreneurs who seek details before making decisions. Just as picking at a single yarn in an old sweater unravels it, each answer to a fact finder’s question triggers a new set of questions. The fact finder seeks out the answers to his or her questions before making decisions.

Follow-Through

Follow-Through entrepreneurs love systems, according to the Kolbe test. In fact, creating a system is how they react when confronted with the chaos created by any start-up enterprise. Follow-Through entrepreneurs think in a linear fashion, where Step 1 leads to Step 2 and so on. Their companies tend to operate by methodology (think Six Sigma) and to reward employees for continuous process improvement

Implementers

Implementers, the Kolbe test says, live in the physical world and enjoy building and fixing things. They are innovative by nature, and always looking to build the proverbial better mousetrap. Implementers thrive in environments that allow them to work with their hands

I thought it is useful to some people who can rate them as one of the above. I found this article on inc.com

6 Questions to Ask Before Starting a Business

June 17, 2010 Leave a comment
1. Do you believe you have what it takes?
We don’t mean personal characteristics — or not just personal characteristics, anyway. Do you believe you have all the skills, energy, money, people, and knowledge to start a business? Founders who carefully identify and evaluate their resources in pursuit of a well-defined goal display “entrepreneurial self-efficacy,” a trait many academics believe to be the best predictor of success.
2. Are you able to let other people down?
A founder may set out in a rowboat, but pretty soon, he is piloting a cabin cruiser with investors and employees on board and their families huddled belowdecks. Risking your own fortunes is easy compared with risking the fortunes of those who believe in you. “These people may not completely understand the business,” says J. Robert Baum, an associate professor of entrepreneurship at the University of Maryland. “They may not understand the level of risk. But they think they’ll be OK because you are so smart. Breaking their dreams is very painful.”
3. How do you handle setbacks?
When you are smiling, the whole company smiles with you. In their book Resonant Leadership: Renewing Yourself and Connecting With Others Through Mindfulness, Hope, and Compassion, Richard Boyatzis and Annie McKee explain that emotions are contagious: Morale rises and falls with the mood of the leader. Consequently, people who succumb to black moods or depression can fatally infect their own companies.
Because some people have an inflated idea of their resilience, Mayer suggests performing a kind of reference check on yourself — ask people who know you well how you handle adversity.
4. Are you really an inventor, rather than an entrepreneur?
Raising a child is generally more challenging than creating a child, and the same is true of new products. Some people mistake the act of invention for the tough part. “Too many times, these inventor types spend an inordinate amount of time on the patent and making the prototype just so,” says Mike Drummond, editor in chief and co-owner of Inventors Digest. “They think once they’ve done that, the world will beat a path to their doorstep. My take is that product development is a team sport. Inventors don’t get that. Entrepreneurs do.”
5. Can you accept that your company may outgrow you?
Some entrepreneurs love to brag that they don’t need an exit strategy, because they are not going anywhere. But at some point, your business may need you less than you need it. That’s particularly true at fast-growth companies, at which entrepreneurs may not have enough time to develop the necessary leadership and business skills. Mayer has seen founders bring in presidents or senior executives from the outside, only to sabotage them. “They do it by not giving them the necessary information,” says Mayer. “They do it by not stepping back and by involving themselves with managers in a way that is inappropriate in the chain of command. They can be disruptive during meetings.”
6. When you look in the mirror, does an entrepreneur look back?
If so, and if that’s the reason you are starting a company, beware. Many traits — persistence, creativity, and risk tolerance among them — are commonly ascribed to entrepreneurs. But having those traits doesn’t much improve the odds that you will succeed. “Research into entrepreneurs’ personal traits says things like persistence and need for achievement explain only about 5 percent to 10 percent” of the difference between people who start companies and those who don’t, according to Baum. “They are less important than external predictors like the spirit of the times, the economy, and changes within an industry.

I like this article on inc.com so i posted to share with all my friends.

Donated $5000.00 to Startlight Children Foundation

June 11, 2010 Leave a comment

We have donated $5000.00 to startlight children Foundation.

Giving back to community is a good thing. I feel more responsible and helping hand always goes a long way.

http://www.starlight-newyork.org/NYNJCT/donate/

I have always believed Mahatma Gandhi Words   Manava Seva Madhava Seva” – Mahatma Gandhi (Service to Humanity is Service to God)

Thanks to god giving me such idea to give back to people where there is a need.

Categories: Personal

7 characteristics of any Best Entrepreneur

June 6, 2010 Leave a comment
After going through and observing  what are the main characteristic which will take entrepreneurs in successful path.
I feel the below are the best every one should follow .
7 Best characteristics of an Entrepreneur
Any enterpreneur should have this 7 characterstics to be successful.
1# Passion
2# Independent
3#Market Sensitivity
4# Creative and Innovative
5# Calculated Risk
6# High Ethical Standards
7# Persistene in reaching the goal

7 Best characterstics of an Entrepreneur
Any enterpreneur should have this 7 characterstics to be successful.
1# Passion 2# Independent 3#Market Sensitivity 4# Calculated Risk 5# High Ethical Standards 5# Persistene in reaching the goal

Categories: Business Related