Should You Be An Entrepreneur?

Should You Be An Entrepreneur? Take This Test

by Daniel Isenberg - Babson College

Some of your friends are doing it. People who do it are in the front pages and web almost every day. Even President Obama is talking about it. So should you do it? Should you join the millions of people every year who take the plunge and start their first ventures? I've learned in my own years as an entrepreneur — and now an entrepreneurship professor — that there is a gut level "fit" for people who are potential entrepreneurs. There are strong internal drivers that compel people to create their own business. I've developed a 2–minute Isenberg Entrepreneur Test, below, to help you find out. Just answer yes or no. Be honest with yourself — remember from my last post: the worst lies are the ones we tell ourselves.

1. I don't like being told what to do by people who are less capable than I am.
2. I like challenging myself.
3. I like to win.
4. I like being my own boss.
5. I always look for new and better ways to do things.
6. I like to question conventional wisdom.
7. I like to get people together in order to get things done.
8. People get excited by my ideas.
9. I am rarely satisfied or complacent.
10. I can't sit still.
11. I can usually work my way out of a difficult situation.
12. I would rather fail at my own thing than succeed at someone else's.
13. Whenever there is a problem, I am ready to jump right in.
14. I think old dogs can learn — even invent — new tricks.
15. Members of my family run their own businesses.
16. I have friends who run their own businesses.
17. I worked after school and during vacations when I was growing up.
18. I get an adrenaline rush from selling things.
19. I am exhilarated by achieving results.
20. I could have written a better test than Isenberg (and here is what I would change ....)

If you answered "yes" on 17 or more of these questions, look at your paycheck (if you are lucky enough to still get one). If the company that issued the check isn't owned by you, it is time for some soul searching: Do you have debts to pay? Kids in college? Alimony? Want to take it easy? Maybe better to wait. Do you have a little extra cash in the bank and several credit cards? Do you have a spouse, partner, friends, or kids who will cheer you on? If so, start thinking about what kind of business you want to set up. It doesn't matter what age you are: research by the Kauffman Foundation shows that more and more over–50s are setting up their own businesses. Talk to people who have made the plunge, learn how to plan and deliver a product or service, think about that small business you might buy, talk to people with whom you would like to work, and talk to customers.

"I like to take risks" is not on the list. People don't choose to be entrepreneurs by opting for a riskier lifestyle. What they do, instead, is reframe the salary vs. entrepreneur choice as between two different sets of risk: the things they don't like about having a steady job — such as the risk of boredom, working for a bad boss, lack of autonomy, lack of control over your fate, and getting laid off — and the things they fear about being an entrepreneur — possible failure, financial uncertainty, shame or embarrassment, and lost investment. In the end, people who are meant to be entrepreneurs believe that their own abilities (e.g. leadership, resourcefulness, pluck, hard work) or assets (e.g. money, intellectual property, information, access to customers) significantly mitigate the risks of entrepreneurship. Risk is ultimately a personal assessment: what is risky for me is not risky for you.

"I want to get rich" is not on the list either. All else being equal (and all else is rarely equal in the real world), on the average, people who set up their own businesses don't make more money, although a few do succeed in grabbing the brass ring. But the "psychic benefits" — the challenge, autonomy, recognition, excitement, and creativity — make it all worthwhile.

Daniel Isenberg is a Professor of Management Practice, Babson College

10 Rules of Life by CC

cherie carter-scott's rules of life

Cherie Carter-Scott PhD is a very modern guru. Her theories explain our attitudes and behaviour with a special clarity, and provide a practical guide to behaviour and self development. Dr. Carter-Scott achieved her PhD in human and organisational development and for the nearly 30 years has been an international lecturer, consultant and author. She founded the MMS (Motivation Management Service) Institute and has been called a guardian angel to CEO's. Carter-Scott's book 'If Life Is A Game, These Are The Rules' is essential reading if you are interested in behaviour, relationships, communications, and human personality. Cherie Carter-Scott's rules for life - also known as 'The Ten Rules For Being Human' and referenced in her book with Jack Canfield: 'Chicken Soup For The Soul' - are a map for understanding and pursuing personal development, and for helping others to understand and develop too. 'If Life Is A Game, These Are The Rules' is also commonly referenced book in the life-coaching industry.

Here is a brief summary and explanation of Cherie Carter-Scott's 'rules of life'.

cherie carter-scott's rules of life

(Carter Scott references this quotation:) "Life is a succession of lessons which must be lived to be understood." (Helen Keller)

Rule One - You will receive a body. Whether you love it or hate it, it's yours for life, so accept it. What counts is what's inside.

Rule Two - You will be presented with lessons. Life is a constant learning experience, which every day provides opportunities for you to learn more. These lessons specific to you, and learning them 'is the key to discovering and fulfilling the meaning and relevance of your own life'.

Rule Three - There are no mistakes, only lessons. Your development towards wisdom is a process of experimentation, trial and error, so it's inevitable things will not always go to plan or turn out how you'd want. Compassion is the remedy for harsh judgement - of ourselves and others. Forgiveness is not only divine - it's also 'the act of erasing an emotional debt'. Behaving ethically, with integrity, and with humour - especially the ability to laugh at yourself and your own mishaps - are central to the perspective that 'mistakes' are simply lessons we must learn.

Rule Four - The lesson is repeated until learned. Lessons repeat until learned. What manifest as problems and challenges, irritations and frustrations are more lessons - they will repeat until you see them as such and learn from them. Your own awareness and your ability to change are requisites of executing this rule. Also fundamental is the acceptance that you are not a victim of fate or circumstance - 'causality' must be acknowledged; that is to say: things happen to you because of how you are and what you do. To blame anyone or anything else for your misfortunes is an escape and a denial; you yourself are responsible for you, and what happens to you. Patience is required - change doesn't happen overnight, so give change time to happen.

Rule Five - Learning does not end. While you are alive there are always lessons to be learned. Surrender to the 'rhythm of life', don't struggle against it. Commit to the process of constant learning and change - be humble enough to always acknowledge your own weaknesses, and be flexible enough to adapt from what you may be accustomed to, because rigidity will deny you the freedom of new possibilities.

Rule Six - "There" is no better than "here". The other side of the hill may be greener than your own, but being there is not the key to endless happiness. Be grateful for and enjoy what you have, and where you are on your journey. Appreciate the abundance of what's good in your life, rather than measure and amass things that do not actually lead to happiness. Living in the present helps you attain peace.

Rule Seven - Others are only mirrors of you. You love or hate something about another person according to what love or hate about yourself. Be tolerant; accept others as they are, and strive for clarity of self-awareness; strive to truly understand and have an objective perception of your own self, your thoughts and feelings. Negative experiences are opportunities to heal the wounds that you carry. Support others, and by doing so you support yourself. Where you are unable to support others it is a sign that you are not adequately attending to your own needs.

Rule Eight - What you make of your life is up to you. You have all the tools and resources you need. What you do with them is up to you. Take responsibility for yourself. Learn to let go when you cannot change things. Don't get angry about things - bitter memories clutter your mind. Courage resides in all of us - use it when you need to do what's right for you. We all possess a strong natural power and adventurous spirit, which you should draw on to embrace what lies ahead.

Rule Nine - Your answers lie inside of you. Trust your instincts and your innermost feelings, whether you hear them as a little voice or a flash of inspiration. Listen to feelings as well as sounds. Look, listen, and trust. Draw on your natural inspiration.

Rule Ten - You will forget all this at birth. We are all born with all of these capabilities - our early experiences lead us into a physical world, away from our spiritual selves, so that we become doubtful, cynical and lacking belief and confidence. The ten Rules are not commandments, they are universal truths that apply to us all. When you lose your way, call upon them. Have faith in the strength of your spirit. Aspire to be wise - wisdom the ultimate path of your life, and it knows no limits other than those you impose on yourself.

Porters Five Forces + Blue Ocean Strategy

Combining Porter's FIVE Forces for Competitive Strategy and Blue Ocean Strategy can yield really measurable results.

Complete focus on Blue Ocean Strategy might let to break even point. But controlled focus on BOS and concentrating on Five Forces can lead to measurable results in Business

Difference between : Losers - Defenders - Dreamers - Winners

Types of People that we come across in our LIVES:

Losers - These are people who don't really care about things in life. They take life as it comes or turns to them.

Defenders - These are people who give reasons for not doing things in their life. They makeup reasons for their failures without making sincere effort to succeed in their respective endeavor.

Dreamers - These are people who have a dream to acheive BIG/SMALL, but don't have concrete plan to achieve them. They just think they will do it, but they really don't know how to do it not they don't take initiative to get to the state of realizing their dream.

Winners - These are the people who dream to acheive BIG/SMALL and have a GAMEPLAN to achieve it. They focus on their execution to adhere to the plan and make all necessary efforts sincerely to SUCCEED and they surely do succeed either exceed or meet their targets.