How to Bootstrap Your Busines

I was wondering around with different marvelous business ideas in mind, but non could seem to be a good idea since I fail every time to raise capital for the project to start. until I read the article about sitting around zidel. Thanks to the post that has shown me the right and good way of bootstrapping any business idea. Here is the zidels ideas on bootstrapping your business >>

erica zidel

Erica Zidel knew trying to raise funds for her startup would be a full-time job. She worried that chasing after capital would distract her from building the best product she could. So, rather than sweat the investment game, she has spent two years holding down a day job while bootstrapping her new company on the side.

During business hours, the Boston resident works as a management consultant. Evenings and weekends, she puts on her startup hat.

“I’ve basically been working two full-time jobs,” says Zidel, founder and CEO of Sitting Around, an online community that makes it easy for parents to find and coordinate babysitting co-ops in their neighborhoods. It’s a hectic schedule–schizophrenic, even–but it’s also thrilling. “When I woke up this morning, I realized that it was Monday, and I got excited,” Zidel says.

What’s perhaps more thrilling is that she’s been able to self-fund Sitting Around with the money she earns from her consulting work. Besides not getting sidetracked with fundraising, Zidel and her business partner, CTO Ted Tieken, have been able to retain 100 percent ownership of the babysitting venture.

“Bootstrapping early on means I have complete control over the vision and the product at a time when even small changes can lead to big consequences down the road,” Zidel says. “I wanted the flexibility to make the right decisions, free from a board or an investor’s influence. When you have just the founders making decisions, you can innovate much faster.”

That focus on innovation has paid off. Sitting Around serves families in 48 states, as well as in Canada, Australia, Hong Kong and the U.K. Since the site launched in June, its user base has doubled every month; the company is on track to have 5,000 users by year’s end. Sitting Around also was one of 125 finalists in this year’s MassChallenge, a Boston-based startup competition and accelerator program. Perhaps most exciting of all? Shortly after launching the company, Zidel was honored at the White House as a champion of change for her contributions to child care.

Money vs. Time
The beauty of moonlighting with a startup is that it lets you test a business idea without jeopardizing your financial well-being, says Pamela Slim, business consultant and author ofEscape from Cubicle Nation: From Corporate Prisoner to Thriving Entrepreneur.

“When you don’t know where your monthly income is coming from, it often sets up a fight-or-flight response in your brain,” Slim says. “And that’s not a good place to be when you’re trying to be creative. So having that psychological cushion is often very important for the development ofbusiness ideas.”

Juggling jobs: Erica Zidel of Stting Around works days as a management consultant.

Zidel will attest to that. Thanks to her day job, she’s been able to pour $15,000 to $20,000 of her own money into her business. Not having to take on debt or live like a monk has been a point of pride–but it has also been a necessity. “Since I’m a mother, I have to maintain an adequate standard of living for my son,” Zidel explains. “While I’m definitely frugal and very conscious that a dollar spent on lifestyle is a dollar not spent on Sitting Around, I’d rather work two jobs than feed my son ramen.”

But as anyone bootstrapping a business on top of a day job will tell you, seed capital isn’t the only ingredient in the recipe.

“When I started my journey as an entrepreneur, I thought the most precious resource was money, but it’s actually time,” says Aaron Franklin, co-founder of LazyMeter.com, a web-based productivity tool that launched in August.

Franklin and LazyMeter co-founder Joshua Runge initially began “messing around” with their idea nights and weekends while working full time at Microsoft. After four months of brainstorming and development, the two felt they could no longer do their day jobs justice. With LazyMeter still in the product-development stage, they resigned from Microsoft at the end of 2009, trading in their steady paychecks for a more flexible web-consulting client.

“We needed a source of revenue to buy us the time to build the right product. Consulting was really the perfect way to ease this transition,” says Franklin, who is based in San Francisco.

Taking project-based work did more than just allow Franklin and Runge to bootstrap the startup. Because they performed their consulting work under their business entity, they were able to stretch their income further by putting their pre-tax earnings back into their new company.

Today, LazyMeter has more than 10,000 users. Although currently a free service, the founders plan to introduce premium subscription features as soon as the first quarter of 2012.

Juggling Act
Bootstrapping a business is not without its challenges. Besides the long hours and the strain on personal relationships, it can be tricky to split one’s creative juices between two professional pursuits.

“Being pulled in multiple directions is the hardest,” says Sitting Around’s Zidel. “It takes a while for your brain to switch gears. And when things start to collide, it can be hard to say [what] you should be working on.”

To stay productive and sane, Zidel schedules her workdays down to the hour and sticks to a list of non-negotiable items to accomplish each day. Still, she admits, “it’s hard to stop working. I really have to force myself to carve out some personal time.”

Bootstrapping with income earned from not a single employer but a cadre of consulting clients comes with its own set of obstacles.

“Sometimes customers require a lot of attention, making it difficult to carve out time for your startup,” LazyMeter’s Franklin says. Likewise, he adds, “When you start consulting, it can be tempting to work as many hours as they can pay you.”

Either way, your startup loses–which is why it’s important to make an exit plan and stick to it. “If you make enough revenue to last another month but slow down your startup by a month, you’re not getting ahead,” Franklin says. “Make sure your efforts are moving you forward, not backward.”

Knowing When to Leap
How will you know when to quit your day job? Author Slim advises that once you’ve tested your idea in the real world and know there’s a market for it, you should set specific, tangible metrics.

“For some people, it can be getting a significant amount of traffic on their website or selling a certain number of units,” she says. “For some people, it’s when they have X dollars in their savings. For some people, it’s a date–say, ‘Come hell or high water, Dec. 31, 2012, I’m quitting my job.'”

For Nick Cronin, co-founder and CEO of ExpertBids.com, which connects business owners with lawyers, CPAs and other consultants, the day came when his web startup began to bring in revenue. After spending 15 months growing his site to 10,000 users–7,000 of them experts–Cronin left his gig as a corporate attorney to work on his startup full time in November 2010. Now, he says, “We bring in enough money for a developer and myself to work on [the site] and to cover all expenses, including office space and advertising/marketing.”

Before quitting his job, Cronin spent a year lining his savings account. “I knew that things were going to take time and that we were going to need a little bit of a runway before I could take a salary,” says the Chicago-based entrepreneur. “My goal was to have nine months where, if we didn’t make a dollar, I’d be totally fine.”

The escape route looks completely different for Sitting Around’s Zidel. “It’s less the number of users and more the rate of growth. We’ve been testing different components of our business to see what works before we go out to raise money and turn the gas on,” she says. “Now we have a lot of great data: what messages resonate, what products make money.”

While she won’t specify revenue, Zidel says her site is making money from its premium subscribers, who pay $15 per year, and from advertisers. In 2012, the company will launch discounted product offers to site members (such as backpacks for kids) and a pay-per-transaction scheduling tool for booking babysitters.

Until Sitting Around brings in enough to pay a comfortable salary, Zidel says she’s content to juggle CEO duties with her consulting work. And to those who say you’re not a true entrepreneur unless you quit your day job, she cries foul.

“A lot people think that to be a successful entrepreneur, you need to be sleeping on an air mattress and working on your business 80 to 90 hours a week,” she says. “But I think that definition of success is silly. I’m living proof that if you have a quality idea and you spend your time well and execute it well, you can wind up with something great.”

Protecting Your Rep at Your Day Job
Your boss may not be thrilled to learn that you’re cultivating a side business. To avoid biting the hand that feeds you, follow this advice from Pamela Slim, author of Escape from Cubicle Nation: From Corporate Prisoner to Thriving Entrepreneur.

Check your employment agreement and employee handbook. Some companies have a no-moonlighting policy. Others have non-compete agreements that prohibit you from doing your own business with their clients. Others–particularly technology companies–have policies that nab the intellectual property rights of anything you create on your own time.

Keep quiet about your side project. Unless your employment agreement requires you to come clean about your after-hours venture, Slim recommends staying mum with managers and colleagues. Yes, some might be supportive of your side pursuit. But, Slim says, once the cat’s out of the bag, “be prepared to be fired, as a worst-case scenario.”

Don’t work on your startup on company time. Just because you love your side project more than your job doesn’t give you license to slack off. Resist the urge to use your work phone and e-mail to conduct startup business. “Take the calls on your cell on a break, and, if possible, use your own laptop or mobile device to check personal e-mail,” Slim says. “Remember, everything is tracked and monitored in large corporations.”

Don’t burn bridges. Guard your professional reputation as though your life depends on it. “It’s never a pleasant thing to be fired for performance,” Slim says. “That’s not the way you want to go out.” Besides, your current employer might be a future customer or investor.

Source : www.entrepreneur.com

 

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Now I Know: Entrepreneurs Discuss Success, Failure, And Lessons Learned In New Video Series

Startups and entrepreneurs are far from lacking when it comes to resources that help guide them through the pain-staking yet always rewarding process of building a business. For example, they can check out the Startup Genome Project to see what specific components are integral to building a successful business, check out cooltools like this one to compare their term sheets to industry standards, or even these efforts by the Founder Institute to help founders standardize their relationships with advisors. Obviously, these are only a few of many — when it comes to connecting with funding, there are incubators, Angel List, Kickstarter — the list goes on.

And then there’s entrepreneurial education by way of video series: Back in August, TechStars, the multi-city startup incubator, launched a “reality-documentary” TV series (in collaboration with Bloomberg) designed to give the world a peak at what it’s like to start a business in the fast-paced atmosphere of a tech incubator.

Riffing off video series like this one, Sprinkle Lab, a startup that makes commercial videos for tech companies, launched a series last week that aims to speak to anyone and everyone interested in the world of entrepreneurship. The series, called “Now I Know”, will be releasing a new episode every Monday and Wednesday for the next six weeks that contains a lesson learned, a memorable experience, or personal philosophy from different notable figures in the tech space. It’s slightly reminiscent of The Startup Kids, but instead of focusing on young entrepreneurs, it shares musings on the big issues the tech industry faces today, dished out by experts — of every age.

The series premiered with six episodes featuring author of “The Lean Startup” Eric Ries, Craigslist Founder Craig Newmark, serial entrepreneur, lecturer, and author Steve Blank, Rock Health Founder Halle Tecco, Causes.com Co-founder and VP of Product Chris Chan and TechCrunch columnist and newly-minted CrunchFund VC MG Siegler.

Now I Know’s most recent video, for example, features former TechCruncher and current Accel investment guru Dan Levine talking about the concept of failure and how it might actually not be the best way to learn.

Sprinkle Lab Co-founder Cameron Woodward told us that he and his team founded Sprinkle Lab in March of this year, because they believed that there simply wasn’t enough good video coming out of the tech space. While there is Revision3 and other great video specialists like it, Woodward said that he wanted his startup to focus on making shows that are formatted for television, not just vlog-caliber.

“We’re millennials, so we don’t have that kind of patience”, he said. “We wanted to see something short and sweet and dripping with nerdy goodness”, so having founded a video firm built with MediaCore (a startup focused on letting SMBs build their own video platforms, which we profiled in August) — Sprinkle Lab launched Now I Know based on their desire to see this kind of educational content find a home.

There will be more videos launching next week, and while these videos are great, they leave you wanting more. Hopefully Sprinkle Lab will release the full interviews in the future; I have a feeling they would find an audience. Below is an example of Now I Know’s content, featuring Steve Blank talking about the fundamental differences between small businesses and startups. Check it out:

10 Things Entrepreneurs Don’t Learn in College

I’ve written before on 10 reasons Parents Should Not Send Their Kids to College and here is also Eight Alternatives to College but it’s occurred to me that the place where college has really hurt me the most was when it came to the real world, real life, how to make money, how to build a business, and then even how to survive when trying to build my business, sell it, and be happy afterwards. Here are the ten things that if I had learned them in college I probably would’ve saved/made millions of extra dollars, not wasted years of my life, and maybe would’ve even saved lives because I would’ve been so smart I would’ve been like an X-Man.

 

1. How to Program – I spent $100,000 of my own money (via debt, which I paid back in full) majoring in Computer Science. I then went to graduate school in computer science. I then remained in an academic environment for several years doing various computer programming jobs. Finally I hit the real world. I got a job in corporate America. Everyone congratulated me where I worked, “you’re going to the real world,” they said. I was never so happy. I called my friends in NYC, “money is falling from trees here,” they said. I looked for apartments in Hoboken. I looked at my girlfriend with a new feeling of gratefulness—we were going to break up once I moved. I knew it.

 

In other words, life was going to be great. My mom even told me, “you’re going to shine at your new job.”

 

Only one problem: when I arrived at the job, after 8 years of learning how to program in an academic environment—I couldn’t program. I won’t get into the details. But I had no clue. I couldn’t even turn on a computer. It was a mess. I think I even ruined people’s lives while trying to do my job. I heard my boss whisper to his boss’s boss, “I don’t know what we’re going to do with him, he has no skills.” And what’s worse is that I was in a cluster of cubicles so everyone around me could hear that whisper also.

 

So they sent me to two months of remedial programming courses at AT&T in New Jersey. If you’ve never been in an AT&T complex it’s like being a stormtrooper learning how to go to the bathroom in the Death Star where, inconceivably, in six Star Wars movies there is no evidence of any bathrooms. Seriously, you couldn’t find a bathroom in these places. They were mammoth but if you turned down a random corner then, whallah!—there might be an arts & crafts show. The next corner would have a display of patents, like “how to eliminate static on a phone line – 1947″. But I did finally learn how to program.

 

I know this because I ran into a guy I used to work with ten years ago who works at the same place I used to work at. “Man,” he says, “they still use your code.” And I was like, “really?” “Yeah,” he said, “because its like spaghetti and nobody can figure out how to modify it or even replace it.”

 

So, everything I dedicated my academic career to was flushed down the toilet. The last time I programmed a computer was 1999. It didn’t work. So I gave up. Goodbye C++. I hope I never see you and your “objects” again.

 

2. How to Be Betrayed. A girlfriend about 20 years ago wrote in her diary. “I wish James would just die. That would make this so much easier. Whenever I kiss him I’m thinking of X”. Where X was a good friend of mine. Of course I put up with it. We went out for several more months. It’s just a diary, right? She didn’t really mean it! I mean, c’mon. Who would think about someone else when kissing my beautiful face? I confronted her of course. She said, “why would you read through my personal items?” Which was true! Why would I? Don’t have I have any personal items of my own I could read through? Or a good book, for instance, to take up my time and educate myself? Kiss, kiss, kiss.

 

Why can’t they have a good college course called BETRAYAL 101. I can teach it. Topics we will cover: Betrayal by a business partner, betrayal by investors, betrayal by a girlfriend (I’d bring in a special lecturer to talk about betrayal by men, kind of like how Gwynneth Paltrow does it in Glee), betrayal by children (since they cleverly push the boundaries right at the limit of betrayal and you have to know when to recognize that they’ve stepped over the line, betrayal by friends/family (note to all the friends/family that think I am talking about them, I am not—this is a serious academic proposal about what needs to be taught in college)—you help them, then get betrayed – how to deal with that?

 

Then there are the more subtle issues of betrayal – self-sabotage. How you can make enough money to live forever and then repeatedly find yourself in soup kitchens, licking envelopes, attending 12 step meetings, taking medications, and finally reaching some sort of spiritual recognition that it all doesn’t matter until the next time you sink even lower. This might be in BETRAYAL 201. Or graduate level studies. I don’t know. Maybe the Department of Defense needs to give me a grant to work on this since that’s who funds much of our education.

 

3. Oh shoot, I was going to put Self-Sabotage into a third category and not make it a sub-category of How to Be Betrayed. Hmmm, how do I write myself out of this conundrum. College, after all, does teach one how to put ideas into a cohesive “report” that is handed in and graded. Did I form my thesis, argue it correctly, conclude correctly, not diverge into things like “Kim Kardashian will never be the betrayer, only the betrayed.” But this brings me to: Writing. Why can’t college teach people how to actually write. Some of my best friends tell me college taught them how to think. Thinking has a $200,000 price tag apparently and there is no room left over for good writing.

 

And what is good writing? It’s not an opinion. Or a rant. Or a thesis with logical steps, a deep cavern underneath, beautiful horizons and mountaintops at the top. It’s blood. It’s Carrie-style blood. Where everyone has been fooling you until that exact moment when now, with the psychic power of the written word, you spray pig blood everywhere, at everyone, and most of all you are covered in blood yourself, the same blood that pushed you out of your mother’s womb, until just the act of writing itself is a birth, a separation between the old you and the new you—the you that can no longer take the words back, the words that now must live and breathe and mature and either make something of themselves in life, or remain one of the little blips that reminds us of how small we really are in an infinite universe. [See also, 33 Unusual Tips to Be a Better Writer]

 

4. Dinner Parties. How come I never learned about dinner parties in college. Sure, there were parties among other people who looked like me and talked like me and thought like me—other college students of my age and rough background. But Dinner Parties as an adult are a whole new beast. There are drinks and snacks beforehand where small talk has to disguise itself as big talk and then there’s the parts where you know that everyone is equally worried about what people think about them but that still doesn’t help at those moments when you talk and you wonder what did people think of me? Nobody cares, you tell yourself, intellectually rifling through pages of self-help blogs in your mind that told you that nobody gives a sh*t about you. But still, why don’t we have a class where there’s Dinner Party after Dinner Party and you learn how to talk at the right moments, say smart things, be quiet at the right moments, learn to excuse yourself during the mingling so you can drift from person to person. Learn how to interrupt a conversation without being rude. Learn how to thank the host so you can be invited to the next party. And so on. Which brings me to:

 

5. Networking. Did it really take 20 years after I graduated college before someone wrote a book, “Never Eat Alone.” Why didn’t Jesus write that book. Or Plato. Then we might’ve read it in religious school or it would’ve been one of those “big Thinkers” we need to read in college so we can learn how to think. I still don’t know how to network properly so this paragraph is small. I’m classified under the DSM VI as a “social shut-in”. I’d like to get out and be social but when the moment comes, I can only make it out the door about one in ten times. I always say, “I’d love to get together” but then I don’t know how to do it. Perhaps because not one dollar of my $100,000 spent on not learning how to program a computer was also not spent on learning how to network with people. [See also, my recent TechCrunch article, “9 Ways to be a Super-Connector“]

 

6. Politics. My very first girlfriend, the girl who first laughed hysterically when I showed her a piece of chewing gum I found on the ground that had sculpted itself into the muddy shape of a heart, took me to a movie called “Salvador”. Then there was a discussion group afterwards about how the Contras are bad, or good, I forget, and everyone was nodding and speaking in a Spanish accent. And afterwards my girlfriend was upset, “why aren’t you talking?” Because truth was I was so tired I couldn’t think but nobody ever taught me how to tell the truth so I lied and said, “it moved me so much I’m still absorbing it” and my girlfriend said, “yeah, I can see that.” And nobody ever taught me that there’s more than one acceptable opinion on a college campus.

 

My roommate for instance would tell me, “Reagan is definitely getting impeached this time.” And I visited his dad’s mansion over Christmas break and he told me all about Trotskyism and the proletariat and I had to work jobs 40 hours a week while taking six courses so I could A) graduate early and B) pay my personal expenses and when I would run into him he had long hair and would nod about how a lot of the college workers (but not the lowest-paid, poorest treated ones—the students who worked) were thinking of unionizing and he was helping with that. “Do you have a job?” I asked and he said, “no time”. And that’s politics in college.

 

What about the real politics of how people try to backstab you at the corporate workplace or VCs never properly explained the “ratchet” concept to you before they kicked you out of the company and then re-financed. Nobody told me a thing about that in three years of college and two years of graduate school. I wish I would’ve known that for my $100,000.

 

7. Failure. Goes without saying they don’t teach you this. If you are going to pay $100,000, why would you fail? You might think you were wasting your money if the first mandatory elective you had to take was about failure. About wondering how you were going to feed your family after you got fired when something that was not your fault: Post-Traumatic-Lehman-Stress Syndrome, a common medical condition coming up in the DSM VII.

 

8. Sales. When I was busy learning how to “not program” nobody ever taught me how to sell what it was I was programming. Or sell myself. Or sell out. Or sell my ideas and turn them into money. Or sell a product to someone who might need it. Or even better, sell it to someone who doesn’t need it. Some business programs might have courses on salesmanship but those are BS because everyone automatically gets As in MBA programs so that the schools can demonstrate what good jobs their students get so they then get more applicants and the scam/cycle continues. But sales: how to demonstrate passion behind an idea you had, you built, you signed up for, so that people are willing to pay hard-earned after-tax money for it, is the number one key to any success and I have never seen it taught (properly) in college.

 

9. Negotiation. You’ve gotten the idea, you executed, you made the sale and now…what’s the price. What part of your body will be amputated in exchange for infinite wisdom. Will you give up one eye? Or your virility? Because something has to go if you are up against a good negotiator? What? You already thought (like most people without any experience do) that you were already a good negotiator. A good negotiator will skin your back, tattoo it with “SUCKA” and hang it up above the fireplace in his pool house if you don’t know what you are doing. The funny thing is, the best sales people (who are just aiming for people to say “Yes!”) are often the worst negotiators (“it’s very hard to say “No” when you are trying to get people to “Yes”). These are things I wish I had learned in school. I’ve been beaten in negotiations on at least five different occasions, which fortunately became five valuable lessons I’ve learned the hard way, instead of studying examples and being forced to think about it for the $100k in debt I got going to college.

 

People will say, “well, that’s your experience in college. Mine was very different.” And it’s true. You joined the sororities and learned how to network and dinner party and be political and know everything there is to know about betrayal. My college experience was sadly unique and probably different from everyone else’s so you would be completely right to quote me that inane statistic about how college graduates earn 4% more than high school graduates and are consequently 4% happier .

 

(Another thing, 10. Happiness. We never learn how it’s a combination of the food we eat, our health, our ability to be creative, our ability to have sound emotional relationships, our ability to find something bigger than ourselves and our egos to give up our spiritual virginity to.)

 

So I can tell you what I wish I did. I wish I had gone to Soviet Russia, and played chess, and then gone to India and learned yoga and health, and I wish I had gone to South America and volunteered for kids with no arms, and did any number of things. But people then say, “haha! but that cost money.” And they would be right. It would cost less than $100,000+ but would still cost some money. I have no idea how much.

 

But one of these days when the scars of college go away and I truly learn how to think. I might have better comebacks for these people. Or if I truly learn, I would learn not to care at all.

courtesy : techcrunch.com

about the author :

James Altucher is an investor, programmer, author, and entrepreneur. He is Managing Director of Formula Capital and has written 6 books on investing. His latest book is I Was Blind But Now I See. You can follow him@jaltucher.

 

 

Jack Dorsey: “The Hardest Thing For Any Entrepreneur Is To Start”

Twitter and Square co-founder Jack Dorsey took the stage at the GigaOm Roadmap conference to talk about his experience being well, basically a jack of all trades (rimshot).

 

Dorsey revealed that both his own and his family’s experiences with entrepreneurship were inspiration for his two current startups — both of which remove friction from human communication and industry, a process Dorsey described as “getting rid of the ‘conceptual debris’.”

 

Dorsey has long identified with the struggles of entrepreneurs; He brought up the example of his mother, who ran a small coffee shop in St. Louis, “Starbucks came and it didn’t go so well,” he said.

 

Then he brought up his dad, who co-founded “Two Nice Guys,” a pizza restaurant also in St. Louis. When Dorsey’s dad and his co-founder began to hire people, Dorsey said, they promised each other they wouldn’t date any of the wait staff. “First person to get hired is my mom,” Dorsey went on, “And so my dad had to leave the business and I was born.”

 

Before quickly relating these stories, Dorsey said that companies need to start quicker and iterate more; “The hardest thing for any entrepreneur to do is to start.”

 

One of his favorite things about Square, he emphasized, is that it helps companies start, “It is amazing, you are in business right away, in terms of anyone being a retailer. The line between consumer and retailer, the counter blurs. You see this at Apple, people don’t wait in line, don’t wait behind a point of sale system, there is no counter. It takes the friction out.”

 

Dorsey said that Silicon Valley’s culture of mentorship also appealed to him because of its frictionless quality, “Any entrepreneur can come up to me and discuss and idea. As people who are also just getting started, we need to make sure that we’re always accessible to people who want to start something new.”

 

Entrepreneurship

Wall Street, Pixar, Microsoft, Google, Facebook etc are the companies where you would like to work as an employee. You would love to have handsome salary and life pushing packages. Of course, you would like to have a car from company. These are things that we describe the qualities of successful person/professional.

According to Law of nature, Every human wants freedom, peace and prosperity, apart from the humanization which we say effective communication with other human. Here is what i always run off the office environment and would love to have an environment, where no body feels that we are kept 8 hours a day and we can not go out until it is not 4pm. you are free to speak to any one since there is no physical hierarchy between peoples working in an office. you can come to office in any dress, you are comfortable in. you can come office any time you are comfortable, but at least 8 hour a day. and many more..

Here comes a word from dictionary, which is to hard for people to pronounce, does not matter whether he/she is native or not. The word is “Entrepreneurship”, and i always doubt my intellect while writing the word. In fact this word is what you are running after your whole life. Although entrepreneurship is defined different by different people according to their needs and subject of discussion. According to me, entrepreneurship is the quest to live. It is a broad definition, but covers all aspects.

entrepreneurship is the ability of yours to start business with no upfront budget. this sounds awkward. but, what matters is how you are starting your business, what do you care of most and whom you care of most. lets quote an example to fully understand the meaning of the word and try to boost your ideas and turn them into real world profits.

CASE STUDY : (The case study is real from folk stories)

Today we all love to have lays chips. Lays chips is an international brand and heavy food enterprise. How did lays foods got to this brand ? The story is that,

  • The entrepreneur understood the needs of the people of an area and thought to provide a service, almost free.
  • In this case, people started to have chips almost free.
  • in times, when the entrepreneur raised the prices of chips, people were compelled to fulfil their needs and still buy the product.

This was the point, when needs of the people was turned into a giant food company.

in this case studies, we have notices certain lessons ;

  1. Find problems existing in your surrounding.
  2. prioritise the problem.
  3. now identify the problem, which is of the highest priority.
  4. Now, Try to find solutions to that problem, which can be brainstorming.
  5. Propose a final solution to the problem.
  6. Now, present your solution to the problem to a third person, in the form of survey, to gain confidence about the solution.
  7. Finally, When you are confident enough about the solution to the problem, Work on the solution and Try to give out put as you expect.