Advice For Young Entrepreneurs: How To Get Started In Business
By Myles Bunyard | August 14, 20130 Comment
Lots of people want to have successful careers as small-business owners or entrepreneurs, but many fail.
You can succeed, however, if:
1. Do what you really love. You simply can’t quickly the develop the passion for a project that isn’t close to your heart. While more experienced entrepreneurs can rely on their business skills and develop a passion for the purpose of the business as it moves on, inexperienced business owners must know and love their businesses to succeed.
2. Clearly understand what you want. Decide in advance if you’re willing to leave school if your business takes off, whether you’re looking at the project as only a source of pocket money and how much of your free time you’re willing to devote. You don’t want to create a business that’s too big in concept for you to manage with your available resources.
3. Try something original. Don’t be limited by what’s been done before. Early in your business career is the time to try radical concepts. You’ll still have many years of career time to develop stability. Early on, you want to create business paths that reinvent the business pathway rather than simply ride along in someone else’s tracks.
4. Set things up right. That means following the law related to registering your business, recordkeeping and paying your taxes. If the business takes off, you want it to be built on a firm foundation. Get help with administrative and legal hassles if you don’t have the experience or desire to tackle these aspects of your business yourself.
5. Take advantage of uniquely available resources. If you’re a student entrepreneur, you have access to a university’s high-speed Internet, advanced printing capabilities and a wide range of professors and staff members who will enjoy helping you and are obliged to do so. Don’t try to go it alone when you’re surrounding by better resources than you’ll have at any other time in your life.
With these five tips in mind, you can start a successful business even if you don’t have much experience to call on.Category: EntrepreneurFinancialInvestingMyles Bunyard Tags: Investing, Myles Bunyard, Young entrepreneur
In 2014, it’s safe to say that the up-and-coming investment opportunities are in emerging markets. While China and India remains popular places for business investment when long-term growth is desired, there’s more volatility and also greater opportunity in nations like Romania, Saudi Arabia and Chile.
Germany, Canada and Australia remain stable places for property and stock purchases by American and European investors, but those who want better returns need to explore where fewer investors have ventured.
When nations gain a better foothold on the international stage, their companies tend to rise in standing as well. That means investors will do well to watch for stabilizing and rising of some currently unstable places like Egypt in 2014. When these places become more stable and rise on the international stage, companies in these nations will become better investments. Watch closely in Africa, the Middle East and Brazil.
In some nations, however, investment will be necessary in the water supply, sanitation and electricity before greater growth can be seen. That presents a challenge to business and also an opportunity for the companies that get the contracts to do this infrastructure improvement work.
Finally, as emerging markets have grown in standing over the past few years, a second tier of newly emerging nations bears watching, particularly in the Middle East and Africa. By late 2014, some of these could be great placed to place money.
In all cases, however, it’s important to remember that international investment involves significant risk of loss, so it should be done advisedly.
By Myles Bunyard
Venture Capital (VC) is financial capital which is provided by investors to early-stage, high risk start up companies. Although often deemed ‘high risk’ they have a lot of potential, hence the investment offered. The venture capital fund makes money by owning equity in the company/individual it invests in. This could be in any industry, but the most popular ones with this type of investment tend to be in IT, technology and advanced industries.
This type of investment works well for companies that are new to the market and therefore do not have the operating history that banks require to assess lending risk. The investor takes on the risk that a bank is not willing to take on- but with that comes the opportunity to be at the forefront of a new development or invention that could be hugely profitable in the long-term.