Michigan’s economy has taken some severe blows in recent years as deindustrialization takes its toll across the mid-west. As a result, many Michiganders are turning to entrepreneurship:
The perceived risk in joining a small company or starting your own business is rapidly shrinking in Michigan as many large corporations - where job security was long-assumed- are laying off workers in the thousands.
The shift appears to be closing the gap between the uncertainty of starting a company and loss of stability in corporate positions.
[…]
Michigan has long been defined by a culture that is wary of entrepreneurialism and cautious about starting a company, several experts have said.
But contraction at the domestic automakers and the supplier community, job cuts in the pharmaceutical industry and the sluggish housing market are prompting some Michigan workers to reconsider entrepreneurialism as a livelihood.
"One of the positive effects of this horrible downturn that we're in is you do get that sense of, 'Well I have nothing to lose now. I can do what I've always wanted to do,'" Durance said. "I see people pursuing their dreams."
As Michigan's culture becomes more receptive of entrepreneurialism, local economic development officials believe the economy will become stronger.
[…]
As historically successful companies like Microsoft cut thousands of jobs, it's becoming increasingly clear that keeping a job at a large company isn't a sure thing, he said.
Job security has "long been abandoned in most companies," Adox said. "You really have to understand where the risk is."
But jumping from a large corporation such as General Motors or Chrysler to a small company isn't always a smooth transition.
In fact, small tech companies in the Ann Arbor region have occasionally been reluctant to hire employees and executives from large corporations.
[Michigan economic group] SPARK is hoping to help large company executives retool their skills and prep for an entrepreneurial environment by offering a new program called Shifting Gears… [because] large-company employees with very specific job descriptions sometimes are surprised by the broader list of tasks they have to tackle at a small firm.
And what of the future generation?
Risk aside, [one expert] said entrepreneurialism is among the most interesting topics for young people.
"When I was in business school 30 years ago, we didn't have any courses on entrepreneurship. The word didn't even come up. Nobody even thought about it," ... "Now it's not just the business schools, it's across campus. Entrepreneurship is what everybody is talking about."
Thursday, January 29, 2009
Monday, January 26, 2009
Avoid the Humpty Dumpty Entrepreneurs
What makes an entrepreneur a Humpty Dumpty entrepreneur? Here's Forbes' Dr. Steven Bergias:
Humpty Dumpty entrepreneurs have the kind of personality, or a particular psychological bent, that simply doesn't lend itself to entrepreneurial success. Mind you, these people aren't losers, mentally ill or doomed to fail in other pursuits. It just means that, in the same way that someone who can't jump probably shouldn't play in the NBA, Humpty Dumpties shouldn't start businesses.
There are three traits to a Humpty Dumpty Entrepreneur, he says:
Workaholics- For all their laboring, workaholics are neither addicted to, nor invested in, careers. Their toil is a socially sanctioned avoidance of social contact. By contrast, natural entrepreneurs tend to be affable charmers. How else would they lure talented employees with meager salaries and slices of potentially worthless equity?
Workaholics tend to be control freaks. Putting in all those hours regulates their (perceived) level of intimacy. Entrepreneurs are quality control freaks, driven to build their mousetraps according to Six Sigma ideals.
Narcicistic- You may ask, "What's the difference between a doomed narcissist and a confident entrepreneur with tons of chutzpah, brashness and screw-the-rules toughness?" Answer: Narcissists are committed to building a facade, while entrepreneurs are devoted to an ideal. That level of commitment neutralizes the rebuffs, insults and failures that inevitably come with running any company.
You can't buy your way into e'ship- Being a business builder is like being the parent of a child who suffers from colic: If you don't love the kid with all your heart, you'll never endure all those sleepless nights. And it's very difficult to develop a truly deep connection to a business unless you played a role in its birth.
Link: www.forbes.com/2009/01/22/entrepreneur-psychology-franchise-ent-manage-cx_sb_0122berglashumptydumpty.html
Humpty Dumpty entrepreneurs have the kind of personality, or a particular psychological bent, that simply doesn't lend itself to entrepreneurial success. Mind you, these people aren't losers, mentally ill or doomed to fail in other pursuits. It just means that, in the same way that someone who can't jump probably shouldn't play in the NBA, Humpty Dumpties shouldn't start businesses.
There are three traits to a Humpty Dumpty Entrepreneur, he says:
Workaholics- For all their laboring, workaholics are neither addicted to, nor invested in, careers. Their toil is a socially sanctioned avoidance of social contact. By contrast, natural entrepreneurs tend to be affable charmers. How else would they lure talented employees with meager salaries and slices of potentially worthless equity?
Workaholics tend to be control freaks. Putting in all those hours regulates their (perceived) level of intimacy. Entrepreneurs are quality control freaks, driven to build their mousetraps according to Six Sigma ideals.
Narcicistic- You may ask, "What's the difference between a doomed narcissist and a confident entrepreneur with tons of chutzpah, brashness and screw-the-rules toughness?" Answer: Narcissists are committed to building a facade, while entrepreneurs are devoted to an ideal. That level of commitment neutralizes the rebuffs, insults and failures that inevitably come with running any company.
You can't buy your way into e'ship- Being a business builder is like being the parent of a child who suffers from colic: If you don't love the kid with all your heart, you'll never endure all those sleepless nights. And it's very difficult to develop a truly deep connection to a business unless you played a role in its birth.
Link: www.forbes.com/2009/01/22/entrepreneur-psychology-franchise-ent-manage-cx_sb_0122berglashumptydumpty.html
Sunday, January 25, 2009
Student Entrepreneurship Should be Encouraged
Interesting piece from BYU in Hawaii on why we should be encouraging student e'ship:
The time in life lived as a university student is awkward and unstable; people who will go on to lead very normal and responsible lives temporarily lose their minds. Ever-changing majors, couples, and Seasider menus are proving that apparently experimentation is the thing to do and “being young” is the perfect fallback when things go wrong. Most amazingly it is OK to fail and try something else, a lesson that is quickly lost upon graduation. So, sounds to me like the perfect opportunity to start a business!
Why Students Make Great Entrepreneurs:
1. Abstract Thinking: In many academic programs students spend a fair amount of time thinking about abstract concepts. The innovative gears are greased and ready to create fresh business ideas!
2. Higher Risk Tolerance: It’s helpful to recognize that when you’re a student your opportunity cost is likely lower than most other points in your career. When you’re sitting there in class and an idea comes to you, it doesn’t really cost all that much to give things a try.
3. Starry-Eyed Optimism: Let’s face it; starting a company takes a fair amount of optimism. As a student you have minimal resources, and the odds are severely stacked against you. You also, conveniently, have nothing to lose.
4. Trusted Peer Network: You have the opportunity to meet and work with a lot of different people in and out of the classroom. If you do it right, these friends and acquaintances will be mentors, clients, and even potential business partners. Yes, you read correctly. You can surf and socialize your way to success.
5. Applied Learning: As a student, you’re quite often “drinking from a fire hose” and bringing all sorts of new information into your brain. Some of which sticks and some of which, in reality, does not. Starting a business while you’re a student provides a practical outlet for your learning. You can internalize and externalize the classroom ideas in tandem.
The time in life lived as a university student is awkward and unstable; people who will go on to lead very normal and responsible lives temporarily lose their minds. Ever-changing majors, couples, and Seasider menus are proving that apparently experimentation is the thing to do and “being young” is the perfect fallback when things go wrong. Most amazingly it is OK to fail and try something else, a lesson that is quickly lost upon graduation. So, sounds to me like the perfect opportunity to start a business!
Why Students Make Great Entrepreneurs:
1. Abstract Thinking: In many academic programs students spend a fair amount of time thinking about abstract concepts. The innovative gears are greased and ready to create fresh business ideas!
2. Higher Risk Tolerance: It’s helpful to recognize that when you’re a student your opportunity cost is likely lower than most other points in your career. When you’re sitting there in class and an idea comes to you, it doesn’t really cost all that much to give things a try.
3. Starry-Eyed Optimism: Let’s face it; starting a company takes a fair amount of optimism. As a student you have minimal resources, and the odds are severely stacked against you. You also, conveniently, have nothing to lose.
4. Trusted Peer Network: You have the opportunity to meet and work with a lot of different people in and out of the classroom. If you do it right, these friends and acquaintances will be mentors, clients, and even potential business partners. Yes, you read correctly. You can surf and socialize your way to success.
5. Applied Learning: As a student, you’re quite often “drinking from a fire hose” and bringing all sorts of new information into your brain. Some of which sticks and some of which, in reality, does not. Starting a business while you’re a student provides a practical outlet for your learning. You can internalize and externalize the classroom ideas in tandem.
Business Schools Turn to Entrepreneurship
Business Schools, facing the dilemna of seeing their grads not get the kind of good jobs they were used to, are turning to entrepreneurship for help:
The National Entrepreneurship Network (NEN), a not-for-profit initiative that promotes the entrepreneurial culture among institutes, has been approached recently by many top B-schools. NEN is networked with at least 500 high-growth and high-potential start-ups throughout the country and is facilitating the interface between them and the institutes. It has so far enabled 73 students to get placed in start-ups over the last seven months.
Hopefully, the orientation of our B-schools will change from creating job seekers to creating job creators. Starting one’s own enterprise has been one of the least preferred options for students. The other day, B.S. Sahay, director of Institute of Management Technology, Ghaziabad, told me how last year three of his students, who won the best business plan award in a national contest, were still reluctant to convert the plan into an enterprise because they had good job offers. However, Sahay convinced them to start the business instead of running after jobs. This year, such students won’t have the luxury of options.
B-schools, on their part, should also reinvent their academic processes. Curricula need to be revamped, with redundant courses being scrapped; instead, more time should be devoted in identifying growth areas, filling demand-supply gaps and generating good business plans. They should also introduce courses such as how to start a business, write a business plan and raise capital.
Some institutes such as the Birla Institute of Management Technology are trying to reinvent themselves by focusing on areas such as rural business, social entrepreneurship, microfinance, micro-entrepreneurship, green business and clean technology, etc. It’s time B-schools started incubators on campus and helped students get finance for their projects. As of now, not even 10 B-schools have functional incubators.
Only those B-schools that are proactive in reinventing themselves can meet the crisis head-on. Those who just wait for the economy to recover are likely to lose out.
Link: www.livemint.com/2009/01/25215307/Bschools-must-meet-crisis-hea.html?h=B
The National Entrepreneurship Network (NEN), a not-for-profit initiative that promotes the entrepreneurial culture among institutes, has been approached recently by many top B-schools. NEN is networked with at least 500 high-growth and high-potential start-ups throughout the country and is facilitating the interface between them and the institutes. It has so far enabled 73 students to get placed in start-ups over the last seven months.
Hopefully, the orientation of our B-schools will change from creating job seekers to creating job creators. Starting one’s own enterprise has been one of the least preferred options for students. The other day, B.S. Sahay, director of Institute of Management Technology, Ghaziabad, told me how last year three of his students, who won the best business plan award in a national contest, were still reluctant to convert the plan into an enterprise because they had good job offers. However, Sahay convinced them to start the business instead of running after jobs. This year, such students won’t have the luxury of options.
B-schools, on their part, should also reinvent their academic processes. Curricula need to be revamped, with redundant courses being scrapped; instead, more time should be devoted in identifying growth areas, filling demand-supply gaps and generating good business plans. They should also introduce courses such as how to start a business, write a business plan and raise capital.
Some institutes such as the Birla Institute of Management Technology are trying to reinvent themselves by focusing on areas such as rural business, social entrepreneurship, microfinance, micro-entrepreneurship, green business and clean technology, etc. It’s time B-schools started incubators on campus and helped students get finance for their projects. As of now, not even 10 B-schools have functional incubators.
Only those B-schools that are proactive in reinventing themselves can meet the crisis head-on. Those who just wait for the economy to recover are likely to lose out.
Link: www.livemint.com/2009/01/25215307/Bschools-must-meet-crisis-hea.html?h=B
Wednesday, January 21, 2009
Dragon's Den: Watch Entrepreneurs Pitch for $$$ (Make that £££)
Watch this entrepreneur ask for £150,000 sterling pounds (nearly $208,000 as of today… i.e. a ton of money!). His product: a device that prevents overflow in bathtubs.
Am I the only one concerned about sales channels?
Hat tip to Paula, aka Big Sis, for turning us onto this show!
Am I the only one concerned about sales channels?
Hat tip to Paula, aka Big Sis, for turning us onto this show!
Monday, January 12, 2009
Dragons Den
Are any of coaches a fan of BBC's program "Dragons Den"?
I've been watching it for quite some time now and I've found it extremely valuable in how present an effective pitch and (equally valuable) how NOT to pitch.
Early on, I found it painful to watch. I thought the Dragons were mean and nasty, but I finally got a thicker skin and realized that the hard Dragon questions are completely appropriate.
Watching the program is giving me a great insight into what investors want to hear and know about an entrepreneur's business.
Paula
I've been watching it for quite some time now and I've found it extremely valuable in how present an effective pitch and (equally valuable) how NOT to pitch.
Early on, I found it painful to watch. I thought the Dragons were mean and nasty, but I finally got a thicker skin and realized that the hard Dragon questions are completely appropriate.
Watching the program is giving me a great insight into what investors want to hear and know about an entrepreneur's business.
Paula
Thursday, January 8, 2009
Jakarta Post: Entrepreneurship More Than Self Employment
Bingo! I would even argue that entrepreneurship is about more than owning a small business. A small business can be entrepreneurial, but it's not always a necessity. Here's the article, all the way from the Jakarta Post:
First...we don’t become entrepreneurs simply by leaving our current jobs or, for that matter, our present bosses. We can still behave entrepreneurially as a professional, even if we work for the government. In that setting entrepreneurship means contributing innovatively and creatively to the organizations we work for. Vision does not depend on the work place, it depends on care, hard work and positive thinking. I learned most of what I know now from the companies, both the small and the big, that hired me when I was first out in the work force.
Second, many young people get inspired by legendary (and exceptional!) entrepreneurs who made it with little academic background. But instead of learning why these entrepreneurs are successful, we too often mistakenly focus on what they did not have, a good education.
The exception doesn’t make the rule, so education, when we can get a good one, is still the most important factor. Legendary entrepreneurs, such as Richard Branson or our own Pak Bob Sadino, say the same. Even though they didn’t hop through the schooling hoops, they were no less prepared than those with degrees, because they – this is crucial – never stopped learning.
[...]
Next, entrepreneurship is not about earning to meet our needs; we do not live solely for ourselves. We live and work for the people we love and those who love us. I often see friends quit their jobs because they get tired of working for somebody else, and they lose the vision and purpose to give more and better for their family. That is selfish, unwise, and not what entrepreneurship is all about.
Entrepreneurship requires wisdom, not just blind intuition....
Lastly, entrepreneurship is the polar opposite of luck. You know luck, it’s the excuse that let’s us wait for our ship to come in, and the waiting makes us all the poorer. I like the old saying: “Luck happens to those who are most prepared when opportunity strikes”.
In the end, entrepreneurship is more about doing than about talking about doing. I want to share one take-away from my own experience as en entrepreneur: “If we aren’t having fun, we aren’t doing it right”.
First...we don’t become entrepreneurs simply by leaving our current jobs or, for that matter, our present bosses. We can still behave entrepreneurially as a professional, even if we work for the government. In that setting entrepreneurship means contributing innovatively and creatively to the organizations we work for. Vision does not depend on the work place, it depends on care, hard work and positive thinking. I learned most of what I know now from the companies, both the small and the big, that hired me when I was first out in the work force.
Second, many young people get inspired by legendary (and exceptional!) entrepreneurs who made it with little academic background. But instead of learning why these entrepreneurs are successful, we too often mistakenly focus on what they did not have, a good education.
The exception doesn’t make the rule, so education, when we can get a good one, is still the most important factor. Legendary entrepreneurs, such as Richard Branson or our own Pak Bob Sadino, say the same. Even though they didn’t hop through the schooling hoops, they were no less prepared than those with degrees, because they – this is crucial – never stopped learning.
[...]
Next, entrepreneurship is not about earning to meet our needs; we do not live solely for ourselves. We live and work for the people we love and those who love us. I often see friends quit their jobs because they get tired of working for somebody else, and they lose the vision and purpose to give more and better for their family. That is selfish, unwise, and not what entrepreneurship is all about.
Entrepreneurship requires wisdom, not just blind intuition....
Lastly, entrepreneurship is the polar opposite of luck. You know luck, it’s the excuse that let’s us wait for our ship to come in, and the waiting makes us all the poorer. I like the old saying: “Luck happens to those who are most prepared when opportunity strikes”.
In the end, entrepreneurship is more about doing than about talking about doing. I want to share one take-away from my own experience as en entrepreneur: “If we aren’t having fun, we aren’t doing it right”.
Monday, January 5, 2009
Pink Slips Can Lead to Entrepreneurship
Could we ultimately be seeing a round of economic Darwinism in the world of business today?
Check this story out:
When Mr Steven Low was retrenched two years ago from his sous chef job at Meritus Mandarin hotel, he received calls from hotels in Australia, Indonesia and the Philippines with job offers the very next day.
But the man credited for helping to create the famous Chatterbox chicken rice had already made up his mind to be his own boss.
He took the pink slip, the $20,000 payout for his 31 years of service and his winning recipe to start a stall selling - what else - chicken rice.
'It was a blessing in disguise. It came at the right time,' said Mr Low, 53, who was already harbouring thoughts of venturing out on his own when the axe fell.
With only the hard-earned experience of running a kitchen but not a business, the early days were, he admitted, 'a struggle'.
'There were so many things to worry about: whether customers would come, doing the sums, inventory issues,' he said.
On that first count, at least, he didn't have to worry. Loyal patrons followed him to his humble stall in a foodcourt at Downtown East in Pasir Ris.
Last April, he expanded his business, Mr Chicken Rice, into a 1,260 sq ft restaurant, also at Downtown East.
Retrenchment may be the biggest fear among employees in this gloomy climate, but it could also be a driver for entrepreneurship, said industry pundits.
While there are no statistics, Association of Small and Medium Enterprises (Asme) president Lawrence Leow said that anecdotally, those made redundant in the current downturn are more open to starting their own business.
'There does seem to be this trend. Maybe it is because of the pro-business environment the Government has been putting in place. In earlier downturns, the amount of incentives and pro-enterprise policies were not there yet,' he said.
Check this story out:
When Mr Steven Low was retrenched two years ago from his sous chef job at Meritus Mandarin hotel, he received calls from hotels in Australia, Indonesia and the Philippines with job offers the very next day.
But the man credited for helping to create the famous Chatterbox chicken rice had already made up his mind to be his own boss.
He took the pink slip, the $20,000 payout for his 31 years of service and his winning recipe to start a stall selling - what else - chicken rice.
'It was a blessing in disguise. It came at the right time,' said Mr Low, 53, who was already harbouring thoughts of venturing out on his own when the axe fell.
With only the hard-earned experience of running a kitchen but not a business, the early days were, he admitted, 'a struggle'.
'There were so many things to worry about: whether customers would come, doing the sums, inventory issues,' he said.
On that first count, at least, he didn't have to worry. Loyal patrons followed him to his humble stall in a foodcourt at Downtown East in Pasir Ris.
Last April, he expanded his business, Mr Chicken Rice, into a 1,260 sq ft restaurant, also at Downtown East.
Retrenchment may be the biggest fear among employees in this gloomy climate, but it could also be a driver for entrepreneurship, said industry pundits.
While there are no statistics, Association of Small and Medium Enterprises (Asme) president Lawrence Leow said that anecdotally, those made redundant in the current downturn are more open to starting their own business.
'There does seem to be this trend. Maybe it is because of the pro-business environment the Government has been putting in place. In earlier downturns, the amount of incentives and pro-enterprise policies were not there yet,' he said.
Even Commies Support Entrepreneurship
Whatever happened to that "workers of the world unite" stuff?
Tran Quoc Thang is the Deputy Minister of Science and Technology for the (still Communist) Socialist Republic of Vietnam. Here’s what he had to say in a recent interview about Vietnamese scientists’ efforts to commercialize new tech:
In developed countries, about 15 to 20 per cent of products invented are invested in and brought to market. But in Viet Nam, only about 5 to 10 per cent of inventions make it out to society. However, the products that have been applied have brought back lots of benefit. For example, a high-tech group at Hoa Lac Hi-tech Park has applied its product to clean a lake in Ha Noi; another group successfully discovered medicine to treat a disease of lobsters, which greatly benefited fish farmers.
[…]
We don’t lack money. We just lack feasible projects. We have lots of people who got high rankings in international competitions in math, physics and chemistry but have problems in applying their research… Scientists must find out what the society needs and have the will of a businessman. If not, their research projects will be worthless or of less value. Money will be wasted without making a breakthrough.
We have defined four key fields in science and technology to focus on which are information technology, construction materials, biology and automation. As an agriculture-based country with a high volume of agricultural products, we can invest more in preserving technology and post-harvest processing. In the high-tech field such as new energy, clean energy and nanotechnology, the Government is very willing to support all feasible projects. Breakthroughs in these areas are very important for scientists and businessmen. This is because scientific and technological products eventually become goods in the marketplace. Once they become goods, they will be accepted in the society and bought. Thus, the scientists will have orders for research.
Source: http://vietnamnews.vnagency.com.vn/showarticle.php?num=01COM050109
Tran Quoc Thang is the Deputy Minister of Science and Technology for the (still Communist) Socialist Republic of Vietnam. Here’s what he had to say in a recent interview about Vietnamese scientists’ efforts to commercialize new tech:
In developed countries, about 15 to 20 per cent of products invented are invested in and brought to market. But in Viet Nam, only about 5 to 10 per cent of inventions make it out to society. However, the products that have been applied have brought back lots of benefit. For example, a high-tech group at Hoa Lac Hi-tech Park has applied its product to clean a lake in Ha Noi; another group successfully discovered medicine to treat a disease of lobsters, which greatly benefited fish farmers.
[…]
We don’t lack money. We just lack feasible projects. We have lots of people who got high rankings in international competitions in math, physics and chemistry but have problems in applying their research… Scientists must find out what the society needs and have the will of a businessman. If not, their research projects will be worthless or of less value. Money will be wasted without making a breakthrough.
We have defined four key fields in science and technology to focus on which are information technology, construction materials, biology and automation. As an agriculture-based country with a high volume of agricultural products, we can invest more in preserving technology and post-harvest processing. In the high-tech field such as new energy, clean energy and nanotechnology, the Government is very willing to support all feasible projects. Breakthroughs in these areas are very important for scientists and businessmen. This is because scientific and technological products eventually become goods in the marketplace. Once they become goods, they will be accepted in the society and bought. Thus, the scientists will have orders for research.
Source: http://vietnamnews.vnagency.com.vn/showarticle.php?num=01COM050109
MN Unemployment Agency: Employment Via Entrepreneurship
Interesting... isn't this Senior-preneurship?
The Minnesota Department of Employment and Economic Development (DEED) is launching a program that aims to help unemployed workers start their own company, the agency said Monday.
The program, dubbed Growing America Through Entrepreneurship (GATE), is available to people who are at least 50 years old and qualify for the Dislocated Worker Program (DAP). DAP supports workers who’ve recently lost their job.
GATE, which is backed by the U.S. Department of Labor, doesn’t provide financial assistance or seed capital to participants. However, it offers personal evaluations, education on how to start a business and other guidance.
The Minnesota Department of Employment and Economic Development (DEED) is launching a program that aims to help unemployed workers start their own company, the agency said Monday.
The program, dubbed Growing America Through Entrepreneurship (GATE), is available to people who are at least 50 years old and qualify for the Dislocated Worker Program (DAP). DAP supports workers who’ve recently lost their job.
GATE, which is backed by the U.S. Department of Labor, doesn’t provide financial assistance or seed capital to participants. However, it offers personal evaluations, education on how to start a business and other guidance.
Self Publishing Authors Need to Be Artists and Entrepreneurs
There'a nice article on entrepreneurship and self-publishing in Nigeria's Business Day. (What, doesn't everybody read Nigeria's Business Day in Eastern KY?) Here are a few snips:
As more people turn to self-publishing to launch their creative works into the market, there is now the realisation that sound business principles are needed to achieve success. Joy Isi Bewaji, self-publishing author of ‘Eko Dialogue’ discusses the principles needed for success in self publishing business recently in a chat with Business Day.
[…]
Self-publishing is becoming a very difficult terrain, where the artiste also becomes the entrepreneur pursuing goals that are not art-related all in a bid to make known the product. Artistry and business management are two divergent tasks but it could be a good learning experience for all writers who intend to become or are already ‘self-publishers’.
[…]
Apart from raising funds for publishing a book, as a self-published writer, one needs to set aside funds for publicity, advertisement and be able to create regular forums where the book can be discussed. All of these cost a lot of money. However, self-publishing gives the owner a level of control over the intellectual property.
The most essential thing for a self-publishing author is funds and ability to take advantage of every available opportunity. Money is needed to run the ideas and sponsorship is usually difficult in this line of business. So, the writer may need to take up a job on full-time or part-time basis or engage in a business at the initial stages to jump-start the self-publishing business. But care must be taken to ensure the job or business does not stifle time for creativity.
[…]
To know if there is a market for the book, research has to be done. Since funds are limiting, simply explore ways to find out if people normally buy books in that category. If there are already similar books to the one you want published, find out if they are being patronised.
As a self-publisher, the author must make a firm resolve not to publish any work that would not be interesting to the target market. This can be done by asking some knowledge people to assess the manuscript before publication.Always remember that it is not what you write but how you write and sell it that matters. So do not simply write and publish what you want but what buyers want to buy.
Even though self-publishing is challenging, if one is ready to apply the entrepreneurial principles needed for its success and be persistent, it could become very lucrative.
A footnote: Aren't there paralells here for those of us who work in rural areas where heritage products/services (tourist sites, crafts, artistic works, stories, music, etc.) offer a way to build the local economy?
As more people turn to self-publishing to launch their creative works into the market, there is now the realisation that sound business principles are needed to achieve success. Joy Isi Bewaji, self-publishing author of ‘Eko Dialogue’ discusses the principles needed for success in self publishing business recently in a chat with Business Day.
[…]
Self-publishing is becoming a very difficult terrain, where the artiste also becomes the entrepreneur pursuing goals that are not art-related all in a bid to make known the product. Artistry and business management are two divergent tasks but it could be a good learning experience for all writers who intend to become or are already ‘self-publishers’.
[…]
Apart from raising funds for publishing a book, as a self-published writer, one needs to set aside funds for publicity, advertisement and be able to create regular forums where the book can be discussed. All of these cost a lot of money. However, self-publishing gives the owner a level of control over the intellectual property.
The most essential thing for a self-publishing author is funds and ability to take advantage of every available opportunity. Money is needed to run the ideas and sponsorship is usually difficult in this line of business. So, the writer may need to take up a job on full-time or part-time basis or engage in a business at the initial stages to jump-start the self-publishing business. But care must be taken to ensure the job or business does not stifle time for creativity.
[…]
To know if there is a market for the book, research has to be done. Since funds are limiting, simply explore ways to find out if people normally buy books in that category. If there are already similar books to the one you want published, find out if they are being patronised.
As a self-publisher, the author must make a firm resolve not to publish any work that would not be interesting to the target market. This can be done by asking some knowledge people to assess the manuscript before publication.Always remember that it is not what you write but how you write and sell it that matters. So do not simply write and publish what you want but what buyers want to buy.
Even though self-publishing is challenging, if one is ready to apply the entrepreneurial principles needed for its success and be persistent, it could become very lucrative.
A footnote: Aren't there paralells here for those of us who work in rural areas where heritage products/services (tourist sites, crafts, artistic works, stories, music, etc.) offer a way to build the local economy?
KY Living Magazine Plugs Entrepreneurship and KECI
Here's what the piece is about, in a quick snip:
Encouraging more Kentuckians to start up small businesses is a key feature of our state's post-tobacco economic development efforts. Successful small businesses pay taxes on their earnings, increase property values, and contribute a sense of vitality wherever they spring up. Helping these businesses start up, then grow and develop strong roots within their communities, takes a special focus.
[Some already have] experience as business owners. But what about the men and women who've always worked for someone else? How can someone make the move from employee to entrepreneur?
Being self-employed or becoming the boss of your own company with employees is a big change. Having a good idea for a new product or service isn't enough--you'll need a lot more to get your idea to the people who want it and will pay for it. Even if you're smart about your industry or know how to do something unique, you might not know how to think like a business manager, or how to make the right connections to money, or where to go to get other information vital to your success.
Fortunately, there are numerous entrepreneurial programs across Kentucky offering assistance... [including the Kentucky Entrepreneurial Coaches Institute].
And here's the part about KECI and some of the work I did w/ Rednour Properties:
The Kentucky Entrepreneurial Coaches Institute trains volunteer community leaders to help aspiring independent businessmen and women develop realistic plans and achieve their goals. This innovative program operated in 19 counties in northeastern Kentucky when it began in 2004. It has since been expanded to include more than 20 additional counties in south-central Kentucky in cooperation with The Center for Rural Development in Somerset.
Each year, a new group of coaches receives training that equips them to help beginning entrepreneurs fine-tune their business plans and get them ready to turn their ideas into reality. Each coach meets with three to six entrepreneurs eight to 10 times each year for face-to-face discussions; coaches are also available for phone conferences and e-mail conversations.
Johnathan Gay, director of Morehead State University's Innovation Center, learned the finer points of business coaching as a member of the first Kentucky Entrepreneurial Coaches Institute class in 2004-2005. Gay says, "Here at the MSU Innovation Center, many of our clients are developing businesses that are based on technology to try to grow a new economy in eastern Kentucky." Gay's clients are typically attempting to commercially develop some new form of technology, such as a new software program or invention, so he helps them find ways to protect such intellectual property.
In addition to his duties at Morehead, Gay continues to serve as an entrepreneurial coach. Although he frequently advises entrepreneurs with high-tech products and services, he also has time for more traditional business ventures.
In 2004, Ritchie Rednour of Clay City connected with Gay. "I was just a small-time real estate investor back then," Rednour recalls. "For several years, I'd owned some mobile homes and single-family homes that I rented to people, then I bought a multi-family unit. I decided I wanted to take things to the next level and grow my business."
Starting with 55 rental units and five employees in three counties, just five years later Rednour's business now includes 2,200 rental units and 72 employees in 21 counties.
Such rapid growth was not always easy or smooth, and Rednour credits the Coaches Institute with helping him stick to his plans. "A lot of folks have a false impression of what business is like," Rednour says. "They think you just rake in the money all the time, but it isn't that easy. It's important to have someone in your community who can give advice and provide moral support, that extra encouragement you need that will keep you going along. Some people give up just at the moment when they're poised for success, and the Coaches Institute helped me see that more than anybody." Instead of being discouraged, Rednour and Gay figured out ways to keep developing the business.
Encouraging more Kentuckians to start up small businesses is a key feature of our state's post-tobacco economic development efforts. Successful small businesses pay taxes on their earnings, increase property values, and contribute a sense of vitality wherever they spring up. Helping these businesses start up, then grow and develop strong roots within their communities, takes a special focus.
[Some already have] experience as business owners. But what about the men and women who've always worked for someone else? How can someone make the move from employee to entrepreneur?
Being self-employed or becoming the boss of your own company with employees is a big change. Having a good idea for a new product or service isn't enough--you'll need a lot more to get your idea to the people who want it and will pay for it. Even if you're smart about your industry or know how to do something unique, you might not know how to think like a business manager, or how to make the right connections to money, or where to go to get other information vital to your success.
Fortunately, there are numerous entrepreneurial programs across Kentucky offering assistance... [including the Kentucky Entrepreneurial Coaches Institute].
And here's the part about KECI and some of the work I did w/ Rednour Properties:
The Kentucky Entrepreneurial Coaches Institute trains volunteer community leaders to help aspiring independent businessmen and women develop realistic plans and achieve their goals. This innovative program operated in 19 counties in northeastern Kentucky when it began in 2004. It has since been expanded to include more than 20 additional counties in south-central Kentucky in cooperation with The Center for Rural Development in Somerset.
Each year, a new group of coaches receives training that equips them to help beginning entrepreneurs fine-tune their business plans and get them ready to turn their ideas into reality. Each coach meets with three to six entrepreneurs eight to 10 times each year for face-to-face discussions; coaches are also available for phone conferences and e-mail conversations.
Johnathan Gay, director of Morehead State University's Innovation Center, learned the finer points of business coaching as a member of the first Kentucky Entrepreneurial Coaches Institute class in 2004-2005. Gay says, "Here at the MSU Innovation Center, many of our clients are developing businesses that are based on technology to try to grow a new economy in eastern Kentucky." Gay's clients are typically attempting to commercially develop some new form of technology, such as a new software program or invention, so he helps them find ways to protect such intellectual property.
In addition to his duties at Morehead, Gay continues to serve as an entrepreneurial coach. Although he frequently advises entrepreneurs with high-tech products and services, he also has time for more traditional business ventures.
In 2004, Ritchie Rednour of Clay City connected with Gay. "I was just a small-time real estate investor back then," Rednour recalls. "For several years, I'd owned some mobile homes and single-family homes that I rented to people, then I bought a multi-family unit. I decided I wanted to take things to the next level and grow my business."
Starting with 55 rental units and five employees in three counties, just five years later Rednour's business now includes 2,200 rental units and 72 employees in 21 counties.
Such rapid growth was not always easy or smooth, and Rednour credits the Coaches Institute with helping him stick to his plans. "A lot of folks have a false impression of what business is like," Rednour says. "They think you just rake in the money all the time, but it isn't that easy. It's important to have someone in your community who can give advice and provide moral support, that extra encouragement you need that will keep you going along. Some people give up just at the moment when they're poised for success, and the Coaches Institute helped me see that more than anybody." Instead of being discouraged, Rednour and Gay figured out ways to keep developing the business.
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