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Answer Upon - Entrepreneurship - Do You Have What It Takes?
If you are financially minded but unfamiliar with what a reinsurance job might entail we’ve compiled four reasons why companies carry out reinsurance and the two main different types of reinsurance.Four Reasons for ReinsuranceRisk Transfer – you only have to look at the amount of money an insurance company would have to pay out if your house was damaged in a natural disaster to realise how there is the potential for them to have huge costs. By reinsuring themselves with other insurers they are able to spread the risk so that no matter how many of their policy are claimed upon they have the ability to pay out.Income Balancing – for any large company its important they can predict their income for cash flow and often shareholder benefits. As you can imagine this would be difficult for insurance companies if they weren’t reinsuring. A number of big payouts if they weren’t reinsured could have a very significant effect on their bottom line. By reinsuring they are able to manage this risk more effectively.mproved Surplus – on the balance sheet of a company it’s good to have a surplus. This is the sum of assets minus liabilities. Successful reinsurance can reduce the liability pushing up the surplus level upwards. It is desirable as it makes the company more financial stable and more attractive to potential investors.Arbitrage – another reason reinsurance is often popular is
=> Financing
Unless you have ready funds at your disposal, getting finance is the next major challenge and cannot be attempted until your business plan is in place. You will need to prepare funding proposals and applications for loans, venture capital, and funds from angel investors.
=> Implementation
This is make or break time. Many people think just getting started is the hard part - and it is hard. But where many businesses stumble is not in the planning and financing stages but in implementing their business plan. Why this is so is not certain. There are various hypotheses including the idea that ideas people and implementation people are two very different breeds and it is highly unu
The biggest part of selling isn’t persuasion. It’s not about being a glib, silver-tongued devil.It’s about earning the chance to sell.Like a ballplayer, you can’t hit a home run by warming the bench. You have to get into the game, take the bat off your shoulders, and swing at some hittable pitches.You need opportunities, chances to succeed. Most companies develop these chances through advertising that implores prospects to call for information.The ads, by and large, are competent. They make the phone ring.But the “batters” who are sent to the plate to respond, either fail to swing the bat, or react so feebly, that they strike out, again and again.If we took half the care in training people to be telephonically effective that we put into our ads, we’d be home free. To prove the point that most inbound inquiry handlers are inept, my firm, Customersatisfaction.com, undertook a mystery-shopping campaign.Systematically, we called the flyers that had been sent to and left at our business address. These included everything from construction to dentistry to the local YMCA. All we did was say:“We received one of your flyers about X, and who should we talk to about this?”In at least half of the cases, the person who answered the phone sounded completely ignorant about the flyer, and couldn’t help us, directly. Of those who knew about it, a majority of them sounded abrupt and impatient, acting as if we had interrupted a more i
ENTREPRENEURSHIP DEFINED
The Global Entrepreneurship Monitor 1999 defined entrepreneurship as "any attempt at new business or new venture creation, such as self-employment, a new business organization, or the expansion of an existing business, by an individual, a team of individuals, or an established business."
ENTREPRENEURIAL ACTIVITY - AN HISTORICAL PERSPECTIVE
Entrepreneurship is a major contributing factor to the economic well-being of a country both in terms of economic growth and job creation. Traditionally, entrepreneurial ability tended to focus on the following four attributes:
=> Initiative - the entrepreneur takes the initiative to bring together the economic resources of land, labor and capital to produce a commodity (whether a good or a service) with the hope that such production will create a profitable business venture.
=> Decision-making - the entrepreneur makes the basic business policy decisions for the business, thereby setting the course of the enterprise.
=> Innovation - the entrepreneur is an innovator, attempting to introduce new products and new ways of doing things.
=> Risk-taker - the entrepreneur risks his or her time, effort, business reputation and invested funds in the entrepreneurial venture.
THE MODERN ENTREPRENEUR
Until recently, the above attributes, especially innovation and risk-taking, were the dominant factors that defined the characteristics of those who chose to become entrepreneurs.
Now, however, with corporate downsizing being a fact of life, many entrepreneurs find themselves thrust into the role by default.
The question for anyone either finding themselves in this position involuntarily or thinking about leaving corporate life for the heady world of entrepreneurship is whether you have what it takes to be successful ... the "right stuff" in other words. Some people do, in spades. Others simply don't. If you're one of the ones who just doesn't, either resign yourself to working for someone else or cultivate in yourself the qualities that successful entrepreneurs share. Believe it or not, entrepreneurs are not just "born". Well, some, of course, seem to be natural-born entrepreneurs, but for the rest of us, the qualities of entrepreneurship can definitely be acquired by hard work and application.
COMMON ISSUES
The "common denominator" issues facing all entrepreneurs are planning, finance and implementation.
=> Planning
All entrepreneurs face the challenge of starting a new business, be it through innovation (inventing something new or doing something a different way), finding the right opportunity to get into, or buying a franchise. Whichever road you choose, it will involve serious planning.
=> Financing
Unless you have ready funds at your disposal, getting finance is the next major challenge and cannot be attempted until your business plan is in place. You will need to prepare funding proposals and applications for loans, venture capital, and funds from angel investors.
=> Implementation
This is make or break time. Many people think just getting started is the hard part - and it is hard. But where many businesses stumble is not in the planning and financing stages but in implementing their business plan. Why this is so is not certain. There are various hypotheses including the idea that ideas people and implementation people are two very different breeds and it is highly unus
I received a postcard from my local Infinity dealer. The card offered a set of cut crystal and a chance to win a new Infinity if I stopped in during their Grand Opening Sale. It appeared that somebody took some time to plan a classy sales event. Like you though, I generally toss this type of solicitation instantly. But for some reason I kept the card and visited the dealership.The morning I visited the dealer, there was not a sales person to be found. Was I surprised; my expectation was to be met with open arms by a sales person expanding the virtues of the new Q45. I was wrong. Not a sales person to be found so I walked toward the back to a receptionist. Abruptly, she took my postcard and paged a parts clerk to get for me the box containing my gift. In the box were two cut crystal "bird bath" champagne glasses. That was it! What a colossal disappointment. This was not even close to world-class service. What a waist of money and energy for the dealer!They invited me to visit their grand opening "sales party." When I arrived, they could have cared less that I came. Was it because I drove up in a Saab? Was it because they were busy? Who knows the source of their apathy? One thing for sure, they lost the opportunity to influence me to consider Infinity. They lost a potential sale! Why in the world invite potential buyers to a sales event and not even ask them to look at your wares? Am I crazy to expect that they might offer to me the chance to purchase a world-class
ENTREPRENEURIAL ACTIVITY - AN HISTORICAL PERSPECTIVE
Entrepreneurship is a major contributing factor to the economic well-being of a country both in terms of economic growth and job creation. Traditionally, entrepreneurial ability tended to focus on the following four attributes:
=> Initiative - the entrepreneur takes the initiative to bring together the economic resources of land, labor and capital to produce a commodity (whether a good or a service) with the hope that such production will create a profitable business venture.
=> Decision-making - the entrepreneur makes the basic business policy decisions for the business, thereby setting the course of the enterprise.
=> Innovation - the entrepreneur is an innovator, attempting to introduce new products and new ways of doing things.
=> Risk-taker - the entrepreneur risks his or her time, effort, business reputation and invested funds in the entrepreneurial venture.
THE MODERN ENTREPRENEUR
Until recently, the above attributes, especially innovation and risk-taking, were the dominant factors that defined the characteristics of those who chose to become entrepreneurs.
Now, however, with corporate downsizing being a fact of life, many entrepreneurs find themselves thrust into the role by default.
The question for anyone either finding themselves in this position involuntarily or thinking about leaving corporate life for the heady world of entrepreneurship is whether you have what it takes to be successful ... the "right stuff" in other words. Some people do, in spades. Others simply don't. If you're one of the ones who just doesn't, either resign yourself to working for someone else or cultivate in yourself the qualities that successful entrepreneurs share. Believe it or not, entrepreneurs are not just "born". Well, some, of course, seem to be natural-born entrepreneurs, but for the rest of us, the qualities of entrepreneurship can definitely be acquired by hard work and application.
COMMON ISSUES
The "common denominator" issues facing all entrepreneurs are planning, finance and implementation.
=> Planning
All entrepreneurs face the challenge of starting a new business, be it through innovation (inventing something new or doing something a different way), finding the right opportunity to get into, or buying a franchise. Whichever road you choose, it will involve serious planning.
=> Financing
Unless you have ready funds at your disposal, getting finance is the next major challenge and cannot be attempted until your business plan is in place. You will need to prepare funding proposals and applications for loans, venture capital, and funds from angel investors.
=> Implementation
This is make or break time. Many people think just getting started is the hard part - and it is hard. But where many businesses stumble is not in the planning and financing stages but in implementing their business plan. Why this is so is not certain. There are various hypotheses including the idea that ideas people and implementation people are two very different breeds and it is highly unu
From Japan comes the tradition of oshibori. Oshibori is the Japanese word for the rolled up hot towel you receive after eating at an authentic Japanese restaurant or at the conclusion of an international flight. If you have never experienced a hot towel after a long flight, it is as close as you can get to a refreshing shower in the comfort of your seat with all your clothes on. What does it have to do with growing your business? It's remarkable.As noted, you might expect a hot towel in a Japanese restaurant or on a flight but how about in the dentist chair just after the hygienist has stretched your mouth into unnatural shapes to chisel that last piece of plaque from your teeth? Nice and warm, with the light sent of lemon--that would be remarkable wouldn't it? How might that change what you tell your friends about your trip to the dentist? Simple thing. Only costs a few cents. But it could lead to a number of referrals. What would your customers tell their friends if you gave them a hot towel?According to Jason Stark of White Towel Services, the majority of his customers are dentists. Dentists that understand that filling your cavity is a commodity--any one of a thousand dentists could it. But having a remarkable experience in their office-- that is something that nobody can compete with.So what do your customers remember about your business? Do they experience something remarkable enough to tell their friends about? For some b
=> Risk-taker - the entrepreneur risks his or her time, effort, business reputation and invested funds in the entrepreneurial venture.
THE MODERN ENTREPRENEUR
Until recently, the above attributes, especially innovation and risk-taking, were the dominant factors that defined the characteristics of those who chose to become entrepreneurs.
Now, however, with corporate downsizing being a fact of life, many entrepreneurs find themselves thrust into the role by default.
The question for anyone either finding themselves in this position involuntarily or thinking about leaving corporate life for the heady world of entrepreneurship is whether you have what it takes to be successful ... the "right stuff" in other words. Some people do, in spades. Others simply don't. If you're one of the ones who just doesn't, either resign yourself to working for someone else or cultivate in yourself the qualities that successful entrepreneurs share. Believe it or not, entrepreneurs are not just "born". Well, some, of course, seem to be natural-born entrepreneurs, but for the rest of us, the qualities of entrepreneurship can definitely be acquired by hard work and application.
COMMON ISSUES
The "common denominator" issues facing all entrepreneurs are planning, finance and implementation.
=> Planning
All entrepreneurs face the challenge of starting a new business, be it through innovation (inventing something new or doing something a different way), finding the right opportunity to get into, or buying a franchise. Whichever road you choose, it will involve serious planning.
=> Financing
Unless you have ready funds at your disposal, getting finance is the next major challenge and cannot be attempted until your business plan is in place. You will need to prepare funding proposals and applications for loans, venture capital, and funds from angel investors.
=> Implementation
This is make or break time. Many people think just getting started is the hard part - and it is hard. But where many businesses stumble is not in the planning and financing stages but in implementing their business plan. Why this is so is not certain. There are various hypotheses including the idea that ideas people and implementation people are two very different breeds and it is highly unu
So how much can you expect to earn as a medical transcriptionist?I know you’re going to hate this answer, but…it depends. Medical transcription is listed as one of the fastest growing careers and will be for the next several years. That’s good news!Listen to this, according to the U.S. Dept. of Labor‘s May, 2005 statistics regarding medical transcription, the hourly mean wage was $14.36 and the annual mean wage was $29,880. This is up from the previous year, which is good considering some job wages are going down.The five top paying states in order were Alaska, California, New Jersey, Massachusetts, and Nevada. Now, if you don’t live in one of the top five states, don’t worry!I live in Georgia and make a lot more than the “average” the DOL has listed and there’s a good chance you will too! The pay starting out at your first job (which may be in a doctor’s office, hospital, or online service) usually is pretty modest.The good side of that is that many times you get benefits such as paid leave and insurance. If it’s the top salary you are going for, just be patient. Self-employed MTs can earn significantly more than MT employees.Of course, they have to take out taxes and get their own insurance either privately or through their spouse’s company but the rewards are many!Most MTs are paid by the line, for example if you earn $0.10 per line and you type 1000 lines, you earn $100.You can either then let the word processing prog
COMMON ISSUES
The "common denominator" issues facing all entrepreneurs are planning, finance and implementation.
=> Planning
All entrepreneurs face the challenge of starting a new business, be it through innovation (inventing something new or doing something a different way), finding the right opportunity to get into, or buying a franchise. Whichever road you choose, it will involve serious planning.
=> Financing
Unless you have ready funds at your disposal, getting finance is the next major challenge and cannot be attempted until your business plan is in place. You will need to prepare funding proposals and applications for loans, venture capital, and funds from angel investors.
=> Implementation
This is make or break time. Many people think just getting started is the hard part - and it is hard. But where many businesses stumble is not in the planning and financing stages but in implementing their business plan. Why this is so is not certain. There are various hypotheses including the idea that ideas people and implementation people are two very different breeds and it is highly unu
The time, money and effort spent on gathering and analysing customer satisfaction measures isn't worth the economic payback, and yet companies large and small regularly survey their customers to get feedback on their satisfaction levels. The problem with customer satisfaction surveys is that they don't tell you much about the perceived differentiated customer experience that drives loyalty in terms of intentions to repurchase, or advocacy in terms of willingness to actually refer you to friends, family and colleagues.Why is this important?Satisfaction, as we all know, is an ever moving bar. What kept customers happy about our products and services in the last 10, 5 or even two years wouldn’t now meet the expectations of the average person in the street. Customer wants, needs and expectations move as quickly as the market itself, and so what would have delighted and surprised them a short while back is now seen as run of the mill and worse still as a hygiene factor: while they may not remain loyal because it, they will defect the moment it is absent. So customer satisfaction ratings only ever measure a customer “happiness quotient” with existing transactions.Recent studies on the other hand, particularly those of Fredrick Reicheld (et al), have shown that measuring and managing the perceived value that the customer places on the ‘experience’ of dealing with the product or service provider is a much better measure of organisational performance from a cust
=> Financing
Unless you have ready funds at your disposal, getting finance is the next major challenge and cannot be attempted until your business plan is in place. You will need to prepare funding proposals and applications for loans, venture capital, and funds from angel investors.
=> Implementation
This is make or break time. Many people think just getting started is the hard part - and it is hard. But where many businesses stumble is not in the planning and financing stages but in implementing their business plan. Why this is so is not certain. There are various hypotheses including the idea that ideas people and implementation people are two very different breeds and it is highly unusual to find one person who can do both. More likely though, is the simple fact that implementation requires such a broad range of skills that no one person can possibly be adept at all of them.
The real challenge and skill of the entrepreneur, then, is to recognize what you do well and then appoint employees or subcontractors to do the rest. Of course, if you're running a business on a shoestring, this simply may not be possible! So be brutally honest and objective in assessing your particular strengths and weaknesses BEFORE you cash in your day job and your 401K.
The areas to think about in terms of implementation are the same as those encompassed by a broad definition of management: promotion (marketing and advertising), public relations, sales, employees, communications, legal issues, plant and equipment, risk management, disaster planning, crisis management, insurance, technology, computer systems, taxes, bookkeeping, finance, and the internet.
PERSONAL QUALITIES
Equally important as the common issues shared by all entrepreneurs are the personal qualities of the entrepreneur him or herself. To start you thinking about whether you have the right stuff to make a success of an entrepreneurial venture, here's a list of character traits and work ethics common to successful entrepreneurs. Although it is not necessary that you possess all of them, you should possess most:
=> Passion - entrepreneurs have a strong passion for their idea or concept, so much so that their work is their play. If you don't like what you do, you won't stick it out when challenges come along, as they inevitably will.
=> Curiosity - entrepreneurs need to understand how things work. They ask a lot of questions. Curiosity therefore triggers innovation.
=> Sponges - entrepreneurs are sponges. They devour information about their industry and are always current on new and emerging trends and technologies, not only in their specific industry but in closely related industries. This habit of scanning their environment is a rich source of discovery of new opportunities. Entrepreneurs are ALWAYS looking for new markets, applications, products or twists on an old concept.
=> Optimism - entrepreneurs think of problems as opportunities for improvements and new ideas.
=> Forward looking - entrepreneurs are never satisfied with the status quo and are always proactively carving out their future.
=> Careful about money - entrepreneurs are careful with money and have a firm grasp on what things cost and their value to the business. This allows them to recognize a true bargain when they see one.
=> Started earning at a young age - entrepreneurs commonly displayed entrepreneurial leanings as a teenager seeking out entrepreneurial activities such as babysitting, lawnmowing and lemonade stands.
=> Competitive - entrepreneurs are naturally competitive and don't let the grass grow under their feet.
=> Time conscious - entrepreneurs know the value of time and how to make the best use of it. You won't find entrepreneurs spending much time on nonproductive activities. That said, entrepreneurs typically also recognize the value of downtime and time with fami
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