Global Entrepreneurship Week

 

Global Entrepreneurship Week 16 – 22 November 2010

For one week, millions of young people around the world join a growing movement of entrepreneurial people, to generate new ideas and to seek better ways of doing things. Countries across six continents come together to celebrate Global Entrepreneurship Week, an initiative to inspire young people to embrace innovation, imagination and creativity. To think big. To turn their ideas into reality. To make their mark.
From 16 - 22 November 2009, Global Entrepreneurship Week connected young people everywhere through local, national and global activities designed to help them explore their potential as self-starters and innovators. Students, educators, entrepreneurs, business leaders, employees, non-profit leaders, government officials and many others participated in a range of activities, from online to face-to-face, and from large-scale competitions and events to intimate networking gatherings. This year presents a similar opportunity for both aspiring and established entrepreneurs and business gurus to show case their latest entrepreneurial developments and to share their ideas with the world.
Through this initiative, the next generation of entrepreneurs are inspired and can emerge. In doing so, they will begin to acquire the knowledge, skills and networks needed to grow innovative, sustainable enterprises that have a positive impact on their lives, their families and communities.

Getting Start-up Capital (Updated ).

After doing all your research and homework about your great new business idea and all the lights are green, you decide it’s time to raise the capital to get your idea up and running. If you are like most upcoming entrepreneurs, you probably don’t have ready financing to gear-up.

(Quote: “Some of us have great run-ways already built for us. If you have one, take off. But if you don’t have one, realize that it is your responsibility to grab a shovel and build one for yourself and for those who will follow after you.” – Amelia Earhart)

Starting a business is like producing a new born baby; you have to take care of it, till it can sustain itself and pay you back your investment. Your start up capital must be from a good and trusted source, must be cheap or easy to get and must come as fast as you need it if your business is to have a healthy start.

So how do you get that first bundle of funds to jump start your idea to the point where it can pull in investors, or perhaps drive your business to profit street? Here are a few common options to look at:
Option One:
Sell personal Assets:  This should be your first option. Look through your personal belongings that are worth a couple of dimes, for instance that new  digital surround system that you don’t really need, but you just had to buy because your friend Jones bought one or it could be that old computer that you don’t use anymore. The list goes on and on. However if you haven’t got any such personal assets, then you may have a rougher search for startup capital and if you do, then putting them at risk is an option you have to resolve with yourself.
Option two:
Use your Salary, Savings or Get an Advance payment: If you are working and initially plan to run the business part-time, then you could use a percentage of monthly salary or what you have probably been saving in the bank. You could also request for an advance payment for your employer if the company policies permit that, this can boost up what you have been saving. You can also get a salaried-loan, which means the bank will keep subtracting a percentage off your monthly earnings.
Option Three:
Mortgage your Home: Almost all banks today will allow you to place your home on mortgage, you simply have to walk into the bank and inquire about the terms and conditions, once you get the loan,  you’ll have monthly payments to make. It would be wise to set aside some of the proceeds from the home equity loan to help make these payments until your business can pay you a handsome and steady salary or you could simply re-finance the mortgage with a new mortgage.
Option Four:
Family and Friends: If you decide to take on this option, beware of both the advantages and the disadvantages. Friends and family may be very eager to invest in your new idea if they can visualize its potential as well as you do and because you are probably close to them. But this common method of funding your business also has its short falls especially if things don’t go as planned. Taking your friends and family for granted and not paying them their worth of investment may not go well with them. Here a some steps you can take to reduce the emotional friction that may arise:

•       Sign the agreements: This is the only proof that can save you from unsure circumstances and statements such as “we never agreed on that!!” .Let them know when and how to expect the pay back while giving yourself ample space to operate efficiently.
•       Get loans instead of offering shares (equity): You are very much safer if you agree that the funding is a loan and not part ownership of the business. This will close the doors for those who otherwise begin telling you how to run business resulting in grudges. Make certain you pay the loan as fast as you can, so you can relieve yourself of the pressure.
•       Pay back with Interest: The world owes you nothing, so live in the reality zone and pay back that loan with interest. That way you show your appreciation and it also makes you look more professional, however it would be wise to pay on a quarterly basis and not a monthly basis just so you can be flexible and able to absorb any shockwaves.
•      Explain the Risks involved: A business will either succeed or fail. Let your lenders understand and agree to the conditions under which you can pay them back and situations in which you will not be able to pay back, for instance, if an earthquake struck and damaged all your business assets or if thieves broke in and stole your assets, you may not be able to pay them back assuming you are not insured.
  

Best Wishes as You begin Your Trek into the Wonderful World of Entrepreneurship.

Always Remember These Quotes: “Dependant people need others to get what they want. Independent people can get what they want through their own efforts. Interdependent people combine their own efforts with the efforts of others to achieve their greatest success.” – Steven Covey.

“What separates those who achieve from those who do not is in direct proportion to one’s ability to ask for help.” – Donald Keough.

www.Enterprise256.com Article. All rights reserved. copyright.2010

Getting That Much Needed Start Up Capital

Finally, you have your idea in place, you have done your research and found out your idea is about to make you the happiest person alive. BUT WAIT !!!. Do you have the financial power to ignite your new idea?, Start up capital is one of the biggest stoppers for potential entrepreneurs. But if you know your idea is a real 'GOLD MINE' then you will go out and seek for that capital. Here are the most common ways of raising your start up capital.
1. Start From your Own Pocket
2. Friends And Family
3. Equity Financing
4. Venture Capitalists Or Angel Investors
5.
Equity financing- This is a type of financing is essentially an exchange of money for a piece of ownership in a new business. This type of financing can usually be provided by venture capitalists and angel investors.