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Entrepreneurship

Not all entrepreneurs plan to be so. Many end-up accidentally, while others learn along the way. Some entrepreneurs have shared what they envisaged for themselves while growing up. Angie Hicks of Angie’s List fame wanted to go into the actuaries. This love for numbers translated into the right business research skills, so necessary to be an entrepreneur in the digital age. Whitney Wolfe of Bumble was always creative so she wanted to end up a fashion designer. Kara Goldin of Hint, fancied herself as a future lawyer. Bea-Fischel Bock of Hutch loves animals so much, that she wanted to grow up a veterinary doctor. Daniel Lubetzky of KIND wanted to be a magician while Lyft’s John Zimmer aspired to become a doughnut maker. Jen Rubio, David Bladow, Carrie Dorr, Bastian Lehman, Randi Zuckerberg, Heidi Zak, Alex Friedman, Katrina Lake, Luis von Ahn, Scott Harrison, Bruce Poon Tip, Ayah Bdeir, Wendy Williams, Dr. Katie Rodan, Alexa von Tobel, Tamara Mellon, Vicki Fullop, Nirav Tolia, Jennifer Hyman, Christine Barberich, Sarah Kauss, Barbara Corcoran, Tristan Walker, PayalKadakia and Melanie Perkins have all shared such vivid details of their childhoods.

Source:https://www.entrepreneur.com/slideshow/286477#10

Uploaded Date:11 September 2018

Selling off one’s companies to bigger ones to rake in the profits is a long-proven technique of business success. Yet, there are many entrepreneurs who have resisted the lure of acquisitions to simply build on from the good work done with their start-up. One such example is that of online retailer Carousell, whose Founder Quek Siu Rui turned down a hundred-million-dollar offer, but now runs the same company that is worth five times that figure. Foursquare was an early social media success, but turned down acquisition proposals from both Facebook and Yahoo. Its own estimate was higher which they turned down. Now Foursquare has leveraged its massive big data credentials, monetizing the same. Twitter was offered a similar deal by rival Facebook in the early days. Now, Twitter is one of the top platforms for companies’ digital marketing efforts. Others going through such a brave though complicated route include PK4 Media, Snapchat, Coffee Meets Bagel, Bumble, Qualtrics and Flexport.

Source:https://www.entrepreneur.com/slideshow/317511

Uploaded Date:11 September 2018

The really good entrepreneurs are very different from others. They look out for glitches as business opportunities. One needs to stay alert to sense these. It is similar to arbitrage in the financial market. A common feature is that they capture trends in one industry and apply it into another so it becomes a business innovation. A prominent example of this is at Starbucks where Howard Schultz leveraged a trend he observed in Italy to create a kind of coffee culture in the USA. The coffee shop now became the third place for most people after home and work. The exact replica of the Italian model did not work out much in Seattle, so it was modified over time. Like an architect, an entrepreneur needs to find an unused space. Elon Musk is another who spotted a bottleneck to develop a solution, as done with sustainable transport. He explored opportunities with the Russian and Chinese space agencies before settling on the USA. Chipotle too has found a niche for itself at the intersection between casual and fine dining. For entrepreneurs, ultimately it is very important to keep asking questions. Curiosity is one’s true fried here.

Source:https://www.gsb.stanford.edu/insights/how-great-entrepreneurs-see-what-others-dont?utm_source=TWITTER&utm_medium=Social&utm_campaign=Insights&Date=20180805&linkId=55123560

Uploaded Date:16 August 2018

Syracuse University professor Carl Schramm wants to dispel what he feels is a time- honored myth about the essentiality of writing business plans. In his latest book titled Burn the Business Plan: What Great Entrepreneurs Really Do, Schramm talks about his blueprint for entrepreneurial success. Instead of the b-plan he feels that real-world experience, keen sense of judgement and business innovation is all that is needed. Whether historical giants such as IBM, GE, American Airlines and US Steel or recent path-breakers such as Apple, Amazon, Microsoft or Facebook, neither had any business plan prior to starting up. A lot of the business planning process is merely a smokescreen to attract venture capital (VC). However, as proven in the book, fewer than 1 percent of all new startups receive VC funding. Another myth within this field is regarding the age of entrepreneurs. Due to the well-established names such as Mark Zuckerberg, most assume that the age for starting up is early twenties. In truth, it is the more mature lot in their 30s or 40s who do better.

Source:http://knowledge.wharton.upenn.edu/article/burn-the-business-plan/

Uploaded Date:09 August 2018

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