Quote of the Day

"The highest use of capital is not to make more money, but to make money do more for the betterment of life." - Henry Ford

Today's quote from a Successful entrepreneur

My luck was accentuated by my living in a market system that sometimes produces distorted results, though overall it serves our country well... I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions. In short, fate’s distribution of long straws is wildly capricious.”

. (Buffett W, 2010) 

If a man would write a good book, preach a better sermon, make a better mouse trap, than his neighbors, though his house is in the wood, the world will make beaten paths to his door-

Abraham Lincoln. 

Today's Quotable quotes on Entrepreneurship

An Entrepreneur is a  person with no boss, but has a market as his or her own boss (Balkin, 1989)

Entrepreneurship  can be found  in all  occupation  including  farmers, craftsmen, shopkeepers, lawyers, doctors, architects, entertainers, sportsmen and women, computer programmers and analysts amongst others (Blanchflower 1998).

Business Failures of Successful Entrepreneurs

 Henry Ford

Henry Ford failed twice in business before he finally went on to build the Ford Motor Company; and became one of the richest men in the world. He has this to say about his business failures:

"Failure is just a resting place. It is an opportunity to begin again more intelligently." – Henry Ford
"If I lose a billion dollars, I will have it back in less than five years." – Henry Ford 


 J. K. Rowling

 Harry Potter series is one of the best selling books in the world but what most people will never know is that the author “J. K. Rowling” was turned down several times by publishers. Instead of being deterred; she went on to become a billionaire author and this is what she has to say about her initial failures.

"What's the worst that could happen? Everyone turned me down; big deal." – J. K. Rowling

"Never be ashamed! There's some who will hold it against you, but they are not worth bothering with." – J. K. Rowling

Martha Stewart

Martha Stewart successfully built her company “Martha Stewart Living Omni Media” from scratch and became a billionaire. But she made a mistake (insider trading) that negatively affected her reputation and landed her in jail. Being an entrepreneur with guts; she refused to be cowed by her mistakes and she bounced back to fortune and fame. This is what she has to say about her mistake and resulting failure.

“I know I have a very tough five months ahead of me, but I understand, too, that I will get through those months knowing that I have the ability to return to my productive and normal life, my interesting work and future business opportunities.” – Martha Stewart
“My new motto is: When you're through changing, you're through.” – Martha Stewart

 Larry Ellison


Larry Ellison dropped out of college twice; and bounced from job to job without a direction. His adopted father told him that he would not amount to anything in life. But Larry Ellison started Oracle from scratch and went on to become one of the richest drop out billionaires in the world and this is what he has to say about it.

"The most important aspect of my personality as far as determining my success goes; has been my questioning conventional wisdom, doubting experts and questioning authority. While that can be painful in your relationships with your parents and teachers, it's enormously useful in life." – Larry Ellison

"I have had all the disadvantages required for success." – Larry Ellison


Sir Philip Green

Sir Philip Green is a British billionaire and owner of one of the world’s largest retailing chain but what most people will never know is that Sir Philip Green went through four business failures before making his first million at the age of 33.

 Donald Trump

Donald Trump is a savvy real estate billionaire that has gone through bankruptcy; not one but twice. He once had a personal debt of $1billion and corporate debt of $9billion but he courageously pulled himself out of the mess and this is what he has to say about his business failures.

"Anyone who thinks my story is anywhere near over is sadly mistaken." – Donald Trump
"Sometimes by losing a battle, you will find a new way to win the war." – Donald Trump
“I was relentless even in the face of total lack of encouragement because much more often than you think; sheer persistence is the difference between success and failure." – Donald Trump

Richard Branson

Richard Branson is one of the few entrepreneurs that inspire me the most. He has gone through thick and thin; and has been on the verge of business failure on countless occasions. His first business (student magazine) failed despite showing strong potentials.

Richard Branson has also painfully shut down or sold some businesses just to survive; but despite all, he still emerged stronger and more successful. You can read about his business experience, failures and successes in his best selling book “Losing My Virginity: How I've Survived, Had Fun, and Made a Fortune Doing Business My Way.”


Source: Jamii Forum

                      A quote below may  concur with the words above.

"If I had to select one quality, one personal characteristic that I regard as being most highly correlated with success, whatever the field, I would pick the trait of persistence. Determination. The will to endure to the end, to get knocked down seventy times and get up off the floor saying, ''Here comes number seventy-one!'" 

- Richard M. DeVos.

Entrepreneurial woman!

Look at this entrepreneurial woman, as far as i know she is a member of ruling party CCM in Tanzania.However after seeing that there is an opportunity of making money by making scarfs and increase her income she had to do so.She says she gets millions of money  by making and selling the Chadema(The opposition party in Tanzania) scarfs.What do you think,Does one have to be very loyal to her party despite of   financial challenges?

Entrepreneurial Initiatives

What a good move from our beloved president Dr.Kikwete. How i wish there could be many related programmes nationally to enable the University students as well as Graduates to take challenges in owning  their national economy and  taping on country's rich resources.
Such issues can be done by formulating Job creation camps for University students and graduates nationally.

customer behaviour

Can these elements Predict behavior of a customer....

•       Genes                                                        

•       Stars

•       Religion

•       Anthropology

•       Sociology

•       Psychology

•       Economics

         .  Biology

Can marketers and entrepreneurs control behavior of customers? Can they create a need of a customer? How?

Diesel   NIKE    Prince France  Mercedes Berghaus   Madonna  Telenor

LEGO Desmond Tutu  Bono  EU Social Democrats  Koran

George Bush   eminem   The Catholic Church   Barak Obama

Apple  AlJazeera  BBC   Communist Party

Green Peace Bible  Absolut Vodka  UN Human Rights

Harvard Business School  QuartFestival

Can all these entrepreneurs create a need and make us to follow and thereafter buy from them?

Happy Valentine to my dearest customers!!!

Point to note on this year valentine
The valentine day of this year has been cancelled mathematically.Look at this simple arithmetic
14-02-12=0 So wait for valentine day of next year  2013!!

Another type of Entrepreneurs!

This is another type of entrepreneurs,they do manicure and pedicure! What do you think? can someone do business without knowing that he/she has customers? Remember, Customers are alpha and Omega in business.

European winter

It is estimated that more than 50 people have died due to climatic changes that has resulted into severe and unprecedented winter season this year.This could also cause bad impacts to businesses in the whole continent of Europe.

Another disgusting question

Is it right for one to start business without knowing the target customers?

Disgusting Question

Is entrepreneurship or the art of being entrepreneur every one's cup of tea?

One of female entrepreneur in the streets of Norway

One might think that street vendor female entrepreneurs are found only in Africa.That is not true,this female food vending entrepreneur  was  found in the street of  city of Oslo Norway.Though these ones are normally seen during Holidays compared to their counter parts in Africa who are normally seen throughout the year!

Different Events on Entrepreneurship semina held at Mzumbe University

Some of the trainings that students learnt on entrepreneurship semina are:

ENTREPRENEURSHIP

Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods".

The most obvious form of entrepreneurship is that of starting a new business.

“An ENTREPRENEUR is a well calculated risk taker”

                                        

ARE ENTREPRENEURS BORN WITH SPECIAL PERSONAL CHARACTERISTICS OR CAN INDIVIDUALS BE TRAINED TO BECOME ENTREPRENEURS?

Why Kenya seems to  excel in the East Africa on entrepreneurship issues than the rest of other countries?

It is because children are taught on Entrepreneurship and business studies since primary school while other countries children are taught after Primary school.

SOME BASIC GUIDELINES FOR STARTING A SMALL BUSINESS

1)      START SMALL, AS SMALL AS IS POSSIBLE

2)      DO NOT BORROW MONEY TO START A BUSINESS

3)      START YOUR BUSINESS AT HOME IF POSSIBLE

4)      DO SOMETHING THAT YOU LIKE DOING

5)      TAKE THE TIME TO PLAN PROPERLY

6)      ENSURE PROPER RECORD KEEPING

7)      MARKETING IN THE BASIS OF BUSINESS SUCCESS

8)      DO NOT MIX FAMILY AND BUSINESS RESOURCES

9)      KEEP IT SIMPLE

                                               UNEMPLOYMENT

As a result of this, the country is witnessing high and potentially dangerous levels of formal unemployment.

The social scientists and analysts tell us that the ground swell of anger, disappointment and frustration that we have seen in the so called “Arab Spring” was as a result of massive youth unemployment and discontent.

Therefore, any success in expanding the number of entrepreneurs and therefore new business enterprises, will;

                1) promote economic development

                2) reduce unemployment

                2) reduce social tensions related to unemployment

                3) reduce overall poverty levels

PARADIGM SHIFT NEEDED

At the university level, Tanzania has an excellent chance of transforming the national thinking on self-employment, entrepreneurship and business enterprise establishment and hence trigger a paradigm shift in the minds of the students and the youth in general from “job search” to “job creation”.

seminar on sextortion at Mzumbe university

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The research on entrepreneurship Intention

Drost (2010) defined Entrepreneurship Intention as: 

•one's intent to engage in entrepreneurship

•one`s intention to start one`s own business or become self employed driven by desire for autonomy and expectation of economic gain. 

Overview

•Entrepreneurship intention meaning

•Research Objectives

•Background Information

•Theoretical Framework

•Methodology

•Key Findings

•Conclusion

•Implications

Objective of the Study

•The study purported to investigate the entrepreneurship intentions of students of University at Mzumbe University in Tanzania; -

-How they can personally employ themselves in self established firms while they are or after graduating from University.

Background Information

•Entrepreneurship is the lifeblood of every economy in the world.

•it is the concept that enables the creation of jobs, wealth creation, innovation and country`s economic growth.

•entrepreneurship intention is normally represented by self employment, small business and business enterprises

•These are the new desirable employment options for most people and Governments these days.

Theoretical Framework

The study is inspired by four theories-Cultural

 - Planned Behaviour theory

-Environmental (Contextual theory)

-Psychological Trait Theory

- For students the course of study exposes them to a certain line of future career. Employment or school environment stand a greater chance into sparking intention in an individual. 

Hypothesis Testing.

The study had 5 Hypothesis which are:

1. Male students will exhibit higher level of entrepreneurial intention than women in Tanzania

2. The perceived entrepreneurial family background will have greater influence on entrepreneurial intention in Tanzania

3. Entrepreneurial orientation/traits will have greater impact on entrepreneurial intention in Tanzania.

4. Perceived Government support and favourable regulation will promote the entrepreneurship intention

5. Perceived Access to finance will have great correlation to entrepreneurship intention decisions. 

Variables

•Gender

•Entrepreneurial family background

•Entrepreneurial traits/orientation

•Government support/Favourable regulation

•Access to finance

Methodology

•253 respondents from University students

-Female 106(42%) and male 147 (58%).

•Personal Interview

•Data Analysis

-Multiple Regressions

•To check fitness of the model-R Square, Significance level   and   Beta (β) were deployed for the same.

Key Findings

-Male students exhibited higher level of entrepreneurial intention than female students in Tanzania

-perceived entrepreneurial family background had greater influence on entrepreneurial intention in Tanzania

-Entrepreneurial orientation/traits (need to achieve, risk taking propensity and a strong desire to be independent) had greater impact on entrepreneurial intention in Tanzania.

-Perceived Government support and favourable regulation had little significance in promoting the entrepreneurship intention among students.

-Perceived Access to finance will not have great correlation to entrepreneurship intention decisions.

Conclusions

•students that undertake entrepreneurship or business subjects are more entrepreneurial than other who takes courses without entrepreneurial subjects.

•individuals aged 25-44 years are most active in entrepreneurial endeavours worldwide.

•females were generally less likely to be the founders of new businesses than males.

•There is a challenge to convince the University management to make entrepreneurship studies to be taught in all Faculties in the university rather than just in one Faculty/School of Business (The then FOC)

•Entrepreneurship not only helps in setting up the business venture but also in keeping up with unexpected changes that keeps happening in the contemporary world.

•Tanzania requires the entrepreneurial informed and learned University students with entrepreneurship intention to tap into her resources in order to create wealth, employment and prosperity to the country.

   Implication

•As many people are entering into job market and there are few such job places, entrepreneurship is the total solution toward unemployment.

•Entrepreneurship training and studies should be inculcated in the University curriculum if we are to have many entrepreneurs

•Some people becomes entrepreneurs because of contextual environment, the well informed mind will enter into self employment while prepared.

•Almost all millionaires worldwide are self employed.

The End

Reference

Drost Ellen A(2010) Entrepreneurship intentions of Business students: Implication for education, Advances in Management. Vol 3(7) Los Angeles ca 90032,USA. Economic Review, 79, pp. 519-535.

One cant change life if he/she goes on with the same type of thinking.

"Your life is the product of your best thinking. If you want something different, you have to learn to think and act differently." - Tony Rush

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