Skip to main content

What are the chances of success??

#T Inst 475

After reading the guidebook I feel like chances of getting success as an entrepreneur is quite low because to be successful you need to face many obstacles. If one gets a really good idea eventually it will be hard to implement it because then you need to to think about what kind of team you want to help you grow your business and also you need to find investors that find your idea creative.  Creativity plays a big role for entrepreneurship because if ones idea is innovative and does something that our community is lacking then and only then it may work. First of all one has to think about a strong team that can handle well and work well together. So management is really important. Then I feel another obstacle is money because in order to succeed one needs some kind of push to grow the business and that push is called money. Money is important because in order to succeed you need to get all the equipments to start the work. So looking for investors won't be that easy if you don't have many connections, but these days its not hard to make connections because we have sites like LinkedIn. Also, in order to find investors and to assure them one needs to have socializing skills because if you can't explain clearly to your investor they probably won't want to invest in your company. 
To conclude, entrepreneurship  isn't easy to do but in order to succeed in it one needs confidence and needs to be focused/determined.

Comments

Popular posts from this blog

Startup.com

So after watching this movie we got to see the perspective of two young entrepreneurs that were trying to reach success.  We get to see their journey from when they started and how they started which was really fun to watch. This documentary was involved around two friends one named Kaleil Isaza Tuzman and Tom Herman.  In the beginning these two fellows were trying to figure out the name of the company. They were arguing about what should they name the company. Kaleil thought maybe govWorks wont work but after giving another thought he said yes and said that govWorks will be a good choice. After that they tried to find investors. They purposed there plan to many investors where some investors were like go to the west coast because they do internet related stuff, but they didn't give up. They found the right investors and went along, but had to face many obstacles but thats how business works. As the documentary was going along, we as viewers saw how from 8 employees the compan...

How to protect your intellectual property?

After going to class last week I learned a lot of things such as people can steal ideas and we need to be secure before it happens. There are people who are trustworthy but there are people who can be clever sometimes so it is always sensible to protect your intellectual property. We learned about different methods in class in which we can protect our intellectual property. One method was creating a trademark. So with a trademark, such as a symbol or some kind of name our company will be unique from other companies. For example the apple company has their own logo which makes them stand out and different. So having a symbol of some sort is necessary in order to make the company standout. Also another way to protect your intellectual property is by copyright. Copyright helps an entrepreneur because then nobody can legally change or copy the work you have. So this right is great because then no stranger can copy the same idea  and this method helps one protect their intellectual prop...

How do you getting funding?

Funding plays a big role in business. When you have an idea but it requires a lot of money then one needs a good amount of money to make the idea work. In class we went through the step to get funding. So its good to go over it because I now have an idea how I want to get funding.  Basically self funding will be a good start and as we learned in class most entrepreneurs take that step because they are just starting. So after a little bit of self funding then the next step is borrowing money from family/friends. This step can be easy to do or hard because it depends on your family/friends if they want to invest money to make you successful. So in process of funding family/friends can help. So for sure i'm going to take this step and ask for money because the product I am trying to create has sensors involved  and will cost money. Then comes the next step of Angel investing. After lecture we learned that Angel's are private Accredited investors who seek to make investments in yo...