Tuesday, September 18, 2007
Judging Entrepreneurial Ideas
Most entrepreneurs constantly come up with new ideas. Whether they are working on another project, driving, or lying in bed, their minds are constantly churning out new products, services and way of doing things. For these entrepreneurs, the startup challenge shifts from coming up with ideas to choosing which idea to execute. There are three initial factors that entrepreneurs must consider when judging their ideas. These factors include the following:
1. Size of opportunity: A good first question for entrepreneurs to answer is whether the opportunity is big enough for them to get an appropriate return on their investment of time, energy, money, etc. If the opportunity is too small, it’s probably not worth pursuing.
2. Complexity of opportunity: A second question to ask is how complex the opportunity is.
Specifically, how difficult will it be to execute on the opportunity? Will it require the cooperation of other people or companies who may or may not buy on? Will it require several “moving parts” to function in perfect harmony? If the opportunity is too complex and/or seemingly too difficult to execute, in most cases a different opportunity should be sought.
3. Amount of funding and resources required: An opportunity must be judged with regards to how many resources are required to execute it. Clearly, if the amount of resources is too much, the entrepreneur may not be able to accumulate the resources and/or the return on investment will be reduced.
For example, an idea for a new-and-improved theme park may be a great idea, but the hundreds of millions of dollars and thousands of employees needed to execute it typically exceeds the resource potential of an entrepreneur or small company. Such ideas often can only be implemented by large public companies.
Constantly coming up with exciting ideas is the hallmark of most entrepreneurs. Choosing the right one takes careful consideration, and is critical in that it greatly influences whether the ensuing venture is successful or not.
1. Size of opportunity: A good first question for entrepreneurs to answer is whether the opportunity is big enough for them to get an appropriate return on their investment of time, energy, money, etc. If the opportunity is too small, it’s probably not worth pursuing.
2. Complexity of opportunity: A second question to ask is how complex the opportunity is.
Specifically, how difficult will it be to execute on the opportunity? Will it require the cooperation of other people or companies who may or may not buy on? Will it require several “moving parts” to function in perfect harmony? If the opportunity is too complex and/or seemingly too difficult to execute, in most cases a different opportunity should be sought.
3. Amount of funding and resources required: An opportunity must be judged with regards to how many resources are required to execute it. Clearly, if the amount of resources is too much, the entrepreneur may not be able to accumulate the resources and/or the return on investment will be reduced.
For example, an idea for a new-and-improved theme park may be a great idea, but the hundreds of millions of dollars and thousands of employees needed to execute it typically exceeds the resource potential of an entrepreneur or small company. Such ideas often can only be implemented by large public companies.
Constantly coming up with exciting ideas is the hallmark of most entrepreneurs. Choosing the right one takes careful consideration, and is critical in that it greatly influences whether the ensuing venture is successful or not.
Thursday, September 13, 2007
Web presence- your business card
Statistics on Internet use and the Internet economy are suggesting the answer is a loud and clear – ‘yes!’
Take this report as just one example:
‘The US Internet economy grew at an “astounding” rate of 68% in 1999 alone. It will generate $507 billion in revenue this year and accounts for 2.3 million jobs, up from 1.5 million a year earlier. A University of Texas report for Cisco says the payoff is finally coming from the billions spent on Internet infrastructure.’
And don’t think, even for a moment, that this is purely a US phenomenon – statistics from the United Kingdom, Europe and Australasia show similar growth patterns.
More and more customers are turning to the web for information (you can bet on your types of products and services) for ease of purchasing and rapid turn around. Given that, almost every business large or small needs a web site. Even if you’re not planning to sell products or services via your site, these days web sites can be compared to and are as essential as business cards or brochures or perhaps (when they’re properly constructed) they’re more akin to sales people. Think of your web site as your online sales person! You wouldn’t go without people to sell, would you? So why would you go without a web site that sells?
Take this report as just one example:
‘The US Internet economy grew at an “astounding” rate of 68% in 1999 alone. It will generate $507 billion in revenue this year and accounts for 2.3 million jobs, up from 1.5 million a year earlier. A University of Texas report for Cisco says the payoff is finally coming from the billions spent on Internet infrastructure.’
And don’t think, even for a moment, that this is purely a US phenomenon – statistics from the United Kingdom, Europe and Australasia show similar growth patterns.
More and more customers are turning to the web for information (you can bet on your types of products and services) for ease of purchasing and rapid turn around. Given that, almost every business large or small needs a web site. Even if you’re not planning to sell products or services via your site, these days web sites can be compared to and are as essential as business cards or brochures or perhaps (when they’re properly constructed) they’re more akin to sales people. Think of your web site as your online sales person! You wouldn’t go without people to sell, would you? So why would you go without a web site that sells?
Friday, September 7, 2007
Mr. Richard
Sure...Pls feel free to contact me anytime at 9873763348. Our expert team is willing to help you out..
Hi Jayant
Yup...I recently got a link to this blog...Its really good one but no discussions going on actually.
Can i talk u over phone as per your convenience. I seek some guidance in investment avenues.
Can i talk u over phone as per your convenience. I seek some guidance in investment avenues.
REVERSE CONCEPT
Did it ever came to your mind, how fast the REVERSE conceopt is gaining popularity. Anything done in an unconventional way is said to be done in the so called REVERSE mode. To mention a few such phrases we come across:
- Reverse merger
- Reverse mortgage
- Reverse splitting
- Reverse sweep
- Reverse swing
.If more of such terms come to your knowledge, pls share it with us.
धन्यवाद
Thursday, September 6, 2007
The true mission of all business
Most companies have a marketing division, a product development division, and a customer service division. Most companies think of these as three separate and distinct functions.Very often the product development people never talk to the marketing people and the marketing people never talk to the product development people. Meanwhile, the customer service people have almost no stature in the company and are thought of mainly as clerks. There are also administrative people who do things like accounting and make sure the elevators work and that everyone has a computer and a desk. The administrative people often have little idea of what the company even does, much less any sense of the marketing strategy. What catastrophic mistakes these are. Marketing should never be a “division” or a “department” within a company. Instead, the entire company should be about marketing. Everyone in the company should be involved in marketing. A receptionist is not a low-wage worker; he or she is one of your vital marketers.
So...यह अर्तिकल कैसा था ? कृपया बताये ? हम इस ब्लोग को कैसे सुधार सकते हैं ।
So...यह अर्तिकल कैसा था ? कृपया बताये ? हम इस ब्लोग को कैसे सुधार सकते हैं ।
Tuesday, September 4, 2007
LPO: Hype Vs. Reality
There are various impediments for the offshoring of legal services :
1. The legal services industry is inherently averse to risk specially in corporate legal industry, with high stakes and hence, the general counsel and other in-house lawyers feel more comfortable in outsourcing work to US based law-firms (that they have been comfortable with in the past). Hence, LPO industry will be slow in adopting offshoring as a means of reducing cost and improving efficiency.
2. Since the cost of client acquisition in the legal services industry is rather large, many law firms and solo practitioners try to maximise the number of billing hours from each client. Sending work offshore clearly reduces the number of billing hours, and although some times the law-firms can make up for the lost hours by being more profitable, at other times, they cannot!
3. Sending work offshore also raises the risk of losing of confidentiality, and although more and more research and development work is being done offshore, US lawyers are quite apprehensive about offshoring confidential material.
4. Conflict of Interest issues are very important for most law-firms, solo practitioners and in-house attorneys. And, most legal services providers in the US are bound by ethics and guidelines that incorporate such issues. Hence, an appropriate framework needs to be created, while working with any offshore provider. This tends to slow down the process of offshoring. In fact, the closer the work is to litigation (e.g., document discovery or patent claim mapping), the more important the issues of confidentiality and conflict of interest become, and hence, offshoring of such processes may be that much slower.
5. Approximately 80% of the lawyers and paralegals in the US work for the government, academia, non-governmental organisations, and law-firms with three or fewer lawyers. Since the ‘unit’ of work that can be offshored by most of these organisations is less than that accomplished by one full-time person per organisation, it will be very costly for offshore service providers to market and sell their services to this group. In fact, the ‘real’ market for Indian offshore providers is only the larger law-firms with 10 or more lawyers and mid-size and large corporations, and these together constitute about 15% of the total US market and about $40 billion in revenue in 2005.
6. Currently, Indian law does not allow foreign (i.e., non-Indian) law-firms to practice in India. Since India is a strong emerging market whose GDP has been increasing – and is expected to continue increasing – at 7% a year and since its legal system is similar to that of the US, many US-based law-firms are quite eager in opening their own subsidiaries in India. And, once this happens, they will have an automatic incentive to send work offshore (from their US offices) in order to reduce costs and improve efficiency.
1. The legal services industry is inherently averse to risk specially in corporate legal industry, with high stakes and hence, the general counsel and other in-house lawyers feel more comfortable in outsourcing work to US based law-firms (that they have been comfortable with in the past). Hence, LPO industry will be slow in adopting offshoring as a means of reducing cost and improving efficiency.
2. Since the cost of client acquisition in the legal services industry is rather large, many law firms and solo practitioners try to maximise the number of billing hours from each client. Sending work offshore clearly reduces the number of billing hours, and although some times the law-firms can make up for the lost hours by being more profitable, at other times, they cannot!
3. Sending work offshore also raises the risk of losing of confidentiality, and although more and more research and development work is being done offshore, US lawyers are quite apprehensive about offshoring confidential material.
4. Conflict of Interest issues are very important for most law-firms, solo practitioners and in-house attorneys. And, most legal services providers in the US are bound by ethics and guidelines that incorporate such issues. Hence, an appropriate framework needs to be created, while working with any offshore provider. This tends to slow down the process of offshoring. In fact, the closer the work is to litigation (e.g., document discovery or patent claim mapping), the more important the issues of confidentiality and conflict of interest become, and hence, offshoring of such processes may be that much slower.
5. Approximately 80% of the lawyers and paralegals in the US work for the government, academia, non-governmental organisations, and law-firms with three or fewer lawyers. Since the ‘unit’ of work that can be offshored by most of these organisations is less than that accomplished by one full-time person per organisation, it will be very costly for offshore service providers to market and sell their services to this group. In fact, the ‘real’ market for Indian offshore providers is only the larger law-firms with 10 or more lawyers and mid-size and large corporations, and these together constitute about 15% of the total US market and about $40 billion in revenue in 2005.
6. Currently, Indian law does not allow foreign (i.e., non-Indian) law-firms to practice in India. Since India is a strong emerging market whose GDP has been increasing – and is expected to continue increasing – at 7% a year and since its legal system is similar to that of the US, many US-based law-firms are quite eager in opening their own subsidiaries in India. And, once this happens, they will have an automatic incentive to send work offshore (from their US offices) in order to reduce costs and improve efficiency.
Monday, September 3, 2007
Business Plan
Hi friends,
In developing your business plan, we recommend that you pay special attention to the Executive Summary. Too often, investors only read the Executive Summary, quickly become disinterested, and fail to read the entire plan. The summary must simply s timulate and motivate the investor to learn more about the company in the body of the plan. Please make sure that your Executive Summary includes the following critical elements:
>A concise explanation of the business
>A description of the market size and market need for the business
>A discussion of how the company is uniquely qualified to fulfill this need
Tell me how u rate this?
In developing your business plan, we recommend that you pay special attention to the Executive Summary. Too often, investors only read the Executive Summary, quickly become disinterested, and fail to read the entire plan. The summary must simply s timulate and motivate the investor to learn more about the company in the body of the plan. Please make sure that your Executive Summary includes the following critical elements:
>A concise explanation of the business
>A description of the market size and market need for the business
>A discussion of how the company is uniquely qualified to fulfill this need
Tell me how u rate this?
Thursday, August 30, 2007
Long journey...but on a high gear !!!! INDEED
It All Begins with an Idea...The overriding reason for anyone to think of establishing a business is - opportunity. An opportunity to be your own boss, to provide a product or service, to implement your ideas, which can generate sufficient surplus.To be successful - to stay in business - you need a combination of hard work, skill and perseverance.
Generally, people who start their own businesses can be grouped into two broad categories. The first group consists of people who know exactly what they want to do and are merely looking for the opportunity or resources to do it. These people may have already developed many of the skills necessary to succeed in their chosen field and are also likely to be familiar with industry customs and practices, which can help during the startup phase of a new business.
The second group consists of people who want to start their own business, but don't have any real definite ideas about what they'd like to do. They may have developed skills in the course of their employment or education, but may not be interested in opening a business in the same field of endeavour.
Generally, people who start their own businesses can be grouped into two broad categories. The first group consists of people who know exactly what they want to do and are merely looking for the opportunity or resources to do it. These people may have already developed many of the skills necessary to succeed in their chosen field and are also likely to be familiar with industry customs and practices, which can help during the startup phase of a new business.
The second group consists of people who want to start their own business, but don't have any real definite ideas about what they'd like to do. They may have developed skills in the course of their employment or education, but may not be interested in opening a business in the same field of endeavour.
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