Entrepreneurs are the people who start or organize commercial institutes, particularly those involving any kind of financial risk. You ask anybody today and he will get ready to become an entrepreneur. If we observe the economic activities going on all over the world, it seems that everybody has already become an entrepreneur. Entrepreneurship is not the privilege of the Chief Executive Officers of mega corporations only. A person playing three-card games at Times Square is also an entrepreneur. Entrepreneurship is a quality that is applicable in politicians, cab drivers, college presidents, and bookies.

Like in any other field for successful entrepreneurship, in the real estate business you need to understand the importance of location, location, and location. You cannot take it for granted when you buy any property for your business or sign any lease. Entrepreneurship in real estate business requires careful selection of the broker no matter whether you are buying the property or selling it. You also have to learn how to understand the present scenario of the real estate market and the current valuations of the properties. In addition, you should also need to master the art of strategic planning for both selling and buying the properties.

Keep Yourself Informed

No entrepreneur in the field of real estate ever knows too much about the market. They have to make constant efforts to gather information regarding the latest trends in the industry. They have to keep on thinking about the factors that can affect their investments, their clients, and their overall businesses. Some of the important factors are changes in the tax laws, development of new highway routes, changes in technology, and zoning.

Natural Instinct Required

To get success in the real estate business, you must possess a natural entrepreneurial instinct. Moreover, you also need to be process-oriented. You should have the capability of looking far into the future and identifying the good business opportunities. If you are successful in entrepreneurship in the real estate business, you can get success in any kind of venture. In addition to having a basic knowledge of this business, economy and other global factors, you must be comfortable using computers. Knowing the use of spreadsheets, word processors, databases, graphical analysis, and the geographic system of information is very useful for entrepreneurship in real estate business.

NO Quick Bucks

Finally, if you plan to start entrepreneurship in the real estate business, understand clearly that you are not going to get any quick buck, as it looks from outside. Like any other business, the real estate business also takes time before you cultivate the customers and start enjoying the inflow of money. However, the time, efforts and the attention given to the business never go in vain and sooner or later, you are going to get the positive results.

Alexander Gordon is a writer for http://www.smallbusinessconsulting.com – The Small Business Consulting Community. Sign-up for the free success steps newsletter and get our booklet valued at $24.95 for free as a special bonus. The newsletter provides daily strategies on starting and significantly growing a business.

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Generally speaking, entrepreneurship based research usually focus on either Traits or Behavior. Since the nineties, behavior underlie the vast majority of entrepreneurship’s research, the main reason for this is a limited success of scholars to reinforce the existence of common traits that characterize entrepreneurs (Smart and Conant, 1994). Gartner (1988) argues that the focus should be on “what the entrepreneur does” and not “who is the entrepreneur”. Behavior based research focus on the entrepreneurship process through the entrepreneur activities, that instead of referring to personal specific traits (Smart and Conant, 1994). Behavior based entrepreneurship’s research is usually conducted at entrepreneur level; nonetheless, scholars claim that entrepreneurship is implemented at the firm level as well (Carland et. al., 1984; Naman and Slevin, 1993; Lumpkin and Dess, 1996; Wiklund, 1999).

This article tries to establish a common base for defining firm level entrepreneurship. Naman and Slevin (1993) states that organization can be characterized and measured based on the level of entrepreneurship demonstrate by the firm’s management. According to Covin and Slevin (1986), top managers at entrepreneurship’s firm possess an entrepreneurship style of management, which affect the firm’s strategic decisions and management philosophy.

In order to establish definition for the firm level entrepreneurship, it is necessary to present the characteristics of management behavior used by scholars for that matter. Schumpeter (1934) states that innovativeness is the only entrepreneurship behavior that separates between entrepreneurship’s activities to non-entrepreneurship’s activities. Innovation relates to the pursuit after creative solutions through the development and improvement of services and products as well as administrative and technological techniques (Davis et al., 1991). Innovation reflects the firm’s tendency to support new ideas and procedures, which can end as new products or services Lumpkin and Dess (1996).

In his book “Essai sur la Nature Commerce en General”, Richard Cantillon (1755) argues that the essence of entrepreneurship is a risk-taking behavior. According to Lumpkin and Dess (1996), risk-taking can range from relatively “safe” risk as deposit money to the bank to quite risky actions like investing in untested technologies or launching new product to the market. In their research, Miller and Friesen (1982) define an entrepreneurial model of innovativeness, this model regards firm that innovate audacity and regularly while taking substantial risks in their strategy.

Third dimension, which can be added to innovation and risk-taking, is Proactive. According to Davis et al., (1991) proactive associates with an aggressive posture, relatively to competitors, while trying to achieve firm’s objectives by all rational needed means. Lumpkin and Dess (2001) mention that proactive relate to the way the firm associates to business opportunities through acquisition of initiatives in the market it’s operate in.

Although other dimensions are used to define firm level entrepreneurship, the vast majority of scholars use these three dimensions – Innovation, Risk-taking and Proactive (e.g., Miller and Friesen, 1978; Covin and Slevin, 1986, 1989; Naman and Slevin, 1993; Knight, 1993; Wiklund, 1999).

Dr. Rami Schayek combining the academic world as a researcher and a lecturer at the ben gurion university with a field work as the CEO of several small businesses coincident with coaching many other small and medium businesses. You can see more from his work at http://www.small-medium-business.blogspot.com

Terms: Articles may be reprinted provided content is not edited and links are kept live.

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One of the disadvantages of entrepreneurship as a corporate value is that its meaning is ambiguous; what does it mean exactly and what does it mean in the context of the organization?

Some examples of what entrepreneurship could mean, includes at least:

- taking initiative. This is what both the entrepreneur does and what is also applicable for employees in organizations
- freedom. The freedom to do what you think is the best
- act on opportunities rather than on plans and existing initiatives
- taking risks. Act without knowing exactly what will be the outcome
- innovate
- achieve something
- envision a future
- take a lead and motivate others with optimism to follow…

The question now is why does some company choose entrepreneurship as a corporate value? What is going on and what is the value for?

Some examples from the market show that different companies focus on a side of entrepreneurship:

Entrepreneurship & Innovation: We believe in “doing different things, and doing them differently”. We understand & thrive on the need to carve out a niche for ourselves. We value an entrepreneurship oriented culture and it is very important that we continually innovate in whatever we think, do and deliver to our customers. All employees are encouraged to keep a constructive and optimistic mindset to work towards solution. (1)

In this example the company stresses most of all innovation together with initiatives to foster and generate new niche-solutions.

Entrepreneurship

We understand what drives our clients’ business and we create innovative solutions tailored to their specific needs. We apply the best practices of our firm for our clients around the world.
As colleagues we are entrepreneurial as we apply the collective knowledge and full capabilities of our organization to create profitable growth through new business opportunities. (2)

In these examples the meaning of entrepreneurship is harder to grasp. The use of “best practices,” seems to contradict entrepreneurship. A best practice is something that has worked before. Entrepreneurship is where a new solution is not automatically accepted but may result in a big success. There is a chance in entrepreneurship.

Another disadvantage of entrepreneurship is its influence with the organization. Ask someone who implements this value what will happen to the remuneration structure. Will a bonus be part of the entrepreneurial culture? Will people receive commission on achievements? This is what makes it hard to implement.

A corporate value must fit an organization and it must be credible. In this case the chances are high that the term “entrepreneurship” is not more than a slogan, which will have limited impact on the culture of the organization.

(1) – www.kpitcummins.com/corporate/corporate_values.htm
(2) – Arcadis

H.J.B.

© 2008 Hans Bool

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The Two Factors That Are Holding People Back

The two psychological factors for the massive rate of quitting even before starting, there seems to be two important things which are holding people back. One is fear of failure and the other is fear of criticism. Those, who are prisoners of these two fear factors, should realize one thing, that the people who are criticizing you won’t help you in the hours of your need. To be successful you have to choose your own destiny and should not allow others to steal your dream.

The fear of failure dominates one’s mind because of the failure rate in conventional business and the stress and strain and risk associated with business. That’s why only 5% of the population are into business and the rest is going after job, fulfilling somebody’s dream. People who are lazy and not willing to take risk and those with hypocritical mind set deceiving themselves that they have no ambitions, are the people who are going after job. Today’s competitive world and demanding job responsibilities take away the security aspect from the job. You have to be on your toes always and it has its own side effects on your health. It is not that, only business people are experiencing stress and strain. Among job goers, even people in their 30s are having diabetes, heart problems and so on. The hard fact is that you can’t become rich through job and ultimately you will end up with a debt serving career.

You need to harbor business mentality and throw away the fear psychosis, to be successful in your business venture. Realize that job is also associated with stress and the risk of losing your job when you are in your middle age facing a huge commitment. Another important point you have to implant in your mind is that starting and doing an online business is not risky as you need only a minimal investment. No stress and strain factor as you can pursue your online business in your spare time without sacrificing your regular job or business. Making your mind clear over these facts will take away the fear psychosis and procrastination will take a back seat. The sweet part of online business is that it is so simple to start. See the facts:

No huge investment needed

You can start with $0 through affiliate marketing and network marketing

You need not have your own product

You can do it at your flexible time without affecting your regular income

No risk as there is no huge investment

It costs you a small amount, if you want to have your own website to promote your product or affiliate product

Many free sources are available to guide you

Explore The Internet Revolution

Now the internet world has plenty of opportunities to explore to your advantage. It will be a costly mistake of your life if you choose to remain outside and not taking on the business opportunities of the internet world. The network marketing had changed the concept of business in 1960s. It had taken the corporate world by storm and it emerged very strong overcoming the hurdles created by the corporate bigwigs. It enabled even a common man to start his own business through a minimal amount, not over $100 in most cases. But it took almost twenty years for people to recognize it as a viable business alternative. Network marketing is easy to start and is a powerful way of achieving your financial freedom. But as in any field, success requires consistent and persistent efforts on your part. So at any stage don’t quit by hearing what others say. By pursuing your goal you have nothing to lose but more to gain. Remember that 95% are job goers and the common mind set people possess. It is natural for them to criticize everything and make mockery of other’s efforts to get out of the common mindset. You know the surprise fact that network marketing is creating 30% of the world’s millionaires, every year.

Accept The New Reality

Any business which ignores the changing environment can do so to its own peril. E-commerce became the buzz word when the internet has changed the way of shopping. Realizing the need for change, the network marketing companies quickly added e-commerce facility to their business models. You can sign up online and the sell the products of your company online. You need not stock products. The shipping and payment collection will be taken care of by your company and you will be paid for your efforts of referring people. The companies discovered that online business model was cost effective and they were able to cut down their over-heads.

Affiliate Marketing As Another Online Business Opportunity

Affiliate marketing is another way of starting your online business. Most companies offer affiliation free of cost. Just sign up their simple form and start selling their products. You will be paid a percentage of the sales price for your effort of referring the customer. After signing a link will be provided to you and for sales made through this link is accounted for you. Though affiliate marketing or net work marketing does not need a website of your own, it will be prudent to have one. Redirect your referrals through a link from your own site to the concerned affiliate marketing product or the network marketing company’s website.

Getting a domain name for your web site and hosting it, is not a costly thing. It costs you only a small amount. As said above there is no huge investment and thus no risk. After owning a website start your advertising campaign on a small budget. Analyze your advertising effects and change according to the conversion you get. Choose the right company and the right product to promote. Having your own website will help you to put your online business on a auto pilot mode.

Author Message: If you have the will and burning desire, there are lot of opportunities on the internet. Not just planning but doing things is the progress. You have to believe that you can be a successful online entrepreneur and achieve financial freedom. Throw away skepticism and fear psychosis. Getting started is the first step you have to take. Always remember that online opportunities are the best way of starting a business with low investment and more or less no risk factor.

About the Author

The author with no previous business exposure is a home maker turned
online business owner and she is successfully pursuing her online ventures. Free Store Club Phase 2 | Free Store Club Home Based Business