MBA Geek

Do you have what it takes to grow an idea into a successful business? So you know what it takes to be an entrepreneur? Well, I came across an interesting post called 12 Facts about Entrepreneurs That Will Likely Surprise You that outlines some interesting facts about successful startups. Here are some interesting facts to get you started:

• The average and median age of company founders when they started their current companies was 40.
• 95.1 percent of respondents themselves had earned bachelor’s degrees, and 47 percent had more advanced degrees.
• Less than 1 percent came from extremely rich or extremely poor backgrounds

There’s more where that came from, and can be interesting whether you’re into directory submission or building an airline business. Read all about it here.

An interesting post on Business Week talks about Google deals with Web Spam. It’s interesting insight into how the industry giant operates, but I found the last section most interesting of all. It talks about how Google stimulates innovation amongst its employees. Here are some things that are mentioned:

• Constant re-examination of the status quo. Looking at the way you do things today and how how they can be improved may pave the way for a brighter tomorrow.
• Take time off. Taking a bunch of smart people out of their work environment and letting them engage with one another in a fun environment can yield interesting results
• Reinvent the wheel. Never assume you have the best way to do something. There’s always a better way to do something and if you assume you’re doing it the best way possible, then you might stifle innovation.

These ideas are valid, regardless of whether you the biggest search engine in the world, or simply trying to market a new brand of herbal weight loss pills; innovation is the lifeblood of an organisation and without initiatives to keep it flowing, companies will just fade into oblivion.

I came across a great article the other day called So, You want to be an Entrepreneur. It raises the question of what sort of person you need to be to be a successful entrepreneur. Given that a number of people are being made redundant based on the current climate, it’s only natural for people to apply themselves to the possibility that they may be able to set out on their own. But there are a number of questions that one should pose to oneself before going down that path. If it’s something you’ve ever considered, have a look at these questions:

• Are you willing and able to bear great financial risk?
• Are you willing to sacrifice your lifestyle for potentially many years?
• Is your significant other on board?
• Do you like all aspects of running a business?
• Are you comfortable making decisions on the fly with no playbook?
• What’s your track record of executing your ideas?
• How persuasive and well-spoken are you?
• Do you have a concept you’re passionate about?
• Are you a self-starter?
• Do you have a business partner?

There are some interesting questions there and a good way to focus your brain on the task at hand. The great thing about them is that they can be applied to any business, from a consulting firm specialising in high-end IT systems, to a web enterpreneur selling magformers on eBay; from reselling holidays at extended stay hotels to setting up a network of nannies across the country.

So, are you ready to take it on? What would your answers be?