Intellectual Business Community

Entrepreneurial success is not the result of a single person’s efforts. There is always a team involved. The team is made up of other investors, working partners, employees, vendors, and clients. All play an important part in the success of the enterprise. Although other people are involved, there is a tendency to believe that they play far less important roles and are easily replaced. At the end of the day, success or failure of the enterprise will be largely attributed to the entrepreneur. There are number of reasons for failure of a new venture, which are discussed below. Usually, there is a combination of reasons rather than one single reason.   LACK OF EXPERIENCED MANAGEMENT   One of the main problems faced by new enterprises in that the management team is usually very new to this role. The entrepreneur and his/her top management usually have no prior record of being in charge of the fortunes of a whole company. Even in some race cases, when the ma...

A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business. The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor and all debts of the business are the proprietor's. This means that the owner has no less liability than if they were acting as an individual instead of as a business. It is a "sole" proprietorship in contrast with partnerships. Definition by Glos & Baker "A sole proprietorship is a business owned by one person who is entitled to all of its profits" A sole proprietor may use a trade name or business name other than his or her legal name. In many jurisdictions there are rules to enable the true owner of a business name to be asce...

Business failure , or colloquially  going out of business , refers to a company ceasing its operations following its inability to make a  profit  or to bring in enough revenue to cover its expenses. The final step is always that the business runs out of cash. It has been said that running out of cash defines business failure. CAUSE OF BUSINESS FAILURE   Both Managerial deficiencies and Personal characteristics can lead to business failure.   Below are some person characteristics and managerial deficiencies that lead to failure.  A. PERSONAL CHARACTERISTICS 1. Exaggerated opinion of businesses competence based upon knowledge of some skills. 2. Limited formal education entrepreneurship Ed.). 3. Inflexible to change and not innovative. 4. Uses own personal taste and opinion as a standard to follow. 5. Decision based on intuition, emotion and non objective factors. 6. past not future...

1. Look good, feel great. • Be a sharp dresser • Stay in shape 2. Let your body language show confidence. • Stand up straight • Be relaxed and open • Walk quickly • Hold your head up • Make eye contact • Smile and the world smiles with you 3. Use positive self-talk throughout your day. • Make use of affirmations • Keep your inner dialogue positive 4. Set SMART Goals. • Specific • Measurable • Attainable • Realistic • Timely 5. Maintain positive relationships. • Give compliments • Receive compliments graciously • Follow the Golden Rule • Be honest • Show kindness and love • Sandwich constructive criticism in between good points • Look for the best in others and bring it out • Admit your mistakes and apologize when you’re wrong • Eliminate gossip 6. Look within yourself. • Strengthen your strengths • Determine your passions and pursue them • Write a “me” speech • Improve your weaknesses 7. Do things you ...

MESSAGE OF THE WEEK.1 DEVELOP MATURITY OF MIND             An immature mind is exemplified by the following traits: -Tending to blame others for one’s failure. -Not shouldering one’s responsibilities and obligations then giving lame an implausible excuses. -Including in fits of temper. -Showing uncontrolled aggressiveness. -Egocentricity—thinking of one’s self without sensitivity. -Immature attitude toward sex. -Lacking self reliance-lacking a determined independence to rely upon one’s ideas, actions and abilities. -Thinking only of the present without regard for the future. Learn good human relations and human psychology. Misunderstanding and other human related problems are the biggest stumbling block to the prosperity of any business.   “Docta Ibrahim Ulimwengu”                           ...