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Most people start their first company while they still have a day job. It makes sense: You don’t need loans. You don’t need funding. And if you “fail,” all you’ve lost is time.
But you’ve also placed yourself in a hazardous – potentially legally ambiguous – situation. If managed improperly, you’re unnecessarily risking lawsuits and worse.
If you think you only need a business plan to go fishing for capital, you are sorely mistaken.
A business plan--thoughtfully assembled and diligently updated--is the very blueprint for any company. It sets direction, facilitates communication and establishes performance metrics. Better yet, well-articulated business plans force business owners to constantly weigh the strengths and weaknesses of their operations.
Fifty-three billion smackers. That's how much telecom tycoon Carlos Slim Helu, the wealthiest human on the planet, is worth by Forbes' latest exhaustive count. (Actually, the tally was $53.5 billion--when you're dealing in 10 digits, every decimal place counts.)
Those kinds of numbers can't help but make you think: What exactly does it take to amass that kind of wealth? More important, do you have it?
Why the Hurt Locker is an excellent example of film making entrepreneurship.
For the third time in three years, the world has a new richest man.
Riding surging prices of his various telecom holdings, including giant mobile outfit America Movil, Mexican tycoon Carlos Slim Helu has beaten out Americans Bill Gates and Warren Buffett to become the wealthiest person on earth and nab the top spot on the 2010 Forbes list of the World's Billionaires.
Slim's fortune has swelled to an estimated $53.5 billion, up $18.5 billion in 12 months. Shares of America Movil, of which Slim owns a $23 billion stake, were up 35% in a year.
When President Obama will deliver his first State of the Union address is still unclear. However, with 80 percent of the population believing that new economic growth and jobs will come from entrepreneurs, discussion around what his address should include in terms of policies that encourage new start-ups is already underway.
We have long argued that the American model for development assistance could improve dramatically if entrepreneurship becomes a stronger element of economic development efforts. Unfortunately, the importance of new firm creation is a concept that has yet to gain relevance in traditional development models, such as the Washington Consensus. However, there are a few actors who understand the power of entrepreneurship and have been using it to improve lives. Diaspora entrepreneurs are using their experience and understanding about entrepreneurship to invest in new ventures in their country of origin. These transnational entrepreneurs view a globe of porous borders.
Under the Immigration Act of 1990, the U.S. Congress set aside 10,000 annual visas for foreign investors looking for opportunities in America. Those carrots are coming in handy during what remains a debilitating credit crunch for U.S. entrepreneurs. Rather than wait a year or longer for other immigrant visas, foreign investors--through the so-called EB-5 program--can snag a slice of equity and a quick-and-dirty U.S. visa in just three-to-six months; plus, unlike other immigrant visas that might expire in a few years, the EB-5 flavor offers permanent residency. EB-5 minimum requirements: a $1 million investment from a lawful source in a new or existing commercial enterprise that directly creates at least 10 U.S. jobs. Investors can put up as little as $500,000 if the company is in a rural area or in a county sporting 150% of the average national unemployment rate. (Canada has a similar program, called the Canadian Business Immigrant Investment Program, though it doesn't impose any job-creation requirements.)
In the two years I have been writing a column for Forbes, no piece has received more responses than the one published just prior to the last presidential election. In it, I made nine predictions regarding the impact an Obama administration would have on the legal landscape, especially with regard to small businesses.
Now that we are at the beginning of a new decade, as well as the president's second year, I thought it would be interesting to see how I did. For those keeping score, I nailed all but one.
I'll admit I like being right. Too bad prescience often comes with a price.
In the introduction, I noted that the triumvirate of President Obama, Sen. Reid and Speaker Pelosi would be "potentially one of the most liberal governments the country has had in decades." I was wrong: This government may be the most liberal in the history of the United States.
Since the economic crisis broke out, capitalism has been under the microscope. Many have blamed evil businesses and market forces for the financial meltdown, and have lost confidence in private-sector engagement strategies for recovery. Luckily, in this country many more have experienced the positive impact of entrepreneurship either directly and indirectly. In a March 2009 survey, 63% of respondents said they “prefer giving individuals the incentives they need to start their own businesses as opposed to allowing the government to create new jobs directly.” A look at the role of new businesses in the economy reveals that it is not a matter of rejecting capitalism but rather of allowing more entrepreneurs into the economy.
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