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Online Entrepreneurship

Friday, January 15th, 2010

Living in a world of opposites renders a double sided coin to all things, an entrepreneur will give you the freedom to make decisions without depending on any other person. You can be your own boss. Entrepreneurship also renders control and stability to a level which a person will never be able to achieve while being an employee. Now here let us have a look into various aspects of being an entrepreneur.

High level of excitement: The level of excitement, which an entrepreneur experiences, right from the moment the venture kicks off is much higher when compared to the excitement level which you may feel after you get a job in a company. The people who love adventures find that being a home based entrepreneur comes with some risks. But keep in mind that the risks which you are adopting must be at a calculated level. You should never venture into anything, forgetting your potential level.

Remuneration Vs Profits: People working in companies generally feel that they are not receiving the remuneration they deserve. As an employee your opportunities for a sary increase are limited and you are left to follow the structure of your employer. The bottom line is that they being told what they are worth. When it comes to being an entrepreneur, your focus is on profits. Your profits are directly proportional to the hard work you put in and your skills. As an entrepreneur you retain the flexibility of being able to set your own financial goals and the freedom to achieve them.

Work Flexibility: If you are working as an employee, then you will have to adhere to certain rules and regulations at the work place. Having deadlines set commits you to complete the projects. Your schedule depends on work and there is limited flexibility. However, as an entrepreneur, you enjoy a great level of flexibility. With the additional time freedom you are able to enjoy a fuller life with more vacations. There is no restriction about the time you can spend with your family. You can come to office and leave the office according to your convenience. One should also remember that with this freedom also comes a high level of dedication and discipline to you business. Does that tempt you?

Independence & Responsibility: There are people who feel irritated when they are answerable to someone. For those who dislike this idea, the best way is to be an entrepreneur as you are your own boss. Responsibility and challenges also come with running your own online business. Unless you are very efficient and have a vision to foresee the future of your business, you might not succeed. The success of any business first starts within the owners belief and vision and is then manifested physically.

Beat the Competition: As an employee, you need to remain competitive always if you want to increase your compensation or get promotions. This, in turn, can create cold war with other employees at the work place, disrupting the relations. But as an entrepreneur, you need to compete with other competitors in the market. This is why continued education in marketing, mind set, posture and recruiting are crucial for the success a home based business.

The Economics of Trust

Wednesday, October 28th, 2009

In our world today, the trading system is based mainly on fiat money. Fiat money means that the currencies in dollar notes are declared to be legal tender by governments. For example a Singapore ten dollar note means that the Singapore government accepts a $10 payment for goods and services within Singapore. This same $10 bill can also be used to pay off $10 worth of debt incurred in Singapore. Therefore all the dollar bills of the respective countries are always imprinted with the country stamp as a watermark. This watermark serves as a form of trust that a dollar bill is legal tender by that country. This is the reason why when the exact same dollar bill that does not have the watermark is considered to be counterfeit.

During the period of barter trading, when a person decides to trade his wheat for another person’s meat, the wheat trader trusts that he will get the meat that he wants. The issue of trust is even more relevant for fiat money. People only use money to invest or buy something provided that they trust the product or service to a certain degree. Why there is a trust is really because there is a provision of value.

The currency that we use is worth a value because the government of that country will honor its value of use. When the Japanese left Singapore after World War 2, the banana notes in circulation became worthless because the Japanese will not honor the banana notes’ value of use for trade in Singapore. When a company does not pay up its debts on time, it is an act of distrust. When debts accumulate, the company will eventually go bankrupt. It is similar in other circumstances as well. When the employee embezzles, he will be terminated immediately even though that employee may be a talented person who is capable of generating huge sales for the company. Without trust, money created and earned will soon be destroyed.

The currency that we use is worth a value because the government of that country will honor its value of use. When the Japanese left Singapore after World War 2, the banana notes in circulation became worthless because the Japanese will not honor the banana notes’ value of use for trade in Singapore. When a company does not pay up its debts on time, it is an act of distrust. When debts accumulate, the company will eventually go bankrupt. It is similar in other circumstances as well. When the employee embezzles, he will be terminated immediately even though that employee may be a talented person who is capable of generating huge sales for the company. Without trust, money created and earned will soon be destroyed.

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