Identify Today's Trends to Make Better Future Decisions

Internet Shopping Is On The Rise – Entrepreneurs Take Note

Statistics Canada says in a report that Canadians are shopping more online these days than ever before. Let’s look at some important highlights of the report:

- Canadians ordered $15.1 billion worth goods and services in 2009 (was 12.8 billion in 2007)

-39 per cent of Canadians (aged 16 and over) placed 95 million orders (was 32 per cent and 70 million orders in 2007)

- Average value per order stands at $158 (was $183 in 2007)

- Most common types of orders are: travel services and entertainment products such as books, clothing, magazines, accessories etc.

- 52 per cent Canadians went to research their products before buying at stores (43 per cent in 2007)

Now, here is what these highlights translate into in a broader sense:

- Although these stats represent Canada, the world’s one if the top developed countries – situations are no different in other developed countries and developing countries will soon follow.

- More and more people will be accessing the Internet.

- Online retailers will be seeing increased demand for their products and services

- Advertisement opportunities (for blogs and websites) will increase representing online retailers and stores.

- As people are spending more time on the Internet, researching before buying at physical stores and shopping online, content base websites or blogs will see a huge spike in traffic.

So, if you are an Internet entrepreneur, you should pay attention to these trends – people’s changing habits. The Internet will always provide money making opportunities for those who are able to identify, analyze, and utilize today’s trends to make better strategic decisions in the future.

First Published on: Sep 27, 2010 EntrepreneurJourney.com

How Big Companies Started For Nothing

Mega Companies Started For Nothing

There is a misconception that to have a huge mega-national company, you need to have a lot of money to start it up. However, the truth is that there is plenty well known companies that have started in a garage with next to nothing in funds. By looking at these companies, you can see that your dream of being a successful business owner can happen, even if you are just starting in a garage.

1. Whole Food Market: Started by a college dropout in 1978 and his 21-year-old girlfriend, the couple borrowed money from friends and family and opened up a store, which within one year resulted in them being evicted from their home because they used it as storage for storage. With no home and very little money, they moved and lived in the store. The couple lived in the store, bathed there using a water hose and tried to make ends meet. Within two years they merged with another store in Austin, Texas and increased the number of employees. In four years, the company expanded to other cities and today, is ranked 369 on the Fortune 500 with $3.2 billion in revenues.
2. Apple: Started in a garage by Steve Wozniack and Steve Jobs, these two men created a personal computer, which Wozniack designed and Jobs helped to sell. They were broke and had to order parts for their first purchase order on credit. The company now ranks 103 on the Fortune 500 and is one of the leading companies on the planet.
3. Dell: At one time, it was the largest seller of personal computers and servers on the planet. Currently ranked 34 on the Fortune 500, with $61 billion in revenue in 2008, the company was started in 1984 by Michael Dell in his dorm room with nothing more than a $1,000 investment. In 1985, the company produces its first computer and by 1988 had its first public offering worth $88 million.
4. Mattel: A married couple by the name of Ruth and Elliot Handler decided to start a company just after World War II in the garage of their California home. Initially a company to make picture frames, soon after opening they began to make dollhouses with scraps left over from the picture frames. Thanks to starting to make toys, and picture frames, just as the Baby Boomer were growing up, they were able to benefit immensely from this new and large market. By 1955, their company, Mattel, was sponsoring The Mickey Mouse Club and soon after that they created Barbie. Currently, they have a revenue of $6 billion and rank #413 on the Fortune 500.
5. Starbucks: In 1971, three academics used $1,350 they had to open a Starbucks location in downtown Seattle. After the opened, things were tough so they had to borrow $5,000 from a bank just to keep going. Initially just roasting coffee beans, the company began to sell coffee exclusively in the 1980s. In 1992, the company went public and had a rapid expansion in the 1990s, opening one store per day. The company currently ranks #277 on the Fortune 500 with revenues of $9.4 billion.

First Published: Sep 19, 2010 EntrepreneurJourney.com

How To Write A Mission Statement

Writing A Mission Statement

When you are starting a business, one of the most important things you can do is to write a mission statement. A mission statement is very important when you are writing a business plan, and a business plan is essential when you want to have a successful business with investors. A mission statement explains what your business is all about to customers, those in the community, employees and suppliers. The mission statement should cover all aspects of your business, the products you offer, the service, position and growth potential of your business as well. It clarifies the business you are in, the objectives you have and the goals of your business.

To write a good business plan, you should at least ask yourself these questions:

1. What do I want for my family, my customers and myself with this business?
2. Why am I in business?
3. Who are my customers going to be and how is my product/service going to enrich the lives of my customers and lead to their own success?
4. What kinds of products and services will I be giving to my customers and what is the nature of the product/service?
5. What levels of service will I provide to my customers and do most companies offer these types of services or products?
6. What roles within the company will I play and my employees play?
7. What separates my company from the other companies that provide the services and products?
8. How will I use strategy and technology to reach the goals that I have set for myself in the company?
9. What are the values that guide the company?

Now, you are going to have to write up your mission statement by answering these questions. If you have others in the company with you, talk with them and get their ideas for the mission statement. It is important that when you are picking people to help you with the mission statement, you pick those who will be positive and supportive to your goals. You do not want any naysayers bringing you down.

It is going to take you a few hours to do a mission statement because it is not something you do quickly. Make sure you set aside the time for the mission statement to ensure that it is done right. It is important that you prepare yourself for the task of putting together the mission statement. Brainstorm and make sure you have all the information you need in front of you so you can get right down to the business of writing the business statement.

One of the most important things you can do is to constantly revise your mission statement until it is right. You want your mission statement to fit exactly what you think your company means and you do that by reworking the mission statement until it is right.

Once you have completed your mission statement, put it on your company web site, on business plans, company cards, brochures and more.
First Published: Sep 12, 2010 entrepreneurjourney.com

What Business Location Is Right For You?

Selecting a Business Location

There are many different locations you can have for your business, and choosing the right one will go a long way in determining how successful your business will be. Your location has to suit you and your business, while at the same time not costing you too much. So, what type of location is going to be best for you? Here is a list of different business location types, and what they can offer you.

1. Retail: If you are selling retail products, then allowing customers to reach you is of paramount importance. You can have your retail location in a wide variety of places including a mall (enclosed or strip), shopping centre, shopping district or multi-use facilities. You can reach many customers this way without having to advertise, but the rent can be quite high.
2. Home: If you can, a home-based business location is the best. Not only do you not have to pay rent for the location, but also you can write off part of your rent/mortgage because you are using a portion of your home for your business. You can use a spare bedroom, garage, kitchen table, attic or anywhere that suits you in your home. The only problem is that the growth of your business is limited at times, and you will have to manage your home life with your business life.
3. Commercial: If retail is not enough, a commercial location may be the best. You get office space, parking and more in business parks and office buildings. You can be downtown, on the outskirts of town, or in a suburban area. One of the great things about a commercial space is it looks very professional with a place for a receptionist, offices for employees and more. The only downside is that it can be very expensive and that can cut into your bottom line when you are just starting out.
4. Mobile: Rather than have a fixed location, you can work directly out of your vehicle, going to your customers rather than having your customers come to you. You can write off part of your car payment and the gas, while not paying any rent for your business location. It is a great option if you are just starting out and can work in a mobile environment.
5. Industrial: If you have a business in an industrial sector, then having industrial space is very important. You typically will get large spaces, yards and more, which allows you to showcase what you are selling, or to serve as a distribution centre if that is what your business is in. The type of industry you are in will determine if you are in a light, medium, or heavy industrial area of the city.

Location, location, location is what they say about business and if you don’t choose the right location, you may not have a successful business. That is why you must do what you can to choose the right business location type.

First Published: EntrepreneurJourney.com Sep 6, 2010

The Most Successful Entrepreneurs in History

Successful Entrepreneurs in the World

Every field has those who excel, and entrepreneurship is just a further example of that. There are those who do well as entrepreneurs, and then there are those who do amazingly well. They are the ones who excel at what they do, and move forward in life to greatness. So, who are these entrepreneurs and what did they do to make themselves so successful?

• Richard Branson: One of the most famous men on Earth, he is known for his adventures just as much as he is for his business. Branson dropped out of school at the age of 16 and began a magazine called Student Magazine. From there, he went on to form Virgin Records, which signed some of the best bands of the 70s. Moving forward, he then created an entire Virgin brand that has 360 companies within it, including an airline and the world’s first space tourist service.
   
• Coco Chanel: Growing up as an orphan, Chanel worked as a seamstress to make ends meet. She had a strong drive that pushed her to try new things and learn new things, and that allowed her to create fashion ideas that would revolutionize what people wore. These days, she is known as much for her perfume, Chanel No. 5, as she is for her extremely profitable business.
   
• Michael Dell: Starting with $1,000 from home, Michael Dell dropped out of college and created PC’s Limited, which would become Dell Inc. From there, he created through drive and determination, one of the most successful computer manufacturing companies on the entire planet.
   
• Bill Gates: The richest man on Earth from 1995 to 2006, Gates dropped out of college and began Microsoft with a friend. With revolutionary new ways for users to use computers, Gates not only helped start the computer revolution, but helped to change the world in the process.
   
• Henry Ford: Speaking of changing the world, Henry Ford started off small as an apprentice when he was 16 and would go on to found the Ford Motor Company. Through his amazing concept of assembly line production, Ford not only changed how people made cars, but he made them more affordable for the masses and his concept of assembly lines changed the world in everything from clothing to food.
   
• Walt Disney: His name is known to all of us, and this high school dropout started off as just an animator who created a company that has become iconic. Thanks to starting off making cartoons with a mouse named Mickey, Disney and his company have gone on to create theme parks around the world, while making an estimated $30 billion a year.

These are just a few of the most successful entrepreneurs in history. If you want to be successful, it would be a good idea to learn their story and see how they were able to find such immense success in the working world. If they can do it, so can you.

First Published: entrepreneurjourney.com July 3, 2010