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The three pillars of competitive entrepreneurship

Last weekend the spokesman for the Buy Zimbabwe campaign, Munyaradzi Hwengere, was interviewed on television about the new drive to promote consumption of locally produced goods. The interviewer asked an interesting question: What is being done to help SMEs, such as backyard juice manufacturers, attain the high quality standards necessary to compete with imported brands?

Hwengere spoke about a plan to engage the Standards Association of Zimbabwe to help SMEs implement quality control and certification systems. This is a good idea, but how many SMEs are willing to invest in quality control systems?

If you visit the informal markets in the various urban centres such as Highfield and Glenview, you won’t fail to be impressed by the thousands of hardworking men, women and youths who, despite a difficult economy and depressed demand, are making a living and surviving as self-employed entrepreneurs.

These people exhibit the essential entrepreneurial traits of idea generation, courage and persistence. And most of them have moderate financial assets, whether in cash, savings or property, to help them fund their business operations. What they lack are the three pillars of entrepreneurship.

Many informal entrepreneurs and micro-enterprises fail to grow not because they lack money, but mainly because they lack business management and marketing skills. The majority of them are not aware of the need to produce better quality products, to put in place financial and business process systems, to adopt new and modern technologies or to upgrade their human capital. As a result they cannot grow beyond the subsistence level.

Competitive entrepreneurship is what creates jobs, develops the economy, reduces poverty  and accumulates wealth for entrepreneurs. A one-man business rarely achieves any of these benchmarks. The owner usually retires poor and leaves nothing for his children when he dies.

A competitive business is continuously growing, improving the quality of its products and services and developing better processes. With time it can join the national value chains, supplying high quality, value adding products to bigger firms. Eventually the firm should be able to produce goods that meet international standards, can compete in international markets and thus earn essential foreign currency for the country.

The economy is now global. Entrepreneurs should aim to develop their firms and products to meet international standards. But the starting point should be in your vision.  Although many entrepreneurs start businesses out of necessity, that’s no reason to remain uncompetitive. Whatever stage your business is at, you can still sit down and write a plan of how to make it competitive.

If you had not written a business plan before, now is a good time to take time out to do so. This time you need to map out how you are going to build a competitive business. Your strategy should include how you are going to acquire the first pillar of success in entrepreneurship:  business skills and knowledge.

Without the essential skills of business, you are bound to make many mistakes, slow your growth and remain uncompetitive. Although knowledge doesn’t guarantee success, it provides more options and choices. If you are in business, how many courses have you attended to learn business skills and improve your business management?

And how many business books have you read in the past two months? Ask any professional person you know: a doctor, an engineer or an accountant,  how many years they spent learning the essential skills of their trade and how often they need to attend refresher or continuous development courses.

If your business is not just a hobby but something that takes a significant part of your time, energy and resources and you want to be successful, make the effort to continuously learn and stay competitive.

Proton Saga FLX

PROTON is now giving you the option of getting more mileage for your Ringgit! PROTON has launched the Proton Saga FLX that uses Continuous Variable Transmission (CVT), commonly found in luxury cars.

Utilising an advance belt system that transforms torque to power, the Saga FLX gives you a smoother drive, removing the jerks of traditional autogear transmission systems. This “stepless” gear tansition improves drivability and responsiveness of the car, the smooth transition of the car between gears helping the car perform more efficiently, saving fuel.

Designed to give consumers better drive satisfaction and safety confidence, the Proton Saga FLX also comes with Anti-lock Braking System (ABS) and Electronic Brake-force Distribution (EBD), along with driver and passenger side air-bags.

Check out the latest Proton Saga FLX ‘coz its even better! For more details, visit your closest PROTON Edar showroom or visit:http://www.churpchurp.com/httpwwwdetikwaktucom/share/protonsaga-CVT

Lawyers help seal entrepreneur’s paint job

Swindon-based law firm Withy King’s corporate team has helped a City investment banker-turned-West Country angel investor back an innovative paint company.
Gavin Eddy, who has built up a portfolio of businesses, has expanded it further by investing in Cornish firm Naturepaint, which manufactures environmentally-friendly paints for interior walls, ceilings and woodwork.
Withy King helped to facilitate the buy-out of the firm’s existing investor, private equity fund Finance Cornwall, before developing a new shareholders’ agreement and reorganising its constitution to reflect the deal between Gavin and the company.
Simon Merrall, an associate in Withy King’s corporate team, said: “This was an interesting deal which reflects a growing trend among entrepreneurs to spot opportunities to invest their money and become involved with small growing businesses who may have found it difficult to attract funding from traditional sources on realistic terms.”
Gavin added: “After leaving the City, I was keen to become more involved in venture capital, in finding businesses that could benefit from my knowledge and where I could really add value.
“I was intrigued by Naturepaint as I felt that it was an interesting, innovative product in an otherwise moribund DIY market. It hadn’t managed to gain traction in the consumer market and so alongside investment, I put together an extensive marketing and communications plan.
“I believe investment opportunities in the South West are of an equal calibre to those in London. They’re just a little harder to find! I regularly liaise with different angel investor networks and I am always looking for new opportunities.”

By: Owen Fishwick

What Should I Consider Before Seeking a Business Loan?

Answer by Tim Berry

This is a tough one to answer because so much depends on the specifics of your situation, what resources you have, what level of funding you need, how you feel about business with family and friends, how sophisticated they are, and so forth.

I knew a man who was caught for years in a business he hated because he had taken money from friends and family and he didn't have the heart to tell them he'd failed.

On the other hand, it's against the law for a bank to lend you money just because they like your business plan. You must have assets to put at risk, meaning assets you lose if you don't repay the bank. In some cases the Small Business Administration (SBA) will guarantee up to 70 percent of the loan -- ask about that at your bank, the SBA does it using the banks, not directly with you. But even in those cases you still have to put up 30 percent of the funding yourself.

And if you have an investment-worthy business -- meaning it's run by people with real startup experience -- and are offering a good shot at strong market growth, defensibility and scalability, then you might even be better off sharing your business with investors who will put money into the business in exchange for ownership.

I've written a lot about these options on my blog Planning Startups Stories. Look especially at the categories angel investment, bootstrapping, and business financing.

Related: How Do I Negotiate an Ownership Stake?
Related: Small-Biz Loan Money Finally Trickles to Community Banks

Tim Berry is the president of Palo Alto Software Inc., which produces the industry's leading business planning software, Business Plan Pro, as well as other popular planning applications for businesses.

How To Raise Money From Your Friends

	1. Friends And Money Seeking seed money from friends only works if and only if your friends are cool with never seeing that money again. If they are expecting to be paid back in a certain time or even get a return on their investment then the friendship could be in trouble. Business has no guarantees. I would rather borrow from a bank than friends. Thanks to Lisa Concepcion-Giassa of LCG Communications
	2. Carefully Make sure they can lose it- it will effect your relationship with them. Thanks to Barry Moltz of Shafran Moltz Group
	3. No Room For Friends There is no room for friendship when it comes to raising funds. Treat it EVEN MORE like you would a request from a stranger or a bank. Include a formal contract/agreement, payback terms, timing, contingencies, communication about status, etc. And lastly, do what you MUST to ensure it is complied with - do not tread on the goodwill of friends and expect them to forgive, understand, or overlook your slow payments, short payments or failure to meet the contractual obligations. Thanks to David Zahn of ZAHN Consulting, LLC
	4. Never Ask For Money From Friends If your hare-brained scheme is so wacky that you can't convince an actual investor or bank to supply money, then you are almost certainly going to lose a friend over this. And in case you are very young or naive, true friends are always more important than business. Thanks to Steve Silberberg of Fatpacking
	5. More Than Just A Trust Me Approach It is as important to have a formal business plan for friends and family as it is for outside investors. Show them your idea -- why does it have merit? What is your sales and marketing strategy? What exactly will you use the money toward? Have a written document that your friends can read and understand. If possible, put together a powerpoint/pitchbook where you can walk them through your thinking step-by-step. In short, show them in a clearly understandable way what they are investing in. Thanks to Beverly Flaxington of The Collaborative
	6. Donate Button All Day Go through pay pal and set up a donate button. Add the donate button HTML code into a page on your website. Copy and paste the url for the donate button along with why you are raising money into a message to go out to all of your friends in email and throughout your social networks. The feedback and fundraising will be incredible. Thanks to Derrick Hayes of Motivation To Your Mobile
	7. Make Sure The Rules Are Spelled Out Completely It is always a tricky deal, doing business with friends and relatives, because if the enterprise does not go well, it could disrupt or end the relationship. For that reason, the rules of the agreement must be spelled out completely. Sure, you may be tempted to make oral agreements or just seal it all with a handshake, but that is asking for trouble down the road. You need to write out a contract that delineates everything, so no misunderstandings can arise. Thanks to Mark McLaughlin of MANCOMM
	8. Don't Mix Business & Pleasure I'm not a fan of raising money from friends! Now acquaintances, that's a different story. If you have a business concept that requires investment and you know people who are looking for an investment - go for it! Write your business plan and then communicate why investing with you is wise. Investors will want assurance that you have a plan for paying them back and that you know what you are doing. And, the best investors are those that have money and influence and realize the risk. Thanks to Vicki Donlan of VickiDonlan
	9. It Is Essential For Feel Like THE EXPERT To Raise Money From Friends! Asking for money as entrepreneurs can be a major struggle and very painful, because we don't have lots of personal support, a track record or the confidence that we're really worth the investment. We carry the kind of attention we get in childhood right with us into our adult lives. When we grow up feeling safe, secure, valuable, we have more energy and power to create our authentic lives. We can draw on our inner resources to make major creative contributors to the quality of life on the plane Thanks to Alice A March of The Attention Factor (R)
	10. Only As A Last Resort If you need capital to grow your business- I would exhaust all other sources, before asking friends to invest. Defining expectations- growth projections, return on investment, investor involvement in the company, etc. all need to be completed agreed on prior to accepting money- from any source. Mixing business with friendship is hard- and usually not successful. Consider financial investments from other sources that can help grow (and guide) your business. Thanks to Janet Boulter of Center Consulting Group

Mind Your Business: Why Entrepreneurs Must Be Crazy

On paper, becoming an entrepreneur seems like a fairly reasonable proposition. Raise some money, start a business, make a profit. You expect to hit a few bumps along the way, but the basic premise is that if you have a good idea, work hard and stick it out, you'll make it. 

In reality, owning your own business is more like episodes of "The Apprentice," "Survivor," and "Fear Factor" all rolled into one. It takes nerves of steel and a willingness to do things that might be less than rational. You may end up sacrificing your money, your free time and maybe even your sanity.

If you're wondering if you've got what it takes to be a successful business owner, you don't need an MBA. Instead, ask yourself these five questions:

Am I willing to risk it all? – Some lucky startups raise cash from investors or qualify for bank loans. The rest bootstrap it. "Bootstrapping" is a nice way of saying: risking every penny you have. It may well require putting your life savings on the line, cashing out your 401k and taking out a home equity loan. You may need to borrow money from your family that you'll never be able to repay. You may even need to use credit cards to finance your new business. Your spouse may have to work to support you while you get on your feet. Maybe risking your personal finances is not a good idea, but often, it's the reality.

Am I willing to skip vacations (and weekends)? – Time off is essential for work-life balance, but, in fact, your customers don't care much about your work-life balance. They want your product or service and they want it now. Hanging a "Gone Fishing" sign on the door isn't going to cut it. If you can't offer steady and consistent service every day for the next several years, you're not gonna make it. If you can find someone to stand in for you while you're away – great. If not, you'd better consider a "workcation."

Am I willing to be ruthless? Ruthless, does not mean dishonest. Ruthless means doing what's best for your business, even if it means making tough decisions. While you may really want to help your best friend from college get back on his feet after his divorce, hiring him to work for you is just asking for trouble. Do what's right for you, your customers and your business. Otherwise, you and your buddy will both be out of a job.

Am I willing to lose sleep? – When you own your own business, most of your day is spent putting out fires. Paperwork, filing, bookkeeping and long term planning have to wait until after hours when everyone else has called it quits for the day. The idea that owning your own business is going to be like working a regular job is nowhere near accurate. So, set the alarm clock for 4 a.m. and plan to make it a late night.

Am I willing to be wrong? – If you've made it this far, you're most likely passionate about your business idea. You'd have to be to be willing to risk your life savings, your health and your relationships. But, sometimes, we're so in love with our own ideas, that we're unwilling to change when it becomes apparent that it's not working. Once you get started, you may well find that your entire business idea is based on an inaccurate assumption. If your customers aren't responding well to what you're selling, you may need to admit defeat and rethink your business plan. Who knows, you may find there's a much better idea waiting around the corner.

3 Entrepreneurial Lessons My Father Taught Me

If you are an entrepreneur maybe they will help you as well.

Devotion - Live What You Love

As long as I can remember my father has lived his passion and his work has been his life.  Amazingly, his faith is part of his work as well - he is the the Director of Stewardship & Development for the Roman Catholic Diocese of Boise, ID.   He lives, breathes and speaks faith.  He does not try to convert one who may not be aligned with his way of seeing the world, but anyone who meets him can sense the calmness his faith brings to his life.  He is the most dedicated and devoted person I have ever met.  His faith is his life and his work is his faith.  You will not meet anyone doubting my father's devotion and commitment to his cause.

Basically my father raises money to support the expansion of the Diocese just as a CEO would raise money to extend the life of his company.  Say what you want about religion, faith or "believers", this post is not a sermon; it is a lesson on how to fully devote yourself to a cause or purpose.  If my father was not fully devoted, it would be unlikely people would feel empowered to give money towards an important cause.  When spotted, an entrepreneur needs to take note of someone who is fully devoted because they are rare in this world but the best of examples.  How are investors supposed to put their faith and money in you when you aren't fully devoted you your cause?  Show me a devoted person and I will show you someone who is making things happen.  Life just does not work any other way.

Appreciation - Life is a Gift

If you have met my father you would know exactly what I am talking about here, his appreciation for life and people is like a potent fragrance that can fill an entire room.  You know it when you shake his hand and look him in the eyes.  It's piercing.  You sense a respect that falls like a warm blanket on the connection between the two of you.  He appreciates you for just being... you.  When you talk with him he looks right at you, transfixed on experiencing all of you and the conversation at the moment.  It is this endearing respect for all people I intuitively picked up on as a young boy watching his father, and I cannot thank him enough for the unspoken lesson which has helped me navigate through life possibly lighter than others.

As an entrepreneur I think the principal of appreciation is often overlooked, which can be a big mistake.  It's easy to get wrapped up in our own situation and look out for number 1 first and foremost.  But here a few thoughts to ponder:  When you meet people, what do you think you look like - from their point of view?  Do you look them straight in the eyes?  Do you give them all your attention?  Do you let them know - without saying anything - they are the most important person in the room at that given moment?  I guarantee you will attract better talent with this approach.  Even if you are talking to your newest hire or old janitor, not understanding this principal will be an Achilles heel in your life as people will come to learn deep down you might not think so highly of them.  Success can only be found in respect and appreciation for others.

Patience - Good Things Come in Time

After my parents were divorced my father remained single for roughly 25 years and we all were wondering if it would ever happen again!  He took his (sweet) time to find the woman he felt he could commit to for the rest of his life.  But I never doubted he would end up happily ever after with another person.  As everyone started asking him what he was thinking, who would he end up with and when it would happen.. he quietly understood the principal of patience.  Patience (knowing the right thing will eventually present itself) is what brought him to today - the right time, the right person and the right perspective.

All too often we rush into something too quickly, forcing our will onto the situation thinking that if we just force the square peg in the round hole, it will fit.  Ironically this is the exact trait for which makes for an entrepreneur - sheer will.  The will of an entrepreneur can at times be a positive force, working to help us overcome challenges and move forward.  Yet many times sheer will clashes horns with a silent, but stronger patience.  Sometimes it just isn't the right time for your vision to come together and you must pull back a bit and take a different route.  Indeed this is tough.  But smart entrepreneurs understand heeding patience and know good things always come with time.

These principals my father taught me have been life changing, I hope they may have the same impact on you.

By Nick Hughes

Read more: http://www.businessinsider.com/3-things-my-father-2011-7#ixzz1STJ7EfYu

Leo Kirch, German Entrepreneur, Dies at 84

Leo Kirch, who turned his one-man film distributor into Germany’s second-biggest media business before losing control of it after a gamble on pay television, has died. He was 84.

No cause of death was given in a statement by his family today. Kirch had suffered from diabetes and near-blindness for several years.

“We are very sad,” Dieter Hahn, who has worked with Kirch for almost 20 years, said in the statement distributed on behalf of Kirch’s family. Kirch died “today peacefully, surrounded by family.”

At its height, his Kirch Holding GmbH was valued at $5 billion. Its 150 units held Germany’s biggest film-licensing library, the nation’s only pay-television channel and rights to two soccer World Cuptournaments. When Kirch resigned, his companies were under court protection from creditors, the biggest bankruptcy filing in Germany since World War II.

In a letter of farewell to his staff on April 8, 2002, Kirch said “people, not numbers make companies.” He ended the letter, mailed the day that the main KirchMedia GmbH unit sought protection from creditors, with “God bless you.”

In the last decade of his life, Kirch filed dozens of lawsuits against Deutsche Bank AG (DBK)and the lender’s former Chief Executive Officer Rolf Breuer. The disputes followed a February 2002 Bloomberg TV interview in which Breuer said “everything that you can read and hear about (Kirch) is that the financial sector isn’t prepared to provide further” financing.

Suits Halted

Kirch claimed Breuer’s comments precipitated his group’s bankruptcy. Deutsche Bank and Breuer have denied wrongdoing.

Under German rules of civil procedure, a suit is halted until the heirs resume the case. Kirch didn’t file all of the suits in his own name and some were filed together with his wife Ruth.

An action seeking about 2 billion euros ($2.84 billion) in damages against Deutsche Bank, currently pending at a Munich appeals court, was filed by a company set up by Kirch for the litigation. That suit can continue unaltered.

As divided Germany began to rebuild after World War II, Wuerzburg, Bavaria-born Kirch was in his twenties and looking to make money by exploiting his business administration education and his interest in movies.

Taking time off from teaching economics at Munich University in 1956, Kirch drove to Italy in his Volkswagen in search of film makers. He found Federico Fellini, who had just directed his first and still one of his best-known films, “La Strada.” Kirch bought the German rights to distribute the movie, borrowing the money from his wife, Ruth.

La Strada

It was a gamble that paid off. “La Strada” was popular with German audiences and ultimately considered a classic, so that royalties rolled in for years. Plowing his gains back into the business, Kirch bought the rights to more movies, became one of Germany’s biggest programming traders and began co-producing films with foreign partners.

Kirch, the son of grape growers, also loved classical music and became a close friend of Herbert von Karajan, long-time director of the Berlin Philharmonic.

As television expanded in Germany in the 1960s, Kirch had the programs it needed. Germany’s public channels ARD and ZDF depended on him almost completely for drama series and shows imported from U.S. networks. By the end of the century, he owned the rights to 63,000 movies and television shows, as well as sports broadcasting rights.

Television Monopoly

When the government gave up its monopoly on television in 1984, Kirch saw another opportunity. He was one of the founders of the first channel to depend on commercials, Sat.1. The channel became part of Germany’s biggest private TV broadcaster after merging with ProSieben Media AG in 2000, now known as ProSiebenSat.1 Media AG. (PSM)

In 1996, Kirch began pouring money into a new venture: pay TV. In four years he spent more than $3 billion building Premiere World, his flagship pay-TV channel.

The endeavor didn’t pay off. German viewers who already had a wide choice of channels, many free, didn’t feel the need to pay for what Premiere World had to offer. Attempts to restrict some sports competitions to pay TV, including parts of the soccer World Cup, failed to attract enough viewers.

“As an outstanding media entrepreneur and visionary, Leo Kirch shaped the German film and television landscape deeply,” Bernd Neumann, German cultural minister, said in an e-mailed statement. “His business actions, which weren’t without risks, have always been characterized by a huge passion for film.”

Throughout his career, Kirch borrowed from banks to fund investments. The banks that helped him grow finally turned against him and forced him to abandon the business he built.

By: Bloomberg

5 Surprising Traits Of Successful Entrepreneurs

There is no such thing as a "typical" entrepreneur. We come in all shapes, sizes and flavors. Still, myths abound, and most of us walk around with a specific caricature of what an entrepreneur is like in our minds. Most often that image includes someone who is bold, daring, comfortable with risks and a consummate schmoozer. There's no problem with this constellation of traits, except that it can hold a lot of other people back. I have met countless aspiring entrepreneurs who fear they aren't cut out for the job because they keep comparing themselves against this common stereotype. The truth is that the average entrepreneur is actually quite different from that brazen 'let's make a deal' kind of guy or gal.

Contrary to the popular stereotype, here are 5 surprising traits that many successful entrepreneurs share.

1. Ability to admit (comfortably and openly) what they don't know.

Far from the know-it-all, most successful entrepreneurs spend a lot of time identifying what they don't know and, more importantly, how they can find out. Openly admitting knowledge gaps is as important as comfortably asking for help. Most people are hesitant about displaying this much vulnerability, but entrepreneurs know that their survival depends on it.

2. Willingness to be cautious and mindful.

The common entrepreneurial stereotype tends to favor a take charge, let's get it done yesterday kind of attitude. While almost all entrepreneurs have a keen sense of urgency, they are also responsible for making a small pool of resources stretch a long way. This necessitates a spendthrift-ness that extends beyond money. Successful entrepreneurs must also learn to strategically marshal other important resources such as time, energy and favors, making the phrase "let me think about it" an important tool.

3. A focus on relationships instead of sales.

Great entrepreneurs realize that, second to their own time, their network is their greatest asset. These relationships can provide not only information, support and introductions, but also, of course, sales -- but only if they are navigated properly. People tire quickly of a salesman whose only focus is pushing their new, latest, greatest gadget. Instead, successful entrepreneurs focus on building long-term relationships and concern themselves more with how they can help rather than how they can gain. They know that authentic and generous relationships are essential in creating abundance.

4. A knack for saying No.

Opportunity is the bright shiny beacon that drives most entrepreneurs forward, convincing them to work hours that are often obscene and take significant risks. Savvy entrepreneurs recognize that that not all opportunities are created equal, though. Many are merely distractions that drain the company of important resources, such as focus, energy and time. Others may even imperil the whole venture. Successful entrepreneurs cultivate their own restraint, saying no quickly and frequently in order to stay on track.

5. Desire for alone time.

Many entrepreneurs are self-described extroverts, but far from all. No matter your individual preferences, building a business undoubtedly takes a great amount of interpersonal interaction. Most entrepreneurs quickly realize, however, that time spent pounding the pavement and exchanging cards needs to be well balanced with independent thinking time. And it's astounding what lengths entrepreneurs will go to protect it. An over-packed and over-peopled schedule can kill momentum and cloud your vision. Alone time is important in giving entrepreneurs the space they need to process, create, and move things forward.

Entrepreneur hopes to make money purifying wastewater from gas drilling

Marcellus Shale gas wells have proven to be prodigious producers not just of natural gas, but of toxic wastewater, too.

Ted Leisenring thinks he can make money off both.

Leisenring, 57, a Berwyn businessman, is cooking up a project to build a power plant to generate electricity by burning Marcellus gas, and then use the plant's heat to purify wastewater from the hydraulic fracturing process.

"This is a no-discharge solution for frack water," said Leisenring, whose venture is called Marcellus Power Solutions L.L.C.

Leisenring joins a crowd of entrepreneurs with schemes to treat or dispose of the shale-drilling wastewater, which is laden with salty compounds, toxic metals, and some radioactive particles disgorged from the earth during fracking. Wastewater disposal has become a critical environmental challenge of shale-drilling, which has unlocked vast new reserves of fossil fuels across the nation.

By : Andrew Maykuth, Inquirer Staff Writer

The Law of Sale of Goods

Hi folks,

To be an entrepreneur we should know little bit about law. This time I would like to share about the law of sale of goods in Malaysia..

Sales of Goods Act 1957 (SOGA)

s4 SOGA- A contract of SOG is a contract

There may be a contract of sale between one part-owner and another. contract.

A contract of sale is first and foremost a

ie: a consensual transaction based on an

s.4(1) states that the transfer of property in

s.2 defines price as ‘the money

The consideration for the transfer of

As such, the contract will not be a contract

e.g: The exchange of goods for goods is

s12(1) SOGA – a stipulation in a contract of

s12(2) – a condition is a stipulation

A condition is a term which is vital

s12(3)- a warranty is a stipulation collateral

s12(4)- whether a stipulation is a condition or

As a general rule, a breach of condition

 

In the following circumstances (s13(1)(2)), the

innocent party cannot repudiate the contract but can merely claim damages.

i)

Where a contract of sale is subject to any condition to be fulfilled by the seller and the buyer waives the condition;

ii)Where the buyer elects to treat the breach of

iii) Where the contract of sale is not severable (separable) and the buyer has accepted the goods or part thereof, the breach of any condition must be accepted as a breach of warranty unless otherwise provided in the contract.

Note: severable contract means an agreement which is made up of several separate contracts between the same parties, such as series of sales, shipments, or different pieces of equipment.

iv) Where the contract is for specific goods the property (ownership) in which has passed to the buyer, the breach of any condition must be accepted as a breach of warranty unless otherwise provided in the contract.

condition as a breach of warranty and claims damages only;

entitles the innocent party to repudiate the contract.(additional) to the main purpose of the contract, the breach of which gives rise to a claim for damages but not to a right to reject the goods and treat the contract as repudiated.warranty depends in each case on the construction of the contract. essential to the main purpose of the contract, the breach of which gives rise to a right to treat the contract as repudiated.goods must be for a price. consideration for a SOG.’property in goods must be monetary.of sale of goods if the consideration is in some other form.

What’s an ‘Adult Financial Decision’?

Adult financial decisions are logical decisions—ones we intuitively know are good decisions even though every other part of our being disagrees. When we make adult financial decisions, our inner child screams,

 

“But I wanted that!” or our lips pout or our hearts feel heavy. Last month I made the adult financial decision that my team was not going to the conference this year. As a result, I’ve been walking around pouting and having a heavy heart. And then I heard a voice shout: “Stacey, how many hundreds of times have you advised people who were conflicted about when and how much to spend on professional development??? Stop being a weenie and write a blog.”

Entrepreneurs make the assumption that they are the only ones making emotional spending decisions. “If I just ran my business more like a business owner, I don’t think I’d have these cash flow issues.” The truth is that entrepreneurs are human beings, and most of us humans make emotionally-based financial decisions.

That’s not a bad thing. It’s when we don’t balance emotionally-based decisions with logical ones that imbalance can capsize our ship. Over the past year, my business has made a number of bold spending decisions, some logical, some emotionally-based. We’ve also pruned our client tree (let a few clients go who were no longer a good fit). The end result is that our reserves are at low tide.

Could we go to the conference? Yes. Do we have the cash? Yes. Would there be consequences? Yes. Is it worth the consequences? Logically, no.

Five mistakes that Entrepreneurs make while pitching

1. Ignoring the competition: Entrepreneurs become so confident about their idea and business that they do not find any competition standing near to them. When they say that they don't have any competition then VCs think they have come with a completely revolutionary solution to change the world or they have not performed enough research on the market. And most of the time the second explanation stands true.

2. Eager to talk about their idea and not themselves: It is good to talk about your business, but VCs also like to know about the person and his background to well understand where and in whom is he going to invest money. They want to know how he become an entrepreneur, who inspired him, where he is from, what his family is like, what he personally enjoy doing, and many more such things. Try not to produce a wage idea but present a clear picture of yours for the VC to easily decide on you and your idea/business.

3. If I build my idea, buyers will come: Every entrepreneur is in the perception that whatever he builds, he will get buyers to purchase it. Getting a customer part with his money is always hard. Try to understand the market and sales challenges better by actually trying to sell something. This will help him to stand in a much powerful position during pitching, by being able to present a clear picture about the sales of the product in the market.

4. Over Valuation: Everybody thinks that their idea and business worth millions. But it's not that way always. A sophisticated investor will ask, "What sort of valuation are you looking for?" They want you to answer the question as soon as possible. Do not push the investor with a ridiculous valuation nor set low ceiling too early which means selling your company for peanuts. Try to build a relationship with the investor and get a second meeting. Make them believe in you and your business and then talk specifics about valuation.

5. Do not pile information: Do not make the mistake of making all the talks in the first meeting. The best pitches are discussions and debates. Know your market intimately, know your competition, the problem that you are trying to solve with your product or service and make sure to be able to explain why this is a big market opportunity. Do a proper research on the investor you are going to pitch.

Formula for raising cash

Visiting angel investor Rob Adams says the money start-up companies want and need is there for the taking, entrepreneurs just need to know how to get it.

At the launch of the 2011 University of Auckland Business School Entrepreneurs' Challenge, Adams said start-ups could work towards success with a simple formula.

"Find the market problem, make sure that problem is urgent, pervasive, and that people are willing to pay," he said.

However, Adams, who has founded or financed more than 40 companies and raised more than a billion dollars of capital, warned any success would still be based on hard work.

"The next thing is to understand it's a lot of hard work. If entrepreneurship was easy everyone would do it, everyone would be successful and there wouldn't be that wealth potential and economy building potential that people in New Zealand see," he said.

Now in its third year, the Entrepreneurs' Challenge aims to help small-to-medium businesses expand overseas by investing up to $1 million in their operations in the form of a low-interest, three-year loan.

The winnings can be scooped up by one business or shared between up to five.
The Dragon's Den-style challenge was founded with a $3 million endowment from New Zealand expatriate and former member of the Business Roundtable Charles Bidwell.

Winners are selected by a committee that includes Kim Crawford Wines co-founder Erica Crawford and science and technology investor Neville Jordan.
Business School dean Greg Whittred said, three years in, the contest was beginning to make a name for itself.

"Pretty much everyone I speak to from whatever business walk of life seems to know of its existence," Whittred said.

Whittred said there are plans to expand the contest's winnings, but could not reveal who was lined up to foot the new investment.

"We are conscious that there is room to expand the initiative but it does require additional benefactors, like Charles, to come on board. We have had preliminary discussions with some people, but at this stage it's nothing we can announce publicly," he said.

Piako Gourmet Yoghurt, a previous winner, is now stocked at luxury British department store Harrods and has also signed a deal with Fonterra that will put its yoghurt in supermarkets around New Zealand.

Allpress Espresso, which won in 2009, used the money to build a cafe and coffee roastery in East London.
Entries for this year's challenge must be in by July 25.

By Hamish Fletcher | Email Hamish

More Tips For The Online Entrepreneur

Working online allows small businesses access to new global markets, opportunities for new low cost marketing options and an incredible new array of networking and other tools. Here’s our roundup of tips for the online entrepreneur. Have something you think we’ve missed? Share it in the comment section below:

Blogging

Does your business have a blog? Lots of businesses do and are finding the benefits offered by business blogging. Giving your small business an enhanced online presence could include experimenting with the many advanced features a blog offers. A simple Website may not cut it these days. What do you want to achieve with your business communications? A blog may help. Small Business Shift
Monetization basics. Yes, businesses can make money online and, yes, your blog could become more than simply a Website marketing another business. It could be your business. But before you get too excited or listen to a lot of get rich quick gurus, please understand. This is a lot of hard work. The Work At Home Woman

Social Media

Facebook, LinkedIn or Twitter for traffic? Using social media sites like Facebook, Linkedin and Twitter to refer traffic to your Website is one tactic often used by online entrepreneurs these days. But time is limited for anyone in small business, so, given the choice, which sites are the best for referring traffic? Facebook, of course, is number one, but you may be surprised at the second place contender. Seeking Alpha
Rules for the new social media world. In a world where competition is tight and bad word of mouth can spread as quickly as a positive brand message, every disgruntled customer counts. Here is a map for the new world of marketing and PR. Ignore it at you peril. Bloggertone

Search Marketing

Creating local SEO. You want your Website to have a global presence, but if you’ve also got a brick and mortar home that you would like customers to know about, you need local Search Engine Optimization as well. This means that customers in your area interested in your services will be able to find you. Andy Williams SEO

Affiliate Marketing

The painful facts about affiliate marketing. No business model is perfect and recently affiliate marketers participating with the Amazon program got a very harsh lesson in how imperfect some business models really can be. Whether you’re involved in the affiliate marketing issue now brewing in California or not, you’ll want to read this post. Riches Corner

Success Stories

How Twitter makes small business big. Dun & Bradstreet recently compiled a list of the 68 most influential small business voices on Twitter. Not surprisingly, the list included names like Chris Brogan, Gary Vaynerchuk and our own Anita Campbell (Congrats, Anita! ). But more importantly, perhaps, is that the compilation sheds light on how you can best make social media work for your brand too. WSJ
Most influential small business people on Twitter. The full list of Dunn & Bradstreet’s 68 most infuential small business people on Twitter may give you insight into your own use of social media for your small business. No two of these folks are really the same. Follow them. Learn from them. You may be surprised what you will gain in the process. D&B Credibility Insights

Startup

Small biz tool offers tip on getting customers. More than just a nifty tool that small business, particularly those working in the online world, might consider using, Dropbox is also a template for getting lots of users on a Website fast. Beyond a great product or service, of course, consider rewarding referrals and explore viral marketing options. Inc.com

Video

Don’t forget video in your online marketing tool box. Video can be an important component for any online entrepreneur and does not need to be expensive or complicated to create. In fact, great online video that will capture and hold your audience’s attention needs just one thing: great content. Above are some ideas to help you get started creating it. Search Engine Optimization Journal

Other ideas to help entrepreneurs get started...

Hello folks,

This some ideas that might help you as an entrepreneur to get started....

Invest in entrepreneur education. To create an innovative culture, the state must start early, said Tim Putnam of the John Pappajohn Entrepreneurial Center at North Iowa Area Community College. That includes "entrepreneur for the day" events for fifth-graders, "when creativity is sky-high," and high school academies.

Move at startup speed. "Be quick and be mindful that startups have to move at their own pace. They can't afford to slow down," said Mike Colwell, executive director of the Business Innovation Zone. Securing a state grant is often a three- to six-month process, and although the wait has shortened, that's a long time for a startup, he said.

Invest in quality of life. Efforts to cultivate the arts, music and other amenities in Des Moines have paid off in recruiting skilled workers, said Leann Jacobson, president of the Technology Association of Iowa. "It's helped create an innovative, creative community that kids want to come back to."

Give entrepreneurs feedback. "Part of innovation is, I want the no as quick as I get the yes," Canvis President David Gion said. "That's missing as well."

Shelter startups. Christian Renaud and Tej Dhawan are launching Startup City Des Moines, which would house and provide mentoring for 10 to 15 tech firms downtown. Startup City is asking the state, city of Des Moines, the Corporation for Economic Development in Des Moines, Polk County and the Greater Des Moines Partnership to pitch in $750,000 total over three years. More than 60 companies have expressed interest in moving into the incubator. "We want to water a bunch of these sprouts popping up," Renaud said.