Welcome to nigelalbrooks.wordpress.com November 10, 2008
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I have three blogs:
nigelalbrooks.wordpress.com – used for commentary on current business topics
nigelbrooks.blogspot.com – used for reporting business activities related to The Business Leadership Development Corporation and Nigel Brooks, LLC
enterpriship.com/blog – used for referencing materials related to the disciplines of enterpriship (entrepreneurship, leadership, and management)
Association, Opportunity, Incentives, and Fear – How Leadership and Sales Disciplines are Related January 25, 2012
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Both the leadership and sales disciplines are about persuading people through influence. Leaders establish direction for others to follow; salespeople persuade prospects to buy. Leaders promote their aspirations to followers; salespeople set directions for prospects to follow. Leaders and salespeople use both imagery and language that convey association, opportunity, incentives, and fear to drive momentum and urgency.
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Unless forced, a person will only do something well if they are self-motivated; the word “motivation” means “motion for action.” The word “emotion” is derived from Latin roots meaning “to move.” People are “self-motivated” when they find a reason to do something – the decision is often made emotionally, and then justified rationally.
Leaders have to motivate themselves first, relying on their own instincts, sometimes in uncertain conditions, whereas followers have leaders to inspire them. Using their best influence, leaders establish an environment that enables followers to motivate themselves. However, followers can be leaders too if they can inspire others to achieve results.
When tasks are assigned, leaders have to assess both the competencies and commitment of followers, and qualify them accordingly. If a follower is competent, but not committed, the quality of their work may be substandard. So a leader has to influence the follower to commit to the task so as to achieve quality results.
For all the effort that enterprises expend in research and development, operations, and business development, the costs and expenses are only recovered and profits earned if salespeople close sales to move products and/or services to customers.
Salespeople have to motivate themselves first in order to create an environment that influences others to buy. It can be an uncomfortable feeling to make a cold call, or to promote a new product for which there is no track record. However, salespeople have to meet new prospects and promote new products and/or services on an ongoing basis to keep their pipelines flowing.
Salespeople have to qualify their prospects in terms of authority, desire, and resources to buy – if a prospect is not qualified, the only answer is “no.”
An individual is “casually motivated” when they act regardless of the efforts of others.
To establish an environment that motivates others towards the desired result, leaders and salespeople have to understand the difference between what people need and what they want.
Whereas the needs of individuals tend to be rational, the wants tend to be emotional. For example, a person may need food, but wants a banquet; may need shelter, but wants a mansion; and may need a job, but wants to be boss.
When needs and wants don’t align, influencing people to act through their emotions helps as savvy advertisers know. Using images and words to raise the emotions of followers and prospects can turn a boring task or product into something exciting and compelling. Even the packaging of everyday products can create an emotional spark through the use of images and words that create momentum and urgency.
However, if a person isn’t in the mood or is in a state of denial, then they may not want to act, even though they need to.
A mood is less intense than an emotional state, and is less likely to be influenced by an event or situation.
Denial means that an individual believes a certain condition to be true or false when facts and other information suggest otherwise. Believing that there is a market for their products and/or services, entrepreneurs, executives, and lifestyle business enterprise owners can be in a state of denial when the behavior of prospects suggests otherwise – it’s a function of how long they can withstand the pain. However leading salespeople make markets for products and/or services even when they are playing against the odds. If a person is really self-motivated to make a difference, they will keep trying, even in the face of failure.
Leaders and salespeople use four drivers based upon wants to influence others to achieve results or buy: association, opportunity to gain, incentive, and fear of loss.
Association:
Followers or prospects want to associate with a respected or well sought team or buyer group because they share the same values, attitudes, behaviors, and beliefs:
• Becoming a member of a highly visible team, appointed by top management, and consisting of the perceived “up-and-comers” of the enterprise
• Becoming a member of an elite country club or similar group
• Acquiring products and/or services used by celebrities, such as cars, clothes, electronic gadgets, and gourmet food and beverages
• Acquiring “designer label” products and/or services because they are perceived as stylish and in-vogue
Opportunity to gain:
Followers or prospects want to take advantage of an opportunity for either tangible or intangible benefits:
• Obtaining a job position through which higher compensation can be earned
• Obtaining a job position through which new knowledge, skills, and experiences can be gained
• Acquiring a product and/or service through which new knowledge and skills can be learned
• Acquiring real estate in a neighborhood where property values are appreciating quickly
Incentives:
Followers or prospects want to receive rewards and recognition:
• Receiving additional compensation such as higher salary, bonuses, and commissions
• Receiving awards and citations at “town hall” meetings or in the media
• Receiving discounts or bonus points, such as frequent flyer miles
• Receiving invitations to special events not open to all employees or the general public
Fear of loss:
Followers or prospects fear losing their “want” – the ability to associate, take advantage of an opportunity, or receive an incentive:
• Perceiving that time, space, or inventory are running out, such as for events, trips or products and/or services
• Perceiving that someone less qualified will get the offer or incentive
• Knowing that they are not qualified for the offer, but the leader or salesperson is ignoring that fact, enabling them to have something that they otherwise would not be entitled to
• Knowing that they are not qualified for the “advertised” offer, but the leader or salesperson is offering something which is more achievable or affordable, such as a less demanding position or a less sophisticated product and/or service, without creating an embarrassing situation
Successful leaders and salespeople know how to use imagery and language to influence others through momentum and urgency; the alternative is force.
Using the four drivers of influence to lead and sell are enterpriship (entrepreneurship, leadership, and management) competencies.
…and to assess your enterpriship competencies in thirty minutes or less, claim your opportunity for instant access when you go to http://www.fromvisiontovalue.com
From Nigel A.L. Brooks
http://www.nigelalbrooks.com
Article Source: http://EzineArticles.com/?expert=Nigel_Brooks
http://www.scribd.com/doc/31728136/Association-Opportunity-Incentives-and-Fear-How-Leadership-and-Sales-Disciplines-are-Related
Exploring the Entrepreneurial Role – Transforming Innovative Ideas Into Value December 16, 2011
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Exploring the Entrepreneurial Role – Transforming Innovative Ideas Into Value.
Balancing Inter-Personal Skills With Professional Skills November 19, 2011
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Why Individualpreneurship and The Notion Of An Individual As An Enterprise? November 17, 2011
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Why Individualpreneurship and The Notion Of An Individual As An Enterprise?.
Serial Entrepreneurship, Multipreneurship, Individualpreneurship, and The Self-Reliant Career November 1, 2011
Posted by Nigel A.L. Brooks in Articles.Tags: individualpreneurship, multipreneurship, Serial entrepreneurship
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Serial entrepreneurship, multipreneurship, and individualpreneurship are related concepts. Serial entrepreneurship is a practice whereby individuals start mainly upwardly mobile enterprises, and eventually move on to other new ventures when a change occurs. Multipreneurship is a general term used to describe individuals who pursue multiple upwardly entrepreneurial and/or lifestyle business ownership initiatives. The individualpreneurship discipline includes activities for developing and managing multiple sources of income, including employment, entrepreneurship/business ownership, and investing, without losing focus on any. An individualpreneur builds a sustainable self-reliant career by establishing the mindset of behaving as an enterprise.
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A serial entrepreneur is an individual who starts mainly multiple upwardly mobile enterprises and moves on to the next, either when a new management team takes control, or if the enterprise becomes lifestyle in nature. Because serial entrepreneurs have experience with multiple enterprises, they tend to be bigger risk takers than those that have started only one enterprise. As a consequence, their experience better positions them to respond to problems and to avoid failure over time. Many have learned from past mistakes. A serial entrepreneur will typically always work for themselves, and employ others.
A multipreneur is an individual who pursues multiple upwardly mobile and/or lifestyle business activities as a portfolio, either serially or in parallel. These activities can be within one business, such as new product and/or service line extensions, new product and/or service lines, new markets, or new business units; as new related or unrelated businesses; or as varied careers. A multipreneur may move from being self-employed to being employed by others to being self-employed again.
An individualpreneur is a focused multipreneur. The term “individualpreneur” is derived from the term “individualprise,” which in turn is derived from the term “individual enterprise.” The notion of an individual as an enterprise is based upon the practice of all income sources on an individual’s tax return being actively managed as a portfolio. Thus, individualpreneurship is a “top-down” mindset starting with the summarization of employment, entrepreneurship/business ownership, and investing activities as driven by multipreneurial initiatives. Each multipreneurial activity may be event or opportunity driven.
Multipreneurs (and hence individualpreneurs) include solopreneurs (individuals who work alone), webpreneurs (those doing business primarily on the internet), and can be employed working for others in parallel or between their entrepreneurial endeavors.
Because a married couple can file a joint individual tax return, the notion of individualpreneurship extends to both husband and wife (and their dependents as appropriate). This is notion is consistent with the concept of families pursuing many income generating activities during the agricultural age, such as farming, glassmaking, metalwork (smithy), needlework (weaving), stonework (masonry), and woodwork (carpentry).
Thinking and behaving as an “individualprise” helps an individual perform better, not only as an entrepreneur/business owner, but also for an employer, especially in an executive capacity. This is because they understand the concepts of income generation and expense, asset, liability, and capital management. They should also have a broader understanding of legal, finance, human resources, information technology, business development, and operations activities. For visionaries in the corporate world, intrapreneurial capabilities are also important for enacting and responding to change.
For many jobs, there is a lifecycle from value-added to commodity work over time. As jobs become commoditized, they are often outsourced to scale providers who perform the tasks at lower cost. Thus, to keep the economy healthy, it is necessary to provide for capital formation in new innovative enterprises that generate new job opportunities as the old jobs erode. Both serial entrepreneurs and multipreneurs who see and pursue multiple opportunities for innovation help keep the economy healthy. Typically for every one innovative job generated by an entrepreneur, there are many infrastructure and support jobs generated, either in the same enterprise, or in related.
Those seeking employment positions where such a lifecycle exists must recognize that a job search is a marketing campaign just as a business would adopt. Therefore, it must be treated as such by the job hunter if a satisfactory result is to occur. Thinking as an enterprise, the individualpreneur is more likely to achieve a satisfactory result in a job search because they are aware of the need to add value and promote it as such in the marketplace. Individualpreneurs appreciate the benefit of business relationships and networking, and the value of referrals.
Individualpreneurship is a discipline for building an individualprise for a sustainable self-reliant career. Sustainable means being able to continue over time, either by developing, enhancing, or maintaining the current state, or by changing it. Self-reliant means having the confidence to exercise one’s own judgment so as to be able to continue over time in a career – endeavors of achievement in both personal and professional lives.
As a multipreneur, an individual is willing and able to consider new and emerging opportunities as existing ones mature and decline. As an individualpreneur, they focus on those opportunities that offer the best likelihood of sustaining a livelihood over time.
Individualpreneurship embraces the enterpriship disciplines of entrepreneurship, leadership, and management, which apply to every individual in business, whether as an employee, as an entrepreneur/business owner, or as an investor. In the corporate world, leadership and managerial capabilities, and especially the ability to communicate effectively, are essential for advancement through the ranks.
…and to assess your individual competencies in thirty minutes or less, claim your opportunity for instant access when you go to http://www.fromvisiontovalue.com
BLD Announces New Ebook: An Introduction To Individualpreneurship – The Individual As An Enterprise October 11, 2011
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Phoenix, Arizona October 11, 2011 –
The Business Leadership Development Corporation (BLD) announces the publication of its ebook “An Introduction To Individualpreneurship – The Individual As An Enterprise.”
The individualpreneurship discipline and the notion of an individual as an enterprise (individualprise) must be of interest to anybody who wants to advance as an employee into a leadership and/or managerial capacity, be self-employed as an independent contractor or freelancer, be an entrepreneur/business owner by transforming innovative ideas into value by starting and operating an upwardly mobile enterprise that is focused on capturing large markets, or a lifestyle enterprise in local communities, such as a restaurant or a retail business, manage their own investments.
Individualpreneurship is a mindset for income generation for the fully-employed, self-employed, under-employed, and unemployed, whether working for somebody else, for themselves as sole-practitioners, while planning the next ventures, or just in-between opportunities. Opportunity is just beyond an individual’s comfort zone, and the individualpreneurship discipline provides the framework for capturing it.
“The book is quick and handy reference guide,” said Nigel A.L. Brooks, President of The Business Leadership Development Corporation and managing member, Nigel Brooks, LLC. Brooks is an individualpreneur, entrepreneur, business owner, management and marketing consultant, motivational speaker, and expert author.
“Establishing the individualpreneurship mindset enables an individual to exert more control over all of their income generating activities, whether fully-employed, self-employed, under-employed, or unemployed,” Brooks added.
The ebook is augmented by the Understanding Personal Styles webinar and the Individual Competencies Assessment:
www.understandingpersonalstyles.com/webinar
www.individualcompetencies.com
The individualpreneurship discipline embraces the enterpriship disciplines of entrepreneurship, leadership, and management, which apply to every individual in business, whether fully-employed or not. Understanding enterpriship disciplines is extremely important for success as both an employee and as an entrepreneur/business owner. In the corporate world, leadership and managerial capabilities are essential for advancement through the ranks. Thinking and behaving as an “individualprise” helps an individual perform better for their employer, especially in an executive capacity, because they understand the concepts of income generation and expense, asset, liability, and capital management. For visionaries in the corporate world, intrapreneurial capabilities are also important for enacting change.
“For those seeking employment positions, recognizing that a job search is a marketing campaign, just as for a business, improves the likelihood of a satisfactory result,” emphasized Brooks.
Simultaneously, with the launch of the ebook, Brooks is announcing “Individualpreneurship” as a new area of practice that is aimed at helping individuals develop multiple sources of income in uncertain times.
“This area of practice is aimed at people who have previously been employed, but are now interested in entrepreneurship, business ownership, and/or contracting, who have little to no prior experience in self-employment,” Brooks explained.
The economy is restructuring, and trends in globalization and information, process, telecommunications, and transportation technologies are causing a complete change in the way that individuals will earn income in the future,” he said. “In the future, there will be a small number of very large global companies and a larger number of specialized boutiques that both offer employment to qualified individuals. Beyond that, there will be a very large number of individualprises, consisting of individualpreneurs who provide services as independent contractors to other enterprises, market products and/or services for others, and deliver products and/services directly. Many of these activities will be performed over the internet by webpreneurs.
The Individualpreneurship practice also includes the “Achieve Plan B” program that is aimed at helping individualpreneurs develop multiple streams of income for uncertain times, and for paying off debt.
Nigel Brooks, LLC will be offering mentoring and coaching programs to individuals, primarily over the internet; BLD will be offering publications and seminars as part of the Nigel Brooks Seminar series.
Brooks has substantive experience in business and technology strategy formulation and planning, organizational reviews, and performance assessments in both North and Latin America, Europe, and Asia-Pacific through prior roles at E2020, American Express, Booz Allen Hamilton (now Booz & Co.) and Andersen Consulting (now Accenture). He was also president of Javazona Cafes, Inc. – an award winning European-style gourmet coffee and catering business concept. He was a pioneer in the field of ecatering.
The mission of both enterprises is to “enhance the livelihood of enterprises, and both the personal and professional lives of individuals by helping people reach their goals from vision to value.”
Nigel Brooks, LLC was founded in 2008 and provides strategic management consulting, executive coaching and mentoring, professional training, and motivational speaking. It develops entrepreneurial, leadership, and managerial competencies to achieve performance excellence by building sustainable advantage from vision to value. It focuses on the construction, distribution, education, financial services, information technology, manufacturing, nutraceutical, retail, and transportation industries. Functional areas include marketing, operations, and finance. The individualpreneurship offering is a separate practice area.
BLD was founded in 1994 and established its management consulting practice in 2000. Brooks is directing BLD’s business in publishing leadership development articles, books, and seminars, leading with the very successful Understanding Personal Styles Seminar, the Individual Competencies Assessment, and the Enterpriship Digest. Enterpriship is the process of building enterprises with sustainable advantage, and employs a framework of three related disciplines: entrepreneurship, leadership, and management. “Enterpriship” is derived from four words: management, leadership, enterprise, and entrepreneurship.
#END
The Individual Or The Enterprise – Seven Key Factors For Building Relationships September 13, 2011
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Enterprises are made up of the individual people who represent them, such as sales, service, and support personnel. Service-oriented enterprises are especially dependent up their employees to build relationships when there is no tangible product offering. It is important for salespeople to develop an ability to cause prospects to purchase products and/or services from them, and for service and support people to preserve the relationship. The relationship is almost always about the individual, regardless of the reputation of the enterprise.
***
Whereas some customers will purchase products and/or services from an enterprise regardless of specific sales, service, and support people, it is often the relationships between individuals that make the difference in perception of quality and comfort of doing business. Therefore, it is essential for all individuals that have contact with prospects and customers to be able to develop, enhance, and maintain business activity through strong relationships. After all, nothing happens until a sale is made, but delivering the product and/or service in a memorable quality manner is extremely important to enhancing and maintaining the relationship for future opportunities.
For anybody that has prospect or customer contact, regardless of whether in sales, service, or support, it is important to know the factors that help cement relationships between individuals. Seven factors for building relationships between individuals that are doing business with each other are to be:
• A listener and able to share common interests
• An expert and a problem solver – being able to engage others as necessary to achieve results
• Busy, sought after, and enjoying success
• Genuine and approachable
• Likable, humble, practical, and down-to-earth
• Professional in appearance and related behaviors
• Trustworthy and honest
Part of the success in building relationships is the ability of sales, service, and support personnel to be able to identify the personal styles of prospects and customers, and adapting theirs accordingly as they apply the seven factors.
Two easy ways to identify the personal styles of prospects and customers is by their appearance and the words they use:
• Challengers – tend to dress casually and use words that stress energy, excitement, competition, risk, impulsiveness, and immediacy
• Causals – tend to dress fashionably and use words that stress peace, harmony, family, friendship, causes, arts, and avoidance of conflict
• Stabilizers – tend to dress conservatively and use words that stress safety, security, rules, regulations, service, duty, order, and heritage
• Visionaries – tend to dress practically and use words that stress analysis, logic, competence, science, vision, and the future
Once the personal style has been identified, it is essential to use the appropriate language. For example, when selling a house to a:
• Challenger – the rooms are large enough for fun parties, the garden and pool are great for outdoor games and activities, but there are competing offers so it’s important to move right now
• Causal – the rooms are large enough for gatherings with family and friends, the walls are large enough to hang lots of pictures, the views are enjoyable from the windows, the pets have a large garden to play in, and there have been no problems with the developer
• Stabilizer – the house is well-built by a reputable developer in an established neighborhood, with a reliable alarm system, and has withstood the test of time
• Visionary – the house is in a neighborhood that will develop in the future, has a spare room for computers and other equipment, and is made from materials that meet or exceed all professional and regulatory standards
To turn prospects into new customers, and enhance and maintain the relationships with existing customers through additional products and/or services, it is essential to apply the seven factors with the posture and language that fits their personal styles.
…and to understand personal styles in thirty minutes or less, claim your opportunity for instant access when you go to http://www.understandingpersonalstyles.org
Narrowing The Gap – Formulating Constituency-Based Strategy September 1, 2011
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Constituency-based strategy is about narrowing the gap between where an enterprise is and where it wants to be with respect to its employees, customers, suppliers, investors, regulators, and competitors. The same concept applies to its processes and products and/or services.
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The constituencies of an enterprise are:
- Employees
- Customers
- Suppliers
- Investors
- Regulators
- Competitors
Constituencies represent the people-oriented capabilities of an enterprise and its related-parties. The other capabilities are processes and products and/or services.
A process is a group of activities that:
- Takes in one or more kinds of input
- Creates output that is value to both external and internal consistencies
A product is a tangible output from a process that represents something of value – an item that meets a customer’s want or need. Products are component parts as single items or sub-assemblies, or end-products. Products are either commodities, such as oil or coffee, or value-added, such as manufactured items. Hard products are tangible; soft products are service-related. However, services are usually delivered with a product, regardless or whether it is hard or soft.
Constituency-based strategy narrows the gap between the enterprise and its related-parties. Narrowing the gap between where the enterprise is and where it wants to be with respect to its processes and products and/or services is usually a related set of activities to those for its constituencies. This is because everything ultimately relates to the primary constituencies of employees, customers, suppliers, and investors, in the context of the secondary constituencies of regulators and competitors, and the community-at-large. Constituency-based strategy can be expressed in terms of a “from to” relationship.
Constituency-based strategy is set in terms of related-party, processes, and products and/or services within a framework of objectives, targets, goals, strategic initiatives, and priorities.
Objectives are specific statements of direction and intended results for narrowing the gap between where an enterprise is and where it wants to be – from the current to the future state.
Targets are measurable criteria for achievement over time, and are expressed in terms of intermediate and final goals. Targets represent the points of arrival from a point of departure over time in a “from to” relationship.
Goals are specific statements of achievement for each objective in time, such as for one, three, or five-year targets. Goals should always be specified according SMART criteria:
- Specific in terms of why, what, who, when, where, which, and how?
- Measurable
- Actionable, attainable, and agreed to
- Realistic
- Tangible and time-specific
Stretch goals are set at one hundred and fifteen percent of the base, and may deserve reward for extra achievement.
Strategic initiatives are the specific action items to achieve the targets. High priority action items are called strategic imperatives. The action items should always be expressed in terms of specific tasks and steps.
Priorities can be classified as high, medium, or low using value-based criteria, such as return on investment, time-to-market, or improvement in efficiency, productivity, or utilization. Priorities are set by executives and/or the board of directors (or equivalent) of an enterprise by objectives and strategic initiatives. No more than twenty percent of the priorities should be classified as high, and no less than ten percent should be classified as low.
Constituency-based strategy sets the framework for “management by objectives” programs.
Formulating constituency-based strategy is an enterpriship (entrepreneurship, leadership, and managerial) competency.
…and to assess your enterpriship competencies in thirty minutes or less, claim your opportunity for instant access when you go to http://www.fromvisiontovalue.com
Achieving “Plan B” Through Individualpreneurship – The Notion Of An Individual As An Enterprise July 19, 2011
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Individualpreneurship is an activity whereby an individual (the individualpreneur) behaves as an enterprise in their own right, and as such builds the individualprise. The individualpreneur develops multiple income streams from many sources. Thus the individualpreneur is better hedged against uncertain economic, regulatory, and social conditions than those individuals who rely primarily on one source of income.
What is entrepreneurship?
Entrepreneurship is a competency (set of knowledge, skills, and activities) required to start, develop, and assume risk for an enterprise. An entrepreneur is an individual who organizes, operates, and assumes risk for an enterprise with the intention of transforming innovative ideas in products and/or services for a profit.
An enterprise is an undertaking for a prize or cause. It is a group of activities intended to produce income organized for:
- Profit as a business of any size and type: unincorporated or incorporated; one or many entities, of which one is designated as the “holding entity” in a multi-entity structure; and such that one enterprise can incubate another
- A not-for-profit association, such as a public charity or a private foundation
- A government agency
When an enterprise is referred to as an entity, the reference is specifically to the holding entity, unless otherwise specified. The term “not-for-profit” is generic; the term “non-profit” means an entity that has been approved by a taxing authority as being exempt from income tax. “Not-for-profit” does not mean “not-for-revenue.”
As a discipline, a business delivers products and/or services to a customer for a profit. As an entity, a business can be:
- Sole proprietorship (individual)
- Partnership (pass-through to individuals): general, limited, or limited liability
- Limited liability company (pass-through to one or more individuals as a partnership or as an equivalent to a “subchapter S” corporation)
- Corporation: general with directors appointed by shareholder investors, and officers appointed by directors (“subchapter C”), pass-through to one or more shareholder investor individuals who may also be directors and officers (“subchapter S”), professional (pass-through to one or more individuals), or foreign
An upwardly mobile enterprise is a small-to-large enterprise focused on large market dominance (share being either industry-wide or in niches) with local-to-global aspiration in both traditional and non-traditional industries. It has growth potential from highly innovative people, processes, and products and/or services, and/or duplication of a business system. It is financed by founders and/or third-party investors (closely or widely-held) seeking capital appreciation, and potentially cash flow from dividends and/or interest, with medium to high risk. An upwardly mobile enterprise may be founded by one or more entrepreneurs, who either become part of a larger management team as new investors come on board, leave to form another venture as serial entrepreneurs, or retire.
Upwardly mobile enterprises are the heart of Wall Street.
A lifestyle business enterprise owner operates an enterprise in a local community, and may also be the founding entrepreneur:
- Either as an active owner-manager, making a living from its activities for their own lifestyle
- Or as a passive owner-manager, with an active management team in place
Lifestyle business enterprises are the heart of Main Street.
A lifestyle business enterprise owner can be a sole proprietor, partner, member (and usually also a manager) of a limited liability company, or a shareholder investor in a corporation (and usually also a director and an officer).
An employee is an individual who provides services in exchange for compensation under an explicit or implicit contract for hire, whereby the employer (hirer) has the right to control what work is performed and how. An independent contractor is self-employed; the hirer has the right to control only the result of the work, and not how it is performed.
What is individualpreneurship?
Individualpreneurship is a mindset for thinking about oneself as an enterprise, actively developing and managing multiple sources of income, and without being highly dependent upon any if possible.
Sources of an individualpreneur’s income include:
- Employment
- Entrepreneurship/business ownership
- Investing
The individualprise represents the aggregation of all sources of an individual’s income. Gross income results from wages from employment, and from both revenues (commissions, dividends, fees, interest, rents, royalties, and sales) and from capital gains from both entrepreneurship/business ownership and investing activities. Net income (profit) results from gross income less the cost of revenue and the expenses required to generate it. The cash flow generated from net income generates wealth, which can be used for investing activities and supporting a personal lifestyle.
The broadest definition of wages includes all remuneration or compensation paid for services rendered by an employee, whether in cash or in other media including bonuses, commissions, and gratuities, based on piece, task, or time.
The need to develop and manage multiple sources of income arises from increasing uncertainty about economic, regulatory, and social trends.
For many individuals, the primary source of income is remuneration from employment, and the largest asset is their home. Employment is an active form of income – in effect employees exchange time for money. However, the best forms of income are those that are residual and passive.
Residual income results from an initial transaction at some time in the past for which an ongoing cash flow is received; passive income results from transactions where the individualpreneur is not actively involved.
Examples of residual income include enrolling members in systems where downstream commissions can be earned; selling items, such as subscriptions that are automatically renewable, or consumables where the ordering is processed by third-parties; and affiliate programs based upon referrals.
The rise and fall of employment opportunities
Prior to the industrial revolution, families were in effect enterprises. Augmenting farm work with other trades and crafts, families flourished in cottage industries working from home, effectively as a group of individualpreneurs. Merchants brought raw materials to homes and would take finished products to markets. Entrepreneurs would “put out” work to families, who were in effect their subcontractors.
As the industrial revolution progressed, work was transferred form homes to factories when the required machinery became too large or expensive. Initially, the “put in” system was used whereby workers in a factory were treated as subcontractors, and eventually became employees. Labor movements were founded to fight for workers’ rights, from which today’s employment and labor laws have evolved.
As the economy shifted from family to commercial and industrial enterprises, employment opportunities grew. Workers could expect long-term employment opportunities as manufacturing demand increased. Through improvements in manufacturing techniques, such as production lines and automation, the scale of units produced increased dramatically. Through improvements in energy, transportation, and telecommunications technologies, reach extended into new geographic markets for acquisition of materials and supplies, and delivery of end-products.
However, recent globalization trends have changed the cost structure of certain activities through outsourcing to providers who offer economy of scale, or to lower cost production markets. As a consequence of information and process control technologies, work has shifted from manufacturing to knowledge-based services. Technology can play a major role by creating jobs in new areas and eliminating them in others.
Enterprises have been impacted dramatically by these trends. For example, “big box” and online stores have had an impact on retailers on “Main Street” – but the savvy ones offer specialty products coupled with exceptional service. Even the local coffee shop is impacted by the price of green beans in global markets. Many manufacturers have downsized through strategic sourcing of components to scale providers, and in the construction industry, general contractors take advantage of prefabricated assemblies. As industries shift from manufacturing to knowledge-based, a major differentiator is marketing capability. Marketing capability requires understanding customer needs and wants, and responding with products and/or services designed for niche or mass markets, regardless of where the components are made.
The consequence is that job markets are dramatically changing, and that old assumptions for employment have become invalid. The notion of working for one employer for forty plus years is no longer possible because technology is changing the structure of industries and the nature of employment. Downsizing has become common, and it is a challenge for the education system to keep up with changing trends in the knowledge, skills, and technical requirements for jobs in emerging enterprises and industries.
The increase in consumer debt coupled with unstable employment opportunities has created stress for many individuals and their families, especially for those who are unemployed, face foreclosure on their homes, or even bankruptcy.
What is “Plan B?”
The term “Plan B” is used to describe an alternative course of action in case the preferred or primary “Plan A” fails. For many individuals, Plan A is a combination of a good education leading to a well-paying job. This form of Plan A stresses individual achievement through successes in education and employment – failures are usually downplayed. However, changing trends in employment put pressure on most individuals’ Plan A, who may face downsizing or even their employer going out of business.
For others, Plan A is a combination of entrepreneurship and business ownership. This form of Plan A can result in failure. However, ultimate success in entrepreneurship and business ownership is often achieved by learning from mistakes and failures over time, and by building teams. Plan A for entrepreneurs and business owners may change from time to time as their ventures change. Eventually, many entrepreneurs and business owners finally get it right as lessons from past failures lead to successes. Many entrepreneurs and business owners become investors in other enterprises with a sense of “wanting to put back,” and often with a higher tolerance for risk than those who have, in effect, earned income in exchange for time.
The uncertainty of the economy, regulation, and social trends as evidenced by downsizing, high consumer debt, government debt and unbalanced budgets, and high unemployment has created the need for all individuals to have a strong “Plan B.”
An effective Plan B begins with the notion of an individual behaving as an enterprise in their own right – the individualprise. Whereas Plan A may provide a primary source of income, developing a Plan B means understanding opportunities for earning multiple sources of income and allocating time efficiently by prioritizing on the best. Executing a Plan B may allow an individual to keep their primary form of employment, but work on other income producing activities, such as part-time employment, home-based businesses, or investing in real estate and/or securities.
The income statement of the individualprise is the tax return – after all, if the an individual has multiple strong streams of income, taxes are likely to be an important consideration.
The basis structure of the Individual Tax Return (IRS Form 1040) applicable to both Plan A and B activities includes:
- Wages
- Interest (Schedule B)
- Dividends (Schedule B)
- Business income from sole proprietorships (Schedule C)
- Capital gains (Schedule D)
- Supplemental income from rental real estate, royalties, partnerships, and subchapter S corporations (Schedule E)
The tax return offers clues as to opportunities for alternative sources of income; however, it is useful to separate the type of income from the forms of business, such as sole proprietorships, partnerships, limited liability companies, and corporations.
Types of income include:
- Wages – all forms of compensation for full or part-time employment
- Interest on investments
- Dividends on investments
- Capital gains on investments
- Net income from active revenue generation such as commissions, fees, rents, royalties, and sales less expenses
- Net income from passive revenue generation activities – primarily real estate rents and royalties less expenses
Types of business forms include:
- Sole proprietorship and single member limited liability company – an individual that sells products and/or renders services, including as an independent contractor to hirers
- Partnership or limited liability company – where an individual is a partner or member in an enterprise that shares profits, losses, and capital with others – the individual may be a general partner or member-manager, or a limited partner or member; a single member limited liability company is considered to be a disregarded entity
- Subchapter S corporation – where an individual is a shareholder investor in a corporation that passes its profits and losses through to its shareholders – the individual also may be a director and/or an officer, and as such earns wages as an employee in addition to receiving dividends
- Subchapter C corporation – where an individual is a shareholder investor in a corporation that is taxed separately from its shareholders, but may pay tax on the dividends received (thus is subject to double taxation) – the individual may also be an employee, and as such earns wages in addition to receiving dividends
Only individuals and corporations are legal entities, and as such, corporations have separate rights and privileges from their shareholder investors. Individuals are natural persons. However, a juristic person is a group of natural persons behaving as if they are a single group, such as in a partnership, a limited liability company, or an association. A company is a group of individuals that make up an enterprise regardless of business or legal form.
Entrepreneurs may start enterprises in any business form, but lenders and investors may require a specific form, and may place personal guarantees in individuals for contingent liabilities. Venture capital and investment firms may place specific requirements on business forms and management structure, such as being a Delaware subchapter C corporation. Thus a founding entrepreneur could become a shareholder investor in an enterprise that they are no longer in control of if an investor group brings in its own management team. Delaware is the preferred choice for incorporation for many investors because of its well established corporate laws.
Although self-employed individuals are treated as business owners through sole proprietorships, single member limited liability companies, and single shareholder corporations, they are unable to leverage their time unless they can delegate to trustworthy employees, or earn residual and/or passive income.
Individuals who are sole proprietors, partners, and members in limited liability companies are subject to self-employment taxes, and shareholder investors who are officers in subchapter S corporations are subject to employment taxes.
Achieving “Plan B”
There are many ways to develop and achieve a Plan B that has multiple income streams, and it is possible that one component may become the new Plan A eventually. Some opportunities result from converting a hobby into an income producing activity, whereas others result from leveraging professional qualifications and experience.
Examples of income producing activities include:
- Part-time employment
- Establishing a home-based business on a part-time basis, that has the potential to become full-time
- Earning fees and commissions from referrals through affiliate marketing relationships
- Earning royalties and fees through writing and speaking engagements
- Investing in real estate for rental income and capital gains
- Investing in securities for interest and dividend income and capital gains
Businesses that require separate physical premises, inventories, and employees should be avoided as a Plan B because of the high overhead of carrying costs, insurance, payroll, risk of theft, and governance. Whereas the notion of owning a restaurant can be a dream to many, all too often such an enterprise becomes nothing but a nightmare.
Home-based businesses can take many forms such as buying and selling products on the internet or providing professional services on a part-time basis. It is important to note that home-based businesses are subject to licensing and zoning laws and regulations, and may be subject to property, sales, and use taxes, in addition to income tax.
Any form of revenue generating activity requires business development and marketing capability to create awareness and build relationships. The degree of selling experience necessary is a function of the type of business. These activities can be routinized through duplicable, predictable, and measurable processes that can be learned over time.
Some investing activities may require active trading to ensure that capital gains can be properly realized in up markets, and to prevent losses in down markets.
The best form of income is both residual and passive, whereby ongoing cash flow results from activity that occurred in the past, and for which little or no management activities are required in the present.
An effective way to achieve a blend of residual and passive income is through a combination of sources from membership systems and investing activities as follows by:
- Enrolling customers in membership systems where commissions are earned from ongoing sales of consumables, for which the ordering and distribution is handled by third-parties – this activity generates residual gross income
- Investing the residual income in an investment portfolio that diversifies risk, and generates cash flow from interest and dividends – this activity generates residual gross income; the income is passive if the portfolio does not require active management through trading
Note: investing in real estate may generate residual income from rents; however active management may be required for finding tenants, negotiating leases, collecting rents, paying expenses such as utilities, and performing maintenance and repairs; investing in securities may require some trading to hedge from risk, and to take advantage of capital gains.
A shorter-term objective of Plan B is provide a hedge against Plan A as an alternative. A longer-term objective of Plan B is to gain financial independence – the state of having sufficient wealth to cover expenses required by a certain lifestyle. Wealth is achieved by having sufficient assets and income producing activities to generate a gross income that exceeds all professional, physical, and personal expenses required by that lifestyle. Wealth is a source of capital for future investment. It is usually advisable to eliminate debt in the quest to achieve financial independence.
Enterpriship
A key success factor in developing a Plan B is understanding those enterpriship (entrepreneurship, leadership, and management) competencies that are essential to income generation.
…and to assess your enterpriship competencies in thirty minutes or less, claim your opportunity for instant access when you go to http://www.fromvisiontovalue.com
From Nigel A.L. Brooks – Management Consultant and Motivational Speaker http://www.nigelalbrooks.com
Article Source: http://EzineArticles.com/?expert=Nigel_Brooks
Article Source: http://EzineArticles.com/2034484
School Education In The Global Information Economy November 2, 2010
Posted by Nigel A.L. Brooks in Articles, Uncategorized.add a comment
The achievement gap in school attainment levels between the United States and other countries is widening. The consequence is a problem for entrepreneurship, employment, and the economy at large.
Causes for concern in school education…
According to a report entitled “Economic Impact Of The Achievement Gap In America’s Schools” by the consulting firm of McKinsey & Co., attainment levels are declining in the United States while at the same time improving in other countries.
For example:
- In 1995, the United States was tied for first in college and university graduation rates……but by 2006 the country had dropped to to 14th
- Forty years ago, the United States had one of the best levels of high school attainment……but in 2006 it ranked 18th out of 24 industrialized nations in high school graduation
- In 1970, the United States had 30% of the world’s college graduates……but today it has less than 15%
Finland and Korea ranked numbers 1 and 2 in PISA mathematics tests, and numbers 2 and 1 in PISA science tests in 2006, whereas the United States ranked numbers 25 and 24. The United States ranked number 18 in PISA reading tests, and number 29 in PISA problem solving tests in 2003.
PISA is the Program For International Student Assessment organized by the Organization For Economic Co-operation and Development for 15 year olds around the world.
Source: McKinsey & Co.
According to the United Nations Education Index, which is measured by the adult literacy rate and the gross enrollment ratio, the United States ranked number 20 in 2007, with Australia, Denmark, Finland, and New Zealand jointly ranked number 1.
Source: United Nations
According to a report entitled “Measuring Innovation: A New Perspective” by the Organization For Economic Co-operation and Development, the United States:
- Ranked number 3 in the percentage of patents filed by firms under five years old……with Norway ranked number 1 and Denmark ranked number 2
- Ranked number 11 in venture capital investment as a percentage of GDP in 2008……with Finland ranked number 1 and Sweden ranked number 2
Source: Organization For Economic Development and Cooperation
Interestingly enough, the results are not dissimilar to Transparency International’s Corruption Perceptions Index. The countries with the least perceived corruption include:
- Denmark (ranked 1)
- New Zealand (ranked 2)
- Finland (ranked 4)
- Sweden (ranked 4)
- Australia (ranked 8 )
- Norway (ranked 10)
- United States (ranked 22)
Source: Transparency International – Corruption Perceptions Index – 2010
Is the relationship between education and corruption related to what values are taught in schools or because money for education is diverted elsewhere, or both?
Causes for concern in the relationship between education, entrepreneurship, the economy and employment…
Education, innovation, and entrepreneurship are key drivers of the economy, which in turn creates employment opportunities. Closing the achievement gap between the United States and top performing countries (Finland and Korea) could add between $1.3 and $2.3 trillion to the United States’ gross domestic product according to McKinsey. In 2010, the United States’ budget deficit is $1.3 trillion.
Some educators are concerned that the United States’ education system:
- Destroys creativity and divergent thinking
- Fails to teach children “how to learn how to learn”
- Relies too heavily on multiple choice testing versus other methods of assessment
- Fails to promote teamwork – a key ingredient for success in arts, sports, and employment
- Addresses the needs of the industrial age as it was eighty years ago or so, not the information age as it is and will be in the future
- Is more concerned about developing university professors than contributors to the future economy in the information age
Source: Sir Ken Robinson – Changing Paradigms and Nigel A.L. Brooks – The Business Leadership Development Corporation research
The structure of the economy is changing fast through disintermediation caused by improving information, telecommunications, and transportation technologies, which in turn contribute to globalization:
- Middle management white collar jobs are being eliminated because information technology improves communication flows and performance reporting from shop floors and front lines to executive management
- Engineering white collar and shop floor blue collar jobs are being eliminated because computer aided design and manufacturing and process control technologies require less human intervention
- Clerical white collar jobs are being eliminated because information technology is automating administrative and operational processes
- Blue collar jobs are being eliminated because manufacturing can easily be shipped offshore to lower cost producers that accept designs electronically, and then send products via sophisticated container shipping ports and vessels
Improved supply and demand chains on a global basis between suppliers and end-customers have reduced the need for vertically integrated enterprises, eliminating jobs that will never be replaced. As globalization continues, enterprises will continue to consolidate to obtain benefits from economy of scale, thus causing further job elimination.
Job creation is a result of entrepreneurship in emerging and growth enterprises, and intrapreneurship in growth and mature enterprises. Without entrepreneurship, jobs in new areas of the economy will not be created; without intrapreneurship, enterprises will cut costs and expenses in order to remain profitable, which means loss of employment – not job creation in existing areas.
The consequence is that the workforce has to be reeducated to become knowledge workers in a global information-based economy, and that all individuals have to be more adept at promoting themselves in an environment of job uncertainty. However, teamwork will be important as technology permits collaboration across functional units within enterprises, and between them across the world.
Young people entering the work place today have to be prepared for lifelong learning because technology will erode both current and future jobs, especially as robotics technologies become mainstream. They have to be prepared to be self-sufficient in the future economy because job and social security as their parents and grandparents knew it are less likely to exist.
Innovation has to be fostered to drive entrepreneurship to create future jobs. Fostering innovation means encouraging creativity first in school systems.
Source: Nigel A.L. Brooks – The Business Leadership Development Corporation research
Mobile technology that can deliver multimedia content ubiquitously is fast being introduced into the marketplace, and is being assimilated by young people.
Online education and learning systems are being introduced into both public and private schools, primarily delivered through desktop and laptop computers, both in school and at home. Mobile devices are becoming a vehicle for accessing online curricula, and already some schools are permitting their use in the classroom.
Source: Arizona Republic and Education Week
Such technology can eliminate the need for textbooks, enable the student to proceed at their own pace, monitor progress at each step in learning the curriculum content, and enable the teacher to tutor each student individually. It can also employ interactive problem solving techniques to stimulate critical thinking.
Examples of online education systems include Education 2020, which is a web-based, teacher-led instructional approach.
Source: Education 2020
According to a “meta-analysis” released by the U.S. Department of Education in 2009, online learning has definite advantages over face-to-face instruction. The study found that students who took part or all of their instruction online performed better, on average, than those taking the same course through face-to-face instruction only. Furthermore, those who took “blended” courses – those that combine elements of both online learning and face-to-face instruction appeared to do the best of all.
Source: Inside Higher Ed, U.S. Department of Education: Evidence-based practices in online learning
Whereas this technology can deliver educational content for middle and high school, college, and university curricula, according to one 24 year old tutor:
“The kids get it. It’s the parents and teachers that are afraid of it!”
Source: Nigel A.L. Brooks – The Business Leadership Development Corporation research
Is addressing the achievement gap enough?
Innovation is about developing new ideas; creativity is about bringing them into being – both activities stem from vivid imagination. Without innovation, it is not possible to find new activities or better ways of performing existing ones; without creativity, it is difficult to adapt to new situations.
Entrepreneurial and intrapreneurial activities are functions of mindset and action: the mindset to turn innovative ideas into value; the action initiated from a willingness to take risk to realize the value.
Sometimes it is necessary to be wrong in order to be right – success comes from lessons learned from failure. Thomas Edison once declared that he had not failed when attempting to develop the light bulb – he had just found 10,000 ways that would not work.
Will passing examinations be sufficient preparation for the uncertainty of life in the future? Some educators believe that to stimulate creativity and innovation, it is necessary for children to develop problem solving and critical thinking skills early in life.
According to D.N. Perkins, the basic goals of education strive for retention, understanding, and active use of knowledge and skills, but in reality are hard to achieve.
Source: D.N. Perkins – Harvard Graduate School Of Education
According to John M. Carroll in his book “The Nürnberg Funnel,” the conventional method of education is teaching or “instructionalism,” where a teacher located in a conventional classroom informs students about a particular domain (subject area). He suggests that learning is the act of constructing knowledge from information in the world around the student based upon a learning paradigm by Seymour Papert. Papert calls this paradigm “constructionism” in his project entitled “Constructionism: A New Opportunity For Elementary Science Education” and his book entitled “Mindstorms: Children, Computers, and Powerful Ideas.” Constructionists believe that the knowledge is derived from mental activity, whereas instructionalists view that the mind processes and mirrors the world. Papert’s work is influenced by ideas from Jean Piaget, the father of constructivism, who argued that humans generate knowledge and meaning from an interaction between their experiences and their ideas.
Source: John M. Carroll – The Nürnberg Funnel; Seymour Papert – Mindstorms: Children, Computers, and Powerful Ideas; Jean Piaget – various works
According to Edith Ackermann, constructivism offers a window as to what children are interested in and are able to achieve, whereas constructionism focuses on learning to learn, and making things in learning.
Source: Edith Ackermann – Piaget’s Constructivism, Papert’s Constructionism: What’s The Difference?”
Making things is about models of the real world, which is what mathematical physics is all about.
Seymour Papert, Nicholas Negroponte, and Alan Kay launched the One Laptop Per Child initiative to put constructionist learning into practice in the developing world.
Source: laptop.org
The Sugar “desktop environment,” which is delivered with the Fedora operating system for XO computers used in the One Laptop Per Child initiative, and available for use on other platforms including Mac OS/X and Windows, has been designed with the goal of being used by children for learning. This environment enables applications (known as activities) to be run that encourage constructionist learning. Sugar encourages problem-solving, collaborative learning, and critical thinking in children aged 6 through 12. One of the consequences is that children are learning to program as early as 8 years old.
Source: sugarlabs.org
Edubuntu is a free education-oriented operating system available to children aged 6 through 18. It is designed to enable educators with limited technical knowledge to set up an online leading environment with ease.
Source: Canonical
The Intel Computer Clubhouse Network is an international community of 100 clubhouses located in 20 countries provides an out-of-school learning environment for skills development. Yasmin Kafai, Kylie Peppler, and Robbin Chapman explain the concept in their book “The Computer Clubhouse: Constructionism and Creativity in Youth Communities.” This initiative is aimed at providing young people with “practical 21st century skills.”
Source: http://www.amazon.com/dp/0807749893
Both instructionalism and constructionism approaches are necessary to teach the curriculum prescribed nationally and develop problem solving and critical thinking skills necessary for encouraging creativity.
However, according to Theodore Levitt, creativity is thinking up new things, innovation is doing new things.
Source: Theodore Levitt – Creativity Is Not Enough
Creativity is about ideas, but innovation is about ideas and productivity – the entrepreneur has to turn mindset (innovative ideas) into action to achieve value (innovation). The demands on the school system are high in terms of trying to close the achievement gap and prepare students with the knowledge and skills required for the entrepreneurial, innovative, and technological world of the information age.
Key questions:
- What changes should be made to the curriculum? For example, should disciplines such as computer programming, business management, and personal finance be part of the baseline or discretionary?
- What can be done to improve problem solving and critical thinking methods?
- What changes should be made in teaching methods? To what extent should online education methods augment, coexist, or replace traditional classroom methods, and if so – how?
- Should the role of district leadership, administrators, teachers, parents, and students change, and if so how?
- Should partnerships be established between schools and businesses, so that students have a better appreciation of the characteristics of the emerging workplace?
- What can be done to ensure that equal opportunity is provided to all students such that they can make decisions in their future careers and personal lives that are sustainable environmentally, economically, and socially?
Discussion and potential answers to these questions can be posted on this blog.
Information sources
McKinsey & Co – The economic impact of the achievement gap in America’s schools:
United Nations – Learning and education statistics:
http://unstats.un.org/unsd/demographic/sconcerns/education/ed2.htm
http://en.wikipedia.org/wiki/Education_Index
Organization for Economic Co-operation and Development – Programme For International Student Assessment (PISA):
http://www.pisa.oecd.org/pages/0,2987,en_32252351_32235731_1_1_1_1_1,00.html
Organization for Economic Co-operation and Development – Measuring Innovation: A New Perspective:
http://www.oecd.org/document/22/0,3343,en_41462537_41454856_44979734_1_1_1_1,00.html
Sir Ken Robinson:
http://www.youtube.com/watch?v=iG9CE55wbtY
http://www.youtube.com/watch?v=r9LelXa3U_I
Transparency International:
http://www.transparency.org/policy_research/surveys_indices/cpi/2010/results
Arizona Republic:
http://www.azcentral.com/php-bin/clicktrack/email.php/9496193
Education Week:
http://www.edweek.org/dd/articles/2010/10/20/01mobile.h04.html
Inside Higher Ed:
http://www.insidehighered.com/news/2009/06/29/online
U.S. Department of Education – Evidence-based practices in online learning:
www2.ed.gov/rschstat/eval/tech/evidence-based-practices/finalreport.doc
Education 2020:
John M. Carroll – The Nürnberg Funnel:
http://mitpress.mit.edu/catalog/item/default.asp?tid=4779&ttype=2
Seymour Papert – Mindstorms: Children, Computers, and Powerful Ideas:
http://www.amazon.com/Mindstorms-Children-Computers-Powerful-Ideas/dp/0465046746
Edith Ackermann – Piaget’s Constructivism, Papert’s Constructionism: What’s The Difference?”
One Laptop Per Child:
Sugar Labs:
Edubuntu:
http://en.wikipedia.org/wiki/Edubuntu
The Computer Clubhouse:
http://www.amazon.com/dp/0807749893
Theodore Levitt – Creativity Is Not Enough
