Ideas on how to become rich - Golden Rules of Entrepreneurship

Ideas on how to become rich - Golden Rules of Entrepreneurship

Recently, I have been busy with studying for Economics and also writing an independent study research paper on the current global financial crisis, and in particular I have been busy with writing about global capital flows, and how money flows from poor countries to rich countries, rather than the more "commonsensical" flow of capital from rich to poor countries. One of my very loyal readers therefore took it upon herself to send me an article on money and finance, and I liked that very much that I just had to put it up here on my ideas on how to become rich site. Thanks to Sally for her contributions to my ideas site.

From Sally Klaus, on Ideas on How to Become Rich:

the Golden Rules of Entrepreneurship

1 Seize all opportunities - money making, networking, business opportunities

2 Think like an entrepreneur, noticing and sensing things around you

3 If real estate is location, location, location, then entrepreneurship is people , people, and people

4 Enterpreneurs view setbacks as temporary

5 Give everyone connected with your company a vested interest in the business

6 The only good deal is a fair deal

7 People who prepare succeed - if you fail to plan, you plan to fail

8 Listen – you can only learn when you are listening

9 It is not just the idea that is important but the implementation of that idea... too many people have great ideas on how to make money but they don't work on their ideas, and those just remain great ideas on how to make money BUT there's no real money in the end...

10 Plan both your personal and your company’s finances

11 Create a business plan to organize your thoughts and attract investors

12 Research your competitors - know yourself and know your opposition

13 Do not spend time emulating others, spend time creating and innovating

14 Watch your ass

15 Get everything in writing

16 If no one knows about your business, it doesn/t matter how good your idea is

17 Identify your target market - who are the people who will give you your business, your money?

18 Keep track of how effective your marketing and advertising initiatives are - watch your advertising budget and watch your advertising money!

19 Choose your partners carefully

20 Establish good relations with lines of credit such as banks, investors and friends

21 A business is only as good as the people of that company

22 Successful management retains employees

23 You can never know too many people - networking helps you become rich, socially and financially

24 Check your weaknesses

25 Build trust with everyone you work with

26 Enjoy your work while you look for success

Thanks to Sally Klaus for her valuable contribution here on my money making and ideas site about entrepreneurship and making money and profits as an entrepreneur. More to come on this site about ideas on how to become rich and other contributions from various readers on related ideas and interesting things that they have read.

Thanks for reading and cheers!

Ideas on how to become rich!

Vernon Kerswell - young entrepreneur's website

Here is the website link to Extreme Fliers.co.uk : http://www.extremefliers.co.uk/

Short companion article on Singapore-China investment

Singaporeans Investing in China? Lessons Singaporeans can learn from a young British businessman

In Singapore, the government usually tries to encourage entrepreneurship. The government also tries to encourage locals to invest in China, to exploit the opportunities, as most of the local population can speak fluent Mandarin.

The key lessons that Singaporeans can possibly learn from Kerswell, the motivated and entrepreneurial teenager from the UK who runs an import business from China, are the following:

An ability to take risks. Kerswell took the plunge and went to China despite not knowing much of the language and having only a rudimentary command. Singaporeans speak fluent Mandarin and many even know dialects, and that should put them in a better position, yet the risk-taking element is not present. That needs to be changed. We should emulate people like Kerswell, and local hero Sim Wong Hoo who went to the United States in order to pursue his business opportunities with his sound card.

A wider perspective and a global mindset. There’s something to be said about a British teenager in China. The lessons are that globalisation is not a force to be feared but can be put to huge use, where opportunities can be exploited. Kerswell saw an opportunity to bring some good product from China to the UK, and he did; globalisation and a wider perspective are clearly needed for Singaporeans to succeed in China. In today’s globalised world, success is clearly no longer nation-based alone, and clearly international businesses are the wave of the future. There are many economic lessons that we can learn from this young man's actions.

Motivation and enthusiasm. Apart from the old adage that nothing can be accomplished without enthusiasm, Kerswell has shown that hard work, determination, and motivation and enthusiasm can bring many goals to fruition. He explained how motivated Chinese entrepreneurs are, from his description about their entrepreneurial instincts selling melons. Opportunities can be seized better by enthusiastic and motivated people.

Age is no barrier. As a young person with limited capital, Kerswell did more than survive; he prospered in a business environment. Clearly, there are lessons to be learnt here, and age is no barrier to success. His relative youth and inexperience did not count against him.

To conclude, these are only my own personal opinions, as there are many other lessons that we can extrapolate and learn from Kerswell.

Being a Young Entrepreneur - Vernon Kerswell

Vernon Kerswell Flies High

Vernon Kerswell, from Picklescott near Shrewsbury, is a teenager with a vision. At the age of 19, in 2007 he took a crash course in Chinese (Mandarin) at the Manchester University’s Confucius Institute and then used his £1,500 overdraft on a life-changing business trip to remote industrial areas away from Beijing. He then found there a company making lightweight, rechargeable, remote-controlled helicopters and UFOs. He was amazed with what he found and spotted the potential in those toys he saw. Kerswell then specified some design changes, and placed an order for 2,000 of those products. He then stored hundreds of the toys in his student bedroom in Hulme Hall in Victoria Park, Manchester, to deal with the high volume of orders. He sold most of them in one month over Christmas. His Extreme Fliers business sold the three models of helicopter and one UFO via the internet or through five shops. Kerswell, an information systems engineering student at Manchester Business School, won the £1,000 first prize in the Venture Out competition, run by Manchester University’s Manchester Science and Enterprise Centre (MSEC). This annual competition encourages people to put forward ideas with a potential commercial application, with the first prize given to the project that is judged to have the most chance of success.

I met the hardworking and talented young man one day while having lunch at a fast food joint, and found him very likeable, motivated, and an excellent businessman. That is why I was not surprised when I later found out that Kerswell says he used a lifetime’s worth of friends and networks to pull together the necessary skills and knowledge, to make his business work and obtain that prestigious prize.

“Effective management of knowledge was essential for the success of the business,” he said. “I hardly slept during December, I was so busy organising deliveries, promoting the products and dealing with orders and getting them into shops while doing essays and assignments,” said Vernon. Clearly, he has a knack for networking as well as a very good management system that works.

“As soon as I saw the helicopters, I knew this was the product I was looking for. They are fantastic. They use infrared, which makes them very responsive to the controls, and they also have a highly refined battery that gives them extra power compared to cheaper products. They are easy to use but are also very high quality which means they can crash without breaking. Our machines are much more durable and reliable - I ensured they were manufactured ethically in the factory and had quality control people at the end of the production lines to test each one. I am truly grateful to everyone who has offered their skills and time to help make it a success.”

I also asked him about doing business in China, and he had lots to say about China. “China is an entrepreneurs’ paradise – it’s the fastest growing economy in the world – where everyone wants to succeed and grab a piece of the action. Walking down the streets of Beijing, you’ll see people on bikes, towing a trailer laden with melons, rocking side to side, which he will sell, for example. There are opportunities everywhere!”

When I asked him about comments on doing business, Kerswell had this important piece of advice: “Running a business is exciting, you have to have fun and enjoy what you are doing – forget the money, because that will come as the business develops. Extreme Fliers is about developing great new gadgets!”

His motivation is contagious, and his business ideas, solid. You can visit his website at http://www.extremefliers.co.uk/ and check out his excellent products, the X Hunter, Justice, Invader and Rescue. Meeting this outstanding individual was my privilege.

Ideas on How to Become Rich blog