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| Entrepreneurship for Poverty Reduction Choosing a Home - Based Business 6 Quick Steps to a Productive Home-Based Business Business Productivity Tools & Tips.... |
| Development YourWay™ |
Published September 1, 2007 by DPM International DPM International©. All Rights Reserved. |
| Volume 5, Issue 7 September-December 2007 The Development quarterly |
| Entrepreneurship |
| Entrepreneurship for Poverty Reduction |
| Choosing a Home-Based Buisiness |
| 6 Quick Steps To A Productive Home-Based Business |
| Unsubscribe: If you have received this email in error or would no longer like to receive newsletters from DPM International, please unsubscribe Copyright: DPM International; the DPM logo; and The Development Quarterly are copyright and trademarks of Development Partners and Management International Limited. All third party logos, images, works, websites and scripts are the copyright of the respective owner. Disclaimer: The information in this newsletter is provided for the benefit of our readers. Readers are ultimately responsibility for how the information is applied, understood or used. Contents on pages outside of this website is the property of the respective trade mark owners. DPM International is not responsible for the contents of other websites. |
| In This Issue |
From the Editor
In this edition we will focus on entrepreneurship. Governments worldwide have accepted the view that
entrepreneurship and the private sector plays an important role of in enhancing economic and social
development. Entrepreneurship has contributed to poverty reduction in many countries, China being one of
them. Entrepreneurs not only operate as small and micro business owners but are also social
entrepreneurs and innovators of high growth business ventures.
The poor should be encouraged to explore their entrepreneurial spirits. Consequently, a proposed solution
to poverty is to see those at the bottom of the pyramid (BoP) not only as consumers but as individuals with
innovative and entrepreneurial spirits and talents that can result in better livelihoods for themselves and
their communities and the country ultimately.
Examples of Entrepreneurship and BoP
The Gremean Bank founded by the very innovative Nobel Prize laureate Muhammed Yunus was established
in Bangladesh. Its purpose was to offer mini-loans to entrepreneurs who would not qualify for traditional
bank loans based on collateral. According to the Bank’s website, as of May 2007, over seven million
persons have borrowed from the Bank with high levels of repayment. In Jamaica, the now defunct Workers
Bank had sought to formalised the Partner System, which was based on the concept of revolving loans.
This concept started as an informal banking practice amongst poor persons who in essence had designed
a interest-free revolving loan system. The City of Kingston Credit Union (COK) has since adopted this
once informal banking practice and now refer to this financial product as the Partner Plan. The banks have
thus formalised a commercially viable product for the poor, not only to boost their saving habit, but also to
stimulate an investment culture among them.
In this edition we will focus on entrepreneurship. Governments worldwide have accepted the view that
entrepreneurship and the private sector plays an important role of in enhancing economic and social
development. Entrepreneurship has contributed to poverty reduction in many countries, China being one of
them. Entrepreneurs not only operate as small and micro business owners but are also social
entrepreneurs and innovators of high growth business ventures.
The poor should be encouraged to explore their entrepreneurial spirits. Consequently, a proposed solution
to poverty is to see those at the bottom of the pyramid (BoP) not only as consumers but as individuals with
innovative and entrepreneurial spirits and talents that can result in better livelihoods for themselves and
their communities and the country ultimately.
Examples of Entrepreneurship and BoP
The Gremean Bank founded by the very innovative Nobel Prize laureate Muhammed Yunus was established
in Bangladesh. Its purpose was to offer mini-loans to entrepreneurs who would not qualify for traditional
bank loans based on collateral. According to the Bank’s website, as of May 2007, over seven million
persons have borrowed from the Bank with high levels of repayment. In Jamaica, the now defunct Workers
Bank had sought to formalised the Partner System, which was based on the concept of revolving loans.
This concept started as an informal banking practice amongst poor persons who in essence had designed
a interest-free revolving loan system. The City of Kingston Credit Union (COK) has since adopted this
once informal banking practice and now refer to this financial product as the Partner Plan. The banks have
thus formalised a commercially viable product for the poor, not only to boost their saving habit, but also to
stimulate an investment culture among them.
1. In economics, the bottom of the pyramid (BoP) is the largest, but poorest socio-economic group. Globally this accounts for
the four billion (4bl) people who live on less than $2 United States dollar per day. The phrase “bottom of the pyramid” is a
paradigm shift in business development and is used by individuals seeking to develop new business models that deliberately
target the BoP demographic, often using new technology. This field is also often referred to as the "Base of the Pyramid" or
just the "BoP". See the Inter American Development Bank’s Opportunity for the Majority at www.iadb.org/OM
the four billion (4bl) people who live on less than $2 United States dollar per day. The phrase “bottom of the pyramid” is a
paradigm shift in business development and is used by individuals seeking to develop new business models that deliberately
target the BoP demographic, often using new technology. This field is also often referred to as the "Base of the Pyramid" or
just the "BoP". See the Inter American Development Bank’s Opportunity for the Majority at www.iadb.org/OM
2) Will I be “qualified” to run this type of business?
Many successful home businesses were started using entrepreneurs’ previous work experiences,
education, and/or training. If you need more skills to carry-out your venture, then you will have to either enroll
in classes; work at a job in the industry that interests you; partner with others; or give-up the idea and begin
researching alternative business ideas that can use your existing skills.
3) Will I have the finances to start this business?
up and meet your living expenses as your business grows. One woman supported herself and her jewelry
business (her real passion) by cleaning homes during the week, and selling her unique jewelry at weekend
artist shows until her sales enabled her to quit cleaning and go full-time with her creative art.
4) What will make my business unique?
If your business is one-of-a-kind (and preliminary research has already demonstrated a potential market for
it), then you should have little difficulty in attracting clients. But if similar businesses exist, then you will have
to determine what will set your business apart from competitors. What will persuade people to buy from you
… better quality? Pricing? Added services? Other?
Also try to find a business “niche,” that serves customers whose needs are not presently being served. For
example, many larger lawn mowing-care services would rather tend corporations’ grounds than townhouse
owners’ lawns. Thus, a potential niche exists for the entrepreneur who would enjoy caring for those smaller
lots.
5) Will I be able to set the prices for my product or service that will make my business profitable?
If people in your area will not pay your prices, you will have to see if you can still operate your business at a
profit by charging less. A better alternative is to look for a way to increase the “value” of your business by
adding different or better quality products/services and charging more for that one-of-a-kind or improved
product or service. Or perhaps the solution is to market to another nearby geographical area where
customers may exist and be willing to pay your prices. For example, one woman who started an errand
service could not get customers in her community to pay her rates, so she advertised in a nearby town,
consisting primarily of professional working couples who needed her services and they were willing to pay
what she charged.
6) Do I know the publications I should read concerning my target customers, my industry, and about
business, in general, to keep up with the latest trends, news and to stay competitive?
For example, if you sell toys, read consumer publications targeting parents or grandparents; in your industry,
read a toy manufacturer’s or association’s periodical; and for overall business advice, subscribe to a
national business publication and/or regularly read the Sunday business section of a major newspaper. Of
course, the Internet offers wonderful business information sites with many free e-zines to which you can
subscribe! The biggest problem you will have is finding time to read it all!
Statistics reveal a direct correlation between the success of a new business and the amount of preliminary
research conducted before its start-up: the better-prepared for a new venture — the more likely you will be to
succeed — whether your business idea is one of those designated “hot” or not!
Source:
http://www.free-consumer-help.com/home_business.htm?gclid=CPzZqMWllo4CFReRgQod_15YOw
Many successful home businesses were started using entrepreneurs’ previous work experiences,
education, and/or training. If you need more skills to carry-out your venture, then you will have to either enroll
in classes; work at a job in the industry that interests you; partner with others; or give-up the idea and begin
researching alternative business ideas that can use your existing skills.
3) Will I have the finances to start this business?
up and meet your living expenses as your business grows. One woman supported herself and her jewelry
business (her real passion) by cleaning homes during the week, and selling her unique jewelry at weekend
artist shows until her sales enabled her to quit cleaning and go full-time with her creative art.
4) What will make my business unique?
If your business is one-of-a-kind (and preliminary research has already demonstrated a potential market for
it), then you should have little difficulty in attracting clients. But if similar businesses exist, then you will have
to determine what will set your business apart from competitors. What will persuade people to buy from you
… better quality? Pricing? Added services? Other?
Also try to find a business “niche,” that serves customers whose needs are not presently being served. For
example, many larger lawn mowing-care services would rather tend corporations’ grounds than townhouse
owners’ lawns. Thus, a potential niche exists for the entrepreneur who would enjoy caring for those smaller
lots.
5) Will I be able to set the prices for my product or service that will make my business profitable?
If people in your area will not pay your prices, you will have to see if you can still operate your business at a
profit by charging less. A better alternative is to look for a way to increase the “value” of your business by
adding different or better quality products/services and charging more for that one-of-a-kind or improved
product or service. Or perhaps the solution is to market to another nearby geographical area where
customers may exist and be willing to pay your prices. For example, one woman who started an errand
service could not get customers in her community to pay her rates, so she advertised in a nearby town,
consisting primarily of professional working couples who needed her services and they were willing to pay
what she charged.
6) Do I know the publications I should read concerning my target customers, my industry, and about
business, in general, to keep up with the latest trends, news and to stay competitive?
For example, if you sell toys, read consumer publications targeting parents or grandparents; in your industry,
read a toy manufacturer’s or association’s periodical; and for overall business advice, subscribe to a
national business publication and/or regularly read the Sunday business section of a major newspaper. Of
course, the Internet offers wonderful business information sites with many free e-zines to which you can
subscribe! The biggest problem you will have is finding time to read it all!
Statistics reveal a direct correlation between the success of a new business and the amount of preliminary
research conducted before its start-up: the better-prepared for a new venture — the more likely you will be to
succeed — whether your business idea is one of those designated “hot” or not!
Source:
http://www.free-consumer-help.com/home_business.htm?gclid=CPzZqMWllo4CFReRgQod_15YOw
No matter what kind of home businesses are predicted to be in
demand, there are some questions you should ask yourself when
contemplating any business idea:
1) Is there a potential market for my product or service that will
eventually produce the profits needed to support the business and
myself?
To determine this, you need to conduct some market research —
formal (questionnaires, mailings, calls) or informal (discussions with
potential customers). A common method of test marketing is to
actually start the business on a part-time basis to gauge the
response from customers.
demand, there are some questions you should ask yourself when
contemplating any business idea:
1) Is there a potential market for my product or service that will
eventually produce the profits needed to support the business and
myself?
To determine this, you need to conduct some market research —
formal (questionnaires, mailings, calls) or informal (discussions with
potential customers). A common method of test marketing is to
actually start the business on a part-time basis to gauge the
response from customers.
Books
Visit our online bookstore
for more books on how to
start almost any type of
business.
Visit our online bookstore
for more books on how to
start almost any type of
business.
One of the major trends in the business world today is the tremendous increase in the number of
people who are starting a home based businesses. If you're interested in creating a productive
home based business, here are six quick steps to keep in mind.
Krystine Lewis writes articles on several subjects including Internet marketing, advertising and
helping people find their niche home based business. You can see more of Krystine's articles on
her web site at http://www.reviewworkathomejobs.com
Source: http://EzineArticles.com/?expert=Krystine_Lewis
people who are starting a home based businesses. If you're interested in creating a productive
home based business, here are six quick steps to keep in mind.
- It's crucial to have a business plan in place. Spend some time writing down your business
plan before you do anything else. - The next thing you need to do is develop a budget. You will need to have an idea in your
plan how much money you will need for advertising, supplies and product creation. - A productive home based business is the key creation of having a good marketing plan in
place. - In this day and age, the way most consumers access the home based business is by
working through the Internet. It's a great idea if you could create your own website or hire a
professional to do this for you. - Along the same lines, it will be important for you to develop an Internet promotional and
marketing effort. Once you have your website or blog set up you can easily place some
small free classified ads on the Internet until you start getting some traffic to your site. Then
you may want to expand out to paying for some advertising. - Finally, a productive home based business depends upon good customer service.
Therefore, if you have a great website along with a super opt-in mailing list form to collect
subscribers, this would be a good way of building rapport with your customers. It is also
very important to respond as quickly as possible to any questions your online subscribers
may have.
Krystine Lewis writes articles on several subjects including Internet marketing, advertising and
helping people find their niche home based business. You can see more of Krystine's articles on
her web site at http://www.reviewworkathomejobs.com
Source: http://EzineArticles.com/?expert=Krystine_Lewis
1
When starting a new business you should present a professional image from the 'get go'. With the
advent of the Internet and the many innovative business productivity tools available, it is quite easy and
inexpensive to operate with a professional presence. Here are some tools that are a must have for your
entrepreneurs' toolkit:
This list is not exhaustive. We have provided links to the above tools which may be downloaded free or at a low cost.
advent of the Internet and the many innovative business productivity tools available, it is quite easy and
inexpensive to operate with a professional presence. Here are some tools that are a must have for your
entrepreneurs' toolkit:
 | Business Plan | |
| Marketing materials (examples: Powerpoints, brochures, flyers, business card) | |
| A website | |
| An online meeting tool. This is for you if you operate nationwide or worldwide, especially if you | |
| have one office location | ||
| Accounting software | |
| Contracts Templates |
Business Productivity Tools & Tips for Upstarts and Start-Up
The Editor's Picks
Presentations
We design PowerPoint presentations for websites and company promotions.
Website Design and Hosting & E-Commerce
FREE website building software: Blue Voda, ShopFactory and Paypal
Website hosting : hosting starts as low as $7: 95 USD per month.
Graphic Design
Professional business card, banners for websites and company logos.
Online Meetings
Conduct meetings with your clients, whether they are overseas or locally based. Why travel to Japan to
make that sales pitch? With this tool you can have global meetings right from your office. Show them
your computer screen and view theirs. 30 day FREE trial available.
Presentations
We design PowerPoint presentations for websites and company promotions.
Website Design and Hosting & E-Commerce
FREE website building software: Blue Voda, ShopFactory and Paypal
Website hosting : hosting starts as low as $7: 95 USD per month.
Graphic Design
Professional business card, banners for websites and company logos.
Online Meetings
Conduct meetings with your clients, whether they are overseas or locally based. Why travel to Japan to
make that sales pitch? With this tool you can have global meetings right from your office. Show them
your computer screen and view theirs. 30 day FREE trial available.
The SME Toolkit Caribbean is FREE and offers software (including web site software) , business plan
templates, business forms, training, and more to help small businesses in the Caribbean grow and
succeed.
Business in a Box
Business & legal document. FREE trial.
Executive Club
Download the FREE DPM tool bar and get FREE membership to our executive club.
Books
Visit our book store for books on areas such as small business development, starting a new business
and more, an online store, or an import export business and also books on forming strategic partnerships.
Books are as low as $11.00.
Gift Certificates - Training
Do you have a friend or staff member who needs training in a particular field?. Do them a favour and buy
them a gift certificate, which may be used to purchase online training courses offered by DPM International.
All Business
FREE information and trends on developments in small business and entrepreneurship internationally.
The Institute for Entrepreneurship
PHOENIX -- The Institute for Entrepreneurship, an organization that facilitates the development of
successful entrepreneurs through education, announced a flawless first month of classes at the College
of Entrepreneurship at Grand Canyon University.
templates, business forms, training, and more to help small businesses in the Caribbean grow and
succeed.
Business in a Box
Business & legal document. FREE trial.
Executive Club
Download the FREE DPM tool bar and get FREE membership to our executive club.
Books
Visit our book store for books on areas such as small business development, starting a new business
and more, an online store, or an import export business and also books on forming strategic partnerships.
Books are as low as $11.00.
Gift Certificates - Training
Do you have a friend or staff member who needs training in a particular field?. Do them a favour and buy
them a gift certificate, which may be used to purchase online training courses offered by DPM International.
All Business
FREE information and trends on developments in small business and entrepreneurship internationally.
The Institute for Entrepreneurship
PHOENIX -- The Institute for Entrepreneurship, an organization that facilitates the development of
successful entrepreneurs through education, announced a flawless first month of classes at the College
of Entrepreneurship at Grand Canyon University.
Send your questions or
comments to The Editor
comments to The Editor