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8 Great Entrepreneurial Success Stories

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It never ceases to amaze me how much time people waste searching endlessly for magic shortcuts to entrepreneurial success and fulfillment when the only real path is staring them right in the face: real entrepreneurs who start real businesses that employ real people who provide real products and services to real customers.

Yes, I know that’s hard. It’s a lot of work. What can I say, that’s life. Besides, look on the bright side: You get to do what you want and you get to do it your way. There’s just one catch. You’ve got to start somewhere. Ideas and opportunities don’t just materialize out of thin air.

The only way I know to get started is by learning a marketable skill and getting to work. In my experience, that’s where the ideas, opportunities, partners, and finances always seem to come from. Sure, it also takes an enormous amount of hard work, but that just comes with the territory.

If you want to do entrepreneurship right, here are eight stories you’ve probably never heard about companies you’ve most definitely heard of.

Related: How to Be Smarter

The John Ferolito and Don Vultaggio way. Back in the 70s, a couple of Brooklyn friends started a beer distributor out of the back of an old VW bus. Two decades later, after seeing how well Snapple was doing they decided to try their hand at soft drinks and launched AriZona Green Tea. Today, AriZona teas are #1 in America and distributed worldwide. The friends still own the company.

The Matt Maloney and Mike Evans way. When a couple of Chicago software developers working on lookup searches for Apartments.com got sick of calling restaurants in search of takeout food for dinner, the light bulb went off: Why isn’t there a one-stop shop for food delivery? That’s when the pair decided to start GrubHub, which went public last April and is now valued at more than $3 billion.

The Joe Coulombe way. After operating a small chain of convenience stores in southern California, Joe Coulombe had an idea: that upwardly mobile college grads might want something better than 7-11. So he opened a tropical-themed market in Pasadena, stocked it with good wine and booze, hired good people, and paid them well. He added more locations near universities, then healthy foods, and that’s how Trader Joe’s got started.

Related: Success Does Not Follow a Time Clock

The Howard Schultz way. A trip to Milan gave a young marketer working for a Seattle coffee bean roaster an idea for upscale espresso cafes like they have all over Italy. His employer had no interest in owning coffee shops but agreed to finance Schultz’s endeavor. They even sold him their brand name, Starbucks.

The Phil Robertson way. There was a guy who so loved duck hunting that he chose that over playing pro football for the NFL. He invented a duck call, started a company called Duck Commander, eventually put his son Willy in charge, and that spawned a media and merchandising empire for a family of rednecks known as Duck Dynasty.

The Konosuke Matsushita way. In Japan in 1917, a 23-year-old apprentice at the Osaka Electric Light Company with no formal education came up with an improved light socket. His boss wasn’t interested so young Matsushita started making samples in his basement. He later expanded with battery-powered bicycle lamps and other electronic products. Matsushita Electric, as it was known until 2008 when the company officially changed its name to Panasonic, is now worth $66 billion.

The Steve Wozniak and Steve Jobs way. While they had been friends since high school, the two college dropouts gained considerable exposure to the computer world while working on game software together on the night shift at Atari. The third Apple founder, Ron Wayne, was also an Atari alumnus.

As I always say, the world is full of infinite possibilities and countless opportunities, but your life and career are finite, meaning you have limited time to find what you’re searching for and make your mark on the world. This is your time. It’s limited so don’t waste it. Find something you like to do and just do it. That’s how real entrepreneurs always start.

Source Article: www.entrepreneur.com

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Importance of The Circular Flow of Income

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Importance of The Circular Flow of Income

The circular flow of income and expenditure refers to the continuous production of products and services, income and expense in an economy. The different parts of expense and national income, for instance, investment, saving, exports, imports, government expenditure, taxation, etc. are displayed as currents and cross-currents in the circular flow of income.

Importance of the Circular Flow

The central concept of a circular flow is that it gives a clear picture of the economy. It also helps in understanding whether the economy is operating efficiently, or there are any obstacles in its smooth operation.

Therefore, the circular flow is significant for the functioning of the economy and helping the government in formulating various policy measures. Apart from the economy, the other important factors are.

  • Effects of Leakages and Inflows – The leakages allow us to study the national economy and its impact. For instance, imports are leakages going out of the circular flow of income, as it is paid to a foreign nation. To prevent this leakage, the government should acquire suitable measures such as decrease imports and increase exports.
  • The connection between Consumers and Producers – It builds a link between consumers and producers.
  • Builds a Network of Markets – After creating a link between the consumer and producer and a network of markets for various products and services, problems relating to purchasing and sales are solved automatically.
  • Basis of Flow of Funds Accounts – It helps in evaluating a country’s income in terms of the flow of funds accounts. These accounts are concerned with transactions of the economy that are fulfilled by money transfers.
  • Importance of Monetary Policy – It brings equality between investment and saving in the economy indicates the importance of fiscal policy.
  • The base of the Multiplier – In case, in a circular flow of income, if the leakage exceeds the injections, the total income becomes less than the total output.

For more information on economics sample paper class 11, stay tuned to BYJU’S.

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Top Benefits of Hong Kong Company Registration

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Company Registration

Hong Kong is the third city among renowned global business cities, right after New York and London. Recognized among the most significant financial hubs in the world, it has improved to the highest triple A level rating. With an impressive capita GDP of approximately US32, 000 it resembles the European Union standing tall ahead of the larger nations. With the importance of the financial sector to the economy and the impact of the economic crisis, Hong Kong is a famous and admirable jurisdiction.

1. Social And Political Environment

Hong King holds outstanding rankings in the global business. It is the second most economically efficient country in the world, according to the IMD World Competitiveness Yearbook). According to Transparency International – Corruption Perceptions Index 2010, the country is ranked as the 13th least corrupt country in the world.

Moreover, Hong Kong has a stable economic and political environment, not forgetting a pro-business government with an independent legal system. Certainly one of the reasons the country is a popular choice of regional operations in Asia. The country also has 1251 headquarters and 2328 regional offices (Hong Kong SAR Government’s Census and Statistics Department)

2. Location

Located in China, Hong Kong plays a crucial role in accessing the Mainland China market, which is a perfect stop for many foreign entrepreneurs. You can save time with a one hour drive from the world’s largest manufacturing region (the Pearl River Delta), producing 30% of china’s exports.

In general, Hong Kong accounts for a large share of inward investment in Mainland China, with China as the largest trading partner for Hong Kong. The countries international reputation as a financial powerhouse attracts Chinese companies for the primary and secondary listing to get access to the Asia markets. In 2010, the Hong Kong Stoke Exchange (HKSE) became Asia’s second-largest stock exchange in capitalization, which was directly behind the Tokyo Stock Exchange.

HKSE came above Shangai Stoke Exchange partly because most Chinese companies view the country as an efficient avenue to expand business with Asia. As the centre of Asia, Hong Kong is also useful in terms of links with the international market. In addition to this, the HK airport is within 5 hours flight to all major trading jurisdictions in the region.

3. Infrastructure

As one of the most advanced metropolitan areas in the world, Hong Kong is well equipped in infrastructures such as transportation, telecommunication, IT connectivity and utilities. A combination of the world-class international airport with efficient logistics facilities like the cargo airport, and shipping container port makes Hong Kong an attractive platform for global businesses. Majorly businesses that rely on active transport of human personnel and products around the world benefit from the wonderful infrastructure.

4. Policy And Taxes

A lot of companies that opt for company formation in HK benefit from its low and simple tax system. A corporate tax rate of 16.5 %( maximum) and a personal income tax peaking at 15$, it has the 3rd lowest tax misery in the world (according to Forbes’ Tax Misery Index). There also benefits in company registration in HK from having no capital gains tax, no sales tax or VAT, no withholding tax or returns tax and eventually. However, HK is not perceived to be an international tax haven.

5. Company Registration Requirements

The registration process in Hong Kong is a piece of cake. Mainly you are required to poses a proper company name and corporate structure to ensure that the company meets HK Company Law requirements. Which include a minimum one company direct( who does not need to be an HK resident), Hong Kong resident company secretary, and finally a minimum issued capital requirement HK$1 . You will also be required to register the business-with operational requirements such as opening a Hong Kong corporate bank account setting up an office, securing employment visas est.

Company formation in HK is perfect deal for international entrepreneurs to register their business. Apart from enjoying the geographical area, HK is also a diverse multi-cultural environment that is efficient for international trade and exciting as a place to live.

6. Productive Workforce

The country offers a highly-skilled, well -educated and trained workforce. Primarily a local talent pool of skilled specialists and business men who are known for their deep understanding of growing business culture.

Employees in Hong Kong are generally considered hardworking, competitive, continually seeking to enhance themselves. Even though English is the most applied language in business settings, you will be pleased to know that a great deal of the labor force can also connect with Cantonese and Mandarin.

7. Business Support And Assistance

Hong Kong has a number of remarkable associated programmers at the government and individual level, offering the best business support assistance. The programs help grow and develop your company in every aspect of the business.

A vast number of business support programmers and financial incentives encourage the growth of SMEs. Chief organizations like the Hong Kong Trade Development Council encourage international companies to do business in the Mainland and Asia, also assisting in Hong Kong Companies locating new markets.

Thanks to the Hong Kong Productivity Council, there is the use of more efficient methods throughout Hong Kong’s business sectors. This is why the support and consultation Center for company formation in HK is a comprehensive and informative and advisory centre for SMEs. There is also financial assistance available through some noted government funding schemes.

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