REPOST: 7 Ways Entrepreneurship Helps You Be a Better… Anything

Entrepreneurship teaches one to learn and master several key skills that he or she may eventually use in other fields of endeavor. Here is an article from ENTREPRENEUR which explains how such skills can help one become a much more well-rounded person.

Whether you ultimately decide to be a poet, salesperson, scholar, chef or anything in between, entrepreneurship can give you the skills that will improve your chances of success.

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For some people, entrepreneurship is a way of life. Creating something new and leading a team is living the dream, and a destination in its own right. For others, it’s only a means to an end, or might even be considered a detour en route to even bigger and better things.

If you’re struggling with the notion of entrepreneurship, seeing the appeal but either fearing the risk or recognizing that it’s not your ultimate goal, think carefully about your options. Entrepreneurship isn’t just about making a lot of money or leading a company to greatness. In fact, the experience of entrepreneurship can make you better at . . . well, almost anything you can think of.

How? Here are seven ways.

  1. Critical thinking

There’s no application that doesn’t demand at least some level of critical thinking. Being able to spot and compensate for your own biases, analyze the roots of various problems and discover alternative perspectives on certain subjects can help you address issues more thoroughly, and make smarter plans for future development.

In the professional world, this means being more efficient and seeing better results. In your personal life, it may mean better understanding your relationships and identifying key areas for personal improvement.

  1. Creativity

Entrepreneurship also forces you to be creative. While you can’t force creativity, you can practice it — and the more time you spend generating creative thoughts, the better and faster you’ll be at doing it in a practical environment. How you apply that creativity is entirely up to you.

It could help you in a creative hobby, like painting or photography, or give you fuel for professional visions like marketing campaigns — or maybe even another business in the future.

  1. Adversity

Entrepreneurship is rife with hard times. The strategies you thought were brilliant (and, hypothetically, perfect) may not work nearly as well as you thought they would, or you may reach a point where your finances are stretched so thin that you have to consider closing up shop.

Though times of adversity and failure will test your patience and fill your life with stress, they’ll also teach you valuable lessons about the nature of challenges and hardship. You’ll learn that failure is only temporary, and you’ll grow more confident — not to mention, likely to stop worrying about the smaller problems you face in everyday life.

  1. Independence

As the founder of a business, you’ll be in charge of all the decisions. You’re the ultimate source for accountability, and you’re the one who makes the rules. At first, this will be both exciting and intimidating, but as you become more familiar with your role, you’ll start to accept that level of independence and direction as fundamental to your being.

After you gain some experience, you’ll be more decisive and confident, and less dependent on others, which will be beneficial no matter what you do afterward.

  1. Management

It doesn’t take long to realize how much entrepreneurship demands. You’ll be spending countless hours working on your ideas, and managing full teams of people (not to mention partner, vendor and client relationships).

In some ways, entrepreneurship can be seen as a juggling act. In others, it’s a game of micro-economics, demanding that you work with limited resources, like time, to gain the greatest value for the money you put in. In any case, entrepreneurship teaches you the fundamentals of management, which makes you a better decision-maker, better planner and better allocator of resources. There’s no downside to these benefits.

  1. Personal branding

Spending time at the helm of your company, you’ll have the chance to develop your personal brand. You’ll get some press coverage as the “face” of your organization, you’ll attract more followers to your social accounts and you’ll likely have the opportunity to publish more content under your name.

All of this can be used in the future to build your resume, help you stand out from the crowd and prove your expertise in at least one niche.

  1. Connections

Even if you don’t consider yourself a social butterfly, you’ll gain from adding connections to your network. Entrepreneurship gives you a good excuse to find and retain those connections. You’ll have greater access to employers, mentors, employees and teachers, but also hobbyists and specialists, whom you may call upon for personal projects, as well. Just be sure to keep in touch even after your stint as entrepreneur.

No matter what other goals you have in life — whether you want to be a poet, salesperson, scholar, chef or anything in between — entrepreneurship can give you the skills that will improve your chances of success in your professional life.

Entrepreneurship is an unparalleled experience that offers a diverse range of opportunities for improvement, opportunities that are accessible to just about anyone. If you have the ideas and the motivation to back you, I highly recommend it, and even if you fail, you’ll come out better for it.

The Podcast Network (Finance,Business & Investment Podcasts)

Hi guys!  So okay I’m planning to do this podcast network about business, finance and accounting.  Right now I’m just trying to get as many suggestions as I can about what interests listeners and what needs have yet to be filled in this market niche.

For now, these are my ideas:

  1. Basic accounting podcasts. Undergraduates or those doing their MBAs can listen to these podcasts during their dead time or when they can’t handle reading their accounting books anymore.  I don’t think you should discuss journal entries that much though. It would be hard to picture the entries and it might get all confusing. Like, imagine two people screaming at each other over which account to debit and which account to credit. That’s crazy.  Or maybe boring for some.  Me, I like it.    Maybe just simple issues like, what is the rationale behind accounts receivable aging? How is it to be used when analyzing the effectivity of a company’s billing and collections process? Something like that.

 

  1. Advanced accounting podcasts. Those in their third or fourth year of college would be interested in advanced accounting.  Here, maybe, we could discuss real life examples of mergers and consolidations.  Like, current business news about a buy-in or a divestment and how that ought to reflect in the books of the companies involved.  Take for example, Microsoft’s $100 million investment in Uber.  How would that reflect in Uber’s books?  How would that reflect in Microsoft’s books?  Will it require consolidated financial statements or not?  That kind of stuff.

 

  1. Finance podcasts. Maybe here we can also delve in real life M&As and current business news but this time we’re going to focus more on the finance aspect of the business transactions. Like how did Microsoft value Uber when it infused the $100Mn?  What assets in Uber’s balance sheet got a good appraisal value? Which ones were written off?  How did they value intangibles?  What is Microsoft’s internal rate of return for Uber?  What interest rate did it use to discount the cash flows?  How much in revenues were projected for the ten-year horizon they were looking into?

uber

  1. Accounting Software podcasts. Here we can discuss the basic computerized accounting systems used by businesses – like Quickbooks, Xero or SAP.  Cloud accounting and any other new developments in technology that are affecting businesses – like in their remittances and billing systems would also fall under this group of podcasts.

 

  1. Business Law podcasts. Corporate lawyers can discuss basic concepts in business law as well as any changes forthcoming.  Definitely, there should be real life business scenarios being discussed here.  Even current business news wherein a certain principle in business law would apply. There’s bound to be a lot of gray areas here and there’s going to be a lot of room for debate and discussion.

 

  1. Career podcasts. This should help a lot of people since everyone wants to find a good job and stay ahead in their field.  We can talk about basic things like how to make your resume stand out, how to prepare for an interview, what are the most likely questions to be asked in an interview and how you’re supposed to answer, how to dress sharp, things like that.  We can also discuss salaries and what pays the most, where the most job vacancies are and maybe where the most promising areas in business and industry are right now.

 

  1. Millionaire secrets. This one can focus on personal finance and maybe we can get to interview famous people, or even just your neighbor with the simple house you didn’t know was a millionaire.  Everyone want to know how they can become rich.  A lot even want to know just how they can get themselves out of debt.  So maybe we can also get some personal finance “gurus” to discuss those things.

 

  1. Taxation podcasts. We can get a lawyer to discuss tax laws and the IRS’ implementing rules and regulations.  There are changes every year so this proves helpful to a lot of people and businesses especially as they prepare for tax filing season.

 

  1. Financial Reporting podcasts. This would focus on the preparation of financial reports for management accounting as well as for filing with the Securities and Exchange Commission. The topics should cater to both small and medium scale enterprises and Fortune 500 companies.  We can get one filing of a listed company, for example, and dissect it to show how the relevant portions illustrate the proper way to do your financial reports.

So those are all the ideas I have for now.  I need more so if you have any suggestions though, head to LOM, a financial services company I recommend if you are looking to invest…

Movie Review: The Scam versus Wolf of Wall Street

A bit off topic, but there’s this really cool Korean movie I watched the other night called “The Scam.” If you really want to find a movie that shows you how insider trading and stock rigging takes place, this is the one you want to watch.

I think, when it comes to detailing how a pump and dump operation is executed, The Scam is definitely much better than “Wolf of Wall Street.”  Much of the wrong deeds the Wolf confesses too are nothing but kindergarten crap compared to the real gangsta stuff you see in The Scam.

I don’t know, I guess it’s probably because Jonathan Belfort is an actual real life person who still wants another chance at life.  So he really wouldn’t want to admit to anything he hasn’t been charged guilty of yet, right? I mean, I don’t want to accuse the man though.

Wolf of Wall street focuses too much on the sex and drugs and side issues like money laundering. Maybe those things sell better in Hollywood. Yet even if the movie was really long, all that time, I didn’t get any emotional attachment to the characters.

But with The Scam, you begin to feel for the lead character Hyeun-Soo, right at the start.  He’s a small retail investor who trades online and loses whatever small capital he has from trades gone wrong.  That moment when he stands on the edge of a bridge and he’s just about to jump, that is real.

The Scam

Through the years that I’ve worked in the stock market, I’ve encountered those instances where I hear about this trader who’s a friend of a friend, who jumps off this or that building because he has a margin call on a couple million he can’t pay, or this sales head who shoots himself in the chest because he owes his brokerage big time. That kind of stuff.

I literally started worrying about some people I know when I was watching the movie.    It just hit me that some of them might actually be planning on killing themselves over their stock market woes and maybe I should pause the movie first and give them a call.  Yes, the misery in that movie was that real.  Okay, for the record, please don’t think that I am actually “my friend” and that I might be planning to kill myself.  I know how to cut my losses early on.  I have very tight stop losses when I trade.  So don’t worry. (They say Iive by the tenet of POP COLA. Prolong our Profits, Cut our Losses Aggressively).

Anyway, so when I was watching The Scam, I could really feel the energy of the stock market.  To think that it was just online trades they did there.  You didn’t even see anyone on the trading floor!  But the way they sat in front of their monitors, fingers tapping, waiting for the opening bell, before they executed their scheme.  The way they correlated charts and timing and emotions and a trigger finger, you can really feel the suspense.

There’s also this part of the movie where they’re in a meeting and they hatch their plan on how to rig the trades, hype their stock with some fake story, and then dump everything on the market once it reached critical volume.  They then use the analogy of a glass filled with liquid to explain it all in layman’s terms.

I think it’s really commendable how they pulled that off. They really took pains to explain how a hype and dump scheme works while still maintaining the scene’s entertainment value   And it was clear, concise and very artfully done (it’s beginning to sound like I’m talking about a sex scene here).

Wolf of Wall Street tries to depict Belfort as some bad ass trader but it fails to do so because I don’t think the guy would really agree to having all of his past stock market schemes being laid out in the cinemas.  So maybe they can only work with all the Hollywood fluff stuff type of confessions Belfort agrees to have featured in the movie.  But I was really expecting more hard core confessions and meat about stock market manipulation so I felt let down, I guess.

But with The Scam, you don’t see too much high power office pep talks.  You don’t really see anyone from the public getting ripped off.  You don’t see circus parties at the dealing room.  But you get an inside view on the real excitement of the ticker tape and the ticking clock, the MACDs and stochastics, the wild swings between hope and despair that comes from the price movements of a manipulated stock.  Even if you’re not a stock market technician, you can feel it.  It’s so raw and palpable in that movie.

Watch it guys.