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How Your Definition Of Entrepreneur Can Limit Your Success

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The word entrepreneur is used so often in so many different contexts these days that pinning it down is virtually impossible.  Everyone has their own definition, and the one you adopt—or unconsciously accept—can determine your aspirations, dictate your behavior, and in some instances cause you to underperform or fail outright. It’s a classic self-fulfilling prophecy—you’re likely to get what you expect to get.  

Among the many definitions of entrepreneur, six currently dominate the popular press, the how-to literature and business education—and loom large in the popular imagination. Each definition, in its own way, can be both empowering and pernicious. Here’s what to look out for: 

The Noble Founder.  This would appear to be the simplest definition of all: if you start a business, you’re an entrepreneur, regardless of whether it succeeds. Today, there are over 16 million people attempting to start over nine million businesses in the U.S. But even this apparently simple definition brings with it some significant psychological baggage.  People who associate themselves with this definition often feel a deep sense of pride in their willingness to even try to start a business.  But that understandable pride in taking on the struggle can also mean a too easy acceptance of poor results. Inside the noble founder lurks the noble failure.

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Entrepreneurship

How Entrepreneurs Can Take On The Big Players

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Every business faces competition. Unless you’ve discovered a natural monopoly or developed a product that’s so out there that nobody else is making it, you’re going to have to outsmart your rivals.

Competition can be daunting, especially when you’re just starting out. Established players seem to have all the advantages: Their brand is more recognizable, economies of scale enable them to undercut your prices, and they can outspend you on marketing to stay top of mind with consumers.

But an agile small business can still go toe-to-toe with the established names in its field. Ancestry.com has 2 million subscribers and 11 billion historical records, but that didn’t stop Cliff Shaw from making a success of his genealogy company, Mocavo. Shaw didn’t try to take on Ancestry.com directly. Instead he developed a new model of doing genealogical research that proved complementary.

Small businesses also have their advantages over the big players. They can move quickly, they can more easily build personal connections with consumers, and they’re considered more trustworthy, too. Family-owned businesses are trusted by 80% of Americans, whereas only 52% of people trust public companies. To harness your entrepreneurial advantage, follow these three tips for taking on the big boys:

Read full article by Rhett Power here @ Forbes

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Entrepreneurship

VIVICA A. FOX SHARES TIPS ABOUT HER HUSTLE

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Vivica A. Fox opened up about her illustrious career in Hollywood, running a business, and her unbeatable hustle earlier this month at the Enterprising Women of Color Forum, an event powered by the Minority Business Development Agency (MBDA) and Essence magazine.

The forum, which served to empower women entrepreneurs with wealth-building resources, was held at the National Museum of Women in the Arts in Washington, D.C., during the Congressional Black Caucus Foundation’s Annual Legislature Conference. The half-day event included an interactive workshop facilitated by Irene Walker, the program manager at Facebook’s Level Up, and a panel discussion moderated by reality star and entrepreneur Robyn Dixon of Bravo’s Real Housewives of Potomac.

Read more @ Black Enterprise

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Entrepreneurship

BARBER OPENS HARLEM’S FIRST MOBILE BARBERSHOP AFTER GETTING PRICED OUT OF STOREFRONT

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Over the last decade, the sharp rise in the cost of housing, public transportation, and other life necessities make it challenging for the working-class to maintain a decent standard of living, especially in New York City. And, if that‘s not enough to contend with, gentrification is an economic weight making it even harder to keep one’s head above water.

Just ask Linwood Dillard, III. He is a 36-year-old lifetime resident of Harlem, NY, and a former business partner in the Designs and Lines storefront barbershop, until it was gentrified in 2017. The barbershop was equipped with a premium sound system and flat-screen televisions and was located in Central Harlem on Malcolm X Boulevard, and just two blocks from Martin Luther King Jr. Boulevard. Although Dillard believed in self-reliance and had a dream, the ruthless stranglehold of gentrification forced him out of business.

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