Entrepreneur

Understanding Entrepreneurial Behavior and Why it is Important

What is it that allows one entrepreneur’s business to succeed, and another to fail? It’s an area long studied in the world of business, and one that also has no simple answer. This hasn’t stopped academics from trying, however, with many choosing to look at entrepreneurial behaviour itself to determine if there are behaviours that those who do succeed possess.

While no two entrepreneurs are alike, academics have found that there do seem to be similar behaviours that emerge time and again. Let us explore them and understand why possessing them is so important for any entrepreneur.

What is Entrepreneurial Behaviour?

In its simplest form, entrepreneurial behaviour can be defined as a set of behaviours that an individual exhibits which allows them to innovate and/or improve upon existing ideas to market a product or service effectively in a competitive market.

While there are many different types of entrepreneurial behaviour that one might exhibit, they can typically be categorised into one of two categories – strategic entrepreneurship and effectual entrepreneurship.

Strategic entrepreneurship can be described as the pursuit of opportunity; the ability for an entrepreneur to spot an opportunity, capitalise on it using underutilised resources, and deliver value without regard to resources that are currently owned or controlled. As such, this form of entrepreneurship relies on the ability of an entrepreneur to seek both opportunity and competitive advantage simultaneously – even if it requires tapping into new resources completely.

Conversely, effectual entrepreneurship looks to generate wealth by relying on resources that the entrepreneur already has readily available and utilising them effectively to ensure success.

While both groups of behaviours have their advantages and disadvantages, the very nature of managing a successful business venture means there is no one size fits all approach.

Female entrepreneur in a meeting with coworkers

Consider what is needed for a business to grow at the beginning of its venture. An entrepreneur is faced with lots of uncertainty, with no cash flow and limited resources available to them. Through effective management, the business can begin to grow and develop into a successful business venture, with multiple employees, additional processes and systems to manage, as well as the cash flow itself.

However, launching a startup compared to managing a fully-fledged business requires vastly different behaviours and skills. These different behaviours and skills that are required mean an entrepreneur cannot tackle these different challenges the same way he or she did at the beginning of the venture. As such, they must therefore alter their behaviour as the business continues to grow to adapt and best meet the businesses’ needs and goals at the time.

The inability of an entrepreneur to transition from a basic startup mentality to one of a manager is one of the biggest reasons why many startups fail. Starting a business and growing a business need two vastly different approaches, and those entrepreneurs able to change their behaviour accordingly are therefore far more likely to be successful.

What Are the Key Elements of Entrepreneurial Behaviour?

When we talk about entrepreneurial behaviour, it’s important to understand that the behaviour is not simply a set of desirable traits and characteristics. Instead, they are defined as key behaviours individuals exhibit early on that allow them to better navigate the world of business and see success.

The key elements of entrepreneurial behaviour include:

Mitigating Risks

A common misconception surrounding entrepreneurs is that they are risk-takers, when in fact the reality is very different. Individuals who exhibit entrepreneurial behaviour are experts in mapping systemic risk and reducing it wherever possible. They can control every possible variable by understanding and measuring all areas of risk such as human, market, competitor, operational and more, allowing them the greatest chance of success.

mitigating risks diagram

The Ability to Bootstrap

When you begin a startup venture, limiting overhead and any unnecessary expenses is vital to allow yourself the best chance of generating profit. There is an outdated belief in the business world that you have to “spend money to make money”, whereas the best entrepreneurs know how to make use of existing resources and have the smallest overhead possible. Committing to costs when you are not fully confident in your business model is a recipe for disaster, which is why the best entrepreneurs only commit to costs once they can prove their business model will work.

Understanding Affordable Loss

That’s not to say the world of entrepreneurship is  devoid of risk. Entrepreneurship involves taking chances, but the best entrepreneurs are also able to understand if these chances are worth taking in the first place. Understanding affordable loss, which is understanding if an idea is worth pursuing, and if it is, how much you can afford to pay to try it quickly, is a vital aspect of entrepreneurial behaviour that allows individuals to continue to learn and grow without sacrificing more than they can afford to lose.

Female entrepreneur working in her home

Pivoting Where Necessary

The final key element of entrepreneurial behaviour is the ability to know when to pivot. Sometimes a significant change is needed. Individuals who are able to identify this, and are willing to change quickly and effectively, ensure they don’t end up either pivoting when it wasn’t required or pivoting too late.

Sign in road to show the need to pivot in business

The Truth Around Entrepreneurial Behaviour

We’ve already touched on how some aspects surrounding entrepreneurial behaviour are incorrect, such as how entrepreneurs are natural risk-takers and that they must “spend money to make money” and be successful. These generalised beliefs lead many of us to have a skewed view of not just what entrepreneurial behaviour is, but also how many businesses in the world today achieved their success.

The likes of Facebook, Amazon and Apple would lead us to believe organisations are like biological organisms in nature, that they are conceived, born young and over time become stronger and better. Add in being led by the likes of an effective entrepreneur, and it’s easy to assume this is a surefire way to take a startup to success.

The reality is far more complicated than this. The journey from startup to a large successful business is a long and difficult one, full of far more ups and downs than many people have been led to believe. Every startup is different, but this is also why one startup’s business path may be completely different from another’s.

Graph representing entrepreneurial behaviour

The idea of differing business paths is one explored in the work of Garnsey, who concludes that “Dynamic processes in the early development of young firms result in variations in the timing, magnitude, duration and rate of change of growth as between firms and in the same firm over time.”

As such, while having the key elements of entrepreneurial behaviour will help you better navigate the difficult world of startups, the very nature of them means there is not a ‘one size fits all’ approach as the reality of growing a successful business is far different than one may expect when only looking at some of the biggest examples in the business world.

Understanding Other Types of Entrepreneurial Behaviour

It’s also important to understand that not all forms of entrepreneurial behaviour are inherently productive. While it might be easy to think that business by design helps grow the economy, there are plenty of examples to the contrary.

A good entrepreneur will use his idea to help grow the economy, yet there are plenty of entrepreneurs whose services only help to redistribute pre-existing wealth. Entrepreneurship that works this way is known as unproductive entrepreneurship and is often seen across many financial and legal services. Outside of specific industries, another common example is that of landlords.

Keys representing a landlord

While unproductive, there are some who exhibit entrepreneurial behaviour to generate a profit but at the cost of human misery. An unfortunate truth is that some of the most entrepreneurial individuals in the world operate in illegal trades such as drugs and trafficking, a prime example of what is described by Baumol as destructive entrepreneurship.

While these forms of entrepreneurship are unlikely to disappear anytime soon, the fact they are the minority, and not the majority, when it comes to entrepreneurial behaviour means those that possess it are far more likely to use their talents to benefit us rather than hinder us. And if the entrepreneurial among us harness their skills for good, the world is only going to continue to get more and more exciting.

Serial Entrepreneur And Co-Founder Of Several Top-Notch Companies, Barak Jacques Supports Startups To Help Them Succeed

With the outbreak of the coronavirus in recent years, many business ventures have shut down. Therefore, capable consultants and consultants similar to Barak Jacques step in to help companies in business growth, investments, and several other business-related fields. In his early years, Barak Jacques ascended the business hierarchy with his extensive knowledge. Barak Jacques, who was just 22 years old at the time, had begun his entrepreneurial career with exceptionally proficient business advisers and consultants. Notwithstanding his age, he couldn’t dismiss the thought of what he wanted to attain in his life, and he set his head on achieving in-depth knowledge of business and how the industry works. Around 2013, he began learning about the new startup trends and techniques that were popular at that time and how to implement them. In a short period, Barak Jacques established his company in 2014 in the fields of cellular and multimedia. With diligent hard work, he became one of the youngest and most sought-after businesspeople at the age of 26, owning up to 6 successful firms and brands.

“I have mastered the art of running a business by turning my countless ideas into successful businesses. As an entrepreneur, I’ve proven my skill in untangling an opportunity for profit. I am a serial entrepreneur, founder of several prominent businesses, and an adviser to startups and enterprises, and I consult them on how to turn ideas and opportunities into a strategy that leads to long-term success.” Says Jacques.

In addition to creating successful brands or e-commerce companies, the entrepreneur has developed technology solutions that have attracted the unwavering attention of global industry leaders. With a clear understanding of the intricacies of the business world, Barak Jacques is working with a diverse group of clients who are actuating prestigious companies and organizations. Motivated by a vision and powerful ideas, Barak Jacques has developed an appreciation for mentorship and is skilled at providing significantly better answers to complicated business situations for the companies he manages. He also enjoys collaborating on nascent startups and offering unique opportunities for organizations to expand their operations. Additionally, he strives to achieve or surpass his clients’ objectives by laying the foundation for a trusting relationship with them while fostering a friendly environment that’s comfortable and easy for them. His inexhaustible endurance to thrive and become mounted on a critique pushes his customers to look for him as a private helper.

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In addition to his expertise and ability to deliver sensible results while striking a perfect balance between strategy and tactics, Barak Jacques possesses the qualities of an analytical problem solver, enabling him to be the best in his field.

For further information, visit the website Barakjacques.com Media Contact
Company Name :  Barak Jacques and Co
Contact Person : Ashley Miller
Email : Send Email
Country : United States
Website:https://www.barakjacques.com/

Meet SEO Entrepreneur Shahe Imran Imon, Get to Know About His Inspiring Journey

“SEO Entrepreneur Shahe Imran Imon”

It’s no secret that the internet has had a profound impact on our lives, and its dominance continues to grow. SEO Entrepreneur, Shahe Imran Imon, (Certified by Moz Academy and SEMPO) knows this better than anyone.

It’s no secret that the internet has had a profound impact on our lives, and its dominance continues to grow. SEO Entrepreneur, Shahe Imran Imon, (Certified by Moz Academy and SEMPO) knows this better than anyone.

SEO is one of the most important foundations of modern marketing. It’s crucial to understand the difference between old-style SEO and modern techniques, in particular, there are huge differences between them! Imon has extensive knowledge of SEO strategy. He makes a point of staying at the forefront of current SEO.

“The reality here is if you are not up to date and aware of current Google rules and search criteria, you might not as well be playing Game of Thrones. Out-of-date SEO couldn’t win the Game of Thrones in the modern market.” – Imon Says.

Imon also added that, “SEO is an art, not a science. It takes experience, intuition, and expertise to discover it the right way. And it’s about understanding the dynamics of search engines and their users and then creating a plan to get your website to rank higher in the search results.” Today, search engine optimization (SEO) is more important now than ever before. Search engines, like Google which possess the ability to crawl and index every corner of your life through its algorithms and data analysis, can help you enormously by positioning you in front of potential customers. As an expert in this industry, Imon’s mission is to help individuals and brands leverage SEO to gain more traffic and leads on their online platforms. The Algorithm that he designs, and strategies that he applies help them expand their audience, reach, and engagement.

Early life:

Shahe Imran Imon was born on November 11, 1988 in Chittagong, Bangladesh. He proceeded to attend Bangladesh Navy School and College, Chittagong for his HSC from 2007 to 2009. 

After 10+ years in the digital marketing space, Imon has developed a unique approach that makes him one of the best in the industry. An early adopter of the internet, he developed a passion for SEO in 2010 when finding the right SEO expert seemed difficult. During this period he got several projects to boost the rankings of his client’s websites on Google. Throughout the project, Imon studied the Google algorithms and discovered several ways of improving a website’s ranking. Since then, Imon’s work ethic and enthusiasm for the digital space have kept him on top of the game, and is a respected authority in his field.

Current Life & Achievements:

Imon is passionate about taking on more challenges. He has won several awards for his achievements in digital marketing, including the “Best of the Best” and “Most Valuable Professional”. Not only that, he has built a strong reputation over the past years as a leader in the digital marketing field. At several industry events, he has been recognized by his peers as a top SEO expert and speaker. With demonstrated experience in SEO, Imon has worked with clients across a wide range of industries including Digital Marketing, Affiliate Marketing, SMM (Social Media Marketing), and more.

Imon recently entered the WEB 3.0 saga with the responsibilities of initiating marketing growth for numerous Crypto/Blockchain projects and NFT projects, helping them with his innovative SEO and SMM strategies on big social media platforms like Google, Facebook, Instagram, Twitter, Discord, Reddit, Telegram, and others.

Imon has also helped many companies to find success online and earn a high ROI. Additionally, he has worked with Various Start-up Brands and companies from different countries of the world as an SEO and Digital Marketing Expert. The strategies that he applies increase exposure to a wider audience. His analytical problem-solving process that can be applied to a wide variety of situations to solve problems. It includes five steps: Defining the problem, identifying possible causes, evaluating possible solutions (or alternatives), implementing one or more solutions, and evaluating the effectiveness of the solution. In his role as a mentor, Imon can motivate and inspire people with his words or actions. In addition, he loves collaborating with clients to find unique ways for them to expand their businesses. His creativity, Analytical skills, innovative strategies, expertise, and hard work established him as an SEO expert in the SEO industry.

For additional information, visit the website: https://seohackmastery.com

Media Contact
Company Name: DotMirror Limited
Contact Person: Rakibul Hasan Razu
Email: Send Email
Phone: +8801558575757
Country: Bangladesh
Website: https://dotmirror.com

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Entrepreneur Shimanto Neer is helping Brands Growing their popularity through his Digital Marketing Skills

Digital marketing has become an essential element of every successful establishment, no matter how big or small may it be. As such, there are numerous Digital Marketing experts everywhere who are trying to make it big in this field but not every one of them is really efficient nor successful as Shimanto Neer from Bangladesh. He has been effective in standing out from the crowd and is the most sought after person when it comes to digital marketing.

Shimanto Neer

Apart from being a Digital Marketer and an Entrepreneur, Shimanto Neer is a content creator, musical artist and an influencer who is expert in making video content, web Designing and Search Engine Optimization & many more related to digital marketing. As there are big opportunities in this field, he started a platform where he provides business strategies for different organizations, personalities and artists by launching the Inform Buddy – a digital marketing platform that provides tailor-made solutions to increase reputation and increase market value. The agency offers services like Brand Consulting, Brand Visibility, Content Creation, Web Design, Information Architecture, Press Release, and Google Knowledge Panel, Wikipedia Page Creation and so on related to making a brand. According to Neer, having a solid portfolio is the only way of attracting a large number of clients as before investing, clients review samples of your previous work.

The global digital marketing software market size is expected to reach USD 264.15 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 19.1% from 2022 to 2030. The rapid increase in the number of smartphone users leads to more and more people using social media which in turn drives the market growth.

Soaib Hasan Shimanto (born: 30 June 2000), popularly known as Shimanto Neer raised in a small town named Nakla in Sherpur district in Bangladesh. His father Sajad Parvej is a businessman and his mother Rabeka Parvin is a housewife. From a young age, he wanted to be an entrepreneur. The creative content creator which he is, at the age of 17 he became very popular by making a short film “Bhul” on July 3, 2018. He has a verified youtube channel named “mentosUNCLE ” around 247K subscribers along with 20+ Music Video. Currently, Neer is working as the CEO of a faster growing Bangladeshi company “Sentosh IT Limited”. Neer is a very dedicated person to growing his company along with client’s satisfaction. “I used to be well-versed in programming and web site growth which helped me a lot when I entered the field of digital marketing.” Says Neer.

Neer, a professional in Digital Marketing, helps even small businesses increase their web presence, social media presence and by growing traffic. Due to his creativity and unique brand strategies, he attracts large audiences which enables brands to reach an enormous range of target groups. Being highly resourceful has made him become one of the top influencer marketers and has been able to enjoy a high degree of trust with leading companies. As he provides immersive content and has diversity it creates great opportunities for brands to hold the attention of a passionate and influential audience. 

Neer has faced a lot of impediments in his life and career and this has made him a man with humility. He had a difficult childhood and in spite of all the challenges he faced in life, he was determined to achieve his dreams. “Hard work and dedication is the key to success”, says Neer.

Media Contact
Company Name: DotMirror Limited
Contact Person: Rakibul Hasan Razu
Email: r[email protected]
Phone: +8801558575757
Country: Bangladesh
Website: https://dotmirror.com

Armenian Entrepreneurs Attract Hollywood Celebrities and Musicians to World-Class Therapy Studio

Jake Paul, Winnie Harlow and Bryson Tiller Utilize Muscle Lab for Recovery Treatment

LOS ANGELES, Sept. 20, 2022 /PRNewswire/ — Cryotherapy treatment has become an increasingly popular muscle recovery alternative, and a California-based health center, Muscle Lab, is leading the new wellness movement behind a bevy of support from professional athletes, musicians and celebrities.

Founded in 2020 by Armenian-American entrepreneurs Andy Treys and Vatche Ourishian, Muscle Lab is a state-of-the-art health facility headquartered in Los Angeles that specializes in luxury recovery treatments including cryotherapy, cupping, compression therapy, stretch therapy, infrared sauna and IV therapy.

Muscle Lab has treated more than 50 professional athletes including current NBA players Tyler Herro and Ben Simmons, as well as musicians DJ Zedd, Bryson Tiller and A$AP Ferg.

Jake Paul and Winnie Harlow are also among many celebrities who support what Treys and Ourishian have constructed with Muscle Lab.

“Andy and V have created a comfortable culture and a fresh experience in the health and wellness space,” Paul, a social media mogul and professional boxer, said. “Muscle Lab provides medically-proven recovery treatments in a luxurious environment. More and more people are looking to cryotherapy to aid their health path, and Muscle Lab is setting the standard in this arena.”

Muscle Lab’s services extend beyond the rich and famous. Sierra Canyon, which is one of the premier high school basketball programs in the nation (and where LeBron “Bronny” James Jr. attends), is supported by Muscle Lab. The facility opens its doors to Sierra Canyon players throughout the season to provide recovery treatment outside of what the school offers.

“I wish Muscle Lab and its services were around when I was playing high school basketball,” Treys said. “But cryotherapy practices were only available to professional athletes a decade ago. Those kids are our most important clients because we’re providing some of the mental and physical support they need to achieve their goals, on and off the court.”

The 27-year-old Treys is an L.A. native. He became an early pioneer in the digital marketing industry as a teenager in 2016, founding GetMeFamous.com and ultimately building the marketing agency into a multimillion-dollar company with media channels that currently reach more than 800 million followers.

Forbes and Maxim featured Treys and his KB24.com project in the fall of 2021. The website, previously owned and operated by Kobe Bryant, was used to develop a digital art collection honoring the late NBA superstar where all proceeds would be donated to the Mamba & Mambacita Sports Foundation.

Treys and his business partners have also created an NFT (non-fungible token) project called Cereal Club, which will utilize the domain Cereal.com to facilitate the sales of its direct-to-consumer line of breakfast foods.

About Muscle Lab

Muscle Lab is a muscle recovery and wellness lounge where members can come together to recover, rejuvenate, and socialize. Whether you’re suffering from chronic illness or pain, need guidance in adopting healthy lifestyle habits or just want to relax, Muscle Lab offers the gamut of services tailored through a combination of advancements of modern sciences. Muscle Lab is the industry’s most integrative and comprehensive approach to health.

About Andy Treys

Andy Treys is an Armenian-American tech entrepreneur based in Los Angeles. He is the founder of Muscle Lab, Cereal Club, GetMeFamous, Accommodations and KB24.com. Treys’ social media agency, GetMeFamous, launched successful campaigns for Alissa Violet and Bella Thorne, which grew the company’s reach to 800 million followers to date. Muscle Lab, a muscle recovery and wellness lounge, was founded in 2020 and has a large client list of celebrities, musical artists and professional athletes.

Media Contact: Jacob Crossman, [email protected]

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