Entrepreneurship is the act of being an entrepreneur, which is a French word meaning "one who undertakes innovations, finance and

business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses. However, in recent years, the term has been extended to include social and political forms of entrepreneurial activity (Wikipedia). Entrepreneurship is a key driver of not only our national economy, but also the global economy. It is linked to creation of jobs, increases in productivity, and improvements of living standards, and to economic growth. However over half of new businesses fail mainly because the entrepreneurs are unable to translate their passion into practical business skills. Success demands more than hard work it demands resilience and expertise in a particular field. In order to succeed, entrepreneurs need to understand that they must become proficient in a set of fundamental business skills.

Why does a business fail? Determining why most businesses fail can be a helpful identification of the eventual decline phase of a business. Small firm performance has been studied from a variety of approaches to better understand why some firms fail and why others succeed. Some researchers classify business failures as catastrophic or general lack of success. About two-thirds of those businesses that cite economic factors as a reason for failure, indicate that a lack of profits is the primary reason. Catastrophic failures also result from fire, fraud, burglary and acts of God. While no person starts a new venture preparing for failure, they can have a clear plan for success which involves actions if things do go wrong.

According to statistics from Dun & Bradstreet, 88.7% of all business failures are due to management mistakes. Some of the leading management mistakes that lead to business failures are: going into business for the wrong reasons; the entrepreneur gets worn-out and/or underestimated time requirements; family pressure on time and funds; pride; lack of market awareness; the entrepreneur falls in love with the product/business; lack of financial responsibility and awareness; lack of a clear focus etc. (Key Reasons Why Small Businesses Fail. Commissioned by IIB-Business Support Americas. Submitted By Silas Titus. Accredited Associate of The Institute for Independent Business)

The 12 broad causes that lead to a business failure are summarized below.

Lack of Industry Experience Every business has an environment in which it operates. The internal resources of a firm must match the needs of the environment to which the firm caters. Lack of experience in the industry will lead to poor organization of a firm and its resources. The structure of the industry in which the organization operates substantially influences small firm performance outcomes16. Inadequate Financing Financing is the lifeblood of growing a business whether in the startup phase or in a later stage. Many businesses fail due to lack of proper financing channels. It is not a matter of unavailability of funding, but the lack of planning for funding to support opportunities for growth. Planning in advance, rather than looking for financing just when needed, is a good practice. Trouble results when entrepreneurs do not have sufficient awareness of the costs involved in raising capital, are not prepared with alternative sources in case of rejection from financiers, fail to consider using a combination of debt and equity to fund the business or, in general, fail to plan for growing their business to avoid the crisis of financing. Lack of Adequate Cash Flow Cash flow is the measure of a firms ability to maintain sufficient funding to meet its expenses for the day-to-day activities of the business. Many small businesses fail because owners have a difficult time projecting what cash will come in every month, and thus, how much can go out. It is vitally important for an entrepreneur to learn some basic accounting disciplines and be able to make cash flow projections that will help them understand how much they can afford to spend every month. Poor Business Planning Nine out of ten business failures in the United States are caused by a lack of general business management skills and planning17. A good business plan helps identify the

mission; cost structure; market; external influences; and strengths and weakness of a business. The business plan can separately include a marketing plan, operating plan, etc. Management Incompetence Ninety percent of business failures are associated with management inadequacy, which consist of either management inexperience or incompetence18. Good management efficiently implements and monitors the strategic and operational plan of a business. A good strategic plan is only good as the managements ability to implement changes in day to day operations

Ignoring the Competition Capitalism is a cutthroat system. Customers are always looking for the best deal, or at least, a better deal. And if the competition offers better products, services, or prices, the customers will succeed at the expense of the business. Keeping an eye on competitors and positioning the products accordingly is vital to staying in business. Unworkable Goals It is one thing to set goals and another thing to set workable goals. Entrepreneurial initiatives are fundamentally influenced by uncertainty19. Setting realistic goals, within the bounds of acceptable risk taking and optimism, is important. Diminished Customer Base Competition can cause the customer base to diminish. From a small businesss perspective, it is good to focus on a customer strategy that works well for their business. At the same time it is also dangerous to focus only on one recipe for success. Diversifying the customer base is an important factor in building the business. Being flexible enough to adapt to new trends and ideas is important to staying in business. Uncontrolled Growth Uncontrolled growth of the business can also cause it to fail if not handled appropriately. Obesity is a problem in business as it is in an individuals health. Proper planning must be in place even for business growth. Successful growth requires a professional management team, flexible organization, and proper systems and controls. Inappropriate Location The old real estate maxim location, location, location may be even truer in the small business world. Even the best-run retail establishment will have a difficult time succeeding if it is in a poor location. Location may not be applicable to all types of businesses, but when it is, it may be critically important. Poor System of Control While setting proper goals to manage the business, a system of controls is also needed to measure performance. Checks and metrics help owners manage organizational activities. A firm cannot control the external factors affecting its environment such as customers and competitors but it can adapt its internal organizational activities. A lack of proper

control on internal activities can eventually lead to business failure. Controls can be implemented in several aspects of the business. Controls can be set in place to measure the quality and quantity of production. Certain financial controls are needed to measure the overall financial performance of the business. A good control system will establish standards, measure performance, compare performance against standards and then provide for a way to correct procedures where needed. Lack of Entrepreneurial Skills Mostly during the startup phase of a new business, lack of entrepreneurial skills in an owner can cause a business to fail. This may not be true during the later growth and maturity periods of business where more administrative and management skills are

required. A small firms performance outcome is a function of many variables, including individual owner characteristics, owner behaviors, and environmental influences15. Entrepreneurs generally have a high need for achievement and social awareness, and they are high risk takers20. Consequently, the personal and personality characteristics of an owner can be a cause of business failure.

This set of 12 soft business skills is what we refer to as The Entrepreneur's Skill Set.

The Entrepreneur's Skill Set

Each e-Learning Program, in Training for Entrepreneurs.com, is comprised of individual, self-contained e-Lessonstudy modules that provide Subscription Select Plus Members with step-by-step instructions and methods that help them master the program's specific business skill. The number of e-Lesson study modules varies from program to program depending on the complexity of the topic/skill. These e-Lesson study modules define and examine the concepts, the principles, and the procedures of best business practices. Interactive exercises and assessments accompany each e-Lesson. The Training for Entrepreneurs e-Learning and Virtual Mentoring Programs approach is the answer to your business training and development needs. Training for Entrepreneurs delivers its programs electronically via the internet as an online e-learning /training approach. The e-Learning approach is practical and cost-effective. Here's how our e-Learning/training approach benefits you:

1. 2. 3. 4. 5.

Our e-Learning approach is CONVENIENT You are able to download the content of our programs and to complete the interactive exercises according to your own schedule, or when it is convenient for you. Our e-Learning approach is VALUABLE You learn tactics, techniques, and strategies that help you solve real-world, problematic, entrepreneurial scenarios. These tactics, techniques, and strategies are based on best business practices that have been developed by seasoned entrepreneurs and business leaders alike. . Our e-Learning approach is EFFECTIVE... You learn to make better decisions for your business because our programs are performance-based and our exercises are interactive. Both performance-based programs and interactive exercises empower you to implement the newly learn tactics, techniques, and strategies into everyday practice. Our e-Learning approach impacts the bottom line As you progress through a program, you incrementally learn and implement specific tactics, techniques, and strategies from each of the program's e-Lessons. This process enables you to more positively impact your bottom line and build long-term business value. Our e-Learning Programs are AFFORDABLE You can eliminate expensive tuition costs of traditional out-of-town workshops and seminars that force you to also incur additional costs associated with transportation, dining, and lodging -- not to mention the valuable time that you would be away from home and business! You must agree that our convenient, valuable, effective, high-impact, and affordable e-Learning and Virtual Mentoring Programs validate the reasons for subscribing to Training for Entrepreneurs.com. But, wait. There is yet another reason that is equally as important. Training for Entrepreneurs e-Learning is SPACED-TRAINING, or training that is distributed over time, rather than over short intervals. This is significant because of the "R" Factor --Retention Factor. A study, from the Montreal Neurological Institute and Hospital of McGill University, reveals that learning patterns of training that are distributed over time are superior at generating long-term memories, than training that is presented at very short

intervals! According to Dr. Wayne Sossin, neuroscientist at the Neuro, and lead investigator of the study, states that, "It is a well known psychological principle that learning is better when training trials are spread out, rather than when given all together."

Educating Entrepreneurs to Perform Better

Training for Entrepreneurs.com provides entrepreneurs (start up, aspiring, or experienced) with performance-based learning solutions that offer better alternatives to traditional, academic style training. Training for Entrepreneurs.comperformancebased learning approach improves and accelerates the transfer of learning; thereby, shortening time-to-proficiency, which results in training cost reductions, improved self-esteem, and increased business results. The Training for Entrepreneurs e-Learning Programs are designed to assist you, the entrepreneur, with making the best decisions and implementing the best actions. The Programs connect knowledge with real-world performance. The content is learner-centered and performance based. The Training for Entrepreneurs e-Learning Programs are engaging and relevant to the real-world of entrepreneurial businesses. By incorporating the latest instructional design methodology , we are able to deliver a valuable as well as an enjoyable e-learning experience.

By delivering e-Learning and Training Programs that are a uniform and consistent framework, the suite of e-Learning and Virtual Mentoring Programs from Training for Entrepreneurs.com keeps you actively engaged in the learning process, and helps to increase your understanding and absorption of the material. You will see your knowledge retention levels soar. Therefore, you can leverage your newly gained knowledge to immediately begin driving improved business results.

Acquire a blueprint plus the tools that help your company grow, compete, and succeed General Overview: The GO SAMMY Strategy System is a 6 month e-learning strategic planning and strategy implementation program.The GO SAMMY Program provides members with expert guidance throughout the program's weekly, step-by-step instructional eLesson modules on strategic thinking, planning, and developing key action strategies. The dynamic program guides members through the process of developing and implementing "break-away-from-business-as-usual" strategies that help entrepreneurs reposition their businesses so that they not only survive, but also thrive during economic uncertainties. Designed For: The GO SAMMY Strategy System Program is tailored for entrepreneurs and executives of small businesses who employ fewer than 100 employees, who want to sharpen their competitive advantage, and are committed to taking their respective businesses to the next level. Program Takeaways: With The Go Sammy Strategy System Program you will: Create a custom-tailored strategic action plan for your specific business. Master techniques that help you acquire and maintain a competitive advantage. Recognize the importance of developing SMART goals and objectives. Learn how to successfully implement best strategic business practices. Gain a greater recognition of the threats and risks to your organization and learn how to best minimize their effects. Learn critical techniques that help you manage your enterprise more proactively. Develop client/customer centered growth strategies. Develop a skill set matrix to accelerate profitable growth. Develop an early detection system that identifies operational problems.

Tuition Costs: Tuition fees for the Program are $282.00. These fees are payable in six (6) equal installment payments of $47.00 per month. The GO SAMMY Strategy System Program includes 25 e-Lesson modules in both PDF and MP3 file formats which are supplemented with assignments, exercises, and activities. Throughout the Program, we utilize a series of numerous highly effective inter-active instructional tools which include assessments, factsheets, PowerPoint presentations, spreadsheets, surveys, templates, tip sheets, questionnaires, and worksheets.

Mentoring Program
Research in both educational and business settings alike - around the world - indicates that students, employees, and CEOs are more likely to succeed when they have a mentor. Fortune 500 CEOs were asked the question, "What factor contributed most to your success.?" Many of these CEOs listed that having an effective mentor was a key factor in their success. As a result, more and more businesses are creating formalized mentoring programs. The GO SAMMY Mentoring Program supplements the GO SAMMY e-Lessons by providing GO SAMMY Strategy System members with individual access to critical and personal feedback and expert guidance . The Mentoring Program is limited to 50 GO SAMMY Strategy System members and is facilitated by veteran mentor/consultant, Terry H. Hill, the cocreator of the GO SAMMY Strategy System. The Mentoring Program provides each member with one-to-one personal mentoring via a private, password-protected message board whichoffers the member a personal, confidential forum for communicating and interacting directly with Terry Hill.

Marketing System
Attention, Independent Professionals! Are you continually struggling to attract new clients? And, are you questioning how your practice will survive this current economic crisis? If so, then heads-up! Scheduled to begin during the second quarter of 2010, Training for Entrepreneurs.com will launch its second business skills training program, the YOU ADVANTAGE Marketing System. The YOU ADVANTAGE Marketing System Program provides subscription members with expert guidance through the program's step-by-step weekly instructional e-Lesson modules on a highly effective marketing process that optimizes a member's own unique business acumen and leverages that member's existing knowledge, prior experiences, and personal/business contacts in a way that positions that member as an expert in their particular field. We call this process -- establishing yourself as the expert -- The YOU Factor. The YOU Factor not only influences but also encourages people to want to do business with you. Veteran small business author and consultant, Terry H. Hill will share with you his rainmaking secrets, the ones that he continues to use, even today, to build a highly successful business consulting practice. Each week, Terry and his associate ,Dolly A. Stevens , will show you how to incorporate high-impact marketing strategies to generate a flow of new business opportunities. In addition, Terry and Dolly's expert commentary will guide you in the use of the most effective marketing tools and tactics that can help you not only to survive, but also to grow your professional practice. Memberships for this amazing business development program are limited and will be available on a first-come, first-service basis. Click on the link below, and be among the first to be notified by e-mail when this blockbuster program is open for enrollment

ADVANTAGE Mentoring Program

The YOU ADVANTAGE Mentoring Program will run in conjunction with the YOU ADVANTAGE Marketing System Program. The Mentoring program supplements the YOU ADVANTAGE e-Lessons by providing YOU ADVANTAGE Marketing System members with individual access to critical and personal feedback and expert guidance . The Mentoring Program will be limited to 50 members of the YOU ADVANTAGE Marketing System Program and is facilitated by veteran mentor/consultant, Terry H. Hill, the co-creator of both the YOU ADVANTAGE Marketing System and the GO SAMMY Strategy System. The YOU ADVANTAGE Mentoring Program provides each member with one-to-one personal mentoring via a private, password-protected message board which offers the member a personal, confidential forum for communicating and interacting directly with Terry Hill.

Business Start Up Training Program

Scheduled to begin during the third quarter of 2010, Training for Entrepreneurs.com will launch its third business skills training program, the Business Start up Training Program. The Business Start up Training Program provides Subscription Members with expert guidance through the program's step-by-step weekly instructional e-Lesson study modules on a highly effective business development process "a blueprint for success"-- for start up and early growth small businesses. The Business Start Up Training Program is designed to help new business owners with the mechanics -the "nuts and bolts"- of properly establishing the infrastructure for their new enterprise. The program's curriculum covers 10 (ten) key areas of concentration:

Business Pre-Start Up Business Start Up Business Planning & Budgeting Finance & Financial Management Human Resources Legal Requirements Operations Management Risk Management Sales & Marketing Time Management

Business Start Up Mentoring Program

The Business Start Up Mentoring Program will run in conjunction with the Business Start Up Training Program. The Mentoring Program supplements the Business Start Up e-Lessons by providing Business Start Up Training Program members with individual access to critical and personal feedback and expert guidance . The Mentoring Program will be limited to 50 members of the Business Start Up Training Program and is facilitated by veteran mentor/consultant, Terry H. Hill, the co-creator of the YOU ADVANTAGE Marketing System, GO SAMMY Strategy System, and the Business Start Up Training Program . The Business Start Up Mentoring Programprovides each member with one-to-one personal mentoring via a private, password-protected message board which offers the member a personal, confidential forum for communicating and interacting directly with Terry Hill.

Business Loan Proposal Program

Attention: Business Owners and Executives! One of the most important aspects of building a successful business is based on the entrepreneur's ability to acquire the necessary financing to start, grow, and expansion his/her enterprise. Exploring the variety of financing options, interpreting the terms and conditions of a financing agreement, and understanding the terminology used by lenders and investors, can often be outright intimidating. Don't miss out on enrolling in this all-important program! Scheduled to begin during the fourth quarter of 2010,Training for entrepreneurs.com will launch its fourth business skills training program, the Business Loan Proposal Program. The Business Loan Proposal Program provides Select Plus members with expert guidance through the program's step-by-step weekly instructional e-Lesson study modules on a comprehensive 7-step process that helps business owners and executives to more favorably secure a commercial business loan for starting, expanding, or growing their business. Business Loan Proposal Program provides a source of knowledge that guides business owners and executives through the processes of investigating, preparing, presenting, and negotiating the best debt financing options for their respective small businesses. The program's curriculum covers 7 (seven) key steps:

1. Size-up Your Current Situation 2. Identify Your Financial Needs 3. Prepare Your Business Loan Proposal 4. Approach Your Lender 5. Understand the Loan Approval Process 6. Negotiate the Most Favorable Loan Terms 7. Execute Your Plan

The Business Loan Proposal Program helps to de-mystify the debt financing process, to boost your confidence level, and to improve your chances of acquiring the necessary business financing. Memberships for this comprehensive business financing program are limited and will be available on a "first-come, first-service basis."Click on the link below, and be among the first to be notified by e-mail when this "must-attend" program is open for enrollment...

Business Loan Proposal Mentoring

The Business Loan Proposal Mentoring Program will run in conjunction with the Business Loan Proposal Program. The Mentoring program supplements the Business Loan Proposal e-Lessons by providing Business Loan Proposal Program members with individual access to critical and personal feedback and expert guidance .The Mentoring Program will be limited to 50 members of the Business Loan Proposal Program and is facilitated by veteran mentor/consultant, Terry H. Hill, the co-creator of the GO SAMMY Strategy System, the YOU ADVANTAGE Marketing System, and the Business Start Up Training Program. The Business Loan Proposal Mentoring Program provides each member with one-to-one personal mentoring via a private, password-protected message board which offers the member a personal, confidential forum for communicating and interacting directly with Terry Hill.