Summary of Two Videos


Five Important Business Concepts learnt from each Entrepreneur in the two videos

Forming Your Business Entity

From the video, some of the important concepts that I have learned when forming a business is that an entrepreneur should identify the problem and a solution that the company will provide to the people.  Some of the preliminary requirements that entrepreneur should have in mind include the name of the business, licensing requirements for the business, opening bank account, sources of funding to start a business. The name of the business should be able to tell what the business is all about. Also, it is essential for an entrepreneur to know the kind of licensing requirements that the business may need. Moreover, a bank account should be opened so that sales proceeds can be deposited. The sources of funding should also be Cleary identified. Some of the conventional sources of business funding include sales of personal assets and personal savings, bank loan, selling of shares to mention just but a few. Also, an entrepreneur should determine the kind of business they want to form. The common types of business include sole proprietorship, partnership, limited liability company, S. Company, and C. company. The easiest kind of business to starts is the sole proprietorship because it involves the individual business owner who assumes all the liabilities, profits and losses alone unlike partnership where profits and losses are shared among the partners as per their predetermined ratios. The article by Feldman Susan emphasizes the aspect of Bootstrapping. Susan describes in the article how they went into starting up a business without looking for external capital such as borrowing which according to her could affect future growth of the company. Their key focus in the article was to identify and create products that reflective creativity for a start-up to be successful. The article emphasizes the importance of bootstrapping for example forming a partnership and contributing capital without seeking external is financing (Feldman, 2017). 

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Assessing Your Intellectual Property

Intellectual property of business includes both tangible and intangible property whereby tangible property includes things that one can touch such as cars of the company, buildings, machinery among others. On the contrary, intangible intellectual properties include protection of ideas, rights, patents, brands and any other thing that may emanate from person mind.  The protection of such property is essential because it delivers value to the organization. Other intellectual properties that must be given precedence include human resources working in an organization. People skills and expertise are an essential part of the intellectual property that needs protection so that the company can fully deliver value to its shareholders. Some of the essential intellectual property being mention in the videos includes patent, copyrights, trademarks, and trade secrets. Patents provide the inventor the exclusive rights to make, distribute and sell their invention. Copyrights protect an inventor works such as music, literary work, graphics, and artistic work. It provides the inventor exclusive rights to create perform and modify their work. Also, trademarks help to distinguish the owners or the inventor products and services from those offered by other competitors such that it makes it easy to protect the owner of the brand. Finally, trade secrets protect the inventor from using inventor formulas, and algorithms at the expense of the inventor. Protection of intellectual property should be paramount in ensuring that the business derives value it deserves from its intellectual properties without having such rights being violated by any party (Feldman, 2017).

Engaging a Brain Trust of Advisors

An entrepreneur should engage the minds of other entrepreneurs who have successfully excelled in their business. Such brain of advisor may provide an entrepreneur who is starting a new business or is already operating a business to understand how to maneuver in different situations that face business operations. It is essential to consult the CEO’s and other professionals who serve in the industry in which one business is operating. Such people may provide valuable information that could help an entrepreneur excel in business and avoid mistakes that could make the company incur losses. Brain trust advisor may help an entrepreneur to avoid learning in a hard way because they may advise an entrepreneur on things to be avoided to succeed in the business. One should reach as many people as possible to get a detail information about the company they are about to start (Chen, 2016).

Building Powerful Teams

Building a team helps an entrepreneur to complement those areas where they are not good at. An entrepreneur should identify their strength and weakness and look for right team members to supplement areas that they are weak. No one is perfect there are those how are good in finances, other in IT and others in marketing and hence having a team that has a variety of skills and expertise may help a business to grow and succeed in its endeavors. It is essential to know the challenges that face teams and look for ways to ensure that there are cohesiveness and corporation within a team. Communicating and understand the strength and weakness of the team members are the essential to approach for maintaining an efficient team within a business (Feldman, 2017).

Giving Distinguishing Service

An entrepreneur should provide distinguish services that meet the needs of the customers. Any entrepreneur should understand that customer is the key, and hence, such customers must be provided with goods and services that meet and exceed their expectations. It is essential for a company to ensure that proper research is done to determine things that customers want. Providing distinguishes and unique services from those of the competitors may make an entrepreneur business to become more successful. Having customers is a key to business sustainability, without customers then there is no business, and hence, the focus should be to provide them with unique services (Chen, 2016).

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  1. Chen.J. (2016). Embrace the Entrepreneurial Journey. 
  2. Feldman. S. (2017). Bootstrapping with Flair
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