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Peter Thiel’s Advice For Entrepreneurs

wealthymattersHere are 8 tips for entrepreneurs from Peter Thiel ,co-founder of Paypal, entrepreneur,venture capitalist and hedge fund manager.

1. Do not sell your company too early.

2. Find your niche. Don’t try to revolutionize an entire industry like “health” or “energy” straightaway. Start with a project that helps a small group of people.

3. Make sure that the money that your company earns is re-invested in the company.

4. Talent is everything. Work with the best. If you are the smartest person in the room, leave the room.

5. Entrepreneurship is about resilience and resourcefulness. Be an optimist!

6. It’s not sufficient to be incrementally better than your competitors. Online, competition is global.

7. Work hard. But more importantly make sure you work on the right thing.

8. Combining two words works well for branding: face-book, pay-pal.

More About Tony Fernandes

wealthymattersIf you have just recently begun hearing about Tony Fernandes of Air Asia in terms of the new JV in India,and want to know a little more about him,here is an interview from Indonesia.It makes for interesting viewing and gives an insight into his mind.This could prove to be useful if you are trying to estimate how this JV will effect your airline stocks.Also there is much material for entrepreneurs to mine for nuggets to improve their own businesses. Read more of this post

Growing The Family Business The Kelkar Way

wealthymatters.comWhen the 640-crore SH Kelkar & Company (SHK) , a maker of specialty fragrance and flavour ingredients , into which US private equity giant Blackstone invested 243 crore in early September this year, inaugurated an R&D centre on September 12,its CEO performed the puja.Nothing unusual about this except that B. Ramkrishnan,the 56-year-old CEO, isn’t the owner of the family-owned unlisted business,but a professional.Kedar Vaze, the third-generation family member, in India’s largest fragrance and flavour maker, sat and watched, as the man he reports to, did the honours.

There is a clutch of Indian family owned businesses from the Daburs in the North to the Murugappa group in the South that have brought in professionals to manage their enterprises even as they step back as owners.In some cases,the next-gen family members may be being groomed to take over at the top from the professional once they are ready for the task. Read more of this post

Never, Never, Never Give Up – The Story Of Harland Sanders

wealthymatters.comHarland Sanders, better known as Colonel Sanders had a hard life and failed many times. His father died when he was five years old. His mother had to find any work she could, so she worked in a tomato-canning factory. Harland dropped out of school when he was 12.

Harland had many jobs, including: steamboat pilot, railroad fireman, insurance salesman, and farmer. His marriage failed; his wife left him when he lost a job. But he did not give up on life. He started a service station in which he cooked chicken dishes, country ham and steaks for the customers at the gas station and people liked the food so well that he started a restaurant. The restaurant did well for a long time. Read more of this post

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