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Start-up Advice

(Slideshow) Movies Every Entrepreneur Should Watch

Do yourself a favour and make sure that you see these movies.

Alison Job

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The Godfather (1972)

The Godfather movie

The Godfather

“Don’t ask me about my business!” – Michael Corleone (Al Pacino)

The Godfather is the story about the growth of a small family business as it becomes the largest organised crime family in New York, fighting off opposition at any expense. The Godfather and his son Michael Corleone are the brains behind the family and this film gives you an insight into what it takes to become one of the most powerful family businesses in the country.

Citizen Kane (1941)

Citizen Kane (1941)

Citizen Kane (1941)

“You’re right, I did lose a million dollars last year. I expect to lose a million dollars this year. I expect to lose a million dollars *next* year. You know, Mr. Thatcher, at the rate of a million dollars a year, I’ll have to close this place in… 60 years.” – Charles Kane (Orson Welles)

No list of great films would be complete without this classic, which traces the life and times of Charles Foster Kane, a fictional newspaper tycoon based partly on William Randolf Hearst. Kane’s career in the publishing world is born of idealistic social service, but gradually evolves into a ruthless pursuit of power.

Related: (Slideshow) Best Business Success Quotes from Movies

Glengarry Glen Ross (1992)

Glengarry Glen Ross (1992)

Glengarry Glen Ross (1992)

“A-B-C. A-Always, B-Be, C-Closing. Always be closing” – Blake (Alec Baldwin)

This film about desperate New York real estate salesmen fighting for their jobs cuts almost too close to the bone. The film depicts two days in the lives of four real estate salesmen and how they become desperate when the corporate office sends a trainer to ‘motivate’ them by announcing that, in one week, all except the top two salesmen will be fired.

It’s A Wonderful Life (1946)

It's A Wonderful Life (1946)

It’s A Wonderful Life (1946)

Don’t you see what’s happening? Potter isn’t selling. Potter’s buying! And why? Because we’re panicking and he’s not. – George Bailey (James Stewart)

The film is about George Bailey, a man who has given up his dreams in order to help others and whose imminent suicide on Christmas Eve brings about the intervention of his guardian angel, Clarence Odbody. Clarence shows George all the lives he has touched and how different life in his community of Bedford Falls would be had he never been born.

Related: Business Lessons from Quentin Tarantino Movies

Office Space (1999)

office-space-1999

Office Space 1999

“My only real motivation is not to be hassled – that, and the fear of losing my job. But you know, Bob, that will only make someone work just hard enough not to get fired.” – Peter Gibbons (Ron Livingston)

While it’s great to have a job in this economy, that doesn’t mean you should be miserable day in, day out. For fed-up officer workers who need a push to make a change, then this is it. The film satirises work life in a typical 1990s software company. Peter Gibbons is a man who hates his job and starts to increasingly slack off and do things his own way. Trouble arises when he starts stealing from the company and things go awry.

American Gangster (2007)

American Gangster (2007)

American Gangster (2007)

“The most important thing in business is honesty, integrity, hard work, family, never forgetting where we came from. See, you are what you are in this world, that’s either one of two things: Either you’re somebody … or you’re nobody.” – Frank Lucas (Denzel Washington)

Gangster Frank Lucas manages to enslave an entire neighborhood to hard drugs. Lucas smuggled heroin into the United States on American service planes returning from the Vietnam War. Eventually he is detained by a task force lead by detective Richie Roberts. Why should entrepreneurs watch this film? Lucas was successful because he identified and exploited inefficiencies in the market and stole share from established players.

Related: The McDonald’s Origin Story Starring Michael Keaton On Circuit Soon

Boiler Room (2000)

Boiler Room (2000)

Boiler Room (2000)

A sale is made on every call you make. Either you sell the client some stock or he sells you a reason he can’t. Either way a sale is made, the only question is who is gonna close? – Jim Young (Ben Affleck)

After entering the stockbroking profession to impress his father, Seth Davis, a college dropout, soon realises the huge earning potential ahead of him. But with commissions much larger than any other company, Seth soon learns that not everything is what it’s cracked up to be and he’s forced to face the dilemma of money and greed vs. morals and legality.

Jerry Maguire (1996)

Jerry Maguire (1996)

Jerry Maguire (1996)

“I will not rest until I have you holding a Coke, wearing your own shoe, playing a Sega game featuring you, while singing your own song in a new commercial, starring you, broadcast during the Superbowl, in a game that you are winning, and I will not sleep until that happens. I’ll give you fifteen minutes to call me back.” – Jerry Maguire (Tom Cruise)

This is a story about a man who’s at the top of his game; beautiful girlfriend, the biggest clients, lots of respect. But then he decides to step back and question it all and proposes his new thoughts to the rest of the company, which ultimately ends in him losing it all. Everyone turns his back on him, except for one, very volatile client, Rod Tidwell. From here you see Jerry examine what it really important to his business and life and works towards bringing it all back together again, only this time, the way it should be.

Pursuit of Happyness

Pursuit of Happyness

Pursuit of Happyness

“You got a dream… You gotta protect it. People can’t do somethin’ themselves, they wanna tell you you can’t do it. If you want somethin’, go get it. Period.” – Chirstopher Gardner (Will Smith)

This is a real life story of a man who believes so badly in a product that he can’t sell that he ends up losing his house, his wife and his money, being left with just himself and his son. This in itself is an important lesson to be learnt, but it’s the steps that he takes from here that really shape him into who he becomes.

Against all odds, he takes an unpaid internship to become a stockbroker, fighting against his peers for a single job at the end of it. This is a powerful true story that sticks with you as you face your own personal struggles in business.

Next Slideshow: 11 Business Books You Need to Read

A few essential reads to add to your list. Click Here

 

Alison Job holds a BA English, Communications and has extensive experience in writing that spans news broadcasting, public relations and corporate and consumer publishing. Find her at Google+.

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1 Comment

1 Comment

  1. Disqus - ASM

    Mar 20, 2015 at 23:25

    Entrepreneurs should watch gangster movies..? Amazing..!

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Start-up Advice

(Infographic)The Do’s And Don’ts Of Naming Your Business

There’s a lot that goes into a company’s name.

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Finding the right name for your business can be crucial to its success. If you’ve got a boring, vague name, then you might repel potential customers.

When it comes down to it, there are some major do’s and don’ts that go along with naming your company. For starters, keep things simple and short – a long name can confuse potential customers and won’t make a lasting impression on them.

Your name should also tell your story. Not only will this help people recognise your company but you’ll build the brand’s character.

Something a lot of people don’t think about is how their company’s name will sound in another language. Even if you’re in the early stages of building your company, who knows what could happen in the future. So create a name that sounds good and has a positive translation in any country. Next, always test your ideas before setting them in stone.

Ask potential customers to take a survey and compare your name with other companies in the same industry. Of course, you also must ensure that the name you came up is even available.

To learn how you can create the best name for your business, check out Business Backer‘s infographic below.

do-donts-naming-business-infographic

Related: Your New Business Name Should Be Memorable, Spell-able And Available

This article was originally posted here on Entrepreneur.com.


Read next: How to Name (Or In Some Cases, Rename) Your Company

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Start-up Advice

Fuel Your Hustle

These two practical goal posts will keep your start-up on track, even when things get tough and you start to lose traction.

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Make sure you have a clear vision and a plan — something to chase and celebrate when targets are achieved.

When you start a new business, everything is exciting. You have a dream, something to work for. Once the business takes off, it’s easy to fall into a rat race of just going to work and reacting to challenges as they happen. Many established business owners get to a place where they wonder if it’s all worth the effort. Whenever I talk to entrepreneurs feeling this way, I always ask them what they are working towards.

Most times, they don’t have an answer.

No, I’m not going to give a motivational talk on how important goals are, but I do believe it’s important to work towards something. To chase something worthwhile. Is it a vision and mission statement? Maybe that fuels your energy, but there are two practical things that I can suggest to any entrepreneur to keep you on track, and keep you motivated with a reason to wake up in the morning.

1. A one-page business plan

The logic behind a business plan is great. It’s a plotted journey, with marked goals and targets. It gives you something to work on, and work towards. And you’ll definitely need one if you’re looking for financing. But very seldom does it actually become a real working document for the small business owner; business plans are too long-winded and rigid and don’t allow for the fast changes and flexibility you’re going to need when you’re running a business.

So, gut instinct is how most survive, and the plan goes into the middle drawer.

That doesn’t mean you don’t need a plan. It just means you need a different kind of plan — one that works for you at the stage you’re at. A one-pager plan that acts as a dynamic working document is where it’s at. The keyword here is dynamic.

Try to compile a one-pager of what you aim to achieve in the next year. Break it down per month and list the small steps that you will be taking to reach your bigger vision at the end of the year. This plan could include anything, but you should know that it will be your guide to what is important and what isn’t.

Work on it weekly, review it monthly and ensure that you are moving in the right direction. At the start of every month, review your plan and list your priorities for the month. If you hit a snag, stop, re-evaluate your plan, make changes and move on. It is not set in concrete. It is dynamic.

Too many entrepreneurs go to work each day and solve issues as they arise without planning proactively for what they want. Others view their business plan — all 100 pages of it — like it’s the Bible. Neither approach will get you very far.

The one-pager will be your plan, your guide. Keep it with you at all times so it can be as flexible as you need to be.

Related: Keep It Simple: How To Write A One Page Business Plan

2. Your break-even figure

For most entrepreneurs, numbers are one of those complicated matters best left to others, although it needn’t be that way. And when it comes to one particular number, it cannot be that way: That number is the break-even figure. It’s the one number every entrepreneur must know. If you don’t have a break-even figure, how will you know if you’re succeeding or failing?

A break-even figure is the amount of sales you need to make in a month to cover all expenses and to make a target profit. If you can calculate this, then you have a number that you can chase every day — something that is measurable and understandable for the entrepreneur.

The break-even figure is calculated by using three figures:

  1. Gross Profit Percentage: Your gross profit percentage is calculated by taking your gross profit (sales minus cost of sales) divided by your sales. Let’s say you sell a product for R200 and the cost of that product is R150, then your gross profit will be R50. Your gross profit percentage therefore is 25% (gross profit (R50) divided by sales (R200).
  2. Overheads: Overheads are the total of all your fixed expenses each month. Examples include rent, salaries, Internet, fuel and all other costs that you need to pay, e.g. R100 000.
  3. Profit Target: This is the profit you would like to achieve in a month, e.g. R20 000.

Related: Self-Made Millionaire At 24 Marnus Broodryk On How To Build A R1 Billion Business

Now that we have these three figures, we can calculate our break-even amount:

Break-even = (overheads + profit target) divided by gross profit percentage.

So, continuing the above example:

Break-even = (R100 000 + R20 000) / 25% = R480 000

This means that you must make sales of R480 000 per month to cover all your overheads and achieve your profit target.

If you have this figure you can now plan how to achieve this target and go out every day chasing a goal, rather than just crossing your fingers. One can take this number and divide it by the number of working days in a month to get to a daily target of sales. Also, make sure it’s on your one-page dynamic plan.

Sometimes, we just need basic things to give our journey meaning again. Something to chase and something to celebrate once we’ve achieved it (yes, make sure you celebrate). To have goals, a clear vision and a one-pager plan might sound like petty things when you run a business — but you might soon realise that you need these things to keep you going.

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Start-up Advice

Insurances To Consider If You Are Starting Your Own Business

Below are just some of the insurances you need to consider if you are starting your own business.

Amy Galbraith

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Starting your own business is a brave and bold step. You will be joining many others in the journey of becoming your own boss, and this can be a stressful time. You will need to have a sound business plan in place, as well as other aspects that will secure both your business and your financial future. These include certain insurances that are geared toward insuring your salary, your investments and yourself.

All small business owners should look into taking out funeral insurance so that their family is not burdened and can pay for their funeral, investment insurance so that their money is protected and commercial insurance to protect your business and your property.

Below are just some of the insurances you need to consider if you are starting your own business.

General liability insurance

General liability insurance is important because it will protect you and your business from any possible legal action taken by customers. This insurance protects you in case of any injury to or damage to a customer which happened on your property.

It is also important if you manufacture products, but this would fall under product liability insurance. If a product harms a consumer, then you are legally responsible for expenses which means that having liability insurance will help immensely with costs. If you sell homemade cakes, toys for children or even clothing, liability insurance should be at the top of your list.

Related: I would like to start an insurance business. What are the basic guidelines?

Funeral insurance

Now, you might not think that funeral plans are that important but, in fact, they are. Not only for you but for the employees you might have. Funeral cover pays your family a lump sum within 48 hours of your death so that they can pay for your funeral without having to worry about expenses.

As a small business owner, funeral plans make sense. You will likely be the sole breadwinner, which means that your family will be under considerable strain if you die. The same can be said of your employees. Their families will need to be able to pay for their funerals, and it will also ensure that employees stay loyal to your business.

Funeral cover is a benefit that many companies offer their employees to ensure they’re happy and satisfied in their roles.

Property insurance

If you own property or are leasing a building, property insurance is vital. This insurance covers your office equipment, the signage both inside and outside the building, all office furniture as well as your inventory. These will all be covered for disasters such as fire or a storm as well as in case of theft or damage.

However, it is important to note that if your business is based in your home, your homeowner’s insurance will not cover any business equipment. This means that you will have to take out additional insurance for your business equipment. You will also need to speak to your insurer about disaster coverage, especially if your business is based in an area that is prone to fires and floods. Property insurance is important because it will protect your business from incurring costs it cannot afford.

Commercial auto insurance

If you use a company car or have bought a car specifically for your business, you will need to take out commercial auto insurance. Just as homeowner’s insurance will not cover your business inventory, personal auto insurance will not cover a commercial or business vehicle. This is why commercial auto insurance is so important.

If your employees drive their own vehicles to and from work, you should try to ensure that they have personal auto insurance. And if they use their own vehicles for business reasons, you could ask your insurance provider about covering the risk as part of your general liability insurance. This will keep them safe in case of any accidents that might occur during their trip.

It is a good idea to purchase or hire a company car for your employees to use for any business trips so that your employees are safe and correctly insured.

Related: Insurance For Small Businesses: What Should Be Covered?

Look after your staff and business

Along with funeral insurance, workers compensation insurance is important for ensuring your staff is covered for any eventuality. And it will show them that you value them as employees, which will keep them happy and content in their roles.

This insurance will cover medical bills, death and disability benefits if an employee is injured on the job or on your property as well as salary protection. If you offer these as separate packages, you will not have to worry about worker’s compensation insurance but you will need to speak to an insurance broker about this. Protecting your employees is the mark of a true company leader, and happy workers are also more productive.

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