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The difference between having an idea and being an entrepreneur

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Many people have good ideas, but not everyone becomes an entrepreneur.

I’m often asked if there is a good way to work out whether your idea is a good one, so I’ve put together a quick guide for those wondering whether to make the plunge.

1. Evaluate your idea

OK, you have an idea. Now what? Good business ideas are a dime a dozen, and they are not all are worth pursuing.

Ask yourself: Have I done the due diligence necessary to take my idea to the next level? Does my idea solve a problem? Meet a need? Touch a nerve? Is it unique? Has it been done before?

Write down your answers, then critique them as thoroughly as you can. The best ideas are those that can withstand heavy critical analysis. If you can’t do this alone — which is almost always the case — then take your idea to someone you trust and ask for their perspective.

Still standing? Good. Let’s move on.

 

2. Plan for the future

Let’s assume that you have come up with an amazing new product or service that meets all the criteria outlined above. Good for you. Now it’s time to plan.

Ask yourself: What do I need to do to make this idea a reality? Have I developed a business plan? What are my capital needs? How far away am I from having a working prototype? Have I looked for potential partners and investors? What’s my distribution strategy?

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At this point, you may want to look for a mentor if you don’t have one already — a seasoned business veteran who can push you in the right direction, point out potential pitfalls and help you to navigate around them. I still rely heavily on others’ advice, though I’ve been an entrepreneur for more than five decades. After all, without the advice I received from some great mentors, Virgin might still just be a little record store somewhere in London.

3. Weigh the risks 

You had an idea, and now you have a plan. Great. Let’s talk about you now.

If you are feeling stuck and uncertain on your next steps, ask yourself: Would I rather keep paying my bills or am I ready to live on my savings for a while? Is maintaining my current lifestyle more important than having a fresh start in life?

You see, entrepreneurship is all about taking risks — potentially disruptive and frightening life risks. If your family depends on your income, it is your responsibility to think things through very carefully.

If your answer is still a resounding and emphatic “Yes” after you have weighed all the risks, then you are ready to leap.

4. Take the plunge

If you’re still with me at this point, the next stage should be a simple one: Take the plunge and give it a go. You can start small — but make sure you think big. Many businesses start off in people’s spare time as a side project while they are being developed.

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5. Don’t stop believing

The key to success is unwavering commitment and focus. You will make mistakes as you launch your product or service — a ton of them. But keep your eye on the prize and never blink. If you stop believing, your entire enterprise will be called into question.

In my case, when our team started Virgin Atlantic with just one plane and little knowledge of the airline business, we stood alone against established players who were ready to bury us. No one would have faulted us for throwing in the towel and going back to the music business. Yet we saw the enormous potential in disrupting and reinventing airline travel through superior service and innovation. So we kept going, and we are still going strong after three decades. It’s all about drive.

 

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Bitcoin Hits $50,000 For First Time Since 2021

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A picture taken on February 6, 2018 shows a visual representation of the digital crypto-currency Bitcoin, at the “Bitcoin Change” shop in the Israeli city of Tel Aviv. (Photo by JACK GUEZ / AFP)

Bitcoin surpassed the $50,000 mark on Tuesday, marking its highest value in over two years.

Investor optimism surged as anticipation grew regarding broader trading approval in the US, with hopes riding high on potential green lights for cryptocurrency exchange-traded funds (ETFs).

Despite an initial dip following Washington’s approval signal last month, Bitcoin has rebounded impressively, boasting a 25 percent rally since January 22.

As of the latest data from Bloomberg, the cryptocurrency peaked at $50,328, underscoring the resilience and upward momentum in the crypto market, leaving observers optimistic about its future trajectory.

“Enthusiast buyers bring in more enthusiast buyers pushing prices further up,” Fadi Aboualfa, of Copper Technologies, said.

“The cryptocurrency has momentum on the back of several green weeks and has a large chance of going up further when markets see weekly movements upwards of 10 percent (as we saw last week).”

By 0330 GMT Tuesday, bitcoin had dropped slightly, to $49,950.

While Bitcoin has made an impressive recovery, currently standing above $50,000, it still lags significantly behind its peak value of nearly $69,000 in 2020. This rally signals a bounce-back for the cryptocurrency, which faced turbulent times marked by high-profile scandals and collapses within the crypto industry.

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Last year, FTX, the world’s second-largest crypto exchange, suffered a dramatic downfall, with its CEO, Sam Bankman-Fried, now confronting potential consequences. Prosecutors have characterised the situation as “one of the biggest financial frauds in American history,” and Bankman-Fried faces the looming threat of up to 110 years in prison.

In November, Changpeng “CZ” Zhao resigned as CEO of Binance, the world’s largest crypto exchange, following both his and the company’s admission of guilt in extensive money laundering violations.

Bitcoin’s upward trajectory is further fueled by optimism surrounding potential interest rate cuts by the US Federal Reserve this year, as inflation appears to be easing. The cryptocurrency’s value is also influenced by an anticipated supply crunch next year, attributed to the recurring event known as “halving.”

Bitcoin, earned through intricate problem-solving by powerful computers in a process called “mining,” experiences a reduction in reward every four years. With the next “halving” scheduled for April, the limited supply dynamic continues to be a driving force behind Bitcoin’s value surge.

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Microsoft Joins Apple In $3 Trillion Club

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Microsoft joined Apple on Wednesday as a three trillion dollar company, as its big bet on artificial intelligence continued to impress Wall Street.

Now second to Apple as the world’s biggest company by market capitalization, Microsoft’s shares were up 1.31 percent at $404.

 

Apple remains narrowly in first place at $3.02 trillion after reaching the $3 trillion market capitalization mark for the first time in January 2022.

 

But it has fallen below the milestone, even briefly losing the pole position as biggest company on the markets when Microsoft briefly overtook the iPhone maker earlier this month.

 

Microsoft more than any other tech giant is riding the wave of excitement over AI.

The Redmond, Washington-based group has a major partnership with OpenAI, creator of ChatGPT, that is reportedly worth $13 billion.

Since the arrival of ChatGPT, Microsoft has launched several products enabling companies and individuals to use the capabilities of generative AI, notably via its Bing search engine and Copilot virtual assistant.

Since the launch of ChatGPT in early November 2022, Microsoft shares have gained some 67 percent, with Apple’s up by about 40 percent.

Microsoft publishes its results on January 30.

 

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Nigeria: Shell Announces Sale of Onshore Oil Assets

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In an aerial view, gas prices nearing $6.00 a gallon are displayed at a Shell gas station on February 23, 2022 in San Francisco, California. Justin Sullivan/Getty Images/AFP

Shell has announced a deal to offload its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance.

The acquiring entity, Renaissance, stands as a consortium comprising four local exploration and production companies in Nigeria, alongside an international energy group.

Shell,  in a Tuesday statement on its website, said, “Completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.

“Transaction will preserve SPDC’s operating capabilities for the benefit of a joint venture. The transaction has been designed to preserve the full range of SPDC’s operating capabilities following the change of ownership. This includes the technical expertise, management systems, and processes that SPDC implements on behalf of all the companies in the SPDC Joint Venture (SPDC JV)”.

But, it said, “SPDC’s staff will continue to be employed by the company as it transitions to new ownership”.

Shell emphasised  that amidst the competitive landscape, the company remains committed to supporting the management of SPDC JV facilities. These facilities play a crucial role in supplying a significant portion of feed gas to Nigeria LNG (NLNG), highlighting Shell’s dedication to assisting the nation in maximizing value from its NLNG endeavors.

“This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions,” Shell’s Integrated Gas and Upstream Director Zoë Yujnovich said.

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“It is a significant moment for SPDC, whose people have built it into a high-quality business over many years. Now, after decades as a pioneer in Nigeria’s energy sector, SPDC will move to its next chapter under the ownership of an experienced, ambitious Nigerian-led consortium.

“Shell sees a bright future in Nigeria with a positive investment outlook for its energy sector. We will continue to support the country’s growing energy needs and export ambitions in areas aligned with our strategy.”

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