Static Business Plan versus Dynamic Business Model — The Difference and Why It Matters

Static business plans are based on the assumption that the external environment is relatively stable and predictable. This may have been true in the past, but in today’s rapidly changing business landscape, it is no longer realistic. Dynamic business models, on the other hand, are designed to be flexible and adaptable. They take into account […]

Not All Business Owners Are Entrepreneurs

What is entrepreneurship anyway? Various definitions have been offered for this concept, but there is no one definitive answer. As opposed to the common misconception, entrepreneurship is not just starting and running your own business. The word “entrepreneur” is often used interchangeably with “business owner,” but the two are not the same. Being an entrepreneur […]

Should I Quit My Job When Starting a New Business? — Notes on Hybrid Entrepreneurship

Are new entrepreneurs better off quitting or keeping their day jobs when they start a business? Researchers Joseph Raffiee and Jie Feng examined the performance of hybrid entrepreneurs compared to full-time entrepreneurs. In their fascinating study, they identified and carefully analyzed data collected from over five thousand individuals who became entrepreneurs. According to their study, […]