Today, if you are a smart employee, you recognize that you must develop your skills, grow yourself and promote yourself to get your boss, and the marketplace, to appreciate your performance.

Imagine yourself as a product. Like any product, you have attributes of benefit to your consumer (your supervisor, employer, shareholders, etc.). Figure out what it is that distinguishes you from all the other smart, creative, industrious people walking around your office.

What are those attributes? What do you do that adds exceptional, measurable, unique value? What are you most proud of? What can you truly brag about? What do your colleagues (or your competitors) say is your greatest strength? What have you done lately -- this week, today -- that makes you stand out?

Now it's time to market that product. You. And the key to marketing yourself is visibility. Promote yourself. In your company and throughout your industry.

Many people feel uncomfortable with this concept. But don't think of it as boasting or self-service. Your company will applaud your efforts at self-development. As you grow, lead projects, develop a network, and delight your customers, your company receives the credit.

Here are five good ways to build your visibility, to make you stand out within your company and in your industry:

1. Take on an extra project

Sign up for a new assignment inside your organization. Expand your sphere of influence, meet new people, showcase your work to a new set of colleagues. Take on a free-lance project outside your company that puts you in contact with a whole new group of people. Or volunteer for a charitable organization, and make a difference. Chair a committee at your local YMCA or head up your company's United Way campaign. You expand your network and have a whole new circle of folks singing your praises.

2. Teach a class

Try offering your services to the local community college, adult education program, or even within your company. You boost your visibility, position yourself as an expert, and increase the probability that people will come to you for advice in your field. Best of all, you stand out from the crowd.

3. Write a column or opinion piece.

Try penning a piece for publication. You don't have to start with The Wall Street Journal either. Your community weekly, industry trade publication, or even the company newsletter all have white space to fill. Use your clippings to build your credibility, and your visibility. Send one along to a colleague with a note, "Thought you might find this of interest,” etc.

4. Give a speech

For many, nothing is more frightening than standing up in front of a crowd and talking. Yet we do it all the time, at the office, at parties, at the kid's soccer match. Start by speaking to your local Kiwanis or Rotary Club. Sign up for a panel discussion at a conference, or offer to run a workshop or seminar. Use these to build your confidence. From there, it's just a short hop to a major address at your next industry trade convention.

5. Email

It's the communication method of the 21st Century. In the era of the telephone, the glib talker reigned supreme. No more. Today, clear, succinct, readable email sets you apart from your colleagues. As your email opinions and recommendations are circulated throughout your company, with your name attached to them, your visibility grows.

Your career is a portfolio of projects designed to earn the respect and admiration of your colleagues. Along the way, you acquire new skills, gain new expertise, develop new capabilities, and grow your network of friends and admirers.

Make sure the marketplace (your company and your industry) is aware of your product (you). Because you may need, from time to time, to test the market.

At least once a year, ask for feedback on your performance, your skill set, your development. Go on a job interview, even if you're not interested in leaving your present job. Find out what you're worth on the open market.

You may just be pleasantly surprised. And, when you're ready to make your move, you'll be in a better bargaining position.

In its 2006/2007 Industry Review, the OESA reported a 7.3 percent decline in the total world original equipment parts market in 2005 ($781.7 billion) compared to 2004 ($843 billion) after several years of growth, including a 10 percent increase in 2003. Over the longer term, the world market is expected to experience growth, and is expected to exceed $1 trillion annually by 2010. Domestic shipments of automotive and truck parts were reported by the Census Bureau as valued at $200.3 billion dollars, up from $174.6 billion in 1997. The growth rate in this period was 1.73 percent annually, sales are cyclical. In the 1997 to 2005 period, the highest shipments were realized in 2000. Shipments dropped sharply in 2001 as a brief recessionary period set in. By 2005 the industry had again almost reached its 2000 peak in this period.

The U.S. new car and truck market (as contrasted to parts) was one of only two major markets in the world to lose ground, with sales fading 2.5 percent from 16.95 million vehicles in 2005 to 16.52 million vehicles in 2006. Japan was the other declining market. Japanese demand fell 2.5 percent from 5.73 million vehicles in 2005 to 5.59 million in 2006. Western Europe, the largest automotive market in the world, managed to grow slightly during 2006-0.8 percent from 16.52 million units in 2005 to 16.65 million in 2006. The emerging markets of the world, on the other hand, experienced more robust growth-other European countries were up a combined 8.1 percent; Brazil and Argentina, 13.3 percent, and the other markets of the world, 14.6 percent. These anemic sales figures for new vehicles plus increasing pressure from auto parts suppliers in emerging economies were key contributors to the slow growth shown by domestic auto parts suppliers.

Exports from emerging economies countries have been growing at an annual rate of 20.1 percent, well above the export growth rate from more industrialized countries (12.7%). Automotive parts trade with China is an example of the impact imports from emerging economies can have. This trade has grown significantly. The United States imported $1.6 billion worth of auto parts from China in the year 2000. Seven years later, in 2006 the United States imported $6.9 billion worth of auto parts from China, an increase of 313 percent or nearly a 50 percent increase annually during the first years of the twenty-first century.

A number of factors are important in order to start a successful business. Here an effort is made to describe some of the key factors.

1. Knowledge/Expertise

   Any business requires some amount of basic knowledge and experience. The owner needs to be aware about the business he intends to start. Knowledge and expertise about the product or service are keys to a successful business. In case of limited knowledge the owner may not be able to sustain the business and can be fooled by the vendors, suppliers and competitors. When you ask yourself a question “What business shall I start?” you need to get a convincing reply about what you intend to do and how you are going to go about it. Expert knowledge is especially required if the field of business is a niche field. For instance the construction or software industry would require more knowledge as against a retail business selling a particular brand of clothes or shoes.

2. Market/Demand

   Once a decision is taken on the business you intend to start, the next step is to explore the demand / market for the product / service. Certain products will only have a domestic market for them whereas others can be successful on an international level. The key question is “Who are the customers?” A market survey can be conducted to identify the market for the business to be started. If the product / service is expected to be sold locally, the demand for it needs to be assessed. In case an international market is expected then rules and regulations for dealing internationally need to be found out.

3. Total Project Costs

   It is important to correctly assess the total project cost required to set up and run the business successfully. In a capital intensive business such as starting a manufacturing plant, the start up costs can be very high. You need to identify the total amount which will be spent on the land & building, plant & machinery, furniture and office equipment, vehicles etc. If a business is in the nature of retail you will need to identify the cost of the store and furniture. Amount required for the decoration of the store needs to be assessed. Similarly in case of an office the major cost will be for the furniture and office equipment. An office or firm can be started at a relatively lower cost initially with only the basic requirements.
   
   One also needs to take care of the working capital requirement. This will mainly consist of the inventory which needs to maintained and the credit which is extended to the customers. From this the supplier's credit is deducted to arrive at the Working Capital Requirement. The Working Capital Requirement can be quite high for certain industries for example inventory will need to be maintained in a garment store. Similarly in case of a grocery shop there is need for huge inventory for which credit may not be given initially by the suppliers.

4. Financing/Capital

   After identifying the initial costs required for starting the business, the financing pattern will need to be decided. The financing pattern will be mainly by way of capital introduction by the owner and borrowed funds. Depending on how much capital the owner can introduce the balance amount will need to be borrowed. Funds borrowed will be either short term loans or long term loans. The terms and conditions for borrowing funds will need to be studied such as the cost of borrowing, security required, rate of interest and the repayment terms. The owner will need to approach a number of banks to get information about their terms of lending and draw a comparative analysis to identify which funding is the most beneficial for him. As a thumb rule short term funds should not be utilized for the purchase of fixed assets. Short term funds are mainly used to meet the working capital requirement. The logic is that if short term funds are used to purchase fixed assets how are you going to repay the short term loan if the business has not progressed. Once the financing pattern is identified the owner will need to decide how the money is going to be utilized.

5. Competition

   Before entering new business, information about market competition needs to be found out. In case a product is a monopoly then the competition will not matter. Otherwise the success of the business will depend upon the demand and supply gap. Thus if there is a huge demand then you can enter the business inspite of the market competition. Otherwise you will need to be stronger than the competitors to gain an entry. Normally existing firms will always have an advantage due to the experience they have and because they may be well equipped. The question which needs to be answered is “What is unique about the product / service which will be offered to survive the market competition”? Information such as who are the competitors, what is their market strategy and what factors are required to compete with them are important.

6. Location

   Deciding an optimum location for the business is a strategic and an important one. A good location goes a long way in making the business successful. The location needs to be carefully chosen. Some places have advantages over the others. You can save out on taxes, water and electricity costs if you are located in some areas. The raw materials can be easily sourced, the manpower would be easily available and you can save out on transportation costs in case of certain locations. Setting up a business in certain location could lead to subsidy and rebates from the Government. In the case of a retail business one needs to be located in a well populated area and one which is easily accessible. Certain niche products / services of different competitors are available at a single location. For example there are software belts having all software companies. Similarly there are gold marts which have different gold vendors and jewelers at a single location.

7. Laws, Rules, & Regulation

   Setting up a new business would require compliance with various laws & regulations. Each country is governed by separate laws and regulations which require that any new business be registered with certain authorities and meets certain compliance. Thus registration of the name of the company may be required with Ministry of Commerce for instance. Further details need to be provided regarding the workforce and certain deductions may be required from the staff (such as tax) which would need to be deposited with the respected Government bodies. Awareness is required of such rules and regulations. It is always better to consult a lawyer before setting up a new business in an unknown environment. There are certain accounting / consultancy firms which would have a division giving advise on legal and statutory compliance. In case of lack of expertise it is better to approach a lawyer / accounting / consultancy firms. Non compliance with the statute could lead to huge fines and penalty and hamper the success of a new business.

8. Return on Investment

   Return on Investment (ROI) is calculated as Net Profit divided by the Investment made. The ROI is low in the initial years and is expected to grow on a year on year basis. The ROI needs to be compared with the return that would be earned from alternative business options available. For instance it could be compared with any other source of income such as money earned from investment in the stock market. Similarly the Return On Capital must be greater than the rate of interest earned from a fixed deposit kept with a bank.

9. Staff/Manpower

   Any business requires efficient manpower to succeed. The staff needs to be carefully chosen since they are the ones who could make or break the business. The cost of manpower varies depending on the location of the business and thus this needs to be factored well. The business needs to be set up in a location where there is sufficient availability of manpower both skilled as well as unskilled. This remains one of the key criteria's whether the business is going to be run with a staff of 2 or 2,000.

10. Technology

    It is always better to invest in the best technology at the time of start up itself. Post investment, monitoring of the technology purchased is required. Technology would include plant & machinery as well as latest office equipment. One should not exclude the software required to monitor the business. Choosing optimum software is a challenging task. A technologically advanced business is expected to perform much better in the longer run.

All the above factors are important to start a successful business. Compromising any of these factors could hamper the growth. Starting a business these days is very challenging and an all round knowledge of various factors is required to run a successful one. It is important to make a Project Report on the basis of the above factors before starting a new business.

Compounded Annual Growth Rate (CAGR) is the compounded rate of growth or the year on year growth over a specified period of time.

Thus CAGR gives the rate at which an investment would have grown from one year to another at a steady rate.

The formulae for calculating CAGR is as follows

CAGR = (Ending or Current Value / Beginning Value) ^ (1 / # of Years) - 1

Example

For example an investment has the following values at the end of each year with annual growth.

Year - 2004, Value - $ 1,000

Year - 2005, Value - $ 1,500, Growth Rate - 50%

Year - 2006, Value - $ 1,600, Growth Rate - 7%

Year - 2007, Value - $ 1,900, Growth Rate - 19%

Year - 2008, Value - $ 2,500, Growth Rate - 32%

The CAGR of the investment for the period 2004 to 2008 is 20.1%.

This means that the investment has given a notional growth of 20.1% every year from 2003 to 2008. However in reality the growth can be more in a particular year and less in another year during this period. As can be seen above the Annual Growth Rate is 50% in 2005 whereas it is 7% in 2006.

Thus the value of investment on a year on year basis applying a steady growth rate would look like

Year - 2004, Actual Value - $ 1,000, CAGR @ 20.11% - $ 201, CAGR Value - $ 1,201

Year - 2005, Actual Value - $ 1,500, CAGR @ 20.11% - $ 242, CAGR Value - $ 1,443

Year - 2006, Actual Value - $ 1,600, CAGR @ 20.11% - $ 290, CAGR Value - $ 1,733

Year - 2007, Actual Value - $ 1,900, CAGR @ 20.11% - $ 349, CAGR Value - $ 2,082

Year - 2008, Actual Value - $ 2,500, CAGR @ 20.11% - $ 418, CAGR Value - $ 2,500

Commentary

The period for which CAGR is computed may include high and lows in the economy i.e. periods of boom and recession. This is evened out in the CAGR ratio and an overall result of the performance of an investment can be known.

For instance, during a cycle in the stock market involving a period of boom in the stock market and crashing of the stock market, if the CAGR shows a steady return it is worth holding the stock / investment of that particular company. However if the particular stock does not show a healthy CAGR after this cycle then the investor needs to consider whether it is worth holding the investment or not. It is also better to study the current returns of the investment and the investment risk before taking a decision on the basis of the CAGR.

The CAGR calculation is more meaningful when the period is for a longer duration rather than a shorter duration. Thus CAGR for a period of 5 to 10 years gives a better indication than for a shorter period of 2 to 3 years.

Use of CAGR Ratio besides Investment

CAGR can also be computed to know the performance of companies over a period of time. Thus it is a useful tool to analyze financial statements.

The performance of commodities and products over a period of time can be gauged. This will give an indication about the survival of the product in the market over a longer duration and whether there is growth in the product vis-à-vis the growth in the economy.

CAGR Calculator

The CAGR calculator can be accessed from some of the internet sites and can be used to calculate the CAGR Ratio.

One of the sites from where the CAGR Calculator can be used is Investopedia. The link to the calculator is given here.

This site also gives an interpretation of the result derived by using the above calculator.

Every business deal is important, even the small ones. There is nothing better than working on a small project, that on top looks like very little money, and turns out to be a gold mind. This can be especially true when breaking into a new market.

This is why writing down your goals for your company is so important. Each and every employee should have a goal in which they are working to reach, and they should receive a raise based on how well they did in reaching that goal. If your company is looking to grow you are looking for results.

That is why it is also important to manage your time wisely. If you do not have good time management skills, you won't be ready if something happens within your company and you have to put out a fire. If you are good about time management and the planning of goals, when you put out one fire, you will set up preventatives in case something similar happens again, or have a backup plan.

It is also important to compartmentalize goals for your company if you are serving more than one industrial market.

Tracking these goals is also very important. Such as you want to know if you want to know if any of your regular customers bought products from your new line. You may even want to reward them or get feedback from them.

As long as you have goals and are writing them down, you and your company can grow. That is the way things happen.

1. Unemployment
2. Inflation
3. External Stability
4. The Distribution of Income
5. The Environment

Unemployment

The demand for labour is a derived demand as it is determined from the demand of goods and services. During periods of low economic activity or downturns in the economy, the level of total demand in the economy is reduced, domestic consumption and investment spending decreases and therefore unemployment increases as workers are not needed and are therefore "fired".

The current level of unemployment, as of March 2005, is 5.1%, which is close to the government's aim of full employment. Full employment indicates a level at which the quantity of labor demanded is equal to the quantity of labor supplied. This doesn't mean zero unemployment as there is always going to be some unemployment due to frictional unemployment (workers changing jobs) or hidden unemployment (people doing unpaid work). The Howard government has been able to achieve this low level of unemployment through its concentration on policies to implement flexible workplace relations and expansion of enterprise bargaining between workers and employers.

Inflation

High levels of economic growth can result in price increases and larger wage claims contributing to a rise in the level of inflation. This occurs when spending is growing and the economy is close to its full capacity and growth in aggregated supply cannot keep up with demand for growth in aggregated demand. High levels of inflation is undesirable for an economy as it results in rising prices which in turn results in a decrease in the amount of disposable income of consumers. Consumers then seek higher wages, which further push up prices of goods and services. Inflation causes the countries currency to depreciate as investors lose confidence in the countries economic markets and results in a worsening of the balance of payments as exports become less desirable and imports become more desirable.

In 1992 the Reserve Bank of Australia (RBA) stated its aim to keep inflation between 2-3% by changing interest rates when inflation is too high or low in order to slow or speed up the economy. This was designed to reduce inflationary expectations and therefore reduce inflation. This has been why the RBA increased interest rates in March this year from 5.25% to 5.50%.

When this strategy is combined with increased competition and enterprise bargaining inflation can be kept too acceptable levels like was done in Australia during the 1990's and early 2000's. Inflation can also be kept low by ensuring that all factors of production are in sufficient supply and that there are enough markets for these goods and/or services to be supplied to.

External Stability

Australia's external stability is determined by a number of factors:

• Current Account Deficit (CAD)
• Australia's Foreign Debt
• Australia's Foreign Liabilities
• The size of the CAD as a proportion of GDP
• The size of Australia's net foreign debt as a proportion of GDP
• The value of the Australian dollar
• Australia's interest payments on its foreign debt

During periods of strong economic growth, individuals increase their spending as their wages increase. This leads to an increase in the amount of imports imported into the country, and therefore worsens our terms of trade. If the price of exports becomes unable to cover the increase in imports then the current account increases. In Australia this would lead to an increase in the Current Account Deficit (CAD), which would then mean that further repayments will be needed to be repaid to the loaning country resulting in the "debt trap". As of December 2004 the CAD is $53.8bn

Net foreign debt represents the total liabilities that we owe to overseas minus the foreign liabilities that are owed to Australians. Australia's net foreign debt has been increasing for some time as Australian borrow money for consumption of more goods rather than saving money as was done in the 1970's. In December 2004, our net foreign debt was $421.9bn up $15.7bn from September 2004's figure of $406.2bn. Economic growth increases the amount of money in which individuals can spend their money. This leads to further purchase of goods and therefore further debts as they spend too much money. In order to reduce the net foreign debt Australians would need to reduce their spending and start saving their money to reduce the massive debt before the debt become unserviceable and Australians go bankrupt.

The size of the CAD as a percentage of GDP is the best measurement of external stability. If CAD as a percentage of GDP rises above 5% this is seen as externally unstable as it results in

• The net foreign debt rising quickly
• Increased capital inflow require to finance the CAD and
• Debt servicing becomes more difficult

As of the 2003-04 financial year the CAD was $46.7bn, which was 5.5% of GDP meaning that Australia's economy was becoming more externally unstable as foreign debt, and capital inflow are increasing and servicing the debt becoming harder to achieve.

The size of Australia's net foreign debt as a percentage of GDP is another way of measuring external stability. Economists usually consider net debt in excess of 40% of GDP as an indicator that net foreign debt is very high and may become unsustainable - in that the interest rate repayments on the debt are too large to sustain. As of December 2004, Australia's net foreign debt was $421.9bn or 51.1% of GDP meaning that interest repayments would be becoming unable to manage. However nearly all of that debt is private debt so the government is unable to reduce anything except for their $16.3bn part of the debt, which is only 1.9% of GDP.

The value of the Australian dollar compared to the country of which our repayments on debt are owed to can also determine our external stability. Since the debts accumulated by Australian are in foreign currencies (E.g. $US) the principle and interest owed to the foreign country has to be paid back in their currency. When our dollar appreciates this means that more of the debt can be repaid for the same amount of money than if the dollar was depreciating. Appreciation usually occurs when economic growth is strong and is accompanied by decrease in CAD, increase in net capital inflow or increased confidence in Australian dollar while depreciation occurs when economic growth is falling, CAD is increasing, and there is a decline in net capital inflow. Below in

Diagram 1

The Australian currency exchange rates for 27/05/05. This means that for every $1 owe to the US we have to pay $1.31182 Australian dollars.

• American Dollar: 0.7623, 1.31182
• Brazilian Real: 1.82647, 0.547504
• British Pound: 0.418226, 2.39105
• Canadian Dollar: 0.959354, 1.04237
• Chinese Yuan: 6.30917, 0.158499
• Danish Krone: 4.51304, 0.22158
• Euro: 0.606541, 1.64869
• Hong Kong Dollar: 5.92818, 0.168686
• Indian Rupee: 33.0914, 0.0302193
• Japanese Yen: 82.2369, 0.01216
• Malaysian Ringgit: 2.89674, 0.345216
• Mexican Peso: 8.29763, 0.120516
• New Zealand Dollar: 1.06735, 0.936901
• Norwegian Kroner: 4.84228, 0.206514
• Singapore Dollar: 1.26473, 0.790682
South African Rand: 5.0045, 0.19982
• South Korean Won: 762.3, 0.00131182
• Sri Lanka Rupee: 76.1919, 0.0131248
• Swedish Krona: 5.57576, 0.179348
• Swiss Franc: 0.939458, 1.06444
• Taiwan Dollar: 23.8524, 0.0419246
• Thai Baht: 30.7817, 0.0324869
• Venezuelan Bolivar: 1634.83, 0.000611685

The Distribution of Income

Economic growth raises living standards by providing more goods and services for consumption. However, not all people in the community benefit from economic growth. Sometimes the benefits of economic growth flow to one particular group in society. This inequality of income can result in many social and economic costs to the community in which it occurs. These social and economical costs include:

• Discouraging people who have little opportunity to improve their skill
• Employees working harder and longer
• Insistence on labor mobility
• Production of failed entrepreneurs
• Creation of unequal savings
• Higher levels of crime and therefore criminal judgment cost
• Health problems for those in the lowest percentile who can't afford medical supplies
• Increase social welfare costs for the government who have to support those who can't earn their own wage or are part of the working poor in which they don't earn enough cover their basic needs
• Higher costs for policing to control increases in crime

The Gini Co-efficient, which is a precise measuring the income distribution, has been used to measure inequality levels and compare changes over time or between countries and regions of the world. A measurement of 0 means that everyone in the economy shares the same amount of income while a measurement of 1 would mean that just one household holds the whole amount of income for the country.

As shown in Diagram 3 below, Australia's Gini Co-efficient is 0.352 for 2004, which has increased from the levels in 1997-98 of 0.302 and 0.295 in 1989. This indicates that although economic growth is occurring at high rates over the 25-year period, the distribution of this income has gone towards the high-income earners and therefore has increased the gap between rich and poor. Also in Diagram 3, one can notice that although our Gini-coefficient is half the size of that of countries like Namibia there is still large improvements that can be made to get to the size of Denmark's or Hungary's Gini-coefficient.

Diagram 2 - Gini coefficient

• Hungary: 0.244
• Denmark: 0.247
• Japan: 0.249
• Sweden: 0.250
• Germany: 0.283
• India: 0.325
• France: 0.327
• Canada: 0.331
• Australia: 0.352
• UK: 0.360
• Italy: 0.360
• USA: 0.408
• China: 0.447
• Russia: 0.456
• Guatemala: 0.483
• Hong Kong: 0.500
• Mexico: 0.546
• Chile: 0.571
• Namibia: 0.707

Environment

Economic growth has the potential to create negative impacts onto the environment. When growth is pursued with little regard to its impact on the environment it results in:

• Pollution.
• Depletion of non-renewable energy sources .
• Damage to the local environment through externalities.

Pollution can come in any form; noise, untreated rubbish, chemical substances, toxic fumes and almost any other by products of goods or services. They all affects the atmosphere, water supplies, the land all human activity and we live on seems to contribute to the problem. Pollution is often felt quite a distance away from the original source and this can affect all people in the community and in communities all over the world.

One example is the amounts of CO2 being pumped into the air every year contributing to the global felt affects of global warming. Pollution can lead to costs being paid by the firm to help repair the environment affected. Firms can also be liable to pay for compensation to individuals who are found to have been injured or have become ill directly from externalities from a firm producing their product or service. These costs may include costs paid out to cancer patients who may have received radiation poisoning.

As firms produce goods they use up resources, whether they be steel, electricity, coal, wool or wheat. Some of these resources are not able to be reproduces very quickly, like coal and other non-renewable energy sources like oil and natural gas, or unable to be produced again indefinitely like steels and ores. This increases the rarity and value of these resources compare to other resources that can be reproduces quickly like wheat or wool. One major resource that Australians have been noticing recently is water. Due to the massive drought experienced by millions of people all over Australia, people are beginning to realize that we won't always have water on call if this continues.

Firms are able to lower production costs, as they don't have to take into consideration the effects their business has on the surrounding community. These costs or benefits that the community is left with are called externalities and may include damaged creeks or roads or something good like produce more business in the surrounding area. Land degradation can lead to a loss of potential production as problems, like salinity and mudslides, can leave the area unable to continue producing the good or service. E.g. Farmers are unable to continue growing grain crops if their lands experience salinity from ground level water tables. Land degradation can also reduce environmental biodiversity of an area, as bush land is cleared or farming purposes.

In conclusion it can be seen that there are many factors that contribute to and affect the outcome of economic growth of a countries economy. Economic growth usually results in lower levels of unemployment, higher levels in inflation, more external instability, more inequality in the distribution of income and higher levels of environmental degradation of the environment. However with correct intervention by governments and other organizations, like the Reserve Bank of Australia (RBA), these effects can be lessened to a point at which sustainable economic growth can occur.

They perform their tasks at all hours. When many of us are enjoying Bewitched re-runs or unrealistic reality programs they are proceeding with the mission they were called to do. They see the forest and the trees, but may be looked upon as crazy - or dreamers.

Who are these creatures?...they’re today’s entrepreneurs – the risk takers.

More often than not they work more than 37.5 hours a week. They have probably never known the luxury of a paid half-hour lunch and two evenly dispersed fifteen minute breaks. When success comes, most likely after years of toil and worry, they are often looked upon with jealousy. They’re seen as lucky… as a lightning bolt stroke-of-luck overnight success… who have not earned their reward.

But as Let’s Make A Deal’s Monty Hall once said, “Actually, I’m an overnight success. But it took twenty years.”

It seems, in today’s society, there is a creeping belief that we are owed a livelihood; that the government should take care of us; that our working for the week-end should involve minimum work with maximum pay.

Risk-Takers think differently. They know governments owe them one thing – the opportunity to try.

To them, the marketplace is an opportunity for creativity. They know that hard-work and persistence guarantee them nothing more than the chance to try again tomorrow. They know they could be risking all- to gain nothing.

They also know the rewards can be tremendous – both financially and personally.

Many of the things we use and enjoy - things that make our life easier and even fun are the result of an entrepreneur with an idea.

Edwin Binney and C. Harold Smith had an idea in 1903 and are responsible for the Crayola Crayons next to your child on the living-room floor.

Charles Lubin risked his money in 1935 by purchasing three neighbourhood bakeshops which today is Sara Lee and the cheesecake in the frozen food section of your local supermarket.

On a smaller scale, we all know people in our own towns that have risked finances and given up vacation time to pursue a passion. In turn they’ve given us an essential product or service, and created employment for others along the way.

Financial sacrifice, sleepless nights, and bouts of self-doubt are all part of an entrepreneurs life. But so are perseverance and the courage to try again one more day.

So, if you see a Risk-Taker walking down the street, tip your hat to him or her…if they’re smiling…hopefully it’s all the way to the bank.