There are many different ways to become wealthy in our world today. You can become rich through inheritance, crime, entertainment, sports, or building a business. There are certain advantages and disadvantages to each method. Receiving an inheritance can be very helpful, but many do not have this option and even those who do often do not know how to properly manage and grow this money once they have it. As a criminal, you can make money fairly easily and very quickly, unfortunately your conscience may get to you, you'll destroy your reputation, and likely spend much of the rest of your life in a jail cell eating pre-packaged thawed lima beans. One can surely make a lot of money through entertainment but unless you are extremely talented, are a white rapper, or win American Idol or star in Eurovision, the chances are slim you'll make it. Professional sports is an option. Again, however, the chances are very low and the chance of serious injury, numerous surgeries, and a life of chronic pain, worn cartilage, and sore joints does not sound too appealing.

That leaves being an entrepreneur. While there are many risks to being an entrepreneur, it seems that as long as one learns from his or her mistakes, keeps his or her ear to the marketplace, and persists, he or she will eventually succeed. The dynamic, always changing, life and the chance for significant personal gain make building a business the choice many make who wish to obtain financial security and become wealthy.

There are two ways to build wealth through entrepreneurship. The first way is to build a business and pay yourself a salary. If your business grows large enough to have an ample net profit margin, you can re-invest part in your company and still have enough pay yourself a large salary. You may personally earn a few hundred thousand dollars per year, and may be happy with this amount, at all times maintaining majority ownership in your company and doing things the way you like to do them while still making time for other commitments such as a family. This method of becoming wealthy is often associated with that of the lifestyle entrepreneur, small business owner, family business owner, and the S corporation. It is surely one option.

The entrepreneurship program at the University of North Carolina at Chapel Hill offers students a new and innovative look into the realm of small startup businesses. In its creation three years ago, this program allows students a chance to take a series of lectures and participate in a summer internship program. The internship can be completed within the United States or abroad, depending on the preference of the student.

The program now boasts over 100 students and has featured guest entrepreneurial speakers such as Ted Turner, Alexander Julian, and Jeffrey Saches. The knowledge and insight gained within these lectures have inspired UNC students to start their own business. For example, one senior studying economics has completely paid for his new sports car through a company that sells advertising space on exotic cars. Also, one student has created his business which focuses on turning landfill gases into reusable energy. To further the scope of the program, the department has expanded the fields which the students may study. After a basic economics course, the students are allowed to choose the tracks of commercial, scientific, or philanthropic entrepreneurship. Each of these tracks is taught by individuals that have shown great success in each their perspective fields.

The scientific field of the program is instructed by two of the most notable scientist at UNC. Lowry Caudill and Holden Thorpe put their minds together to lead a class of no more than 10 students in their scientific endeavors. Holden, the founder and CEO of Xanthon, applies his knowledge from his business and the lessons he learned along the way. From this experience, Holden has led as advisors to many other companies and now serves as the University's Dean of the College of Arts and Sciences. On the other side of the spectrum, Lowry Caudill, the former founder of Magellan Labs shares his insights on how his companies made millions during their time in the pharmaceutical world. Together with their experience, the students have gained a great deal of knowledge that they will apply in the real world.

Being a recent college graduate, I've had my recent fair share of resume writing. It's been my experience that there's no "forever and ever amen" true formula for writing a resume. Nonetheless, there are some guidelines to follow to ensure you have the best resume you can have. The following are some of those guidelines. Mold them to fit your resume.

What kind of job are you applying for? This is the first question you need to ask yourself. You cannot write an effective resume until you know what (who) you're writing it for. After you find out what job you're seeking and your objectives, you'll be able to structure that resume to successfully market yourself.

Get to the point! A resume is meant not to score you a job. It's meant to score you an interview. Put pertinent information, but don't overload bullets with 38 sub bullets going into every single detail about a past job you had. Get to the point, while still providing the important information.

In his latest book, Bounce, Moltz presents a positive and constructive view of failure. What people don't learn in high school, college or even some large companies but what many entrepreneurs and executives know is that failure is very real part of business and life. Moltz illustrates different patterns for success and failure that we've all seen in the news and explores how we can learn from them, and not be fooled by them.

Motlz has a great life story to tell in this book. The first part of his life he never failed and was reasonably successful. When he started his own company is when he started failing, and he failed hard some times. Because of the lessons he's learned from his failures he's much more successful now that he ever would have been taking the safe path, he started on.

Towards the end of the book he tells you how to 'hedge your bets' by assuming failure is the likely outcome he encourages you to build stop gaps into your business plans, and not to bet the farm. Moving up iteratively so that your mistakes only cost you so much and those lessons teach you what you need to move forward and grow.

Bounce, was a great read, I whole heartedly agree with his philosophy of embrasing failure and learning from your mistakes. I definately suggest this book to anyone thinking (or worrying) about starting a business.

This concludes issue #37 of The Entrepreneurship Chronicle. If you are not subscribed and would like to subscribe, please visit http://www.zeromillion.com. If you would like to contribute content, become involved with the zeromillion.com team, make suggestions, or provide feedback please feel free to contact us at info [at] virante.com.

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