Business Motivation

Words of Wisdom from 'The Wolf of Wall Street' Jordan Belfort

2013-05-24T08:31:00.000-07:00

“The only thing standing between you and your goal is the bullshit story you keep telling yourself as to why you can't achieve it.”

Bill Gates Quote on Staying Ahead of the Competition

2011-07-12T10:30:00.000-07:00

'In this business by the time you realise you're in trouble,it's too late to save yourself. Unless you're running scared all the time, you're gone.'

Donald Trump Quote

2011-07-09T15:21:00.000-07:00

'Sometimes by losing a battle you find a way to win the war.'

Business Outsourcing: Do the savings of outsourcing justify a move overseas?

2011-07-08T07:44:00.000-07:00

Santander banking group has announced that it will be removing its UK Call Centre Operations from India and will be relocating back to the UK after complaints from British based customers. We have all had nightmare experiences with Overseas call centres. I can remember tearing my hair out while dealing with an incompetent operative who could barely understand English let alone answer my query. The savings achieved can amount to 30-40% of operating costs in the UK which makes it understandable that numerous firms have made the move. The question of whether the move abroad is justified is determined by the competence of the staff and the perception of the service on offer from the UK client base. Business is global and we must accept that outsourcing is just a part of the International marketplace in which we now operate.

So long as training for staff is thorough and intensive,overseas outsourcing should work. The problems start where employees have not got an acceptable grasp of the English Language and do not understand the product or service of their employer sufficiently well to offer advice and assistance.

UK businesses must remember that bad customer service hurts their brand, reputation and customer retention rates. There is no excuse for UK firms to employee overseas staff without a sufficient education to carry out their work. Many firms choose India as a call centre destination. India has a highly educated, hard working, ambitious population with literally millions of intelligent people to choose from. There is an argument to say that all staff should have at least a degree, a demand which would still leave a large population of prospective employees to choose from in a well educated, commerce competent nation such as India.

Could Santander be the first of many firms to bring their call centres back to the UK? If training, support and recruitment is substandard, then quite possibly. Savings are good but not at the expense of your reputation.

Theo Paphitis on his Business Motivations

2011-07-07T05:04:00.000-07:00

'There are three reasons to be in business. To make money, to have fun and to make money.'

The Apprentice vs Dragon's Den: Which Show offers more Business Lessons?

2011-07-06T07:15:00.000-07:00

The Apprentice is an entertaining, adrenaline fuelled fight to find a business partner for Lord Sugar. Dragons' Den is effectively a pitching contest where budding entrepreneurs try to entice successful investors into funding and supporting their business endeavours. Both are ratings winners, both are entertaining but which one enriches viewers with the most Business knowledge?

For me Dragons' Den wins this one. The five Dragons dish out plenty of advice as they dissect, interrogate and mercilessly grill potential business partners with rigorous analysis and precise business acumen. Viewers are treated to a master-class in negotiation where the percentage of equity on offer for a given amount of investment is haggled over,sometimes to the last 1%. After watching a few series you get a feel for what is a good idea and what is a waste of time. The importance of knowing your numbers and being able to quote profit, loss, turnover and margins at will, are championed and promoted as an essential skill by the Dragons. The achievements of Peter Jones, Duncan Bannatyne, Debroah Meaden, Theo Paphitis and James Cann (who is now to be replaced by Hillary Devey) are inspiring and educational to watchers, many of whom have aspired to running their own concerns but have never had decent role models to learn from.

Dragons' Den may win the educational battle but The Apprentice wins the entertainment battle. Followers young and old love to point out the failures of candidates and suggest better ways of doing things while watching the show. The 'You're Fired' moment is as exciting as any cliff hanger from the soap operas of the day and offers a fine conclusion to the day's business lesson. No viewer can say that they have never picked up some business pointers from Lord Sugar, who never misses a chance to emphasise the importance of common sense and lateral thinking in making any business decisions.

Both Shows are great and are playing their part in encouraging entrepreneurs of the past,present and future.

Businesses you can start for next to nothing

2011-07-05T07:18:00.000-07:00

There are options that enable you to start your business empire with no money and no specialist knowledge. All billionaires started somewhere and maybe one of these ideas could start you on the path to great wealth.

1) CLEANING-Professional cleaners are big business. Domestic cleaners,commercial cleaners and industrial cleaners are making big money offering essential services. Requiring a good work ethic, people skills and nominal expenditure on basic cleaning equipment such as dusters,polish and disinfectants, this really is an opportunity.

2) IRONING-Many people choose to subcontract out their ironing duties to make more time in their busy schedules. It is not glamorous but it is a growing market. You may not even have to buy the iron if the customer allows you to work on site!

3) CAR WASHING-This is huge business in London. Many people have come to London with nothing and grown an empire of hand based car washes across big cities. You can start with a bucket, sponge and polish and move up to industrial jet washes and high class valets.

4) ESTATE AGENCY-Starting as an online concern you can go onto owning a retail presence. The Property business is not doing as well as it has in view of economic constraints,but rents for commercial property are on the slide offering entrepreneurs huge negotiating potential. Start in Lettings and go onto sales. Hard competition but compete on price initially and you can create a foothold in the market. Sales skills,tenacity and people skills are all required.

5) TRADE ON EBAY-The internet comes up trumps again. Buy low, sell high, need anymore advice?

6) LEAFLET DISTRIBUTION- Charge local businesses by the 100 leaflets delivered or by adding £2-£3 to employees' hourly rate of pay. There are plenty of students looking for work who would be happy to offer their services.

7) TUTORING-Offer to help students who are studying subjects you have qualifications in. Advertise on the local supermarket noticeboard and free internet posting channels.

8) GARDENING-If you have green fingers,offer your skills to people who would rather pay you than do it themselves. Again advertise on noticeboards and on the internet on Gumtree or Craigslist.

50 Cent Quote

2011-07-04T07:13:00.000-07:00

'I don't get worked up or excited about situations I can't control because it's not in my power,so I might appear crazy to some people.'

Sergey Brin Quote

2011-07-04T05:39:00.000-07:00

'Obviously everyone wants to be successful, but I want to be looked back on as being very innovative, very trusted and ethical and ultimately making a big difference in the world.'

Michael Dell Quote

2011-07-03T11:49:00.000-07:00

There are a lot of things that go into creating success. I don't like to do just the things that I like to do. I like to do the things that cause the company to succeed. I don't spend a lot of time doing my favourite activities.

Michael Bloomberg on The American Dream

2011-07-03T07:37:00.000-07:00

'And because no matter who you are, if you believe in yourself and your dream, New York will always be the place for you.'

What Makes a Great Sales Person?

2011-07-02T06:36:00.000-07:00

All businesses have an aspect of Salesmanship in them,some to a greater extent than others. If you want to be a great Entrepreneur you will need to incorporate these features into your sales strategy:

1) BE PERSISTENT- Every Sales Person must be prepared to be rejected, ignored or even mocked! Sales is essentially a numbers game. The more prospects you contact,the more deals you will make.

2) QUALIFY LEADS-You want to work smart,not hard. Sales professionals say that 80% of your deals will come from 20% of your client base, so narrow down your prospects, eliminating time-wasters and those people that do not constitute your target demographic. Ask questions that assess the clients urgency or need to purchase what your selling.

3) BE LIKEABLE-People buy from people. Build a rapport with a potential client before you start giving them the 'hard sell'. Make sure that you are polite, respectful and professional during all interactions with customers.

4) ASK FOR THE BUSINESS-You can inform a client of the merits of your product or service all day long but if you fail to initiate the transaction you are doing yourself a disservice.

5) ALWAYS BE CLOSING-Remember why you are talking to a prospect. You are not just pitching them because you like interacting with people, you are doing it because you need to put bread on the table! Be nice, be agreeable, but remain focused,all interactions should be leading to a successful close.

6) DRESS LIKE A PROFESSIONAL- Formal dress only. When you are selling a product or service you must inspire confidence in your prospects. Be clean, tidy and smelling fantastic. Little things such as appearance can make the difference between convincing a client or turning them towards another competitor.

7) DON'T COMPETE ON PRICE- If you are discounting your fees,you lack belief in your product. Of course negotiation within reason is to be expected but taking off more than 10% shows that you are desperate. If you do not believe in your product, you shouldn't be selling it!

8) AIM TO BE THE BEST-If you're not top of the Sales board you should ask yourself why? You should look to 'ring the bell' and 'grab the chalk' several times a day. The enjoyment of Sales is experienced at the point of Sale. What better way to end a pitch than with a handshake and the closure of a deal to the satisfaction of both parties?

Ray Kroc Quote

2011-07-01T07:19:00.000-07:00

'If you're not a risk-taker,you should get the hell out of business.'

Gamechangers-Who has left their personal stamp on the Business World?

2011-07-01T05:57:00.000-07:00

Mark Zuckerberg has revolutionized the manner in which people socialise around the world. The Facebook brand is one of the best known and has captured the hearts of millions, if not billions of people around the world. Zuckerberg is a 20-something billionaire with a fortune pushing $13.5billion according to Forbes. I don't know whether to love or hate this business genius!

The Oprah Winfrey Show was a worldwide smash hit, entertaining and educating millions of followers worldwide. Oprah's hard start in life has been well documented and has increased her appeal and credibility to her audiences. Oprah's Harpo Production company contributes to her $3.7billion empire and has redefined the Chat Show genre.

Don King is the best known boxing promoter of all time. Having masterminded boxing super-fights all over the planet from America to Zaire. With all time greats such as Muhammad Ali and Mike Tyson having fought under his promotions,it is no surprise that Don King has made a fortune. Known for his ruthlessness and focus on the bottom line, King has put together a kitty approaching $300million.

Ray Kroc is credited with the accomplishment of turning Mcdonalds into the best known fast food franchise in the world. Having spent most of his life as a humble Salesman, Kroc knew he was destined for greater things. One of the true game changing Businesses of all time, Mcdonalds is an inspiration to anyone in the fast food trade.

Jon Hunt is the founder of Foxtons Estate Agency which operates in and around London. Foxtons is the best known Estate Agency in London and is known for its aggressive sales tactics, swanky Offices and ubiquitous branded Minis. Before the former Army Officer founded the firm in 1982, Estate Agency was devoid of 'hard sell' tactics, accompanied viewings and consumer friendly hours. By the time Hunt sold up in 2007, he had built a strong brand with numerous offices and appeal to respected Private Equity firms. Foxtons has its critics but after pocketing near on £400million on its sale, I doubt Hunt cares!

Larry Ellison Quote

2011-06-30T10:59:00.000-07:00

'I have had all the disadvantages required for success.'

Mark Cuban Quote

2011-06-30T08:57:00.000-07:00

'Make your product easier to buy than your competition,or you will find your customers buying from them,not you.'

Henry Ford Quote

2011-06-29T11:50:00.000-07:00

'Whether you think you can or whether you think you can't, you're right!'

Donald Trump Quote

2011-06-29T06:16:00.000-07:00

'In business, I've discovered that my purpose is to do my best to my utmost ability every day. That's my standard.I learned early in life that I have high standards.'

Andre Maurois Quote

2011-06-28T11:02:00.000-07:00

'Business is a combination of War&Sport.'

Richard Branson Quote

2011-06-28T06:33:00.000-07:00

'Business Opportunities are like buses, there's always another one coming.'

Five Inspiring British Entrepreneurs

2011-06-28T05:36:00.000-07:00

All budding Entrepreneurs need someone to look up to and who better to admire than these five prominent Business Magnates?

SIMON COWELL-We all know Mr. Cowell from his TV hits X Factor and American Idol but life hasn't always been so good for him. having acheived some success in the music business Simon lost it all in his early thirties and had to move back in with his mother. Some would have given up at this stage and settled for a life of mediocrity, not Simon Cowell. Through hard work, self belief and determination Simon has reached the top through the success of his Syco TV and Music businesses which contribute to a net worth of around $200million.

MICHELLE MONE-The Glaswegian founder of the ubiquitous 'Ultimo' lingerie brand is estimated to be worth around £55million. Michelle has successfully juggled the stresses of motherhood and business and shows us that it is possible to,'have it all'.

SIR PHILLIP GREEN-So how did this boy from Croydon amass a fortune worth in excess of £4.3 billion? The answer-Retailing. Sir Phillip's Arcadia group includes high street brands such as 'Topshop' and 'BHS'. Green started in business by importing Jeans from the Far East to sell to UK retailers. Evidence of his genius was illustrated in his decision to purchase several designer labels for rock bottom prices from brands going into administration. The young Entrepreneur then had the clothes dry cleaned, placed on hangers, then wrapped in polythene to appeal to consumers. You don't do as well as this man has without being a shrewd operator.

MIKE ASHLEY-The current owner of Newcastle Football Club has made a fortune from Sports retailing. Sports Direct International has been a success as a result of Ashley's strategy of buying failing brands for bargain prices and then selling them in his Sports Direct Stores. Donnay, Kangol, Dunlop are just a few of the brands the retailing mastermind has snapped up to corner the Sportswear market in the United Kingdom. There are £1.268billion reasons to take note of the Business nous this man has.

CHARLES DUNSTONE- Telecommunications dealings have earned Charles a net worth of £1billion. Starting with £6000 worth of savings, Charles has built up Carphone Warehouse into the major player it is today. The success of Carphone Warehouse show that huge borrowings or huge investments are not necessary to generate wealth.

Jim Rohn Money Quote

2011-06-27T17:18:00.000-07:00

'Formal education will make you a living;self-education will make you a fortune.'

What cars do successful business people drive?

2011-06-27T05:32:00.000-07:00

You're on the way to the top,your entrepreneurial endeavours are finally paying off and now you want to enjoy the fruits of your labours. The question is how will you get around? Will you drive or be driven? Lets look at your options:

MERCEDES S-CLASS- The car of choice of many a successful executive. Spacious, imposing, littered with comforting gadgets and equally comfortable in the driver's seat or in the back.

BMW 7-SERIES-One of the most intimidating sights on the road. Big, bold and worthy of respect, this business tank will show the business world that you literally mean business.

MASSERATI QAUATTROPORTE-Exuding Italian style, this classy four seater is known for its unparalleled driving credentials, powerful choice of engines and sumptuous interior furnishings.

AUDI A8-Another executive no brainer. Technologically advanced, excellent build quality, sleek lines and some of the best engines around.

PORSCHE PANAMERA-Four seater supercar incorporating the unmistakable Porsche DNA along with comfort, gadgets and practicality.

ROLLS ROYCE PHANTOM DROPHEAD COUPE-My personal favourite. No car combines sartorial elegance and brutal speed better. You've worked hard, why shouldn't you cruise around in the comfort your hard graft deserves? If you prefer to be driven you can choose from the entry level ROLLS ROYCE GHOST and the flagship ROLLS ROYCE PHANTOM.

ASTON MARTIN RAPIDE-The car James Bond would travel to the boardroom in. If any car personifies taste, class and success better, I haven't seen it yet!

FERARRI 599 GTO-Who needs a chauffeur? One of the best driving cars on the market. Extravagant chassis, one of the best engine sounds around and an unrivalled driving position. Is there any point in discussing further options?

LAMBORGHINI GALLARDO-Fast, edgy and impressive. Do you need any further motivation to generate profits?

MAYBACH 62-The imperious Maybach is known for having the best interior of all chauffeur driven limousines. Some think it resembles a glorified S-Class, a sentiment I share to sum degree. Having been in one of these cars, I can say categorically that no car has more luxurious gadgets, legroom and 'office on the move' credentials than this business premises on wheels!

Is it a good time to start a business?

2011-06-26T05:00:00.000-07:00

The economic outlook has been gloomy for a while. Banks are not lending, big companies are experiencing difficulties and consumer confidence is in decline. Why would someone want to begin trading in this environment? Well, recessionary climates have produced some of the best firms. Microsoft, Bill Gate's innovative creation was founded in a downturn, as was Amstrad, Lord Sugar's revolutionary electronics company. If you feel the need to go it alone, do not be deterred by externalities. The biggest factor in defining the success of a company boils down to the internal running of the firm. Is there a demand for your product or service? Does your product or service satisfy this demand effectively? If the answers to these two questions are yes, you should not be put off by negative media portrayals of the marketplace, believe in yourself, believe in your idea.

Another way of looking at the market is to appreciate that if you can survive in a downturn, you will most likely have what it takes to prosper in a boom. Admittedly the lending issue is a massive hurdle particularly if your business requires the purchase or leasing of property, but why not try launching your idea online and then adding premises when things improve? 'Necessity is the mother of invention', if you want success badly enough, nothing will stand in your way!

How can a small enterprise (SME) generate more business?

2011-06-25T07:13:00.000-07:00

As a result of the precarious economic situation, many people are starting small businesses as an alternative to paid employment. A new business faces many challenges which must be overcome if survival in the first year is to be achieved. A business owner could consider the following activities to drum up some custom:

1) Engage in social networking. Twitter, Facebook and Linkedin are just 3 of the may internet based advertising tools a business person can use to get to potential customers. The social networks have huge reach and cost you nothing to join,almost sounds too good to be true!

2) Start leaflet distribution. All you need is a printer, ink and paper! Make your message clear, bold and professional. include an introductory offer to entice interest.

3) Get on the phones! This is particularly useful for service based businesses. A Real Estate Broker can contact private sellers in the local classifieds, a hotel can call local businesses in the directory,offering hospitality services to executives, etc.

4) Hold an open day. Advertise the event via leaflet distribution and the local press. Prepare some nibbles and drinks and offer a special fee rate to attract thrifty consumers!

5) Create an 'email tout' aimed at past customers. Maybe they have received a better offer or just forgotten you, repeat business is often the easiest to secure.

6) Offer incentives for introductions from existing customers encouraging advertising via 'word of mouth'.

7) Print new business cards. You can only make a first impression once, so ensure you look the part with a stylish, impressive format.

8) Utilise Supermarket noticeboards. Do not be shy! Many people check these boards before or after their weekly shop. Any opportunity to grab a potential customer's eye must be taken.

9) Approach Local Press for an interview. There is no better way to introduce yourself to a local market and create a 'buzz' in the local community.

10) Offer the best service you can offer to every client. A positive reputation forms the basis for a prosperous future.