SECRETS OF GREAT ACHIEVERS

How to Write a Comprehensive Business Plan

2010-11-14T12:25:00.000-08:00

One of the most daunting tasks for most small business owners is creating a business plan. Sitting down, staring at a blank page or computer screen is never easy, and even less so when you are creating a document that will govern, to some degree, the path of your business for the next few years. However, there are a few things that can make the process a little easier:

Unless you are using your business plan to apply for finance, it’s more of a personal road map.

o This is to ensure that you know at least somewhat where you are going, and have a clue as to the way to get there

Even if you are submitting your business plan for funding consideration, it does not have to be complex or confusing.

o In fact, the simpler you can make your vision seem (and back it up) the more effective your business plan is likely to be

Understand that your business plan is NOT intended to be written in stone – it’s a working, living document that you alter as the dynamics of your business changes.

Now that we’ve clarified those business plan fundamentals, let’s get into the nitty gritty of how to actually write one.

Spend Some Time Brainstorming

Before you even put pen to paper on your business plan, it’s a good idea to sit down and make notes. Write down anything that occurs to you which may apply to your business. Don’t restrict yourself to the sections or template of a standard business plan; just allow your ideas to flow onto the paper. This will form the underlying basis of your final document, and will help you solidify the content to include in your plan from a holistic perspective. Once you’ve gathered all your thoughts on paper, you’re ready to start writing the plan.

1. Executive Summary

The executive summary of your business plan is pretty much exactly what it says – it’s a summary of the information contained in the rest of the document. Although it is short (around two pages), it’s the most important part of your business plan, and should be written last – after you have covered all the other sections of your plan. The reason for this is that potential funders and investors, who are extremely busy and have limited bandwidth, will NOT read your entire plan. To be honest, they will probably read just this part of your business plan to figure out whether to schedule a first meeting with you or not. Therefore, your executive summary needs to be a knockout!

2. Business Overview

In the business overview section of your business plan, you will cover the idea behind your business and the legal formation it become. For instance, you might be starting an online business that sells pet products. This is the section where you will cover that, as well as outlining what legal form the business will take, were they company is based, etc.

3. Management

Anyone who is seriously considering investing in, or funding your business, will want to know who is behind the idea. They’ll essentially be asking themselves “who will be steering the business from business plan to market success?” In this section of your business plan, outline who the key players in the business are going to be (along with their resumes), as well as detailing the management structure of the business. Use this section of your plan to assure investors that you and your team are the best people for the job, but don’t lie! If you’re lacking in a particular area, for instance, accounting, indicate how you plan to address the issue – for instance, by outsourcing the function. Remember – no one is good at everything!

4. Your Market

Anyone who is considering investing in your business will want to know that there is, in fact, a market for your product/service. Even if you are self funding, you need to know who your target consumer will be! That means examining both the potential demographic your business is aiming for as well as the overall industry landscape. Market research will also help you to avoid costly mistakes. For example, if you are planning to open a fast food restaurant, but the area you have chosen already has five, there’s a good chance you need to rethink your strategy, right?

5. Sales and Marketing Strategy

Once you have covered WHO you are going to sell to, you need to be clear about HOW you plan to do it.

Are you advertising to the general public, or to business?
Will you leverage only traditional advertising methods, or will you incorporate technology?
Will you have a sales force?
What will your USP be, and what will set you apart from your competitors?

All of this information will help you to gain a foothold in the market while you are starting out. If you continue to build on the above, it will be a very worthwhile step toward ensuring the success of your business over an extended period of time.

6. Financial Statements and Projections

Easily the scariest part of preparing a business plan (for most entrepreneurs) is constructing the financial statements and projections. However, there are plenty of free online resources that can help you. There are an abundance of templates that will provide a framework for creating a clear financial picture of where you are right now, what you need to get started, and what your sales and profits will be in the short-term. Alternatively, you could hire an accountant to compile your information into a financial plan. Based on my experience, in the early start-up days, it’s always best to be engaged in every aspect of the business – there’s nothing worse than trying to present a business plan to investors and not understanding the numbers.

7. SWOT Analysis

Yet another aspect of the business plan that scares many entrepreneurs is the SWOT analysis. This acronym simply means an analysis of your business in terms of:

Strengths
Weaknesses
Opportunities
Threats

Spend some time with a sheet of paper for each of the above, and list your ideas. Then simply transfer them to your business plan, and expound upon them with detailed explanations as to how you’re either going to mitigate or capitalize on each of them.

8. Supporting Documentation

This is the section of your business plan where you can supply any other documentation that is relevant to your company or which your readers may find interesting. Maybe you are applying for growth funding, and your company or product has won an award – include a copy. Or maybe you operate in a highly specialized environment that requires certification – include yours here. This section can have a substantial impact on how your business plan is received from a risk mitigation perspective.

Take Your Time, and Treat Your Business Plan as a Learning Tool

As you can probably now see, the concept behind your business plan is not that difficult or complicated.

Yes, building a business plan can be a process that takes some time, but it is an exercise that will help you to gain a clearer picture of your company. Furthermore, a great plan will help you to convince potential investors and funders that you are worth the risk.

Think of your business plan as your sales pitch for your business on paper – invest time in making it great.

How to Start a Business with Little or No Money

2010-11-14T12:16:00.000-08:00

Do you think you need a lot of money to start a business? You don’t! I’ve started eight businesses with less than $1000 each. These are the tricks I use.

You Don’t Need Everything from Day One

Don’t feel like your business has to look like a “real business” from day one.

You don’t need an office.
You don’t need to incorporate from day one.
You don’t need fancy business cards, a fax machine or that desk you really like.

People can often become distracted by the things mentioned above and lose focus on what matters. Concentrate on selling and then selling some more. That’s all you should be working on at the very beginning.

Use Relationship Marketing to Your Advantage

This is the most important lesson that I’ve learned in my career as an entrepreneur, so please pay attention. The best kind of marketing is called “relationship marketing” and it’s free. How does it work?

Find the people that have access to your audience.
Offer them a commission for referring business to you.
Let them market your company at no risk to you.

Let’s say you offer city tours in London. Go to all the hotels in the city, talk to the front desk staff at each place and tell them what you do. They have access to millions of travelers and that’s your target audience. Pay the front desk clerks a commission for each guest they send your way. This is risk-free and extremely effective.

Do As Much as You Can Yourself

Design your own business cards, build your own website, and write your own marketing copy. These won’t look as great as work done by professionals, but it’s free and fast. Once you’ve sold a few thousand dollars worth of products or services, you can always re-do your website, business cards and marketing copy using experts.

Good Enough is Good Enough

There’s a group of people that struggle more than anybody else when it comes to starting a business with no money: the perfectionists. They can’t stand good business cards; they need great business cards. They can’t stand using a template for a website; they want a custom-made site. They can’t work with a web-based application that’s $5 a month because it doesn’t have all the features they want. They don’t leverage existing products, they need stuff that is customized for them, and that can be very expensive.

Have Contractors, not Employees

Having contractors has many advantages:

You can stop working with them when you don’t need them anymore or if they’re not good at what they do.
They don’t need a desk or office space.
When work is slow, they get paid less. When there’s a lot of work, they make more money. Try that with an employee.

Pay for Results

It’s OK to have some people on retainers, but make sure that most of their income is tied to results. If they bring you a lot of business, they should make a lot of money. After all, you’ll be making a lot of money too, so it’s only fair that you share it with those that help you achieve your goals.

Be Smart About Your Inventory

These are two great pieces of advice I learned from my mentor:

Produce on demand. When you receive an order, collect payment and then manufacture the product. By doing this your working capital will come from your customers instead of your own funds.
Be the middle man. Instead of producing your own products, buy them at a discount from someone else and sell them at retail price. The profit margin will be smaller but this is a lot less risky. Once you’re in a better financial situation, you can start producing your own products.

Barter as Much as You Can

Very few people barter these days, but bartering is extremely powerful. If you have something other people want, try to barter for their services. You might not get the best expert in the industry to work with you, but whomever you get will be good enough.

Leverage Other People’s Businesses

You should take advantage of the retail locations, distribution channels and manpower that other companies pay for. For example, if you sell t-shirts, opening your own retail store will be way more expensive than selling your t-shirts through other people’s stores. Let them carry your products. Use their salespeople, their retail space and their distribution channels.

Bonus Tip: Don’t Quit Your Job Yet!

Having to make money by tomorrow in order to be able to buy groceries is no fun. I know it because I’ve been there; several times. Don’t quit your job yet. Work on your business in your free time. Grow it without taking stupid shortcuts because you’re desperate for money. Once you’re getting a decent income from your business, you can quit your job and work on your business full-time.

What other tips do you have for low- or no-budget startups? Share your comments below!

Learn Strategies in Convincing People to Loan You Money for Your Startup

2010-11-02T07:26:00.000-07:00

The funding problem is one that all entrepreneurs face. Without money to start your business, your options are very constrained and growth could take eons longer than it would with the help of an investor. If you don’t have the means to self-fund, you should begin polishing your pitch to investors immediately, but without proper etiquette and requisite plans you could come off looking desperate and unprepared. The following tips will help you look more credible, serious, and promising to potential funding sources.

Build a Prototype

Let’s face it: talk is cheap. Anyone can have a “great idea” that sounds like a real winner on paper, but no amount of talk is ever as impressive as using the real thing. TechRepublic warns against spending too much time and effort on the functionality of the prototype. They recommend that a prototype should be an empty shell of an application that does little more than visually represent your current vision.

The purpose of the prototype is to get it in front of your prospective investors fast and let them critique it. If you invest too much time in programming the technical back-end, you might end up having to scrap a lot of your work when the investor submits changes he or she want to see before writing you a check.

Identify a Clear Target Market

Too often investors meet people who have grandiose new ideas that they are sure the world will want, but can’t specify who in particular will use it. Believe it or not, a product without a market is like a rowboat without oars – practically useless. Investors know it, too. “It’s a big red flag when someone outlines the size of the market-multibillion dollars-but doesn’t clearly articulate a plan for how the idea will meet an unmet need in the marketplace,” says Aaron Keller, an adjunct professor of marketing at the University of St. Thomas.

Dedicate a significant amount of time putting yourself into the shoes of your future customer. What problems do they have? How does this product solve them? How can you communicate the value of your product to them? Understand as much about your market as possible and communicate this knowledge to your investor.

Seek Help with Your Business Plan

If you plan to seek funding from a professional investor (such as a venture capitalist, or a small business bank loan) you will need a dynamite business plan before you even walk through the door. No amount of crafty salesmanship or product hype will get the job done with these folks – they’ve heard it all before. The problem is that you’re not a professional business plan writer, you just know your product and want to get started developing it.

That is why the Small Business Association (SBA) offers free online business plan consulting. Their toolkit offers everything you need to complete an attractive business plan quickly, from essential inclusions to formatting guidelines. There is even an interactive online workshop to help you ensure that you learn all the tricks and tips for writing to investors.

Define Your Team’s Roles and Credentials

Behind every great company is a talented team that can combine specific skills to create the magic that drives their sales. Investors know that the success of a new business is as much about the people turning the wheel as it is about the wheel itself. Before seeking funding, write a brief biographical outline of the credentials and roles of your core team members, making sure to include all professional certifications, work experience, and educational merits that apply.

Design Clear Return on Investment Figures

An important component of your business plan that every experienced investor needs to see is your return on investment outline. Specifically, this section explains how the investor stands to benefit from your company. What percentage of profit is he or she entitled to, how soon do you expect to reach profitability, and how long will it take him or her to gain their investment total back? Considering that these are likely the biggest questions on the mind of anyone you ask for money, it is important that your ROI figures are backed by research and show a positive outcome for the investor.

Decide On Your Exit Strategy

New entrepreneurs are so excited to begin their businesses that the concept of an exit strategy is usually the furthest thing from their minds, but it is an important aspect that deserves attention. For those unaware, an exit strategy is how you plan to leave your business in the future. Some envision a life-long company that they will work at until retirement while others plan to build the business up and sell it off for a big pay-out.

It’s tempting to put off this decision for later, but StartUpNation points out that the exit strategy can actually shape the business right from the start. “If…you plan to exit your business and transform your equity into cash through a sale, merger or IPO, you need to prepare for that every step along the way,” they explain. “You’ll need to build value and equity in your company by creating unique products, services, relationships and distribution channels, building an intellectual property portfolio and expanding your customer base.”

Try Approaching Friends And Family First

Often, when entrepreneurs think about funding, their mind immediately focuses professional investors and neglects an alternative possibility. Before calling the bank, consider talking to your friends and family about investing in your company. Consider that you have a reputation with the people closest to you, and they surely want to see you succeed. New investors are fine, but they are a much harder sell because they see you strictly as a business proposition.

Tonia Papke, president and founder of MDI Consulting, agrees. “Family and friends are great sources of financing. These people know you have integrity and will grant you a loan based on the strength of your character.”

Justify Every Dollar of Capital

Deciding on an amount to ask for is one of the most difficult steps in planning funding. Carl Showalter, founder of an early-stage venture capital firm known as Opus Capital says that proposing a reasonable amount of funding is a skill many new entrepreneurs lack. “It’s surprising how often I meet with first-time entrepreneurs who tell me they need $5 million. Not many companies need that amount in their first round of funding.”

If you want to increase your chances of getting the money you need, keep the estimates conservative and justify every dollar. Never name a high figure just because it sounds like you’d be financially set for a while, this is inappropriate. Instead, create a comprehensive expense report that explains exactly how the money will be used to grow the business.

How to Choose the Right Colors For Your Brand

2010-10-25T10:01:00.000-07:00

Ten years ago, Heinz unveiled a new type of ketchup that became an immediate success. It sold seven million bottles in its first seven months and gained international attention. It became so popular that when it sold out of some supermarkets, people actually auctioned it off on eBay. So what was so special about this ketchup? Did it taste better? Not at all. Was it made out of better ingredients? Nope.

There was one difference. It was green.

Now, consider the story of Crystal Pepsi, a clear cola that debuted in 1992. Though the soft drink tasted like regular Pepsi, it seemed that most people didn't react well to the idea of drinking a clear cola. After lackluster sales, the product was discontinued after only a year.

The message is clear enough: the choice in color for your product and its marketing materials matter.

Choosing the Best Color for Your Brand: It's not Just an Artistic Decision

Research has shown that color influences our emotions in a variety of ways, but perhaps most importantly, it's the first sensory touch point with a customer or client. "The first point of interaction is shaped by the color, and color is the most memorable sense," says Leslie Harrington, the executive director of The Color Association and a color consultant. "Before anything else, they see color."

Harrington, who wrote a Ph.D. thesis titled Color Strategy: Leveraging Color to add and Extract Values for Products and Brands, urges her clients not to think of color as an artistic choice or preference, but rather a grounded business decision.

"Color has been one of those things that's been left up to the designer to select something," she says. "The CEOs or management say 'oh I can’t do that, I’m not artistic.' But my argument is that it's not about being artistic – it's not any different than making any other strategic decision for your business."

Case studies have shown that a consumer's decision to purchase products can range from anywhere between 60 and 80 percent based on the product's color. Color has the unique ability to make or break the success of a product, Harrington notes. "It doesn’t cost you any more to make the right color decision for your product. But if you choose the wrong color, from the onset, you’re not going to communicate what you want to your customer.” In other words, if you get it wrong, it can really impact the overall performance of your company.

Choosing the Best Color for Your Brand: Color Selection

Color is contextual. For example, you might buy a shampoo that's bright orange, but you're probably unlikely to buy a car in that same color. So when thinking about a color for your product or marketing materials, it's important to research the typical choices of color among your competitors, and understand what a particular color is trying to communicate to a customer.

"Go into the store and take a critical look at what colors are there," says Jill Morton, a color consultant and author of a series of e-books about color.

Morton explains that point-of-purchase sales (e.g. walking down the aisle of a pharmacy), are difficult because your product will sit on the shelf with at least 20 or 30 other products. Sometimes choosing a color that stands out can help. "Garnier Fructis did something quite brilliant with their choice of that green," she says. "You go to a shop, and that stands out."

But choosing an unlikely color can backfire, too. For example, "everything in contact solutions is blue or green, but if you put a product on the shelf that is red, no one is going to buy it," she says.

Most importantly, it's important to distinguish whether the color serves to imply a certain function (e.g. blue is clean, healthy, safe) or if the color implies a certain idea (e.g. neon green is fun, adventurous, different). Once you've determined what it is that your target customer is looking for, you can best decide on the color to help them find it.

Choosing the Best Color for Your Brand: Keeping it Real

Though your company may want your product to reflect a certain idea by a choice in color, it may not be that simple. "Consumers know intuitively if the color and brand connect, and if it's authentic," says Harrington. "If it doesn't connect, it turns them off." Sometimes, companies think that finding a "popular" color or one that customers "like" will help sales. But this is rarely the case. "Whether its trendy or not, or whether they like it or not, won't necessarily matter as much as if it’s authentic."

Harrington points out the following example. When Volkswagen came out with the new Beetle, most of the billboards pictured a neon green Beetle, which was a car color few people had seen before. However, that color was authentic to the ideas VW was trying to communicate: rebirth, renewal, and bringing an old icon back to make it new. "It really resonated with the customer," she says. "It allowed VW to communicate in the ad what they were all about – even if it just brought the customer in the store to buy the black or the silver."

This example also illustrates another element of color psychology, something she calls the "pink purse syndrome," namely, you put a pink purse in the window to get customers to come into the store where they buy the black one.

Choosing the Best Color for Your Brand: When you Need a Change

Sometimes, changing a company color is necessary to indicate the company is still modern and progressive. When freshening up logos or changing a product's color, there are a number of things to consider, says Leatrice Eiseman, executive director of the Pantone Color Institute and international color expert. "You have to think about whether or not you want to retain some of the past, or completely do away with it," she says.

There are a couple of ways to do this. One is to scrap the color entirely. However, this isn't always the best option. Rather than get rid of all the equity you've built with a certain color, it's sometimes best to hold on to one color, and consider altering the accent color, says Eiseman. "Most companies want to hold on to the equity and goodwill of their image, and color can certainly do that: maintaining some of the color but adding something new as a secondary color to refresh the image."

A good example of the need to change colors is Kodak, Harrington says, because they needed to move from being a film business in the minds of consumers, to a digital business. "Since yellow was so iconic with the product, they went to red," she says. "They wanted to signal to the customer that the focus of the company had changed."

3 Mental Preparations for Opening Your Own Business

2010-10-25T09:51:00.000-07:00

The phrase, “It’s a cold, cold world out there,” is an American classic. The main driver for the phrase’s popularity is that, it actually is a cold, cold world out there. It’s not a firm rule, though typically business lends itself to the thought that there is an inverse relationship between risk and reward.

Well, the more rewards that you actively pursue, the colder the temperature is going to get. These are not tangible concepts; rather they should lay an understanding that the aforementioned theories are usually spot-on, and this is what you will be dealing with. In a nutshell, mentally prepare yourself for the uphill physical and mental battle that will constantly be waged against you via both external and internal forces.

Ask any basic office manager – it’s pretty warm making a $1,200 weekly paycheck. Also, there is nothing wrong with any bit of labor, regardless of how much it pays. If it’s honest, in my eyes, it’s respectable.

As the business makes its first headway and you are away from the mother paycheck for about a month, the warmth slowly fades as you get deeper into opening your own entity. There’s no turning back, however. Take the jacket off, feel the chill, and simply stop reflecting on that guaranteed paycheck. That was a different life. Instead, envision the possibility of a $20,000 weekly profit intake that could not be achieved via a puffy jacket, a scarf and gloves. Then, begin working your way to that paycheck.

With the opening remarks made, listed below, you will find some common psychological and life changes that encompass opening one’s own business. These are to inform, not to scare, though to simultaneously be realistic.

You Will Second Guess Yourself – It’s Part of Human Nature

If you are mentally prepared, or at least anticipate and recognize the pending self-doubt that rears its ugly head from time to time, then you are very much ahead of the entrepreneurial pack. However, before you open your business, take some time to fully embrace and eagerly anticipate the fact that there will be upsides a.k.a. times that you feel like you could conquer the world.

Conversely, there will be downsides when you feel that you couldn’t sell a free sports car to somebody out of gas. More or less, this psychological factor is “what it is.” Go with full confidence, and also go in with full confidence that self-doubt arises, you’re going to be able to swiftly recognize and squash the hindered thoughts. Work hard enough and become good at what you do and the following becomes the God’s Honest Truth: it’s always darkest before….

The Computer Is Going To Be Your New Best Friend

Before you quit your day job, make sure that you have saved enough money for a very nice, functional computer. Personally, I swear by MACs and they’re easy to use, but prior to purchasing the new machinery, understand that you are buying your new best friend. The mentality that goes with a brand new computer upon firing up a brand new company is much more positive than starting with old equipment. No mental excitement.

Think of it as the equivalent of your pet, only a little more advanced. You must have the mentality that this new piece of machinery is all that matters for 12 hours each day. If you’re not prepared to sit at a computer that long, find one of the few businesses to start that don’t require heavy, heavy internet work.

Try to save a few hundred dollars and use an old, outdated piece of equipment, and a single virus from a far-off land, can make your new organization go near belly-up. As an animal lover myself, I prefer to adopt older pets as they need the homes more, but the same rules need not apply for the screen and, subsequent hardware attached to your keyboard. You’re going to be staring at her all day and night, make sure that your prom date is pretty.

Getting A Mentor Is Great, But In the End…

Finding a good mentor is difficult, but rewarding and many swear by finding one, but it is not all that easy. Moreover, there is a huge misconception that a mentor can make or, otherwise break your business. Simply not true; unless you become a slave to every word and action that the mentor says and you become dependent, one of two things will happen:

1. They won’t have the time to provide all this guidance.

2. You will get, for lack of a better term, annoying and turn the individual off.

I, at a time, was lucky to have a strong mentor by the name of Harvey Cohen, but was unlucky enough to see him die of cancer. The only difference in my mentor is that he was extended family from my sister-in-law’s side. Still, I could not always run to him for advice, as he was busy and, I was not the first and foremost thing on his mind.

As a new entrepreneur, you are consistently going to be referred back to the “cold, cold world” reference. Don’t heavily reply upon a mentor; instead use them when advice is direly needed. Again, bear in mind to never be overly needy. Go into the business with the mentality that it is you against the world and think of a great mentor as a gift from the heavens, not something that is owed to you.

Five Mistakes to Avoid While Doing a Startup

2010-10-25T09:49:00.000-07:00

Many of us who have either started our own firms or are in the process of doing so, would agree that trial and error is a good way to learn as we tread the entrepreneurial path. It works best if we are quick to grasp the learning and pledge never to make it again. However, here are few mistakes, which could be avoided early on.

1. Don’t ignore your family and friends: As an entrepreneur, it is normal to get too busy working on your idea — raising funds, meeting prospects, traveling. But that does not mean you start to behave like you are running on a result-oriented treadmill and end up ignoring your loved ones. Support of friends and family is important for your venture and you must value that. It is all right to sometimes take phone calls of your daughter in the middle of business meetings. Nothing wrong in allocating a day in a week for family or showing up at every parent-teacher meeting at your son’s school, or picking up your spouse from work. Did you remember to wish your best friend on her birthday? By making efforts, no matter how small, you would soon realize that you have their full support in doing a successful startup.

2. Don’t ignore your health: Taking your health for granted is a bad idea. In the rush to make things happen with your startup, you could be missing those important health check-ups. You need to keep yourself healthy to deal with that extra pressure of doing a startup. Get yourself a health insurance. Richard Branson, the founder of Virgin Group, is a big votary of physical activities that keep entrepreneurs healthy. Take a leaf from his life and launch marketing campaigns that would require you to do go out and get involved.

3. Don’t be under-funded: Sometimes it just seems like a good idea to start without having the necessary seed capital, but this path is ridden with perils. The reason being that a number of expenses line up after you have started, and in the absence of enough money to back up, the initial enthusiasm could fade. So before you take the plunge, be as clear as possible to the possible expenses that your startup would have to incur before you break even. List down the possible sources of funding, friends and family being the first one, and how you would be spending the money. Cash flow problems could arise once in a while but case of chronic cash trouble could take a beating on your self-confidence.

4. Don’t depend hugely on one customer: Spread the risk by ensuring that your customer base is a good mix, spread across geographies, if possible. Repeat business is a good sign but you might soon feel comfortable with your repeat customers to the extent that you would stop taking work from new ones. It is a bad sign. There would be new things to learn from every customer, so don’t miss the opportunity. No more than 15-20 percent of your business share should be from a single customer. Reach out to newer markets in different countries and you would soon realize that the learning experience for you would be tremendous.

5. Don’t lose patience: Hang in there even if things look a hazy. Rather than worrying, spend more time in finding out what the problem is and what solution could be found. Read, learn and ask. Meet with other entrepreneurs in your industry and talk about the business problems you face rather than brood over them. Instead of searching for a psychologist, it is better to seek a mentor.

Feel free share your experiences as an entrepreneur and how you overcame difficulties of work-life balance, funding and customer acquisition.

Are Entrepreneurs Born or Made?

2010-09-14T14:18:00.000-07:00

Is Entrepreneurship In the Blood?

Families full of entrepreneurs are not uncommon to find (think the Waltons and Vanderbilts). Though many deem it difficult to engage in business with one’s family, these entrepreneurs did not think twice. Is this because entrepreneurship is in their genes, or because it was expected of them—or perhaps a little of both?

The oft-argued question of whether entrepreneurs are born or made is now under scientific scrutiny. The Wall Street Journal recently posted an article about whether or not entrepreneurship lies in DNA. Scott Shane, a professor of entrepreneurship at Case Western Reserve University: How Your Genes Affect Your Work Life, says entrepreneurial prowess may have as much to do with nature as nurture. Scott believes “a third to 40 percent of the tendency to be an entrepreneur is innate.” This is an easy idea to conceive, considering the genomes of each individual alive consists of varying traits. Greg Watson, a professor and retired private serial entrepreneur, has attempted to break down the DNA of the prototypic entrepreneur and the characteristics that person will possess in his article DNA of An Entrepreneur.

With genetic engineering supposedly on the horizon, it is a possibility it will no longer matter what the parents’ DNA yields; they will have the ability to choose their offspring’s genes. Will this mean an increase or decrease of our future entrepreneurs? To keep the entrepreneurial fire burning, fuel a child’s desire to get involved in business early by stoking their curiosity in simple, engaging, creative, and safe ways with Kidpreneurs, a book that outlines some basic tools and strategies that kids can use to gain valuable experience in starting, managing, and growing a successful business venture.

What do you think? Are Entrepreneurs Born or Made? Please leave us a comment and share your thoughts!

Is It Wise to Hire your Friend

2010-09-01T12:56:00.000-07:00

Most business advice blogs tend to be full of stale, common sense puffery. My main goal, as the editor-in-chief of Secret of Great Achievers, is to apply my knowledge and experiences to the discussion of many business-changing decisions young entrepreneurs make or don’t make. Many of these practices are often considered taboo, but I plan to break them down in a contemporary and honest way.

A typical managerial faux pas (coming in at a close second place to hiring your own family), is employing your friends. I’m sure almost all business owners would agree that hiring your friends only adds unnecessary complications to the already stressful and intricate management process. That being said, I recommend that you do hire your friends–but do so carefully. If you’re going to put your business, employees and customers at risk by hiring a friend, it’s important to understand how a relationship like it can affect all aspects of your business. If you are conscious of the following three factors, you may be able to maintain what I would consider the most acceptable employee-employer relationship you can have with a hired friend.

1. Qualifications

If you’re friends with someone, you should automatically assume that your evaluation of their skills, potential or work ethic is completely biased. I know you think you’re not like anyone else and your friend is the exception to the rule, but you’re not and he or she is not. Once you’ve come to terms with this, you can put yourself in a position to more accurately evaluate their performance and attempt to manage them.

2. Discipline

Punishing employees is hard enough. Reprimanding friends is even more difficult. Young entrepreneurs tend to have young friends–this means immaturity can ruin more than the professional side of your friendship.

3. Respect

Your relationship with your friend will absolutely cause issues in the workplace. Beyond the more straightforward issues you’re bound to experience (such as suspected favoritism and discipline problems), you should be concerned about your friend’s ability to take criticism or advice from you as an employer and not as a friend.

You certainly shouldn’t hire your friends, but I recommend you do, so you learn why you shouldn’t. Understanding why it doesn’t work is far more important to your business than making one or two bad HR decisions. If you’re aware of the associated risks and potential conflicts, you can minimize your exposure to the friend-related problems that every business owner experiences in these situations. I know plenty of business owners who have hired their friends and swear by the process – I consider them lucky and/or oblivious.

Success in the Technology Business: Stocks or Entrepreneurship?

2010-09-01T12:35:00.000-07:00

The technology business can involve different paths to success, but most of those paths rarely lead anywhere except to bankruptcy and discouragement. These businesses are so complex and difficult for many of us to comprehend that we often simply give in to the hype that permeates the industry. We are exposed to ideas in the media about where technology is headed and what we must do to profit off of it.

True entrepreneurs know that hype and traditional wisdom are rarely worth listening to. A recent article claims that people should consider buying stocks in businesses such as Apple and Google as a strategy for getting rich. They claim that Apple and Google are going to make a lot of money in the future and therefore will be big winners in any investor’s portfolio. There are a few flaws with this idea that limit the success of these investments.

A Business’s Financial Success Has No Bearing on its Viability as an Investment

I understand this may be counterintuitive. The truth of the matter is that if you want to be successful in the stock market, you must find discrepancies in a company’s actual (or intrinsic value) and the perceived value of the stock at the time. You must also bank on the fact that that discrepancy will be eventually corrected, which doesn’t always happen.

The problem with popular, publicly traded technology companies such as Google and Apple is that everyone already thinks they are worth a lot of money. When business improves, the stock price often increases beyond its intrinsic value. This often means that companies are often worse investments after they are more successful, only because their success creates hype that leads to unrealistic expectations for investors. Buying inflated stocks is always a foolish investment strategy.

Never Follow a Pack of Fools on Their Quest for Easy Riches

We have all heard the idiom “A fool and his money are soon parted.” It couldn’t be truer. Perhaps the biggest fools of all are the ones who give into the conjecture of others who clearly don’t understand what they are talking about. Others often listen to the business suggestions of a broker or advisor who clearly has a biased interest.

Ever since the dawn of Microsoft’s era over twenty years ago, investors have considered the technology industry to be built on a foundation of gold. They believe that if they read the news to identify the biggest technology company they have identified the most profitable opportunity anyone could consider. Everyone who buys stock in Google thinks they are a genius. Of course, probably 50% of investors hold stock in Google, so the chances of them all becoming millionaires only exist in the minds of the naïve.

How is Money Really Made in the Technology Business?

The most successful companies are the most innovative. I doubt we would find anyone in the world who would disagree. When it comes to making money, the next piece of the puzzle is recognizing innovation. If you want to profit from technology you must begin by understanding the nature of the business, rather than giving into conjecture.

Whether you choose to start your own business or invest in someone else’s, you must identify an idea that no one else has appreciated. Companies such as Google and Apple are no longer untapped opportunities to be superior investments. My suggestion is to use social networking groups to identify new technology businesses that are starting to catch on but have not yet created the hype that will create exponential growth in a few years.

However, you must always be realistic about how long it will take for your investment to pay off.

5 Questions to Ask While Searching for a Co-founder

2010-08-29T09:26:00.000-07:00

Starting your business, especially the first one, is like starting a new life. If you are sure of what you want to achieve, you would soon find yourself thinking and talking about your startup all the time, as if you were living in a new world. This is where you need someone who could share your vision, help you strategize better and work with you to make the plan work on ground. This could be your first key employees, a mentor or better still, a co-founder.

A co-founder is someone you can trust and fall back on. Some entrepreneurs prefer to tie-up with their old college friend or a colleague they know quite well, provided they have the right skills. Some bring their spouses or siblings on board, if they share the same vision. However, the worst thing that you can do to yourself and your startup is to make someone a co-founder only because he/she is “known” to you. Business is about hard facts and numbers, it is not a boat ride or a mountaineering trip. So, you got to be cautious as to whom you want as a co-founder. A right co-founder can add a lot of value and make your entrepreneurial journey worthwhile while a wrong one can rock the boat and leave you gasping for breath.

If you are looking for a co-founder, ask yourself some quick questions:

1. Do you really need a business co-founder? Sometimes the uniqueness of the business makes it difficult to find the right person who could share your vision with. This is mostly true for businesses that are born out of creative skills. Take the case of a fashion designer wanting to start a clothing line or an architect wanting to design green properties. So, instead of getting the wrong person on board as a business co-founder, it is always better not to have one. Instead, you can look for hiring a team of senior employees who would bring complementary skills to the table without you having to share profits with them. So ask yourself whether or not you really need a co-founder.

2. Is there an ideal business co-founder? The answer is “No.” Finding a co-founder is like looking for a life-partner. You may have a checklist of the qualities you want, but eventually he/she will be a person with both good and bad qualities. Instead of stereotyping the kind of “person” you want, it would be better to focus on the “skills” you are looking for.

3. How many is too many? Having two or three co-founders works wonders, but a large team could make the things a bit difficult. Unless your startup is of the scale that needs several people working out of different locations, it is better to have a small team. This makes decision-making faster.

4. What skills are you looking for? To zero in on a list of skills you are looking for in your prospective co-founder, you should first be sure of your own. If you are doing a technology startup and are great at operations, you might want to look for someone who would do wonders at marketing and sales. So you work on the product, while your co-founder goes about getting more business. Complementary skills are what you should focus on, so that each brings value to the table. Get to the drawing board and write down the areas where your startup needs that push.

5. Can you trust your business co-founder? If you have nearly decided on whom you want to be your co-founder, this is a big question to ask. A business partnership is a lot about trusting each other, only them you would be comfortable sharing the minutest details about your business. There would be times when some people around you might want to create a wedge between you and your co-founder, in which case only a strong partnership based on trust would survive.

Hope you find the right business co-founder(s). If you’ve already found them and have advice for other entrepreneurs, be sure to share in the comments below!

Personal Brands are All the Rage – Here are Four Reasons Why Many Fail

2010-08-29T09:23:00.000-07:00

Today’s world has many successful personal brands – Tim Ferriss, Gary Vaynerchuck, and Tony Robbins to name a few. Their success has led many to believe that their own ideas and philosophies can be practically applied to the world market for improving other’s lives. These success stories, combined with the recent surge in social media and the ease of use and high potential for Facebook and Twitter marketing has created a very big illusion – personal brands are easy and will carry high success with their creation. Unfortunately, this is statistically almost never the case. The reality is that very few people are able to create a personal brand that earns them an equal amount of money, let alone more money, than their existing occupations do.

Quite the contrary though is also true, so I do not mean to say it is impossible. In fact, there are numerous people who you have probably heard of with successful blogs and online businesses making six-figure incomes. When people think of creating their personal brand, the focus must really be on… themselves. The individual is the product. Whether it be their E-Books, podcasts, speaking, or physical books. This content must provide a way to enrich and supplement another person’s career or lifestyle. And most importantly, the content must contain thought out actions or strategies an individual can utilize that prove to be consistent in showing positive results across a customer base..

Here’s why many personal brands fail…

1. Not Niche-Specific (Trying to appease too many)

Some products are generic. Personal brands can never be generic. The marketing for selling toothpaste need only promote the goodness of the toothpaste. Everyone buys toothpaste. The marketing for a personal brand must be highly specific for it to reach the desired audience better than any competitors, or for it to be even found to begin with. When we think about how most personal brands grow, it’s usually for one of two reasons: 1) the brand is found through an internet search, or 2) more importantly, the brand is introduced to another through a devote follower and consequently they become a customer. The catch-all strategy will only leave you fighting to stay afloat in the personal branding world. It’s better to develop your brand around your unique niche with your own spin on things and capture 10% of possibly applicable traffic – and keep them, also converting them into subscribers, readers, purchasers what have you, than to go after 90% of one market. The fact of the matter is, trying to appease too many potential customers will leave you providing 50% awesomeness to less than 50% of people. Be specific, but more importantly, be the best person out there for one position.

2. Aesthetics Really Do Matter

If your materials look like junk, it doesn’t matter if your content is junk, people will think your entire brand is junk. And I mean that 100%. You can test it against yourself. How often do you arrive on a page via Google, only to click off of it in a matter of seconds because the site looks pre-Y2K. Invest in your business, spend the extra money it takes to hire a decent web developer to properly design and develop your site. You’ll thank yourself later when it comes to SEO, site metrics, and general overall usability. Plus this route gives you no excuse not to produce a unique and sweet looking site.

3. Persistence is More Important Than Everything Else

To think that you can just set up a website, Twitter, and Facebook page, and in six months you’ll have ten thousand followers is absurd. It took the three people I listed above years to get to where they are today, yes YEARS. So don’t tread lightly. This personal branding thing is just as much full intensive job as is any other job. In fact, it’s probably more so than most 9-5 jobs. First of all, just throw out that 9-5 concept, start thinking more 7AM-2AM, yeah that should do the trick. All of this leads me to my next point: If you’re in it for the money, get out. Just get out. The most successful personal brands are so because they provide compelling and actionable resources. They help other people do things better or that they couldn’t have previously done at all. The money and online following – all of that comes, but with time, and so your thinking must be in the right place first. If it’s not, you’ll burn out long before you make your first 100k.

4. The Product Isn’t Well Defined

A personal brand’s purpose should be identifiable in no longer than a few seconds. A couple keywords, a tag line, and some images should be all it takes to educate your customer on what it is exactly that you’re offering. Any longer than that and you’ve probably already lost vital time that should’ve been spent converting them!

Stear clear of these reasons why personal brands fail, and who knows – you might just be the next big personal brand to emerge from the shadows!

What Type Of Entrepreneur Are You?

2010-08-29T09:03:00.000-07:00

When it comes to entrepreneurship, it’s worth noting that not all small business owners are created the same. It goes a little deeper than personality though. The type of entrepreneur you are can have an effect on how successful you are at starting a small business.

In this article, we look at several types of entrepreneur, and the pros and cons that go with that particular type. Read on, and figure out which one you are, and how to make the most of it.

The Gung Ho Enthusiast

This type of entrepreneur has an enviably enthusiastic attitude to their small business venture. The trouble is, they probably also have unrealistic expectations, and think that their new business will become the best thing since sliced bread overnight. That rarely happens.

Keep the enthusiasm – it’s what keeps many entrepreneurs going when things get tough. But be a little more realistic. It’s better to have lower expectations, and exceed them, than to aim too high, and miss your goals.

The Passionate One

These entrepreneurs are driven by one thing and one thing only – a passion for their business or industry. While they may be the best in the business at what they do, they probably lack business acumen, or even the inclination to tackle tasks like administration and finances.

Passion is great – it’ll make going to work feel like anything but a job. However, business requires you to do the tasks you don’t like so much too. Aim for balance, and you should be fine.

The Business Veteran

Business veterans are usually older entrepreneurs, who have been around the business block. While they have the skills and knowledge to make a business work, they may shy away from technology and other more modern approaches to business. That can mean a lot more intensive labor.

Using your business knowledge to build a company is a great idea. Just make sure that you combine all that skill with modern time saving methods and technologies. If you’re not comfortable with that, hire a team that are, and while you take care of the business, let them take care of the tech.

The Lone Wolf

This type of entrepreneur tries to do everything, and be everything to everyone, all by themselves. While it’s great to know every aspect of your business inside and out, no man is an island, as they say. If you try to sustain the lone wolf approach for too long, you’re heading one way: burnout.

If you can’t afford to hire staff to help you full time, find people or companies you can outsource too. This is especially true for mundane tasks – after all, your time is worth more than that isn’t it?

The Ideas Guy or Gal

Another type of entrepreneur is the one who is brilliant at coming up with excellent new ideas, but not so great at putting them into practice. Either the idea never makes it off the drawing board, or it fizzles out along the way, because they lack the skill to sell it, or run a company.

Ideas are the lifeblood of entrepreneurship. If you’re not too great at taking them from concept to product, however, enlist a partner who is. A well balanced team, made up of an idea person and a doer is the entrepreneurial dream team!

The Philanthropist

These types of entrepreneur usually spot a need for industry in their community or elsewhere, or they find a way to help communities by starting a small business of some kind.

While helping people is great, your first goal as an entrepreneur is to have a profitable business. Don’t let your need to help cloud your business sense. Find a balance between helping others and helping o grow your business, and you can achieve all of your goals.

What Kind of Entrepreneur Are You?

I’m sure there are plenty of people out there who could add a few types of entrepreneur to this list. However, the fact remains that all entrepreneurs have strengths and weaknesses, and those strengths and weaknesses will determine how your business does.

If you haven’t seen a description that suits your entrepreneurial style in this list, then why not sit down with a piece of paper, and list the areas where you are strong, and what needs work. Then, come up with ideas to get around those weaknesses, and capitalize on the strengths.

Anybody has the potential to succeed as an entrepreneur. Being honest about what you can and can’t do is the first step however, so figure out where you need a little help, and then go out there and find it. It’ll make starting a small business that succeeds a whole lot easier.
5b98eda080ad4494b131253d19f90615

10 Business Ideas for the Teen Entrepreneur

2010-08-25T07:05:00.000-07:00

Many of the most successful people in business today started out as teenage entrepreneurs. For many teens, the realization that building something of your own beats working for “the man” comes to them naturally, but coming up with the right idea isn’t always easy. So here are 10 ideas to get your creative juices flowing. Most can be started by anyone, and a few will require some specialized knowledge, but might get you on the right path or spark another idea, even if you don’t have that knowledge right now.

Senior Errand Service

Wherever you live, there are bound to be senior citizens who need help with errands. The errands you’ll run can range from grocery shopping to picking up dry cleaning and going to the post office. If you don’t yet have wheels, there are plenty of ways to help seniors around the house too, like washing the car, making minor repairs, or helping out with yard work. As the fasted growing segment of the population, it makes a lot of business sense to serve seniors, and it will feel good to know you’re helping someone who really needs it.

Garage Cleaning/Organizing Service

Have you ever walked past an open garage that was so cluttered with stuff the family couldn’t fit their car inside? Those are your potential clients. Cleaning out the garage is a chore no one enjoys (unless they’re getting paid like you will), so convincing people to hire you won’t be that hard – especially if you’re polite and professional and your rates are reasonable. Your startup costs will be minimal with this business – chances are you have most if not all of your supplies at home already. All you’ll need are a good push broom, some cleaning supplies and lots of elbow grease. To get customers, make up some flyers and go door-to-door around your neighborhood. It might be intimidating at first, but before long, you’ll get your pitch down, and it will be well worth the effort.

Haul-Away Service

If you have a pickup, or know someone who has one and wants to be a partner, consider starting a haul-away service. Whether it’s in their back yard, in their garage, or under their stairs, people all over the world have lots of junk. And many are willing to pay someone else to haul it away. Figure in the cost of gas, maintenance and insurance on the vehicle you use when coming up with rates, and make sure to find out if your local dump charges to drop off there. Another great thing about this business is that what one person calls junk, another might want. You’d be surprised at what some people get rid of, and there might be an opportunity there to sell some of this “junk” in the classifieds, eBay, etc. To market this business, go door to door, or post flyers at your local grocery store, or laundromat’s community bulletin board.

Small Engine Repair Service

Are you handy with all things mechanical? Can you take apart just about anything and put it back together? If you have the skills, some tools and a garage you can work in, there is a market for a small engine repair service. From lawn mowers to snow blowers, your neighbors are bound to have something they need fixed. For the price of a few flyers, you can be in business fast. As you prove yourself, your customers are sure to tell others, and you’ll be busy as a professional tinkerer before you know it!

Yard Service

Ok, so mowing lawns for the summer isn’t a very original idea. But who says you have to limit yourself in this category. Why not think big? Start out by mowing lawns in the summer and clearing snow in the winter, but rather than spending your earnings on the latest video game system or car stereo, use your revenue to expand your services to other kinds of yard work. Trimming hedges, killing weeds, and planting flowerbeds are just a few of the services you could add, without spending much at all on additional equipment. As demand for your business grows, hire friends to help you out. Before you know it, you could be running a full-fledged landscaping business.

Social Media Consulting

If you’re in your teens, chances are very good you know your stuff when it comes to using Facebook, Twitter, Foursquare, and other social networks. But did you know this stuff is big business? Well it absolutely is. There are entire consulting firms dedicated to helping their clients maximize their social media efforts, and some of them probably don’t have as much experience at it as you do. Step one is to find out all you can about using social media for business. There are tons of online resources for this, so that part’s a breeze. Next, decide what services you’ll offer and if you’ll specialize in a particular area – Facebook fan pages, for instance. Then get out there on social media and make it known that you’re available as a consultant. Also consider visiting local businesses that see the value in social media but might not know how to get started. There is a huge market for this right now. You just have to plan it out and go for it!

Candle Making

For less than $100 in wax and equipment, anyone can be in business for themselves making candles. If you’re creative and willing to do the necessary legwork, you can do well as a candle maker, and you’ll have fun too. First, you’ll want to decide which kind of candles you want to make. There are beeswax candles, colored candles, scented candles, or aromatherapy candles, to name a few. Then you’ve got to decide where you’ll sell your finished candles. There are lots of options, such as eBay, craft fairs or direct sales to local shops – or all of the above. If you can come up with a unique design or presentation for your candles, this business can blossom into a company that will keep you busy well beyond high school!

Jewelry Making

Like candle making, this business is for those with a creative flare. It might take a little more to get started, both in money and know-how, but you don’t need tons of training, and if you use materials like beads and silver rather than gold and diamonds, starting a custom jewelry business doesn’t have to cost a lot. To get started, you can learn most of what you need to know from books on the subject. Then it’s a matter of practicing until you’re good. If your stuff is attractive, you’ll find a market eager to snatch up your pieces – often for a premium price.

Web Design Service

This is one business where you really should have some training and a lot of practice to get started. Yes, there are many people out there calling themselves web designers who just use templates and have only a basic html background, but you don’t want to be one of those. The real money in this field is made by those who know what they’re doing. If it’s something that interests you, it won’t take that long to learn, and you can do very well from referrals and return business. And this is another business that can take you far beyond your high school years.

Blogging

Are you an expert in a particular area, like social media or high school algebra? Are you an entertaining writer, or simply have a great sense of humor? If you can get people to read what you have to say, you can make money at it by starting a blog. There are thousands of affiliate programs that will pay you when people click through from your blog to their sites and make a purchase.

Whatever business you decide to start, know this: if you’re a teen reading this post, you’re already far ahead of 90% of other people your age, and way ahead of the vast majority of people of any age. To enter the world of entrepreneurship can be challenging at times, but those of us who do it know that all the hard work, setbacks, and challenges that come are nothing compared to the rewards of starting and growing your own business. So don’t let anything slow you down. If being in business for yourself is your dream, go for it with all you’ve got!

Marketing with Meaning

2010-08-25T03:34:00.000-07:00

“Marketing with meaning”, can be defined as bringing value to clients (potential and existing) through your marketing tactics. What does this mean for a business? Is offering a product or service enough of a value in itself? Merriam-Webster provides several definitions of the word value: “a fair return or equivalent in goods, services, or money for something exchanged; relative worth, utility or importance; something (as a principle or quality) intrinsically valuable or desirable.” Marketing with meaning is about added value. With today’s bombardment of billboards, commercials, and online pop-up ads, people are being interrupted more frequently with less valuable information. What consumers need and what they perceive they need can be very different, and marketers have long since played off of this.

If you can market in a way that offers an unexpected and appreciated additional service, that will be valued. Does that mean offering a free sample of your product to prove its worth? Is than an article or newsletter sharing information once reserved only for paying customers? Small businesses often have less money to invest in their marketing, but are willing to invest the time. One of the easiest and most cost-efficient ways is by utilizing social media. Great Achievers blogs are an example of this, as you’re gaining information about topics which may be useful to you, while getting to know authors as people rather than businesses. You’re learning about the writer’s expertise, while not having to invest anything other than time. That in turn can provide the confidence to invest more fully, all with neither party paying a dime. If you’re interesting and engaging, people will read what you have to say. Not only will they read it, but they’ll be eager for it and they’ll share it with others. But, you can’t just say something; you have to say something of value that will bring people back for more. A blog is a great way to start, and it shows your potential clients that you’re knowledgeable about your field.

Next best is the ever-growing world of Facebook. People thrive on being connected; six degrees of separation has never been more true. The greatest thing about Facebook is the viral ability. With the options of “like” and “share”, one person finds out about a local restaurant or hair salon, and 5 minutes later, their entire friend list of 500 knows too. Most small businesses aren’t targeting a small niche, but have mass appeal. Appeal to that mass by free publicity. Taking the Facebook status to the next level is Twitter. What’s the allure of typing a single sentence and having people desperate to know your latest update? Who cares if you just had the greatest lunch at the diner down the street, or need to get your carpets cleaned after your kid spilled grape juice? Interestingly enough, small businesses care. By targeting keywords locally (think “carpet” or “lunch in Boston”), you can find potential customers with a click of a button.

There are certainly additional social networking sites, though the first 3 are a great starting point. MySpace seems to have done wonders for up and coming artists, but I don’t know that I’d recommend it for the local electrician. LinkedIn is also an excellent networking site, and I encourage you to create a profile so you can connect with old colleagues, new friends, and get your name out there. When it comes to social media, invest the time and go viral. With a blog focusing on your small business specialty, a Facebook page featuring customer testimonials, and a Twitter account advertising your latest deal, you’re well on your way to growing your customer base. The key to marketing success is to add meaning and offer value, and all other things equal, you’ll find yourself strides ahead of your closest competitor.

What’s been your most effective approach to social media, and have you found any success with value-added offerings? We’d love to hear your thoughts.

33 Quotes to trigger the Entrepreneurial Spirit in you! Enjoy

2010-08-25T02:52:00.000-07:00

Quotes. Entrepreneurs are fascinated with them. They spark our creativity, motivate us to action, and inspire us to greatness. They offer us insights into the spirit behind innovation and genius. And they act as fuel to the blue-flame fire that burns deep within every true entrepreneur.

The 33 quotes below are, in our opinion, some of the best of the best. They come from authors, poets, inventors, scholars, and entrepreneurs – all legends in their own rights. So jot them down on Post-it notes and decorate your workspace. Grab red lipstick and write them in sweeping letters across your mirrors. Pick your favorite and brand it on your…palm. The right words at the right time can be paramount to your success, so do whatever it takes to keep inspiration close at hand.

“If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much.” Jim Rohn, Entrepreneur, Author, Motivational Speaker

“In life and business, there are two cardinal sins: The first is to act without thought, and the second is to not act at all.” – Carl Icahn, Investor and Entrepreneur

“Do not go where the path may lead, go instead where there is no path and leave a trail.” Ralph Waldo Emerson, Poet

“A business has to be involving, it has to be fun, and it has to exercise your creative instincts.” – Richard Branson, Entrepreneur

“Can anything be sadder than work left unfinished? Yes; work never begun.” – Christina Rossetti, Author

“Destiny is not a matter of chance, it is a matter of choice; it is not a thing to be waited for, it is a thing to be achieved.” Williams Jenning Bryan, Politician and three-time Presidential candidate

“Watch, listen, and learn. You can’t know it all yourself. Anyone who thinks they do is destined for mediocrity.” – Donald Trump, Business Mogul

“High expectations are the key to everything.” – Sam Walton, Entrepreneur

“The only place where success comes before work is in the dictionary.” – Vidal Sassoon, Entrepreneur

“Do not wait to strike till the iron is hot; but make it hot by striking.” William Butler Yeats, Poet

“I know the price of success: dedication, hard work, and an unremitting devotion to the things you want to see happen.” - Frank Lloyd Wright, Architect and Entrepreneur

“Opportunity is missed by most because it is dressed in overalls and looks like work.” – Thomas Alva Edison, Inventor and Entrepreneur

“If you work just for money, you’ll never make it, but if you love what you’re doing and you always put the customer first, success will be yours.” – Ray Kroc, Entrepreneur

“The secret of success is constancy to purpose.” – Benjamin Disraeli, Author, Politician and Scholar

“How many cares one loses when one decides not to be something but to be someone.” – Coco Chanel, Entrepreneur

“A successful person is one who can lay a firm foundation with the bricks that others throw at him.” - David Brinkley, Newscaster

“I owe my success to having listened respectfully to the very best advice, and then going away and doing the exact opposite.” – G. K. Chesterton, Author

“Those who try to do something and fail are infinitely better than those who try nothing and succeed.” Lloyd Jones

“I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life and that is why I succeed.” – Michael Jordan, Basketball Legend and Entrepreneur

“Many of life’s failures are people who did not realize how close they were to success when they gave up.” - Thomas Alva Edison, Inventor and Entrepreneur

“Not doing more than the average is what keeps the average down.” - William M. Winans, Clergyman

“Six essential qualities that are the key to success: Sincerity, personal integrity, humility, courtesy, wisdom, charity.” William Menninger, Entrepreneur

“My will shall shape the future. Whether I fail or succeed shall be no one’s doing but my own. I am the force. I can clear any obstacle before me or I can be lost in the maze. My choice. My responsibility. Win or lose; only I hold the key to my destiny.” - Elaine Maxwell, Author

“It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something.” – Franklin D. Roosevelt, 32^nd American President

“You can’t build a reputation on what you’re going to do.” - Henry Ford, Entrepreneur

“The young do not know enough to be prudent, and therefore they attempt the impossible — and achieve it, generation after generation.” - Pearl S. Buck, Author

“It is on our failures that we base a new and different and better success.” – Havelock Ellis, Physician and Author

“Whatever you can do or dream you can, begin it. Boldness has genius, power, and magic in it. Begin it now.” - Goethe

“With courage you will dare to take risks, have the strength to be compassionate, and the wisdom to be humble. Courage is the foundation of integrity.” - Keshavan Nair, Author – Gandhi Biographer

“To accomplish great things, we must not only act, but also dream; not only plan, but also believe.” - Anatole France, Poet

“Only those who will risk going too far can possibly find out how far one can go.” - T. S. Eliot, Author

“Some people have thousands of reasons why they cannot do what they want to, when all they need is one reason why they can.” Willis R. Whitney, American Chemist

“For every failure, there’s an alternative course of action. You just have to find it. When you come to a roadblock, take a detour.” - Mary Kay Ash, Entrepreneur

Got quotes?

Everyone has a favorite quote or two – you may even have a whole list quotes that move and inspire you. If we’ve missed them on this list, be sure to share your favorites in the comments below.

How to Handle Difficult People

2010-08-24T12:33:00.000-07:00

A bully at your work is difficult for you to face. He is demanding you do part of his job without pay or credit. How do you handle it?

Your neighbors are constantly fighting. They wake you up in the middle of the night with their screams and curses. What do you say to them?

Your father is unhappy about your career choice. He constantly criticizes your work and points out what he thinks you should do. How do you deal with him?

Difficult situations are part of everyone’s life. Employers and employees can’t get along. Partners clash over money. Spouses cannot resolve disagreements.

If you ignore these situations, they always get worse. Employees get fired, partnerships and marriages break up, everyone is miserable.

Waiting and worrying, the most common "solution," also allows the problem to get worse while giving you stress and shortening your life span.

If you attack the person, at least you are trying to fix the problem. But attacks, rage or irrational anger gives you a bad name, makes people afraid of you and reduces honest communication.

Disconnecting from the problem or from the person is not always wise or practical. Losing employees, supporters and friends because you needlessly disassociate from them may reduce your stress, but you might also become lonely and poor.

The Best Solution Is to Confront and Handle People
"The ability to stand up to and confront and handle whatever comes the way of the organization depends utterly on the ability of the individuals of the organization to stand up to, confront and handle what comes the individual's way." — L. Ron Hubbard

When you face and resolve the problem yourself, you feel wonderful. You are in control of your life. You not only conquer the opposition, you conquer your fear. Few accomplishments are more satisfying than confronting someone who is difficult to face and handling the conflict.

How to Confront and Handle Someone

By getting organized and working out a plan of action, confronting and handling people becomes much easier. The key is your preparation.

"THE SUCCESS OF ANY EVENT IS DIRECTLY PROPORTIONAL TO THE TIMELY PREPARATION." — L. Ron Hubbard

Follow these seven steps to prepare yourself for dealing with the difficult people in your life.

1. Make the decision to face up to the person directly and by yourself.

2. Write down the exact problem you need to handle and your goal for the confrontation.

Examples of problems to be confronted that you might write down:

"Joe is refusing to pay me despite our agreement."

"Chris is hurting office morale and causing me stress with her continual complaining."

"Bob is supposedly telling people that my work is inferior and I am dishonest."

Once you specifically name or identify the problem, write down a goal for the meeting. "By the end of the meeting, I want . . . ."

Examples of goals or objectives you might want as a result of a confrontation:

"Joe pays me in full."
"Chris stops complaining or leaves."
"Learn the truth about Bob’s comments and if true, get him to stop it."

In some cases, your objective may also state:

"Figure out if I want this person as a partner/employee/boss/friend."

3. Write down a Plan or List of Points You Need to Make to Support Your Goal: Facts, Reasons and explanations you may need the other person to understand. List the points in order of priority or importance.

For example, to get Joe to understand why he must pay you, you might make these points:

A. Joe requested the service.
B. Joe signed an agreement to pay for the service.
C. We provided the service as promised.
D. Joe was happy with the service.
E. Etc.

4. Write down objections, reactions or disagreements the other person may have. Include everything you are afraid might happen during the meeting. Putting specific concerns and fears in writing reduces their impact on you.

For each objection, reaction or disagreement you expect will happen, write a solution of how you will deal with each.

5. Organize your notes and gather supportive documents.

6. Arrange the meeting where you will not be disturbed, preferably in a space you control.

7. Start the meeting.

A. Look the person directly in the eye.
B. Explain the specific problem you want to resolve as you noted in Step 2.
C. Go over your first point on the list from Step 3.
D. Listen carefully to the other person and make certain they feel understood.
E. Hold a position on your points.
F. Use your solutions to their reactions as you worked out in Step 4.
G. Continue describing your points and listening to the person's side.
H. Do not give up. Communicate and persist for as long as it takes to reach your goal.

The more frequently you confront and handle difficult people, the easier it becomes. The amount of time it takes to prepare for a confrontation decreases. You become strong and tough.

When you confront and handle everyone around you, people respect you for your courage, your honesty and your control. Your associates, employees or coworkers follow your example and become more productive. Your enemies either become harmless or become friends.

Taking positive organized action, despite fear, is the kind of courage all successful people must have to succeed.

Jealousy: How to Kill the Green-eyed Monster

2010-08-24T08:14:00.000-07:00

Nothing can ruin a relationship or marriage faster than jealously. Jealousy creates anxiety, anger, loneliness, hate, fear. No one thinks clearly when jealous.

Having a relationship with a jealous person is tough. The jealous person acts untrusting or unworthy. Jealousy makes the person unattractive, even repulsive.

No one wants a jealous mate and no one likes being jealous. So what causes jealousy?

"Jealousy is the largest factor in breaking up marriages. Jealousy comes about because of the insecurity of the jealous person and the jealousy may or may not have foundation. This person is afraid of hidden communication lines and will do anything to try to uncover them." — L. Ron Hubbard

When you are jealous, a line of communication is going on with your spouse or lover that is hidden from you. The mystery causes the pain. If you witnessed your spouse’s communication line, so it was not hidden from you, you would not feel jealous.

Hidden communication lines or mysteries make you think of questions. "Will she find someone she likes better than me?" "Is he having an affair?" "Is she going to leave me?" "Does he think I’m unattractive?"

When you are jealous, the mystery makes you assume the worst. "Maybe he’ll fall in love with his cute receptionist and leave me." "She’s going to lunch with her old boyfriend because she’s still attracted to him." "He’ll come home and tell me he wants a divorce."

So how do you handle your feelings of jealousy? How do you deal with a spouse or boyfriend/girlfriend who is jealous?

Solutions

"Communication is the root of marital success from which a strong union can grow, and non-communication is the rock on which the ship will bash out her keel*." — L. Ron Hubbard (*Keel: The main structural part of a ship that goes from bow to stern—front to back.)

If you are jealous, you need to communicate. You need to stop assuming the worst and ask questions. Communicate your feelings so you can work out solutions.

Bob says to his wife, "I don’t want to feel this jealously. I want to get rid of it by asking you a question, okay? Good. So are you attracted to Joe?"

His wife says, "Heavens no! Joe just wanted some help with his son. I love YOU like crazy!"

Bang! The hidden communication is revealed. The mystery is resolved. Bob feels much better.

If Bob doesn’t communicate, his wife’s communication with Joe makes Bob jealous, afraid and angry. Their marriage suffers.

If your mate is jealous, make sure you have no hidden lines of communication. "Would you like to read this letter from Jill?" "Can you meet with Joe to help with his son?"

Use communication to resolve the problem. For example, you notice Marcia is acting upset and not talking. You ask yourself, "What communication line might be hidden from Marcia?" You realize she’s been acting annoyed ever since you started working for an attractive female boss.

"Marcia, have I told you about my new boss?" Marcia jumps up and now wants to talk. You communicate the facts and remove the mystery. Marcia is cheerful and wants to go to a movie.

As well as using communication to resolve mysteries, communicate your feelings for your spouse or boyfriend/girlfriend. Tell him or her how you feel. Express your love. Show your affection.

Resolve the mysteries of the past. Discuss your feelings in the present. Make plans for the future. Because of communication, your relationship will be a big success.

How to Get Along with Your Spouse (and Others)

2010-08-24T08:09:00.000-07:00

When your spouse does something wrong, how do you react?

Some spouses like to blame. "You really embarrassed me when you told that stupid joke. You make me want to stay at home."

Other spouses prefer to criticize. "You’re so fat it makes me sick."

Getting even is also a favorite response. "Well, because you were flirting with Chris, I decided to flirt with Pat."

By blaming, criticizing or getting even with your spouse, you are trying to be AT CAUSE by putting your spouse AT EFFECT. Unfortunately, putting your spouse AT EFFECT is harmful to your relationship. You start arguments and fights. Just because your parents reacted badly toward each other is no reason you need to continue the tradition.

Cause and Effect

When it comes to situations and relationships, you are either at a cause point or an effect point. When you paint a wall, you are at cause over the paint and the color of the wall. When you spill paint all over your clothes, you are at the effect of that paint.

There are two types of relationships:

1. CAUSE-EFFECT is the most common type of relationship. As in the examples above, you take command of the relationship and put someone else at the effect of you or the problem.

For example, husband John says, "Mary, you ran over the neighbor’s gate. How could you be so stupid?"

John might feel at cause over the gate problem, but Mary will feel effect.

2. In a CAUSE-CAUSE relationship, you assume a cause point yourself AND you allow or encourage others to assume the cause point as well. This idea comes from L. Ron Hubbard who writes:

"If Mary burns the toast, John accepts responsibility for this action. This does not mean that he assumes all the responsibility and leaves none for Mary. It means that he assumes all the responsibility and that Mary assumes all the responsibility, too. They both assume all the responsibility. Under such an arrangement, no one can be blamed. All their attention goes into doing better with the toast, and none of it is wasted in blame.

"Mary runs the family automobile into the neighbor’s gate. The neighbor rushes over in a huff and encounters John in the front yard. The neighbor says, `You just ruined my gate!’ John goes with the neighbor to look at the gate and at the car. Sure enough, there is blue paint on the gate and white paint on the car. The evidence is conclusive. John agrees with the neighbor that the gate has been damaged by John’s car and he asks the neighbor to have it repaired and send him the bill. The neighbor says that the damage is not very great and so he will repair it himself. John lends him the tools and helps him to repair the gate. John insists on buying a can of white paint, and the neighbor says he will enjoy painting the gate on Sunday. He apologizes for being so excited at first. They shake hands.

"John goes into the house, and Mary says, `Dear, I hit the Jones’s gate with the car.’ John says, `Yes, I know. We’ve already repaired it." Mary says, `I’m sorry. I was thinking about the bathroom curtains.’ John says, `That’s all right. What about the bathroom curtains?’ Mary says, I want to dye them blue.’ John says, `That’s a good idea.’

"If nobody is to blame for the damage to the gate, a constructive subject like dyeing the curtains will immediately attract John’s and Mary’s attention, since it represents future action." — L. Ron Hubbard

Cause-cause relations are teamwork at its very best. You and your spouse accept responsibility for all of the actions of each other. You spread an umbrella of responsibility.

Imagine no arguments or upsets with your spouse. Imagine never trading insults or hurtful comments.

Making a cause-cause relationship with your spouse is the road to a happy marriage.

Give it a try!

How to Be More Popular

2010-08-24T07:41:00.000-07:00

Many people believe the route to success is to be interesting—to show off or act like someone else. For example, many teenagers can’t understand why they are unpopular. They learned as children that to get attention they should act up a little; to be as interesting as possible. Yet acting interesting does not make a teenager popular.

To handle their unpopularity, they might decide to despise people or become loners. Or they try harmful acts to gain respect: smoking, drinking, graffiti, shoplifting, drugs, sex, guns and so on.

Acting interesting can ruin your adult life as well. Show-off employees, self-centered managers and pompous business owners rarely do well for long.

The secret to popularity is not to be interesting, but to be interested.

"When a person becomes terribly interesting he has lots of problems, believe me. That is the chasm which is crossed by all of your celebrities, anybody who is foolish enough to become famous. He crosses over from being interested in life to being interesting. And people who are interesting are really no longer interested in life. It’s very baffling to some young fellow why he can’t make some beautiful girl interested in him. Well, she is not interested, she is interesting." — L. Ron Hubbard

If you are an actor on stage, you are interesting while acting. Seminar speakers are interesting. Comedians, models and magicians are interesting.

Yet in real life, on a one-on-one basis, interesting people are irritating. They only do things to get your attention and admiration. They believe they are on stage acting for an audience of one.

If you want people to cooperate with you, to like you or to open up to you, you must be interested.Instead of focusing on yourself, you start to focus on others. You notice what makes them happy or unhappy. Your attention comes off of you and onto others.

When your thoughts are more on others than on yourself, you feel little stress. You act and respond with more intelligence. Your production level increases and you have more fun.

When you are interested, people love your interest in them. They want to be around you. You are popular.

Five Ways to Be More Interested

Strive to shift your attention from yourself onto other people or objects. This is a great stress reliever.
Find things about people that interest you. Force yourself to look for interesting things. Soon you will automatically take interest in people without thinking about it.
If you catch yourself acting like someone else, you are being interesting. Simply get interested in the person in front of you and you’ll feel more natural. You are most effective when you are simply being yourself.
When someone makes you nervous or shy, get interested in them. Take your attention off of yourself and on to others. With practice, you will be calm, even bold.
Focus on how you can help others. Let your interest in helping people replace your tendency to act interesting. Your effectiveness and popularity will soar.

Attitude: The Whole World Stinks!

2010-08-24T07:20:00.000-07:00

"The Whole World Stinks!"

While Grandpa is taking a nap on the couch, his seven-year-old grandson gets some Limburger cheese from the refrigerator and smears it on Grandpa’s mustache.

When grandpa wakes up, he says, "This room stinks!" He goes to another room and says, "This room stinks." After walking throughout the house, he says, "The whole house stinks!"

Grandpa goes outside and takes a deep breath and says, "The whole world stinks!"

Your attitude about life does the same thing.

Examples

Your marriage is not going well. You go to a movie and notice how nobody smiles. Couples seem to be bored with each other. The movie’s happy ending seems phony.
Someone’s nasty comment at work makes your head feel like exploding with anger. While driving home, everyone seems aggressive and rude. You drive like a dangerous, insane maniac. You think about gun ownership.
You watch the news on television for a few hours and feel uneasy. You go outside and look at airplanes as possible threats. You suspect your neighbor might be a bad guy. You jump out of your skin when a kid yells, "Bang!"
Your business just made a healthy profit this month. You celebrate at a restaurant where the food tastes great and the waitress is cheerful. When you go outside, the sunset looks glorious. Everyone seems to be smiling.

Why Life Changes

In an article "Is it Possible to Be Happy?" L. Ron Hubbard writes:

"You remember when you were maybe five years old, and you went out in the morning and you looked at the day, and it was a very, very beautiful day, and you looked at the flowers and they were very beautiful flowers.

"Twenty-five years later you get up in the morning, you take a look at the flowers—they are wilted. The day isn’t a happy day.

"Well, what has changed? You know they are the same flowers, it’s the same world, something must have changed.

"Probably it was you."

"Actually, a little child derives all of his pleasure in life from the grace he puts upon life. He waves a magic hand and brings all manner of interesting things into being out in the society. Here is this big, strong brute of a man riding his iron steed, up and down, and boy, he'd like to be a cop. Yes sir! He would sure like to be a cop; and twenty-five years later he looks at that cop riding up and down and checks his speedometer and says, 'Doggone these cops!'

"Well, what is changed here? Has the cop changed? No. Just the attitude toward him. One's attitude toward life makes every possible difference in one's living. You know you don't have to study a thousand ancient books to discover that fact. But sometimes it needs to be pointed out again that life doesn't change so much as you."

"The day when you stop building your own environment, when you stop building your own surroundings, when you stop waving a magic hand and gracing everything around you with magic and beauty, things cease to be magical, things cease to be beautiful."

Add Some Magic to Your Life

Clear out the smell of Limburger cheese and make your life more enjoyable with this exercise.

Look around you. Notice your immediate surroundings in present time. Focus on where you are.
Think of a way you can make your environment a little more comfortable. Write it down.
Think of a way you can make your environment a little more cheerful. Write it down.
Think of a way you can make your environment a little more beautiful. Write it down.
Do these three things.
Repeat as needed until your attitude and the world around you improves.

How to Solve Money Problems

2010-08-24T07:14:00.000-07:00

How do you solve money problems?

1. Stop spending

2. Worry

3. Blame someone or something

4. Give up

5. Go further into debt

6. Sell a possession

7. Become depressed

8. Complain

9. Cheat or steal

10. Hope someone will just give you the money you need

Of course, none of these solutions help you gain more money.

However, this solution is effective.

"I answer money problems with lots of money, not with worry or sadness or impractical hope." — L. Ron Hubbard

You solve your money problems by making money. No other approach is a solution. An abundance of money is your only solution.

Recommendations

1. Figure out how much money you need. Write the total at the top of a page. For example, "I need to earn $10,000 per month."

2. List all of your assets. Include all of your possessions, your skills, your knowledge, your contacts and your passions. These are some or all of the ingredients to your ultimate success, so make the list as complete as possible.

Examples: You have a truck, a camera, an empty bedroom and $11,225 cash. You are good at organizing, listening, learning, speaking and making people feel important. You know all about horses, word processors, furniture building, the State of Texas, Internet auctions and using e-mail. You know Jennifer, Robert, Tim, Ruth, Steve, Dave, etc. You have a passion to help others, build model airplanes, solve complex problems, learn new things and more.

3. Dream up every way you can use your assets to make money. Make a list. Old methods, new methods, any combination of assets that produce income.

Examples: Use your empty bedroom to start a small business selling cameras, furniture and jewelry for others at Internet auctions. Learn how to prepare tax returns. Help your boss make deliveries with your truck.

4. Select a method that is proven. Does this method already make money for someone else?

If so, it is a good candidate.

If no one has ever made money with your idea, look for something else. Stick to methods that already work and invent new methods as a hobby at some other time.

5. Verify that others would pay you for the product or service.

For example, ask your boss, "Did you know I know 150 horse owners. They need shelters for their horses. What if I tested the market to see if we could add portable shelters to our product line. If it works out, I would be willing to run the new division."

As another example, you are thinking of taking pictures as a profession. So you meet with professional photographers to see how much money they make.

Ask around. For instance, ask your friends "If I had my own insurance company and could save you money on your car and home insurance, would you be interested?" "If I made a video on how to cut children’s hair, would you buy it?"

6. If all the signs are good, test the idea in the real world before devoting much time or energy to the idea. For example, run a part-time business from your house to ensure it will be popular and profitable. Make a few products or services to see if anyone will buy them. Try the new ad campaign with a small newspaper. Dip your toe before taking the plunge, especially if the idea is new.

7. Once the idea is certain to work, then and only then should you invest significant time and money into the project.

8. If you cannot work out a workable income source, work out a plan to increase your assets. If you have the right ingredients, creating new income sources is much easier.

For example, you may need additional education, apprenticing or experience in certain fields before you can earn more income. You may need to become more responsible. You may need more familiarity with a subject. You may need to make more contacts.

9. Once you have a plan you are certain will work, work long and hard to make it happen. You will solve your money problems by making more money on your own.

10. This final step is rarely taken, but is key to becoming wealthy.

"I never count on any one source. I always plan to get the total sum of all the money I need from each one of three or four ways or sources." — L. Ron Hubbard

After you have one steady source of income, look for another source by repeating these steps.

9 Powerful Tips to Help your Prepare your Company for Growth and Success

2010-08-23T05:02:00.000-07:00

The economy taught you to expect the worst, but have you ever prepared for the best?

It's Business 101 to have contingency plans in place for when things go wrong. But, conversely, are you prepared for growth and success? What if it turns out your positive expectations were too conservative? What if an unexpected celebrity endorsement sends demand for your product soaring? On a more practical--and likely--note, as the economy shows signs of turning around, are you ready for what that will mean for your operation?

Here's what you need to do to be prepared for growth:

Know what growth means for you and your company.
To prepare for something, you have to know what it is and how you'll recognize it. Growth is more than just hitting a set of numbers--it's a package that includes changes to your company in terms of operations, production, staffing and facilities. In addition, think about what growth means to you personally. What will your life be like when your company grows and profits increase? How hard are you going to have to work? Are you ready and willing to do what it takes?
Maintain relationships with your funding sources.
The faster you grow, the more cash you're likely to need. Growth financing is every bit as hard--if not harder--to obtain than startup funding. Do regular cash-flow projections so that you know how much credit you're going to need well before you have to start writing checks. Develop and maintain strong relationships with your funding sources and be sure to have primary and backup sources available. In today's financial climate, it's harder than ever to predict credit availability, so stay on top of your cash and financial needs to give yourself have plenty of room to maneuver when it's time to borrow.
Get comfortable being in the spotlight.
Successful owners of growing companies are almost always in the spotlight to some degree--maybe not always to the general public but certainly within your industry and with your employees. Be prepared for a level of attention that you probably haven't received before.
Hire people based on where you want to be, not where you are.
The team that can successfully run a NGN1 million company is not the same team that can run a NGN100 million company. If your goal is growth, hire people who can perform in the size company you want to be--they'll help you get there.
Put the right people in the right places.
The right people doing the right jobs is absolutely critical to sustain growth. Whole person assessments and job benchmarking will allow you to take a systematic approach to hiring and career development, which will reduce your mis-hires and employee turnover.
Take care of your people.
Your employees are what keep you successful. Recognize and reward that. Working in a high-growth organization is stressful and challenging. Take note of your employees' work and respond appropriately, or risk losing top talent. Create an environment where people are willing to work through the growing pains. In addition, take care of your suppliers, professional advisors and anyone else who can have an effect on your operation.
Listen to the experts.
You may be an expert in your business, but you don't know it all. What's more, there often will be experts who know more about particular parts of an industry than the insiders. Identify the experts, listen to them and learn from them. Let them help smooth out your learning curves and keep you on your growth track.
Stay close to your customers.
No company can do without customers, and if you don't stay close to them, you'll lose them. Know what they need, but more important, know what they want and do everything you can to give that to them. Most important, communicate. Never let your customers wonder what's going on. Tell them--whether it's good or bad.
Focus on your core business and don't get distracted.
Stick to the business your company knows best. Be sure any diversification or product line expansion you do makes sense. If it has nothing to do with your core business don't get into it just because it seems like a good opportunity. Otherwise, you'll you confuse your customers and your employees--and you'll likely find that dividing your efforts reduces the quality and profitability of everything.

Just as you plan for when things go wrong, also plan for when things go well. When you're prepared for growth, you better can manage the changes it brings and let it take you to the goal you set when you started.

The Easiest Way to Raise Money

2010-08-23T04:24:00.000-07:00

It's simple: Don't spend it. Here are 10 ways entrepreneurs waste their hard-earned capital.

If entrepreneurs could recover all the time and money they waste, our GNP would soar. I can't prove that scientifically--researching the topic would be, well, a waste of time and money--but I've seen it often enough, in business plans, on income statements (including my own), during bankruptcy proceedings and just looking around.

To win the startup game, you need to be a miser with your money. You need to spend it on things that will make you a success, not on what will simply make you feel or look like one. You need to pander to what your customers need, not to what you need.

So before you sign that check, swipe that credit card / ATM Card or sign that contract, ask yourself, "Will this bring me business?"

If the answer is no, consider it one less dollar you need to beg, borrow or spend.

Based on my experience, here are 10 of the most common ways entrepreneurs waste money:

Custom logos, fancy letterheads and other icons of success. They may make you feel like an entrepreneur, but they don't bring home the bacon. Instead, design your own with one of the many templates that come packaged with your word processing software. They include matching business cards, letterhead, envelopes and invoices. You can find templates in the Project Gallery of Microsoft Word or the Template Chooser in Apple's Pages. If you need more choices, HP.com and Avery.com offer free templates for use with their specialty forms and paper.

Fancy offices. Speaking of bacon, maybe the dining room isn't the ideal office, but working there beats not eating. If you don't need a formal office, don't pay for one.
A company car. The latest luxury car doesn't make you a better businessperson, it makes you a poorer one. If the wheels you have already get you back and forth to the grocery store, new ones are a waste of money. Just be sure to log you business travel so you can deduct the usage.
A slicker-than-you-can-afford website, brochure, sign, ad, etc. In the beginning, good enough is often good enough.
Consultants. Sorry to say, many of them will borrow your watch to tell you what time it is. If it's not rocket science, figure it out for yourself.
Falling for the pitch "You'll be getting in on the ground floor." You're not in a position to be someone else's venture capital. If a rep for a new advertising outlet gives you the hard sell about how wonderful it's going to be, invite them to call you back when they can prove it. Leave the experimenting to others
Starting a Business because your friends love your idea. It's one thing to like or even love an idea--it's an altogether different thing to be willing to plunk down money for it. There's no substitute for test marketing where real money changes hands.
Basing your marketing strategy on what you think is wonderful. Good chance your customers are nothing like you (or them you). Instead, research your market thoroughly. What do they read? What do they eat? What do they watch on TV? Then craft your message based on what appeals to them, not you.
Underestimating the competition. Or worse, thinking you don't have any. Any business plan that proudly states it has no competition earns itself an immediate place in my round file. If you don't understand your direct and indirect competition, you don't understand your market. And if you don't understand your market, you may be trying harder and harder to get better and better at something you shouldn't be doing at all.
Thinking that your product or service is what sells. Here's the sad truth: A great marketing strategy beats a great product every time. Business owners can (and will) go on and on about their wonderful products or services. The successful ones spend their time scheming about who's going to buy it and how they're going to reach them. Products don't sell, marketing does.

Marketing Lessons from Grateful Dead

2010-08-21T13:00:00.001-07:00

If my words did glow with the gold of sunshine
And my tunes were played on the harp unstrung
Would you hear my voice come through the music?

Ripple, The Grateful Dead

As an entrepreneur and/or a marketer, does your voice come through the music? I'm sure Jerry Garcia and Robert Hunter were not thinking about marketing when they penned those lyrics. But marketers David Meerman Scott and Brian Halligan were thinking about the Grateful Dead when they wrote their latest book: Marketing Lessons from the Grateful Dead: What Every Business Can Learn from the Most Iconic Band in History.

It's hard to start a review of this book without reminiscing about one's own Dead experiences. My introduction to the band was in the 1970s when the Dead Heads would descend upon Merriweather Post Pavilion every summer, camping in the woods near our house, bringing a whole new aroma to the region, and causing controversy by bathing in the fountain at the nearby mall.

I'm by no means a Dead Head, having only attended a couple of concerts and owned a handful of bootleg cassette tapes. Although apparently a rumor did circulate around my hometown once that I had dropped out of college and was following the Dead around the country. That was the result of being spotted at a concert when I really should've been at school. Let's just say that when tickets to see the Grateful Dead fall into your hands and are only a few rows back from the stage, you gamble that your college adviser would totally understand (which he did).

I bring that story up because that's one of the unique things about the Grateful Dead: You never know who's a fan until it comes up in conversation or you drop some lines from a song on your Facebook page.

Back to the book: As a marketing book, I loved it. And it wasn't just the Grateful Dead twist; which, for me as a book reviewer, was a welcome change from the standard business books that hit my desk. I thought the book's lessons transcended the music, and quite a few hit the mark, either because they validated some recent business moves I made or pushed me further in certain directions.

You would likely need a passing interest in the Grateful Dead to really enjoy it, although Scott and Halligan provide examples of modern-day companies that are illustrating the lessons. For Grateful Dead neophytes, the band did things completely different from what other bands did. The band didn't care about radio play; the focus was on the concert experience. The band let fans record and share its concerts and didn't use a middleman to sell tickets, etc. In other words, it was unique.

Below are a few of the lessons and action steps you'll find in the book that stuck with me (Note: I paraphrased a bit and had to leave out a lot).

The Grateful Dead didn't follow the normal musical path. Rather than focus on selling albums, they concentrated on generating revenue from providing fans with a live concert experience.

Action: If you are going to have a unique business model, you need to do something three times better than everyone else. Find out what that is. If not, then you won't be unique enough to break out.
Ignoring conventional wisdom is the key to creating uncontested market spaces. Where would you put the Grateful Dead in iTunes? Rock, folk, country, blues or none of the above? By creating a new sound and experience, they defied classification and created a whole new space.

Action: In addition to thinking about your industry competitors, what are the "alternatives" to your product? Can you find ways to erase the traditional "boundaries" of your industry
by incorporating or subsuming or competing with some of the alternatives?
Build a community, but remember it's the community that will define you. This is a lesson companies are learning with social media--better to embrace the fact that you can't control your brand once the community grabs hold of it.

Action: Remove made-up, gobbledygook-laden mission statements, boilerplate press releases and other top-down messaging from your materials and website. Instead, point people to your community: the conferences, forums, chat rooms and blogs of the people who talk you up. Then get out into your community and interact regularly.
Put loyal customers and fans first. The Grateful Dead always made sure that their top fans had the best seats and were in the know.

Action: Identify your most loyal customers and add them to a database so that you can reach them. What can you offer them that would be valuable and not available to the general public?
The Grateful Dead removed barriers to their music by allowing fans to tape it, which in turn brought in new fans and grew sales. They taught us that when we free our content, more people hear about you and eventually do business with you.

Action: Create free content: e-books, iPhone apps, blog posts. If this content your create is remarkable, it will draw visitors to your business in a far more dramatic way than the product or services page on your website will ever do.
Most bands prohibit the sale of merchandise in parking lots in favor of their "official" merchandise. Not the Grateful Dead. They helped others make money from their brand, and in doing so helped build their own brand and create a lively concert experience in the parking lot.

Action: Find entrepreneurs who stand to profit from your business. Help them help you.

Daily Dose Bottom Line: This is a quick easy read, with lessons that should resonate with entrepreneurs (especially former Dead fans). Of course there are reasons other bands haven't all tried to duplicate the Grateful Dead business model. It's not easy, but I think the boys in the band said it best.

Sometimes the light's all shinin' on me;
Other times I can barely see.
Lately it occurs to me . . . What a long, strange trip it's been.
Truckin', Grateful Dead

Use Facebook Places to Boost Business and Lift Sales

2010-08-21T12:26:00.000-07:00

After the initial buzz dies down, most of the chatter surrounding Facebook Places -- the just-now-released location-based check-in tool -- will likely focus on how it might affect similar social networking tools like Foursquare, Loopt, Gowalla and Whrrl. Oh, there will be some discussion of privacy concerns to be sure, but what will be left out of the equation is any serious talk about how you can use Facebook Places to grow your business.

But I'm getting ahead of myself. A Facebook Place page -- once you've staked your claim on it -- enables your customers to see a map from their iPhone or other mobile device that includes your business (the Place) and a list of their Facebook friends and associates who are currently checked in at your business. It also includes a Friend Activity stream comprised of other friends who have stopped in at the Place at one time or another.

In addition, your Place page can feature information about your business, and you can put up a story about your Place page on your Facebook profile simply by hitting the "Share" button on the page. Place pages differ from Facebook pages and Community pages in that they are only added if your customers decide to "Like" those pages. According to my Facebook contact, Page admins will be able to merge their Place page with their official Page on Facebook.

The bottom line is this: If your goal is to attract attention to your business, Facebook Places is a tool you definitely need in your social networking arsenal. Use the following to make the task of setting up a Place page easier:

The first thing you must do as an owner, manager or representative of your business is to verify to Facebook that you are who you say you are. Find the Place on Facebook that you want to claim for your particular business and then click the link that reads, "Is this your business?"
You will then be asked to complete a simple verification procedure that will enable you to "claim" your Place as your own. Following this step, Facebook will provide some additional steps in order to create a new Place. You'll be asked to access the application on your iPhone using the new Facebook app, or another web-enabled mobile device. Once you "Check In," you'll be asked to click the "Add" button and then enter a name for the new Place. You'll also be offered the option of providing a description of your business.
After that, you can describe what it is you're doing at the new Place and begin tagging Facebook fans and friends. Click "Check In" and you're ready to share your visit. And now that you've got your newly created Place of your own, your friends, customers and the general public can find your Place while perusing Facebook or the Places application.

What you don't want to do is read the above and tell yourself you've got to get around to doing what I suggest someday soon. It's critical, I feel, that you claim your Facebook Place now! It's a lot like claim jumping in the Old West. By staking your Place now, you and only you can control its physical address, hours of operation, detailed contact information, profile image, administrators and more.

At this stage of the game, it's way too early to determine the ultimate value that using Facebook Places can have on your business. What I do know is that this latest offering from Facebook gives your customers and potential customers a means to promote your business by checking in and then telling their friends about you.

Now that you've established your "claim" and you own your Facebook Place, it's time to start promoting your business through advertising on your Page. Again, the process is simple: Just click on the ad creation flow and pick your Place from the menu.

While it's the local businesses that stand to gain the most from Facebook Places, every business should determine how best to leverage the new tool to their benefit. For instance, you can reward your customers who say nice things about your business. Customers who are willing to post pictures or kind or constructive comments about your enterprise might receive discounts on your products or services, as an example. The same goes for those who share their experiences with your business on Facebook or Twitter.

You can reward those who visit your Facebook Places account the minute they open the page with colorful coupons, specials or discounts. And to make the experience more challenging and fun for your customers, you can host contests, offering gifts or discounts to those who "check in" with your Place the most often, or those who bring potential customers to your Place page by word of mouth.

Promotion is not limited to the internet. You can get the word out inside your business by posting signs on the windows or providing flyers or cards that encourage customers to check in at your Facebook Place to receive special offers. If retail isn't your game, promote your Places-related offering in company eNewsletters and other email marketing pieces, at trade shows, on your businesses Facebook page, and of course via a badge on your website or company blog.