Posted by SteveSmith on June 8, 2010 under Business Coaching, Business Planning, Entrepreneurship, Marketing | 
The state of our economy has caused more than just loss of financial wealth, home ownership or job security. It has created a tsunami of people starting their own businesses. With the job market casting out thousands of highly skilled workers, technicians and professionals every day, many are finding it incredibly difficult to replace these positions somewhere else.
It seemed like a good idea at the time!
While many people simply succumb to the lack of job offers and give up trying, an increasing number of committed people elect to try their hand at going into business for themselves. Some do this because the job market seems overwhelmingly depressed and starting or buying a business seems like a direction with equal odds of success. Others see the current market shifts as an opportunity to satisfy a long pent-up desire to be their own boss and make their own fortunes. Regardless of the reason, more people today are taking the plunge into business self-ownership than at any point in recent history.
Isn’t Entrepreneur just a generic term for having your own business?
There are many terms for people who go into business for themselves: sole proprietors, self-employed individuals, small business owners or entrepreneurs. While these all seem to capture the individual who decides to have their own business, they are not the same.
Take the term entrepreneur. It has a fancy ‘European’ sound to it but is it a substitute for the other terms? When you decided to take up your own torch and go into business for yourself, did you think of yourself as a ‘Entrepreneur’?
If the term ‘Entrepreneur’ is vague to you or you have shied away from associating yourself with it because you were unsure of what the term implies, here are some guidelines to think about. The term entrepreneur simply means: one who has an idea and takes the financial risk and accountability for the outcome of their pursuits. The real meaning can be better understood in the characteristics an entrepreneur should possess in order to achieve the results they desire.
So, are you an entrepreneur?
Do you see yourself in any of the characteristics listed below? This list is by no means all encompassing but it will give you the ability to check yourself to see if you possess the characteristics that make one in today’s marketplace.
Desire to succeed:
The true entrepreneur never gives up in their quest to reach the benchmark of success they have set for themselves. The real test is not in being successful but in being willing to do it again if the 1st, 2nd or 3rd attempts fail.
Determination & work ethic:
Their relentless desire to succeed is fueled by a ‘dogged’ work ethic. They think nothing of putting in 15+ hours a day pursuing every aspect of their idea. While this level of determination is all but a requirement in the early phase of getting your idea off the ground, it can also be a blind spot in terms of being able to set priorities and stay focused on specific activities that drive accomplishment.
Having an innovative mindset:
Few business ideas today are truly revolutionary. Most are an adaptation of an existing idea. The entrepreneur will frequently borrow an existing business model and make significant improvements to it in order to create a niche that they can grow. They are constantly looking for ways to realize their dreams by innovating what’s already in play, even when they’re not sure that the market is ready for it.
Willingness to go it alone:
Entrepreneurs see opportunities differently than most people and will pursue a course of action that maybe unclear to close friends or family members. Frequently, their community will question their motives, ambitions or even sanity in an attempt to keep them from being hurt by their unshakable quest to see the venture to completion. The true entrepreneur understands this level of ‘loving scrutiny’ and presses forward despite the lack of perceived support for what they see very clearly as their road to financial freedom.
Acting on creative ideas and solutions:
This is one of the key factors that separate entrepreneurs from all other well intentioned business people. Entrepreneurs have an ability to find creative solution to situations that appear daunting and take action on them; sooner rather than later. Their ability to see unique approaches to the opportunities they take on enables them to act on decisions that are critical to the project’s continued momentum. The downside of this ‘go-getter’ mentality can be a pattern of frequent and unneeded ‘trial & error’ because not enough consideration is taken to research and test an idea before jumping into it with all four feet.
Making decisions in the absence of complete information or solid data:
At the beginning of an idea, there may not be enough information available to comfortably decide on a particular course of action. The entrepreneur knows this and is confident in making decisions under these circumstances. They recognize that intuitive thinking or ‘gut feelings’ play a role in forging ahead into the unknown and see this as exhilarating as pursuing the idea itself. The entrepreneur knows that there is no better way to kill a promising idea in the early stages than to become paralyzed in the decision making process.
Jack of all trades:
The entrepreneur knows how to do many things. They also know how to improvise and find others who can fill in their knowledge or skill gap with whatever is needed to keep moving forward. And while this ability to juggle and assimilate to a variety of situations enables to entrepreneur to keep things in motion, the downside is often an inability to accurately assess a true area requiring expertise outside the entrepreneur’s capabilities. In some cases, critical decisions may be made hastily or incorrectly causing unintended setbacks.
In the end, it comes down to this:
While all these attributes are essential ingredients for today’s ‘dyed-in-the-wool’ entrepreneurs, the one main characteristic that separates them from all others who participate in business is their ability to take risks! When most people are confronted with risk (or even hear the word risk) they typically think in terms of what they might lose or how they might be hurt as a result. The entrepreneur understands that reaching previously untouched goals requires risk and they accept this as a condition of achieving success. In the face of a failed attempt (and there are many), entrepreneurs will use the experience as a benchmark for learning before setting their sights on the next phase of their efforts.
So, whether you fit the definition of entrepreneur, sole proprietor, self employed business person or small business owner, take the time to clarify your vision for your business and be ready to experience a world that is unlike any other profession around. The mixture of exhilaration, uncertainty and daily directional changes is not for everyone but if this is your call in life, pursue it as you would life itself!
Originally posted 2010-10-04 21:08:34. Republished by Blog Post Promoter
Posted by SteveSmith on under Business Coaching, Marketing |
This week, I met with 2 very determined business owners that could not understand why their company was not making money. The bad news was showing signs of trouble for almost a year, yet they forged on continuing to do the things they had always done. When I asked them why, they told me that their ‘hope’ was if they ‘waited’ long enough, the economy would turn around and lift their business to profitability. As they sat in front of me, however, they were now faced with closing down if things did not get better in the next 2 months.
TWO MONTHS! They waited almost 12 months thinking that what they were doing was enough to right the ship. Now as they are taking on water, they decide to reach out and get the help they need in hopes that it is not too late.
Our latest economic typhoon is not the first our country has ever experienced and it won’t be the last. In terms of severity, it definitely has been rough. Just about all mainstream businesses have been hit with declining revenues, loss of customers and a steady stream of financial blood oozing out of the front door. Not every business, however, is doing poorly. The fact remains, over 90% of all small businesses fail before their 5th year in business regardless of the economy. It’s not what you think you know that keeps you moving forward, it’s what you take action on.
In my role as a small business coach, I see this scenario played out over and over. Business owners that do not engage in the most effective revenue generating activities, i.e. sales and marketing will eventually lose to those that do. But it is not necessary that you know how to do they things well, just that you realize you need to do them. My two acquaintances had never stopped to think that because they really did not need to market themselves 5 years ago, they could get away with it today. Indeed, the business owners who have always participated in marketing now find themselves totally confused by the changes in the marketplace and the way to effectively market them.
So why do so many people who clearly need the help and are losing money every month that they don’t get the help, so willing to wait in hopes that things improve on their own! It has to do with ‘gradual decline’. When your circumstances change rapidly, the shock will usually get you to take action to rectify the problem- ex. your house catches fire! But when the change comes on slowly, people tend to acclimate to the change while they ponder what to do about it. Sometimes the problem goes away; sometimes you perish with the problem.
Growing any business requires a strategy. Everything you do needs to be clearly defined, well thought out and focused on specific goals that deliver the results you want. If this is not your strength or you find that the game has changed so much that you no longer know what to do, don’t ‘wait’ and ‘hope’ for the surroundings to change- initiate the change yourself.
Let’s put in terms that most business owners understand. Let us say that 2 years ago, your business was pulling in $20,000 per month on average. However, over the last 18 months, the monthly declines have now put your business at $12,000. You are losing $8,000 each month. This is actually very common right now. What would you do or spend to get that $8,000 back? If you knew your business was capable of doing $20,000 a month and there were similar businesses doing this much, how long would you wait to start working your way back to the level you once had?
You can also make the case that with some business segments going away; you may have new opportunities for growth. If you think that are opportunities to grow by $10K to $20K per month, would you be willing to get some help to get there?
It all depends on what you want and what you are willing to put up with if you can’t figure it out on your own. One of the biggest growth industries today is adult education. Displaced workers and managers are spending thousands of their own dollars to get more education in ‘hopes’ of landing a job. Business owners who are struggling now should be doing the same thing to maximize the business investment they have worked so hard to create.
If ’Hope’ and ‘Wait’ are part of your current business strategy, stop and think about what it’s getting you. Then, take some action and get the help you need. The investment will do wonders for the equity in your business.
Originally posted 2010-04-21 03:24:09. Republished by Blog Post Promoter
Posted by SteveSmith on under Business Coaching, Management |
Most business owners today aren’t happy with the amount of revenue their business is generating. They’re working longer hours, applying greater effort, spending more for marketing and receiving lower revenue. So what’s going on?
If this is happening to you, it’s important to remember that those results are in direct proportion to the actions you’ve been taking? If you want different results, then you MUST take different actions.
So if that’s all that’s required, why don’t business owners just do that? The answer may shock you. They can’t stop repeating their past patterns of behavior. Their past patterns have become ingrained into their subconscious mind and have established themselves as habits.
How This Works:
Have you ever listened to art experts accurately identify a recently discovered painting as belonging to a specific artist such as Rembrandt? How can they tell who painted that picture? Patterns… that’s how. Even though the painting may look completely different than all the others that artist painted, his or her patterns, sometimes referred to as their “style,” continuously comes through with each and every painting.
The exact same thing happens to business owners as well. All of us have been mentally conditioned to perform our daily activities in a certain way. These activities have become habits through constant and daily repetition. The problem is that the majority of these habits… more than 80% of them… are non-productive. They simply don’t contribute to the generation of revenue for your business.
Imagine Your True Potential!
Imagine what would happen to your revenue if you could reduce that 80% down to 60%. If you replaced that 20% with revenue producing activities, you would DOUBLE your income? Do you know how easy it is to reduce that 80% down to 60%… or even down to 40%… which doubles revenue again? Exciting, isn’t it?
So, what is the cost to you and your business if you fail to change this behavior? What if you could devote more time and take action on more revenue producing tasks?
What if you could remove the mental barriers that may be sabotaging your success?
What if you could get laser-focused on your highest revenue -producing activities?
How can you learn to do all of this? Join me on my upcoming webinar ‘Change Your Game in 2012’ and have your best year ever! I’m going to show you what to look for that’s holding you back and preventing you from having the kind of business success you truly deserve. I’m also going to show you how to establish a systematic way of running and growing your business so 2012 doesn’t end up being a repeat of 2011!
Why am I doing all this and not charging for it?
My past 25 years of management, marketing and sales in some of America’s most successful companies has given me a wealth of experience (and hard knocks) on how to effectively and profitably build a business and sharing it with committed business owners is the least I can do to support the small business community.
If you want to participate, simply follow this link http://bit.ly/ChangeYourGamein2012 and register. I can only accommodate a certain number of people, so sign up today. Additionally, you will receive my e-book on the 17 tops ways to grow your business just for registering for the webinar.
Originally posted 2011-12-16 00:27:54. Republished by Blog Post Promoter
Posted by Cash Miller on under Business Planning, Entrepreneurship |
Entrepreneurs must have a vision for their business. Vision is without a doubt one of the most crucial pieces of the puzzle when it comes to building a business. But when I talk about vision I’m not talking about a business plan or a strategic plan or even financial goals that you might set for the business. What I’m talking about is your vision of what the business will become when it is all grown up.
What do I mean by all grown up? Well lets put things in very simple terms. When you first start your business it starts off by trying to crawl. And once the momentum begins to build some and your making some progress, say between 6 months and one year old it starts to walk on its own. Then right around the two year mark your business might just be able to start jogging. And finally somewhere around the 4 or 5 year mark it’s able to get out and go for a good solid run. Well your vision of the business really starts to matter when it’s out on its own running. But that vision begins to form while your still in the crawling phase.
Vision is one of those things that is constantly on my mind. What do I want the business to be able to do when it’s all grown up? And it’s something you should regularly think about as well. But also remember that you can be a part of that vision as well.
I’ll give some examples to get you going. What kind of a civic partner do you want the business to be? Do you want to take an active part in member organizations such as your local chamber of commerce? Do you want to contribute part of your profits to charitable organizations. Would you like to fund your own nonprofit organization that can help others. Would you like to become a model employer that is able to offer the best benefits in your industry. Or maybe you want to make sure your business is strong enough to survive without you. Maybe you want your business to be your legacy.
I’ll share with you a vision that I have for my own business. I hope to one day be able to use a portion of our profits to start a business incubation program that can help other entrepreneurs get their own businesses off the ground. That’s not my whole business vision but it is one part of it.
So if you have your own business or are looking to start your own business keep what I’ve said in mind. Having a business vision of your own is not just about what you want your financial numbers to look like at the end of the year it’s about what you hope to accomplish by owning a business in the first place.
Regards,
Cash Miller
Editor
www.SmallBusinessDelivered.com
Originally posted 2010-04-06 03:22:39. Republished by Blog Post Promoter
Posted by Cash Miller on under Uncategorized |
Welcome to the SmallBusinessDelivered.com Author’s Blog. If you’ve taken the time already to visit www.SmallBusinessDelivered.com then you already know that we have some great author’s sharing their insights and experiences with our readers. What’s even better is that all of our author’s are business coaches working in various fields helping small business owners every day. And now through our blog many of them will be sharing their day to day experiences with our readers even more regularly. I do hope all of our readers and our authors find real value in this blog as I want it to become a real resource for small business owners and entrepreneurs to use in the search for entrepreneurial success.
To start our blog off I’d also like to welcome the first of our contributing authors. Art Consoli, Caroline Jordan, Julissa Fernandez, Steve Smith and Peter Mitchell.
Regards,
Cash Miller
Editor
www.SmallBusinessDelivered.com
Originally posted 2010-04-04 20:51:39. Republished by Blog Post Promoter
