Posts filed under ‘Business’

The 5 Laws of Successful Entrepreneurship

These 5 laws distill the wisdom from the successful entrepreneurs interviewed for the book: 50 Interviews: Entrepreneurs Thriving in Uncertain Times which features exclusive interviews with some notable entrepreneurs including: Kim Jordan of New Belgium Brewing Co., Jake Jabs of American Furniture Warehouse, Christine Comaford, Allen Fishman of TAB, Bob Parsons of Go Daddy, and Michael Gerber of E-Myth. They are the common thread among all of the most successful entrepreneurs… whom have built great businesses and are living fulfilling lives:

1. Uncover a consuming passion. The more you share, the stronger it becomes. Similar to an addiction, they can’t turn it off and it rarely feels like work.

2. Define an impersonal goal. You have discovered a purpose greater than yourself. You do it despite the money. It’s more about the impact on other people than on you.

3. Learn to Embrace Risk. Entrepreneurs see risk as dashing into the future with hope and the possibility to move closer towards their impersonal goal. Many have shared that once they accept the worst possible outcome, they feel empowered to take action.

4. Emulate to Learn, Innovate to Earn. Emulating is a great way to get onto the field, but all great accomplishment in the world has stemmed from someone doing something different. Eventually, you need to blaze your own trail and innovate to find success.

5. Develop an ability to shift perspective. You will no doubt face many challenges and set backs along the way. The key to not letting those setbacks impact you lies in your ability to shift your perspective and see the circumstances from a different light. Faith is at the root of one’s ability to shift perspective. A Faith comes from overcoming earlier setbacks, knowing that in the end, everything works itself out, one way or another!

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February 28, 2010 at 3:05 pm

3 Keys to Success

Surveys of major corporative executives and business icons revealed three major keys to business success.

Ever known anyone who was absolutely brilliant but spoke in technical terms so far above most of the audience that they might as well have been speaking Greek? Speaking in insider acronyms or industry specific jargon is only effective with a very select audience. Everyone else mentally checks out within the first five minutes. The easy assumption seems to be that because the speaker knows the terminology, everyone should. (more…)

February 26, 2010 at 11:55 am

Business Tips For Entrepreneurs

Over the years, I have started up quite a few businesses. There are those who may even refer to me as a serial entrepreneur.

Now many of them were indeed a success, while some just failed at some point in the game. That’s alright though because it is a fact that almost all entrepreneurial ventures are going to fail.

Having said that, I am going to talk about three key points that could help you to be successful in starting your own business. You will have the best chance possible at succeeding by following these things that I have learned through the years.

Now let’s discuss a few of these principles. It is my hope that they will help you just as much as they have benefited me.

Dedication is the first key point. It is so important that you stay on top of things, especially when you begin. You will just about get to a point where your business will be one of your children.

Try to think of it in the same way as a newborn would be treated. You would always be giving the baby something to eat, checking on him or her and constantly doing anything you could to keep that baby happy. That is how you should be with your business.

Working to make sure that every little detail is optimized is the second key. The little details just might be the key to whether you succeed or fail – you never know.

It is my belief that another person’s success comes from one person’s failure with the intricacies, so I make it a point to be sure that every little thing has been done most effectively.

My last key point is to always pay attention to your failures and learn from them. There are just too many folks who do not see that there is value with failure, which can be a mistake that is costly.

When you get the experience of something that doesn’t work, then you will learn just what does work. By avoiding the mistakes that were made once, any entrepreneur is going to benefit from that.

February 23, 2010 at 2:50 pm

3 Tips to Be a Successful Entrepreneur

Have you ever bought into something that you were convinced it would become the next big thing, so you bought as much of it as you could, and now it is sitting in your garage, collecting dust? Do not be embarrassed, because for most of us, it has happened in one form or another. You get a sales pitch that has a great promise of a product and how it will work for you, and then you buy into it, literally.

A few months later, you are wondering where all the money is that you should have had by now, because these things were supposed to sell themselves, with a really angry spouse breathing down your neck to get rid of that wasted money in the garage! The worst part is that you only sold one and it was to your parents because they felt sorry for you.

Sadly, this happened to you because you did not have a plan. However, it does not have to stay that way.
You should know exactly what you want or need to get out of selling this product or investing in the product. If you do not have a clear idea of what to expect when trying to sell the product, do not give any money to the person trying to sell you on this. Take your checkbook and leave.

Would you buy a car or a house without inspecting it first? Why would a business deal be any different? If you cannot see a plan for the product, you should not invest, even if it is your kid brother asking you to fund his futuristic jet pack product that NASA will surely want to buy from him. Seriously, if NASA cannot build a successful one, how could he?

Once you have a plan and have agreed on the terms of the plan, you need to set expectations for the sales of the product. Are 5 sales a month going to be enough to cover all your expenses? Do you only want to cover expenses or do you want a profit. If you are selling an item that retails for $5, and your expectations are 5 sales a month, is it worth the effort? If the product retails for $500, is the sales expectation of 5 a month realistic? Is that good enough for you and your bottom line?

After the plan is in place and the expectations are set, you need a customer base. Who do you plan to market to? Mom and dad do not count; neither do any other family members, unless they plan to be customers for a long time. Try to stay away from bothering the friends to help as well, or you may find that you do not have many left after this. Try to find a product that is similar to yours and investigate as to who buys it and who would be interested in it. It is highly doubtful that a single woman who religiously visits the nail salon will be interested in buying anything that has to do with fishing, so do the research needed on customers.

February 20, 2010 at 5:47 am

Things That Entrepreneurs Should Know

If there was a business manual for beginning entrepreneurs, there would be several sections in it, concerning the treatment of customers, product, moving product, and how to advertize the product successfully. There would also be a section of the manual for things that need to be remembered when trying to market new products. The following are a few of those things.

First, the price of the product should be interesting enough to customers to make them want to check out the site and your price. Remember your competition knows this too, and will be trying to have the lowest price, plus there is always eBay and Craigslist to compete with, although their quality of product cannot be guaranteed. Also remember that bad mouthing the competition will not get you very far with customers so having a banner that says something like: “Better than a yard sale or eBay.” most likely is not the smartest idea. The price also needs to be reasonable enough to keep your web site in business and not losing money. You are trying to sell products, not give them away, and so make sure you will make enough money to keep your business running, but do it respectfully. (more…)

February 17, 2010 at 12:44 pm

Are You an Entrepreneur?

You’ve probably read a hundred job descriptions in your lifetime. “Fortune 5000 company seeks highly motivated middle manager for much work and little pay.” Or how about, “small company hoping for growth seeks entrepreneurial mind so that you can work and boss can take the credit.” If either of those jobs describes you then by all means go for it. But what if there was a job posting for an entrepreneur? What would the description be for someone willing to strike out on his own?

First, an entrepreneur has to be creative. It is said that genius is seeing something that no one has seen before. Well, entrepreneurship is seeing a need no one has seen before and then figuring out a great way to fill it. Just getting the idea for a business requires creativity, let alone keeping it going. Marketing your business requires creativity. Keeping it running on a shoestring requires creativity. You need to be able to think outside of the box. (more…)

February 14, 2010 at 1:38 pm

Setting Up a New Company With Companies House

Many people looking to set up a new Ltd Company of their own struggle in knowing how to go about doing so. Advice from all directions starts to come at you and it’s hard to understand the correct procedure or know if setting up a Ltd Company in the UK would be the best move for you. In reality, the facts of a basic company set up are very straight forward. In order to set up a brand new Ltd Company it must always be approved through Companies House, as any Ltd Company must be accepted by the government. Companies House is ran solely by the government. Any person wishing to set up a Ltd company may go directly to Companies House or use a company formations agent to do this on their behalf. For the time being, I’ll discuss the necessary route taken if one were looking to set up their own Ltd Company directly. (more…)

February 11, 2010 at 11:30 am

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