Posts Tagged ‘entrepreneur’
Whats For Lunch?
As an entrepreneur, I’m always intrigued by small businesses, home-based or not, that exceed the expectations of their customers in a big way.
Let me tell you about one of them.
Recently I spent some time with my daughter in her college town of Tuscaloosa, Alabama. We were spending the day getting her apartment ready for her return to school in the fall. When it was time for lunch, she wanted to take me to a restaurant in the small town of Northport, just to the north of Tuscaloosa.
Northport is one of those typical southern small towns whose downtown area has been converted into a delightfully quaint shopping area. Central to it is a restaurant called City Cafe.
What an experience.
We arrived at the location at 11:30 a.m. Typically I like going to restaurants for lunch at that time so that one can “beat the rush.” I commented on this to my daughter before we arrived; she just laughed.
When we walked in, I understood why. I faced a room with
Like visitors to Disney World, we automatically took our place at the end of the line. Then I began to look toward the front of the line and realized that it continued on into another room (which I couldn’t see). So I asked my daughter, “where is the FRONT of this line?”
Her response – “you’ll see.”
Sheesh!
So I began to look around at the diners surrounding me. Their plates were piled high with what can only be described as “down home Southern cooking.” And the diners themselves? A quick glance around the room told me that this establishment attracted customers from every walk of life. At this moment, however, they all had one thing in common – the serious business of eating.
Meanwhile, the aroma was making my mouth water. So I turned my attention back to the ultimate end of the line. When would I have my turn?
About 15 minutes later we made our way to the next room. It was there I discovered that the front of the line ended at the doorway between this room and yet ANOTHER room. Both of these rooms had two rows of booths on either side. I didn’t count them, but my estimate is about six on each side of the room, making about 24 booths in total. They could sit as many as four to a booth.
I looked around for a hostess; there was none. Then I began to understand the system; you waited in line with your party, and when someone got up from one of these booths, you just went and sat down. Period.
The waitress appeared at our table almost instantaneously, cleared off the previous diners’ plates, wiped the table, and took our drink orders. Actually, what she said was, “Tea?” And you’re an idiot if you order anything else. It’s important to note here that if you order tea anywhere in the Deep South, it is understood that it comes iced and sweetened. If you want it any other way, you’d better tell them that.
Time to check out the menu. It was at this time I realized that City Cafe operates five days a week only – Monday through Friday. The lunch menu consisted of your choice of entree and/or vegetables which you chose from the list for that particular day of the week. The price of the meal was determined by the number of vegetables and entrees you chose.
This was Tuesday; my choices included fried green tomatoes. Who was I to pass this up? Beef tips with rice and steamed squash rounded out my meal, but I could just as easily have chosen from a dozen other tempting selections. It was tough to pass up the fried okra and steamed cabbage (my daughter chose the cabbage along with chicken-fried steak), but I was pleased with my meal. Dinner rolls and cornbread were, of course, provided as well.
And the tea? Try drinking it to the bottom of the glass – won’t happen at City Cafe. It’s another person’s job to make sure of that.
The price for both our meals? I spent $10.75 – but $3.00 of that was a tip. No kidding. She and I had dined at a well-known restaurant chain the night before and the tip for that meal was the same as the price of the City Cafe meal itself.
Guess which one I enjoyed the most?
About The Author
Cathy Bryant’s newsletter, HomeBizJunction Herald, has just entered its fourth year of publication. Subscribe today by visiting her website, http://www.homebizjunction.com, and you will benefit from her practical, no-nonsense information on how YOU can achieve your dream of working from home!
Want to Work for Yourself? Those Dream Jobs Dont Just Happen, Theyre Created
While traveling in northern California last October, I happened to tune into a local newscast. The newscaster was telling his co-anchor that the speaker at that morning’s Rotary Club meeting had to cut his presentation short because he was being flown down to Disneyland to carve elaborate Halloween pumpkins for the park festivities. The newscaster wrapped up the story with the familiar quip, “Nice work if you can get it.” He got the first part right. For a creative kid-at-heart, being a professional pumpkin carver is a dream come true. It was his serendipitous “if you can get it” thinking that missed the mark. The fact is, people rarely “get” great work; they create it!
Despite all the emphasis on growth in the “job sector” I am continually amazed at just how many fascinating alternatives there are to the whole 9-to-5 schtick. And just as traditional job seekers can’t wait around for “Mr. Job” to knock on the door, people who want to do satisfying work ? and call their own shots ? need to be proactive as well. Francis Bacon defined a wise man as one who “makes more opportunities than he finds.” Here’s a couple of other wise entrepreneurs who made it by going for it.
Sports-lover Don Shoenewald was just 18 when he went to the Philadelphia Eagles management wearing a homemade Eagle costume and asking for a mascot job. They weren’t interested. Undaunted, Shoenewald kept showing up at Eagles football games. Pretty soon the fans adopted him as the unofficial (meaning, “unpaid”) mascot. Thirteen paid team mascot jobs, four mascot character creations (including ones for the New Jersey Devils and the San Jose Sharks), and 18 years later, Shoenewald started Mascot Mania, the only professional training school for mascots in the world.
Despite what your high school guidance counselor might have told you, showing up invited in a bird costume isn’t the only route to self-employment. For Dan Zawacki it all began when he was working as a sales rep for Honeywell and decided to give away 120 live lobsters as gifts to his customers. Dan was so bowled over by the response that he decided to open a small side business shipping live lobsters complete with pot, crackers, butter and bibs to crustacean-lovers from coast-to-coast. That is until his boss heard him pitching Lobster Gram, Inc. on a local radio station and promptly fired him.
In the beginning, Dan worked out of his bedroom, storing his lobsters in a used tank in his father’s garage. His first year he netted only $4,000. Ten years later, his company sells about 9,000 lobster packages a year for $99 plus shipping. All and all, not a bad tale.
If you dream of making the transition from employee to self-bosser, the first thing you need to do is belief that you can. Then, the next time you see some entrepreneur doing what they love, try thinking: “Nice work ? now, all I have to do is get it!
“Off the beaten career path” consultant, Valerie Young, abandoned her corporate cubicle to become the Dreamer in Residence at http://www.ChangingCourse.com, offering free resources to help you discover your life mission and live it. Her career change tips have been cited The Wall Street Journal, USA Today Weekend, Redbook, Entrepreneur’s Business Start Ups, and on-line at MSN, CareerBuilder, and iVillage.com. An expert on the Impostor Syndrome, she’s presented her How to Feel as Bright and Capable as Everyone Seems to Think You Are program to thousands of people.
Minding Your Global Manners
To say that today’s business environment is becoming increasingly more global is to state the obvious. Meetings, phone calls and conferences are held all over the world and attendees can come from any point on the globe. On any given business day you can find yourself dealing face-to-face, over the phone, by e-mail and, on rare occasions, by postal letter with people whose customs and cultures differ your own. You may never have to leave home to interact on an international level.
While the old adage “When in Rome, do as the Romans do” still holds true, business clients and colleagues who are visiting this country should be treated with sensitivity and with an awareness of their unique culture. Not to do your homework and put your best international foot forward can cost you relationships and future business. One small misstep such as using first names inappropriately, not observing the rules of timing or sending the wrong color flower in the welcome bouquet can be costly.
There is no one set of rules that applies to all international visitors so do the research for each country that your clients represent. That may sound like a daunting task, but taken in small steps, it is manageable and the rewards are worth the effort. Keeping in mind that there are as many ways to do business as there are countries to do business with, here are a few tips for minding your global P’s and Q’s.
Building relationships: Few other people are as eager to get down to business as we Americans. So take time to get to know your international clients and build rapport before you rush to the bottom line. Business relationships are built on trust that is developed over time, especially with people from Asia and Latin America.
Dressing conservatively: Americans like to dress for fashion and comfort, but people from other parts of the world are generally more conservative. Your choice of business attire is a signal of your respect for the other person or organization. Leave your trendy clothes in the closet on the days that you meet with your foreign guests.
Observe the hierarchy: It is not always a simple matter to know who is the highest-ranking member when you are dealing with a group. To avoid embarrassment, err on the side of age and masculine gender, only if you are unable to discover the protocol with research. If you are interacting with the Japanese, it is important to understand that they make decisions by consensus, starting with the younger members of the group. By contrast, Latin people have a clear hierarchy that defers to age.
Understanding the handshake: With a few exceptions, business people around the world use the handshake for meeting and greeting. However, the American style handshake with a firm grip, two quick pumps, eye contact and a smile is not universal. Variations in handshakes are based on cultural differences, not on personality or values. The Japanese give a light handshake. Germans offer a firm shake with one pump, and the French grip is light with a quick pump. Middle Eastern people will continue shaking your hand throughout the greeting. Don’t be surprised if you are occasionally met with a kiss, a hug, or a bow somewhere along the way.
Using titles and correct forms of address: We are very informal in the United States and are quick to call people by their first name. Approach first names with caution when dealing with people from other cultures. Use titles and last names until you have been invited to use the person’s first name. In some cases, this may never occur. Use of first names is reserved for family and close friends in some cultures.
Titles are given more significance around the world than in the United States and are another important aspect of addressing business people. Earned academic degrees are acknowledged. For example, a German engineer is addressed as “Herr Ingenieur” and a professor as “Herr Professor”. Listen carefully when you are introduced to someone and pay attention to business cards when you receive them.
Exchanging business cards: The key to giving out business cards in any culture is to show respect for the other person. Present your card so that the other person does not have to turn it over to read your information. Use both hands to present your card to visitors from Japan, China, Singapore, or Hong Kong. When you receive someone else’s business card, always look at it and acknowledge it. When you put it away, place it carefully in your card case or with your business documents. Sticking it haphazardly in your pocket is demeaning to the giver. In most cases, wait until you have been introduced to give someone your card.
Valuing time. Not everyone in the world is as time conscious as Americans. Don’t take it personally if someone from a more relaxed culture keeps you waiting or spends more of that commodity than you normally would in meetings or over meals. Stick to the rules of punctuality, but be understanding when your contact from another country seems unconcerned.
Honoring space issues: Americans have a particular value for their own physical space and are uncomfortable when other people get in their realm. If the international visitor seems to want to be close, accept it. Backing away can send the wrong message. So can touching. You shouldn’t risk violating someone else’s space by touching them in any way other than with a handshake.
Whether the world comes to you or you go out to it, the greatest compliment you can pay your international clients is to learn about their country and their customs. Understand differences in behavior and honor them with your actions. Don’t take offense when visitors behave according to their norms. People from other cultures will appreciate your efforts to accommodate them and you will find yourself building your international clientele.
(c)2005, Lydia Ramsey. All rights in all media reserved. Reprint rights granted so long as the article and by-line are reproduced intact and all links are made live.
Lydia Ramsey is a business etiquette expert, professional speaker, corporate trainer and author of MANNERS THAT SELL – ADDING THE POLISH THAT BUILDS PROFITS. She has been quoted or featured in The New York Times, Investors’ Business Daily, Entrepreneur, Inc., Real Simple and Woman’s Day. For more information about her programs, products and services, e-mail her at lydia@mannersthatsell.com or visit her web site http://www.mannersthatsell.com.
An Entrepreneurs Challenge
Living in the twilight zone has its advantages. In the early days of starting my business, I found the limitations of living in a rural area to be restrictive. However, later I realized that those limitations were not an obstacle that could stop me; they were only a challenge that would strengthen me. Since my business would be smaller, I would have the advantage of fewer employees and less strife in the processes of doing business.
Growth, while difficult in a single entity, could easily be accomplished through multiplication. By repeating the business in several locations, it could become the kind of business I wanted to run.
The challenge was no longer in the viability of the business, but in the potential of business development. So, simply put, where do I go from here?
How big was my dream and did I have the courage to pursue it to fruition?
It was BIG and I did. The processes of developing my multi-business center company, connected by computers, people, and a dream was not particularly difficult, nor were there any major obstacles to overcome. The biggest challenge was in the mind.
The process of realizing a dream is pretty much the same from any vantage point. My vantage point was a small town in the mid-west (right between the vastness of the Great Plains and the vertical beauty of the Rocky Mountains). Some of you call this the WEST ? but I’ve been to both coasts ? it is MID WAY between them, trust me.
The challenge was literally in formatting the dream and scheduling the conceptual steps and the processes by which the dream would be realized.
Creating the dream.
A good business fills a need. You must realize a need. Through a need of your own, you may realize that other people have the same need, and the cure for your needs could also be a cure for the needs of others with similar needs.
Quite essentially, while speaking to a friend one day, I said those magic words that spoke directly to my heart, “I wish somehow there was a way to?” Being the kind and generous person that she is, she fed into my dream by asking me what options could possibly provide solutions to that problem. So, for much of that afternoon we ‘brainstormed’ for solutions to my problem. That evening, when I got home, I wrote down a list of our solutions, and put them on a shelf in my home office, where I promptly forgot about them until several months later when another friend was in the same boat.
Realizing the Viability.
A good business can fill the need at a profit. Take your dream one step further; determine if the product/service that could be a solution to your problem is worth paying for.
My friend mentioned that she would actually pay someone to deal with her situation. I frowned at the thought, realizing that it was a signal to me, to put the ‘brainstormed’ solutions into actual practice. My dream became a viable option. I could feel the reality of what I was dreaming, and I could ‘touch’ what it would become.
Conformation.
A good business must have a substantially saleable product. Specifically describe the product/service and how you could build/design/create it. Determine if the value of the product/service is worth the cost of producing it.
When I got home again, I took out that first brainstorming list of solutions and put it on the table along with a pad of paper and a pen. I got a cup of coffee and sat down to work. I needed a product/service that could be sold. From that brainstorming list, I developed a list of products/services that could be sold at a profit, and I began to put together a profile of the company that would sell them. The ‘business outline’ that resulted from these hours of work, was substantial enough to start working on a business plan.
Marketability.
A good business must be marketable at a profit. Developing a market feasibility plan was the next step. By determining the marketability of the product/service and orchestrating the process within the sphere of location, pricing/value, accessibility, and dispensation, it is possible to realize the maximum profit from the product/service within a specific market during the initial phase of distribution. By establishing a marketing plan based on the feasibility of marketing your product/service during this phase of the business development process, your business can become profitable from the earliest stage possible.
Targeting Profit.
A good business must operate regularly IN THE BLACK. Often, developing a profitable business is an accidental event that can’t be explained. More often, businesses fail within the first five years because owners plan to FAIL by failing to PLAN. However, profitability in business can be explained, planned, and projected, if the business owner establishes a plan of business and manages his business according to that plan.
Determine the requirements of making a profit in your business and incorporate that process into your plan. That is what targeting profit is all about; making sure that your business plan has ‘profit’ directly in sight.
Make PEOPLE your priority.
A good business must serve its people. Occasionally a company will forget its purpose for being in business. The only REAL reason for being in business is to help other people. No matter what your product/service might be, your purpose is helping others. When THIS concept becomes genuine within the people who work in your business, they will acquire the ability to serve with objectivity the clients who purchase your products/services. Recognize your business priorities and keep them at the top of the list. Customer Service is not where you want to cut costs.
Plan your BUSINESS.
A good business follows a solid business plan. A solid business plan based on marketing strategies, prioritized business practices, and a sound proposal of profitability will project your company to triumph. A complete business plan will include concepts and procedures for day-to-day operations that will lead regularly to the level of success planned for and projected. If you are following your business plan in an organized manner, with periodic reevaluations for business development changes, your company will have its very own success story and history of success.
Comprehensive Development.
A good business is based on a solidly proven business history. EVEN if you are new to the business industry, there are proven examples of businesses for you to follow. Find a successful ‘mentor’ within your chosen industry and follow their guidance. Trying to reinvent the wheel doesn’t work. It’s been invented and it works, so why mess with perfection by trying to reinvent it. This means that there is a proven method of doing business, and it does work, so when you find a person who is successful in your chosen field, use their proven strategies and update for current technical abilities, but do not try to reinvent the processes.
Consistent Record keeping.
A good business uses a consistent record keeping method. Prepare an office for your business that is capable of tracking daily activities within your business, marketing practices, and financial records. Consistently record financial records in a clearly defined manner that will properly project your financial situation at any given time. Weekly, monthly, and annual reports are necessary for managing the profitability of your business. Be certain that these reports are available for weekly, monthly, and annual evaluation, and religiously do those evaluations based on your business plan. Be prepared to revamp and revitalize your business plan based on the evaluations you do.
NOTE: While ‘weekly’ reports are necessary for this evaluation ? do not adjust your business based solely on the weekly reports.
Use the Three E’s.
A good business promotes enthusiasm, effort, and ethics. Enthusiastically promote what you do. If you believe in what you are doing and put your best attitude toward accomplishing the job at hand, you will be promoting your business in the best possible way, with personal enthusiasm. Be sure that the majority of effort you put into your business every day is intended for profit. If you are working all day and accomplish nothing toward making a profit, your business will not be profitable in the long run. Personal ethics are a choice. If you value your business you will maintain a high standard of ethics. Honesty and Integrity cannot be regained once they are lost.
Don’t allow anyone to take those from you for any reason, hold your personal values dearly and promote your business based on solid values.
Smell the roses.
A good business allows for the enjoyment of life along with the requirements of work. As with any job, burnout is a threat if you don’t take time out to enjoy life while you work. It often amazes me, the number of people who indicate that they have no time for family, fun, and hobbies, as they are working to own their own business. What ARE they working for? If you don’t take the time to enjoy life, you will burnout and be no good to anyone, and definitely not capable of succeeding in your business. Take time out for you, for family, for LIFE. Your job will still be there when you get back, and you will be more capable when you go back to it.
Without the specific details that make a business work successfully toward a profit, you don’t actually have a business; you have a great idea. An idea won’t actually get you very far in the land of profit margins, it actually will cost you more than it will make. An idea is something that is incomplete and surrealistic, until it has been scripted and formatted into the reality of a series of goals that work together to make a profitable business.
What is your NEMESIS? What is your dream? Is your dream going to make you a life? Is your dream worth the investment of your time, effort, and money?
Success is in the details. If you want to make your dream a business, it’s important to develop the details and process your ideas into REAL goals. The difference between a dream and a successful business is in the presentation of the details.
Copyright (c) 2001 – Jan Verhoeff
Printed in the USA
Jan Verhoeff combines 27 years of service in the Free Enterprise domain and a lifetime of education in business development to bring expertise and understanding of basic business principles to new business owners. An expert in the field of business development, Jan presents conceptual information through publications, live presentations, and Power Launch, a weekly live conference chat for business developers. For more information see her site at: http://wahopportunity.blogspot.com
10 Secrets to Write Your eBook Like a Winner!
You already have what it takes to write your first e-book. And like other winners you can create or increase your passive income stream each month. Your winning competitors wish you would never discover these secrets.
You may be asking “What if I don’t have the mind of a techie?” You can still write your winner e-book and start earning in a few weeks. Start by solving your readers’ problems using your expert knowledge. You know the articles and reports already in your files. Expand one of your articles or speeches into a short book by adding a short story or some practical how-to steps.
If you want to increase your present book income or just get started now, read these ten secrets and apply them:
1. Secret One.
Write a short e-book first to test your market. I know short doesn’t mean the same thing to every person. For e-books, let’s agree 10-90 pages is short, even 5-27 sounds less intimidating. Your future customers are busy and usually download only the pages they want at the time.
Make your e-book simpler, shorter, and punchier than your print book. Shorten your sentences, stories and analogies. Your winner format will include a strong heading (question) your reader needs answered and the answer. This winner formula presents the problem and solution quickly without a lot of words.
2. Secret Two.
Focus on one topic in your book. It’s a known fact bestsellers focus on one main topic. Focus on one topic then write each chapter to support that subject. When you overload your reader with information, you come across as disorganized, wordy and flat. Instead of including everything you know, stick to one how-to subject and include plenty of simple details with examples to make it useful to your reader.
3. Secret Three.
Brand yourself, your business and your book. Think about the greatest benefit that you offer through your book or service. Consider your book and chapter titles. Now think about your keywords and headings on your website. Do you see a repeating word that stands out? For example, the book “Win With the Writer Inside You” the author threads some form of “win” throughout her materials. Ever heard of the Chicken Soup for the Soul series? The title changes in its audience but the Chicken Soup brand stays the same. For example, there’s a Chicken Soup for Teen-agers, Chicken Soup for Mothers, and so on.
4. Secret Four.
Get a professional editor and/or book coach. Yes, its o.k. and you should get feedback from family, friends, local writing group, etc. But you need to get a professional viewpoint of your work to weed out the passive voice, bad grammar and all the things that slow your readers down to a standstill. Copy that appeals to the emotions of your reader sell your books. Your future customers want word pictures that they can respond to with their emotions.
5. Secret Five.
Target and get to know your audience. Let’s face it not everyone will want to read your book. Most newbie authors think up what they feel is a great product; spend tons of time and sometimes money looking for people to buy it. Instead match your expert knowledge with an audience you can serve. Consider their needs, problems and how you can help solve them. Business people are a hot audience right now. They are hungry and willing to buy what will improve, make profitable their life and business. Right now think of one to three preferred audiences in your area of expertise. Then write the book your customers will be looking for.
6. Secret Six.
Automate your business. Don’t get frustrated if you are a non-techie, like me. You can do it. Take your time or at least decide to learn at your own pace. Years ago, the author knew very little about the internet now she owns many websites. She has published 5 inspirational e-books and several on internet marketing and e-book writing/publishing at the time of this writing.
Write your e-book quickly but offer a quality product. Aim to give your customer more than they have asked. Market your book on your site, on the site of others, everywhere basically. A good place to start is eBay or Booklocker. Don’t forget to offer your e-book for sale through an 800 number. Ureach is an excellent service 888-506-7790. Setup a download link for people to access your product. Consider Paypal, Clickbank and/or 2Checkout and/or your own merchant account for offline purchases to offer your customer choices. They will reward you by choosing one.
Whenever you are ready, think delegation, delegate some of your work to a computer assistant. For some perfectionist (not me) delegation may sound like a dirty word. Contact your local high schools and technical schools where bright techies live. The expense is low in comparison to the results you can gain.
7. Secret Seven.
Sizzle Your Title. Your title may well be 90% of the pulling power for your book. An excellent title is short. The top titles are benefit driven. Don’t forget to heat them up with emotion. Use terms your audience can relate to. Use action words and verbs. Quantify change with ways and time limits. Use one or two word ideas to tell a story. Pledge change. Spark interest. Instead of “How to Write an E-book” the author chose the title “Ten Secrets to Write Your E-book Like a Winner.” She quantified change, sparked interest and branded her title.
Have a meeting of the minds with friends or associates. Let them help you choose the best title from the list. Find out which will make them pull out $15-20 or more to buy your book.
8. Secret Eight.
Leverage Your Sales Potential. Think for a moment about the valuable knowledge that you have packed into your e-book at $20 a sale. Remember the principle “Divide and conquer” Web users love chunks of information. To leverage your sales conquer and divide your e-book into an e-course. With minor revisions, you can set your book up as a how-to course or mini-course. In the e-course format you can double your price and up. Don’t forget to bundle several lower cost e-books and offer a discount. At one of the author’s sites she sells 2 e-books for 20.00 separately, bundled she sells them for $30.00
9. Secret Nine.
Add bonus value to your e-book. When you add bonus value (2-4 how-to lists, articles, special reports, sample chapter or mini-course) at the end of your e-book document, you increase its value. Many (author included) will buy for the bonuses alone. Most people love bargains and valuable free stuff. Everyone is looking for original but useful information. Implement this secret of bonuses and watch your subscriber rate and sales go up.
10. Secret Ten.
Market before, while and after you write. Most writers want to avoid marketing. I overheard a writer saying, “I wrote the book. Why should I have to market it too?” Whine, whine?No really as you know marketing can be hard work. From my marketing friend Judy Cullins there are seven hot selling points that will make it much easier: Put marketing into each chapter title, each chapter’s questions you will answer, rough draft of e-book’s back cover (sales letter), the one-minute tell and sell, targeting your audience, thesis, and table of contents. You can implement these before you write a single chapter.
It’s faster to write an e-book if you know how. People surf the net daily looking for practical information and knowledge that you have. Don’t let your ideas, knowledge and expertise fade away. Put it to work for you in an e-book. Remember, if you need help contact a professional book coach or take an e-course to inform yourself.
©Earma Brown, 10 yr. Entrepreneur, Author, Speaker, Empowers entrepreneurs and writers to realize their book and web dreams
eBk: Win with the Writer Inside You
P.O. Box 111046, Carrollton, Texas 75011-1046
http://www.writetowin.org
earma@writetowin.org
877-846-9908
Free eZine: Web Wit – webwit@writetowin.org
10 Ways Entrepreneurs Shoot Themselves In The Foot
Entrepreneurs and their businesses have a tendency to ambush themselves when they aren’t looking. This affects how much revenue they can generate, how fast their business rises, and even if they survive after the first few years. If you feel there is a possibility you are getting in your way to success, review these elements to see if any of these items might apply.
1. Imagine investing time and money into a product or services, only to find that it isn’t selling. Or at least it doesn’t have the results that you expected. Now, I’m talking realistic here, and not some grandiose vision. It’s hard to give up something when you have invested your resources into something, more importantly, you have spout off to the world (okay, friends and family) that you were doing it.
Gluing yourself to an idea, product, or service that isn’t making any money or enough money to support the business isn’t smart. Ego and pride don’t make money. Getting hitched to any one idea, or even two, that isn’t profitable isn’t smart. Every product climbs and falls — even McDonalds drops a product when it doesn’t test strong. Ideas are the currency of entrepreneurs, make money with them or let them go.
2. Be proud of being an entrepreneur. DFor some reason, the title entrepreneur seems to have caught a disease, but that shouldn’t be the case. Be proud of being an entrepreneur. when someone asks you, don’t mumble, and don’t call it by another name, as if being an entrepreneur was somehow unprofessional. The same applies to the title of independent professional — which is another name for entrepreneur. Stand tall and proud.
When I ask people at networking events if they’re an entrepreneur, they often respond with strange body language. Some shift their stance uncomfortably, sometimes their hand goes over their mouth and they let out a barely audible, “yes,” and sometimes they even correct me, using some other title.
3. No bologna (or b.s.). Entrepreneurs can be naturally excited and optimistic about what they are doing. Don’t let the excitement sound like hype. Because of this people don’t trust you. Don’t just tell the pros, add the cons. Let people know, who is the best person for this service ? not everyone, or what circumstances are best for the product. People aren’t stupid but if they have to figure the cons of the product or service, you will most likely lose the sale.
4. Being in denial of your cash position. Not balancing the checkbook, not knowing what your accounts receivables, payables, or what the break even cost is for a product or service, isn’t smart business. If you don’t know what it is, get a book on the topic or talk to an accountant. Denial creates fear, and fear creates denial. It’s a vicious circle that creates stress and ulcers. Short term projects turn around short term dollars. Long term projects never turn around short term dollars. Be realistic with all your resources.
5. Accepting weak any bodies. Whether its weak staff, weak clients, weak strategic alliances, or anyone else in your support realm. If you are attracting weak people, you are giving weak signals. Change your signals and you will change what you attract. To attract strong people, you need strong signals.
6. Confusing possibility with reality. One of the main characteristics of an entrepreneur, and this could be one of the reasons people may not like using the name, is their gift to see everything in possibilities, yet spend money in the world of reality. Money is always reality.
7. Selling or trying too hard to explain what you sell. If you find yourself pushing what you’re product or service does, it is time to change your “success formula.” Common causes are: (1) You are trying to sell to someone who isn’t your target, or (2) If you have the right target and you don’t know what you are selling. You can only handle this in two ways, know what the customers are buying, or know the benefits of what you are selling. Benefits in the terms customers need to hear and understand, not what you choose to say.
8. Lack of any or adequate support structures. If it takes a village to raise a child, what do you think it takes to raise a business. Surely, not a lone ranger. Work with others to help handle your many business and personal needs. Entrepreneurs need support, even if it’s only a feeling. Arrange to have a support structure for every part of your business. Keep in mind tip number five above for this as well.
9. Over or under delegating. It is so hard for entrepreneurs to begin to delegate. Yet once they do they seem to swing the pendulum completely to the opposite side and over delegate. Over delegating is “dumping” on people. Even paid people, don’t like being dumped on. Feeling in control is a need of most people, entrepreneurs aren’t any different. They look at it as a money or trust issue, when in actuality it’s usually a control issue. Delegate appropriately and with people that think you can trust. Let the trust build over time.
10. Stop giving up so easily. Successful entrepreneurs don’t see failure. They see learning lessons. They pick themselves up, dust themselves off, change and adjust, and keep moving. Being an entrepreneur, during the early years of a business — that is under five years for most professionals, takes more work than being an employee. Even if you are a graduate with an MBA in business. Don’t include your learning curve time in with the rest of your time. Everyone has a learning curve of some kind.
Catherine Franz, a Professional Marketing & Writing Coach, specializes in product development, Internet writing and marketing, nonfiction, training. Newsletters and articles available at: http://www.abundancecenter.com blog: http://abundance.blogs.com
Oil Change Guys History; Part I
How do franchise companies come to be? How do they start. What type of a person or entrepreneur becomes a franchisor? Below is the story of how one small company became a franchisor in the mobile oil change business. The story is written from our point of view and opinion. We claim freedom of speech, of the press in its entirety since a good part of it is opinion based.
Serial Entrepreneur Lance Winslow started out in the Aircraft and Car Detailing Business about 28 years ago. Mobile Oil Changes did not exist for the consumer at that time. There were only preventative maintenance services for over the road trucks and off-road heavy equipment. During this time Jiffy Lube was growing in size and convenience started to take hold. Jiffy Lube in less than 15 years cornered the market. Mr. Winslow watched this trend take hold and thousands of quick lube shops started to spring up across America, similar to the original Midas Muffler Model, but this time for oil changes. This was occurring as gas stations turned from service station garages to C-Stores for higher per square foot profits. At time the young entrepreneur never thought much about running a mobile oil change franchise.
Eventually several companies sprung up to fill this niche, few lasted as consumers were not ready to except this new trend of mobile oil changes and cities and property managers frowned upon it. In some markets they did well and in others they failed miserably. Eventually many companies learned through trial and error what the consumers needed and wanted. The operators also learned how to market these services. Now we see National Oil and Lube News; www.noln.net , has a whole month dedicated to the mobile oil change sector. The winners in this mobile on-site oil change market today are Location Lube, Lube and Go, and Oil Butler.
In 1998 Mr. Winslow was marketing a new franchise in San Jose, CA for his Mobile Car Wash Business when he ran into Dave who was the co-founder of Oil Maxx. Oil Maxx was founded back in 1995 after a study of the market revealed that there was a great potential for a mobile oil and lube service. Many people had never even heard of a mobile lube service in Silicon Valley. Dave and his partner then borrowed money from family and friends and started Oil Max, a name they chose to franchise with. Although this confused their current customers they thought it was a smart move. Soon after they discovered Oil Max was taken as a name and changed to Oil Maxx with two ‘X’s. Prior to that there were only Biz-Ops and all were East Coast based and only one was a legitimate franchise; The Oil Butler in NJ. Dave and His partner and newly formed marketing staff spent many days and nights perfecting their system and building an even stronger customer base.
Oil Maxx provided service to many major companies and individuals throughout the San Francisco Bay Area and surrounding communities. They were members of the National Association of Fleet Administrators and a preferred vendor with many fleet service/leasing companies including GE Capital, PHH Vehicle Services, Wheels/Map, US Fleet Leasing, and Enterprise Fleet Services. Oil Maxx decided to team up with our franchisees of The Car Wash Guys and The Truck Wash Guys in the California Bay Area. By co-marketing and bundling services each of the two companies doubled business by sharing customer lists. We immediately sent Oil Maxx to our customers at Adaptec, Fujitsu, and HP. They sent us to Budweiser Distribution, a courier service, a uniform service and the cable company. We also worked together to leverage other competitors out of the market, such as our once rival Texas “T”, by bundling services with the many Concierge Services, which started popping up to cater to corporate employees at the height of the DotCom and Tech Bubble. The synergies gained were so intense, they were scary, so both companies grew closer and even shared data bases of customers, billing information, scheduling routes lists and sales teams. Without any non-competes, lawyers or guarantees, all on a hand shake between company founders. (January of 1999).
Seeing the potential of this incredible synergy, Mr. Winslow, introduced Oil Maxx founders to his then sole mentor in franchising, Lou Gurnick of franchisebusiness.com. Lou Gurnick was the Chief Operating Officer for Midas Muffler from it’s inception with only $100,000 in capital to over 400 Million in sales which was still over 30 years ago. Lou Gurnick was also a consultant to Ray Kroc who franchised McDonalds and to Tom Monahan Founder of Dominos Pizza. Mr. Winslow was looking to duplicate this synergy he found with the Oil Maxx Company across the nation. He was anticipating Oil Maxx’s rapid expansion through franchising on a promise from the Oil Maxx founders to catch up to the then only Car Wash Guys then already franchised in 14 states at the time. Knowing that it would bring fleet business and corporate onsite car washing to his team and also provide Oil Maxx Franchisees with instant business. Mr. Winslow had a long-range plan to either buy all or part of Oil Maxx after the fast and explosive growth and then take the company public or trade for Car Wash Guys stock. That never came to be, as Oil Maxx failed to capture enough inertia to attack the franchising market. Most of this was due to under capitalization. Mr. Winslow had not even considered setting up the Oil Change Guys www.OilChangeGuys.com Franchise System at that time. He was completely busy setting up Car Wash Guys Franchises. To be continued. . .
“Lance Winslow” – If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs
Rambling Confessions of a Recovering Entrepreneur
I told my family that I finally accepted that my passion had become an ob- session, and you could even call it an addiction. They all laughed. What had taken me 25 years to accept, they had known for years. My wife detected my addiction as early as our honeymoon in Paris. All I wanted to do was spend time at the Bourse trading francs on the spot market. She kept on nudging me to see some old picture in the Louvre.
For my daughter, it became clear when I demanded that her prom date be an officer in Junior Achievement. I thought it was a good way to ensure that she dated a young man with career aspirations. She saw it differently.
It had been six months since I had read a business plan. And I missed it. I mumbled when the Wall Street Journal driver came down my block? only to skip my house. My wife had a block on our cable television – no more MSNBC, and it was no better on the Internet; I couldn’t access Bloomberg.
Last Tuesday, a power stronger then myself won out. I don’t know how, but I ended up at the Harvard-Yale-Princeton Club. My eyes focused on the booths along the back wall. I immediately saw the signs. A shot of single-malt Scotch, half finished, was being used as a paperweight on a four-color business plan. The reader, a silver-haired executive with monogrammed reading glasses, was analyzing spreadsheets as he simultaneously served volleys of staccato-like questions at the young man across the table.
This young man was obviously new to the game. His dark blue suit looked like he had not worn it since his bar mitzvah, and the tie must have been knotted eight years ago and never unraveled. He had ordered the latest micro-brew, but had not taken even one sip.
I sat at the next booth and listened in. I smiled as I heard the two argue over burn rates, traction projections, alpha/ beta sites, and most stridently about valuations.
A cell phone rang, and the single-malt Scotch stood and walked a few steps to take the call in private. I jumped up and got into micro-brew’s face. I told him he was under-capitalized. He was giving away his intellectual property. His burn rate was twice as fast as this so-called “angel” investor was revealing. Big Pharma would pay a much higher multiple for the company if he would listen to my suggestions.
He looked bewildered. I said it again, “Don’t make the deal – you’ll lose your company to this chamber of commerce man of the year wanna-be in seven months.”
The conversation on the cell phone ended, and Mister Single Malt Scotch asked, “Do we have a deal? ” Micro-brew looked at him, then me, and said?. “No way!” He reached for his beer and slid into my booth.
I don’t have to tell you what happened next. You all know it too well. We sat for three and a half hours, re-doing spreadsheets on his laptop, and playing out various pro-formas.
I finally stumbled home, embarrassed and yet delirious with joy over the deal I had structured. My wife could see me hiding the business plan under my coat. She demanded to see my cell phone. Quickly she went through the calls I had made in the last four hours. She knew the area codes: New York, Brussels, London, and my newest haunt, New Delhi. I had been lining up angel investors.
What could I say? I had already used up my inventory of “I promise it will never happen again.” She had been going to her own meetings and knew that she needed to go on with her life and not let my addiction manipulate her.
Had I called my sponsor? She had not seen his number in my cell phone’s call list. ” No,” I whispered.
She made me return to Entrepreneurs Anonymous (EA). I had stopped going to my meetings. I had beaten it or so I thought. But the truth is, we never do. I was just like everyone else in EA. I matched the profile perfectly. Eighty percent of members have a relapse within their first six months. I was now another data-point confirming that statistic.
Hesh Reinfeld writes a syndicated business humor column. You can read additional examples of his columns on his website: http://www.heshreinfeld.com Or contact him at hesh1@comcast.net
Needs Versus Wants For Entrepreneurs
How often do the words “I need” come out of your mouth, as it relates to your business? When you run your own company, it’s easy to think that the only way to succeed is to be moving forward with your expenses — the newest technology, a broader circle of professionals providing you services, involvement in more and more costly marketing efforts, etc. And it’s particularly difficult to resist the urge when you know you can generally take a tax DEDUCTION for any business expenses. But did you ever stop to think how many of those requests are actually needs, and how many are simply wants?
WHAT IS A NEED?
Let’s start by defining “need.” In the strictest sense of the word, a “need” is something that you have to have to get by in this world — a NECESSITY. In your personal life, you need food, shelter, clothing, medical care — the basics. You will probably experience physical suffering of some sort if you don’t have your needs met. In your business, you also have some basic needs — business cards, basic office equipment and supplies, a scheduling and follow up system, involvement in some networking activities, and generally some professional development or continuing education for your field. You can’t run your company successfully without them. Depending on your area of specialization and experience, some assistance with accounting, legal, or other professional issues might also be considered a “need.”
A want, on the other hand, is something that you desire — something you would like to have. But by no means will you suffer in any way (except perhaps mental anguish!) if you don’t get the thing you want. “Wants” quite often fall into the category of LUXURIES — nice to have, but the world won’t end without them. Having a computer that could keep Mir running or an Amazon.com quality website certainly fall into this category. But other items could be considered wants, depending on the type of business your run, your customer base, and the level of product or service you provide.
MAKING THE DISTINCTION
The hard part comes when you live in a prosperous capitalistic society, like ours. The “western” standard of living is so high that even many of our poor tend to live above the level of basic needs. In 1998, 97% of “poor” Americans (as defined by the Census Bureau) owned a television — something that could definitely be considered a luxury. In many third-world countries, less than 30% of the population even has access to electricity — which most westerners would consider an absolute necessity. My intention is not to make anyone feel guilty — it’s simply to point out that the distinction between want and need is often RELATIVE. It depends on the area in which you live, the company you keep, the lifestyle you choose, and the expectations of the society around you.
It is also important to have some PERSPECTIVE about your place in the world marketplace. If you are running a small business, the goal is not to become a multi-millionaire in the first year — sinking every penny you can get your hands on in your company, without an eye to the future (look at all of the dot-bombs in the early 90’s). You have to start out slowly — growing responsibly and spacing out your business investments as your revenues increase. At one point in your company’s lifetime, having a staff person to handle administrative duties may definitely be a luxury — but farther down the road, it might well become a necessity for you to handle the influx of new customers. On the flip side, you might make some changes in your business structure that allow you to let go of staff, reduce your need for expensive technology, or decrease some other expense. This is why it is so important to constantly RE-EVALUATE your needs and expenditures — to make sure they are still in alignment with each other.
THE POWER OF ADVERTISING
We are influenced, every day, by the popular culture around us. Television, magazines, movies, and advertising have all done a splendid job of PROGRAMMING us to think that we need a lot of excess consumable goods. Pretend that you are watching TV or flipping through your favorite business magazine and see an ad for something fabulous — the latest PalmXXII, Turbo, complete with satellite com link, scanner, global positioning system, and built in web server. Suddenly, your heart speeds up, and you get a tingly feeling in your gut. It’s perfect — how had you ever lived without it before? You rush right to the store — what?! You don’t have any left in stock?! Your heart sinks and you feel a rush of disappointment. You spend the rest of the day moping because you couldn’t find it anywhere.
Now, this might be a bit of an exaggeration, but it’s not far off the mark for some people. How often have you learned of a new product and were certain that you absolutely had to HAVE it? What if you had never seen the ad? Would your life be any worse off? It’s as if the knowledge that something exists causes the need for it.
KEEPING UP WITH THE JONESES
And, of course, we have peer pressure! But with the advent of the “global society,” the Joneses are not just the people next door anymore. They include business tycoons and techo-gurus and imaginary people on TV that don’t even really exist. But we hold these folks up as the STANDARD against which we should measure our own lives. Just because Bill Gates has an office that will run itself entirely through voice recognition, we think that our manual way of doing things is dated. And since that 24 year-old dot-com wiz profiled in Fast Company reads 23 business journals a week, we think we need to start subscribing too.
THE HIGH COST OF NEEDS
So why is any of this a problem? Let me ask you a confidential question — how much DEBT is your business carrying? Do you have several thousand (or tens of thousands!) dollars of past credit card purchases that you are still trying to pay off? Are you paying every spare penny you earn through your company each month to pay for your “corporate” lifestyle? How does your financial future look? Are you able to save for a rainy day — to put aside a reserve in case the economy tanks?
When your spending PRIORITIES are out of whack, you tend to experience stress, guilt, and anxiety — it can even affect your health. And just think about how many personal relationships are strained (even broken) over money issues. This can be a particularly sensitive issue for entrepreneurs, as the line between business and personal finances is often so blurred. Is that really how you want to live your life?
BALANCING NEEDS AND WANTS
Certainly, no one is suggesting that you give away everything you own and become a monk! But it is important that you strike a balance between those things that you have to have and the things that you would like to have. And it’s important that you be able to PRIORITIZE your business spending. The goal is to focus on those things that will really improve your efficiency, effectiveness, and bottom line — rather than just look flashy.
SO WHAT DO I DO NEXT?
Start by making a LIST of all your wants and needs. Try to be brutally honest about which category they fall into. Then, take a look at the items in your want list. First, ask yourself how much each purchase will IMPROVE your quality of life as a business person — how it will boost your company’s bottom line or build a base for future growth. Rate them with an “A” for a large improvement down to a “C” for a negligible improvement (and if it will actively detract from your entrepreneurial quality of life, cross it off the list!) At this point, don’t even worry about the “B’s” and “C’s” — if we get you to a point where you can have all of your “A” wants, then you can think about the rest.
Now, take a look at your “A’s” — try to decide if there is some way you can BALANCE between your high-priority wants and your needs. What are you willing to give up? Where are you able to compromise? Perhaps you can forego the expensive computer and make do with the one you have to afford hiring a PR agent to help increase your exposure. Or buy your office furniture used to leave enough room in your budget for that additional certification program you’ve been wanting to take. If you make these decisions based on how the purchase will improve your life and your business — based on your own personal priorities (instead of someone else’s!)– you shouldn’t go wrong.
Ramona Creel is a Professional Organizer and the founder of OnlineOrganizing.com — a web-based one-stop shop offering everything that you need to get organized at home or at work. At OnlineOrganizing.com, you may get a referral to an organizer near you, shop for the latest organizing products, get tons of free tips, and even learn how to become a professional organizer or build your existing organizing business. And if you would like to read more articles about organizing your life or building your business, get a free subscription to the “Get Organized” and “Organized For A Living” newsletters. Please visit http://www.OnlineOrganizing.com or contact Ramona directly at ramona@onlineorganizing.com for more information.
