Your Role In History As An Entrepreneur

BUILDINGS and MACHINERY

Adapted from the book 30 DAYS TO THE NEW ECONOMY by Peggy Salvatore

After yesterday’s discussion of human capital, it is on to a discussion of the more traditional role of capital as assets in the form of buildings and machinery.

Large office complex workspace will not disappear, but a lot of new entrepreneurs (like Internet Joe) will find they can start with a home or garage-based office . . . or perhaps need even a lot less real space (like a tabletop) for an online business.

Successful businesses

will always need an official location.

Growth makes an official office site important. If a business is largely virtual and run by a team that is scattered in offices throughout the world, home offices may suffice as ground zero.

Even small entrepreneurs would do well to consider temporary or flex office space for an official address and, more importantly, to take the business up a notch.
When a young entrepreneur has assembled a team around him or her, it is best to co-locate everyone to gain the benefit of team thinking and creative brainstorming.

So, even office-based online small businesses gain value from official office space.

Beyond the small online entrepreneur . . .

Your small business may require more than a few desks, computers and routers. Your idea may require lab space or assembly and warehouse space. At some point in your growth, expect that warehouse, transport and meeting space may be required. Plan for growth in your financial projections and that includes physical commercial space.

Customers of global businesses in the New Economy still expect to see a real street address with a GPS location.

A location grounds you

and makes you more real for your virtual customers.

While buildings and machinery are still an integral part of business in the New Economy, they just don’t take center stage anymore.

Physical building spaces and machinery needs are now smaller, more compact, more flexible, leased, and temporary. Remember that as an entrepreneur in the New Economy you are always ready to pivot.

Whatever it is, if you can do it here, you can usually do it there as well. The difference is that while your physical presence gives weight to your enterprise, your physical building and machinery presence won’t weigh it down.

# # #

C’mon back TUESDAY 10/13 for Day 27  —

Okay, so you can communicate. So can bumble-bees (better even, in fact, than humans). Let’s assume you are up to bumble-bee standards and can make your point clearly, listen carefully, provide great feedback, and that you go beyond bees to be able to write/compose perfectly. What’s your communication plan?

# # #

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———-

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

# # #

Hal@Businessworks.US      Peggy@Businessworks.US

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Your Role In History As An Entrepreneur

H U M A N   C A P I T A L

Adapted from the book 30 DAYS TO THE NEW ECONOMY by Peggy Salvatore

I’ve heard some people say that they don’t like the term “human capital” because it sounds cold and impersonal. Actually, when I first heard it years ago, I liked it for exactly the opposite reason. Human “capital” describes the value of workers to an enterprise. Whereas labor is typically counted as a cost, capital describes an asset.

Without knowledge workers

in the New Economy,

a business has no valuable assets.

On DAY 23, we discussed the importance of enterprises as learning organizations since knowledge and information are growing exponentially by the minute. In a knowledge-based economy, humans are the most important resource.

The knowledge-based worker turns the idea that machines displace workers on its head. Workers who tend machines or build widgets that can be assembled by robots are underutilized. One study by the Martin School at Oxford predicts that 48% of American jobs alone will be lost to robotics in the next 20 years. This is good news because as the New Economy grows, workers grow in importance and stature. Rather than being displaced by machines, knowledge workers are freed for higher level tasks, tasks that use more of their innate abilities and engage their interests. Higher level tasks in a knowledge economy move workers closer to full actualization of their potential.

A 2015 Gallup Poll

found that 70% of

 Americans hate their jobs.

I am going to guess that statistic can be pretty closely correlated anywhere on the planet. Being freed from loathsome employment is the joy of Internet Joe and the people on his team. As the lowest, ugliest jobs disappear, the entrepreneur and his creative staff can enjoy serving a growing global online market of potential customers who will consume vast amounts of innovative human resources.

Worker displacement by machines has always resulted in raising the living standard of all despite fears of laborers during the period of dislocation. The accelerated process in a rapidly-expanding knowledge economy should be no different.

So, “human capital” it is.

 Hiring Knowledge Workers

Internet Joe is building his online empire on the shoulders of knowledge workers. Deep knowledge workers. Highly specialized people who may be in his employ or may be supplying services as a vendor.

The human capital resources needed by the entrepreneur in the New Economy are the best available in the world, literally in the world, serving the world. Knowledge workers as human capital are always learning because growth is joy.

As an entrepreneur, you will be supporting workers who find fulfillment in what they do. That kind of leadership will require a different brand of guidance than leadership in the past that was focused on motivating workers to perform repetitive or onerous tasks. Entrepreneurial leadership in the New Economy is more about clarifying the vision than motivating your employees.

Knowledge workers on your team will sometimes lead you, and that is a perfectly acceptable turn of events when you are working with highly valuable human capital.

# # #

C’mon back TOMORROW 10/12 for Day 26  —

You got the spunk. You got the ideas. You got the

money. You got the marketing. You got the contacts.

But do you “Got The People”?

# # #

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With Hal and Peggy’s wealth of business coaching experience, you’ll learn how YOU match up with what successful entrepreneurs are thinking and doing RIGHT NOW. Get ideas you never imagined. Gain the traction you need within 2 hours — not days or weeks or months. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details, to explain your business pursuit focus and to reserve your seat! $99 total for 2 hours. Satisfaction Guaranteed.

———-

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

# # #

Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

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Your Role In History As An Entrepreneur

R E V E N U E

(As in “Department of YOUR Internal”)

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

At the outset, most people will start their business with investor or personal financing. In short order, a viable business in the New Economy will generate revenue.

Revenue generation is the money you bring in from customers for your products and services. While you won’t necessarily run your business from customer revenue from Day One, you should be able to do so within a few months.

With a:

• Global online business, you need to find a way to validate payment in a form that is recognized on both sides of the transaction. Because your business is global and virtual, your revenue will ideally be global and virtual too. The issue of valid payment for revenue generation is part of building the infrastructure for the New

Economy. This issue begat payment forms like bitcoin.

Ultimately, the New Economy will form the basis for a global currency simply because it makes sense. When global business was conducted only among large corporations or a limited number of globe-trotting individuals, currency exchange was somewhat cumbersome but manageable. In a commerce system where individuals are trading among each other constantly, a common global currency makes common sense.

• Global currency is one of the hot potatoes that causes governments and political interests enormous discomfort for reasons that go beyond our scope here. But let me suggest here that, just as commerce led the way to break down barriers among different people as merchants set sail for spices in India and silk in China, global Internet commerce will trump parochial interests as the new entrepreneur needs to find a way to receive payment from customers.

• Global pricing is a tangential issue to global payment. Pricing (a function of marketing) is often locally controlled and regulated especially in certain industries. Products and services on the Internet eventually will create an environment where value is rationalized across economies as the world merges into one seamless trade opportunity.
• Global trade does not have to be a hot potato, either. But for the reasons that are beyond our discussion here, the opportunity to expand commerce and increase opportunities for human beings everywhere will eventually defuse those issues. A global currency doesn’t have to be a painful dislocation but rather it can occur as a slow, organic and natural progression of the growth of human knowledge and potential. Forays into bitcoin and similar ideas demonstrate the process.

As noted earlier in this series, war is historically the way that humans have expanded their influence. The emergence of a global merchant class slowly but constantly changed the tools of influence expansion from blunt-edged brute force power to soft economic power expanding among individuals. The individual entrepreneur with access to global markets and interconnected billions of people will complete this transition.

The need for a medium of:

• Global exchange among individuals trading on a global basis will have effects far beyond the practical solution of making value connections using a common currency.

Remember DAY 4? The Arab Spring in Syria? Humans connected with humans who connected the dots. With the incentive of global markets for individuals, expect global currency and further breaking down of barriers among humans. Stay the course. It will take courage!

# # #

C’mon back MONDAY 10/12 for Day 25  —

You got the spunk. You got the ideas. You got the

money. You got the marketing. You got the contacts.

But do you “Got The People”?

# # #

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With Hal and Peggy’s wealth of business coaching experience, you’ll learn how YOU match up with what successful entrepreneurs are thinking and doing RIGHT NOW. Get ideas you never imagined. Gain the traction you need within 2 hours — not days or weeks or months. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details, to explain your business pursuit focus and to reserve your seat! $99 total for 2 hours. Satisfaction Guaranteed.

———-

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

# # #

Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!

Your Role In History As An Entrepreneur

F I N A N C I N G 

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

We already explored the potential of the effect of the changing financial realities of the New Economy on your Internet business. Some of the old gatekeepers of investment capital have been supplanted by the ability to reach out directly to potential investors.

For small entrepreneurs, you may only need a few thousand dollars. With the amount of free and low-cost resources at your disposal, you can start a substantial business with little startup cash. That means many people can build their business out of pocket.

There are many benefits to funding your own enterprise. You have no debt except to yourself. You retain control of the business and you own it 100% outright. And you spend your time on your business, not court- ing potential investors. If you can do it, self-financing is the way to go.

If you need to attract investors for a larger idea, you can go directly to individuals. Wise investors (which is what you want) will vet you and help you by making sure your idea is viable and you are able to execute it professionally. Consider wise investors another advantage that you take into your venture.

You may be the person who imagines the concept, but you don’t want to go it alone. Wise investors will look at the credentials of your support system as well as your own ability to execute your ideas. The more advisors and team members you have in your corner, even those part-timers and professional friends, are very important to your success.

You want others to help you hone your ideas, promote your products and services, and be your cheerleaders on days when you need one. When you are looking to attract capital, that team will make or break your ability to do so.

Be strategic about your partnerships. A geek with sales skills might be able to sign up customers and design websites but not write content. A strategic partnership  with a content writer (who may even be in a different country!) who has no site design or sales skills, can accomplish more than either can working alone.

And there’s no legality (besides perhaps a dated, mutually-signed “letter of understanding” to set forth what’s agreed) involved, and no complicated financing involved. What there needs only to be is separate skilled businesses or individuals with mutual trust and ambition. It can work like barter with a split-fee arrangement.

Build bench strength where you have weaknesses

Make sure the human resources you have on board support your mission and can conduct all the internal business processes required to operate legally, ethically and with solid financial plans.

Finally, be realistic about the amount of financing that you need. If you overestimate, you will spend your time raising money for things you don’t need or could easily and more quickly do yourself. If you underestimate, you will get only partway to goal.

A great realistic plan is to start your business in small and manageable chunks with the resources and financing at your disposal, and when the marketplace responds with interest and orders, you can raise the stakes.

# # #

C’mon back TOMORROW 10/9 for Day 24 —

Are you your own Department of Internal Revenue?

# # #

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With Hal and Peggy’s wealth of business coaching experience, you’ll learn how YOU match up with what successful entrepreneurs are thinking and doing RIGHT NOW. Get ideas you never imagined. Gain the traction you need within 2 hours — not days or weeks or months. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details, to explain your business pursuit focus and to reserve your seat! $99 total for 2 hours. Satisfaction Guaranteed.

———-

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

# # #

Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!

Your Role in History as an Entrepreneur

IMAGINE YOUR

LEARNING ORGANIZATION

Adapted from the book 30 DAYS TO THE NEW ECONOMY by Peggy Salvatore

The rapid acquisition and deployment of knowledge means that all organizations that plan to survive also have a process for knowledge acquisition, retention, management, and transfer in their business plan. Forward thinking organizations today consider themselves learning organizations.

As an entrepreneur in the New Economy, even though you may be small, your responsibility is to not only know what is going on but to contribute to the body of knowledge.

• Remember: All the Internet Joe’s around the globe are learning and building this ship together so sharing what you’ve learned and what you are developing (without, of course, revealing trade secrets like product ingredients and proportions or your intended branding or marketing approach) is part of that responsibility and defines in part your value as a member of the global business community.

There are TWO PARTS to this knowledge acquisition and sharing. One is the internal knowledge of your individual product or service and the second part is the external learning about the infrastructure you are building either deliberately or inadvertently by participating in the New Economy.

PART ONE: Internal knowledge

Whether you are operating alone, with a handful of close team members or a cast of 100s, you need to store and transfer knowledge about product development, marketing, deployment and all other aspects of your business to assure continuity.

When you’ve built a global community of customers, they will have questions and need support. Codify, iterate, revise, update, repeat. Consider yourself in a constant state of beta.

• Remember: We said that one of the advantages Internet Joe has is the ability to be agile and nimble. This requires a state of continuous learning which is a mindset of quality improvement. Because you aren’t taking a large organization with you, when you learn something new, as an Internet entrepreneur you are able to capitalize on that information and pivot instantaneously.

PART TWO: External knowledge

The intimate relationship you develop with your customers through their personal communication devices is the basis of your ongoing learning. You are learning what works, what they like about your product and service, what needs improvement and when you haven’t hit the mark.

Your systems and connections are creating the need for the kind and amount of infrastructure required to build the New Economy. When you share what you need and what you’ve learned about commerce with others in the online business community, the network grows.

What we know changes every minute!

. . . and what you do with it will be different

than what someone else does with it . . . So consider

recording it . . . sharing it.  That process puts the next

step on the ladder within reach for all by raising

the net worth (and the stakes) for all players.

# # #

C’mon back TOMORROW 10/7 for Day 22 —

“Financing Your Business” isn’t like car dealership

or retail mattress and furniture “Financing”!

# # #

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With Hal and Peggy’s wealth of business coaching experience, you’ll learn how YOU match up with what successful entrepreneurs are thinking and doing RIGHT NOW. Get ideas you never imagined. Gain the traction you need within 2 hours — not days or weeks or months. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details, to explain your business pursuit focus and to reserve your seat! $99 total for 2 hours. Satisfaction Guaranteed.

———-

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

# # #

Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!

Your Role In History As An Entrepreneur

IMAGINE   M A N U F A C T U R I N G

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

The flexibility of the global markets – everywhere, everyone, all the time – means products and services can be delivered from your place of business on the Internet to the customer’s location in the same way.

VIRTUAL products (e.g., software, books, music):

already a natural medium.

PHYSICAL products: now becoming a natural medium.

3D printing allows many kinds of products and parts to be assembled on site by downloading software to build products by the customer. Customers only need the material to create the products on location.

One of the issues with matching mass production to local markets has been transportation and warehousing of raw materials and finished products. 3D production eliminates, or will soon eliminate, one or more of these transfers for a wide range of product-based businesses.

Efficient production puts factories near the source of raw materials which could be halfway around the globe from your market. With global markets, raw material processing happens near the source of materials which are then delivered to where products are produced at the customer site.

Throughout history, efficiencies have grown markets.

This development is no different.

While assembling products onsite requires only the transfer of raw materials to the customer location, the expansion of markets grows the number of end users.

Economic development happens more rapidly in areas that now need mainly an Internet connection and a reliable source of power to become a viable market for your products – both virtual and physical.

The limiting factors remain the availability of power and water. The new entrepreneurs believe those problems can be solved, and they are actively seeking answers.

As noted earlier in this series, we are very early in the New Economy and are still building the infrastructure so much of the opportunity is building the virtual roads and rails into the future.

Even in situations where finished products are mass produced and need to be transported, robotics simplifies production. Robotics reduces the number of humans needed to assemble products and, consequently, also the number who need to be trained as assemblers, as programmers, and as equipment calibration specialists.

Local education and workforce availability is

not a major factor in locating a factory today.

Since line-driven powered machinery was invented, workers have revolted against automation fearing for their jobs. However, in each instance, the quality of peoples’ lives have improved, as well as the quality of products produced, and people’s time is collectively –presumably, for those outplaced– freed for higher level pursuits.

The promise of manufacturing in the New Economy turns on how you view progress. You’re likely to have one of two views of the world:

• View 1: You believe advances solve problems, make solutions available to more people, and raise all of humanity in waves.
• View 2: You believe knowledge is finite, all that can be known is already known, and we can’t solve our problems because our known resources do not meet everyone’s needs.
  

Entrepreneurs (Especially INTERNET entrepreneurs)

in the New Economy hold fast to View 1.

They believe that what lies beyond the known frontier

is the place where advances for humanity lie.

Internet Joe senses what is there and moves toward it

because he knows problems=opportunities,

and he knows it’s his choice.

# # #

Where does the past still control the present in your business pursuits?

C’mon back TOMORROW 10/6 for Day 21 —

 Imagine INVENTORY and DELIVERY. . .

# # #

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With Hal and Peggy’s wealth of business coaching experience, you’ll learn how YOU match up with what successful entrepreneurs are thinking and doing RIGHT NOW. Get ideas you never imagined. Gain the traction you need within 2 hours — not days or weeks or months. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details, to explain your business pursuit focus and to reserve your seat! $99 total for 2 hours. Satisfaction Guaranteed.

———-

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

# # #

Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!

Your Role In History As An Entrepreneur

I M A G I N E     S A L E S $ $

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

Organizations frequently couple sales with marketing, and we’ll do that here, too. When you’ve defined your markets, you have the basis of a sales program. When your market is global, your sales program can actually be UNcoupled to some extent.

As noted yesterday in “Imagine Marketing,” your customers are connected to you by a personal communication device that delivers content which is highly individualized. Your sales strategy needs to be the same.

For example, if you are selling a weight loss system, you aren’t reaching a single imagined customer concerned about his or her weight with standardized sales material content. You reach an individual with personalized content. You can deliver emails customized with the name of prospects by leveraging the power of email lists.

(We’ll explore the mechanics of this in the next book.)

You can also individualize your approach using your website with a “click here for patients”, “click here for physicians”, “click here for caregivers” approach to sales. As your potential customers “click here”, they can further individualize their search for your products and services by drilling down into your website.

It is possible to individualize your approach to customers for a very low cost per touch using email and websites.

As discussed in earlier posts in this 30-Day series, this is where Internet Joe holds an advantage over large corporations as an entrepreneur. By leveraging social media platforms such as Twitter, Facebook, Pinterest and Instagram, your product automatically has viral potential. Internet Joe makes personal connections with people around the globe and they are all potential customers.

With a few power users among your followers,

you can get exposure to 250,000 people . . .

which very quickly expands to millions.

 On a planet with already 3 billion Internet-connected individuals, you have tapped into only a small fraction of potential customers and already have exceeded a 20th Century salesperson’s wildest fantasies.

Bricks and mortar . . . Uber-ized* and Bnb’d**

Even if your business is based on live customer interactions, such as with a restaurant or hair salon, your bricks and mortar enterprise needs an Internet presence to exist. If someone visits your town and looks for pizza, they will search for restaurants online and your business needs to be there. As a plumber, you may not think you are an Internet Joe, but online presence still makes the difference between survival and massive opportunity.

• *Think of the online/chargecard-based Uber* (private driver car service) business model . . . for drivers plugged into the system, Uber provides income previously only possible with the reach of the old “looking for a ride to California” bulletin board postings.
• **Consider the online/chargecard-based Air Bnb** (temporary home rentals) business model . . . for homeowners plugged into the system, Air Bnb provides income previously only possible for local realtors.

Sellers can be anybody with an Internet connection, but Internet Joe is a true entrepreneurial businessman leveraging the power of the Internet to grow sales opportunities with the immense power of global markets.

# # #

C’mon back MONDAY 10/5 for Day 20 —

Do you believe humanity’s advances solve humanity’s problems . . . OR

that problems are not solvable because all that can be

known doesn’t meet everyone’s needs?

# # #

S P E C I A L    A N N O U N C E M E N T

Sign up NOW for NOVEMBER 29th (Sunday Night after Thanksgiving)

LIMITED SEATING COACHING WEBINAR:

“ENTREPRENEURS ARE AGENTS OF CHANGE . . . Accelerating Your Business”

Get fresh, informed, proven insights geared specifically to your business market, your biggest problems, your biggest opportunities.

With Hal and Peggy’s wealth of business coaching experience, you’ll learn how YOU match up with what successful entrepreneurs are thinking and doing RIGHT NOW. Get ideas you never imagined. Gain the traction you need within 2 hours — not days or weeks or months. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details, to explain your business pursuit focus and to reserve your seat! $99 total for 2 hours. Satisfaction Guaranteed.

———-

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

# # #

Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!

Your Role In History As An Entrepreneur

Side note: In editing Peggy’s book chapters for blog adaptation, I’ve found her style to be surprisingly (for an economist leadership expert, itself, to me, an oxymoron) engaging. Today’s topic, however, encompasses the object of my business teething and career so I feel compelled to spotlight a bit of the professionalism of marketing. Factoids (such as the components of marketing and the distinction between creating and stimulating desire, for example) are seldom addressed or positive-ized in economic treatises or website meanderings. Thank you. Enjoy the journey! Hal

Imagine Marketing

One of the great advances of the 20th Century was the development of the field of marketing. As industrialists were able to mass produce clothing, cars, homes and candy bars, they sought a method or methods to promote those things to a public who may not have known that they needed or wanted them.

Psychology and sociology combined with imperatives to maximize business profitability and the science of markets was born. Where markets existed, they were maximized. Where markets did not exist, they were created. Yet marketing is not a creator of society wants and needs. It is simply a reflection of society–a mirror of what already exists.

You know you need a home but you probably didn’t know you need or want a certain type or brand of kitchen appliance or configuration of closets until marketers educated you about the differences in price, performance, design, function, impressions, and longevity.

You know you need a car to get to work, but marketers let you know which models and styles were available so you could choose those that would best serve your practical functional and budget needs as well as those that best meet the conscious or unconscious emotional wants you most closely identify with (e.g., power, status, sex appeal, safety/service focus, family/parental focus, environmental/energy focus, etc.).

Marketing attaches meaning to the products and services we consume. Think of marketing as a big umbrella over a broad spectrum of marketing functions, which include sales, advertising, branding, pricing, packaging, promotion, merchandising, public relations (news releases, events, media communications), and more. Marketing also raises life necessities to luxury levels for a price.

Marketing does not create desire because humans already possess desire. Marketers stimulate desires that already exist. Marketing sometimes prompts us to purchase or consider purchasing products and services we didn’t know we needed or wanted until subliminal interests are created for them, and our desires are stimulated.

By the mid-20th Century, mass production meant that businesses could create enough products to satisfy the desires of mass markets. Mass communication through a mix of limited channels (using television, radio, magazines, direct mail, and outdoor and transit billboards) standardized desire for mass produced products.

The Internet changed the whole world of marketing. The Internet is a personal communication device. What comes through my computer is as different as what comes through yours as we are. No two computers deliver the same content because the content is a reflection of the fingerprint of the user. One user accesses religious content, another pornography, and yet a third spends most of her or his time surfing the net for the best price on handbags, shoes, or on hunting and fishing equipment and gear.

How do you market to EACH individual on his or her personal communication device?

Like finance, we’re rewriting the discipline of marketing while we’re practicing business in the New Economy.

As an Internet entrepreneur, you find your markets by searching for people who are interested in buying what you are selling. You contact them through social media using list serves, groups, email blasts and subscriptions, blogs and connectivity/referral platforms . . . following where each thread leads. When you pull on a thread, it will lead to a tapestry of related interest groups. As a business person, the end of each thread is a potential customer.

The hardest job of Internet Joe is to refine his product or service to meet the needs of a specifically defined target market within the potential of a global customer base. Expect that it could take time to refine your approach. You will go through several iterations before you hit on exactly what specific flavor of what you offer appeals to which specific individuals.

In the New Economy, your customers are in New Zealand and Newfoundland. Get to your keyboard and go find them.

# # #

C’mon back tomorrow 10/2 for Day 19 —

It’s all about SALES, SALES, SALES, and more SALES.

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S P E C I A L    A N N O U N C E M E N T

Sign up NOW for NOVEMBER 29th (Sunday Night after Thanksgiving)

LIMITED SEATING COACHING WEBINAR:

“ENTREPRENEURS ARE AGENTS OF CHANGE . . . Accelerating Your Business”

Get fresh, informed, proven insights geared specifically to your business market, your biggest problems, your biggest opportunities.

With Hal and Peggy’s wealth of business coaching experience, you’ll learn how YOU match up with what successful entrepreneurs are thinking and doing RIGHT NOW. Get ideas you never imagined. Gain the traction you need within 2 hours — not days or weeks or months. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details, to explain your business pursuit focus and to reserve your seat! $99 total for 2 hours. Satisfaction Guaranteed.

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For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

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Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!

Your Role In History As An Entrepreneur

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

Imagine Finance

Financing in the New Economy has two radical differentiators from the old days. One is the way in which you attract investors and the second is how much it actually costs to start up your Internet business.

Direct Access to Investors
Remember the good old days (say the first decade of the 21st Century) when prospective entrepreneurs seeking funding would schlep their slide decks into a startup incubator and make presentations to veteran investor gatekeepers who doled out wisdom about business plans, management teams and boards of directors?

• Gone? Not quite. Still the #1 startup funding path? No longer!

With crowdsourcing and crowdfunding ideas like Kickstarter and IndieGoGo, you can fund your idea by throwing it out to the Internet and letting the investors come to you. You can raise a little money taking donations and small sums from interested Internet friends and advocates, or you can raise serious millions using more structured funding mechanisms that require investors to meet certain criteria.

• For an entrepreneur in the New Economy, this simply means that Internet Joe can bypass more traditional and restrictive funding mechanisms and go straight to the public. Or combine them both and aim for Shark Tank!

Startup Investment is Minimal
As an entrepreneur in the New Economy, Internet Joe has nearly limitless and cheap/free resources at his fingertips – those fingertips tapping on the keyboard. You can start up a business idea with minimal capital. And you can get world-class advice for the price of an Internet connection.

• I will explore some of these resources in greater detail in the next book, but for now suffice to know that there are brilliant people sharing their startup knowledge for nothin’. The saying “you get what you pay for” does not hold in this case.
• This rich vein of Internet resources is the exception that proves the rule. In fact, the incredible free startup advice and business acumen, market research and tools to reach a global market cost close to no money at all. Remember the more you chase money, the less time and energy is available to make your business work!

In his program, Product Launch Formula, Jeff Walker shares the secret that you can actually sell products that you haven’t yet developed. You sell the product then develop or produce it in response to buyers. The only catch–the big asterisk–is that you better know what you are doing so you can deliver when the time comes. Selling lamps? You’d better be able to produce them when the orders come rolling in.

• The idea is not sleazy; it’s actually excellent business advice that has been around for decades: Develop your prototypes and first generation iterations of products and services in cooperation with your customers.
• By designing products as you sell them, you are developing products the marketplace actually wants and needs.

Transactions: Global, virtual, no boundaries
A favorite New Economy guru is Ray Kurzweil, the innovative genius who wrote the seminal work regarding all things future, The Singularity is Near. In his 2005 epic work, he straightened out my main misconception about the global economy. I had been stuck in the idea that all money and value is tied to concrete productivity. I was just plain wrong.

• Kurzweil perceived that the value of the Internet changed the definition of value. Money has changed because it is now a fluid concept based on the nearly limitless possibilities of the global computer mind which creates exponential relationships that expand past our individual ability to make connections.
• Given that premise, he predicted the Dow Jones Industrial Average (DJIA) would triple in ten years. In 2005, it stood at a then-unprecedented 10,000 and, to some, was wildly over-valued–the stock market tripling seemed ludicrous.
• Then in 2008, the global economy crashed and bubbles like the real estate market burst. Also, the dry bulk index hit an all-time low, indicating that global shipping crashed. What did the DJIA do in response? It rose, and continues to rise.

Traditionalists scratch their heads. But futurists just sit back and wait because they know that the measure of value has changed and the DJIA reflects latent value as the economy rearranges itself. In 2015, the DJIA stood at 18,000 and traditional watchers shook their heads saying it continued to be overvalued.

For those who are stuck in the worlds of the dry bulk index and the movement of tangibles in the market, the stock market ascent appears to be smoke and mirrors. When I read Kurzweil I understood, finally, that my attachment to things like physical products and national monetary systems were outdated.

Finance in the New Economy is global and virtual, but it doesn’t mean it isn’t real. Quite the opposite. The inherent value in the instantaneous transmission of knowledge and the ability to transact with anyone, anywhere, anytime has reinvented the basis of the financial system.

As Internet Joe builds his business on this very solid foundation of the virtual New Economy, he is plugging into nearly limitless abundance.

The new rules of finance have yet to be solidified. Entrepreneurs are writing them AS they build the New Economy.

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C’mon back TOMORROW 10/1 for Day 18.
YOU think great MARKETING that works is simply pulled out of a hat?

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S P E C I A L    A N N O U N C E M E N T

Sign up NOW for NOVEMBER 29th (Sunday Night after Thanksgiving)

LIMITED SEATING COACHING WEBINAR:

“ENTREPRENEURS ARE AGENTS OF CHANGE . . . Accelerating Your Business”

Get fresh, informed, proven insights geared specifically to your business market, your biggest problems, your biggest opportunities.

With Hal and Peggy’s wealth of business coaching experience, you’ll learn how YOU match up with what successful entrepreneurs are thinking and doing RIGHT NOW. Get ideas you never imagined. Gain the traction you need within 2 hours — not days or weeks or months. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details, to explain your business pursuit focus and to reserve your seat! $99 total for 2 hours. Satisfaction Guaranteed.

———-

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

# # #

Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!

Your Role In History As An Entrepreneur

C O N F I D E N C E

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

Confidence has two meanings.

In relation to business, we think about the assurance of self. Self-assurance means one believes in oneself enough to trust their decisions. They take measured risks and can make hard decisions because self-assured people believe they have the capacity to act correctly.

The second definition of confidence is to hold something close and keep it in secret. When I tell you something in confidence, I trust that you will not broadcast it. The term “con man” in the vernacular means someone who pulls tricks someone else. But it derives from the term “confidence man” or one who acts in secret.

It requires both types of confidence to run today’s entrepreneurial business in the New Economy.

First and foremost, entrepreneurs in the New Economy need the self-assurance to operate in the global environment, make assessments and act quickly. After all, the universe loves speed and the spoils go to the person able to grab opportunities as they arise. Even more accurately, the spoils go to the entrepreneur who grabs opportunities just before they arrive . . . to the entrepreneur who trusts herself.

He sees markets that don’t yet exist or envisions ways to serve existing markets in ways that others do not see. The ability to act on unrealized markets and opportunities ahead of their manifestation requires much self-assurance.

And importantly, spreading self-assurance is the mark of a true leader. It requires only a consistent and mindful effort to use inspiring language in daily electronic, telephone, and in-person conversations. Go here for a starter list!

The second definition of confidence, the ability to hold things closely and quietly, also plays an important role in entrepreneurial success. All of the advantages of the global market on the Internet everywhere, always and everything, also mean that the opportunities that are not yet realized are also evident for anyone who has eyes to see.

For someone who imagines the possibilities, it is important to hold your vision close to your inside team long enough to realize it but briefly enough to bring it into full realization before someone else does.

Quick, quiet, assured. These are among the most confident and most meaningful behaviors of the new entrepreneur at the top of his or her game.

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C’mon back MONDAY 9/28 for Day 15 —

DO YOU REALLY KNOW ENOUGH TO MAKE IT ALL WORK?

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SPECIAL ANNOUNCEMENT

Sign up NOW for NOVEMBER 29th (Sunday Night after Thanksgiving for 2 hours) $99 LIMITED SEATING COACHING WEBINAR: “Accelerating Your Business Growth and Development.”

Get fresh, informed, proven insights geared specifically to your business market, your biggest problems, your biggest opportunities.

With Hal and Peggy’s wealth of business coaching experience, you’ll learn what successful entrepreneurs need to be thinking and doing NOW. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details and to reserve your seat!

———-
For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

 # # #

Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!