Your Role In History As An Entrepreneur

A D V E N T U R E S O M E N E S S

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

Entrepreneurship is not for the faint of heart. Actually, leadership of any sort is not for the weak-kneed, and taking this trip into the new frontier requires stamina and hard work. Risk-taking is at the core of starting a business and putting your time, resources and reputation on the line. To move forward taking resources and reputation along for the ride certainly requires an adventuresome spirit.

A Master Key to successful business

is to take calculated risks.

Taking calculated (reasonable) risks means both your experience and your instincts kick in when you make a decision. Like Indiana Jones when he stepped off the cliff into thin air, entrepreneurs have an instinct–a sixth sense–that when they take that footstep into the sky, a footbridge will appear.

Internet Joe [See DAY 5, DAY 6, and DAY 9 in this series of posts] understands the difference between adventuresomeness and foolhardiness.

He is adventurous. He is willing to spend enormous amounts of time and money (often investor money) to initiate and implement his creative vision. He is building a business and making promises to customers that he will be there to deliver on his promises. He is also promising employees they can count on him and that it is safe to bet some of their life and livelihood participating in his vision.

Internet Joe is not careless, though.

He is backed by a good (though probably not “formal”) business plan . . . it may just be scribbled on the back of an envelope! But he will for sure have at least a professional grounding in what he is doing.

As I mentioned earlier in this blog-adaption series, Internet Joe probably landed on his own after a stint at a major corporation. He has a finely-honed sense of quality and what it takes to build his vision. The adventure is taking on both planned and unforeseen opportunities to execute it in a whole new way — serve new markets, create products and services, and uncover new revenue streams where none existed.

If he has venture capital or crowdsourced income, people have already vetted his credentials. So the risk may have a stronger likelihood of an upside for investors than backing a relative unknown venture or creator, but working with other people’s money invested because they believe in someone or the idea puts stress on entrepreneur shoulders.

Regardless of whether a venture is investor-backed or self-funded, it is critical to regularly step back from the idea workbench to execute good judgment and seek the advice of close associates moving forward. Successful business development always reduces itself to being an authentic boss!

In either case, at the core, Internet Joe is taking some risk. Many ventures are well-vetted by professional investors, many people build businesses based on solid skills, and yet the annals of business are littered with failures within the first two years. More than half fail in the first five years according to the Bureau of Labor Statistics . . . and this is likely understated.

Soooooooo, “The Force” may “be with you,” but the odds are not, and your success is clearly not guaranteed . . . at least the first time around.

BEST BET: Pepper your adventuresomeness with

calculated, educated, realistic, well-advised

moves to increase your chances for success.

But don’t let all that practical good sense dampen your adventuresome spirit. Hey! Who knows where you’ll end up?

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C’mon back TOMORROW 9/25 for Day 14 —

ARE YOU CONFIDENT ENOUGH TO MAKE IT ALL WORK?

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SPECIAL ANNOUNCEMENT

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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!

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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!

Don’t clutter up your

 Here and Now with a

“What if” Dream Team
                                    

 At some time or another, every entrepreneur has a “Dream Team.” Very few, though, ever get the chance to activate it. Why? Because dreams–like hopes and wishes–are not reality.

 ____________________

But we all carry images in our minds of who we’d love to have on payroll, running our operations, finances, personnel (oops sorry, human resources) and marketing, leaving ourselves free to concentrate on product, service, and idea development… and sales!   

Oh well, we entrepreneurs can’t dream about an All-Star business team because… we have made ourselves into: e-n-t-r-e-p-r-e-n-e-u-r-s, and entrepreneurs are business people who do it all, at least until things get up and running, which typically takes 5-6 years, and often longer. So what’s an entrepreneur to do with all this dream stuff?

Can it. Save it in case you have to take a government job! Put it on the shelf. But don’t clutter your “here-and-now” with “what ifs.” Contrary to popular opinion, fueled by uninformed mainstream media people, entrepreneurs are not dreamers. They are parttime planners and full time doers. And they don’t bet the farm or buy lottery tickets.

Entrepreneurs take only reasonable risks. And most entrepreneurs recognize that one solid business plan will take them farther than a year of nightly fantasies. If you’re not sure about how to best put one (a business plan) together and seek help from an expert, by the way, contact Tim Berry.

If you’re not a talented marketing writer, hire one. Find someone to write your business plan narrative section who can digest your company mission, vision, track-record, marketplace, competition, and uniquenesses, and present you in the best possible light. Be prepared to pay well. It’s an investment in yourself and your business.

If you’re not an accountant, hire a CPA to do your business plan financial projections, and certify your balance sheet and income statement. Expect to pay well. It’s an investment in yourself and your business.

If you’re not an attorney, hire one to review your plan and provide the legal statements you need to avoid problems. Pay well. It’s a safety net for you and your business.

These are real issues that require real dollars. (Hmmm, maybe that’s why we dream so much?)

So, enjoy tonight’s All-Star Game and start out tomorrow with your Dream Team in a closet while you roll up your sleeves and get some kind of business plan planned. Fantasy is for children, artists and politicians (and maybe some of your off-hours), but only reality thinking can survive and thrive in this economy.

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Hal@Businessworks.US  302.933.0116 

  Open minds open doors. 

 Thanks for visiting and God bless you. 

   Make today a GREAT day for someone! 

Well, It’s Your PEOPLE,

Of Course!

Whether it’s your spouse helping with bookkeeping while you run a home-based business, or it’s a workforce of 3 or 300 or 3000, if you are not doing a GREAT job of motivating each of them, your business will never get where you want it to go.

Having the world’s greatest business plan, fat investors, and full access to cutting-edge tech systems and equipment means zip without committed support from those who work with and for you! Your PEOPLE are your most important asset!

And that kind of support only happens with your consistent leadership by example.

Job one is to do whatever it takes to figure out how to best open each individual’s mind, then open it, then keep it open.

Because open minds open doors.

 

The more people are encouraged to think for themselves, and to think in innovative terms, and to always think first of customers, the more opportunities they will create — for both the business and themselves, which translates to steady growth.                                                   

3 Key questions to ask yourself (and answer) in order to succeed and grow:

_______________________________

1)   Can you readily identify and separate your internal and external customers?

2)   Can you really tell the difference?

3)   What percentage of every day are you marketing to them?

This set of questions and answers is all about your ability to market your people, market to your people, and market through your people.

Successful entrepreneurs focus intently on these (above) fifty or so words . . . take a minute!  

 _______________________

Do you think that the meaning of customer service is to have dedicated customer service people?

Successful entrepreneurs charge every employee with customer service responsibilities all of the time. Parttime assistants as well as the most senior officers need to be able to handle every customer service issue at any time.

Customer service interruptions should be the rule, not the exception. 

Can you “ask, don’t tell” with the words you use? Unless you’re a creative director guiding designers and writers, can you “engineer, not architect” with verbal pictures you paint? 

When you lead by example, can you diagram ideas, and resist “giving orders” in favor of putting others and yourself on the same side of the solution table?

Successful entrepreneurs recognize that marketing through their people means being careful with what is said and how it’s said.  

Are you breeding entrepreneurs (and can you manage them)? Or are you breeding investments in the status quo (and can you manage that)? Are you encouraging enough reasonable risk-taking? Are you rewarding failure when great efforts are expended?

Do your actions take the 5-step direction of:

1) THINK

2) CREATE

3) THINK

4) INNOVATE

5) THINK

?????

Creativity only happens when thinking stops, and innovation requires re-activating THINKING in order to take the creative ideas all the way through every step of the strategic process from concept to launch, with all anticipated needs addressed. 

Then THINK AGAIN — Assess the innovative plans and designs.

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302.933.0116 or Hal@BusinessWorks.US  

Thanks for visiting. Go for your goals! God Bless You.

 “The price of freedom is eternal vigilance!” [Thomas Jefferson] 

Make today a GREAT day for someone!

How badly is the

customer bleeding?

                                                                      

triage [Fr. trier, sort out]. The classification of wounded or injured persons in order to insure the efficient use of medical and nursing manpower, equipment, and facilities.

Classification is concerned with the casualties who would live without therapy of any kind, those who would die no matter what treatment is provided, and those who would survive if given adequate care. (Taber’s Cyclopedic Medical Dictionary)

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Well, all the doctor stuff in last night’s post got me started. (And many thanks, by the way, for the email responses from doctors, all expressing total agreement!) I started thinking about how often we in business cross the line to borrow ideas and approaches from medicine.

Every day of the week, we take a prospect/customer/employee/job applicant/vendor/supplier history or profile, do a diagnostic work-up, set a treatment plan in motion and issue a prognosis. Sound like the skeleton of a “Business Plan”?

When was the last time you took some Triage Action in your business? In your personal life? (Why should that question startle you? If you own and/or run a business, that IS your life…and to you, business is personal.)

Don’t leading retailers, like Wal-Mart and Lowe’s, initiate a triage-type action right at the front door with their meet-and-greet staffs?

And how about office receptionists?

Okay, so those are customer-service-oriented triage activities, and admittedly have little bearing on the medical emergency variety cited in the lead-off definition above.

Then answer this: when were you last presented with the need to make a quick choice of options that required a rapid sorting-out process to determine most immediate to deal with, second most immediate, etc.?

My best guess answer for many business owners would be that the odds are it was this week, perhaps today. But you probably just did it without thinking much about it, and it’s not likely you considered it in “Triage” terms.

If such an incident was time-consuming and/or stressful for you, you might want to consider the alternative that the following observations represent. 

Was there a defined plan in place for that or did you just wing it? Most small businesses of the hundreds I’ve worked with, wing it.

If you are confronted with these dynamics with any regularity in your business, you may want to entertain the idea of developing a Triage Plan or at least have a designated Triage Person, trained in your decision-making mode, to do your trouble-shooter function.

This should be someone who is a generalist by nature, and who is familiar enough with your organization — capabilities, people, logistics, locations, operations, policies and procedures — to effectively channel problems and challenges into opportunity directions.

It needs to be someone who is a good listener and who has the sense to recognize those situations where the issue involved would, like the medical definition, “die no matter what treatment is provided.”

Many high-tech businesses have the equivalent of triage teams that they dispatch to problem-plagued customer locations. Some attempt (awkwardly, at best) to accommodate these kinds of situations by phone from some broken-English “experts” squirreled away in some mysterious remote mountain range that makes you wonder how they could even have telephone service.

Who in your organization is ready and best-suited to take on a triage approach that will save you time and aggrevation? 

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HELP SAVE THE ECONOMY Nov. 6th, 2012.

Vote to move small business forward…

Support those who endorse free market

competition healthcare and job creation

tax incentives for entrepreneurs! 

____________________________________ 

302.933.0116 or Hal@BusinessWorks.US  

Thanks for visiting. Go for your goals! God Bless You.

 “The price of freedom is eternal vigilance!” [Thomas Jefferson] 

Make today a GREAT day for someone!

“Put your money

where your mouth is!”

Y’know what? Even the last traffic cone placement person you passed has good, solid, creative ideas. Tell the people who work for you that you don’t want any more good, solid, creative ideas.

Tell them they’re wasting their time, and yours, with all the suggestions about what should be done and who could do what and what would be best. Tell them to shut it down. Finis!

After they all stop gasping, tell them what you really want from them are innovative ideas, the kinds that entrepreneurial minds thrive on.

Explain that you don’t want to hear about the need to launch a new product or service. Be specific in telling your people that you want instead to hear about HOW to launch a new product or service.

Give them some guidelines. Let them know that you will be interested in and very appreciative of ideas that come to you that are fully supported with answers to questions like those that follow.

• You want to know the unique customer benefits of the new product or service.
• You want to know how and when the new product or service will be planned and created or manufactured or produced.
• You want to know how and when and where it will be distributed.
• You want to know how and when and where it will be sold, and by whom, and for what price and on what kind of sales compensation arrangement.
• You want to know how the new product or service will be marketed and when and by whom and how and where and at what cost and via what media?
• You want to see research studies and findings that support the answers to all these questions.

You want a business plan. It need not be fancy or formal. It doesn’t have to be filled with all the imaginary exaggerations about revenue projections that are typically waved in front of banks and investors, but it should include some realistic, conservative estimates of what might constitute total revenues and expenses for the first three years.

“Golly Gee, that’s a lot of work!” your people might proclaim. Tell them: “Welcome to the real world” and point out that only by thinking in innovative terms (taking an idea all the way through from beginning to end, and having all the answers that support the pursuit) will people come up with the big winner products and services.

     Being able to have all the answers (and more) to the questions highlighted above, will put your people a few notches up on the competition and well on the way to proving the value of what they believe in. If someone says to you, “Ah, it’s kind of like putting your money where your mouth is?” Your answer is:  Yup!

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 Hal@TheWriterWorks.com

Thanks for visiting. Go for your goals!

Make today a GREAT day for someone!

Gonna Chunk It? Then Chew It!

     If your current state of existence fits the last (“Discombobulated?”) post, and you’ve decided to try managing your time in chunks instead of clock ticks, be aware that you can’t just wolf down the chunks like my Golden Retriever. She rarely bothers to chew when she’s excited.

     You however are not a dog. At least, I must assume that you’re not. But just in case you ARE some blog-reading canine phenom, please call me immediately; we’ll make lots of money together. So the bottom line is that your digestive system simply doesn’t work well with chunks.

     Still with me here?We’re talking time management. Chunks. Chunking up time and activities is better than nonstop eating of the same (physical, mental, or emotional) food for eight hours a day. After all, even casino dealers work 20 minutes on and 20 minutes off.

     The guys who clean out the winery vats are basically AA candidates after just 15 minutes of vintage fermentation fumes (although that’s not such a bad way to go) and have to take mandated breaks.

     Imagine for a minute if the chiropractoradjusted every single bone in your body all in one visit. You’d be like Gumby. It’d take you a week simply to get off the table. Ah, then there’s the dentist and doing all the fillings and extractions and crowns and all the other rotten stuff dentists do all at one time. Whew! That one hurts even to think about.

     Start by breaking up your daily “To Do” list…little pieces work better (like outline the Narrative section of the business plan,” which could take a couple of hours). Little pieces are more attainable, and achieving each will motivate you a whole lot more than having “Write Business Plan” on your list, which could take months.

     In other words, after chunking, chew. After chewing, digest. Your body wasn’t made to take a pounding 16 waking hours a day. Neither was your mind, nor your emotions. The more you push and force yourself, the longer you’ll take to complete each task, and the more likely you will be to screw up each task, not to mention the indigestion, heartburn, and ulcers that you’ll be cultivating. 

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Send your input anytime: Hal@TheWriterWorks.com (”Businessworks” in the subject line) or comment below. Thanks for visiting. Good night and God bless you! halalpiar              # # # 

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