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2012 the Year of the Entrepreneur
Jan 30th
Could 2012 be the year of the entrepreneur? Some believe it is. Check out these important links for more tips on your entrepreneurial journey.
Entrepreneurship
Is 2012 the year of the entrepreneur? Scott Gerber, founder of the Young Entrepreneur Council and co-founder of Gen Y Capital Partners, thinks so. Among other things, Gerber says the current economy and job market will push more people into the idea of providing an income for themselves through starting businesses. Bloomberg Businessweek
Always be a market leader. Whether you enter an existing market or create one yourself, always remember to be the leader. Entering popular markets just because they’re booming can lead to a game of catch-up your company will probably loose. Instead, take a step back and rethink your company. Feld Thoughts
Management
Building your management team. As your business starts to grow, a management team will be critical. Realizing you cannot do it all by yourself is an important first step. But how can you be sure that the team you assemble will be able to grow with your business? Some basic tips will help create a stable team that scales. A VC
Improving your business productivity. If you haven’t put much thought into your business’s productivity, you may be missing important tweaks that could increase efficiency and reduce cost. These are changes that could make your business more competitive and more adaptable in the future. You’re the Boss
Marketing & Sales
Creating a better business Website. Your Website says a lot about you and your business. If you’re like most entrepreneurs, you use it to educate others about your product, service, or company. Beware of a Website that gives a bad impression of your business and brand. What do you want your Website to say about you? Firefly Coaching
Sales tips for any business. Sales are, of course, a critical thing for any business, so you need a sales apparatus in place that can go after prospects and meet revenue projections. Here are some tips that may help. Expert Business Advice
Leadership
Losing your best talent. People define your company, and when they leave they take some of the creativity and experience with them that your business has relied upon. Is there a way you can stop this “brain drain” from impacting your business? How do you retain the talent you want instead? Ability Success Growth
What is small business leadership? Too often we use the term without fully defining it. In fact, this leadership isn’t simply about forging ahead and obliging those who work with you to follow. Leadership is about something else instead. BizCompare.com
Success Stories & Tips
Small business still draws support. One reason entrepreneurship remains strong is that grassroots support for such businesses exists everywhere. Here’s one story about how a small town came together to support their local hardware store. Yahoo! Finance
Five entrepreneurial tips. Starting or running your own business is a challenge. Here are some serious issues to consider. Think about implementing these tips this year, not just for you but for your business. Give yourself and your business the chance to take things to the next level. Small Business Trends
2012 the Year of the Entrepreneur
View full post on Small Business News, Tips, Advice – Small Business Trends
One Entrepreneur Greets MLK Day with Work
Jan 17th
Today, as we in the U.S. observe Martin Luther King Day (MLK Day for short), one entrepreneur talks about what the day means to him and we share some other ideas to be considered to improve the businesses and lives of all entrepreneurs.
Martin Luther King Day
Why one entrepreneur won’t be taking off Martin Luther King Day. It shouldn’t surprise anyone that Nelson Davis has decided his business will be open today. Though he grew up with the Civil Rights Movement, Nelson says King stood for opportunity and dreams. For Nelson, that means operating his business. Making It!
Trends
Progress for black entrepreneurs notable. One business leader says that while progress for black business owners and entrepreneurs has been notable over the past 20 years, he has yet to see the massive success he would like to in the black business community. MLive.com
Macy’s creates incentives for minority small business. In a an effort to attract minority customers to its stores, the huge retailer is reaching out to small minority-owned businesses already serving the market, even creating a mentoring program to help them succeed. Bloomberg Businessweek
News
SBA elevation sends mixed signals. You might think small business leaders would be thrilled with a recent proposal to elevate Karen Mills, Administrator of the U.S. Small Business Administration, to a cabinet level position, but Small Business Trends founder Anita Campbell looks at what this really means. Small Business Trends
How To
Looking for vendors? The ones you choose will make a difference and set the tone for your company, but how exactly do you choose the right vendors for your business and be sure of the quality they will provide? Business leaders and experts provide some options. WSJ
Choosing a new office. It’s going to happen sometime, either when your home based business outgrows your kitchen or living room or when your current office no longer suits your needs. Here is an incredibly detailed guide to hunting for your new home base. FeeFighters
Web
Small biz Websites to watch. We are very humbled to be included by Kevin Haines in his “Online Marketing Blogs for Your Small Business: 10 Must Reads” post. Kevin also includes other great titles like Social Media Examiner, ProBlogger, ChrisBrogan.com, Duct Tape Marketing, Copyblogger, ReelSEO, The Thesis Statement, HubSpot and The Sales Lion. Thanks, Kevin! WebMaxed
Building online authority. You’ve probably heard a lot about the importance of search engine listing, but there are some other things that factor into getting to the top of Google. Take a look at some ideas that can get you there. A Website Designer
Other Thoughts
Who’s looking out for your business? No, it won’t make a profit or hit projections on its own, no matter how clever your organization. There are plenty of things to watch in your business when trying to make sure everything goes well. Open Forum
Making yourself better in your business. It’s not your average advice for entrepreneurs. But it’s true that there is more to life than work and that financial success isn’t everything. Here are some other things you should consider. Bloggertone
One Entrepreneur Greets MLK Day with Work
View full post on Small Business News, Tips, Advice – Small Business Trends
You’re An Expert, But Are You An Entrepreneur?
Jan 16th
So you are an expert, but are you really cut out to be an entrepreneur? Is this what you really want to do, or is this a desperation tactic? Entrepreneurship as a solution to employment is fast becoming a popular decision many are making.
There are many great resources to help you evaluate if, in fact, you are the right temperament and type of person to take entrepreneurship on. Here are a few of my favorites:
Entrepreneur.com
SBA.gov
Success.com
I recently interviewed Joe Abraham, author of Entrepreneurial DNA and the founder of the BOSI formula, which offers four personality types: builders, opportunists, specialists and innovators. Abraham’s premise is that one size does not fit all and there are different personalities and approaches that identify successful entrepreneur types. His sytem is much like the DISC personality profiles used in HR to identify what jobs and careers are best suited to job seekers.
In addition to evaluating your entrepreneurial personality, you must think of yourself and assume the roles of master salesman, networker and marketer, regardless of how many employees or support people work with you or for you. Sales, networking and marketing are the three most important areas that impact success, other than a very good and needed product or service, which of course must be the reason you sell, network and market in the first place.
Here are three tools from the SBA that will help you. First, take an honest self assessment of your entrepreneurial temperament. Second, identify your key qualities, skills and intangibles. Third, create your entrepreneurial success blueprint, your platform and business plan.
Here are 12 resources and tools I have used to become a better seller, networker and overall marketer. These are proven ways to your build brand awareness and credibility and grow your relationships with your personal and professional communities.
- LinkedIn is the professional platform that gives you unparalleled potential to be introduced to and interact with top people in your field or related fields.
- Facebook is the most diverse platform for engagement, personal branding and interactivity.
- Twitter can be a powerful “real time” communication tool.
- Blogging is the best way to build clout and authority in your field.
- Email marketing can help you grow existing and new relationships and revenues with a permission based community.
- Article writing, either on your own blog or for other key blogs and websites, builds your brand leadership.
- Texting used properly can also be a very effective “real time” communication tool.
- Video is the best way to show people your vibe, your personality and how you present yourself and your ideas.
- Volunteering is the side door into many business opportunities and aligns you with things you are passionate about.
- Networking online and in person can open up amazing opportunities with people all over the world or right in your local community.
- Webinar workshops offer a way to deliver quality content on a specific subject online with just a short time commitment.
- Radio podcasting has opened more doors for me than just about any other platform, and can do the same for you if you use it to feature others.
If you are ready to take your expertise and use it to become an entrepreneur, set yourself up to succeed by building a foundation, a platform and your blueprint for success. Business ownership is the most exciting endeavor that one can take, as long as your risk/reward tolerance is high enough.
Jobs, Gates and Oprah can teach us much about entrepreneurship, but so can the countless other ordinary people who are doing extraordinary things as entrepreneurs and are launching daily and succeeding now. Check out CNN’s 2011 Heroes to see some of these amazing people in action.
In the words of the wise Rabbi Hillel:
“If I am not for myself, then who will be for me? And if I am only for myself, then what am I? And if not now, when?”
Set yourself up to succeed, make the shift and take the risk. This is the perfect year and perfect time.
Who Am I Photo via Shutterstock
You’re An Expert, But Are You An Entrepreneur?
View full post on Small Business News, Tips, Advice – Small Business Trends
Questions for a new entrepreneur
Oct 29th
A few things came up over coffee the other day. His idea is good, his funding is solid, there are many choices. Some of the questions that don’t usually get asked:
Are you aware of your cash flow? The thing about a fish in the stream is that it doesn’t care if the water is six inches deep or a foot deep. As long as it never (ever) goes to zero, it’s fine. What’s your zero point? What are you doing to ensure you get to keep swimming?
Are you trying to build profit or equity? A business that builds a brand, a footprint, a standard and an audience might end up being worth millions (witness Tumblr, which has many millions of value but zero profitabilty). On the other hand, a business with no exit value at all might spin off plenty of profit (consider the local doctor’s office). It would be great if you could simultaneously maximize both the value of your company and the profit it produces (in the short run), but that’s unlikely.
What’s your role? Do you want to be a freelancer, an entrepreneur or a business owner? A business owner is the boss, but it’s a job, a place that is stable and profitable. An entrepreneur is an artist of sorts, throwing herself into impossible situations and seeking out problems that require heart and guts to solve. Both are fine, but choose.
Are you trying to build a team? Some business owners want to minimize cost and hassle. Others are trying to forge a culture, to train and connect and lead.
Which kind of risk is okay with you? There’s financial risk, emotional risk and brand risk (among others). Are you willing to put your chips on the table daily? How about your personal reputation?
And finally, and most important, why? Why are you doing this at all?
View full post on Seth’s Blog
Make the Transition From Employee to Entrepreneur
Oct 26th
Small Business Trends writes a lot about how to grow your business, but what about those of you who either want to start a business, or who have started one but are still working your “other” 9 to 5?
Here’s why you should dive head first (assuming you’re ready financially) into starting your small business:
- You’ll never be able to fully dedicate time or energy to your business if you’re working for someone else.
- Quitting your job says that you have faith in your company. That’s half of the formula for success!
- Once you take that first step, good things start to happen.
Why the Reluctance?
Sure, I understand you want the stability of a job and medical benefits. But have you looked around? We don’t live in stable times. And rather than wait until you get the boot or get laid off, why not take matters into your own hands and quit with a plan to do what you’ve always wanted to do?
It’s scary, believe me. But as they say, without risk, there is no reward. If working for someone else is all you want out of life, then kudos to you (but then, why are you reading this post?) But if you dream of running your own consultancy, pet store, salon, virtual assistant business or anything else – the only way you’ll make it happen is if you take that first step.
But Wait! Before You Quit. . .
Don’t jump out of the plane without a parachute! Make sure you have a business idea and plan, as well as savings to cover your first year or so of expenses. And look into small business or self-employed health insurance. It’s not as expensive as you think.
Now, don’t get me wrong: Sometimes working full time while you start your business is the smartest way to go, because you minimize risk and ensure you have income while you’re testing things out. But you reach a point where you can’t do both. If your business is picking up, you may find yourself tempted to work on it during office hours working for someone else (never a good idea), or may find yourself sacrificing what could be increasing revenue in your new business because you simply can’t juggle both sets of responsibilities.
At this point, it’s time to form an exit strategy. . .from your job. Do it tactfully, and explain to your boss that you’re pursuing your dream of running a business. Don’t burn bridges! Your former boss might end up being a customer or someone who refers business to you.
Gearing Up
If you’re not quite ready to quit, balance your schedule so both your new business and your job get as much attention as you can give. Read books that help you plan your business strategy, and read as much online content as you can (after work) to soak up other business owners’ experiences.
Set a date to quit your job and stick to it. Let your family know what to expect after you’re a full-time entrepreneur. Before you know it, you’ll be done with the 9 to 5 and on to your exciting future as a small business owner!
Make the Transition From Employee to Entrepreneur
View full post on Small Business News, Tips, Advice – Small Business Trends
SMB and Entrepreneur News and Tips
Oct 15th
SMB and entrepreneur news and tips help inform the leaders of the future. The small business and entrepreneurship of tomorrow will create new jobs and new opportunities. Information is the key to building that future as effectively as possible.
Management
Companies are hiring-just not hiring you. With unemployment levels as high as they are, it is paradoxical that employers can not find employees to fill vacancies. This was known to be the case in many high tech job openings, but it is now being reported across almost all levels of employment. The main concern of companies is that applicants simply do not have the basic skills needed for the opening. It appears that our educational system and our training programs are not providing the skills required. msnbc.com
How to attract talent to a small company. How do you attract talent to a small business? Most likely you can’t pay the high salary and offer the benefits that the large successful companies do. What you can do is to try to show the perspective employee the advantages of working for a small business and emphasize the success and potential of your business. You also should attempt to structure the job requirements and the pay and benefits package to try to meet his particular situation. Wall Street Journal
A 4-step approach to solving workplace conflict. Resolving conflict in the workplace can be very time-consuming for the owner of a small business. When you only have a small number of employees, this type of interruption can be very costly in terms of time management and productivity. This article presents a structured model for dealing with these situations in a hopefully efficient manner. The model emphasizes face to face meetings with disruptive employees and using outlined steps in resolving the conflict. msnbc.com
Human Resources
Starting a Teach for America for Entrepreneurs. It has been difficult for small business owners or entrepreneurs to attract the brightest or the best of college graduates. Now we are beginning to see the start of organizations that are working toward attracting college graduates. One such organization is Venture for America which is based on the very successful Teach for America. You’re the Boss
Can retraining give the unemployed a second chance? The jury appears to still be out on the retraining of the unemployed. Among other factors that affect the outcome is that it has become somewhat of a political football. This article cites some examples of where retraining seems to have worked. One of the biggest hindrances is that some people have been unemployed so long that even with retraining the type of work available is totally unfamiliar to them. In addition many of the jobs that they are familiar with no longer exist, at least in this country. In theory retraining is a worthwhile undertaking but it still requires a lot of refining to make it really successful. msnbc.com
Why your company (probably) can’t innovate. Stephen Shapiro challenges some of the conventional wisdom that many small businesses use in attempting to foster new ideas. One of the main areas he disagrees with is the hiring of people that “fit” into the organization. By doing this you will not generate new ideas, but rather you need someone who rubs people the wrong way to insure you get divergent points of view. CNN Money
Leadership
10 things only bad managers say. What type of boss do you work for? Does he frequently complement you on your work, or is he the type that finds fault and criticizes everything you do and every idea you have? The ten characteristics of a bad boss may be a good indication of whether you’ve entered the bad manager zone. msnbc.com
Small businesses: Building community through hiring. One of the advantages of owning your own small business is that in addition to being profitable and generating wealth, you have the opportunity to pursue social good. Many small business owners use their business to help improve their community or to give people a second chance. One such endeavor is to become involved in a group such as TRIO. These programs have some risks involved but the rewards to the community can be so satisfying. The Christian Science Monitor
Legal & Liability
The S Corp Versus The LLC. The S Corporation and the LLC (Limited Liability Company) are the two most common ways of setting up a small business. The two types have several key similarities. There are also quite a number of differences. Which type of entity you choose depends on the needs of your particular small business. Small Business Trends
Small business insurance: More than general liability. To many small business owners, insurance is general liability insurance. While this is very good coverage to have, there are a number of other types of insurance that need to be considered to protect your business. The small business owner must evaluate which types of insurance are needed for his particular situation. Small Business Trends
SMB and Entrepreneur News and Tips
View full post on Small Business News, Tips, Advice – Small Business Trends
Is it More Difficult to be a Creative Entrepreneur than a Creative Employee?
Sep 6th
A recent study in the Personality and Social Psychology Bulletin by Evan Polman of New York University and Kyle Emich of Cornell University made me wonder if it’s more difficult to be a creative entrepreneur than a creative employee. For those of you who didn’t read the study, the punch line is this: In a series of four lab experiments conducted on college students, the authors found “that people are more creative for others than for themselves.”
This is one of those studies that are too indirect to provide specific answers about entrepreneurship. After all, the researchers were conducting experiments on undergraduate students and were examining creativity in exercises that have nothing to do with starting or running a business – drawing pictures of an alien and solving a brain teaser. Therefore, it’s quite possible that the authors’ findings wouldn’t hold for the kind of creativity that real business people employ in running their own or others’ businesses.
On the other hand, the study raises very interesting questions about the creativity of business owners and employees. If the pattern found by the authors – that people are more creative when acting on behalf of others than themselves – extended to business activities, it would have important implications small business management. For instance, the pattern might mean it is easier to be creative when you’re an employee than when you run your own business. It also might mean that business owners should frame their efforts to come up with new and better ideas as something they do on behalf of their employees and customers rather than for themselves.
Obviously, I’m in the realm of speculation here triggered by an interesting, but distantly related article. But since the questions it raises are so interesting, I’m wondering what most of you think of the study’s main finding. Do you think it would hold true for small business owners? And if it did, what do you that the findings would mean for how small business owners should go about being creative? Finally, if you don’t think the main finding would hold, why wouldn’t work in small businesses the same way it worked in the lab?
Is it More Difficult to be a Creative Entrepreneur than a Creative Employee?
View full post on Small Business News, Tips, Advice – Small Business Trends
It’s Time to Purge the Word Entrepreneur
Aug 17th
It’s Time to Purge the Word Entrepreneur
This content from: Duct Tape Marketing
There’s a long-standing debate in business circles about the difference between the use of the term entrepreneur vs. small business owner. The issue centers on the notion that if you’re an entrepreneur you care about high growth and if you’re a small business owner you’re somehow destined to struggle to make ends meet while working your fingers to the bone.
jeff_golden via Flickr
I think it’s one of the silliest distinctions we accept in business and I’ve actually stopped using the term entrepreneur because I think it confuses more than explains.
I suspect there will be those that challenge what I’m suggesting here and that’s okay.
I don’t have anything against people calling themselves that, but the word entrepreneur has become tainted with this view of a person with a big idea, prepared to take on massive risk in an all out effort to go big or go home. For me, it’s just become a silly notion.
You can view your business as an entrepreneurial high growth machine and still work your fingers to the bone with little to show for it and you can create a little lifestyle small business that pays your handsomely and affords you the time to take in the world. So, what’s the distinction now?
I believe there are really only two kinds of small businesses – healthy ones and unhealthy ones.
A healthy business is not just about high growth. It’s about the owner’s decision to commit to a pattern of leadership through constant innovation and a unique way of being and doing that fuels their definition of growth. This is what I call a fully alive business.
Businesses that are lifeless and unhealthy are those that are simply led with the intent of managing and controlling what already exists and that’s the view of the small business that many who strive to be called entrepreneurs want to avoid.
So, you see, the only real difference between one business and another may lie ultimately in how the owner views the business.
The key to creating a fully alive business comes from the audacity to put innovative pressure on the organization at all times. That’s the real job of business owner.(Okay they have a lot of other jobs too, but that’s the one with the big payoff.) The only question is whether or not they realize and accept that role.
Success through a model of massive growth requires the chaos and doubt that constant innovation creates just as surely as the choice to control growth in an effort to stay true to what you want out of life may suggest another very specific pattern of decision making through innovation.
Either way, the business becomes fully alive through a focus on innovation, not simply on hyper growth.
I guess I’m suggesting that to bring a business fully alive you must bring a little chaos or order will eventually take over and suck the life from the organization. That’s the view of a healthy business, that’s the view of healthy growth in any fashion and that’s what I mean when I talk about the potential of a fully alive small business.
So I wonder if by clinging to the notion of the word entrepreneur, rather than simply embracing the idea of a fully alive business in all shapes and sizes, we are limiting our view of the remarkable opportunity owning a small business really has to offer.
View full post on Small Business Marketing Blog from Duct Tape Marketing
The Affiliate Entrepreneur – Watch, Learn, Do!
Aug 15th
Start a Home Based Business in Affiliate Marketing! Topics Include Getting Organized, Site Building, Blogging, Joomla, Wordpress, XsitePro, Market Research, Traffic Strategies, Affiliate Programs, Business Maintenance, And More. 3 Levels of Learning!
The Affiliate Entrepreneur – Watch, Learn, Do!
Work Life Balance: How to Be an Entrepreneur and Stay Sane
Aug 11th
Maintaining a healthy work-life balance is difficult for anyone, particularly when our smartphones buzz with each new email, no matter whether we’re on the way to the gym, in the grocery store, or relaxing at home. But the challenge can be exponentially harder for today’s entrepreneur. Starting a business requires a little insanity, to be sure, but you don’t want the lifestyle to send you over the edge.
So how do successful entrepreneurs stay sane while they prosper at work and at home? For me, finding balance boils down to taking it one day at a time, one step at a time, and always staying present in the moment while running and growing my business. Here are a few tips I like to incorporate into my daily routine:
1. Get a grip on time management.
I’m not talking about downloading the latest calendar or organization app. For most entrepreneurs, effective time management isn’t an issue with organization, but with prioritization. If you want work-life balance, you’ll need to think about everything that competes for your time, then decide what to keep and what to discard. You’ll also need to communicate clear expectations for yourself and others. In some cases, this means saying “No.” For some, saying no doesn’t come naturally, but you’ll be happier and healthier if you manage your time on your own terms.
2. Exercise, exercise, exercise.
No matter how hectic your schedule, make time for exercise. I work out every day by taking Richard Giorla’s Cardio Barre® classes. A good workout helps you release stress, maintain a routine, and think without interruption (exercise can be a form of meditation). Physical activity helps your body pump out more of those feel-good neurotransmitters, known as endorphins, to keep your mood up even in when days get a little tough (check out what The Mayo Clinic has to say on the subject). Even President Obama faithfully hits the gym, The Economist has reported, relying on exercise as his life intensifies.
3. Unplug.
Facebook and YouTube aren’t the only digital distractions we face. For most entrepreneurs, the never-ending onslaught of emails and IMs from clients, vendors and colleagues ends up being the day’s biggest time sink. If you’re drowning in your inbox, dedicate chunks of the day when you unplug from the phone and email to get work done. Then log back on and power through the necessary responses.
And when “office hours” are over, close your laptop and put aside your mobile phone…even if just for an hour or two. For most entrepreneurs, this task will take enormous discipline, but you’ll be amazed at the difference it makes, in terms of both your mind-set and your productivity.
4. Live outside your job.
As an entrepreneur, you’re passionate about your business and you’re ready to put everything you have into making it thrive. You may feel you need to work on your business all the time (just for the first year…or for the first two years…), but eventually this lifestyle will catch up with you and result in burnout, damaged relationships, stress and health issues. Yes, there will always be more emails to send or more prospects to contact. But you’ve got to be able to walk away and spend time on the other activities you love, whether that’s reading, kayaking, movies, cooking, gardening or just spending time with family or friends. As much as possible, try to be 100 percent present during your free time activities, since bringing your BlackBerry on a hike isn’t much of an escape.
5. Don’t fear failure.
Sven-Goran Eriksson said, “The greatest barrier to success is the fear of failure.” And when it comes to running your business, truer words have never been spoken. As an entrepreneur, your path is uncharted and oftentimes bumpy. And when things don’t go as planned, it’s all too easy to find yourself frustrated, stressed or downright panicked. Realize that you cannot control everything, no matter how hard you try. This simple change in mind-set will actually give you better control over your environment and help you better respond to whatever comes your way. For me, I know that I am not done failing …I will fail again. I am not done succeeding …I will succeed again. And most importantly, I am not done trying!
6. Get help.
When you’re just starting out or times are tough, it’s natural to want to tighten the purse strings. And in many cases, this is the only realistic option. However, you should consider what you could gain by handing over certain tasks to contractors, employees, even interns or volunteers. By relinquishing control of administrative tasks or keeping up with the company’s daily blog, you’ll be able to better focus on what’s going to keep you in business. And that’s revenue.
The key to work-life balance is different for everyone; the key is knowing what works for you. How are you faring in the entrepreneurial balancing act? Have you found unique ways to stay sane and avoid burnout?
Work Life Balance: How to Be an Entrepreneur and Stay Sane
View full post on Small Business News, Tips, Advice – Small Business Trends
