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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
Blogging For The Online Entrepreneur
Jul 21st
Blogging is hardly a new trend in business. In fact, blogging and online entrepreneurship have been linked for quite some time. But why is blogging still such an effective tool for your small business even in the age of Facebook and Twitter? For more, read on…
Basic Tips
How to develop the blogging habit. Blogging has been a tool for entrepreneurs through much of the recent development of online business, so not surprisingly, many would suggest the art of blogging is a natural extension of the entrepreneur’s creative impulse. But what do you do when the posts just don’t come naturally? Some inspiration might help! Small Business Trends
Driving traffic to your blog. While an entrepreneur may start a blog to share his or her ideas or to attract investors, partners or customers, it’s also true that marketing the blog itself becomes an inevitable concern. If a tree falls in the woods and no one hears it, the result is essentially the same as in the case of a blog no one reads. Traffic Generation Cafe
Trends
Think your business doesn’t need one? What would you say to experts who insist every small business should be blogging? Better yet, what if they present a clear set of reasons your business should be blogging…today? Well, such advice and such a list of reasons both exist, so fire up that PC or MacBook. It’s high time you started. The Huffington Post
What is social blogging? More a style of blogging than a platform, social blogging is about updating fans and followers regularly with text, pictures, audio, video. It also happens to be an excellent way for businesses large and small to increase brand awareness, loyalty and customers. But how do you make social blogging work for you? Inc.com
Marketing
The first of thirty. Chris Hamilton uses his blog to promote an amazing variety of sales tips and has also recently begun what he says is the first of thirty posts on ways to promote your blog. If you are a business leader or entrepreneur seeking to use your blog to establish your brand, check out Chris’s first of many posts to come. Sales Tip a Day
How long should it take? There are probably as many pieces of advice about how to write a blog post as there are people trying to create a blog for business purposes. (Or maybe more?) Certainly, many gurus might insist that, while blogging is important, it really shouldn’t take you that long. So you’ll no doubt be surprised by a post that suggests just the opposite. Blogging Bookshelf
Better Business
Eclipsed by the social networking revolution? Though at one time considered the most important tool for online marketing, the blog has, in recent years, been displaced by social networks like Facebook and Twitter as the first choice in promoting a business or brand online. But some business experts insist that blogging should never be counted out as a small business tool. Patch
It also works the other way. Don’t count the social media out when it comes to building traffic and attention for your blog, either. It can be a key component of any blog marketing campaign. In fact, a systematic approach to using the most powerful social networking channels (Facebook/Twitter/LinkedIn) can drive huge amounts of traffic and create a major following for your online content. ProBlogger
Conclusions
Not everything you’ve heard is true. The main trouble with business blogging, says business coach Paula Gregorowicz, is the myths about the process perpetuated by many so-called “experts” who gloss over a lot of the really hard work involved. Blogging can be a tremendous tool for your business, but like any other technique, it’s not magic, and takes plenty of hard work too. BlogHer
A simple call for business blogging. If you want to understand, on a very elemental level, what blogging can really do for your small business, look no further than this post from blogger Ming Jong Tey. In simple language free of buzz words that may tend to turn small business people off, Tey explains the basics of branding, authority building and monetizing that are at the heart of business blogging at its most effective. Ming Jong Tey Official Blog
Blogging For The Online Entrepreneur
View full post on Small Business News, Tips, Advice – Small Business Trends
More Tips For The Online Entrepreneur
Jul 5th
It’s the Fourth of July here in the U.S., and small business owners around the world are celebrating their independence with increased activity in the online space. Working online allows small businesses access to new global markets, opportunities for new low cost marketing options and an incredible new array of networking and other tools. Here’s our roundup of tips for the online entrepreneur. Have something you think we’ve missed? Share it in the comment section below:
Blogging
Does your business have a blog? Lots of businesses do and are finding the benefits offered by business blogging. Giving your small business an enhanced online presence could include experimenting with the many advanced features a blog offers. A simple Website may not cut it these days. What do you want to achieve with your business communications? A blog may help. Small Business Shift
Monetization basics. Yes, businesses can make money online and, yes, your blog could become more than simply a Website marketing another business. It could be your business. But before you get too excited or listen to a lot of get rich quick gurus, please understand. This is a lot of hard work. The Work At Home Woman
Social Media
Facebook, LinkedIn or Twitter for traffic? Using social media sites like Facebook, Linkedin and Twitter to refer traffic to your Website is one tactic often used by online entrepreneurs these days. But time is limited for anyone in small business, so, given the choice, which sites are the best for referring traffic? Facebook, of course, is number one, but you may be surprised at the second place contender. Seeking Alpha
Rules for the new social media world. In a world where competition is tight and bad word of mouth can spread as quickly as a positive brand message, every disgruntled customer counts. Here is a map for the new world of marketing and PR. Ignore it at you peril. Bloggertone
Search Marketing
Creating local SEO. You want your Website to have a global presence, but if you’ve also got a brick and mortar home that you would like customers to know about, you need local Search Engine Optimization as well. This means that customers in your area interested in your services will be able to find you. Andy Williams SEO
Affiliate Marketing
The painful facts about affiliate marketing. No business model is perfect and recently affiliate marketers participating with the Amazon program got a very harsh lesson in how imperfect some business models really can be. Whether you’re involved in the affiliate marketing issue now brewing in California or not, you’ll want to read this post. Riches Corner
Success Stories
How Twitter makes small business big. Dun & Bradstreet recently compiled a list of the 68 most influential small business voices on Twitter. Not surprisingly, the list included names like Chris Brogan, Gary Vaynerchuk and our own Anita Campbell (Congrats, Anita! 
). But more importantly, perhaps, is that the compilation sheds light on how you can best make social media work for your brand too. WSJ
Most influential small business people on Twitter. The full list of Dunn & Bradstreet’s 68 most infuential small business people on Twitter may give you insight into your own use of social media for your small business. No two of these folks are really the same. Follow them. Learn from them. You may be surprised what you will gain in the process. D&B Credibility Insights
Startup
Small biz tool offers tip on getting customers. More than just a nifty tool that small business, particularly those working in the online world, might consider using, Dropbox is also a template for getting lots of users on a Website fast. Beyond a great product or service, of course, consider rewarding referrals and explore viral marketing options. Inc.com
Video
Don’t forget video in your online marketing tool box. Video can be an important component for any online entrepreneur and does not need to be expensive or complicated to create. In fact, great online video that will capture and hold your audience’s attention needs just one thing: great content. Above are some ideas to help you get started creating it. Search Engine Optimization Journal
More Tips For The Online Entrepreneur
View full post on Small Business News, Tips, Advice – Small Business Trends
More Tips For The Online Entrepreneur
Jul 5th
It’s the Fourth of July here in the U.S., and small business owners around the world are celebrating their independence with increased activity in the online space. Working online allows small businesses access to new global markets, opportunities for new low cost marketing options and an incredible new array of networking and other tools. Here’s our roundup of tips for the online entrepreneur. Have something you think we’ve missed? Share it in the comment section below:
Blogging
Does your business have a blog? Lots of businesses do and are finding the benefits offered by business blogging. Giving your small business an enhanced online presence could include experimenting with the many advanced features a blog offers. A simple Website may not cut it these days. What do you want to achieve with your business communications? A blog may help. Small Business Shift
Monetization basics. Yes, businesses can make money online and, yes, your blog could become more than simply a Website marketing another business. It could be your business. But before you get too excited or listen to a lot of get rich quick gurus, please understand. This is a lot of hard work. The Work At Home Woman
Social Media
Facebook, LinkedIn or Twitter for traffic? Using social media sites like Facebook, Linkedin and Twitter to refer traffic to your Website is one tactic often used by online entrepreneurs these days. But time is limited for anyone in small business, so, given the choice, which sites are the best for referring traffic? Facebook, of course, is number one, but you may be surprised at the second place contender. Seeking Alpha
Rules for the new social media world. In a world where competition is tight and bad word of mouth can spread as quickly as a positive brand message, every disgruntled customer counts. Here is a map for the new world of marketing and PR. Ignore it at you peril. Bloggertone
Search Marketing
Creating local SEO. You want your Website to have a global presence, but if you’ve also got a brick and mortar home that you would like customers to know about, you need local Search Engine Optimization as well. This means that customers in your area interested in your services will be able to find you. Andy Williams SEO
Affiliate Marketing
The painful facts about affiliate marketing. No business model is perfect and recently affiliate marketers participating with the Amazon program got a very harsh lesson in how imperfect some business models really can be. Whether you’re involved in the affiliate marketing issue now brewing in California or not, you’ll want to read this post. Riches Corner
Success Stories
How Twitter makes small business big. Dun & Bradstreet recently compiled a list of the 68 most influential small business voices on Twitter. Not surprisingly, the list included names like Chris Brogan, Gary Vaynerchuk and our own Anita Campbell (Congrats, Anita! ). But more importantly, perhaps, is that the compilation sheds light on how you can best make social media work for your brand too. WSJ
Most influential small business people on Twitter. The full list of Dunn & Bradstreet’s 68 most infuential small business people on Twitter may give you insight into your own use of social media for your small business. No two of these folks are really the same. Follow them. Learn from them. You may be surprised what you will gain in the process. D&B Credibility Insights
Startup
Small biz tool offers tip on getting customers. More than just a nifty tool that small business, particularly those working in the online world, might consider using, Dropbox is also a template for getting lots of users on a Website fast. Beyond a great product or service, of course, consider rewarding referrals and explore viral marketing options. Inc.com
Video
Don’t forget video in your online marketing tool box. Video can be an important component for any online entrepreneur and does not need to be expensive or complicated to create. In fact, great online video that will capture and hold your audience’s attention needs just one thing: great content. Above are some ideas to help you get started creating it. Search Engine Optimization Journal
More Tips For The Online Entrepreneur
View full post on Small Business News, Tips, Advice – Small Business Trends
Entrepreneur Interview: Teri Moy, Photographer at Large
Jun 17th
A look into the world of Teri Moy, entrepreneur and owner of Teri Moy Photography
Teri Moy has taken photos all around the world. After working as a commercial photographer in Sydney, Australia, for several years, Moy decided to start her own business when she moved to Singapore in 1997. There she started on her journey to capture the expatriate market with her creative black-and-white photography. According to Moy, “Teri Moy Photography started with one client who, as the old Breck shampoo commercial said, ‘… told two friends who told two friends and they told two friends!’ “
Finding a Niche
Entrepreneurs who find a niche they can own are tremendously successful. When Moy and family moved to Virginia in 2001, she took a year off to work on her craft before opening her doors to customers once again. There, she focused on the usual family, business and wedding portraits…with a twist. She is quite possibly the only photographer who specializes in “second marriage portraits.”
“New beginnings deserve remembering the same as the first time around, but with more depth and experience,” said Moy. “My clients in this category are more mature and usually more in love. They know this is their time, and the images should reflect that.”
She also began to offer social media profile headshots in response to the number of requests as Facebook and Twitter grew in popularity as marketing tools.
And speaking of marketing, Moy uses social media, Yelp!, her blog and face-to-face networking to find new clients. Nothing, she says, is more important than meeting people face to face and getting to know them. Below is one of her photographs, taken of a local businesswoman for the Sterling Women’s Group calendar.
Finding Inspiration in Unusual Places
All entrepreneurs find inspiration in unexpected places. Moy has her list of inspiring photographers (Dorothea Lange, Ansel Adams, Henri Cartier-Bresson), but surprisingly, she found inspiration in her architecture studies at Tulane University. “[It] supplied me with new vision on lighting and shapes which I have taken into my photography as well,” she stated.
Moy has traveled and taken photographs worldwide, and lists Florence, Italy; Scandinavia; Russia; Southeast Asia and Australia among her most inspirational points of interest.
Life as a Small Business Owner
Moy struggles with what most of us have in recent years: “surviving the lean times and reinventing yourself and keeping ahead of the curve to meet the rapidly changing market while remaining true to your core business.” She also has struggled with being asked to donate her services:
“I find that a little goes a long way. If you ‘donate’ too much and too often, I believe that your services are watered down and not seen as valuable. Have a sense of worth and value what you do, then do not be afraid to charge for it.”
Her advice to fledgling entrepreneurs is to put yourself in as many places as possible to be more visible. And it’s not enough to have passion for photography or whatever it is you love; you also need business acumen to make it.
Thanks to Teri for sharing her story with us!
Entrepreneur Interview: Teri Moy, Photographer at Large
View full post on Small Business News, Tips, Advice – Small Business Trends
Who Are You: Consultant, Freelancer or Entrepreneur?
Jun 5th
As small business owners, one of our biggest strengths, especially when building teams, can be the ability to be clear. People can’t serve you if they don’t know what you want from them. Clarity is an ally and can seriously improve professional relationships.
Of course, the first conversation that we have begins within. You can’t build a successful team on a pile of confusion–it will always fall apart at some point. Here are three questions to ask yourself:
- Who are you, professionally?
- What do you want?
- How are you willing to adapt to get it?
1. Who Are You Professionally?
In “Freelancer, Consultant, Entrepreneur: Which Are You?,” Susan Reid breaks down these three words that many small business owners toss around. Are you a freelancer delivering a specific set of services or a consultant providing expert advice? Or are you an entrepreneur creating a business that could be sold one day, if you chose to?
In this article Susan says, “Entrepreneurs sell their businesses.” Of course, there are many owners who will not sell their companies, but her key point is that entrepreneurs create sustainable organizations that “can survive after they (the owners) are gone.” If you have never thought about this before, her article is a great conversation starter.
Entrepreneurship also puts me in the mind of family legacy. If you intend for your company to grow and stay in the family, you may need to choose the entrepreneur’s method instead of the way of the consultant or freelancer. In order to pass something on, there must a workable and duplicatable system that supports the company. Nobody wants to inherit a mess.
So, who are you? Well, it’s your question to answer, but it’s not the only one on the table.
2. What Do You Want?
What is the role that you want your company to play in your life? Businesses solve problems for others, but what kind of problem are you expecting your company to solve for you? Yes, the day-to-day is about your clients, but when you created this company you wanted something too. What do you want? Autonomy? Freedom? Respect? And how do you define those things? When you know what you want, then you work to create the kind of company that takes care of you and your clients, seamlessly—no matter how much effort it requires at first.
John Mariotti, in “Talent Is Important, But Winning Is the Goal,” shares the lessons that he learned from “successive years teaching Little League” and applies them to business. John says you can win with less talent, “but it requires a much more carefully crafted strategy.” That strategy includes “using the talent you have in the best ways, constant attention to good execution, and lots of hard work and hustle.”
Building a company that truly meets your desires–and those of your clients–will require the same kind of hustle and strategy.
3. How Will You Adapt to Get What You Want?
Small businesses have the advantage of size. We can move and adjust quickly. We can sometimes redirect ourselves in days or hours, while larger companies take weeks or months to change. But our weakness lies in the fact that we don’t always document and structure these changes so that they become a part of our small business system.
The moment you know what you want out of your business,strategy requires you to come up with a way to make it happen. In “Is It Time to Restructure Your Small Business?,” Anita Campbell says, “Companies make small changes here, tiny tweaks there… never (or rarely) giving a thought to the big picture. Over time, however, those umpteen little changes start to affect the overall structure—and, in most cases, weaken the company. ”
If you are ready to make the adjustment, then look at the nine steps Anita provides for evaluating and restructuring your company. And get busy, because this type of work is easy to ignore on the front end and painful (if unaddressed) on the backend.
Who Are You: Consultant, Freelancer or Entrepreneur?
View full post on Small Business News, Tips, Advice – Small Business Trends
Raising Eyebrows: A Failed Entrepreneur Finally Gets it Right
May 28th
If you’re tired of business books that promise to teach you how to make millions from social media, take a break with Raising Eyebrows: A Failed Entrepreneur Finally Gets It Right. Author Dal LaMagna, founder of Tweezerman, uses his own tales of failed entrepreneurship to illustrate learning points. It’s a great read.
This Book Isn’t a Magic Bullet
There’s no magic list of ways to make money in this book. Rather, there are true tales of how LaMagna failed at selling ice cream, running a restaurant and even running for president of the United States. The stories are amusing, and halfway through the book you’ll wonder, How is this idiot going to teach me anything about entrepreneurship? But the secret I’ve learned is that you can often learn more from people’s business mistakes than from what they got right.
In the first half of the book, LaMagna yearns to be a film producer. He tries his hardest and never really gets there. But then he finds his destiny elsewhere (how many of us can relate to that?) in the tweezer industry. I’ll let you read the story of how he got into that business; let me just say he was naked and occupied when the idea came to light.
Lessons Learned
Here are a few of the nuggets of truth LaMagna shares that struck a chord with me:
Being a partner is somewhat similar to marriage. It requires a generous, intimate trust. I’d absolutely agree with this, and I’ve had experiences with partners that prove it to be true. LaMagna learns the hard way when some of his partnerships fail and he loses friends over businesses.
LaMagna spends a great deal of time trying to raise enough money to get started in the tweezer business when someone asks him, “Instead of spending your time raising money, why don’t you go find something you can do with the money you already have?” I think this is poignant because a lot of entrepreneurs wait until they have “enough” money to get started, and as a result, never actually start. Start small, and reinvest profits back into the company to grow.
And my favorite: A small company is not going to thrive if the founder tries to do everything. I write a lot about delegating, so this stuck with me. As long as you, the owner, try to take on every role that is required, the company cannot grow. There are only so many hours in a day, and you can only juggle so much. Delegate tasks and free yourself to do the things you’re really good at, like running your business.
Why Read It
You have to know by now there’s no magic formula to make your business a success. What worked (or didn’t) for LaMagna may not apply to your business. But witnessing another entrepreneur’s journey (and seeing how long it was might make you feel better about your own path) will give you courage to continue on your own way.
Raising Eyebrows: A Failed Entrepreneur Finally Gets it Right
View full post on Small Business News, Tips, Advice – Small Business Trends
