- Set Boundaries - make sure you know when you are working and when you are not and stick to those times.
- Separate Responsibilities - Do not hover over each other and create tension. Instead separate the work and make sure each other brings their unique skills to the projects.
- Communicate - Talk about being frustrated, or upset, and happy. Make sure everyone knows how you feel and what can be done to affect that.
- Put Family First - Making money feels great, but loosing family is not worth it. No matter what make sure your family takes precedent over the invoice.
Tuesday, September 29, 2009
Family Business
I have worked independently and with family on new ventures. I have had mixed results. I still talk to my family and did not let business come in between us, but I have seen it build a wedge and also mend relationships. Working with family can be very difficult because you can get away with more than in a typical relationship. As long as both sides work to create a stronger business it usually works well. When the two work against each other or do not separate their work enough problems start to pop up. I have bulleted some quick pieces of advice for the Entrepreneur working with family.
Monday, September 28, 2009
Blogger or Wordpress?
First no matter what site you use for a blog first think about why you are posting. Are you trying to draw people to your website, sell something, or just inform? After knowing what the focus of your blog is now you need to find the best host. There are several blog hosts, but Blogger and Wordpress are the two largest.
- I have found that Wordpress has more custom features and can look and feel more like a webpage.
- Blogger seems to be more user friendly however. Blogger takes less time to start up.
- Blogger does have more restrictions.
- Wordpress has more templates.
Linking Up
My Venture Pad, a new and exciting venture for Entrepreneurs. What I like about the site is that is is an open forum. Anyone can post once they have created a post. I support anything that is open, and this does a good job of highlighting new posts and some of the best posts. There are some notable authors. It is a site to be added to any blog roll for tips and hits for getting a business started and growing.
What Can the SBA do for This Entrepreneur?
The SBA is the Small Business Administration. It is an organization set up and run by the United States Government. The mission is to help build and grow businesses. The SBA can provide valuable resources for an Entrepreneur, but is not the right fit for everyone. Below are a few opportunities from the SBA.
Free Online Training - There are several online presentations and training opportunities by visiting the SBA online. There are also local SBA offices that provide training.
Small Business Loan - Perhaps the most used is the SBA's loan system. The SBA provides business loans. There is an application and process to follow. These loans may work for you, but look closely, and avoid any loans if they can be avoided.
Free Start Up Kit - The SBA can provide you with a free start up kit. Be careful because as a government run organization these forms are not set up to be read quickly, but can provide valuable information.
The SBA is a powerful organization, and it is good to see the government supporting small business. There are local offices all across the United States. I would just suggest tread lightly and really evaluate the process before taking on a loan from the SBA.
Free Online Training - There are several online presentations and training opportunities by visiting the SBA online. There are also local SBA offices that provide training.
Small Business Loan - Perhaps the most used is the SBA's loan system. The SBA provides business loans. There is an application and process to follow. These loans may work for you, but look closely, and avoid any loans if they can be avoided.
Free Start Up Kit - The SBA can provide you with a free start up kit. Be careful because as a government run organization these forms are not set up to be read quickly, but can provide valuable information.
The SBA is a powerful organization, and it is good to see the government supporting small business. There are local offices all across the United States. I would just suggest tread lightly and really evaluate the process before taking on a loan from the SBA.
Friday, September 25, 2009
Entrepreneur Mentorship
Entrepreneurs have to learn to use all of the resources available to them. Mentors can provided much needed support and ideas to drive a new business. An Entrepreneur can find a local Mentorship program, or often times will reach out to a friend or family member. Here are a few things to remember when you are looking for a mentor and what to do to successfully build the relationship.
1. Give them all the details of your business - make sure they understand your objectives and ideas.
2. Be open to suggestions - As an Entrepreneur it is often hard to take advice from someone on the outside, but listening is often the key to success.
3. Set up a weekly meeting or conference - I have walked away from several meetings thinking, "I wish I had more time with them," make the time and get it scheduled.
4. Show them appreciation - Their time is as valuable as yours make sure to respect it and treat them accordingly.
If you do not know a mentor or would like to find one contact us and we will you in touch with an organization or person. Make the first step, look for help, and build your company.
1. Give them all the details of your business - make sure they understand your objectives and ideas.
2. Be open to suggestions - As an Entrepreneur it is often hard to take advice from someone on the outside, but listening is often the key to success.
3. Set up a weekly meeting or conference - I have walked away from several meetings thinking, "I wish I had more time with them," make the time and get it scheduled.
4. Show them appreciation - Their time is as valuable as yours make sure to respect it and treat them accordingly.
If you do not know a mentor or would like to find one contact us and we will you in touch with an organization or person. Make the first step, look for help, and build your company.
Thursday, September 24, 2009
Managing Entreprenuer Risk
Risk is inherent when the monthly paycheck is no longer direct deposited. Starting your own business you are accepting a certain level of risk. Managing those risks is the Entrepreneur's goal. An Entrepreneur is the eternal optimist, but at some point in time, usually when the bills come in there is a level of reality that needs to be addressed. The best source is an Entrepreneurs network of friends and family. Take the time to sit down and discuss where you business is. Think about what other alternatives there are, what you might be missing, or what you are doing well. Make sure before you max out your credit cards you have a thought out plan and goal and steps to get there. Do not just think about making 100,000 per year, but think about what needs to happen to get you there. Manage risk and build a better business.
Tuesday, September 22, 2009
Not A Straight Line To Success
I have found that being an entrepreneur is not a straight line to success. I have read a lot of articles and studied Entrepreneurship in college, and now that I am on my own I have realized how many misses there will be before the success. I thought that with an education and some experience I would be on my way. I was wrong. I have found that there is not one path to Entrepreneurship. Some people work three days a week, work after noon. I was so used to working in an office and 9-5 that I have had to get used to working when I am most efficient and also when it is most needed. I still conform to the 9-5 mold and make sure to get all the work done for the day before I go to bed, but I am learning more and more that I am not a morning person, and that the afternoons are the most effective time for me. Entrepreneurship is about matching your personal skills with the business. I think I just thought that meant I could do whatever I wanted. In a sense I can do whatever I want, but that does not mean that I will get paid or have any money. Entrepreneurship for me is about finding a balance.
Monday, September 21, 2009
How To Create A Network
Networks are often the grounds to start a business. Before an Entrepreneur sinks his savings into a venture it is often talked about at the dinner table. These people serve as your Board of Advisers. They can provide fulfilling information and feedback. These may even be your first customers. I have never been great about hounding my close friends and family. I do however let them know what I am doing or thinking about doing. I think their support is necessary. They are not going to be there the late nights, but they can help you through difficult situations. Here is what I have done to create a Board of Advisers:
1. Made a list of trusted Friends and Family
2. Made a list of business associates
3. Made a list of area business resources
I took a week to compile the list and make sure I did not miss anyone. Often you are in contact with friends and family every day but you may not know what resources are available in your area. I searched Junior Colleges, and and Small Business Organizations. After I compiled my list I made an email chain. I put them in the bcc box so they could not all see each other. I then stated what I was planning or have already started. I sent them a link to my website and asked for their feedback or if they knew anyone who might be interested in my service to pass it along.
I will say it takes courage to send this out. You are putting yourself on the line. Take a deep breathe and just start talking about what you are doing. People are excited to hear about new developments, and after the first one it will become a lot easier.
1. Made a list of trusted Friends and Family
2. Made a list of business associates
3. Made a list of area business resources
I took a week to compile the list and make sure I did not miss anyone. Often you are in contact with friends and family every day but you may not know what resources are available in your area. I searched Junior Colleges, and and Small Business Organizations. After I compiled my list I made an email chain. I put them in the bcc box so they could not all see each other. I then stated what I was planning or have already started. I sent them a link to my website and asked for their feedback or if they knew anyone who might be interested in my service to pass it along.
I will say it takes courage to send this out. You are putting yourself on the line. Take a deep breathe and just start talking about what you are doing. People are excited to hear about new developments, and after the first one it will become a lot easier.
Thursday, September 17, 2009
Podcasting Help
I have heard of Podcasting and have had friends who have made Podcasts for fun. It was until recently that I thought about using a Podcast for business. It is a clear and direct way to community your companies mission and goals. Since I am not an expert on Podcasting I looked towards an expert to help guide how to make a podcast effective. Dave Jackson from School of Podcasting was kind enough to give guidance.
Who should record a Podcast?
"Anyone who wants to reach a world wide audience. Anyone who has information that will move their audience (laugh, cry, think, anger). Anyone who wants to be seen as an expert in their field. Anyone who wants to build a relationship with like minded people.”
Should I broadcast over radio or Podcast?
“Radio may reach more listeners (in some cases), but as Clear Channel owns most of the stations, you are not getting on the radio any time soon. If you did, you also have to make sure not to say anything that might upset sponsors, and be sure to squeeze it into the allotted time frame (between traffic and the weather). Podcasting reaches a niche market with no restrictions on time or language and it can be replayed over and over. Podcasting is able to be listened to over and over (the buzz phrase is “time shifted” material). Radio, if you miss it when it is broadcast there is no way to hear it again. While Radio has quantity, Podcasting has quality.”
What can a Podcast do for my business?
“Podcasting can keep your name in front of the customer. It can update them about new products. Podcasting positions you as a trusted friend. For example Maytag (the washing machine people) do not do a podcast about washing machines. They do a podcast with tips for their market like “How to get your kids to brush their teeth longer.”
“Podcasting can also develop a steady stream of feedback (positive and negative) about your company as well as ideas for the future. Authors are getting instant feedback on their books and getting ideas for future books through feedback from their podcast.”
What are five simple keys to starting to Podcast?
1. Pick a topic that you are passionate about and that will move your audience. Content is KING.
2. Listen to other podcasts that are similar to the one you are creating, and take notes.
3. Buy your microphone ($67-$99).
4. Record a test show, and get someone besides Mom to critique it.
5. Secure hosting for your website and media, and publish (ok I know that’s a couple steps).
I have one week to put a Pod-cast together and fit in between everything else what do I do?
“Some people are actually using portable recorders to record while they drive. One podcast (Marketing Over Coffee) is recorded at 6 in the morning between two friends in a Dunkin Doughnuts (complete with background noise) So you record intro and outro segments with music. Then later you take the audio you recorded in the car and sandwich it between your intro and outro and publish. People will sit through “so-so” production for phenomenal content. Nobody will sit through great production for awful content.”
Where do I broadcast my Podcast?
“If we go back to radio, you talk into a microphone that is transmitted on a specific frequency over the airwaves that is then “translated” into sound by your radio. With podcasting you talk into a microphone and upload your media that is syndicated via an RSS Feed (Really Simple Syndication) and is “translated” by an RSS reader such as iTunes or Google reader. To see this in action go to www.learntosubscribe.com In the same way that you can tune in to a specific station based on their radio frequency, you can subscribe to a podcast using the unique RSS feed on their website (which is typically generated by their blog). In a nutshell, a podcast is audio, video, or a pdf that is tied to your blog. You “broadcast” from your website.”
Is it better to have an interview or just an information session?
“Interviews help build your audience (as the interviewee should have some followers). Interviews allow the listener to listen in on a conversation. If this is useful information, than the listener appreciates the interviewer (host) who brought them the information. If the host(s) just provide information than they are seen as the trusted party (and expert). Either is fine. The key is great content.”
Where can I go for help with my Podcast?
“Well I’m biased on this one, but I’m a big fan of the School of Podcasting (probably because I run it) at schoolofpodcasting.com. It has step by step tutorials that will help explain all the “geek speak” like condenser microphones, RSS feeds, sampling rates, and bitrates. It also has resources like music for your intros and outros, links to software, and tools to help promote and/or sell your podcast. The last thing is I hold live webinars to answer any questions members might have (which sets me apart from a podcasting book). “
What services do you provide?
“Well I have the School of Podcasting at www.schoolofpodcasting.com which is for the “Do it yourself” podcaster. I also have www.podcastmechanic.com for people looking for one on one consulting, podcast reviews, and custom website design. I have www.podcastclicks.com which is a podcast promotion tool, and I am working on a website that will help podcasters find guests for their shows. I also have a podcast with podcasting tips at http://shownotes.schoolofpodcasting.com”
What Podcasts do you follow?
“I’m all over the place. For music I like The Scene Zine (www.thescenezine.com), Cross Driven Radio (www.crossdrivenradios.com) and A1 Blues (www.a1blues.com) , for marketing I like Marketing Over Cofee (www.marketingovercofee.com) , for Fitness I like Fit Life Today (http://www.fcapodcasting.com/fitlife/) for quick financial tips I like “My money Life” (http://crown.org/Media/default.aspx). For politics I like No Agenda at www.noagendashow.com For story telling I love the Bitterest Pill (www.thebitterestpill.com ) and Digital Flotsam (www.digitalflotsam.org)”
Take-Aways: Content is the most important aspect to a Podcast. Make sure to target your audience, and make sure you have a delivery system. Podcasting is a way to brand and market your business providing direct communication with your audience. Thank you to Dave Jackson from School of Podcasting.
Who should record a Podcast?
"Anyone who wants to reach a world wide audience. Anyone who has information that will move their audience (laugh, cry, think, anger). Anyone who wants to be seen as an expert in their field. Anyone who wants to build a relationship with like minded people.”
Should I broadcast over radio or Podcast?
“Radio may reach more listeners (in some cases), but as Clear Channel owns most of the stations, you are not getting on the radio any time soon. If you did, you also have to make sure not to say anything that might upset sponsors, and be sure to squeeze it into the allotted time frame (between traffic and the weather). Podcasting reaches a niche market with no restrictions on time or language and it can be replayed over and over. Podcasting is able to be listened to over and over (the buzz phrase is “time shifted” material). Radio, if you miss it when it is broadcast there is no way to hear it again. While Radio has quantity, Podcasting has quality.”
What can a Podcast do for my business?
“Podcasting can keep your name in front of the customer. It can update them about new products. Podcasting positions you as a trusted friend. For example Maytag (the washing machine people) do not do a podcast about washing machines. They do a podcast with tips for their market like “How to get your kids to brush their teeth longer.”
“Podcasting can also develop a steady stream of feedback (positive and negative) about your company as well as ideas for the future. Authors are getting instant feedback on their books and getting ideas for future books through feedback from their podcast.”
What are five simple keys to starting to Podcast?
1. Pick a topic that you are passionate about and that will move your audience. Content is KING.
2. Listen to other podcasts that are similar to the one you are creating, and take notes.
3. Buy your microphone ($67-$99).
4. Record a test show, and get someone besides Mom to critique it.
5. Secure hosting for your website and media, and publish (ok I know that’s a couple steps).
I have one week to put a Pod-cast together and fit in between everything else what do I do?
“Some people are actually using portable recorders to record while they drive. One podcast (Marketing Over Coffee) is recorded at 6 in the morning between two friends in a Dunkin Doughnuts (complete with background noise) So you record intro and outro segments with music. Then later you take the audio you recorded in the car and sandwich it between your intro and outro and publish. People will sit through “so-so” production for phenomenal content. Nobody will sit through great production for awful content.”
Where do I broadcast my Podcast?
“If we go back to radio, you talk into a microphone that is transmitted on a specific frequency over the airwaves that is then “translated” into sound by your radio. With podcasting you talk into a microphone and upload your media that is syndicated via an RSS Feed (Really Simple Syndication) and is “translated” by an RSS reader such as iTunes or Google reader. To see this in action go to www.learntosubscribe.com In the same way that you can tune in to a specific station based on their radio frequency, you can subscribe to a podcast using the unique RSS feed on their website (which is typically generated by their blog). In a nutshell, a podcast is audio, video, or a pdf that is tied to your blog. You “broadcast” from your website.”
Is it better to have an interview or just an information session?
“Interviews help build your audience (as the interviewee should have some followers). Interviews allow the listener to listen in on a conversation. If this is useful information, than the listener appreciates the interviewer (host) who brought them the information. If the host(s) just provide information than they are seen as the trusted party (and expert). Either is fine. The key is great content.”
Where can I go for help with my Podcast?
“Well I’m biased on this one, but I’m a big fan of the School of Podcasting (probably because I run it) at schoolofpodcasting.com. It has step by step tutorials that will help explain all the “geek speak” like condenser microphones, RSS feeds, sampling rates, and bitrates. It also has resources like music for your intros and outros, links to software, and tools to help promote and/or sell your podcast. The last thing is I hold live webinars to answer any questions members might have (which sets me apart from a podcasting book). “
What services do you provide?
“Well I have the School of Podcasting at www.schoolofpodcasting.com which is for the “Do it yourself” podcaster. I also have www.podcastmechanic.com for people looking for one on one consulting, podcast reviews, and custom website design. I have www.podcastclicks.com which is a podcast promotion tool, and I am working on a website that will help podcasters find guests for their shows. I also have a podcast with podcasting tips at http://shownotes.schoolofpodcasting.com”
What Podcasts do you follow?
“I’m all over the place. For music I like The Scene Zine (www.thescenezine.com), Cross Driven Radio (www.crossdrivenradios.com) and A1 Blues (www.a1blues.com) , for marketing I like Marketing Over Cofee (www.marketingovercofee.com) , for Fitness I like Fit Life Today (http://www.fcapodcasting.com/fitlife/) for quick financial tips I like “My money Life” (http://crown.org/Media/default.aspx). For politics I like No Agenda at www.noagendashow.com For story telling I love the Bitterest Pill (www.thebitterestpill.com ) and Digital Flotsam (www.digitalflotsam.org)”
Take-Aways: Content is the most important aspect to a Podcast. Make sure to target your audience, and make sure you have a delivery system. Podcasting is a way to brand and market your business providing direct communication with your audience. Thank you to Dave Jackson from School of Podcasting.
Wednesday, September 16, 2009
Young Entreprenuer
As an Entrepreneur I am always looking for resources (especially free ones)! I have started too look around online for blogs and links for Entrepreneur help. I have found Young Entrepreneur, a resourceful and helpful tool for every Entrepreneur. I like the youthful spirit of the posts, and the new topics. They break free from the typical postings and provide direct and helpful information for any Entrepreneur. Mixing Interviews with posts helps to mix motivation and help for anyone starting out. It even provides information for mature businesses. This Post is one of my favorites. I think so many times people have a global view when they put their business on the Internet, and many times their key clients can be in their neighborhood. I think this post really gives a good snapshot of the concept of Young Entrepreneur and its mission. Finding your niche as a business owner is the key to success. Finding that niche in your area starts to build momentum and can be the building blocks for success. Young Entrepreneur is a clean and simple tool for business owners or budding entrepreneurs to use to get connected in a community and learn new tools. I have not even delved into their forums, but those seem like a great way to connect with Entrepreneurs and start ups. It is something I check everyday and recommend you add to your list of daily blogs.
Poor Entrepreneurs
I sat in class and daydreamed about the nice cars and travel that I was going to do once I had my own company. George Soros has done well, why can't I. I thought it would be a matter of months and then I would be able to attain that lifestyle. I have quickly learned Entrepreneurship is not a get rich scheme. A year into Entrepreneurship I still am chasing after a steady monthly income. It is not the fastest race towards the finish line. There are hundreds of wrong directions before something works. Some Entrepreneurs find the right step the first time, and some find it on the tenth step. Factors such as timing, marketing conditions, and stamina make the difference. I wish someone had told me that being an Entrepreneur is not just about your business and growing, but also about the process. About trying to balance credit card payments with prospecting. How to never give up and proceed with caution. There is not a blueprint to Entrepreneurship and This Entrepreneur is set out to show the face of business ownership. I might not be George Soros but I can be This Entrepreneur and find my own success. Now the question is just when?
Tuesday, September 15, 2009
Finding Motivation
Motivation might be the only component to make a business successful. There are marketing plans, sales goals, and online tools. Driving all of those parts of your business is your motivation. An Entrepreneur always has work that can be done. That will either create motivation or extreme procrastination. I know I could spend all day cleaning to procrastinate what I really need to be getting done. I am working more and more from my home so I have had to create a space and time when I will actually be productive. I have tried to come up with a few helpful tools to help spur ideas and motivation.
1. Create a List - I make a list first thing in the morning of the crucial tasks that need to get completed that day.
2. Talk to Someone - Take a few minutes and compare notes. Talk to someone who is on top of their work and who can help you think about your business.
3. Read An Article - Read about an Entrepreneur who has found success and translate their story to your business.
4. Make An Important Phone Call Now - Don't wait until after your favorite show is on, or when your lunch is over. Make the phone call now. You can always follow up later.
5. Don't Bargain - I can lay in bed all morning telling myself just five more minutes or I will get up when it is fifteen after. I really need to just get up and get started.
6. Don't Guilt Trip - Spending time feeling guilty does not help you get motivated. It will just drive you deeper. Take a breathe and get moving.
Motivation is needed everyday to get through tasks and the more motivation and discipline you can have the more success and opportunity you will create for yourself.
1. Create a List - I make a list first thing in the morning of the crucial tasks that need to get completed that day.
2. Talk to Someone - Take a few minutes and compare notes. Talk to someone who is on top of their work and who can help you think about your business.
3. Read An Article - Read about an Entrepreneur who has found success and translate their story to your business.
4. Make An Important Phone Call Now - Don't wait until after your favorite show is on, or when your lunch is over. Make the phone call now. You can always follow up later.
5. Don't Bargain - I can lay in bed all morning telling myself just five more minutes or I will get up when it is fifteen after. I really need to just get up and get started.
6. Don't Guilt Trip - Spending time feeling guilty does not help you get motivated. It will just drive you deeper. Take a breathe and get moving.
Motivation is needed everyday to get through tasks and the more motivation and discipline you can have the more success and opportunity you will create for yourself.
Monday, September 14, 2009
Small Business Accounting
I once sat in a class and declared that I would not need to understand Accounting because I would hire someone to take care of it for me. I now sit at my desk with Quick books open next to me. I have uploaded the 2009 Software onto my Mac. The program cost $200.00, which is one hundred more than the P.C. version which seems crazy. I have opened the program and uploaded the file from my bookkeeper. Past this I am completely clueless. I have contacted a couple of tutorial sites and not been able to give in yet. Quick books seems to be the standard for Small Business and Entrepreneur's Accounting Software. I am trying to take it step by step to understand the process and create something that works for me. So far here is what I have figured out.
1. Create your Chart of Accounts - Take the time to lay out all of your Vendors and Sales and create a succinct chart of Accounts.
2. Check out a help book from your local Library - Take the time to pick up a help book from the library to help guide you through the process.
3. Contact a Local Bookkeeper to help with any problems - I have a bookkeeper I have used for two years who has helped smooth out the process and is helping in the transition.
4. Spend hours on the program - Spend a Sunday afternoon just playing around with the program getting familiar with the reports and inputting data.
Quick books is not Quick nor has it been Easy for me. It has taken a lot of time to figure out what to do. Maybe others have a different experience. I have had to put in as much time with the software as I do with other areas in my business. I hope it will give me a better snapshot of the business, but I am still a lot of hours away from fully grasping it!
Thursday, September 10, 2009
Forced Entrepreneurship
When Entrepreneurship become essential. I often times envision the budding Entrepreneur as the hard headed office worker who has enough and takes his box of stuff and walks out. That is not always the case. Working last night I talked with a new Entrepreneur who was forced into it. He was laid off. With the option to go into another dead end job he decided to take his chance and start his own franchise. He bought into the business and saw the potential to have more control over his career. He is six months into the venture and trying to put all of the pieces together. It just got me thinking. What can you do to succeed when it is your only option?
Entrepreneurship is not a magazine or a movie. It is not six months of unexpected success. It is a lot of early morning and late nights with self doubt and confusion. Times when it would be easy to give up. So when someone is suddenly starting their own business when they just walked out of a cubicle it may be a daunting task. Here are some simple things if you find yourself looking to start a business.
1. Consult friends and family. With the current economic environment everyone understands what you are going through. Talk to them about what you are thinking about. Let them talk to you about what they think, and listen to them.
2. Manage expectations. There is a billboard on the side of the road that says Microsoft was started in a recession. Know you might not have Microsoft, but you should understand what opportunities you do have, and never stop dreaming.
3. Start with a low cost trial. Try to boot-strap as much as you can. Work from home, solicit friends. Do whatever you need to do to save some of your cash for a later date.
4. Do not give up.
Entrepreneurship can be the most rewarding career you can have. For some it is the best decision of their lives. For others it is not the perfect fit. Find your mix. Take deep breathes.
Entrepreneurship is not a magazine or a movie. It is not six months of unexpected success. It is a lot of early morning and late nights with self doubt and confusion. Times when it would be easy to give up. So when someone is suddenly starting their own business when they just walked out of a cubicle it may be a daunting task. Here are some simple things if you find yourself looking to start a business.
1. Consult friends and family. With the current economic environment everyone understands what you are going through. Talk to them about what you are thinking about. Let them talk to you about what they think, and listen to them.
2. Manage expectations. There is a billboard on the side of the road that says Microsoft was started in a recession. Know you might not have Microsoft, but you should understand what opportunities you do have, and never stop dreaming.
3. Start with a low cost trial. Try to boot-strap as much as you can. Work from home, solicit friends. Do whatever you need to do to save some of your cash for a later date.
4. Do not give up.
Entrepreneurship can be the most rewarding career you can have. For some it is the best decision of their lives. For others it is not the perfect fit. Find your mix. Take deep breathes.
Tuesday, September 8, 2009
Flash of Genuis Movie Review
It is Labor Day Weekend and I really thought I would just relax and take it easy this weekend. I was able to spend time reading and boating. It rained here so I had Sunday inside. I decided to get a jump on my sales and work for the week. I sat down and nothing was on T.V. so I put on a free On Demand movie, Flash of Genius. I had heard of the movie, but no one ever talked about it, and I never thought about it again. A quick synopsis: Inventor (Greg Kinnear) is driving at night and his windshield wipers do not have any controls. They automatically run, and are disrupting his impaired vision. He envisions a wiper that runs more like the human eye, and would be less distracting to the driver. After a few prototypes he creates his wiper. I will let you watch the movie, which at times was hard to watch, but inspiring. It shows a many dedicated to what he invented. He has spent his life working on inventions, and knows this is the opportunity for him. He does not give up! He works after work, late into the night to get information completed. He does not allow anyone to tell him he is on the wrong path. He makes sacrifices, and is forced to make hard decisions. I sat there watching and realized this is sales. This is what a salesperson goes through every day. You have the exciting chase, the Yes, and then the work. It does not stop when someone says yes to your product or service. Sales is about Never Giving Up. Creating the best sales presentation and experience for your buyer. Find a product for their needs, not your wallet. I thought the movie gave a real look into the hardships and difficulty sales and business can be. It showed his years of determination and not giving in. Starting a business is not easy, and not glamorous for a long time. It usually does not mean millions within the first year. It is about sink or swim, pushing yourself. In this economy, which feels like a depression. It is easy to quit, but this shows that hard work and dedication pay off.
Monday, September 7, 2009
Entrepreneurship on the Rise
http://www.chicagotribune.com/business/columnists/chi-mon-minding-students-0831aug31,0,2833303.column
I read an interesting article today talking about the development of entrepreneurship in our county. With high paying jobs slim many people, and especially highly educated individuals are taking their destiny into their own hands. Entrepreneurship provides an opportunity for unlimited growth personally and professionally. Two interesting topics that were brought up in the article that should not be breezed over. "It's to the point where 80 to 90 percent of all students say they want to be entrepreneurs at some point in their lives," This is phenomenal growth over a short period of time. Entrepreneurship has certainly become a buzz word. It is more than a buzz word for the men and women staying up all night to finish a proposal or prototype. Entrepreneurship is not about fancy classes and papers it is about filling a market need and working as hard as you can to provide the product or service.
The second point I thought was interesting, "We didn't expect the venture capital market was going down as much as it has," McCoy said. I have a few friends who worked in venture capital who can tell you just how difficult the marketplace is right now. This environment is about bootstrapping and shoestring budgets. No Hummers or fancy cars until you can provide a steady stream of income. Go out start your business, tread lightly, and work until you get what you are after!
I read an interesting article today talking about the development of entrepreneurship in our county. With high paying jobs slim many people, and especially highly educated individuals are taking their destiny into their own hands. Entrepreneurship provides an opportunity for unlimited growth personally and professionally. Two interesting topics that were brought up in the article that should not be breezed over. "It's to the point where 80 to 90 percent of all students say they want to be entrepreneurs at some point in their lives," This is phenomenal growth over a short period of time. Entrepreneurship has certainly become a buzz word. It is more than a buzz word for the men and women staying up all night to finish a proposal or prototype. Entrepreneurship is not about fancy classes and papers it is about filling a market need and working as hard as you can to provide the product or service.
The second point I thought was interesting, "We didn't expect the venture capital market was going down as much as it has," McCoy said. I have a few friends who worked in venture capital who can tell you just how difficult the marketplace is right now. This environment is about bootstrapping and shoestring budgets. No Hummers or fancy cars until you can provide a steady stream of income. Go out start your business, tread lightly, and work until you get what you are after!
Wednesday, September 2, 2009
Bookkeeping
I currently outsource my bookkeeping and accounting. I am satisfied with my process, but lately I have wanted to learn Quickbooks myself. This story I heard over lunch yesterday just further stimulated my query. I want to have more oversight and understanding at least with the Quickbooks and Bookkeeping process. This Entreprenuer wants to avoid bankrupty like my lunch partner.
I have a great lunch yesterday with a colleague named "Steve" who is also an Entreprenuer and has had a business for over 25 years. We were having a casual lunch when I said I was just on the phone with someone who hopefully was going to teach me about Quickbooks. I explained that I had tried to take a free class at a community college, reading about it from books at the library. I have done every bootstrapping technique I knew. I am giving in and trying to find someone who can personally instruct me.
Steve: I think that will be a good use of your money. I wish I had tried to control and oversee my finances more in the beginning. My business was near bankrupty because of my accountant.
Me: How did that happen? Aren't they accountable?
Steve: No, they are able to be released from any liability or penalties.
Me: I had no idea. I thought if something went wrong they were responsible.
Steve: I now receive waivers from bookkeepers and accountantants stating they are not liable. I had an accountant for 10 years who I trusted and believed was keeping everything on track. Everything was going great. The business was seeing healthy returns. Then one day I opened my mailbox and had a notice that I had not filed with the IRS.
Me: No way.
Steve: It stated I had not paid for 4 years. They had not received anything. At this point I was employing 3 people, and my balance was well into the six figures. I then contacted my Accountant. I was told she was not responsible and that I would need to find another accountant. Her name is June and she works in Kansas. She hopefully is not practicing anymore. She told me a story about how she had multiple personalities and that she was assaulted so she is technically not at fault. I have spent five years and doubled my bill, and I still receive IRS Statements. I would not trust anyone else with your finances.
Me: I guess I will try to get this figured out as soon as I can.
Steve: You can make mistakes but at least they are your own. I nearly lost my business because of poor accounting.
I have a great lunch yesterday with a colleague named "Steve" who is also an Entreprenuer and has had a business for over 25 years. We were having a casual lunch when I said I was just on the phone with someone who hopefully was going to teach me about Quickbooks. I explained that I had tried to take a free class at a community college, reading about it from books at the library. I have done every bootstrapping technique I knew. I am giving in and trying to find someone who can personally instruct me.
Steve: I think that will be a good use of your money. I wish I had tried to control and oversee my finances more in the beginning. My business was near bankrupty because of my accountant.
Me: How did that happen? Aren't they accountable?
Steve: No, they are able to be released from any liability or penalties.
Me: I had no idea. I thought if something went wrong they were responsible.
Steve: I now receive waivers from bookkeepers and accountantants stating they are not liable. I had an accountant for 10 years who I trusted and believed was keeping everything on track. Everything was going great. The business was seeing healthy returns. Then one day I opened my mailbox and had a notice that I had not filed with the IRS.
Me: No way.
Steve: It stated I had not paid for 4 years. They had not received anything. At this point I was employing 3 people, and my balance was well into the six figures. I then contacted my Accountant. I was told she was not responsible and that I would need to find another accountant. Her name is June and she works in Kansas. She hopefully is not practicing anymore. She told me a story about how she had multiple personalities and that she was assaulted so she is technically not at fault. I have spent five years and doubled my bill, and I still receive IRS Statements. I would not trust anyone else with your finances.
Me: I guess I will try to get this figured out as soon as I can.
Steve: You can make mistakes but at least they are your own. I nearly lost my business because of poor accounting.
Tuesday, September 1, 2009
4 Hour Work Week Review
It may have taken me a few years but I finally just read The 4-Hour Workweek. I will tell you that I have seen this book in airport bookstores and been annoyed. I think it is ridiculous to claim something that is not attainable or helpful. I have had some downtime and thought it was worth a quick read through. My scepticism was not completely changed, but I will say there are some points of interest.Efficiency-
Timothy Ferriss claims he limits his email time to two hours a week. He does so by engaging an automatic response and having clients handle their own problems. He lets them know he will not be responding for an extending time and that if they have an emergency to reach him.
I think this is an excellent point. There are ways to make people more efficient. At times He felt like the Minute Manager trying to be the most concise and to the point as possible. There is no way that people will not talk or become distracted. Limiting time on email or the Internet is a good way to clearly define time.
Energy-
I will give the book credit for having an abundance of ideas and goals. It is good at showing how someone could take one or two thoughts and apply them to their lives. My criticism is that the book does not highlight what it took to reach the 4-Hour Workweek, which by the way in no way do I believe he works only for 4 hours. He works all the time. When did he write this book? He does a very poor job of explaining what he did to build his company to allow him to outsource. I would also like to know how his company is doing with the current economy. Okay, before I get on a roll about what made me mad. It is a good book. I would not buy it, but rent it from the library and give it a glance over a weekend. See if you can't free up some time on Monday.
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