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.
Tuesday, September 15, 2009
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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