How Successful Entrepreneurs Handle Failure

How Successful Entrepreneurs Handle Failure

There are many differences that separate the winners in business and life from those who are struggling and falling by the wayside.

One big difference is how they handle failure.  Successful entrepreneurs have a positive mindset around the experience of failure.

When they fail, they look at it as a result.  They took "x" steps and produced "y" result.  "Y" didn't work, so it's back to the drawing board to change the formula and try again.

Many new business owners don't make it out of the gate because as soon as they fail, they figure, "Who am I kidding?  I knew it wouldn't work" and then quit!

If everyone had that mindset, we wouldn't have electricity, airplanes, vaccines ... actually, we'd have pretty much nothing!

Every single success in this world was preceded by one, two -- a thousand failures!

Babe Ruth set a record for the most home runs.  Did you know he also had the record for the most strikeouts?

Thomas Edison failed more than a thousand times before he perfected the light bulb.

If you're not failing, you're not pushing yourself enough.  You are remaining in your comfort zone and cannot expect to reach the level of success you're capable of.

Failure is what allows you to learn and grow.  If you quit as soon as you meet with failure, you will always remain exactly where you are.

Albert Einstein once said, "You cannot solve a problem with the same level of thinking that created it."

And, "The definition of insanity is doing the same thing over and over again and expecting a different result."

What these statements teach is, in order to overcome failure, you must think differently and act differently. It is what separates the ordinary from the extraordinary!

You might have to seek out guidance from someone else who can offer the expertise you need.  You may need to inject new perspectives and talent by forming a team around your project.

Fear of failure is one of the biggest obstacles that hold new business owners back.  Failure should not be feared, but embraced because a life lived in fear is a life half lived.

If you're stuck and unable to move forward because of fear of failure or because you have failed in your previous attempt, bring someone else into the mix to offer support and guidance.

Tweak your plan and give it another go.

Engrave the words of the following masters into your mind and never, EVER give up.

Anyone who has never made a mistake has never tried anything new. - Albert Einstein

He who fears being conquered is sure of defeat. - Napoleon I

Problems are not stop signs, they are guidelines. - Robert Schuller

2006 © Laurie Hayes - The HBB Source

Do Engineers Make Good Entrepreneurs?

Do Engineers Make Good Entrepreneurs

Today I'd like to talk about the skillset required to start a business.  Specifically, do you need to have a background in engineering?

I hear this used most frequently as an excuse.

"It's just too technical for me to understand."

"I was never good with numbers."

"Things have changed so much since I was in school."

But at the end of the day, these are just that: excuses. I'm here to tell you that engineering is not only NOT required to start a successful business, it could actually hurt your chances!  And this is coming from someone who has their degree in engineering!

1. Engineers are preoccupied with what is possible and what isn't.  Entrepreneurs don't care what others consider possible, and frequently attempt the impossible.

2. Engineers are focused on the present.  They have a problem in front of them and they solve it.  Entrepreneurs are focused on the future.  They see the problem in front of them as a minor distraction on the way toward a larger goal.

3. Engineers feel that if they can make the best product, the company will be successful.  Entrepreneurs realize that it is often the company with the best marketing and financial statements that wins, not necessarily the best product (sad but true).

I've never seen an official study done, but historically speaking, pure engineers who start companies don't do too well.  Nikola Tesla, the inventor of AC electricity and the radio, Charles Goodyear, who made the first rubber that could be used year round, and Johannes Gutenberg, who created the printing press, all died without a cent to their name.

If you happen to be clueless when it comes to technical subjects, don't despair.  You can always pay someone to do the things you don't know how to do.  And it's getting cheaper everyday. (check out www.elance.com or www.guru.com)

If you are a brilliant engineer who is interested in becoming an entrepreneur, then there is also hope for you.  Simply realize that technical work has very little to do with running a successful company, and devote yourself to learning the skills of business: marketing, communication, and cash flow, to name a few.  Your engineering background will still serve you as an advantage, but it won't be a key to your success.

Most entrepreneurs realize at some point that their time is much too valuable to be spent on the everyday technical problems.  Don't let your educational background (or lack thereof) hold you back from starting a business!

Empowering Your Manager

"So much of what we call management consists in making it difficult for people to work."
- Peter Drucker

Managing is often equated with controls rather than leading and developing a business.  The manager feels more comfortable and secure when they are able to put in strict controls on everything that happens in a business organization.  This is so especially of Senior Managements where the controls and directing becomes so severe that it erodes any creative freedom for the middle managers to work towards achieving the goals set out for them.

Here are a few simple prescriptions to get the best out of your managers.

Empowering Your Manager

Avoid Centralizing Decision Making

This is perhaps one of the best ways to achieve totals control.  You feel by centralizing decision making you will be able to avoid wrong decisions.  While this may be so to some extent who is to prevent your own wrong decisions.  Unless your managers are able to make mistakes and learn from them you will never be able to develop expertise through experience.  Centralizing decision making is also the surest method to kill your business growth.

Provide Working Space

The top management often entrust tasks and responsibilities to their subordinate managers.  More often than not any specific time frames which are comfortable to achieve the given responsibilities or tasks are discussed.   However in their anxiety or aggressiveness and sometimes over enthusiasm you start chasing your subordinate for action and results.  If you do it too soon and too often you are severely limited the working space of your managers.  They may be spending more time in complying with your commands rather than focusing on operational priorities and important tasks.

If you are not providing sufficient working space for your managers you are surely heading towards disaster as important tasks may be getting neglected to escape from your frequent and aggressive follow ups.

Listen to Your Managers

While experience is an asset it also makes one arrogant and conceited.  Sometimes one tends to believe because he is the superior, he always right.  The Boss Is Always Right principle looks good only on posters.  It doesn’t work if you want to build a Professional organization.

Cultivate the ability to listen to the voice of your managers.  Most times they know better as they are more familiar with the ground realities.  If you decide on their behalf and just issue orders, you will have clerks in the guise of managers as you have killed their initiative.

Don’t Get Into the Nitty Gritties

Once broad goals and objectives are set with specific time frames and key results are outlined leave your managers to perform.  If you get into too many details and meddle with the execution at every stage, you may be sure to mess up the entire process and ultimately the results.

The key to managing effectively is to empower people across the management structure so that they feel part of the responsibility and ownership.

Entrepreneurship A Leap Of Faith

 A Leap Of Faith

Entrepreneurship is a multifaceted adventure that, without a doubt, closely resembles a roller coaster ride.  When you begin an entrepreneurial journey or “ride,” you are aware of the gamut of experiences, both disappointing and rewarding, that you will encounter as you undertake this challenge.

Entrepreneurial challenges are not unlike most challenges in life.  Hard work, long hours, and anxious moments are just a few of the characteristics of the journey to most successful outcomes.

Reoccurring questions often roam the business mind, and---although they may be phrased in a variety of ways---are basically centered on these four primary issues: more sales, more cash, more time, and more of the “right” people.

Starting your own business is an undertaking that requires more than vision, inspiration, sweat equity, money and determination.  It is a leap of faith that demands that you let go of everything that is safe, comfortable, and proven.  It is getting “outside the box” in the biggest way possible.

Beginning a new business venture can be risky, dangerous, and harrowing.  However, with the proper preparation, the appropriate knowledge, and the counsel of a mentor or a trusted advisor, it can be a liberating and an extremely rewarding experience.

There’s a reason why many of America’s most successful people are entrepreneurs who started their own business and then saw them take off to unimaginable heights.  There’s a reason why the Horatio Algers of the world continue to inspire thousands of entrepreneurs every day.  

There is a reason why some of America’s greatest companies started with an idea, with meager seed capital, and with an individual who had a maniacal belief in the potential of an idea, and--- along with determination and perseverance--- saw it through to success.

However, for every success, there are hundreds of failures.  The statistics are not only sobering, but downright frightening. More than half of all businesses started today will fail. The failure rate is astounding.  Take a look at recent U.S. Bureau of Labor Statistics data, and this is what you will discover:  After two years, across all sectors, 44 percent of all new businesses are no longer in business.  After four years, 66 percent no longer exist.  And, these survival rates don’t vary much by industry.

What do the statistics tell us?  That most new businesses—whether they’re founded on the most brilliant idea since the theory of relativity or production of a mundane but exquisitely necessary manufacturing component—are making fatal mistakes that will ultimately lead them to bankruptcy.  This much is certain. If more than half of all new ventures fail, there are lessons that are not being learned.

Home Based Business Network Marketing

Home Based Business Network Marketing

Numerous businesses are going to offer you the opportunity to become a distributor of their products or service. While many offer this opportunity free of charge, others may charge a fee similar to a franchise fee, due to their willingness to set up a website with you name on it and by offering you instruction on how to make it succeed. 

Regardless of their motives behind the willingness to share their knowledge, you do have the opportunity to share in the wealth of internet business operations. Where many people make the mistake in getting involved in a home based business is they believe that just by filling out the online forms and paying the franchise fees they will start making money immediately. 

They do not think about they came to be involved in this opportunity, that someone was marketing this plan to them and in order to grow their new business, they are going to have to market it to others. 

There are numerous ways to do this, such as old-fashion advertising, handing out business cards or even putting you web address on the side of your vehicle to be seen while you drive to the grocery store. All that may be good to draw a half dozen people or so to your new business venture, but to help it really grow will take network marketing to succeed. 

Oil millionaire J. Paul Getty is often quoted as saying he would rather have one percent of the efforts of 100 people than 100 percent of his own efforts, and that is the basis of network marketing. The Kirby vacuum cleaner company devised its own form of network marketing as far back as 1935 before the word was oined and the concept totally understood. That company knew that to sell their sweepers, a personal presentation was needed.They had a few dealers with whom they shared the profits of their sales and using their proven methods they taught others to sell the sweepers and each person who was brought in a sales representative could also share in the profits off the efforts of others. 

While a few people may make a lot of money in a short period of time with network marketing, most grow their business slowly. First, they must learn the business and how to market it as their own home based business. By devoting a set number of hours every day or every week they learn from the company sponsoring them how to market the product or service they are selling. They can then train others to be successful, teaching them to market the product or service and make money from their sales as well. The more people they have working under them, the more money they can make.

How to Be a Creative Entrepreneur

How to Be a Creative Entrepreneur

There’s a great line in Alice in Wonderland when the Queen says, “Sometimes I think of 6 impossible things before breakfast.” I think you’ll agree that this has to be creativity at its best! As a small business owner this is an ideal you really need to strive for … but how on earth can you open up your mind to get to the point where ideas just spill out?

Small business owners are expected to be creative and inventive, otherwise how could they run their own firm? If you have a sneaky feeling that creativity is not one of your strong points what can you do to stimulate your brain and get it kicked-started?

Be Unlimited

Too many people are ‘limited thinkers’. They have their world placed squarely in a box and nothing can exist outside of that. If the newspaper reports something then it must be right. If Joe next door says that something is impossible then he must be right. As a small business owner, you cannot afford to be a ‘limited thinker’. You have to be an ‘unlimited thinker’. Get into the habit of seeing no boundaries; decide that there are no taboos. Have the belief that with a bit of focus you can find a creative solution to all of your problems. This is the foundation for a creative thought process.

Be Future-Focused

Creative ideas invariably come when you ‘look’ into the future. The feeling of propelling yourself forward and seeing the problem solved is a great motivator. Do you think you could achieve the same result if you were backward focused? I don’t think so! Train yourself to be future-focused, always looking ahead, not a traditional thinker who tries to find answers in today’s world.

Be a Writer

Once you open your mind to the joys of creativity the ideas will quickly start flowing, as if someone has opened the flood gates! Just like flood water, unless you catch it the ideas are lost for ever. Capture all your ideas by carrying a small pocket notebook with you. As soon as an idea pops into your mind, write it down. It doesn’t matter how outlandish it is, you can look at it in the cold light of day later on.

The fact you are responding to the ideas by noting them will further encourage you to be even more creative – good deeds encourage more good deeds!

Be Clutter-Free

If you are naturally an untidy person, then get out of the habit! A cluttered office will lead to a cluttered mind. You cannot expect your brain to work efficiently when all it’s doing is constantly reminding you how untidy your office is. To be creative remove all the clutter from your life and free your mind.

Be Action-Oriented

All of these points are great, but if you don’t take any action with your ideas, then you may as well not have bothered. An idea is nothing but a thought unless you take a specific action to help bring it to life. Periodically review your notebook and see if there are any hidden gems, or ideas which can be quickly actioned. A lot of your ideas may not suit at all but in there somewhere is probably an idea, which if acted upon, could change you or your business. Commit fully to move forward on as many of your ideas as you can.

Don’t be afraid to break down the boundary walls. As John Stuart Mill said, “That which seems the height of absurdity in one generation often becomes the height of wisdom in the next.”

Let me close with one question - can you be creative enough to be dismissed as a dreamer? No? Then get practicing!

Successful Business Entrepreneurs

Successful Business Entrepreneurs

Studies have shown that successful business entrepreneurs possess these characteristics:

1. Self-confidence 

This is that magical power of having confidence in oneself and in one's powers and abilities.

2. Achievement Oriented 

Results are gained by focused and sustained effort. They concentrate on achieving a specific goal, not just accomplishing a string of unrelated tasks.

3. Risk Taker 

They realize that there is a chance of loss inherent in achieving their goals, yet they have the confidence necessary to take calculated risks to achieve their goals.

Business entrepreneurs are people who will make decisions, take action, and think that they can control their own destinies. They are often motivated by a spirit of independence which leads them to believe that their success depends on raw effort and hard work, not luck.

So which of these three main characteristics is the most important? Believe it or not, it has to be self-confidence. Without self-confidence, nothing else is possible. If you don't believe in your abilities, then the first challenge that arises may knock you off the path to achieving your goals. Here are a few things to keep in mind for maintaining a higher level of self-confidence.

Positive Thinking 

Well, it all starts with a positive attitude, doesn't it? Believing that something good will happen is the first step. Negative thinking simply is not allowed. You must truly believe that there are no circumstances strong enough to deter you from reaching your goals. Remember too, that positive thinking can be contagious. When positive thinking spreads, it can open doors to new ideas, customers, friends, etc.

Persistent Action 

Now all of the positive thinking and believing in the world is useless if it is not applied towards a goal. You have to take action, no excuses are allowed. This action must also be persistent. Trying once and then giving up is not going to be enough. Keep at it one step at a time. If you can't get by a certain step, then find a creative way to try again or just go around it.

At the beginning of this article we identified a few traits that are common among successful business entrepreneurs. You should be able to look ahead and see yourself where you want to be. Now just maintain a strong belief in yourself and your skills, stick with it, and don't give up. If you can do that, you're already half way there!

Business Startup Funding - Are You Ready?

Business Startup Funding - Are You Ready?

Business startup funding is always a worry.  Do I have enough money to start? Can I quit my job to concentrate full time?  Will I be able to cover my monthly expenses?
   
When the time comes to actually launch your business you must have done your homework regarding your business startup funding needs.  You need to be prepared so that if the opportunity to accelerate your launch presents itself, you're ready.
   

Assess Your Personal Finances

Take out your checkbook and credit card statements and review all of your personal expenses. Find all the frills and eliminate them.  It's tough to do, but if you're really committed to getting this business of the ground you need to reduce your personal expenses.
   
Taking control of your business startup funding doesn't mean you have to quit enjoying life.  You just have to prioritize for now.  Skip the night show and catch a matinee instead.  If you're going out for dinner, clip a 2 for 1 coupon or go to the early bird. Hold off on that tropical vacation for one year.

Evaluate Your Business Expenses

Another element of business startup funding is your minimum business expenses.  Luckily, computer consulting is not a capital intense venture.  You will have business expenses to cover though, so you must analyze what those are and figure them into your business startup funding needs.

Do the Math

Total up your personal and business monthly expenses. To launch a successful business you need to have at least six months of cash in the bank OR an alternative source of affordable capital.  Many people won't have 6 months cash to cover their business startup funding needs.  If this is you, you will need to find, or keep, a job.  

Limit the job to 15 - 20 hours per week so you leave enough time to concentrate on building your business.  Whether it’s teaching some computer courses at the college or working at an electronics store, you have to be bringing is some reliable income.  This reliable income will give you the cushion you need to spend time building your client base.
   
Securing adequate business startup funding is one of the most challenging aspects of launching a small business.  You don't want to minimize its importance though.  Inadequate business startup funding is at the root of many business failures.
   
The Bottom Line on Business Startup Funding

Do what you need to do now, in order to do what you want to do in the future.  Having enough business startup funding means conserving your cash mercilessly.  You have to know where your money is going and have enough to cover 6 months of expenses.  If your business startup funding is a little short, a part time job is often the most practical means of securing the funding you need.

Copyright MMI-MMVI, Computer Consulting Blog. All Worldwide Rights Reserved. {Attention Publishers: Live hyperlink in author resource box required for copyright compliance}

Business Plan Outlines - The 5 W's

The 5 W's

Business plan outlines are all different.  The one common thread is that all business plan outlines help the writer answer the five W questions:  who, what, when, where, why.

If any of you ever worked in journalism or as reporters, what you want to do when you investigate anything is answer the 5 W's.  A business plan outline is a concrete method for investigating a business idea so answering the 5 W's makes sense.  

Business Plan Outline of the 5 W's

Who are you? Your business plan outline should detail your certifications, industry experience, and credentials.  List the business credential that you've already received or those that you're planning on getting in the early stages.  This part of the business plan outline also lists the staff you project needing and what their qualifications will be.  

What do you plan on sell?  In your business plan outline you need to include a discussion of what it is you are selling.  Are you selling products, services or both?  Once you know what you are selling you then need to discuss the revenue and profit associated with your products and/or services.  

This part of the business plan outline also includes your preliminary sales and marketing plan.  What will you be doing to gain your clients and how much time and money will you spend doing so?

When did you launch or when do you plan on launching? This information is critical to outside investors and it will also help to keep you on track.

Where are you located?  Here you will indicate the types of facilities needed to run your business. Will you work out of your home or rent office space? 

Why is your approach unique? This is a critical question that your business plan outline must address. You need to explain your number one differentiator. Somewhere in your business plan outline you must make space for detailing the proposition that sets you apart from everyone else in the market.

The Bottom Line On Business Plan Outlines

Business plan outlines help you structure your answers to the most important business planning questions.  These questions can be summarized as the 5 W's.  By answering these questions, your business plan outline will lead you to discover and detail the exact "how" of your overall business operations.

Copyright MMI-MMVI, Small Biz Tech Talk. All Worldwide Rights Reserved. {Attention Publishers: Live hyperlink in author resource box required for copyright compliance}

Business Plan Outlines - The Very Basics

Business Plan Outlines

Business plan outlines vary in their complexity.  Depending on your situation you may just want to follow a very basic business plan outline.  Regardless, the process of sitting down, creating a business plan outline, and writing a business plan is one of the most valuable exercises you will do.

Basic Business Plan Outline

List your business credentials - why are you qualified to start this business and sell your products and services?

List your staff:  Is it going to be just yourself, or do you have a definite plan in terms of when you are going to hire sales, technical, or administrative staff?

Project revenue:  Will you be selling services, products, or a combination of both?

How much revenue will come from products?  How much profit will come from products?

How much revenue will come from services?  How much profit will come from services?

Sales and marketing plan:  outline your major sales and marketing activities - the things that you're going to do to bring in key, sweet spot clients. Talk about what you're doing on a month-by-month or week-by-week basis. How much time you think it’s going to take up and how much money you think it’s going to cost to execute. 

Operations: Where will you be located? Home office or rented space? How will you get to your clients' places of business?  Personal car or leased vehicle? Will you need to rent facilities from time to time for meetings, seminars, etc...

Finance:  What capital do you need to start?  Where will you get this capital? Where will you get additional capital during your first year in business?

Salary and Payroll:  What are your expectations for your personal salary or drawings.  Do you have to pay staff as well?

Expertise of principals:  What makes you and/or your partners qualified? What kind of skills and experience do you bring to the table that will be of valuable to this business venture and valuable to the clients you want to pursue?  

The Bottom Line On Business Plan Outlines

Business plan outlines can be as detailed as you want.  The most important aspect is that your business plan outline covers off the basics.  Make sure the business plan outline you adopt allows you to answer the five W's and provides you with a plan for how you will start and operate your business.

Copyright MMI-MMVI, Computer Consultants Secrets. All Worldwide Rights Reserved. {Attention Publishers: Live hyperlink in author resource box required for copyright compliance}

Attention Entrepreneurs: Your Hobby Should Not Be Your Business

Your Hobby Should Not Be Your Business

America was built on the premise of following your dreams. Today, that maxim is applied to everyday life, especially careers. You’ve probably seen plenty of advice about turning your hobby into your job and making money doing what you love. Unfortunately, it usually doesn’t translate well into business reality.

Look at it this way: the reason you picked up your hobby in the first place was probably because you enjoyed it. Hobbies are supposed to be fun. If your hobby becomes your business, you’ll have to work at it! Hard work is rewarding, but it can quickly douse the spark of fun you previously derived from your hobby.

Still not convinced? Here’s something else to consider – everyone I’ve met who own a golf, fishing, or scuba-diving business tells me they play, dive or get on the water less than before. Owning a business that is related to your hobby will not get you more involved in the enjoyable part. Instead, it will take you away from the fun of the hobby.

Objectivity is another major concern when it comes to translating a hobby to a business. For example, let’s say you enjoy fishing, so you decide to open a fishing supply store. You will typically stock your store with products you like – which won’t necessarily be what your customers want. Also, you may enjoy fishing, but sitting in a boat with a pole is not the same as running a store, and you may not have the skills necessary for retail management. See the problems?

Of course, your dreams and desires are important, and you need to be passionate about your company to be successful, but it is a mistake to let your interests and not your skills dictate the type of business you should own if you decide to become an entrepreneur. Now that you know what you should not do, it’s time to look at what you should do when getting into your own business:

* Consider looking to your current career instead of your hobby. What aspects of your job do you enjoy the most, and what kind of business would allow you to concentrate on those enjoyable aspects?

* Focus on your strengths, and be honest with yourself. Are you a strong manager? Good with people? Talented at a craft? Try to find a business that will let you capitalize on your strengths, while incorporating what you love to do.

* Do your research! Starting or buying a business is a huge investment, and if you buy the wrong business for your skills and fail, you probably won’t want to try again. Know what you’re getting into before you begin to give yourself the best chance of success.

You can run a business that you enjoy, as long as you are realistic in your decision-making process. You don’t have to give up on your dreams – simply refocus your intentions, and go for it!

Employee With Entrepreneur Mindsets

Employee With Entrepreneur Mindsets

Although I am working as an employee, but I always try my best to adopt the entrepreneur mind set. It is important for an employee to think like an entrepreneur. This way, you program yourself to think out of the box. You will do more than an ordinary employee do. You will always do your best and be outstanding.

Recently I have come across a concept on earning $10000 in one hour. Don’t be misunderstand, this is not to teach your how to earn $10000 in an hour. Rather this is a concept that we should adopt deep inside our mind. You see, normally we have the mindset of fix salary, simply because this is how we get our pay. This is especially true for employee. We are paid either hourly, weekly or monthly with a fix rate. For example we get paid $5000 per months, $20 per hours and so on. This has made our mindset fixed to what we get. For instance if we get paid $50 per hour, we are programmed to believe that what we do only worth $50 per hours. We like to get the pay regularly because we need the money to pay our bills. We are bound to the sense of security here because we get stabil income that enable us to live comfortably.

However this creates a problem where we totally neglect the possibility of earning more than that. We cannot believe that we are able to earn $10000 per month. But the fact is that there are plenty of ideas that allows us to earn more than $10000 per hours. We just need to conditions ourselves to be able sense and catch this type of opportunities. We need to have our minds open to be able to do this.

As an employee, I think a good strategy is to get a job, but at the same time try to look for opportunity and ideas that can generate big income. The point is not to limit ourself in the fix salary that we are getting now. Think of the fix salary an income that can be use to cover our daily expenses. At the same time, keep ourselves open to the opportunities or ideas that can make us rich.

While we are enjoying the regular income of $50 per hour from our job. Lets not ignore the posibility of earning more than $10000 per hour.

Entrepreneurship: Getting Started

Entrepreneurship: Getting Started

I started my company (EMJ) from the trunk of my car (and it was a small trunk so that’s a small business).  I grew EMJ to $375,000,000 in sales prior to selling it to SYNNEX.  I am now CEO of a $1 billion business.  My successful blog at (jimestill.com) generates a lot of comments and questions.  I want to share one of these thoughtful questions with you, and share my answer.

The question:

"First off I just want you to know all I'm asking for is advice, which is the most valuable thing I can get right now.

I have been working in a field of interest for many years now as a hobby. I've always had many very good ideas but I never had the resources to make them happen. I always figured it was because I was too young. Now I'm older, I have a job and I'm plagued with the same problem. I'll have a great idea but it will usually be out of my range because I either do not have the technical ability, the funding or resources to make the idea I vision happen.

My most recent plan evolved from my experience running similar websites, I found there was an un-fulfilled need. I decided to start judging the need for what I was offering so I did my homework and contacted over 130 other similar sites. Within a day I had 20 sites interested in what I had to offer. That's great and all but those 20 sites generate about 6 times the traffic I could handle. So once again I'm in the same position. I do not have the resources I need to properly execute my idea.

My basic question, what is the best route to take when you have a great ideal that is more then you can handle.

A little more about me, I'm 23 years old, I have been running web sites and involved in the industry for around 6 years. I have a good paying job in another industry which makes it even more difficult to make the "jump".

Thank you for your time."

My response:

1 - There is never a right time. Entrepreneurship involves risk. This means yous sometimes need to just jump. This said - I always say "fail often, fail fast, fail cheap" so I always look at the downside.

2 - It is very powerful to be under resourced. It will make you more resourceful and likely allow you to run a leaner more competitive business.

3 - I like to choose opportunities that are the right size for me now. This is a beautiful thing for business - there is always a right size business opportunity for everyone at every size. When you are starting from your basement, you can take a $100,000 opportunity and do well. Bigger companies cannot do this so will leave you alone.

4 - When the opportunity is too big for me, I consider narrowing my scope. Instead of being the biggest seller of bar code equipment, be the bigger in bar code for warehouses etc.

5 - Consider partnering. It is better to have 10% of something that is worth something than 100% of an idea.

6 - Ideas are a dime a dozen. It is the implementation that counts. How often do you see a restaurant with a line outside and the one next to it goes bankrupt. All the time. Ideas are easy. 

7 - I know a lot of people who almost start businesses. They are not successful. To steal from Nike - "Just do it". And do it now. Time is the enemy of ideas and business. Someone else has the same idea. It is the one who perfects it that wins.

Are You Ready To Start Your Own Business? The 4 Key Questions You Must Ask

Are You Ready To Start Your Own Business

Every year millions of people answer "Yes" to that question and every year that answer costs many of them money, time, confidence, and heartbreak. The Small Business Administration estimates there are 580,900 new small businesses opening each year and that number does not include the small one-person entrepreneurships that pop up every day. However even if you are your business's sole employee then there is still something to be learned from the SBA's numbers.

According to the SBA, two-thirds of new businesses survive at least two years and 44 percent survive at least four years. Two of the key factors in the businesses survival and ability to thrive: the owner's education level and the owner's reason for starting the firm in the first place.

How can you make sure that you are among the winners rather than the losers in this high stakes game? The answer is inside of you. You must ask yourself four key questions to determine whether your own small business will survive and thrive.

1. Are You Ready

Have you mentally prepared yourself for the switch from employee (or student or whatever label fits you currently) to boss. You are going to be the one making decisions now about everything from office products to product line. This total control is one of the driving forces behind many people who take the plunge into starting their ownbusiness but it is also one of the elements that drives new entreprenurs crazy. When you start out there is an endless list of decisions that need to be made and new questions crop up every day.

Even more important you will need to remember that in a small business you will wear many hats. Even if you manage to start out with one or more employees you will each fulfill more than one role in your new business. And if you are running a one-man or one-woman show then you serve in every capacity from file clerk to maintenance crew to salesman to CEO. Can you handle switching from task to task and role to role like that? Are you willing to make those switches?

Similarly, have you prepared your family and friends for this switch in attitude. Your life is going to change -- probably pretty drastically -- and that change can have a positive or negative impact on your family life and social interactions. It will make things much easier if your friends and family are supportive going into the process.

2. Where Is Your Niche?

Have you identified your niche yet? One of the reasons many businesses fail is that they fail to focus on a target audience. Yes if you are a major discount chain then you can sell everything from peanuts to wallpaper but this type of business requires vast resources that just aren't available to the small business. But small businesses dominate the marketplace (creating more than 50 percent of the private gross domestic product last year) by finding a different approach -- a niche.

Knowing your niche means you are better able to find, target, and maintain your customers as well as provide the best possible goods and services to that customer base. That focus is one of your best chances to not only survive but to thrive in a very competitive marketplace.

3. What Is Your Plan Of Action?

Another key factor in the survival and ultimate success of your business is how much planning you do before you open your electronic or physical doors.  You need to decide if your business will be based on the internet or include more traditional models. Are you going to work full-time or part-time at your new business? Are you going to hire help or go solo? Have you written (or at least outlined) your business plan? Dreaming, thinking and planning can save you much trouble and waste later when things are hectic and problems strike. Planning can also help keep you focused and to balance your spending and time.

4. Who Are You Going To Call?

At some point, no matter how experienced a business person you are, you will need help. You will need support, advice, tools, or information -- or all of the above. One of the beautiful, and most frightening, aspects of growth is that it can lead you to places you never imagined. No matter how much planning and experience you bring to your new position as CEO the unexpected will arise. How will you cope with this? It is important to recognize that no business is an island. It is not failure to seek help. Failure is when your business shuts down because you didn't get the help you needed.

The best way to get timely help is to work on your support system while you work on building your business. That way you will already have a ready list of resources available that you can quickly tap into when emergencies strike. In today's world there are many marvelous resources available to you no matter what your business model may be. These include:

~ Publications (newsletters, magazines, books)

~ People (professional advisors, mentors, teachers, consultants)

~ Networks (organizations and forums in your niche as well as general business and marketing)

~ Education and training (tutorials, courses, and seminars)

After you have answered these four key questions you are now ready to ask yourself that one big question again -- are you ready to start your own business?

Blogging – Is It Worth The Effort For The Home Business Entrepreneur?

Blogging

A few years ago all the gurus were screaming “You’ve got to have a web site” and they were right. Now we are being told “you have got to have a blog”. But is this true and are they really worth the effort?

At least blogs are easier and cheaper to set up than web sites thanks to the likes of Blogger.com and Wordpress.  But is it worth the time and effort writing the posts and keeping them  updated ?  My answer to this question produces a typical fence sitters reply. They can be. 

Sure if you just want to let the world know what an exciting life you lead or let the world know your views on the burning issues that is fine. You should not really expect to make much profit from your blog. It is a hobby, something you are just doing for fun but if you want to make it a marketing tool of your business then you must adopt a professional attitude regarding your blogs.

Before you post anything you must decide exactly what you hope to achieve with each blog you post. So what are the options?

You might want to sell something either your own or an affiliate product.

In which case you might consider a review or an explanation of how to use the product and or the benefits a buyer would receive. Your one purpose with this type of blog is to pre sell the product and get the prospect to click the link to the full sales page and hopefully make a purchase.

A blog can also be a great way to establish you within your specialised niche.

It can help you get your name known and increase your credibility. But this will only work if you write fresh thought provoking copy. A rehash of others work or hackneyed ideas will do little for your standing especially if your niche is small and close knit. 

Another option is to write a series of “how to”  blogs giving your readers information on specific aspects of your niche. This can often be a good introduction to offering them a complete “How to” e-book or program. I look on these as very similar to the e-courses that many Internet marketers offer.

Instead of setting them up on your auto responder you post them to your blog at regular intervals.

The bottom line is that if  you are to make posting blogs a worthwhile option then you need to have clear in your mind exactly what you want to achieve with your blog before you even write one word.

Entrepreneurial Transitions

Entrepreneurial Transitions

Once you undertake the development of a business you utilize a variety of entrepreneurial skills. You find yourself working hard to keep things going, but there’s a real sense of satisfaction in the work.

Recently I was told of a woman who had started her twenty-first business. In each case the business was related to cooking. The good news was this woman was a capable businesswoman and an excellent cook.

The problem for this woman was that she got tired of running a business very easily. She would get a business established and grow weary of the day-to-day grind and would set a date to close the doors. Her husband was a carpenter and had systematically refurbished twenty separate properties for his wife’s business ventures. 

This woman recently started a coffee shop with a variety of baked goods for sale. The business hadn’t been open 3 months when a separate coffee shop opened in the same retail complex. When she discovered the new business she threw her hands up in despair and asked the owner of the second shop if she could come to work for her.

You see, there is an invisible wall that is sometimes difficult to overcome. That wall is moving beyond the difficult work of day-to-day business where you are needed in the monitoring of all aspects of the business.  Some, like the lady in our story, simply get tired and go home to regroup their strength for a later attempt. Others will find ways to derive income that does not rely on their own efforts. These are the entrepreneurs that more easily move forward.

Passive Income

If you are a store that specializes in a product you have created, the sale of items that are available from other suppliers can provide income that is your simply because you supplied shelf space.

The sale of insurance provides a means of deriving an income based on commissions that require little attention from you. 

The use of affiliate programs can allow others to sell your products and provide you with an income on something you were not actively involved in selling.

The development of passive income is important to entrepreneurs because if you attempt to develop revenue exclusively on your own then your revenue stream goes dry the minute you need time off. 

Someone once said, “Work smarter, not harder.” That’s especially true as you continue to develop your business. Seek ways to allow others to help you sell and market your goods and services. This likely means there will be salespeople working at selling your business even when you’ve left the building for a much needed day off.

Entrepreneur Lifestyles - Work Smart, Not Hard

Entrepreneur Lifestyles - Work Smart, Not Hard

I don't know many people who wouldn't want to work at home and enjoy the freedom that it offers. The problem is, for most people, that they still need to contend with working a full time job and handling all of their other responsibilities. That is why, for most people, living the work at home dream is something that will always be out of their reach, but it doesn't have to be that way.

There are really two different ways to work. You could work hard or you can work smart. Either way you are going to have to work, but one way you will end up living your dream, the other way you will simply be chasing your tail. Here is an example of each that will show you the difference. 

Our first example subject wants to work from home so they start their own business. They spend all of their spare time in the evenings and on the weekends contacting potential clients and following up on leads. They spent the majority of their time writing emails and making calls that really lead to dead ends, but they were persistent. It takes a year or more but they finally have something that will allow them a measure of freedom. The problem is that in the mean time, they lost a lot of time, and the stress took a toll on their home life and their health.

In the second example, they also have a desire to work from home so they join an online business opportunity. Since they chose a legitimate opportunity, they were able to get into a system that was already proven to make them money. During their spare time they launched the business and allowed the opportunity to work for them. Since the system was already automated, they had time to allow their business to grow to success while they did not give up their existing lifestyle. In the end they found success and began living the dream of working from home.

Which of these two examples would you like to follow? Most people would gladly work from home and find a successful system that gave them the cash that they needed, the real problem is that if you are in the wrong system you are going to have to spend all of your spare time working it. By being in part of an automated business opportunity, you will have the chance to allow it to work for you while you work your way into your new lifestyle. It's the difference between working hard and working smart.

Provided you follow the leaders in any legitimate business opportunity, you will be giving yourself the needed methods and direction that are necessary to find true success. Not only that, but you will be doing so while not sacrificing your family life or health. In fact, the additional money that will be coming in while you are reaching out for success will help to relieve you from some of the stresses that we all face. In the end, you will be happier, healthier and will have found your dream of working at home.

Advice About Setting Up Your Own Business

Advice About Setting Up Your Own Business

Are you thinking about setting up your own business? Have you an idea for a new business but are unsure about how to proceed? If you have answered yes to either of these questions, this article could be of benefit to you. I am going to write about how to plan and create a successful small business.

Many people are looking at ways in which they can become self-employed as they have had enough of being dictated to and fed up of long and frustrating commutes to work. They want the freedom of being their own boss and to be able to choose their own hours of work.

Leaving a full time career can be quite a scary prospect however. The security of having a regular income and other benefits such as a pension and a share save scheme can seem hard to let go. I am sure many people whether rightly or wrongly have opted to stick with this security and to merely keep their business plan as an idea, which they never see through or use.

Other people are willing and happy to take the risk and see it as a way of getting out of the rat race. 

When you have an idea for a new business you then need to think of a name to call it. I would keep this name quite short as it makes it easier to remember for people. It obviously needs to have something to do with the business sector you are entering.

You will now need to work out how much money you will need to set up the business. This can be quite daunting but is essential. In the short term I would advise to keep these start up costs as low as possible, you can always buy or rent better machinery in the future as an example.

Once you are aware of how much money you need, you then have to find it. You may have enough yourself via savings or a redundancy payout, however most people are not in this position. If you do not have enough money, you could try and raise money via the family, by seeking a partner or by releasing the equity from your house. There is also the option of a business loan.

The next stage is to market your product or service. There are many ways of doing this including:

The internet via a website

An advert in the newspaper

Direct marketing in the form of leaflets

An advert in the yellow pages

Exhibitions

Trade fairs

I would advise finding out where other people from your industry advertise as they will have tried and tested many of the above options.

You then need to work out how much to charge for your product or service. I always keep these charges fairly low at the outset in order to attract as many people as I can and to get some income in. I then hope that word of mouth will take over and the idea is that after a few months I will be in a position to increase my fees.

It is also important to realise that we will make mistakes along the way. When this happens we need to think positive and not to beat ourselves up. It is an experience we can learn from.

Always have belief in yourself. At times any business will go through a rocky period, this is when we need to be strong. In my opinion the more work we put in, the more rewards we are likely to obtain.

Self-discipline is one of the keys to your success. Being able to choose your own hours of work may seem like a dream but it can prove to be many peoples downfall. We have to ensure that we work the required amount of hours. It is far too easy to stay in bed for that extra hour or to arrange yet another game of golf. These things are fine once you are established, but this is a long way off at this stage.

3 And 1/2 Principles For The Success Of Any Entrepreneur

 Principles For The Success Of Any Entrepreneur

Many people believe that success in any enterprise is a specific result or outcome, a destination at which they arrive one day. Let me assure you that success is more than the realization of one goal, or even several goals. Success is not a specific destination... it's a direction you choose.

 Running an online business, like any other business out there, is subject to certain principles, even laws by which all of us can make an enterprise prosper - or wither and die. Obstacles are everywhere and it sometimes seems that the only possible outcome is failure. There is no need to worry, however. I am going to name the three and a half principles for online success and try to show you the benefits of consistent, persistent and determined action that delivers success, not as a destination, but as a direction you choose.

1. The principle of intention

 This principle states that, be it in online marketing or anywhere else, nothing will manifest without intention. You must first choose to manifest a certain result or outcome before it can transpire. Ask yourself what it is that you want, how much money do you want to earn, what kind of a relationship would you like to experience, etc. Once you've decided what it is that you want (this is important, never think of things you do not want), proceed to the second principle.

2. The principle of attention

 This is the harder step as you can imagine. Placing attention on the things that can empower you and your business is very important because, as I have witnessed in my own life and career, the difference between those who have succeeded in any enterprise, made a fortune online or built a phenomenal relationship and those who have failed miserably in any venture is that they have placed attention on different things. The first focused their attention on improving, perfecting and learning from mistakes. The ones who failed miserably failed at improving, perfecting and learning from mistakes. The successful ones placed their attention on those things that brought them a reason to continue. Those that failed focused and gave attention to things that showed them only failure. Guess what they got. It's natural to be scared, to lose hope, but it is not natural to remain scared and hopeless. As I have said, obstacles are everywhere, your job is to make mistakes, to learn from them and to grow. Focus all of your attention on the things that you can use to succeed and I guarantee, you will! Nurture the spirit of correctly focused attention and life, not just your business, will start to blossom.

3.  The principle of giving

“It is one of the most beautiful compensations of this life that no man can sincerely try to help another without helping himself.”    Ralph Waldo Emerson

 This is powerful, trust me. You must first give to receive and you can easily prove this simple, but effective principle. I give away free stuff all the time and I find joy in the fact that many of the people that receive it get something of value and it doesn't matter if they join me in any of my programs or not. Somehow, I still make a lot of money. Somehow, I still receive value. Giving can be its own reward, but I can assure you, it won't stop there.

3 & 1/2. The part where you receive

 This is tricky. Our minds tend to sabotage all our efforts by telling us we are not worthy of receiving the gifts or fruits of our labor. Tell yourself daily that you are the one that deserved this and you are the one who created this. All you'll have to do next is enjoy your life and your work. You deserve it.

How to Build A Successful Business?

Starting a business and becoming successful is often part of the American Dream. But there is a difference between starting a business and building a successful business. Many businesses fail within the first few years of existence due to the lack of planning for the long-term. There is not enough vision and there is not enough done to strengthen the business properly from the ground up.

If you want to start a business there is an easy way to get a better understanding of why some businesses fail and others don't. When starting a business think about it similar to building a house. If done right it is protecting you against any kind of storm or danger of the outside world and will last for a long time. It offers shelter and protection. For you and your business that could be translated to that you want to have a business that is able to weather economical ups and downs (=storm) and that will provide income to pay the bills (shelter and protection).

When building a house there are several different steps you need to follow to have the house build. You know you want a house, but you got to pick a location and get an architect to plan everything out. In the business world that would be: you know you want to start a business, but you have to come up with a business idea and work out a business plan. The next thing for the house would be to build the foundation (and eventually the basement) for the house. In the business world - you got to build the initial infrastructure (example: connecting with vendors, find a manufacturer for your product, create a sales team, rent office space, get a delivery truck, etc.). Once that is in place you able to actually do business and earn some money. But you are not completely done yet. You need to build a frame, put in windows and you also need a roof on house. For your business this means that you pay off debt, improve business processes and get professional help when needed (example: find a tax accountant, select a payroll service, etc.).

Once the house is build you probably want to fill it with furniture and make it livable for the future. Nobody wants to sleep on the floor, right. Again translating this to the business world it could mean that you invest money you earned back into your business. You buy machinery instead of leasing it. Eventually you buy a building, hire more staff, develop more products, move into new markets, build up a high cash reserve, and buy other businesses and so forth. This is often the step where winners and losers separate. Re-investing money into the business is a key factor for success. If you go and spend all the money on your own salary to buy things you have nothing to go back to when the economy slips into a recession or if disaster strikes.

The successful business owner has build up a cash reserve or can borrow money from bank – securing loans with the assets of the business. Going back to building a house this pretty much matches the same efforts. You pay off your mortgage and have equity available to eventually borrow against when emergency arises. Emergencies do not include paying off credit cards to use them again or to buy a car. Financially responsible you should be looking at the long term and not finance short-term goods with long-term debt.

Be A Global Entrepreneur From Home With An Internet Home Based Business

Be A Global Entrepreneur From Home 

You do not have to be a traveler to do trade on an international level. What you need is to establish your internet home based business. This connects you right around the world.

Business via internet from the comfort of your home

With the growing numbers of persons going into business, a very prevalent form of trade prospect is the online business. All you would have to invest in would be a computer with a high speed internet connection, develop a website and have the ambition to achieve something. With your internet home based business you are in a position to sit at your computer and manage it.

Put you home office to good use

If you have a home office with a computer and internet connection you can do wonders with the opportunities that are available in today’s business world. There are a lot of options on hand of doing trade via the internet home based business. You could select what you would want to get involved in and what you have the aptitude for and be your own boss:

Sell you home made products

If you have a talent which is professional in its finished product, you need not go hunting for clients to buy it, but could very well market it online through your internet home based business. There are several talented persons who do not have the time or the extra finance to open an outlet where they could sell their products. Well you do not have to do that. You can create your products and advertise them online through your website and have the customers come to you with their orders. All you have to do is to ensure that your products whatever they may be – home made chocolates, cakes, pastries, cookies, embroidered articles, paintings, murals, plants – things that you are capable of making exceptionally well, are advertised on your website. Conduct your internet home based business with skill and talent.

Buying and selling

Both the buyer and the seller earn a good commission through marketing and sales of goods online. The agencies lend a hand to the buyer and the seller and earn a commission too; this business can be managed from your home with an internet home based business.

It is sometimes not possible for people to find the time for buying the right gifts, with today’s busy lifestyle.  People are getting their gifts by way of online services that would gift wrap and convey the present to the receiver along with chocolates and flower to anyplace in the world. You too could do this internet home based business

Help relocate someone to your part of the world

With an internet home based business you could be the contact person for someone who is moving to your part of the globe and needs assistance with this. They would need assistance in locating the right home, school, hospital, insurance policy makers etc. You could provide them with a paid service for all this assistance all on the internet.

Online body shopping

Many placement agencies give the data base information for assistance from various sources, to find proper jobs for their clients. This deal needs a small payment upfront before starting the procedure usually. You could get together with a head hunter and help them to place people anywhere in the world via your internet home based business.

Business Growth - Rate Control For Maximum Success

Business Growth - Rate Control For Maximum Success

Business growth is something we all want.  During startup, however, you have to balance your business growth rate with your ability to keep on top of the business launch. You don't want to get overextended because that will cause you to cut corners and your future success may suffer.

Controlling the rate of business growth is difficult to do especially if you are moonlighting. In this situation you have so many more balls to juggle because you have work issues to deal with as well as business issues.  The key to effective business growth control is excellent organization and planning.

Micro manage for Business Growth Control

During your startup it is more important than ever that you micro plan your major projects.  If you sell a 10 node network you will probably quote it by the number of hours for server installation, cabling infrastructure, taking care of the ISP and the telephone company, and taking care of the desktop.  To control business growth you need to take this type of calculation to the next level and develop a detailed hourly spreadsheet to account for your hours each week:

Put your total hours and tasks required into a spreadsheet 

Break down each of the tasks week by week 

Estimate the number of hours you will need for each item during the week

Add in some cushion time to deal with unanticipated issues

Add general administrative tasks, work and family responsibilities, and leisure time requirements into the spreadsheet as well 

This type of planning exercise will help you control your business growth because it will be easier to see if you are overextending yourself.  An overextended person is a stressed person and a stressed person is not an effective business manager or service provider. 

The Bottom Line on Business Growth

To control business growth the best thing you can do is to make sure you have a handle on everything you are working on.  Break large projects down into smaller pieces.  Fit your projects into the other responsibilities your have whether those are work or family related.  Take a look at your weekly responsibilities and ensure you are not spreading yourself too thin in any one area.  This micro management approach will ensure your business growth rate does not spiral beyond your ability to keep up.  

Copyright MMI-MMVI, Computer Consulting 101 Blog. All Worldwide Rights Reserved. {Attention Publishers: Live hyperlink in author resource box required for copyright compliance}