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Category: Business Activity

  • Entrepreneurship: A Risky Business!

    Ideas do materialize… and don’t

    Give it all you got

    How many times have you had a great idea that you just knew was going to be the foundation of next multi-million (billion?) dollar company? If you’ve had the idea(s) but don’t see the beginnings of that fortune 500 company yet, don’t worry because you’re certainly not alone in that big-idea-big-dreamer’s club. I have had a number of those ideas – and believe me – they’re still coming, and I’m still working with each one in its own allotted time.

    Having said that, there are a few owners of multi-million/billion dollar companies whose ideas did materialize. But the path from great idea to huge success evidenced by enormous assets is often a long and difficult one. The key is to recognize the uniqueness and potential of the idea and commit to working with it.

    To take the idea to fruition

    The “spark” for many entrepreneurs is seeing an opportunity that doesn’t yet exist. Ted Turner, for example, launched CNN because he perceived that people wanted more television news than they were being offered. It took a lot of patience on Turner’s part to realize the vision, but he had read the market in a way that few “experts” did at the time.

    In realizing the promise of CNN (the idea), Turner demonstrated another facet of the entrepreneurial spirit. Persistence! There are a lot of bright ideas that never reach fruition; but taking a “raw” idea and converting it into a successful business model is, to restate the point, very hard and time consuming work.

    And that work never stops. No matter how innovative your idea, the competition is always just behind you. With anything less than constant creative effort on your part, they may not stay behind you. If you’re still with me, here is where I want to elaborate a little on a few thoughts I had as to why everyone isn’t an entrepreneur.

    The few million details

    No opportunity is a sure thing, even though the path to riches has been described as, simply “…you make some stuff, sell it for more than it cost you… that’s all there is except for a few million details.” The devil is in those details, and if one is not prepared to accept the possibility of failure, one should not attempt a business start-up.

    It is not indicative of a negative perspective to say that an analysis of the possible reasons for failure enhances our chances of success. Can you separate failure of an idea from personal failure? As scary as it is to consider, many of the great entrepreneurial success stories started with a failure or a number of failures, and more often than not the latter was true.

    Some types of failure can indicate that we may not be entrepreneurial material. Foremost is reaching one’s level of incompetence; if I am a great programmer, will I be a great software company president? Having the wrong attitude can also be fatal, such as excessive focus on financial rewards, without the willingness to put in the work and attention required. Addressing these possibilities requires an objectivity about ourselves that not everyone can manage.

    Failure: An option to grapple with

    Other types of failure can be recovered from if you “learned your lesson.” A common explanation for these is that “it seemed like a good idea at the time.” Or, we may have sought too big a “kill;” we could have looked past the flaws in a business concept because it was a business we wanted to be in. The venture could have been the victim of a muddled business concept, a weak business plan, or (more often) the absence of a plan.

    When small businesses fail, the reason is generally one, or a combination, of the following:

    • Inadequate Financing – often due to overly optimistic sales projections;
    • Management Shortcomings – such as inadequate financial controls, lax customer credit, inexperience, and neglect, and;
    • Misreading the Market – indicated by failure to reach the “critical mass” required in sales volume and profitability, usually due to competitive disadvantages or market weakness.

    In a recent Wall Street Journal article titled “Why My Business Failed,” Ken Elias cautions that “even if the concept is right, it won’t fly if the strategy is wrong.” Still, on being asked whether he would start another business today, he answers: “Absolutely. The experience is fabulous, exciting and the possibility of success is always there.”

    In fact, even when you have an entrepreneur’s checklist – which might serve as your road map to this relatively unknown path to business development and ultimate entrepreneurial success, the possibility of failure still looms large because there are so many other aspects to business creation, development and management that one misstep or seemingly inconsequential error could be the proverbial straw that breaks the camel’s back and cause the collapse of your entire enterprise. So plan well, be brave, be passionate and don’t give up.

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  • Entrepreneurs Get Google Support Boost


    A Sunday browse discovery

    During my usual Sunday browsing of some favorite websites I came across a few articles about entrepreneurs being supported by Google. The first article drew my attention because the area in which the support was being provided was the Gulf region where hurricane Katrina had made a visit and left severe devastation.

    Understanding that entrepreneurs often find it difficult get the kind financial support afforded to big business, and some small businesses (via SBA loans), I was pleasantly surprised to learn that Google is active in supporting Crescent City (New Orleans) entrepreneurs.

    The article excerpt

    Almost seven years later, I find myself amazed at the recovery and revitalization of the entire region, specifically in New Orleans. The city has come to embody a spirit of perseverance and evolved into a model for economic and community redevelopment. In 2010, Google provided $102 million of economic activity for Louisiana businesses, website publishers and nonprofits—and there’s still more work to do. Read more here!

    The second article also involved Google but the entrepreneurs being supported are women entrepreneurs who are operating in what would have been a very unlikely place a decade or two ago. That place is India! In the Web Pro News article “Google Launches Program For Women Entrepreneurs”, the sub-heading read, “Females In India Get A New Voice”, and my reaction was kind of a this-is-great-news-let-me-read-more one. So I was sure that this kind of news would be of interest to you.

    The other article excerpt

    Google can now add a launching pad for female entrepreneurs to their long list of accomplishments. As reported today on their blog, they recently began a program called Women Entrepreneurs On The Web, or WEOW. The program was created specifically to help women in India find a voice and…read more here!

    Entrepreneurs – a group in which I include independent contractors, sole proprietors, small business men/women, artists, musicians and some commission sales people – have been going it alone for a long time without a lot of needed support (mostly financial, but affordable healthcare and retirement plans must be mentioned also) and to know that one of the most influential companies on the Web (and one with the largest Web presence) is doing something about entrepreneurial support is reassuring.

    Worth mentioning

    One thing worth mentioning is the need for many in the entreprenur community to control costs; And those who do most of their business on the Web know that, in order for them to succeed, they MUST utilize tools that are not only critical to their operation, but must also be low in price and high in quality. Such tools that we Webpreneurs cannot work without include:

    • A website or blog
    • Web Hosting
    • Autoresponder
    • Lead Capture Software
    • And, in some cases, A Video Producer and Ad-free Video Hosting.

    Please visit our Tools And Resources page and grab a gift from our Free Info Products section in the sidebar!

    A money-saving posture

    This stuff costs money! But we cannot work without it. The best tools and resources package I have found is a $9.95 per month package that allows me to host my website and the only company that provides this tool & resource package without additional costs to me, is the one I recently joined. Now is the time to take full advantage of this UNBEATABLE DEAL while it lasts! Click this link for more details!

    A primary business tool on hold

    I can’t begin to elaborate on how much I’m actually saving every month (I’m sure it’s in the $Hundreds, if not $Thousands) with this package because it will take more time and space than I have allotted for this post; But what I must say is this: As a Webpreneur, it suits my purposes AND my budget like a smooth-running, paid-for, business vehicle.

  • Tips For Setting Up Your Own Business


    To create a thriving small business

    Are you thinking about setting up your own business? Do you have an idea for a new business but you are unsure about how to proceed? If you have answered yes to either of these questions, this article could be of benefit to you. It covers various aspects of 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 they’re fed up with 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.

    It must be said however, that leaving a full time career can be quite a scary prospect. The security of having a regular income and other benefits such as a pension and a shared savings 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 a back-up idea, which they never see through or use.

    Be willing to take the risk!

    On the other hand there are people who are willing and happy to take the risk and see it as a way of getting out of the “rut race” (that’s not a typo!).

    When you have an idea for a new business you then need to think of a name to call it. It would help to keep this name quite short as it makes it easier for people to remember. It obviously needs to have something to do with the type of business 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 it would be wise to keep these start up costs as low as possible. You can always buy or rent better machinery in the future, as only on example of keeping costs low in the beginning.

    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 tapping into the equity from your home. There is also the option of a business loan.

    Market your product or service

    There are many ways of doing this, including:

    • The Web via a website you create
    • An ad in your local newspaper
    • Direct marketing in the form of flyers & business cards
    • An ad in the local yellow pages and B2B pages
    • Exhibitions
    • Trade fairs and other advertising methods.

    It is advisable that you find out where other people from your industry advertise as they will have tried and tested many of the above options.

    You will need to work out how much to charge for your product or service. A good practice is always keep these charges fairly low in the early going so as to attract as many people as you can and to get some income in. Then you look forward to the time when word of mouth (and your other promotional efforts) take over after a few months you will be in a position to increase your fees.

    Maintain a positive mindset

    It is also important to realize that you, like many new business owners (and some veterans) will make mistakes along the way. When this happens you’ll need to think positive and not to beat yourself up. Consider it an experience you can learn from.

    Always have belief in yourself. Any business will go through a rocky period from time to time, but during these times is when you need to be strong. In my opinion the more work put in, the more rewards you are likely to reap; and this, ultimately, is the reason you’ve opted to start your own business in the first place. The rewards for you and your family!

    Self-discipline: Critical!

    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 the downfall for many people. Business owners and entrepreneurs 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 in the early stages.

  • Prospects of Running Your Own Business


    Getting-started resources

    Very few people ever got rich by working for someone else. Puttiing aside popular musicians, sports stars and gifted people, the only way to acquire wealth through working for it is to build a business of your own. Be an entrepreneur! The type of business you decide upon will most likely depend on three factors:

    • How much money you have available for start-up and capital working capital;
    • Your business idea; and
    • Your confidence level.

    Types of businesses at your disposal:

    1. The Traditional – a brick and mortar in which you will rely solely on your own efforts;
    2. The Franchise – where you follow a proven idea and receive considerable training and back-up from the franchise company; and
    3. Web Marketing – which encompasses Network Marketing, Multi-level Marketing and a whole slew of different niches you can explore.

    Pros and cons of each business type

    The traditional business requires considerable financial input, either from your own resources or part-funded by your bank. You may need to rent premises; buy equipment; hire staff; pay for advertising, brochures, stationery, and stock. A frighteningly high percentage of this type of business fails in the first year. To succeed you need: a good idea, considerable financial backing, good health, an understanding spouse, and stamina. If you do succeed you will own the business outright and benefit from all the profits.

    Franchises have a high success rate. Banks like them because each franchise operation has a proven track record; thus the banks can accurately judge the risk and consequently will lend money for this kind of start-up. However, all the support and training comes at a price: the initial entrance fee is likely to be very high, and a percentage of the business’s turnover has to be paid to the franchise company.

    Web marketing which encompasses Network Marketing, Multi-level Marketing, to name a few, has many advantages and few disadvantages. The entrance fee is low and the ongoing expenses are even lower. A Web marketing business can be started in your spare time. In fact, that is the best way to approach it. Start small, and keep at it. The secret is perseverance! Get past the first year and you should find this type of business has a sound foundation from which you can build a serious income. It is said that 95% of those who survive ten years in Web marketing become wealthy beyond their wildest expectations.

    Decision time

    So which type of business is a good fit for you? If you wish to provide a service or product where you have previous experience from a former employment, the traditional business will be probably be the best choice. However, if you are just tired of working for someone else and making them rich and wish to venture out on your own, then a franchise or Web marketing business just might be the preferred option.

    The choice then is determined chiefly by the funds you have access to, and the time and effort you wish to put into your enterprise. A franchise will require substantial funds and 100% commitment. You are jumping in at the deep end, although the franchise company will provide training and support to help keep you afloat.

    On the other hand you can ease yourself gently into Web marketing by starting part-time while you continue with your current employment; building your business by throwing profits back into it if necessary. Persevere and there will come a time when the income from your own business will be sufficient to support you financially. You will then be able to leave your employment and concentrate on your business, which in turn will pay dividends. One such dividend (an important one) is enjoying considerable free time with your family.

    Fashion world descends upon us

  • Develop an Entrepreneurial Mindset


    Think like an entrepreneur

    It’s almost impossible to be an entrepreneur if you haven’t developed an entrepreneurial mindset. Yes, you have to be able to think like an entrepreneur if your entrepreneurship is to be a success. Sometimes though, it is easier said than done, because if you have been an employee in a structured corporate environment and want to break out of it to start your own business, some retraining of the mind may be necessary.

    Following is a brief narrative that relates directly to the retraining of your mind with the desired result of completely reeducating yourself in entrepreneurial thinking and ultimate self-employment in a field of your choosing, if not of your dreams.

    The obstacles within

    A very valuable lesson learned by many entrepreneurs is realizing that one of the biggest problems in becoming self-employed came in the form of obstacles created by themselves. In order to be a self-employed person it is necessary to start thinking like one. I was one of those entrepreneurs before I changed my way of thinking. I found myself reverting back to that nine-to-five mentality in the sense that If I wasn’t accomplishing a task every hour, then I must not really be working.

    Sometimes a self-employed person has to make decisions about his/her business. Sometimes s/he is just thinking about a solution to a problem. Sometimes s/he just has to quiet his/her mind so new ideas can formulate. Just because you’re not pounding away at the keyboard or some other office gadget every minute doesn’t mean you’re not working.

    Learn to ignore distractions

     

    I’ve also learned that it’s okay to NOT answer the phone every time it rings. That’s what voicemail is for, and the same goes for email. At my nine-to-five job I would leave the email program open all day and answer each one as it arrived.

    It took me a while to realize it’s okay to only check email several times a day instead of constantly being interrupted. Periodically checking your email is so much more productive than having to stop your thought process every time “you have mail.” At my other job, I was able to let a phone call roll over into voice mail, but it took me a while to be able to shut down the email too.

    You’re going to have days where you feel you didn’t accomplish much. Then again, you’ll have days where you’ll feel you can conquer the world and you’ll be amazed at how much you got done. Some days you may not finish many tasks, but you’ll make a decision on a problem that needed to be addressed. Or, you will have learned a valuable lesson about yourself.

    Think big picture

    And, I had to learn to stop breaking down all my tasks into dollars and cents. I tended to worry about how much I was or was not earning every day. The truth is, some days you’re going to make more money than other days. If I spent my day on marketing issues, even though I didn’t earn any money from it that day, I would benefit from it some time in the future.

    Rather than worry about what benefits I do or don’t have, I realized the benefit I have in my business is that I answer only to me. Everything I do will benefit me sooner or later. Instead of my income being dependent on somebody else’s budget, I can go as far as I dream.

    And because I’m now doing what I truly love and not what someone else tells me to, I’m much happier and more content. I learned if you start thinking like an entrepreneur, then you’ll actually be one; And a reasonably successful one, thank you very much.

    A primary business tool on hold

    Completing the transformation

    The above narrative could have been written by any one of thousands of present-day entrepreneurs who had previously been employed in a nine-to-five position and was forced to reformulate his/her entire outlook during the conversion from employed to self-employed. Some instances were voluntary while others were forced due to economical circumstances, but in all instances the mindset had to be changed.

  • How Web Entrepreneurs Make Money


    Methods

    There are three basic ways of earning money which include trading time for money, trading money for money and trading expertise and/or value for money.

    Society and the formal education system promote the first method of earning money which involves trading time for money. In other words, you work for someone else for a specific amount of time and then they pay you. Working for someone else drains your energy and you don’t make much money.

    The second way to earn money is utilized by a small portion of the population and involves trading money for money. In other words, you are earning money through investing. Investing can be risky because if you lack know-how and reserve funds then it’s probably not wise to invest money in the first place. Therefore, many people can’t even try this option because they only have enough money to pay their bills.

    The third way to earn money is the best option. This is the entrepreneurial option which involves trading expertise/value for money. This is the strategy utilized by entrepreneurial experts. You have a flexible schedule, work less, and earn more once you invest enough time upfront to set up your entrepreneurship. You can make thousands of dollars a day with this option.

    Image and branding

    In order to earn money through trading expertise/value for money you need to first figure out who you are as an entrepreneur and what you can give to others. What information do you have that could help others? You can find value from previous work experience or even from your hobbies. From this you can create your intellectual property.

    What is Intellectual property? How big is the market for Intellectual property? Is there room for you in the Intellectual property market? These may be a few of the questions you may have when you are researching the information marketing business.

    First of all, anyone can create intellectual property. You don’t need to be a philosopher, doctor or lawyer. Heck you don’t even need to be a college graduate. You just need to have an area or expertise, or access to an expert, and a drive to succeed.

    Intellectual property combines eCommerce and book publishing. For example, you can write and sell an eBook on the Web via your own website or through an affiliate program that you set up. Recent research has found that approximately 6 out of every 10 American adults surf the Web on a daily basis seeking out entertainment and education, as well as to shop for products.

    Plus a lot has changed from the early days of the Internet. One such change is the confidence with which people use the Web. They are more comfortable buying online today than in the past. The market accessed through the Web is global and encompasses millions of people, so you can be comfortable in knowing that the information marketing business has room for everyone!

    Entrepreneurial spirit

    When you market on the Web, you market to your niche. Therefore, you don’t have to worry whether or not your neighbor will want to buy your product. The Web opens many niche markets for you.

    If creating and selling intellectual property on the Internet is so simple, why isn’t everyone doing this? The simple answer is that formal educational systems and previous societal beliefs are at fault. In our youth, we are taught to finish school and then “find a good job” which translates to become an employee at a company. The entrepreneurial spirit is not promoted; in fact it is almost shunned.

    Don’t let societal beliefs stop you from pursuing your goals. The intellectual property market is wide, diverse, and ready to fill your bank account, if you are ready to meet the challenge of entrepreneurship, work hard and pursue your goals diligently.

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