Sure many successful entrepreneurs (myself included) will tell you how they've either maxed credit cards, over extended themselves, moved in with parents, sold cars, lived IN their cars, spent their entire life savings or 401k on their dream all in pursuit of their dream and destiny. Many of them took a gamble and won having built lasting profitable businesses and wealth. One of my clients successful built her company to 7 figures after being at the brink of bankruptcy, repossession, and financial ruin.
Entrepreneur.com list it's 25 Common Characteristics of Successful Entrepreneurs and these are all dead on many of them echo the traits needed such as "creating plan" to learning to work with integrity and so one, however there is one that is missing...
I'm adding #26 and making it #1, you MUST have a plan for how you will get your Personal Affairs in order. This means from your personal finances to improving your credit if it's challenged, to your relationships. It's no secret to successful entrepreneurs that your personal life (particularly for women) has a direct effect on your business. Taking risk in your business is a given and while I'm neither for or against risking it all (I'm more so on the "for" side) Ignoring your personal affairs can certainly lead to undue stress.
#1 Get Your Personal Affiars in order
From your relationships, drama, and finances. If you are Planning to risk it all you NEED to have a strategy! Failing to plan how you are going to navigate and survive or deal with a mate that is unsupportive or how you plan to manage your health care can mean the difference for some of success and failure.
While it is important to have a plan BEFORE you start your business. The reality is MOST of us won't, we'll fly out into entrepreneur land blind. Hey I'm not mad at you, I get it I'm with you 100% but at some point you must get some order to your personal life in order to reach the optimal success you want to achieve in your business life. I'll share more about my own personal story tomorrow, but for now here are some steps you must take now.
1. Pull your personal credit report and get an understanding of where you credit stands. If you have challenges you may not be able to fix them overnight, but get clear on where you are so you can make a plan.
2. Make sure your tax returns are filed or at least you have a strategy and plan in place and know where you stand with the IRS. The worse feeling is being on top of the world in your business and then BAM! You are hit with an audit on the personal side. See it with clients...you don't want this.
3. Get an Life Insurance policy for yourself and your family. Leaving a comfortable 9 to 5 where they (should) provide life insurance for you, many entrepreneurs simply don't think about this when whey start out on their own. Sure you want your business to be your insurance policy but be realistic. If you are a young person be sure to have a plan of how your family will survive if you become disabled.
4. Create a Will. I hope you didn't create your business but have no plan of how it will pass on after you? Create a will for how you plan to leave your business, or other assets. A living will may be good as well to cover how things should be governed should you become disabled and unable to care for your family or your business.
5. Create a salary for yourself in your pricing. If your fee for coaching is $100 an hour, make sure you know that about $75 is going to go just to cover expenses, pay insurance, travel etc. That leaves you with $25 an hour to live off. If this isn't going to be good for you, then maybe you need to increase your hourly rate to $150 or $200 an hour.
6. Remember it's all about the customer.
Your home business is not about the products or services that you sell. Your home business is not about the prices that you charge for your goods and services. Your home business is not about your competition and how to beat them. Your business is all about your customers, or clients, period. After all, your customers are the people that will ultimately decide if your business goes boom or bust. Everything you do in business must be customer focused, including your policies, warranties, payment options, operating hours, presentations, advertising and promotional campaigns and website. In addition, you must know who your customers are inside out and upside down.
7. Become a shameless self-promoter (without becoming obnoxious).
One of the greatest myths about personal or business success is that eventually your business, personal abilities, products or services will get discovered and be embraced by the masses that will beat a path to your door to buy what you are selling. But how can this happen if no one knows who you are, what you sell and why they should be buying?
Self-promotion is one of the most beneficial, yet most underutilized, marketing tools that the majority of home business owners have at their immediate disposal.
8. Project a positive business image.
You have but a passing moment to make a positive and memorable impression on people with whom you intend to do business. Home business owners must go out of their way and make a conscious effort to always project the most professional business image possible. The majority of home business owners do not have the advantage of elaborate offices or elegant storefronts and showrooms to wow prospects and impress customers. Instead, they must rely on imagination, creativity and attention to the smallest detail when creating and maintaining a professional image for their home business.
9. Get to know your customers.
One of the biggest features and often the most significant competitive edge the home based entrepreneur has over the larger competitors is the he can offer personalized attention. Call it high-tech backlash if you will, but customers are sick and tired of hearing that their information is somewhere in the computer and must be retrieved, or told to push a dozen digits to finally get to the right department only to end up with voice mail--from which they never receive a return phone call.
The home business owner can actually answer phone calls, get to know customers, provide personal attention and win over repeat business by doing so. It's a researched fact that most business (80 percent) will come from repeat customers rather than new customers. Therefore, along with trying to draw newcomers, the more you can do to woo your regular customers, the better off you will be in the long run and personalized attention is very much appreciated and remembered in the modern high tech world.
10. Level the playing field with technology.
You should avoid getting overly caught up in the high-tech world, but you should also know how to take advantage of using it. One of the most amazing aspects of the internet is that a one or two person business operating from a basement can have a superior website to a $50 million company, and nobody knows the difference. Make sure you're keeping up with the high-tech world as it suits your needs.. The best technology is that which helps you, not that which impresses your neighbors.
11. Build a top-notch business team.
No one person can build a successful business alone. It's a task that requires a team that is as committed as you to the business and its success. Your business team may include family members, friends, suppliers, business alliances, employees, sub-contractors, industry and business associations, local government and the community. Of course the most important team members will be your customers or clients. Any or all may have a say in how your business will function and a stake in your business future.
12. Become known as an expert.
When you have a problem that needs to be solved, do you seek just anyone's advice or do you seek an expert in the field to help solve your particular problem? Obviously, you want the most accurate information and assistance that you can get. You naturally seek an expert to help solve your problem. You call a plumber when the hot water tank leaks, a real estate agent when it's time to sell your home or a dentist when you have a toothache. Therefore, it only stands to reason that the more you become known for your expertise in your business, the more people will seek you out to tap into your expertise, creating more selling and referral opportunities. In effect, becoming known as an expert is another style of prospecting for new business, just in reverse. Instead of finding new and qualified people to sell to, these people seek you out for your expertise.
13. Create a competitive advantage.
A home business must have a clearly defined unique selling proposition. This is nothing more than a fancy way of asking the vital question, "Why will people choose to do business with you or purchase your product or service instead of doing business with a competitor and buying his product or service?" In other words, what one aspect or combination of aspects is going to separate your business from your competition? Will it be better service, a longer warranty, better selection, longer business hours, more flexible payment options, lowest price, personalized service, better customer service, better return and exchange policies or a combination of several of these?
14. Invest in yourself.
Top entrepreneurs buy and read business and marketing books, magazines, reports, journals, newsletters, websites and industry publications, knowing that these resources will improve their understanding of business and marketing functions and skills. They join business associations and clubs, and they network with other skilled business people to learn their secrets of success and help define their own goals and objectives. Top entrepreneurs attend business and marketing seminars, workshops and training courses, even if they have already mastered the subject matter of the event. They do this because they know that education is an ongoing process. There are usually ways to do things better, in less time, with less effort. In short, top entrepreneurs never stop investing in the most powerful, effective and best business and marketing tool at their immediate disposal--themselves.
15. Be accessible.
We're living in a time when we all expect our fast food lunch at the drive-thru window to be ready in mere minutes, our dry cleaning to be ready for pick-up on the same day, our money to be available at the cash machine and our pizza delivered in 30 minutes or it's free. You see the pattern developing--you must make it as easy as you can for people to do business with you, regardless of the home business you operate.
You must remain cognizant of the fact that few people will work hard, go out of their way, or be inconvenienced just for the privilege of giving you their hard-earned money. The shoe is always on the other foot. Making it easy for people to do business with you means that you must be accessible and knowledgeable about your products and services. You must be able to provide customers with what they want, when they want it.
16. Build a rock-solid reputation.
A good reputation is unquestionably one of the home business owner's most tangible and marketable assets. You can't simply buy a good reputation; it's something that you earn by honoring your promises. If you promise to have the merchandise in the customer's hands by Wednesday, you have no excuse not to have it there. If you offer to repair something, you need to make good on your offer. Consistency in what you offer is the other key factor. If you cannot come through with the same level of service (and products) for clients on a regular basis, they have no reason to trust you . . . and without trust, you won't have a good reputation.
17. Sell benefits.
Pushing product features is for inexperienced or wannabe entrepreneurs. Selling the benefits associated with owning and using the products and services you carry is what sales professionals worldwide focus on to create buying excitement and to sell, sell more, and sell more frequently to their customers. Your advertising, sales presentations, printed marketing materials, product packaging, website, newsletters, trade show exhibit and signage are vital. Every time and every medium used to communicate with your target audience must always be selling the benefits associated with owning your product or using your service.
18. Get involved.
Always go out of your way to get involved in the community that supports your business. You can do this in many ways, such as pitching in to help local charities or the food bank, becoming involved in organizing community events, and getting involved in local politics. You can join associations and clubs that concentrate on programs and policies designed to improve the local community. It's a fact that people like to do business with people they know, like and respect, and with people who do things to help them as members of the community.
19. Grab attention.
Small-business owners cannot waste time, money and energy on promotional activities aimed at building awareness solely through long-term, repeated exposure. If you do, chances are you will go broke long before this goal is accomplished. Instead, every promotional activity you engage in, must put money back in your pocket so that you can continue to grab more attention and grow your business.
20. Master the art of negotiations.
The ability to negotiate effectively is unquestionably a skill that every home business owner must make every effort to master. It's perhaps second in importance only to asking for the sale in terms of home business musts. In business, negotiation skills are used daily. Always remember that mastering the art of negotiation means that your skills are so finely tuned that you can always orchestrate a win-win situation. These win-win arrangements mean that everyone involved feels they have won, which is really the basis for building long-term and profitable business relationships.
21. Design Your workspace for success.
Carefully plan and design your home office workspace to ensure maximum personal performance and productivity and, if necessary, to project professionalism for visiting clients. If at all possible, resist the temptation to turn a corner of the living room or your bedroom into your office. Ideally, you'll want a separate room with a door that closes to keep business activities in and family members out, at least during prime business and revenue generating hours of the day. A den, spare bedroom, basement or converted garage are all ideal candidates for your new home office. If this is not possible, you'll have to find a means of converting a room with a partition or simply find hours to do the bulk of your work when nobody else is home.
22. Get and stay organized.
The key to staying organized is not about which type of file you have or whether you keep a stack or two of papers on your desk, but it's about managing your business. It's about having systems in place to do things. Therefore, you wan to establish a routine by which you can accomplish as much as possible in a given workday, whether that's three hours for a part-time business or seven or nine hours as a full-timer. In fact, you should develop systems and routines for just about every single business activity. Small things such as creating a to-do list at the end of each business day, or for the week, will help keep you on top of important tasks to tackle. Creating a single calendar to work from, not multiple sets for individual tasks or jobs, will also ensure that jobs are completed on schedule and appointments kept. Incorporating family and personal activities into your work calendar is also critical so that you work and plan from a single calendar.
23. Take time off.
The temptation to work around the clock is very real for some home business owners. After all, you don't have a manager telling you it's time to go home because they can't afford the overtime pay. Every person working from home must take time to establish a regular work schedule that includes time to stretch your legs and take lunch breaks, plus some days off and scheduled vacations. Create the schedule as soon as you have made the commitment to start a home business. Of course, your schedule will have to be flexible. You should, therefore, not fill every possible hour in the day. Give yourself a backup hour or two. All work and no play makes you burn out very fast and grumpy customer service is not what people want.
24. Limit the number of hats you wear.
It's difficult for most business owners not to take a hands-on approach. They try to do as much as possible and tackle as many tasks as possible in their business. The ability to multitask, in fact, is a common trait shared by successful entrepreneurs. However, once in a while you have to stand back and look beyond today to determine what's in the best interest of your business and yourself over the long run. Most highly successful entrepreneurs will tell you that from the time they started out, they knew what they were good at and what tasks to delegate to others.
25. Follow-up constantly.
Constant contact, follow-up, and follow-through with customers, prospects, and business alliances should be the mantra of every home business owner, new or established. Constant and consistent follow-up enables you to turn prospects into customers, increase the value of each sale and buying frequency from existing customers, and build stronger business relationships with suppliers and your core business team. Follow-up is especially important with your existing customer base, as the real work begins after the sale. It's easy to sell one product or service, but it takes work to retain customers and keep them coming back.
Posted by Katrina M Harrell
Katrina M. Harrell is author of "Embrace.Your.Journey.: 180 Day Journey to Unlocking Your Wisdom, R... (The Sum of Her Publishing, 2011). President of the KM Harrell Group, LLC a Strategic Business Development & Management firm supporting minority and women-owned businesses. Her firm’s consulting services have helped many minority and women owned businesses establish foundational structures and exit strategies within their businesses that have aided them in selling for profit or obtaining investor funding. Passionate about entrepreneurship education, Katrina’s insight and expertise is highly sought after both online and off. She is also founding CEO for Your Simple Bookkeeper, outsourced national bookkeeping company for micro and small business.
Top Ten Must-Have Skills Every Entrepreneur Needs Part 2
As a bit of a refresher, the first half of this document highlighted five of the most important skill sets every entrepreneur must have at his/her disposal in order to be successful. The toolbox of skills is critical to the success of your project.
The skills one through five are:
1. Succession Planning
2. Life – Work Balance
3. Open-Mindedness
4. Talent Management
5. Conversion – Ideas into Action
Here is the balance of the skill sets I personally believe make the difference.
6. It’s About the Message – Communications is one of the most important of the most important skill sets, as getting the marketing message out in both written and verbal forms at the highest level of professionalism is a must. Every person in business, whether they be an entrepreneur or a corporate employee; everyone must have the ability to get their point across. When growing a business, it is paramount to have the skill set that will make others listen, read and hear the message. The ability to be the voice of the business, using PowerPoint, live broadcasting, video email, texting or other forms of communicating is necessary for the leader of the organization. Just as important as presenting the message is listening to others. Detractors, supporters and/or critics have opinions and it would do well for the spokesperson to possess good communications abilities.
Because the leader typically possesses more passion about the product, service or business that it is beneficial if that person is also the spokesperson. That passion is evident in every communication, even body language. That doesn’t mean that no one else can fill the bill, but it helps if the founder is also the communicator.
Communications skills in today’s business environment are all about clarity, substance and sound bites. The marketing messages of world known products and services include tremendous bits of genius that people recognize in an instant. One of the most recognizable tag lines (slogans) is from Nike – Just Do It. In just three words, only eight little letters, the message is clear. Other world famous brands include iconic emblems like the blue oval of Ford, The Chrome Cat of Jaguar or the fruit image of Apple. The message is clear, the brand world recognizable and the ability to communicate without question.
Brands begin with the mission and vision concepts of their company product or service. The amount of time, research, market surveys, analysis and deliberation that go into the construction of the brand is nothing compared to the length of time and expense to re-brand a failed attempt at creating a winning brand and message. The expense of lost business or lack of brand acceptance is a cost that is almost impossible to enumerate, but that cost is often enough to put companies out of business all together.
Those with the natural ability to clearly state the importance of the brand and messaging will do well, but those that recognize they need professional assistance will do better, more times than not.
7. Non-Sales Sales – Every word, phrase or comment needs to be accurate, enthusiastic and positive to be able to influence others. Whether it be customers or potentials, employees or investors, your ability to educate and train is a skill that must be impeccably talent-filled. When speaking to customers or potentials, your job is to educate them on the value your product or service brings to them. You must be able to articulate the benefits and features, but more importantly, help them recognize how you can make their life better. People want to know what it will do for them, and secondly how much something is. People don’t want to be sold; they want to be educated. The choice to buy is theirs, and you shouldn’t try to “sell” them.
Have you ever found yourself in a situation where a sales person pushes a product or service on you, even if you are in the market for some version of what this person is pushing on you? For instance, you are in the market for a car, so you go out and check out the new models. Instantly a plaid suited (no offense to any car salespeople reading this) sales person is in your face, telling you all about the great this and that of the car, never even asking you what you need out of a car.
There are people in the sales industry from every occupation, but the ones that excel are those that demonstrate a genuine interest in you and your needs. If you need basic transportation, you don’t need to purchase a BMW, when a Chevy will suffice. If you need a watch that keeps time, you don’t need a Rolex, when a Timex will do. The effective sales person understands what the customer is in need of and fills that need. This is where listening and talking must be in proper ratio. Some say that people have two ears and one mouth; to listen twice as much as they speak. Sound advice.
8. Walk in Someone Else’s Moccasins – As noted in the New Testament, “Do unto others as you would have them do unto you.” Treat others as you want to be treated; basic human relations. Empathy, one of those emotional attitudes and feelings; what everyone needs, but not everyone has. In fact, psychologists determine that one of the most important emotions is empathy; to be able to feel what others feel; how others experience the world. If one can clearly relate to what another person is going through, the overall level of basic human relations would change the world.
By nature, human beings are a judgmental species, and the ability to turn that emotion off, or better yet, minimize naturally by conscious thought will go a long way towards understanding others. Not everyone has a “super day” everyday. In fact, most people have so many things going on in their individual lives that their time on the job, in the office, or interacting with others is influenced so much by those “bothersome thoughts” clearly affect how they think, act, hear or interpret what is being said or done to them.
As a business owner, it pays terrific dividends to develop your empathetic skill set, regardless of the fact that it is good human relations to feel and understand those around you. Your staff, customers, vendors and affiliates deserve your understanding, positive relations and favorable thoughts. After all, why else are we here?
9. Money; Finding and Keeping it – There is a certain language that investors expect, and anyone approaching them with an idea needs to prepare him or herself. Cap Rates, Dissolution of Equity, Escalation Clause, EBITA, Regulation D, Rule 506, Section 4(2), Non-accredited investors, Private Placement Memorandums, SEC filings, S.A.R.’s, and an entire glossary of other terms particular to raising money, financial structure, deferred compensation, succession planning, financial targets and much, much more.
There is an art to raising capital; from seed money to the final round at pre-IPO. Today’s entrepreneur must have a handle on the language, because investors want to know how intelligent you are. They see dozens of business plans each day, so they won’t bother spending time reading through yours. The executive summary will get a quick look, but they don’t have the time or inclination to study it.
Investors want to know if your idea is worth their time; what’s in it for them? If you can articulate the steps involved in making sure they understand the increasing value of their investment, they may be more inclined to give you more than ninety seconds of their time. You need to make certain that when you agree to the terms of the investor group, you have sufficient investment to make it to opening. Investors don’t like to hear that things didn’t go according to plan.
So you have been successful in gathering investors, now what? You, as the Chief Experience Officer, need to ensure that the cash flows are kept in line, that you report your progress in a timely manner to the investors, and you also need to stick to the plan, unless your investors agree to alter it. A good CPA with significant start-up experience is in control of the accounting, and that all key personnel are tuned in to the fact that it is not an open check book; that every dollar is accounted for.
10. Master of All I Survey – A general management skill set is mandatory, like every other skill set on the list. What is important more than anything is the fact that the chief decision maker or the tiebreaker must be a thoroughly experienced manager of people, resources, finances, sales and marketing, public relations and supplier/customer relations? This person is the glue and overseer of the entire operation, the final word on all decisions, position and direction. This is where the buck stops; the ultimate responsible party.
This person need not be the entrepreneur, but the entrepreneur must rely and trust upon the person in that seat at the table. I have personally worked for the owners of companies that were unwilling, but mostly unable to, make the hard decisions, get out of the way and stop interfering with their own company’s success. I often refer to the process of having the owner stay out of the business is to “Owner-Proof” the business. That is, to hire the right people for the right job, provide the leadership but leave the decision-making and responsibility to the individuals in charge of their area of expertise. After all, the operation should run as good, and possibly, better than when the owner is present in the business.
Recently, an entrepreneur I am familiar with was speaking with potential investors, but had no expertise in raising capital. There is a particular language, and requires just the right skill set to be able to articulate the needs, and highlighting the returns on the investment being sought. This man had no idea how to pitch the venture capitalists, and made a fool of himself. He was fortunate enough to receive an offer, but it was conditional on him selling his business outright, and receiving a lifetime residual royalty for the remainder of his life. He would receive the amount he was requesting for a small percentage of the company, but the VC’s wanted 100% of the firm, thereby making the owner redundant. This man could have become a millionaire (over time), but he would not yield his position. His product was tremendous, with multi-million dollar, international distribution capabilities, but he had no skill sets other than passion. There was no team of experts in place, no ability to gain a bank loan due to the weakness of management, yet he turned down a very lucrative offer. Within a year, he was completely out of business. A competitor managed to talk him out of his intellectual property and his patents, and became the leader in the world for this type of product. He refused to get out of his own way. How unfortunate, but true. It seems that he was more interested in the bragging rights of ownership than he was concerned about the ability to share his dream, profit handsomely from it, and be able to retire at the age of 37.
The point is that, as an entrepreneur, it is important to know your limitations, fill in the shortcomings you have with competent people and let the experts do what they do.
Entrepreneurs and emerging enterprises have a major responsibility to their chosen project, and that is to perform at an exemplary level. After all, there are lives counting on your success, from your immediate family to the country at large. Small business generates more than fifty percent of the nation’s economic output.
David J Dunworth is a business consultant to the entrepreneur and emerging enterprise sectors, and is the Chief Executive Officer of TeXT-Icon Mobile Marketing Communications (www.TeXT-Icon.com), a full service marketing company. For additional information, see his blog at http://www.theovercaffeinatedentrepreneur.wordpress.com.
David Dunworth
Serial entrepreneur with too many projects and too little time or caffeine. I also write a blog found at:www.theovercaffeinatedentrepreneur.wordpress.com
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Top Ten Must-Have Skills Every Entrepreneur Needs Part 1
This article is broken into two distinct parts and will be published a day or so apart. It is done so for the sake of publishing. Email the author for a complete version if you so desire.
Part One of Two
Like a toolbox full of items, skill sets are what’s used to build a successful business. There are those out in my audience that may think differently about the coming list, but it dawned on me many years ago that even though the names of the skill sets required to be successful as an entrepreneur may be different, they mean the same thing.
It is my solemn belief that these are mandated skill sets; that is, they either are present in the entrepreneurs themselves, or exist in the key staff or stakeholders the entrepreneurs employ. Regardless of where they lie, these skills should be developed, honed, improved and cultivated to reach the lofty goals of success as an entrepreneur.
1. Succession Planning
2. Life - Work Balance
3. Open- Mindedness
4. Talent Management
5. Conversion- Ideas to Action
6. Communications
7. Teacher-Consultant
8. Empathy
9. Financial Acumen
10. Generalist Management
1. Start With the End in Mind
After all, what are you trying to get out of becoming an entrepreneur? Most entrepreneurs actively work in the business concept; it’s their baby.They hatched the idea, converted it into a living, breathing entity, and it was because of their effort, investment, expertise (and luck), so it goes without saying. What they often fail to think about, or at least not commit to paper, is what their intentions are once the business is up and running. Some entrepreneurs are design, build, sell types of entrepreneurs, so their goals often get met within the first couple of years. Then it’s on to the next idea.
What do you do when it comes to retirement? Who will succeed you? Should you pass the business on to an heir, or sell the business outright? These are all questions that need to be answered prior to starting on a new enterprise. It isn’t glamorous like birthing a new idea, or securing the first level of financing, but this skill is the most important step in the organization of a new concept.
The majority of entrepreneurs grow the business to a level that it might produce decent revenues, maybe even a nice profit, but it slightly more than owning a job. At the conclusion of their working within the business, they either merely cease operations; allow a friend or relative to run it or some other form of transfer.
The goal in developing an entrepreneurial endeavor is to grow the business to self-sustainability, revenues in the millions, and a clear path to long term success. That is on which we need to focus our attention.
If the goal is to “build a nest egg for retirement,” you should lay out a plan to do so. What happens if the business really does become successful? That is a question many entrepreneurs don’t know how to answer. No, really. They do all this work trying to make the business into a real entity, and then when it finally takes off, they are dumbfounded and lost. I have seen many companies go from nothing to $4-5 Million in annual revenues. Once hitting that plateau, they tumble to non-existence within a year or two. Fear of failure is the buzz term, but the fear of succeeding is more prevalent, but seldom verbalized.
Leaders with a certain amount of ability are fully capable of managing their endeavor, but only to a certain point. It is fact that different revenue levels require different levels of skill. You might be able to understand everything about business, but do you know what to do when faced with a hostile takeover, or a merger, or going public or any other new set of issues? Not necessarily.
Entrepreneurs generally fall into two categories, at least in my experience. They are either great “idea generators” or “action heroes.” The rare entrepreneur is both, and has the ability to gather the skill sets for success in partners, key staff or stakeholders that fill all of the necessary requirements for assured success.
The first ones, the idea generators, are terrific at thinking up new concepts, better ways of getting it done, are quick to offer their opinion and often suffer from some form of attention deficit syndrome (not scientifically, but it seems like it). I like to call it Selective Attention. They get out-of-their-mind excited when they come up with a new idea, but move on to the next one as soon as they get bored with it. That’s often the reason why emerging enterprises never seem to make it over the revenue hurdles to become profitable and sustainable.
The second, the action heroes, are the entrepreneurs that get excited about the parts of the business of which they are good. An example of what I mean is a Contractor. The contractor in this entrepreneur loves to do the architectural planning, writing the specifications, planning the interior finishes, but is burned out from doing the actual construction. He hires tradesmen to perform the physical tasks of pouring the concrete, putting on the roof, laying the bricks, etc. He can’t afford to hire (or partner with) a sound CPA, so he settles for an accounting major from the local community college to “do the books.” Do you see where I am headed with this example? They can be extremely busy, work long hours but not accomplishing the growth of the business.
2. Successful at Home; Happy at Work
Your life and your work are intertwined, and therefore each requires attention. When one is out of adjustment, and unequal in emotion to the other, difficulties in both will emerge. I called this topic Life and Work Balance, but balance conjures up a scale, like the blindfolded goddess with the scales of justice upheld, with opposing elements under evaluation. Your personal life and your entrepreneurial endeavors are not opposing elements, not should they ever be. I choose to refer to this situation as a blend of purposes; one completely intertwined and whole, resembling a braided rope. Independent cords wound together to form an extremely strong blend, resulting in an item individual to itself.
If you have a significant other, such as a spouse, partner, a complete family, or those that are close to you, they should never have to suffer as a result of your going into business. Done well, those closest to you should be in full agreement of the newly planned venture, or you will never have harmony in that part of your life. Occasionally, an entrepreneur will have a temporary setback and have to “stay late at the office,” but substitute family time should be scheduled to make up for it. Routine late nights, long weekends at work and unrelenting stress of never being home will destroy a relationship. Even the most rock-solid of marriages have fallen apart because the scales were tipped to one side for too long; the rope of the tug of war beginning to unravel.
Your children will certainly need you to parent them, regardless of age. If they live under your roof or under your purview, they need the influence of a caring parent. All too often entrepreneurs get so involved in their venture that they begin to ignore everything and everyone that is not directly in front of them, so family, the home front and everything else is forgotten. There comes a point in time that ignoring them becomes rote, and resentment and apathy toward you will grow until it breaks the silence with controversy.
3. Constant Learning
Entrepreneurs need to be open to new things; to embrace the unknown and master it. Things you never thought of will come up during the formative phase of the emergence of your endeavor, so don’t shy away from them. It is easy to delegate responsibilities to others, but when it comes down to “getting it done” there is only one person ultimately responsible. If there is no one to delegate the unsavory or difficult tasks to, you need to be ready, willing and able to tackle the subject, learning as quickly and thoroughly as possible that skill that is required.
It’s easy to get bogged down in the day to day, with your head down, trudging forward. It is also easy to lose sight of what is really important; filling all the squares. When gaps occur and there is no one to hand off the next cog being placed into the machine which is your new venture, you need to do whatever is needed to gain the knowledge, accomplish the task, and keep the project moving forward.
Having trouble concentrating? Then step away from the project for a short time and clear your head. Take a day off and do something that is little stress, a place of quiet or something physical. I recommend picking up a book, finding a quiet corner and taking your mind completely off the business. Pick up a copy of Dickens, or Austen, Bronte or Tolstoy, maybe the Bible or Koran, or any other type of spiritual belief material; anything other than a business journal. The classics are a departure from the every day, and offer insights into life through other’s eyes. That’s why more and more scholars recommend a liberal arts education for the first years of college. How can anyone learn anything about life if they don’t study how is has been lived in times past? You can’t learn management in school, it has to be learned by putting theory into action, repeatedly. A Bachelor’s Degree in management doesn’t make any sense to me. Listen to classical music, read the classics, and gain that generalist’s outlook on the world to regain your focus and recharge the batteries.
4. All Things H.R.
The ability to search out the finest candidate for a particular responsibility is crucial to the success of an organization. It is always best to find three of the best people in the area that you can afford. Sometimes, if the upside potential of the venture is quite positive, it may be able to hire or acquire the absolute sharpest talent in the nation/world, even if you can’t pay them what they are worth to bring them on board. You may not have the cash on hand, but you do have tremendous potential, and can offer them a base and stock options, percentage of the company, or some combination of base salary, stock appreciation rights, commission and benefit package that can persuade the top talent to work with you instead of for you. Venture capitalists are great sources for top talent, as they will prefer to place their key people into the organization to protect their financial interests in the investment. Don’t be afraid to approach VC’s when it comes to sourcing executive talent.
One of the things I recommend to my clients when hiring is to take their time. Hire slow, fire fast is my talent mantra. Take the time to fully investigate references, delve into the prospective hire’s former company, perform a background check, drug screen, and ask the person to sigh a non-disclosure, non-compete agreement once you actually decide to hire them. If there comes a point that the person doesn’t work out, or you discover that something attested to during the hiring process is false, dismiss (fire) them immediately.
There is a multitude of labor laws, both state and federal, and deserve your adherence. Companies with less than fifty employees have a different set of laws to comply with than companies with more than fifty, so if you plan to grow above that headcount, you may want to structure your company under the more stringent labor laws, saving time and retraining, revision of handbooks and policies later. It is better to over-comply than it is to get caught short. Fines, penalties and government oversight are not comfortable or inexpensive with which to contend.
When it comes to motivation, senior executives don’t need much of it. They are accustomed to performing their jobs, know what is expected, but may need some encouragement to stick to the message (Mission and Vision) when communicating with subordinate staff. As for line workers (when you get to the point of having them), a positive, employee focused set of motivators need to be in place from the onset. Today’s young workforces are more interested in quality of life than they are with compensation. They may not want to devote their entire waking moments to “the job” but they do want to excel.
5. Conversion: Ideas into Action
The ability to turn ideas into real products or services is paramount to a successful business. All too often the new entrepreneur has a terrific idea, sits on it so long that someone else thinks of the same thing and makes a million dollars. The newbie pouts, sulks and blames the world for working against him/her, never realizing that an ideas float around the universe constantly, landing in more than one place. Those who have the ability to take immediate action often are those who are deemed “lucky” or “genius” individuals. The truth is that they aren’t any luckier, smarter or blessed than anyone else, they know the value of action. These successful individuals have the knack of converting ideas, thoughts and “old to new” products or services into viable, profitable entities.
Not only is the conversion of ideas into action relative to products or services, conversion of the energy of subordinates is just as valuable. By incentivizing subordinate staff, business partners and any other stakeholders, the positive energy you bring to the idea or concept will become incrementally greater
Author – David J Dunworth is a business consultant to the entrepreneur and emerging enterprise sectors, and is the Chief Executive Officer of TeXT-Icon Mobile Marketing Communications (www.TeXT-Icon.com), a full service marketing company. For additional information, see his blog at http://www.theovercaffeinatedentrepreneur.wordpress.com.
David Dunworth
Serial entrepreneur with too many projects and too little time or caffeine. I also write a blog found at:www.theovercaffeinatedentrepreneur.wordpress.com
The Black Hole of Job Search
Most people think this is where your resume goes when you apply for a job. While that’s true, I’m actually referring to the black hole most people become when they become job seekers.I see so many people ‘become’ job seekers. They do what they are told even if it’s bad advice. They do it because no one tells them this is bad advice. People who never had to look for a job will tell you all the things you should do. And they say it with such certainty and authority that most people believe them.
For example, notice how people do stuff they wouldn’t do if they weren’t a job seeker. Did you have an elevator speech or ask for informational interviews when you were employed full time?
Compare this to when you had work, you had something to focus on other than yourself, you were ‘too busy’ to network, to attend job fairs or job clubs. You didn’t have an elevator speech, because your work didn’t require you to have one. Fix this by focusing on something and someone other than yourself. Have a bigger purpose and mission than just yourself. I tell people to start caring about someone and something other than their job search. This might mean charity events or volunteering, but it could also be sharing your knowledge as a speaker at your industry trade association monthly meeting.
If you know how to solve problems then start helping the people you want to work for right now. You don’t need a job to start helping them. Adopt your new company as your cause. What this will create is the attraction factor. People will want to talk to you, because you have a way to help them. In short, you won’t be seen as a job seeker, but a problem solver.
Written by Ahill
For example, notice how people do stuff they wouldn’t do if they weren’t a job seeker. Did you have an elevator speech or ask for informational interviews when you were employed full time?
Compare this to when you had work, you had something to focus on other than yourself, you were ‘too busy’ to network, to attend job fairs or job clubs. You didn’t have an elevator speech, because your work didn’t require you to have one. Fix this by focusing on something and someone other than yourself. Have a bigger purpose and mission than just yourself. I tell people to start caring about someone and something other than their job search. This might mean charity events or volunteering, but it could also be sharing your knowledge as a speaker at your industry trade association monthly meeting.
If you know how to solve problems then start helping the people you want to work for right now. You don’t need a job to start helping them. Adopt your new company as your cause. What this will create is the attraction factor. People will want to talk to you, because you have a way to help them. In short, you won’t be seen as a job seeker, but a problem solver.
Written by Ahill
6 Social Media Marketing Mistakes…and How to Fix Them
Written by Chris Tompkins
With all of the information out there about social media, it is tough to know what to pay attention to and what to take with a grain of salt. Yet even with all of this information, we all still make our fair share of mistakes when executing our social media marketing campaigns.
As an owner of a social media-marketing firm, everyday I speak with people who are trying to make the most out of their Facebook and LinkedIn profile, or making their “tweets” count on Twitter. The following are a few of the most common mistakes that I have seen companies make on social media and what we can do to combat them in the future.
Mistake #1: Lack of Research on the Platform
This is a very important one. With all of the hype around social media (and also due to the fact that creating accounts is free and easy), many of us are eager to just jump in headfirst. Keep in mind that social media is a branding and visibility platform and thus needs to carry the right messaging and voice. Before you go full speed ahead, first see what you are getting yourself into.
I suggest creating a sparse profile and taking the time to look through each site. Where is your target market? What is your competition doing right (which can really help you come up with a strategy)? What applications can be useful? How are people communicating? What tools to I have to communicate with my market? While Facebook, LinkedIn and Twitter can work to everyone’s advantage, if you only have time to manage one or two presences, it is best to be able to pinpoint the right ones and save yourself time and effort.
Top tip: a great way of seeing what sites suit your business is by asking your existing audience via polling.
Mistake #2: Lack of Focus
When you execute an advertising campaign, you know whom you are targeting. When you do a public relations campaign, you know what market you are trying to reach out to. When you do an email marketing campaign…. well, you get the point. Social media is no different.
Social media allows us to target with laser focus, you just need to identify whom you are trying to reach. Once identified, the key is to connect with “meaningful people” not just random people to get “the numbers.” Come on, why connect with 10,000 people who don’t care about you? What good does that do? Find connect and engage with people that matter. Focus!
Mistake #3: Lack of Consistency
If you are going to do social media, make sure to do it on a consistent basis – not whenever you can grab a free second. By consistent I mean daily, weekly, bi-weekly…on some sort of schedule. Since you are growing your audience, you need to be in front of them gaining that visibility and credibility consistently. My tip? Create a schedule of when you will be executing social media and what messages you will be highlighting. It takes a few minutes, but can save hours of weekly work.
No time to even make a plan? Outsource! It’s not a dirty word anymore.
Mistake #4: Using a 100% Push Marketing Approach
Push marketing is used all of the time in traditional marketing. While it is a perfect fit in many instances, it is not the foundation of an engaging social media strategy. Push marketing literally “pushes” what you want from your audience directly on top of them, while “pull” marketing using social media is about starting a conversation, engaging, enchanting and much more. My suggestion is to use a 90% pull and a 10% push marketing equation. This is something that I have used and it works a treat. This way you can grow your audience and create value before offering up a special discount. If they believe you to be credible through your pull approach, when you incorporate the push elements you will have higher levels of success.
Mistake #5: Wrong Goals
Truly look at what you are trying to achieve, and “more sales” is not enough. Social media has many outcomes, so it is smart to have a broader scope. Think in terms of hits to your website, newsletter signups, eBook/book sales/downloads…. this is the way to go!
Mistake #6: Lack of Planning
Again, I am going back to the importance of a plan: without a plan, you plan to fail. Although we know this clich̩ all too well, there is definitely truth to it. Why? Because a strategic plan saves you time and money Рtwo things that we all can use, right?
Sit down and figure out your marketing strategy and then layer your social media strategy on top. Social media can support and enhance everything you do; you just have to keep the two connected. Without the connection, you are wasting the power of cross marketing and branding. Flying blindly in a new marketing medium could not only be risky for your reputation, but also cause you more trouble than you can handle.
Chris Tompkins
I am the CEO and Founder of Go! Media International and we are an online marketing strategy and execution firm. My marketing and technology skills have been honed in my 10+ years of professional experience gained studying and working internationally in the UK, USA, South Africa and China to name a few. During this time I personally executed numerous online (and offline) marketing initiatives which fueled my hunger, the passion and the drive in the industry
With all of the information out there about social media, it is tough to know what to pay attention to and what to take with a grain of salt. Yet even with all of this information, we all still make our fair share of mistakes when executing our social media marketing campaigns.
As an owner of a social media-marketing firm, everyday I speak with people who are trying to make the most out of their Facebook and LinkedIn profile, or making their “tweets” count on Twitter. The following are a few of the most common mistakes that I have seen companies make on social media and what we can do to combat them in the future.
Mistake #1: Lack of Research on the Platform
This is a very important one. With all of the hype around social media (and also due to the fact that creating accounts is free and easy), many of us are eager to just jump in headfirst. Keep in mind that social media is a branding and visibility platform and thus needs to carry the right messaging and voice. Before you go full speed ahead, first see what you are getting yourself into.
I suggest creating a sparse profile and taking the time to look through each site. Where is your target market? What is your competition doing right (which can really help you come up with a strategy)? What applications can be useful? How are people communicating? What tools to I have to communicate with my market? While Facebook, LinkedIn and Twitter can work to everyone’s advantage, if you only have time to manage one or two presences, it is best to be able to pinpoint the right ones and save yourself time and effort.
Top tip: a great way of seeing what sites suit your business is by asking your existing audience via polling.
Mistake #2: Lack of Focus
When you execute an advertising campaign, you know whom you are targeting. When you do a public relations campaign, you know what market you are trying to reach out to. When you do an email marketing campaign…. well, you get the point. Social media is no different.
Social media allows us to target with laser focus, you just need to identify whom you are trying to reach. Once identified, the key is to connect with “meaningful people” not just random people to get “the numbers.” Come on, why connect with 10,000 people who don’t care about you? What good does that do? Find connect and engage with people that matter. Focus!
Mistake #3: Lack of Consistency
If you are going to do social media, make sure to do it on a consistent basis – not whenever you can grab a free second. By consistent I mean daily, weekly, bi-weekly…on some sort of schedule. Since you are growing your audience, you need to be in front of them gaining that visibility and credibility consistently. My tip? Create a schedule of when you will be executing social media and what messages you will be highlighting. It takes a few minutes, but can save hours of weekly work.
No time to even make a plan? Outsource! It’s not a dirty word anymore.
Mistake #4: Using a 100% Push Marketing Approach
Push marketing is used all of the time in traditional marketing. While it is a perfect fit in many instances, it is not the foundation of an engaging social media strategy. Push marketing literally “pushes” what you want from your audience directly on top of them, while “pull” marketing using social media is about starting a conversation, engaging, enchanting and much more. My suggestion is to use a 90% pull and a 10% push marketing equation. This is something that I have used and it works a treat. This way you can grow your audience and create value before offering up a special discount. If they believe you to be credible through your pull approach, when you incorporate the push elements you will have higher levels of success.
Mistake #5: Wrong Goals
Truly look at what you are trying to achieve, and “more sales” is not enough. Social media has many outcomes, so it is smart to have a broader scope. Think in terms of hits to your website, newsletter signups, eBook/book sales/downloads…. this is the way to go!
Mistake #6: Lack of Planning
Again, I am going back to the importance of a plan: without a plan, you plan to fail. Although we know this clich̩ all too well, there is definitely truth to it. Why? Because a strategic plan saves you time and money Рtwo things that we all can use, right?
Sit down and figure out your marketing strategy and then layer your social media strategy on top. Social media can support and enhance everything you do; you just have to keep the two connected. Without the connection, you are wasting the power of cross marketing and branding. Flying blindly in a new marketing medium could not only be risky for your reputation, but also cause you more trouble than you can handle.
Chris Tompkins
I am the CEO and Founder of Go! Media International and we are an online marketing strategy and execution firm. My marketing and technology skills have been honed in my 10+ years of professional experience gained studying and working internationally in the UK, USA, South Africa and China to name a few. During this time I personally executed numerous online (and offline) marketing initiatives which fueled my hunger, the passion and the drive in the industry
5 Phone Interview Mistakes You’re Making & How to Avoid Them
The phone interview is an important step in the hiring process—and not something to be blown off or overlooked just because it’s less formal than an in-person interview. This is often your first interaction with an employer, so make it a great first impression by avoiding the following mistakes that job seekers commonly make:
Mistake #1: Appearing distracted.
Avoid eating, drinking, playing on the Internet, or watching television while on the phone with a hiring manager. Any type of multitasking can make you sound uninterested and distracted – not to mention that it makes it more difficult to give great answers! Turn off all distractions and sit in a quiet room (away from family, roommates, and pets) during your phone interview to avoid distractions and background noise.
Mistake #2: Using a cell phone instead of a landline.
Although most individuals today use their cell phone much more than any landline, they’re not ideal for a phone interview with a potential employer. Cell phones tend to cut out or lose signal at a moment’s notice – which could affect your phone interview negatively. Even if you’ve listed a cell phone number on your resume, provide a landline for the hiring manager when it comes time for an interview.
Mistake #3: Poor communication skills.
Much like an in-person interview, you need to have prepared, specific answers to the questions an employer might ask you. Keep answers concise but informative. Pause at the conclusion of your answer to give the interviewer a chance to interject with any questions they might have. Remember that because the interviewer cannot see your facial expressions, you’ll also need to convey enthusiasm and passion in your voice and answers over the phone.
Mistake #4: Not doing your research.
Arrive on the phone as prepared as possible. Know who will be interviewing you (a hiring manager or HR person?) and what they might ask. Look over the job description again to determine what they’re looking for in an ideal candidate and see how your skills and accomplishments match up with it. Read up on the company, including recent news, press releases, social networking updates, etc. Take notes if you’d like—the great thing about a phone interview is that you can have them in front of you while speaking with the employer!
Mistake #5: Failing to have your resume, cover letter, and other documents handy.
Not only should you consider having notes about the position and organization in front of you, but you should also have your resume, cover letter and other important documents handy. Some hiring managers might ask you about specific accomplishments on your resume or want you to walk through your past experiences, so it helps to have the exact documents you sent them open or printed.
What other phone interview mistakes should job seekers avoid? How can job candidates impress employers during a phone interview?
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Guest Expert:
Heather R. Huhman is a career expert, experienced hiring manager, and founder & president of Come Recommended, a content marketing and digital PR consultancy for organizations with products that target job seekers and/or employers. She is also the author of Lies, Damned Lies & Internships: The Truth About Getting from Classroom to Cubicle (2011), #ENTRYLEVELtweet: Taking Your Career from Classroom to Cubicle (2010), and writes career and recruiting advice for numerous outlets.
How to get on the same page and inspire others to work cohesively.
BY: Chris St. Hilaire
Whether you’re talking with family, friends, or colleagues, many conversations involve trying to get other people to do something. You can resort to nagging or demanding, but it's so much better to create unity around a common goal. The secret is keeping your ego in check and focusing on the others. When they feel safe, valued, and included, they’ll be much more open to your ideas.
Here are 12 simple ways to inspire other people to give your plan a big, enthusiastic “Yes!”
Let the goal evolve from the group
Instead of announcing your plan, encourage others to speak up. You can simply ask, “What’s our goal here today?” Let people give you the answer, and repeat what they say to make sure you’re all on the same page. Boil their ideas down into one or two simple sentences. Now it’s everyone’s goal, not just yours.
State the goal out loud
There is great power in stating the “obvious” goal. The minute you say the goal out loud, you become the leader even if you’re not officially the one in charge. This is because every group has an innate longing to be unified, and people unify around a goal.
Make other people feel safe
In the first few minutes of a business meeting, thank your listeners for taking the time to talk with you. Throughout any conversation where you aim to persuade, use phrases like “From my perspective” to show the others that they can have a perspective too—you’re all equals.
Solve their problem
If you’re talking to someone you know, start off by solving a problem they’ve mentioned before. Do they hate the sound of their neighbor’s barking dog? Bring them a pair of earplugs. Are they always fishing around for eyeglass wipes? Give them a packet. Small gestures like these show that you’re really paying attention to them.
Find something to like about your listeners
If you’re giving a presentation, people will be more open to your ideas if they like you. The good news is, they’ll generally like you if you like them. Your feelings have got to be genuine, so find one thing to like about everyone in the room. It could be a person’s smile, the joke on her coffee mug, or the way he offers a pen to a colleague. Some little detail that reminds you that we’re all human, and we all want to feel valued and included.
Stay in the moment
All great communicators understand that being totally present with your listener is key to successful communication. So turn off your cell phone, and if possible ask the others to do the same. Pay attention. Stay focused on what other people are telling you. Don’t get distracted thinking about what you’re going to say next. Listen.
Don’t use acronyms
Never assume the others in the room know your profession, your cause, or your background. Explain your terms, and be careful not to talk over your listeners’ heads.
Avoid absolutes
Absolutes are words like all, always, never, and every. It’s tempting to use them if you want to appear strong and consistent, but absolute promises are very hard to keep. Instead, use words like most and rarely. Replace everyone and everywhere with anyone and anywhere.
If you need to fidget, wiggle your toes
Sometimes you can’t help but be nervous in front of a group. Wiggling your toes gives you an outlet for that nervous energy without signaling your tension to the rest of the room.
Use your listeners’ language
If you can incorporate other people’s words, you’ll instantly make them feel included. It can be anything from a specific technical term to a funny way of describing the weather.
Don’t take silence personally
Silence at the end of a presentation can mean anything from awed approval to boredom or confusion. Never assume what your audience is thinking. Ask for feedback.
Don’t reject bad ideas—instead, add good ones
First restate the goal you both want to reach. Then, instead of arguing against their bad idea, offer other options in addition to theirs.
Chris St. Hilaire is a message strategist and the author (with Lynette Padwa) of 27 Powers of Persuasion: Simple Strategies to Seduce Audiences & Win Allies (Prentice Hall Press, 2010). The book offers a Buddhist approach to communication techniques St. Hilaire developed while working in the fields of politics, marketing, journalism, and the law.
10 Tips for Finding Investors to Fund Your Business
FC Expert Blo
BY FC Expert Blogger David Gass Mon Jun 27, 2011
This blog is written by a member of our expert blogging community and expresses that expert's views alone.
Discover how to find angel investors and make an impact once you do meet with them. There are critical steps you need to take to be prepared, find out what they are.
If you are starting a business or growing an existing business, you are likely to find yourself in a situation where you need capital.
Unfortunately, the majority of small business owners these days don't qualify for traditional bank financing. Instead they are seeking alternative sources of capital, such as an Angel Investor or Angel Group.
Most entrepreneurs when presented with the option of working with Angel Investors respond negatively. They don't know how to find angel investors or how to approach them. So here are ten tips for finding and working with angel investors collected from my years of experience working with angels and investing in deals myself.
1. Network, network, network. Build your network and you'll build your net worth. You don't have to know an angel investor to get a meeting with one; you just need someone in your network that can connect you to an angel investor.
2. Have a Business Plan. Once an angel investor says they are interested in learning more they will want a business plan. The business plan should have all key areas mapped out such as a clear explanation of the product/service, the size of the market, the target demographic, return on investment for the investor, exit strategy, financials, pro forma, and organizational structure of the company.
3. Investors invest in people not the idea. Don't pretend to be someone you're not in order to solicit an investor. Investors want to work with people they like, they trust, and they believe can grow the business. If you pretend to be someone you're not, the investor will find out over time and the deal will likely blow up.
4. Have your elevator pitch down. You never know when you will have the opportunity to get an investor interested in your deal. You could run into an investor who wants to hear about your deal at a cocktail party, walking down the street, by email, over the phone, in a meeting or just about any way you didn't think would have been the traditional introduction. So be prepared to present a killer elevator pitch that clearly states your offer, your business, and what makes you and your company unique.
5. Put together a one-two page summary. In addition to the elevator pitch you need to have a one to two page executive summary on your business, similar to the elevator pitch, but on paper. This is something you can hand to an investor if they want to learn more without boring them with a 30-page business plan.
6. Know your numbers. Angel investors don't want to invest in a business when the owner can't articulate what the numbers in the business plan mean. The fastest way to lose confidence in an investor is when you can't explain the numbers.
7. Learn basic presentation skills. Investors want to have confidence in their investment. You are their investment. If you have trouble speaking in front of people, you need to learn the skill. You don't need to be the next Tony Robbins, but you do need to be able to provide a clear and interesting presentation that will attract the interest of those listening.
8. Know your strengths. Investors know that you aren't going to be an expert at all aspects of running a business. They want to know the truth about what strengths you have and more importantly what you believe are your weaknesses. Then you need to explain how you are going to overcome those weaknesses by outsourcing, hiring experts, or another way.
9. Have a team. A team is important for investors to see. They need to know you understand a business isn't built with just one person. You don't have to have specific individuals in place right away and they don't have to be employees. They can be mentors, board of advisors, board of directors, managers or independent contractors. At minimum have an organizational chart based on a time line for growing the business and what team members you will add over time.
10. Maintain Focus. The last thing investors want is to invest in a business only to have the entrepreneur get sidetracked with other ideas. They also want to see focus when you are presenting your deal to them. Don't have too many projects, product lines or ideas. Maintain focus on what you are offering and investors will find clarity in your offer. Clarity = Power.
These tips can be very helpful but if no action is taken to implement them, you'll remain in the same position you are today--little to no chance of getting funded by an Angel Investor. So take the steps to put yourself in a position to get funded:
Step #1--Develop your elevator pitch and one page presentation.
Step #2--Write out your business plan.
Step #3--Join networking groups and attend conferences where investors are likely to be.
Read more about Getting Funded
David Gass is an Entrepreneur, Angel Investor, and Buying and Selling Website Expert. He founded Business Credit Services in October of 2000 and sold the company in 2008 to The Company Corporation. Mr. Gass is a sought after national speaker on the subjects of small business financing, business credit, and buying and selling websites.
How to Fix a Drab Cover Letter
Finding a job is a process. First you need ample experience, then the right contacts, an online presence, and a tailored resume.
Lastly, you need a cover letter that represents you and your brand. Your cover letter could be your only chance at getting the attention of a potential employer.
After all, it may be the first thing they see, so it needs not only be an accurate portrayal of you, but also stand out from the sea of competition.
So, how can you fix a drab cover letter and get noticed by influencers?
Make it short and sweet. Cover letters don’t need to be five pages long. In fact, many cover letters and resumes are not read if they are excessive. Think about it. Would you read 30+ cover letters, all of which are like short stories? Probably not. Instead, why not make your cover letter short and to the point? That way, an employer will be able to understand what you’re all about without having to plow through tons of text.
Use a different layout. If you’ve been sending out tons of applications and not getting many responses, it may be time to spruce things up and use a different layout. Leave your boring, uncustomized layout behind. Here is your chance to put your spin on a cover letter through design. Further, you could also use this as an opportunity to merge your online life with your offline materials by using the same fonts or color scheme. Just make sure to keep it clean and not too cluttered. There’s nothing worse than viewing a cover letter that’s all over the place.
Show why you will be an asset. Just like your resume, your cover letter is an opportunity to show results and tell a story. What can you do that’s different from the rest? How will your experience and knowledge help move the company forward? Why should an employer pick you over the next guy?
Your cover letter may be the only chance you get to answer the questions above, so make it count by showing why you are an asset. Tell your own unique story by showing how you got to where you are today. Further, think about using real numbers, especially percentage growth, number of clients gained, conversions, etc. It all boils down to this: How did you make a difference?
Link to your social networks. These days, social networking platforms are the place many employers learn more about you. Why not give them the resources they need upfront? Think about including links to your blog, LinkedIn, Twitter, Facebook, or even a combination of your search results with a free Vizibility SearchMe link or QR code. This way, you give a potential employer all the tools they need beforehand, making their lives a lot easier and your online brand the platform it needs.
How do you spruce up your cover letter?
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Guest Expert: June 25, 2011
James Alexander is Vizibility’s founder and CEO. He’s the guy with two first names. If you ‘Googled’ his name in 2009, you would never have found him. Now, he ranks within the first few results of a Google search. Find James in Google at vizibility.com/james.
Lastly, you need a cover letter that represents you and your brand. Your cover letter could be your only chance at getting the attention of a potential employer.
After all, it may be the first thing they see, so it needs not only be an accurate portrayal of you, but also stand out from the sea of competition.
So, how can you fix a drab cover letter and get noticed by influencers?
Make it short and sweet. Cover letters don’t need to be five pages long. In fact, many cover letters and resumes are not read if they are excessive. Think about it. Would you read 30+ cover letters, all of which are like short stories? Probably not. Instead, why not make your cover letter short and to the point? That way, an employer will be able to understand what you’re all about without having to plow through tons of text.
Use a different layout. If you’ve been sending out tons of applications and not getting many responses, it may be time to spruce things up and use a different layout. Leave your boring, uncustomized layout behind. Here is your chance to put your spin on a cover letter through design. Further, you could also use this as an opportunity to merge your online life with your offline materials by using the same fonts or color scheme. Just make sure to keep it clean and not too cluttered. There’s nothing worse than viewing a cover letter that’s all over the place.
Show why you will be an asset. Just like your resume, your cover letter is an opportunity to show results and tell a story. What can you do that’s different from the rest? How will your experience and knowledge help move the company forward? Why should an employer pick you over the next guy?
Your cover letter may be the only chance you get to answer the questions above, so make it count by showing why you are an asset. Tell your own unique story by showing how you got to where you are today. Further, think about using real numbers, especially percentage growth, number of clients gained, conversions, etc. It all boils down to this: How did you make a difference?
Link to your social networks. These days, social networking platforms are the place many employers learn more about you. Why not give them the resources they need upfront? Think about including links to your blog, LinkedIn, Twitter, Facebook, or even a combination of your search results with a free Vizibility SearchMe link or QR code. This way, you give a potential employer all the tools they need beforehand, making their lives a lot easier and your online brand the platform it needs.
How do you spruce up your cover letter?
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Guest Expert: June 25, 2011
James Alexander is Vizibility’s founder and CEO. He’s the guy with two first names. If you ‘Googled’ his name in 2009, you would never have found him. Now, he ranks within the first few results of a Google search. Find James in Google at vizibility.com/james.
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