Archives for April 2016

 

By Cliff Melberger

Entrepreneurial success requires mastering a variety of skills to ensure your business remains both profitable and socially relevant.

While a multitude of industry-specific resources exist to equip you with the tools to help you reach your goals (books, lectures, classes, etc.), sometimes it pays to seek out alternatives. Matei Gavril, President and CEO of PRMediaOnline.com, recently wrote an article challenging entrepreneurs to look outside of the business bubble. He specifically encouraged entrepreneurs to examine other fields and find traits that can be beneficial to the entrepreneurial lifestyle

Here are five skills from different professions that entrepreneurs should emulate:

1. Take risks—Surgeons

Medicine is a risky business. Surgeons are required to perform procedures that have a significant impact on a patient’s health, and may involve life-or-death situations. An essential trait for this profession is being an effective risk-taker, and learning to remove emotion from the equation. Similarly, entrepreneurs can learn to take calculated risks and think logically to solve their problems.

2. Persistence—Athletes

An unavoidable element of business is failure; the key is how you deal with it. Athletes are exemplary models of persistence—they’re always striving to improve their performance and exhibit strong mental fortitude. As an entrepreneur, you shouldn’t let failure deter you from your business dreams. Instead, learn from your mistakes, improve, and be accepting of constructive criticism.

3. Negotiating—Lawyers

A large portion of the job of an attorney is negotiating, a skill that’s essential to any entrepreneur. Whether you’re dealing with employee benefits or contracts with clients, you need to think like a lawyer, which means developing a game plan beforehand, demonstrating confidence and never showing signs of defeat.

4. Problem-solving—Gamers

When obstacles seem overwhelming, it pays to take a cue from the gamer mindset. Gamers categorize their short-term objectives to help them achieve long-term goals, and come up with unique solutions. Above all, gamers stay motivated and attempt multiple methods of problem-solving.

5. Explaining—Teachers

Business isn’t a one-person show—it requires coordinating with other like-minded individuals. A key to this collaboration is effective communication. Teachers know how to engage their audience and find innovative ways to deliver material. Likewise, you should make your material understandable to everyone by avoiding jargon. Additionally, know your audience and learn how to exhibit patience.

Every profession has its own unique challenges, and it’s beneficial for entrepreneurs to learn from others’ mistakes and successes and apply them to their own business mindset.

By Tyler Flynn

Becoming an effective entrepreneur extends beyond possessing a keen business acumen or understanding entrepreneurial concepts; success is also determined by positive habits. And the most effective way to develop these “rich habits” is to learn from those who have already achieved success.

Thomas Corley, the author of “Rich Habits: The Daily Success Habits of Wealthy Individuals” recently wrote an article detailing the habits of self-made millionaires. Here are 13 steps you can take to improve yourself today:

1. Read like the Wind

Entrepreneurs are constantly seeking to educate themselves, and spend a minimum of 30 minutes or more each day reading books that will expand their knowledge, specifically the genres of biographies, self-help and history.

2. Move Your Body

Successful people spend 30 minutes or more per day participating in aerobic exercise to maintain their health and stimulate their minds.

3. Connect with Like-Minded People

In keeping with the concept of “you’re defined by the company you keep,” self-made millionaires flock to individuals who are detail-oriented and enthusiastic about the future, forming a positive support group.

4. Do What You Love

Following your dreams can eventually turn into financial windfall. Rich individuals pursue their passions and create their own goals. They also exhibit persistence to overcome mistakes and rejection.

5. Early to Bed, Early to Rise

Following Ben Franklin’s age-old maxim, the majority of millionaires wake up at least three hours before their workday begins to tackle their tasks without any interruptions.

6. Diversify You Portfolio

Following the concept of “don’t put all your eggs in one basket,” the majority of millionaires have more than one income stream to support themselves, and are involved in a myriad of industries.

7. Get a Mentor

Successful people actively seek out those with more business experience than themselves to gain advice and learn life lessons.

8. Always Look on the Bright Side of Life

Positivity is a hallmark trait of those who achieve long-term success.

9. Don’t Follow the Herd

Successful people chart their own path rather than following the formula. Through their innovation, they’re able to attract new people to follow their own ideas.

10. They Have Good Etiquette

Self-made millionaires have perfected their social graces and know how to ingratiate themselves with people. Items in their skill set include sending thank-you notes, acknowledging important life events, using table manners, etc.

11. They Contribute to Others’ Success

Self-made millionaires love assisting others in their pursuit of success. This serves the dual purpose of millionaires maintaining their own positivity and developing their network.

12. Flex Your Brain Muscles

The rich devote 15 minutes per day to just thinking; this time of isolation is used for brainstorming new ideas and reviewing their current situation.

13. Seek Feedback

The fear of criticism shouldn’t be a barrier to success. Self-made millionaires seek out constructive feedback to keep them on the right track.

 

 

 

By Tim Sweeney

In a recent article in INC. Magazine, John Westenburg gives five good reasons why starting a small business may be more likely to succeed and be more satisfying than attempting to do a “from scratch” start-up in pursuit of the thrill and prestige of being able to call one’s self a “founder.” Warren Lederer wrote a short critique of that article in which he points out the potential glut of people who are drawn into the tech sector in hopes of finding the next unicorn or disruptive technological platform. He implies that such attempts are more likely to result in frustration and failure. In reading those articles I realized that their authors were describing a path to success that has oft been repeated throughout history. One of the most remarkable parallels may be the almost miraculous transformation of feudal Japan into an industrial colossus and a center of technological advancement in the short span of only a few decades.

During the late Tokugawa Shogunate, the last feudal Japanese military government that existed between 1603 and 1867, Japan had a distinctive, insular and backward culture. Tokugawa Shogunate eventually gave way to the Meiji Restoration, which marked Japan’s opening to the outside world. The Emperor Meiji, recognizing that there was much that Japan could learn from more technically and industrially advanced nations, sought interaction and trade with these more modern nation states and cultures, with an eye to bringing Japan rapidly into the modern world. That advance depended on the mantra, “imitate, improve and innovate.” Meiji was wise enough to realize that Japan would need to learn from the ground up how to conduct its own industrial and technological revolution. The Japanese soon gained world renown as copiers of Western manufactured goods. In short order, copying or imitation gave way to a period of improving on designs and prototypes developed in other places. Finally, after mastering the techniques of copying and improving manufactured goods, true innovation began to flourish.
There are many examples of companies or groups following the “three step plan” of imitation, improvement and innovation, but none is more illustrative than the maturation of the Sony Corporation. In early post-war Japan, new technologies were beginning to find their way into the world of Japanese industry. One of the most remarkable consumer products to come out of World War II was the reel-to-reel tape recorder. These were large, cumbersome and expensive devices with poor sound quality. A group of Japanese engineers undertook to build a device similar to ones being produced by the Germans. In their efforts to copy the existing designs, they ran into a supply problem for magnetic tape. They were forced to develop a substitute material based on their readily-available supplies of paper, which they modified to take the place of magnetic tape. This same group of engineers, manufacturers and marketers built a series of these machines, continually improving the design to make the product smaller, lighter, cheaper and with better sound quality.

At that time, household radio sets were large, heavy pieces of furniture. There was an effort to make the devices portable, but the early designs were still relatively large and heavy and depended on vacuum tubes and dry-cell batteries. The Japanese group that had had modest success with copying and then improving the tape recorder sensed an opportunity in the movement to make radio receivers portable. They were aware of the emerging transistor technology that was replacing the need for bulky, fragile and temperamental vacuum tubes. The lead engineer of the group traveled to the U.S. and studied transistor manufacturing and use. Upon his return, he and his colleagues made further improvements to the design of their transistors with the intent of using them in a portable radio small enough to carry in one’s pocket. The resulting Sony Pocket Radio took the world by storm and was one of the first great successes in the emerging consumer electronics industry.

The Sony story can easily be compared to the approach presented by Westenberg and Lederer. When one starts a small business based on existing models, one does not need at the outset to be particularly innovative. The five steps outlined by Westenberg can help a new small business position itself to make ongoing incremental improvements. Once those business practices and product designs have been well established it could then be the ideal time to seek true innovation based on the platforms already in place.

 

By Tyler Flynn

To many, the prospect of starting your own business is a daunting and risky proposition only undertaken by those with specific educational background or experience. However, the threshold for starting small businesses isn’t as exclusive as one might think.

According to the US. Small Business Administration (SBA), there are nearly 28 million small businesses and over 22 million are self-employed. Additionally, over 50% of the working population (120 million individuals) works in a small business. Small businesses constitute a huge part of the American economy, and represent a diversity of interests, management styles, products, and areas of opportunity for those willing to take the initiative and a calculated risk.

However, before diving in headfirst to your new venture, there are several key areas to consider:

1. If you have a business partner, be sure that you’re both on the same page

As the saying goes, “Two heads are better than one.” Having someone to work with on both the day-to-day operations and financial management of a business can be extremely beneficial. However, it’s essential that you both are in the same headspace and are willing to commit 100% to your business.

2. Ensure your finances are up-to-date and have been reviewed by a professional

Money can make or break a new business. The SBA reports that about half of new establishments fail within the first five years of establishments due to mismanagement

3. Get ready to work long hours

Running a business is a full-time job and requires intense dedication and long hours. Jim Rice is a chef and SSC Hospitality’s managing director, has this advice for aspiring business owners:

If you are serious about starting a business, you work all the time.

My advice for those… who want to “be the boss” is simple: you need to be ready to work regular 12-hour days if you want the business to succeed.

 

Owning a business can be an exceptionally rewarding prospect. However, be sure to review these considerations to ensure you have a long and fruitful future.

By Warren Lederer

Start-ups have become the sexy new alternative to small business ownership in Silicon Valley, the heart of the entrepreneurial industry, and in turn, the mainstream culture. The success of startups, as well as the prestige and social recognition derived from the title of “founder” has lead to a significant shift in business paradigms. In the long-term however, building a small business can be more beneficial and personally satisfying than start-ups.

According to Jon Westenberg, digital publisher & entrepreneur, pursuing a small business provides several distinct advantages:

Focus on Simplicity—Building small within clear limits and boundaries provides the freedom to pursue smaller elements that are important to your clients

People Matter More—Time to focus on those who matter in the business

Personal Touch—Give your users and customers a personalized experience

Minimal Expenses—Less Overhead, more potential for profits

Potential Growth—Opportunity to leverage your experience into bigger company in the future

While the allure of start-ups can be tempting, small business can make you healthier, happier, and wiser.