Entrepreneurialism

Competitive Intelligence for Small Business, Entrepreneurs, and Consultants

2005-10-05T11:47:00.000-07:00

By Cathy Gariety

Most of us are familiar with the term market analysis or evaluation but few of us actually think of Competitive Intelligence when we make business decisions. How are we going to market our product or service? Is there a market for it? Who’s doing it now, who are they targeting and why? Where are they headed? What niche do we want to specialize in? You can use CI to answer these questions.

Doing Competitive Analysis will enable you to direct your resources in an efficient manner, reducing the risk of loss or misdirection. A misdirected vision of even a few months can be costly to a new striving business or solo professional.

Few smaller companies can afford the services of an Intelligence Consultant and while there would be a learning curve, it’s definitely possible to make decisions through a structured model based on research you conducted personally.

Competitive Intelligence requires a different thought process and an open mind. Change your focus - information found through research, in the media or through PR releases should be looked at objectively and not as factual or taken on face value. The first rule is to evaluate the source, then ask yourself if the information is consistent with the other facts you’ve been able to discern. Start your research without prior judgment and concentrate on gathering facts first – analysis comes later.

Be thoughtful when giving out information on your company. Direct the relay of information to your business purpose and on a “need to know” basis. Especially for those of us that have a trusting nature, realize that business is another world. (Just watch the paranoia factor here – trust is also the basis of a successful business).

Much of your research can be done on the internet and sources are readily available through the Freedom of Information Act. Public companies are easier to research but websites such as “WHOIS” and People Finders allow you to find private business owners. Doing searches on databases with companies or individual names will yield you knowledge you didn’t know you would have available to you if you follow the direction the search takes you.

Are you thinking of aligning your business in a joint venture? What do you know about this person or business, the CEO? Do a search and don’t limit it to your present industry – information on sites such as Virtual Librarian under the section “Information and Libraries” offer links to sites that might surprise you. Targeting a marketing campaign? Look up contacts on professional directories.

Are you thinking that you can’t do this? Think again. I am a nurse. Yes, a nurse! I didn’t have a business background but I learned how to do research because I needed information to start my company. The information that I have now has helped me in formulating my vision, having confidence that my decisions are based on strategies that are as informed as my ability will allow.

A few more thoughts on Competitive Intelligence. CI is not business espionage. Information you obtain has to be obtained through honest measures with the intent to help your business, not harm another. If you keep that principle in mind, you will be okay – and avoid the wrath of our federal government!

Copyright 2005 - Cathy Gariety formed Gariety Group Consultants after using research to direct her vision. You can too! Watch for more articles on Competitive Intelligence for the solo entrepreneur. She has also developed a program for stress management targeted to the health care industry. Sign up for her Stress Buster newsletter by going to her website at http://www.garietygroup.com

Registering a Business Name

2005-10-05T11:45:00.000-07:00

By Marjorie Malone

There are a number of things to consider when starting a business. An important thing to do is to choose the appropriate legal structure and register the business name. Choosing a business name is a very important step in the process. In selecting a name for your business you should use caution so that you are not infringing on names filed by other businesses or being used by another entity as a trademark, service mark or trade name. Protection of a business name is established by registering the name in each county in which the business is being conducted.

There are two types of registrations at the county level:

An Assumed Name consists of one or more parties. It is more binding since all parties listed must sign the documents in front of a notary public and no changes can be made without the signatures of all parties involved.

A Co-Partnership consists of two or more parties, but may be dissolved or changed by the signature of any party.

An Assumed Name is also referred to as DBA (“doing business as”). Generally this type of registration is known as a sole proprietorship which simply means that an individual owns and operates the business. There is no legal separation between the individual and the business. A person benefits from 100 percent of the profits and is personally responsible 100 percent of all debts and liabilities of the business.

A Co-Partnership or general partnership registration exists when two or more persons join together in the operation and management of a business for profit. Under this arrangement each partner is liable for all debts of the business. All profits are taxed as income to the partners based on their percentage of ownership.

With both of this registration there is a minimal filing fee of $10.00. The application is one page and very simple to complete. The county clerk’s office will return the form with a seal stamp indicating that the name has been accepted and registered in the county.

Each business name is valid for 5 years, subject to renewal. The county clerk is prohibited by law from accepting a name for filing that is the same as or similar to another name already on file. (Keep in mind that spelling variations may exist.)

Before registering your Assumed Name or Co-Partnership on the county level, it is a good idea to check to see if this information can be searched on the county’s website if there is one.

My name is Marjorie Malone. I have always had an entrepreneurial spirit and over the years I have been involved in many MLM networks. I enjoy people and selling quality products and services. I am currently the founder and owner of an e-commerce speciality store called Blue Angel Boutique. You will find a variety of products and services to meet your gift buying needs. You will discover unique giftwares, inspirational items, home accessories, jewelry, and other resources. We are the Home of Universal Treasures because the products and services are universal to all. There is something here for everyone. Please stop by and visit at http://www.blueangelboutique.com

Investors in Your Business - 10 Things They Look for in a Business Plan

2005-10-05T11:44:00.000-07:00

By Lee Lister

1. A realistic, viable business idea that reflects extensive market research and includes a full analysis of the market and its relevant competition.

2. Motivation, credibility, experience, financial responsibility and investment from the owners and directors.

3. A manageable amount of risk that is compensated for by a profitable return.

4. A road map of goals, targets and milestones that will lead to profitability and the ability of the investors to profitably leave the company within a few years.

5. A financial budget that reflects the capital requirements necessary to fuel the operation through the start-up stage, make a reasonable return to the investor and allow for investment in future enhancements and product changes. The financials should include a break-even position, feasibility analysis and realistic profit forecast.

6. A comprehensive market analysis, reflecting the demographics of the market, the demand for the product or service, who your competitors are and how much of a threat they are to you.

7. A marketing strategy that will ensure that you penetrate the market quickly and position the company in a place where it can grow, capture market share and build your brand.

8. A competitive advantage that will meet the needs of a clear target market with stable growth potential.

9. A clear understanding of the company’s structure and culture as well as a clearly defined business model and strategy.

10. An overall attractive plan that reflects profitable capabilities, stability, entrepreneurship, financial acumen and that will provide a high return on their investment in a foreseeable amount of time.

Lee Lister, writes as The Biz Guru, for a number of web sites including her own sites. If you would like a great business plan "With Success Written All Over It" visit us at http://www.BizGuru.us With over 20 year’s management and business consultancy experience with businesses large and small as well as being a serial entrepreneur, she now helps others set up, develop and market their businesses. Also visit http://www.FindMeLinks.com for our internet marketing solutions or http://www.CDTrain.com for project and bid management training solutions.

This article may be freely distributed if this resource box stays attached.

Taking the Step Towards Starting a New Business is as Easy as 1,2,3, Err 4!

2005-10-05T11:43:00.000-07:00

By Lee Lister

It’s a fact that some people are not content with their current job and are looking for more challenges but are wary of the loss of security this may entail. Many others have that urge to start a business but are not sure when, where and how to make the jump to relying upon themselves. Starting out a business can seem overwhelming. Issues such as what you really want to sell, the legal technicalities of starting up a business, developing your business and marketing strategies and building that all important, customer base are just some of the initial obstacles entrepreneurs face. Here’s 4 steps for you to follow.

1. Form and define your ideas. Work out what you want to sell, in what format and who you want to sell it to. Find out what your potential competitors are doing and work out what you can do that is slightly different and preferably better. Talk to your friends and associates and get feedback – good or bad about your ideas. Look at other similar businesses in order to gain an appreciation of the market need for your idea and how large the market size is likely to be.

Once you understand the potential of your business, you should name your company and register it as a legal entity, obtain all the licenses that you need and do not forget your insurance – you don’t want to lose your business and your life savings before you even start.

2. Test your ideas with small groups of potential buyers. Ask them for feedback and ideas of how to improve them. Get a market stall or a booth in a shopping mall and hand out free samples in exchange for their comments – people loving being asked for their comments. The number of people who are happy to try your free samples gives you an indication of popular your product will be.

If you have a service, go to a conference and exhibition, get a small stand and offer your services at “introductory rates” or with added extras such as reports, books or training.

Look at all the different ways that you can pack your products or services. Maybe there is a market out there that you will discover as your test out your new business. Continually look for a niche market that you can jump into. A niche is a small market, usually with a dedicated following but with few suppliers. Many companies have made fortunes jumping into or making their own niches. Before Dominoes – pizzas were never delivered. Before Tupperware you did not buy things at a party. Ford was the first business to mass produce automobiles. Get the picture?

Continually get feedback – good or bad – and ACT upon it. Make notes; refine your plans, your products and your market as you go along. Look at how you sell and package them, where and when the best place to sell them is as well as your pricing structure.

3. Define your strategies with the aim of developing a loyal client base, having an efficiently running business and retaining existing clients. Develop a business strategy that sells your products or services in such a manner that your cash flow and profits are maximized.

Make sure that your business model works. This means that your goods and services are designed, packaged and delivered in an efficient manner. You have just enough stock, your prices are at their most effective level, and that the costs of fulfilling each order are as low as possible.

Define your marketing strategy to ensure that you have differentiated yourself from the competition and made your products and services compelling and a necessity to your potential customers. Ensure that you have established your brand that is how your customers will recognize your company, your products and what you stand for.

Once you’ve done this, formalize them all, alongside your financial needs, your market analysis and your company information in your business plan.

Most importantly, make sure that you stand out from the crowd, meet the needs of your potential customers and make a profit whilst having fun!

4. Implement your strategies raise capital with your business plan and confirm the financial capabilities of your business. Set up your fulfillment route, that is, how you obtain your orders, how you manage your customers and how you deliver the end products to your customers. Remember that you also want to look after your customers after they have received your goods or services. Remember a happy customer will recommend your business and hopefully come back for more.

Remember also to set up such items as manufacturing, storage, packaging, transport and confirmation of delivery. If need be set up payment processing and banking facilities.

Set up your web site and telephones, offices and make sure that your staff are trained.

Set your marketing plan in motion and all the associated processes so that you can meet, greet and make your customers happy.

Remember, Review, Innovate and Improve.

Lee Lister, writes as The Biz Guru, for a number of web sites including her own sites http://www.Bizguru.us With over 20 year’s management and business consultancy experience with businesses large and small as well as being a serial entrepreneur, she now helps others set up, develop and market their businesses. Also visit http://www.FindMeLinks.com for our internet marketing solutions or http://www.CDTrain.com for project and bid management training solutions.
This article may be freely distributed if this resource box stays attached.

Entrepreneurs (or Anybody Else): If You Must Use Credit Cards, Practice 'Safe Swiping'

2005-10-05T11:41:00.000-07:00

By Dr. Robert J. Lahm

“But Everybody’s Doing It”

Are you familiar with that plea some children make in an attempt to get what they want based on the behavior of their peers: “But everybody’s doing it”? Should you, as a business founder or one who wants to be, use credit cards, just because a majority of your peers are using them? Ironically, the answer may lie in the same type of parental analysis that might be applied to a child’s situation. Are you mature enough to handle the freedoms and responsibilities that are associated with the behavior? Do you know what you are getting into?

Have you checked your credit card statements and account terms lately, and read the fine print? What those disclosures say, once they are translated into non-legalese, is that if you use the credit card account, you both understand and agree to the terms. Have you noticed default interest rates (if you miss making even a single payment on time) in excess of 30 percent? These default rates are not all that dissimilar to those of loan sharks, especially in light of the fact that they have emerged during a period of record lows relative to interest rates set by the Fed and corresponding prime interest rates (the most favorable rates granted to financially substantial commercial borrowers). Are you aware that bankruptcy laws have radically changed, and that it is not nearly as easy to walk away from credit card debt as it used to be?

Do you realize that complaints about credit cards have been ranked among the top four consumer complaint categories based on data from state and local consumer protection agencies (just behind automobile repairs and home improvement)? Have you used your favorite search engine and combined various words and phrases such as “credit cards,” “consumer complaints,” and “hate”? (Be prepared to wade through millions of hits.) It does not take much perusing to come across stories of woe written by consumers who have been tricked and trapped by credit card companies. You need to understand that some banks are engaging in predatory lending practices.

There are stories being told by people who signed up for a low rate for the “life of the balance” only to later receive a notice that in the fine print it was disclosed that the bank could change this rate based on factors such as credit ratings (and other criteria, at the sole whim of the institution). Many banks have sent these notices although their customers have not even missed a payment, which is clearly egregious. You’ll note that these are not “shady, off-the-wall” banks relative to the names that you will see mentioned—these are brand name banks engaging in shady business practices.

The banking industry constitutes a powerful lobbying force, which exercises considerable influence with lawmakers. History’s “haves” have always enslaved the “have nots,” economically, if not literally. Do not count on any help from your elected officials whose names appeared on ballots in the first place due to political contributions from the industry. According to an article in the Washington Post (Jim VandeHei, March 27, 2005; Page A01): “Credit card and banking companies, who are leading the lobbying effort, were top financers of Bush’s two campaigns. MBNA, Credit Suisse First Boston LLC, Bank of America Corp. and Wachovia Corp. were among the top 20 contributors to Bush.” (Shortly thereafter, sweeping changes to bankruptcy laws, favoring credit card companies and the banking industry, as referenced above, were passed by arguably, the banking industry’s, and not “your,” legislature.

If You Must Use Credit Cards, Practice “Safe Swiping”

If you do decide to use credit cards to start your business (or as a consumer in general), you must find ways to protect yourself from the risks involved. Practice “safe swiping” every time you slide that credit card of yours through a card reader and charge on your account. This is no different than safe sex, or anything else that might put you and your well-being at risk. It helps to establish certain rules to go by.

Rule number one: Don’t be in a hurry to start a business if you do not have the resources to do so in the first place. If everyone you talk to is skittish about your idea, you really need to question its viability in the first place. Turn over every rock looking for alternatives. Finding a backer, such as a supplier who wants you to succeed, or finding a customer who commits to purchasing and advances the money up front, would represent two such alternatives. Save money in your personal piggy bank and accumulate resources. Start out with a revenue source from some activity that feeds into a longer-term vision. For example, develop a part-time business into a full-time business over a period of time. Think small and manageable. Think of planting tiny seeds, and nurturing growth until it’s time to harvest.

Rule number two: Ask yourself how you are going to pay back what you borrow—collateralize your own loan if at all possible. Be willing to sell something such as a nicer car that you own for a more modest one, for instance. Be willing to sell all of your “stuff,” to the extent that is necessary to raise funds (preferably up front, prior to starting your business; if you sell when you are desperate and strapped for cash, you will be at a unique psychological disadvantage).

Rule number three: Consider whether or not you absolutely must have whatever you are purchasing on a credit card. If you are charging expenses such as payroll, ask yourself other questions, such as “do I need these employees?” What alternatives have you considered in lieu of paying cash for their services? Maybe you should make them partners to the business and arrange for them to invest with their own “sweat equity” contributions to the enterprise. Have you considered temporaries, interns, freelancers, outsourcing, or virtual assistants? Have you fully automated your business, for example, with Internet enabled ordering systems?

Rule number four: Manage your credit card debt with a vengeance. Pay your credit card bills on time and protect your credit in every way possible. Use an automatic payment service through your checking account provider, an online service, or the credit card companies themselves—don’t ever be late. Send two payments just to increase the odds that one will arrive by the due date. Send payments by certified mail, if need be. Do not accumulate balances if they can be avoided. Remember that just about every letter from a bank that starts by stating, “We value your business,” probably includes a change in terms; a change of terms is just about always in the bank’s best interest and not yours, with few exceptions, such as when it is the result of a legal settlement against the bank.

Rule number five: Watch your own margins. Credit cards started out as a convenience, such that one did not have to carry cash; they were used as a short-term pledge against cash that one had, and would pay back at the end of a billing period (e.g., monthly). They were not designed as a long-term source of capital. Because they are unsecured (although even this is changing), as a vehicle for financing they usually come with higher rates. By using credit cards unwisely, you are doing the exact opposite of what entrepreneurs must do: you are, in effect, buying (capital) at high prices, and selling your good or service under circumstances that reduce your own margins. That’s not a formula for being competitive in the long or short run. If you can’t raise the price, consider ways to add value so that customers would be willing to pay more. If you can’t do that, perhaps you should go back to the drawing board. You might have an unprofitable product or service on your hands.

The above rules take us all the way back to the basics of a viable business idea: do you have a product or service, for which you can demand an adequate price, and sell and deliver in sufficient volume, at a profit—after paying all necessary and ordinary business expenses? Bootstrapping a business startup to get it off the ground is to be admired when it works, but a lack of resources is one of the most cited reasons for business failure—so beware. It should be noted that many entrepreneurs cut themselves short and go without health benefits, insurance, training and self-development, adequate time off, and numerous other perks as well as necessities that foretell their ultimate demise. We all have ideas, and many of these ideas are quite clever. You don’t have to be a managerial “somebody” to have a great idea, either. (Corporations can sometimes act downright “dumb” in failing to harness the creative power of rank and file employees). Nevertheless, the pages of business history are strewn with the wreckage of otherwise visionary plans, gone awry.

Perhaps the most critical issue is whether or not you can enlist the support that you need in every context that is necessary to launch and operate your business. It’s a pretty good sign when you tell four friends about your idea and they all immediately pull out their check books. Are you truly prepared to start your business? You’d better be pretty sure of your answer before you take the entrepreneurial plunge, especially if you plan to fund your startup with credit cards.

Dr. Robert Lahm is the founder of several businesses and Web sites, an entrepreneurship professor, a public speaker, and a writer. His typical topics include creativity and innovation, careers, start-ups, and small business marketing. Webmasters and other article publishers are hereby granted article reproduction permission as long as this article in its entirety, author's information, and any links remain intact. Copyright 2005 by Dr. Robert J. Lahm, EntrepreneurshipClearinghouse.com.

The First Step To Realizing Your Ebusiness Dream

2005-10-05T11:40:00.000-07:00

By Lynn VanDyke

Malcolm S. Forbes spoke directly to the entrepreneurial heart when he stated, "The biggest mistake people make in life is not making a living at doing what they most enjoy." A passionate commitment to pursue one's interests builds the foundation of so many small businesses. No matter how resolute business owners are in achieving success, Forbes and many entrepreneurs have failed to realize that passion alone will not produce a thriving company. Many have turned to the Internet and e-businesses as their first step towards independence.

The Internet has matured since the 1990's. It has grown and evolved into a mecca of self-employment possibilities for anyone willing to add a little elbow grease. Along with all the positives of this new Internet era came a boat load of new business hopefuls. These newcomers wanted the opportunity to follow their passion with minimal financial risk. The downfall of most e-business entrepreneurs is, without a shadow of doubt, the infamous GRQ- Get Rich Quick scam.

Successful e-business owners quickly realized that buying a domain and seasoning it with flashy banners and products did not guarantee anything except the likelihood of failure. These business leaders learned that to build a solid e-business, they would need the support of a company that could understand their fragile positions. They needed a company that would provide all the necessary technical tools for Internet success, but without all the technical headaches.

"I never would have believed that I could create the Internet business that I did. I wake up every morning and pinch myself. I pursued my passions and was rewarded with more than money," states Lynn VanDyke, owner of strength-training-woman.com.

"I knew everything there was to know about my industry, but I was absolutely clueless about technology and building a net-business. I researched for years and finally decided to take the plunge with a company I felt could support my technical lack-of-experience."

VanDyke found the same secret sauce of self-employment that so many others had discovered. It is renowned for its tagline- "e-commerce for the rest of us."

SiteSell is the golden jewel of successful e-businesses. The company has produced more than thriving entrepreneurs. With its vast array of tools and resources, SiteSell has created a legion of raving fans.

VanDyke has devoted a page in her site for hopeful entrepreneurs. Any interested readers may visit http://strength-training-woman.com/sitesell-ebooks.html and pick up their very own copy of SiteSell's free ebooks.

Malcolm S. Forbes was a visionary. He was able to relate the primal human interests of leadership and self-direction with the need to fuel innate passions. Forbes and successful entrepreneurs realize that every powerful business owner utilizes the absolute best tools for the job.

Lynn VanDyke is the proud owner of http://strength-training-woman.com Her time is spent educating the public about fitness and operating a network of self-employed business owners.

Before You Take the Entrepreneurial Plunge, Consider Various Business Models

2005-10-05T11:38:00.000-07:00

By Dr. Robert J. Lahm

There are some business models that are more accessible than others, to individuals who have little or no collateral, little or no cash, little or no entrepreneurial experience, little or no training, and little or no choice but to pursue an entrepreneurial dream without the benefit of resources which would ordinarily be nice to have. The purpose of this article is to briefly review some of the alternatives.

First, there are product oriented businesses versus service oriented businesses. In the case of the former, questions arise as to the source(s) of supply, how the inventory is to be managed, whether the product is perishable, and how the product is delivered into the hands of the customer. The business may need a substantial physical infrastructure. In the instance of a product like new cars, you need a lot, a parts department, service and cleanup capacity, and a sales, financing, and administration area. You will also need lighting, security, and other amenities to ensure that buyers have a sense of confidence in the business. If you’re selling ice cream, you need to keep it cold; this implies freezers and refrigerated trucks, perishibility, and substantial energy bills. If you’re selling clothes, you need display and storage space for a variety of sizes and styles. In all of these cases, you need the product itself in inventory. You might also wish to categorize this type of business as having one other similarity among others of like kind: these are “brick and mortar” businesses.

Service businesses may also require “bricks and mortar,” so just because a product is not physically stocked or otherwise identified as tangible, one must not jump to conclusions. A day spa, a bank, or a hotel, are all examples of service businesses that are also brick and mortar businesses. Generally speaking, brick and mortar businesses rely on a “place” where they must exist, and acquiring such a place requires capital. The “place” characteristics of a given business may carry great weight in the eyes of its customers or clientele. It should not be a surprise that many hotels and apartment complexes invest heavily in lobby and entrance areas when designing their facilities.

One might expect that professionals such as attorneys would charge significantly more, or less, simply judging by the type of offices in which their practices are located. Let’s compare two hypothetical situations. The first is the instance of an attorney whose office comes complete with marble floors, collectable paintings, and an attractive, albeit somewhat pouty, reception area representative. We could then compare this to another attorney, whose office is combined with an income tax service and a small engine repair business. The difference between the two is about $300 an hour. There’s a reason that high profile celebrity defendants hire so-called “dream teams” for representation: they get positive results.

Some businesses sell undifferentiated products or services. This means that the product or service offered by one business is the same, or substantially the same, as the one offered by competing businesses. A gallon of gasoline is probably a good example. (At the present time, it appears that every provider has the same goal: reap substantial profits from consumers.) One station may attempt to distinguish itself from another through slight pricing differences. Oil companies may proclaim “we do research to protect the environment with clean burning fuels that are better for your car"; but, a gallon of gas is a gallon of gas in the eyes of most consumers. Any slight price differences, auxiliary services such as clean rest rooms and a convenience store, and location largely determine where consumers will ultimately spend their money (in ever increasing amounts, it seems).

All business models require some form of promotion. The “person on the street” typically confuses terminology that is actually quite specific. The terms promotion, advertising, and marketing are often incorrectly used interchangeably, for instance. Marketing is inclusive of price, product, place, and promotion. A business can be promoted through word-of-mouth and referral; therefore, a good reputation and testimonials should be cultivated by any business. Some products require heavy paid advertising. “Paid” is the critical word here, in that it suggests that the advertiser has some choice in placing a message in before a desired audience. By definition, advertising is paid, non-personal communication; ordinarily it is underwritten by an identified sponsor; it is meant to be informative, if not persuasive in nature. By far, most advertising is local, even though one might tend to first think of national advertisers and brands in an advertising recall test (a test of what someone remembers).

Another way to promote a product is through personal selling efforts. Some types of businesses use independent representatives for this purpose, because it makes sense. For example, suppose that one has a line of porcelain figures that are sold primarily through gift stores. However, as a small business, it would be hard to afford a staff of in-house sales representatives to call on thousands of gift stores nationwide. One could use a firm that represents several product lines (such as greeting cards, writing pens, and silver) and simply add the porcelain figurines to the list of products that might be presented to gift store owners and buyers during sales calls. In a small business, it is the management team’s job to make sure that someone is doing the selling. It helps if the owner is comfortable with this role, as his or her passion for the business can usually be leveraged. However, if you are a prospective business founder, and you are not comfortable addressing audiences one-on-one, in small groups, or behind a podium, you’d better enlist one or more individuals who are competent in this area, for the sake of your future success.

After reviewing more marketing and business plans than I can any longer count, I can just about bet that material under the heading “Promotion,” will be the Achilles’ heel in a majority of plans. Authors of these plans, who are often lacking adequate financial wherewithal, tend to sum up an entire treatise on promoting a proposed product, service, or business with: “We will use word-of-mouth to advertise [sic]…” Word-of-mouth is a fantastic way to promote, if is nurtured. A large “buzz” can be created with a great product that is professionally represented through an in-house sales force, or independent representatives. Companies selling encyclopedias, vacuum cleaners, and cosmetics were built through independent representatives who approached consumers directly. More recent examples have utilized network marketing, where an emphasis on building organizational teams has been made. Senior representatives’ roles are to mentor the development of new representatives.

There are labor and equipment intensive businesses, and there are knowledge intensive businesses. Either can be relatively easy, or relatively difficult for a competitor to duplicate. It all depends on the degree of investment and specialization necessary to get into a business. This concept also suggests that there are certain “entry costs” into a given line of business or industry, and these costs represent barriers that must be overcome. The opening statement to this article, where I outlined various “little or no” scenarios, should be reiterated here. You should find a business that meets the “little or no” test according to your set of circumstances. A personal service or consulting-type business is far less expensive to launch than a restaurant or a retail store. If you have speaking skills and a set of overheads and hand-outs, consider a training and development business. If you’re good at matchmaking, become a recruiter or a dating expert.

Most of my own prior business endeavors have been service oriented businesses that required some specialized knowledge. Building a clientele and personally servicing that clientele has been a central premise in each of these entrepreneurial instances. That has often entailed long hours, scheduling dilemmas, and few breaks in between: clients want what they want, when they want it, which, more often than not means “yesterday.” With the advent of the Internet, an entirely new realm of entrepreneurial opportunity was opened to me and millions of other would-be entrepreneurs around the globe. Recognizing some fundamental differences in business models, I registered the Internet domain name, “WebPreneurship.com,” along with numerous others.

The main difference in Internet business models has to do with the fact that one can create an online presence, with the capability to represent numerous types of products or services, many of which can be entirely transacted and delivered using the Web as a facilitator of that process. Digital products can be downloaded; physical products can be delivered through contracted fulfillment services. A related concept, known as drop-shipping, can allow an Internet business to overcome this latter obstacle as well. Drop-shipping means that when an order is generated on an entrepreneur’s Web site, the product supplier or manufacturer will receive the order and send the shipment directly to the consumer. There is a virtual presence facilitated by technology and strategic relationships, as compared to a physical presence with associated brick and mortar costs. Hence, my own working definition of “webpreneurship” began to take shape.

Information products such as electronic books and reports have also created yet another new term in our vocabulary, known as “infopreneurship.” Infopreneurship has to do with making a living (on the part of the infopreneur) by providing information of value. Prior to the advent of the Internet infopreneurs did exist, although they operated under a whole different set of constraints that had to do with the costs of advertising, mailing, shipping, printing, and other expenses that the Internet has largely eliminated.

Even those business types that cannot complete the full product or service creation, selling, and delivery cycle, can enhance their presence over the Internet. For example, you can’t get a haircut on the Internet, but you certainly can look at styling options, pricing and service options, and location information (including interactive maps and directions); subsequently, you can book an appointment time and date. Basic Internet businesses can be created at relatively low cost, and can be maintained with a flexible schedule, assuming that they are fully automated and sell a product such as information and reports as compared to one that requires a physical product to be shipped. An entrepreneur may exercise the drop-shipping or fulfillment services mentioned above, or handle this for him or herself in-house. Of course the latter situation, relative to business models, entails providing availability to customers that confines the entrepreneur to the business during its publicized hours of operation.

Franchises and business opportunities (including buying an existing business) provide one major advantage over other business ventures that are started from scratch: greater certainty derived from a formula that is “tried and true.” If you have no idea where to start, but you are trainable and ambitious with a few dollars to spend, consider a franchise. There are some franchises that use what amounts to a “promote from within” approach, favoring successful managers as candidates for franchise ownership (and providing a helping hand toward financing the franchise fees). Bootstrapping and sweat equity go hand-in-hand, and if you really want a piece of the action, there are individuals out there who are looking for partners—you could quite possibly earn your way into owning a share, or even all, of an existing business.

As for me, I have come to enjoy having multiple roles and avenues for personal as well as professional fulfillment. I teach entrepreneurship at a university, write, and engage audiences as a public speaker. I have invested in several Internet sites. I have created several of these sites myself, while others are turn-key sites. (A turn-key site is one where a system is already in place to provide a product or service as well as technical support, transaction processing, and customer service.) For instance, I have one site that provides Internet domain names, and that is a turn-key site which I purchased for less than two hundred dollars. I am also an independent consultant for a network marketing firm that offers consumable health, wellness and beauty products. A network marketing structure offers me the opportunity to develop, train, and mentor persons who are interested in growing a business opportunity. Meanwhile, as a continual learner myself, I can enhance my skills and knowledge and benefit from peers and individuals who have already blazed a trail before me.

Every business model implies trade-offs and unique characteristics as well as lifestyle choices. I enjoy teaching, but I also think that staying connected as an entrepreneur makes me a better teacher. I like to learn, so I am always pursuing new insights through casual as well as formal research (which I share through writing and speaking). I enjoy helping others, and teaching, mentoring, and guiding others is essential, to me. As a person of humble beginnings whose accomplishments have often been the result of starting from scratch, my most profound lessons have been acquired from the “school of hard knocks.” If I can smooth out someone else’s path, I’d like to do that. I also have enduring financial obligations, like most people, as well as responsibilities and love for friends and family members. Thus, any entrepreneurial decision has a direct impact on every aspect of my life.

In your own way and given your own set of circumstances, you will have to juggle to achieve your own unique entrepreneurial and lifestyle solutions. Before you take the entrepreneurial plunge, consider various business models and their implications completely. Your decisions will impact your life in ways that are to be considered just as seriously as the business models that you scrutinize. The right model will serve as a pattern for your fulfillment and success. Whatever you do, I suggest that you seek spiritual, emotional, and professional balance as a guiding light in your entrepreneurial journey. Making the right choices will enable you to find your “groove,” gain your freedom, and live the kind of life that you’ve always wanted, both on and off the entrepreneurial playing field.

Tiny Entrepreneurship

2005-10-05T11:34:00.000-07:00

By Dr. Robert J. Lahm

Most Entrepreneurial Businesses Are Very Small—We Might Accurately Call Them “Tiny”

Recent research published by the National Federation of Independent Business (NFIB) has reported that approximately one-third of small businesses with nine or fewer people are located in someone’s home (National Business Poll: Business Structure, Dennis, 2004). Most small businesses (59 percent) “are owned by one individual (including his/her spouse if applicable),” and “twenty-seven (27) percent or over one in four have two owners.”

The U.S. Census Bureau identifies through its data a classification it calls “nonemployer businesses” (which is based on Internal Revenue Service (IRS) data obtained from annual business tax forms that are filed). According to the Bureau’s latest available nonemployer data, it has indicated that there are approximately 17 million nonemployers across all industry sectors. To place this number of nonemployer firms in perspective, consider this: there are a 5.7 million firms with employees as compared to 17 million without employees (for a total of 23.7 million businesses). As a whole, small businesses with less than 500 employees account for 99.7 percent of all businesses.

So what does this all mean, you might ask? Well for starters, it means that although large corporations may dominate news headlines, small businesses are the very “soul” of our economy. It also means that despite any misconceptions that you may have, most entrepreneurial small businesses are very small, indeed. We might accurately call them “tiny,” by virtue of their ownership structure, number of employees, and other dimensions by which they could be measured and described.

Overwhelmingly, Startup Businesses Are Founded by Bootstrappers

Once one begins to construct a realistic view of entrepreneurship in the U.S., it becomes apparent that there are millions of businesses with quaint beginnings. Instead of imagery that might be associated with the likes of Microsoft, Dell, and Amazon, three that made it to the “big time,” you might consider more accurate imagery associated with the vast majority of businesses as portrayed by the data. In provoking these alternate images, I might suggest a small business owner, whose condition is such that most of the assets of the business ride around in the back of a pickup truck with a trailer in tow.

The majority of businesses are also founded by bootstrappers—individuals who use creative financing, ingenuity and hard work as a substitute for capital. While many entrepreneurs clearly do complain about a lack of startup capital, it is also the case that some individuals are driven to succeed, regardless of the odds that are stacked against them. This is the type of individual who, after “making it,” is invited to speak at somebody’s annual meeting or a convention. Their stories often have a similar theme: “Life handed me a bunch of lemons, and I threw them back.” They are walking, talking, living, breathing business heroes who defied the odds and snatched a piece of the American dream. In some other cultures, it’s an insult to point out that an individual is a product of “new money” and the crassness of industry versus “old money” and the “pedigree” associated with privileged classes by birthright. However, in this culture, we very much admire and cheer for underdogs who win against adversity. The more humble the beginnings, the more these stories give the rest of us who are stuck in the trenches, hope.

Now, we can crack open some textbooks on entrepreneurship, and some will begin with arguments over “what is entrepreneurship?,” or “who is an entrepreneur?” Among those who pose the arguments, are some who discount franchise owners and the independently employed in favor of the traditional model that is often taught in business schools (and in elite schools, they can truthfully boast that it works—of course it works when many of the students have roommates with parents who hail from upper class backgrounds themselves). The model looks something like this: Have a great idea; write a business plan; present the plan to a group of bankers, lawyers, investors, angels and well-heeled friends; get the money; lease the space; fill it up with inventory and hire the employees; enjoy meteoric growth and profitable sales; cash out after an IPO (initial public offering); and live happily ever after. Unfortunately, this portrayal is largely a fairy tale.

You Can Pucker up All You Want

Most entrepreneurs are more like the frog hoping and waiting to be kissed. You can pucker up all you want, but I would not recommend closing your eyes. The good news is that there is a great deal of hope to be found in the positive interpretation of the data. There are literally millions of people who have their own small business, working independently as compared to working as an employee. I have phrased this last sentence carefully: even business owners have a “boss”; there’s no escaping the fact that unless you are independently wealthy, you are going to have to please somebody. Your new “boss” will be your clients and customers. You will need to get along well with your suppliers and build a cohesive team of individuals who are also dedicated to this cause. (In instances where I have switched from entrepreneurial roles to employment roles, I have sometimes been aggravated by recruiters who did not recognize the ludicrous stereotype of the entrepreneur as a loner, as compared to the quintessential team builder that he or she must often be.)

You do not have to have a sophisticated business. You do not have to have a business with extraordinarily high start-up costs. You do not have to be an inventor, or otherwise generate some sort of brilliant new idea. You do not need a college degree. You do not have to create your own business plan from scratch. With the right franchise or business opportunity, assuming that it has created a successful pattern for you to follow, you don’t have to know much of anything at all, except how to excel at following instructions and implementing the directions that you have been given. Putting all academic arguments aside as to what constitutes entrepreneurialism, you can leave your employer behind and forge your own future, with a small, “tiny” business.

How to Become a “Tiny” Entrepreneur, and Grow

Notwithstanding the above “good news” interpretation above, let me continue by undoing, somewhat, a few of the inferences that you may have drawn. While a business needn’t be sophisticated, as an entrepreneur, you must be alert and identify a need, even if it is a simple one, which begs to be fulfilled. Thus, you must keep your eyes wide open to opportunities that arise and create an ability to provide that which is lacking in an existing marketplace. It may be that this would entail doing so at a better price, or with a smoother delivery process, or better customer service. There’s nothing particularly earth-shaking about the concept of a local moving service in terms of sophistication, for instance. Building brand name recognition by providing customers with a stress-reduced or stress-free moving day may require some innovation on your part, however. You may need to pay your crew more, create an employee-owned company, or introduce some other sharing arrangement to increase sensitivity to the customer and his or her experience.

Relative to start-up costs, one of the biggest expenses during the initial stages of many businesses is the opportunity cost as it relates to time invested by the entrepreneur (this is often a “hidden” cost, because the entrepreneur fails to estimate or track time that has been invested). I highly recommend taking a long hard look at any entrepreneurial proposition before taking the plunge. It is perhaps a very favorable omen when one finds a little niche for him or herself that simply grows from a part-time pursuit to a full-time passion. When one little project that an individual services, perhaps while also holding a regular employment position, is contracted for and delivered, and then that leads to more projects, and more projects, a certain momentum that foretells the future of the business becomes evident.

Further, start-up costs become more inconsequential when incremental investments pay for themselves. If a carpenter buys $200 worth of power tools, and builds a deck for a customer, a service for which payment in an amount that compensates for time, tools, and other expenses is received, then that carpenter is well on the way to making the start-up cost issue a moot point. Thus, don’t try to swallow your start-up costs in one big gulp; you’ll probably choke and croak.

Even though you do not have to have a brilliant new idea or invention, it helps tremendously to have a unique twist in terms of the value proposition that you have set out to offer customers. This is otherwise known as a unique selling proposition. Without one, how will you make your business stand out from your competitors? You should strive to do something differently and better. If customers can remember you for the delicious “one-of-a-kind” slushy ice cone flavors that only you have managed to formulate on your end of an island, you will stand a better chance of being talked about and developing a positive reputation, and repeat business.

As for a college degree, or any education and training that you acquire—whether it is formally delivered or you are self-taught—the more that you know, the better. A formal education provides credibility to the extent that institutions, programs, and courses are respected. While we can argue that our education system has its flaws, as for myself, I am going to continue to demand that my physicians have an M.D. degree, that my attorneys have a J.D. degree, and that my accountants have a C.P.A. credential (which requires an accounting degree). I would also submit that anyone who points to the likes of Bill Gates or Michael Dell to support the argument that college has no value has forgotten to account for less optimistic stories associated with the millions of other individuals who are asking questions such as “Would you like fries with that?” for a living. The plight of this latter group can often be traced to a failure to pursue higher levels of learning and skills.

You should look at every possible avenue toward developing the type of business and lifestyle that you want. If you need guidance, start by reading “how-to” books and e-books. There are typically several “nuts and bolts” books on how to start a bed and breakfast, how to start a business for $1000 or less, how become a professional graphic designer, dog-sitter, or just about anything else under the sun that have already been written. Go to the library, to a small business development center, the Internet, or your local book store and read these books. You can also read articles on the Internet as well as offline (the fact that you are reading this is a reassuring sign).

Many entrepreneurially successful persons I have met tell me that they tinker all of the time. They also use combinatorial methods. Oh gosh, what’s that, you ask? This means that they apply things that they learn from a variety of sources and combine them to develop new ideas and opportunities. For instance, an e-book might discuss online marketing, and an article might discuss ten hot new product ideas; by using a combinatorial technique, an entrepreneur might decide to market a new product online, in a way that has not been tried previously. I have invested in several Internet sites. One of these sites offers domain names for sale, and I purchased the privilege to provide this service under a turn-key arrangement for less than two hundred dollars. (A turn-key arrangement means that an entire system was already set up to sell these domain names as well as provide customer service and technical support.) Offline, I am an independent consultant for a rapidly growing network marketing firm. I speak, teach entrepreneurship, and write. I have combined several of these activities to not only earn a living, but to do so while helping other aspiring individuals achieve their own entrepreneurial ambitions.

Talk to other people. Observe other businesses. Form alliances. Investigate business opportunities and franchises, or develop your own ideas and inertia. Introduce yourself in social situations, and let everyone know that your mission in life is to become a “tiny” entrepreneur, and grow. Over 17 million others have already become “tiny” entrepreneurs, and gained their freedom from traditional employment, which had previously been their only career alternative. Now you know that you can, too.

Entrepreneurs - 9 Top Mistakes to Avoid

2005-08-31T03:14:00.000-07:00

By Jane Johnson

1. Isolating Yourself
When setting up a business, you can get so overwhelmed with the administration that you don’t focus on building up your network. Networks can provide a way to catapult your business forward through referrals, joint ventures, or providing industry knowledge. Networking does not need to be through formal events but can come in many forms. Even using websites to become aware of who and what is out there is useful. Giving time for self development and training activities to grow your skills, can be one area that is given a lower priority which can often lead to unwise decisions.

How may you take more time to mix with people who you think can contribute to your business?

How may you increase the priority given to grow your skills?

2. Not Having an Overall Marketing Strategy
Instead of developing a comprehensive plan that has been thought through and well researched, many entrepreneurs just dive in with a few good ideas, using a try and see approach. Often these ideas are not suited to your niche or business type, or it is the wrong timing for the stage of growth you are at. Working from the start and considering what you offer and to whom, your branding, differentiation and positioning can all be crucial steps to work through for success.

Have you a comprehensive plan that is constantly reviewed and improved?

3. Not Sticking With a Marketing Strategy
Many entrepreneurs try a few marketing strategies and when these strategies don’t work in the first few weeks or months, it is assumed this is the wrong strategy and something else is tried. Often the strategies have not been tried for long enough to fully see the benefit, or for the entrepreneur to become skilled enough to make the strategy successful. Focusing on two key strategies to market your business can really test whether these are right for you. Another mistake is to focus too much on passive marketing, such as websites, articles, ads, etc, and not enough on active marketing, such as presentations, workshops, networking, and referrals.

What percentage of time are you spending on passive and active marketing?

4. Not Leveraging Your Time
The trap that all entrepreneurs are faced with, once a business starts to grow, is that they can’t do everything. Many will keep the business small rather than recruit help, outsource or delegate. Leveraging is one key to successful growth. This is a skill you need to learn to become comfortable with in order to grow your business.

Are there tasks that you need to delegate to successfully grow your business?

What sort of people do you need to turn to for assistance?

5. Not Generating a List of Leads
On beginning a business, you are constantly meeting people. If a database is not started in some form, many of these contacts can be lost and the opportunity to market to them is wasted. Providing an opportunity for people to sign up to a regular newsletter can be a valuable tool to develop a relationship with prospects that may eventually be interested in buying your products or services. To get you started, excellent free ideas on developing successful marketing emails, and other useful marketing ideas, are available from the Ezine Queen, Alexandria Brown.

Do you have some system to collect leads and contacts?

If not, what would be the most appropriate system for you?

6. Not Having a System to Follow
Developing a system that is repetitive, simple and that works, is crucial for success. Many entrepreneurs have a number of different ways of operating, and do not record information that can help them determine what is a successful marketing method; or do not develop a system that will keep their time commitment to a minimum.

Do you have systems that you know will work for you?

7. Lacking Confidence
Believing in yourself is crucial to successful marketing and gives you the ability to put yourself out of your comfort zone and grow. Confidence in your product and yourself is infectious and attracts clients. Most people who are successful do not wait for success before they feel confident. They have confidence in themselves and their ideas first; and then the success follows.

Have you decided you are worth something, even if you have yet to prove it?

8. Taking on Any Job
Distractions and following secondary goals are some of the main ways you can sabotage your behaviour and not concentrate your efforts to make a difference. Often called the "Shiny Light Syndrome", it is easy to be sidetracked into accepting many opportunities that come your way, just because you have been asked. Some of these may not fit your niche, experience, or passion. The end result can often be a poor, halfhearted job that reduces the amount of quality time you can put into projects that more closely match some of the above criteria. Being clear on your niche, your values, and your strengths can help you avoid "Shiny Light Syndrome".

What projects have you been involved in that were a distraction from your primary goals?

How can you avoid this trend?

9. Selling Only One Product
Having a product funnel can be a key to obtaining a regular source of income. Many prospects will be reluctant to purchase a highly priced product first, but may be willing to build up to this, by purchasing several lower priced items that give them confidence in who you are and the quality of what you do. For example, if a coach only sells coaching. Success is far more likely if a coach starts by having a free ezine, then some low priced ebooks, or a subscription website; followed by higher priced products such as a course, manual, or group coaching programme; as well as the highest priced items, such as private coaching.

How wide is your product funnel?

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This article may be reproduced in its current form provided the following credit is included.

Jane Johnson is one of Melbourne's leading Women's Performance Coaches. She has worked with many solo entrepreneurs, small business owners and executives, to enhance their success in their chosen career or business; and improve their income levels. She has also helped many clients find more fulfilling work. Jane is author of the home study course “Finding your Life Purpose” and several ebooks. She also runs teleclasses and workshops in these areas.

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Franchise Business and Franchise Businesses

2005-08-31T03:12:00.000-07:00

By Christian N

Franchise business is being part of a successfully proven business that has a name or trademark that is well known and profitable. Franchise businesses are strategically tried and marketable with options to expand by offering products and services that appeal to the consumer. Having to make the decision on which franchise business to buy can be challenging. Franchise business consultants can offer assistance to evaluate current franchise opportunities with valued insight. A franchise business consultant may also be able to offer assistance to the business owner who wants to make a current business franchisable.

Franchise businesses encompass many industries, offering variety of products and services. Before making a final decision in purchasing a franchise, evaluating skills and experience is a good idea in determining the right industry to indulge in. Is there a demand in the economy for these products and services? What kind of competition is out there? Is the franchise business a successful and reputable company? There are many questions to ask and answer before coming to a final decision on franchise businesses. Talking to a franchise business consultant will help with determining factors on what franchise businesses are the best to invest in.

One of the drawbacks to purchasing a franchise business is capital necessary to invest. There are institutions and financial groups on the Internet that offer help for financing franchise businesses. Some of these financial groups offer options in using a current retirement plan as collateral for franchise businesses. It is a very good idea to have an accountant to perform financial analyses of the business of interest. A franchise business should offer a disclosure statement about their company. This would include names of additional franchisees, a financial statement, costs associated with the business and the responsibilities of the franchisee.

Some franchise brokers will help in the negotiation process of purchasing a franchise business. It is wise to check on the broker's credentials before engaging in business. Some can offer assistance with working out a plan to franchise an existing business. Benefits to franchise a company may include, capital investments by franchisees, gaining a foothold over competition by opening multiple units, greater buying power through volume purchasing of products and supplies as well as greater name recognition. Whether desiring to purchase a franchise business or make an existing business a franchise there is valued assistance available on the Internet. Do a search on franchise businesses and start the process of unending possibilities. "Which in time past was to thee unprofitable, but now profitable to thee and to me". (Philemon 1:11)

For more information about franchise business and franchise businesses, visit:
http://franchises.christianet.com
http://franchises.christianet.com/articles.htm
http://www.christianet.com

Entrepreneurs - Your Well Being Should Come Before Profits

2005-08-31T03:07:00.000-07:00

By Yaro Starak

I believe the spiritual aspect of life, especially to entrepreneurs, is very important. While business may be the focal point for an entrepreneur's life, it's your outlook on life that shapes what kind of person you are.

Having a strong sense of self can benefit your business in many ways. The down periods and business 'tragedies' are not so bad for the entrepreneur that is spiritually centred. Don't take life too seriously is a phrase that every entrepreneur should take to heart and remember during the ups and downs of business.

I just finished reading a blog post from an entrepreneur friend of mine about meditation. My friend is meditating, and he's doing it a lot, which I find quite admirable. If he isn't careful he might give up business all together and follow the path of the monk searching for enlightenment, which may not be such a bad thing and perhaps even more rewarding than business ever could be.

I've attempted meditation for many reasons but more often as a method to deal with tough times in my life. I realise the need for meditation and spirituality during all times of life but as I'm sure many of you can identify with me when I say I don't look for help when times are great, I'm too busy revelling in the excitement.

As an entrepreneur I consider myself quite a creative person. I'm not gifted in art or music but certainly as a writer and business creator/manager I feel that I am definitely more bohemian than most. I think most entrepreneurs feel the same because we are not following the same path a lot of other people take when they work a normal job. Often the thought of a 'job' is not appealing and the prospect of working 9-5 for a salary is daunting. We take a risk by being different and expose ourselves to the often adverse opinions of those that believe we are making a mistake by not seeking a standard career. It takes a person of strong character and personal convictions to stand up to what can be a barrage of negative feedback from your peers and family.

I'm also more sensitive to my environment and the people around me. I live a controlled life and make sure that I eat well, sleep plenty and by choice I don't drink any alcohol. I have nothing against drinking (in moderation), it's just a choice I've made. I don't party hard on weekends, again by choice because I prefer to get a good nights sleep so I feel good during the day. Because of this I don't get sick too often (touch wood) and I feel at the top of my game everyday. I'm not saying do what I do, it's possible to party and drink and have a good time and be a very successful entrepreneur, just remember moderation and balance and your health should always be your primary concern.

A spiritually fulfilling life can be very rewarding. It provides a strong personal framework that offers stability during tough times and allows you to keep perspective when business is booming. It's not easy to be disciplined but as usual, for those that put the effort in the rewards are there.

By Yaro Starak
http://www.entrepreneurs-journey.com

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Yaro Starak is a young entrepreneur from Australia. He works part time from home on several web based business that generate between $2,000 and $8,000 per month.

Entrepreneurs Just Get Better With Age

2005-06-27T02:16:00.000-07:00

By Tim Knox

Q: I'm thinking about starting a business after I retire next month. I'll be 65. Am I too old to start a business? -- Milton A.

A: Milton, congratulations on your pending retirement. I find it admirable that after many years of hard work you are thinking about starting a business. While most men your age would be content to sit on the porch and watch the world go by, you are considering a ride on the entrepreneurial roller coaster. You're certainly tall enough to ride this ride, but are you too old?

Here's my standard answer: It depends. It depends on your health, your energy, your drive, your goals, and of course, your finances. If all those are in good shape and you have your spouse's approval (that's a biggie), then there is absolutely no reason why you should not start a business at your age.

In fact, the numbers are actually in your favor. According to recent studies 22 percent of men and 14 percent of women over 65 are self-employed. That's compared to just 7 percent for other age groups.

According to a Vanderbilt University study the number of entrepreneurs age 45 to 64 will grow by 15 million by 2006.

That's compared to a 4 million decline for entrepreneurs age 25 to 44.

A 1998 survey of baby boomers conducted by the American Association of Retired Persons (AARP) revealed that 80 percent of respondants planned to work beyond retirement age, and 17 percent of those planned to launch new businesses.

The study noted, "Self-employment among American workers increases with age, with the most dramatic jump occurring at age 65."

Older entrepreneurs may also find starting a business easier than their younger counterparts because older entrepreneurs tend to have more experience to draw from and more assets with which to finance a business.

Further evidence comes from a report released by Barclays Bank entitled Third Age Entrepreneurs - Profiting From Experience. The report shows that older entrepreneurs are responsible for 50 percent more business start-ups than 10 years ago. This amounts to around 60,000 business start-ups last year alone.

The survey also showed that today's third age entrepreneurs (as the report calls entrepreneurs over the age of 50) don't mind putting in the hours required to build their business. Nearly 49 percent work an average of 36 hours or more a week.

Third agers also rated holidays, lack of stress and a balance between work and home life more important than their younger counterparts.

The report further showed that only 27 percent run the business as the only source of household income, with 51 percent supplementing their pension.

Other key findings showed that third age start-ups account for 15 percent of all new businesses, and third age entrepreneurs are three times more likely to be male than female. There is a downside (isn't there always?). Many businesses fail within the first few years and older entrepreneurs may be less able to handle the financial loss than younger entrepreneurs.

It's one thing to lose everything at 25, but it's a much bigger deal to be financially ruined at 65.

So my advice, Milton, is that if your health and finances allow (and the Mrs. gives the green light) by all means start your business.

Climb on the entrepreneurial roller coaster and hang on tight.

You get the senior discount, by the way.

Just try not to lose your lunch when things get bumpy and you'll probably do just fine.

Here's to your success.

Tim Knox

Small Business Q&A is written by veteran entrepreneur and syndicated columnist, Tim Knox. Tim serves as the president and CEO of three successful technology companies and is the founder of DropshipWholesale.net, an online organization dedicated to the success of online and eBay entrepreneurs.

Related Links:
http://www.prosperityandprofits.com
http://www.smallbusinessqa.com
http://www.dropshipwholesale.net

Expand Your Resourcefullness!

2005-06-24T23:10:00.000-07:00

By Damien Senn

The success and failure for the entrepreneur is largely dictated by the ability to gain access to resources, both personal as well as those of others.

So the big question is then 'how does one become more resourceful?' Like many of the skills of the entrepreneur, resourcefulness requires constant cultivation. However, if you can develop this one skill the payoff will greatly exceed the cost!

Below are 4 simple strategies you can put into practice to increase your resourcefulness;

1. Manage Your State.

The best way to gain access to an increased level of personal resources is by managing your state of mind and being. If you are feeling lousy, chances are the internal resources that you are able to tap into are going to be pretty lousy as well. If you are in good physical condition, well rested, fed and hydrated, your ability to push yourself towards the destiny you desire vastly increases.

Develop awareness around what pushes you into both productive and unproductive states. Then if you really want to be more resourceful, make the simple decision to do more of the things that inspire your productivity and less of the things that don't. One of the disciplines I personally follow, is exercising first thing in the morning before I do anything else. If I miss a day, the difference in my energy levels and consequently my resourcefulness is profound.

2. Seek Out Expert Resources.

Your ability to succeed in business is largely influenced by your ability to gain access to expert knowledge. The secret here is that you don't actually have to be the one that has that knowledge! You just need to be able to know when and where to find it.

Make a habit out of leveraging the experience and expertise of others. Meet with these people in person or access their knowledge through their books, CDs/DVDs, coaching programs and workshops if they offer them. You'll be amazed at the transformational effect it can have on your business.

3. Develop Relationships with Connectors.

Connectors are the very special people who seem to know everyone and who are described at length in Malcolm Gladwell's groundbreaking book 'The Tipping Point'. Chances are if you are experiencing any form of business challenge a connector will be able to put you in touch with someone who can help you. Connectors are resourceful purely due to their ability to tap into the resourcefulness of others. Their desire and willingness to share their resources can often have a profound impact upon the resourcefulness of those around them.

4. Share Your Resources.

If you want to gain access to the expert resources of others you have to be known as someone who actively shares their expertise, knowledge and resources. Remember that you are not in a school playground anymore. There are no prizes for keeping your toys to yourself!

If you are looking to develop an abundant existence through business, become someone who solves other people's problems. Brainstorm ways you can continually increase the number of people you impact in this world, charge a fair price and then watch your business take off!

The true benefit of resourcefulness

When you are fully engaging your resourcefulness and actively engaging the resources of others, you will become a magnet of opportunity. People, projects and funding will increasingly gravitate towards you and before you know it, your business aspirations will start to manifest!

Copyright Damien Senn 2005. All rights reserved.

Damien Senn helps entrepreneurs create compelling businesses. He is one of the UK's top Business Coaches as well as a fully qualified Chartered Accountant.

Damien is the author of the 'Senn-Sational Success Journal' and has developed his own coaching model called the 'Senn-Sational Success System'.

For your FREE download '101 things to do before you die' please click the following link:
http://www.senn-sational.com/freeresources.htm

Financing Your Business

2005-06-22T22:54:00.000-07:00

By Tim Whiston

Anyone who is serious about making some money is already very well aware of the fact that it takes some type of investment to make this happen. I've read a lot of copy that suggests one can build a business for free, if they are willing to spend an extra amount of time to compensate for their lack of financial backing.

At the risk of bursting a few bubbles, I'm going to put this myth into perspective right now. While it's true a lot of hard work can make up for some weaknesses in your budget, the idea that anyone can build a prosperous business from the ground up with zero monetary investment is, at best, ridiculous.

I'm not saying this to discourage anyone. Quite the opposite, I'm trying to help people who are new to all this avoid months of frustration by giving them a dose of reality.

With the proper determination, you most certainly can succeed without spending a small fortune. However, there is simply no way to avoid putting at least some money into your projects if you truly expect them to grow and expand.

Maybe you don't have a lot of money to spend right now, and that's fine. There's nothing wrong with looking for a few freebies in the beginning, but you should definitely start mapping out a plan to generate some operating funds for your networking business.

Sit down and draw up your current budget. Start with your total monthly income and deduct all your monthly expenses. Next, identify any excess spending that can be reduced or curtailed. You may even need to develop some ideas of how you can generate a little extra money throughout the month to help fund your business. An honest, organized approach to identifying your financial capabilities and limitations is essential for your success.

Some of the things you can do to increase the size of your advertising/operating budget include:

- Reduce some of the "frills" on your monthly cable bill (pay per view events, movie channels, etc.).

- Locate a few extra hours of offline work per week. This could be another part time job, or it could be a matter of picking up some "odd work" a few times per month.

- Reduce entertainment expenses. Consider eating out less, or saving money by catching the matinee show instead of the more expensive evening movie.

- Consolidate your credit card debt into a single card, thus lowering your monthly payment obligation.

- Take out a small business loan.

- Have a garage sale.

- Buy your essentials (toothpaste, razors, deodorant, etc.) at a "Dollar Store." Thrift stores often retail the same merchandise sold at corporate stores for a fraction of the price.

These suggestions may sound silly to you, and that's fine. We all set our own priorities. If your business is just a hobby, then you probably aren't willing to go to extremes to insure its success. On the other hand, if the success of your business is paramount to your personal happiness, going the extra mile isn't too much to ask.

Personally, I think of network marketing as my "ticket" to freedom and porsperity. With this attitude in heart and mind, I am more than willing to cut a few luxuries and funnel as much revenue as possible into the growth of my business.

***************

Tim Whiston has enjoyed network marketing on the world wide web since April of 2003. He now publishes a Network Marketing Ezine called the Weekly Networker. Be sure to check this newsletter out and read more of Tim's articles.

Be An Entrepreneurial Artist: Paint A Picture, then Commit It to Canvas

2005-06-20T02:13:00.000-07:00

By Sheronde Glover

James had an original concept and he needed an investor. He had a compelling business idea that was a sure winner with the right financial backing. James painted a great picture of the vision he had for his business, but there was just one problem: James wanted to be a businessman, when he needed to be an artist.

They say that a picture is worth a thousand words; effectively, an artist uses his/her skills and talents to create and tell a story on canvas and a business owner should be no different.

Every business owner I’ve ever consulted has been pretty good at painting a verbal picture -------colorful and imaginative. Enthusiastically they share visions, goals and objectives. Unfortunately, far too many are painting pretty pictures, but failing to commit them to canvas. This is why James decided to call. He recognized that his idea would only get him so far. He knew that he had to get something on paper in order to convince an investor to back his vision.

A picture (your vision) is nothing more than an ideal, the first step for bringing forth life. All artists, like entrepreneurs start out the same ------- with an idea and a blank canvas. Differentiation begins with those that are willing to commit. As a business owner, you may have an ordinary idea or you may have a masterpiece, but if you don’t commit it to canvas, the world (and more importantly, you) may never know.

Years ago when I worked in social services as a case manager we were told, If you don’t document it, it didn’t happen. In other words, what we did and said wasn’t important. If we didn’t document it in the client record it was as if it hadn’t happened at all.

Imagine what it might be like had, da Vinci perhaps, decided to paint verbal pictures? Do you think you could have imagined the intricacies of his paintings without actually seeing them? Do you think you would have pictured the Mona Lisa the way da Vinci had? I doubt it.

This is why entrepreneurs must become not only savvy business men and women, but also brilliant artists that paint pictures and then commit them to canvas.

The details, depth, and key to successfully starting and running your business begins with the picture you paint. It evolves and grows as you put it on canvass. When you commit your ideas to canvas, you give yourself, potential investors, and ultimately customers a visual of your work.

Here are 4 Tips for Becoming an Entrepreneurial Artist.

1. Be Observant – Artists often paint or draw from observing things –nature, people, landscapes, etc. Observing people, potential clients, other businesses, entrepreneurs, and industry professionals is a great way to begin conceptualizing your vision, setting goals, and understanding your market.

2. Take Notes – Make notes of the things you see, things that work, make you smile, ideas you have, and positive quotes. Carry a journal everywhere you go.

3. Be Creative – Explore new ideas, products, and services. Do something different. Entrepreneurs are synonymous with creativity.

4. Commit to canvas – After completing steps 1 through 3, commit your ideas to paper in the form of a business plan, proposal, sales strategy, marketing plan, new brochure, card or flyer.

Sheronde Glover is a business consultant and trainer specializing in small business marketing and development. She is the author of Sipping Tea and Doing Business: A Holistic Journey to Business Success. For more great tips for business and marketing, you can contact Sheronde at 770-210-0726 or visit online at http://www.sippingteaonline.com

Achievements Outweigh Education and Experience

2005-06-14T03:55:00.000-07:00

By Tim Knox

Q: When it comes to succeeding in business, which do you think is more important: education or experience? -- Regina M.

A: Regina, have you seen the television show, Fear Factor? If you haven't seen it you've probably heard about it. Fear Factor is the show where they put contestants through all sorts of pseudo-death defying feats like bungee jumping off a bridge over a pool of crocodiles and driving a car through a wall of fire (you know, the stuff we did for fun in high school).

The contestant who overcomes their personal fear factor wins the cash and prizes (usually at the cost of their dignity, but I digress).

The highlight of Fear Factor is the eating competition. That's when contestants are invited to partake of all sorts of culinary fare. Yummy stuff like monkey brains, all manner of live bugs and spiders, moose intestines, old fruitcake (the horror!), and my personal favorite, live giant worms. At this point the competition becomes not so much who can overcome their fear actor, but who has the lowest gag reflex.

Your question makes me feel a little like those contestants, Regina, because no matter how I answer I am opening a can of giant worms that I will undoubtedly be forced to eat later.

My highly educated peers will argue that education is much more important than experience, while my highly experienced peers will argue that experience is more important. Either way, it's worms ala carte for me.

Oh well, I've eaten more than my share of crow over the years.

How much worse can worms be?

It's important to understand that the success of an entrepreneur is not measured by how much education he or she has or how many years of experience are under his or her belt. An entrepreneur's success is measured by achievements, not words on a resume.

By definition, an entrepreneur is a risk-taking businessperson: someone who sets up and finances new commercial enterprises to make a profit. Entrepreneurs start businesses. The smart ones then hire MBAs to run them.

Let's start with education. Is a Bachelor's degree or better required to succeed in business? Of course not. An MBA from Harvard might give you a leg up in a job interview, but it certainly doesn't guarantee that you will succeed in business. Nor does it automatically mean that you will be a better business person than someone who didn't finish high school. Knowledge is a good thing - if you know what to do with it.

Perhaps it is the academic environment itself that turns mere mortal nerds into budding entrepreneurs. The late '90s proved that college students with no experience beyond organizing a frat keg party could start businesses that would exceed all expectations.

Many would argue that the key to success for most of these ventures was that the founders (or the VC financing them) were smart enough to know that while they had an abundance of education, they needed experienced managers to really run the show.

Larry Page and Sergey Brin were college students when they started the company that would become Google. They were smart enough to bring in Eric Schmidt to be chairman and CEO when the business took off. Schmidt was the former CEO of Novell and CTO of Sun Microsystems. A PhD, Schmidt is a man of education and experience.

Jerry Yang and David Filo were candidates in Electrical Engineering at Stanford when they started YAHOO (Yet Another Hierarchical Officious Oracle) in 1994. They brought in Tim Koogle from Motorola to run things shortly thereafter and now the company is led by Terry Semel, who previously spent 24 years running Warner Bros.

Now on to experience. Is experience a prerequisite of business success? Again, not at all. Many experienced entrepreneurs gained their experience in failed businesses, so experience does not instantly translate to success.

So, when it comes to succeeding in business, which is more important: education or experience? While neither is as helpful as a rich relative, here's the answer that will hopefully help me avoid those worms: Both education and experience can play a large part in business success.

The more important question is can you succeed in business without one or the other, or even without both? And the answer to that one is: yes. Can I get ketchup with those worms?

Many successful businesses were started by first time entrepreneurs who never went to college. Natural talent, ambition, drive, determination, and good old dumb luck have fueled many success entrepreneurs, myself included. I don't have a degree (I drove past a college once. It looked hard, so I kept going). Would a degree have helped make my business trek easier? Perhaps.

Then again, I know people with advanced degrees who are flipping burgers at McDonalds. It's good experience, I suppose.

A combination of education and experience (and a variety of other things) is the best recipe for success. As the old saying goes, "There is no better education than that which comes from experience."

In the end, it really doesn't matter how much education, experience, talent, luck or money you have. It's what you do with it that matters.

Here's to your success.

Tim is the founder of DropshipWholesale.net, an online organization dedicated to the success of online and eBay entrepreneurs.

http://www.prosperityandprofits.com
http://www.smallbusinessqa.com
http://www.30dayblueprint.com

What Makes An Entrepreneur Tick?

2005-06-14T03:53:00.000-07:00

By Jay Harris

It is only natural that when you start a business, you are doing something different than most people. They not only will look at you because you stick out like a sore thumb _ but human nature will cause people to naturally ridicule what you are doing. They will tell you all types of things like: "You're not business material." "You can't make a living working for yourself." "You'll fail because nobody can ever make any money that way."

Entrepreneurship is not just about having a lot of ideas or business sense. It is also about having a lot of guts. You have to build self-confidence in yourself. You have to only be concerned with pleasing yourself and your Creator (God) _ not mankind. Then, when (and if) you should fail with this particular venture, you'll just dust yourself off and start again. It doesn't matter if people "think" you're nuts! They aren't paying your rent and running your life. Don't be concerned with what people "think" you should be. Just please yourself and do what you feel is right. People are too busy competing with society and "keeping up with the Jones's" that they do things they are not comfortable with just to appease them and look "normal" (whatever that is.)

And if you have to _ start out small in building your self-confidence. I used to be so self-conscious that I would never eat at a restaurant alone because I thought people would believe I was lonely and had no friends. Unbelievable, but true. But, everyday I worked on walking into a restaurant, taking a magazine to read and eating alone. I would glance around, and to my amazement, no one ever looked at me. No one cared that I was eating alone. Then _ it dawned on me; "Who cares what these people think? I'll never see them again." Besides, there were a lot of other people eating alone also and I could absorb myself in the magazine I had took to read. Now, I can eat in restaurants and not give any thought to the people around me.

But back to business _ when most people do fail in business they try to "save face" by telling everyone they are "just in a slump" and everything will be back to normal soon. Besides, they don't want people to say: "I told you so" and destroy any pride they are still hanging onto. Unfortunately, this only delays the problem and creates even more false hope for the people in your life as well as yourself.

The best thing to do for anybody in this catastrophe is to swallow their pride and admit they screwed up. Just face it head on! Admit that you were so proud of your accomplishments that your mind became diluted with "visions of sugar plums and fantasyland."

If your small business is beyond repair, go out and find a job and begin working on your next small business in the near future. Keep your family fed and your financial obligations met but look forward to the day when you WILL succeed with your new business venture.

And why should you try again? Simply because you won't make the same mistakes you made this time. If you built something successful before (but failed), you are certain to build the next business stronger and wiser. Even if you fail the second time, it won't be because of mistakes you made the first time. You'll learn more and more _ and eventually be successful. It's inevitable!

Article by Jay Harris of IMI Concepts. Visit his website
http://www.imiconcepts.com/directory.html

Self-Esteem and the Entrepreneur

2005-06-14T03:48:00.000-07:00

By John Samtron

Isn't it funny how people think that being self-employed is so cool? They think that you get to take lots of vacation time and spend all of the profits. What they don't realize is that you put in outrageous amounts of blood, sweat, and tears to get there. They don't know that you have to take the blame for every single thing that goes wrong. They don't know how many times you fell flat on your face before making it work. They think that you simply come up with a cute little idea over dinner one night and within a couple of months you're flying high living the rich man's life. The reality of the situation is very different. Statistics consistently show that most successful entrepreneurs failed a handful of times before finally finding that winning formula. It's during the failure years that you earn all of those future vacations and big fat salaries. Delayed gratification takes on a whole new level, doesn't it?

One of the toughest things to learn during those failure years is the self-esteem that comes with it. Self-esteem doesn't come from having everything come easily and effortlessly. Real self-esteem comes from having worked yourself until you're almost in tears and then having someone tell you that you're working too hard and ought to just quit. Real self-esteem is explaining to your folks for the umpteenth time why you're still poor and struggling at self-employment instead of getting a ‘real job' and making lots of money as a salesman like your baby brother does. Real self-esteem is deciding to learn from your mistakes instead of giving up and quitting. Real self-esteem is being financially bankrupt and giving it another try anyway, because you just know that this time you're going to make it all come together.

These are the types of events that form good businessmen. Ladies, you know I'm including you in this too. Real self-esteem is when you tell your husband that you are not going to give up on your silly little dream and that it's not just a stupid hobby, it's your company and your career aspirations. These types of events give us the backbone it takes later to be able to make the tough business choices that make the difference between breaking even and making a profit. These types of events teach you how to stand up for yourself and what you believe in. Self-esteem is not having to justify your business decisions. You know what's best for you and your company and you really don't need anyone else's blessing, approval, nor support. If you can't do it without someone cheering you, then forget it. It's not called other-esteem or coach-esteem or friend-esteem. It's called self-esteem because you have to muster it up all by yourself.

You don't have to have a lot of self-esteem when you launch into self-employment, but you'll learn it along the way or else you'll never make it to that luxurious lifestyle that keeps floating through your daydreams. To get started, you just have to really believe in your product. Nobody can really be 100% positive that they are going to succeed at their first attempt at self-employment. After you have had a few years of failures and some successes, you start realizing that you actually know a thing or two compared to the newbies coming into your industry behind you. There will always be someone who knows more then you and someone who could learn from your experience. Self-esteem comes from knowing that you can learn and that you will continue learning until you get it right. Don't expect to feel perfectly confident all of the time. It's all a big game and you have to find the rule book while trying to master the game.

I once opened up a fortune cookie while struggling with the decision of whether or not to launch my own company or not. The message inside the cookie read, “The world needs your gift as much as you need to give it.” That little fortune has since fallen apart and been thrown away, but I always have a newly typed up version of it scotch taped to my computer monitor. It has reminded me many times over, that I do this not for the money, but because it is who I am. What else would I be doing if not running this little company of mine?

Sometimes, we entrepreneurs keep going simply because it's who we are. We are a different breed and it's part of how we define ourselves. The way that others are musicians, or politicians, or teachers, or doctors at the very depth of their soul, we are at the depth of our soul entrepreneurs. We must play at that particular game because it's what we do. Sometimes we have a spiritual mission behind it, or a vision of the world being better off for having purchased our environmentally safe product, or a deep belief that people can be helped and nurtured by the services offered by our company. It's who we are, it's what we do. Self-esteem shows up later as a result of reflecting on just how far we have come in our attempts to accomplish such an important goal.

Self-esteem isn't knowing that you will succeed. It doesn't come from having all of the perfect craftsman's skills and the perfect level of education before starting your own company. It's knowing that you can acquire whatever skills and knowledge you don't yet possess. It's knowing that you are capable of working hard and tenacious enough to see it through to the end. It's knowing that as much as you appreciate the cheerleaders in your life, that you'd keep going even if nobody else believed in you. It's knowing that you don't know everything you need to know but that you are capable of learning more. It's knowing that the world needs your gift as much as you need to give it.

John Samtron, is the editor for http://www.self-confidence.tv.

All the resources you will need to improve your level of self-confidence are right here on http://www.self-confidence.tv. By using these resources you will feel like a new person in no time. We offer our visitors two tools designed to help them develop better self-confidence. We offer a FREE self-confidence interactive course and Unbreakable Confidence ™ the most comprehensive self-confidence eBook available today on the Internet.

Do You Have What It Takes To Be An Entrepreneur?

2005-06-14T03:46:00.000-07:00

By Tim Knox

Q: I am interested in starting my own business. I have a business degree and lots of experience in my chosen field, but I don't know if I have the necessary skills to really make it on my own. Any advice? Marie C.

A: You've hit the nail on the head, Marie, because when you're an entrepreneur it's truly up to you to make it on your own. Sure, you may have investors and advisors and employees and friends and family helping you climb the ladder, but in the end you're the one who walks the high wire alone.

There are a variety of skills you'll need to succeed as an entrepreneur and chances are do not possess them all. One of the great things about being an entrepreneur is that if you lack certain skills you can always hire people with those skills to help round out your company skill set.

Here are a few of the skills you'll need starting out and others you can build upon later. Different stages of business require different skills.

People Skills
Every budding entrepreneur should have good people skills. The ability to walk into a room and befriend everyone there is often more important to your business than an investor with deep pockets. The more you can make people like you, the more they will want to do business with you.

Networking Skills
Networking is one of the best ways to build partnerships and find new clients. Networking simply means that you go to functions that attract the people you need to know. A successful entrepreneur is also a successful schmoozer. It's the entrepreneurial equivalent of "kissing babies and shaking hands." Whether it's the weekly Rotary luncheon or a Chamber function, show up with a pocketful of business cards and meet as many people as you can.

Leadership Skills
To be an entrepreneur is to be a leader. Even if you are a company of one, you must have the skills to take charge and to lead. It's much easier to learn leadership skills when you only have yourself to manage. These skills will come in very handy as you add employees and your business grows.

Management Skills
Management skills encompass a wide variety of tasks, including managing the daily operation, growth, employees, customer relations, investor relations, and so on. Poor managers make for poor entrepreneurs.

Employee Relation Skills
Your employees are one of the most important assets your business has and it is important that as the boss, you develop a professional relationship with your employees. It is important that your employees feel appreciated and you show it financially and professionally.

Team Building Skills
As your organization grows you must have the ability to build a team that can take your business to the next level. Your team not only includes employees, but also partners, your accountant, your attorney, and investors. Anyone who has the ability to impact your bottom line and growth should be part of your team.

Marketing and Sales Skills
Until you grow your business to the point that you can justify adding a marketing person, it will be up to you to think up ways to market your business. As I've said before, marketing is one of the most critical areas of business as getting the word out to customers is the first step in generating revenue.

Like marketing, selling is vital to the success of your business. Starting out you will probably be the one making sales calls and closing deals for your business. You must have the ability to sit in front of a prospective client and sell them on your service or product. Many entrepreneurs find this difficult to do as sales is more art than skill. This is also why one of your first hires when able should be a good sales person.

Time Management Skills
Unfortunately, there are only so many hours in the day and for entrepreneurs that means we must manage our time well or inevitably some things won't get done. I find that it helps to plan your day the night before. I know before I ever get to the office what I have to do that day. I know the order I will do things in. Of course, something always comes up to throw a monkey wrench in my plan. When the unexpected happens I try to add it to the next day's schedule. If that's not possible, I deal with it and then try to get back on track. That's not always possible, but having a plan certainly helps.

Do you currently have all these skills? Probably not. Very few people possess them all even after years in business. Does a lack of these skills mean that you shouldn't start your own business? Of course not. Entrepreneurial skills can be learned and improved over time.

Here's to your success!

Tim is the founder of DropshipWholesale.net, an online organization dedicated to the success of online and eBay entrepreneurs.
http://www.prosperityandprofits.com
http://www.smallbusinessqa.com
http://www.dropshipwholesale.net

Cut to the Quick - What is an Entrepreneur? The Inside Story

2005-06-09T04:22:00.000-07:00

By Martin Thomson

Enjoying the title of entrepreneur is a hollow feeling.

If you have ever been out of work and joined a multi level marketing outfit, or joined the ranks of "commission only" sales reps you are considered to be an entrepreneur.

I call it hollow, because the word resonates within us on some fundamental level. Images of independance and success beckon to us as we discard the shackles of a 9-5 job.

We are our own boss.

The reality is quite different. Ugly even. In fact, other entrepreneurs feed of our naive ambitions by playing to our dreams in an effort to enslave us in their own aspirations.

Where else can you find willing, free, labour to work for absolutely nothing. In exchange for this privellage, some will even use their own meagre resources to aid the operation. They buy samples, use their petrol, their time, their money, in an effort to make the sale. To get PAID!

I wager this is the experience of the majority. This is their first taste of entrepreneurialship, and it taste disgusting.

An entrepreneur is supposed to make money! Lots of it. They are meant to be the hirers. NOT the ones hired.

I have watched over the years as family or certain friends have rang me with wrapt enthusiasm about a new product they have. It amazes me how willing they were to throw it all away for the promise of the dream.

The real entrepreneur is a professional. He has asscociates and not an upline, or a boss. His asscociates benefit from him, but not eclusively. Its a mutual relationship or its severed.

Here is a dictionary definition of an entrepreneur:

"A person who organizes, operates, and assumes the risk for a business venture"

Read the key words here.

"assumes the risk for a business venture"

This is really the essence of an entrepreneurs job. To get paid for the risks they take.

Educated, calculated risks.

The world is full of these successful individuals. They live by the spontaneaous whim of their instinct. They earn in many spheres of endeavour.

90% of these successful entrepreneurs operate in the world of proffessional "opportunity investment"

They start with virtually nothing, and build up a large seed capital account by simply investing small, and selling for a big price.

Opportunity Investment can be utilized at every imaginable price point. $100 is all thats needed or even less to make your first transaction.

Next time somebody offers you a packaged entrepreneurial "job" tell them you'd rather be paid by the hour. Your time is worth more.

However, if you live with the spark of a dream, consider the lucrative and genuine world of the entrepreneur: "Opportunity Investment"

Visit the link below to discover more.

Content rich site, with new forum. Take $100 and turn it into $1 million in a specified number of months utilizing the little realized principles of "Opportunity Investment" - http://www.opportunity-investor.com