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Monthly Archives: August 2018

About Entrepreneurship Knowledge Services

Since most companies are started with very limited funds, many entrepreneurs are reluctant to set money aside to pay for consulting services to fill in their knowledge gaps. For example, many create a website from the many templates available. Some are even free.

Where the company website is concerned I feel that the use of existing templates is a false economy. The website functions as an online calling card and needs to put your best foot forward. For site visitors, seeing a format that they have seen before can reflect badly on you.

The amount of time required for the entrepreneur to become proficient enough to develop a quality website takes time away from tending to functions relating to product knowledge, operations and management. Contracting with a website development company could be the solution.

Websites, to be noticed, must go through the Search Engine Optimization (SEO) process. The purpose of SEO is to improve your website’s chances of ranking high in a search. The mechanism for doing this is complex and dynamic. This again is a very specialized function that is often beyond the capability of the business owner.

There are functions which may be grouped under the heading Entrepreneurship Knowledge Services that will present the company at its best. In addition to the website and SEO examples these can include Business Strategy Planning and Business Valuation Services.

Entrepreneurship Knowledge Services is a rich term covering what one needs to know to be a successful entrepreneur. There are other issues to be considered besides knowledge however. Do you have the right temperament? Do you have enough tolerance for risk? Can you acquire the funds to be a success?

My recent experience is that the cost of business services for the self-employed is going down. One of the reasons is the quality and economy of services from Indian consultants. My experience with two firms in India has been positive. This is simply my experience, and yours can be vastly different, but I got a substantial amount of website design for about $4,000 and SEO for about $2,000.

Leverage Your Income With Overrides

For instance, let’s say your employer is paying you $36,000 a year. What do you think he needs to be making off your efforts in order to afford to pay you $36,000 a year? The answer is, at least double, but probably around $100,000 would be more realistic. So, if he is making $100,000 on your efforts and he is paying you $36,000 then he is probably actually paying you more like $40-something thousand because of social security and all those other things that you are not aware of that he is paying. On top of that, with all of the benefits and taxes that he has to pay on your account, you are probably costing him around $50,000 per year.

So, if he makes $100,000, then the difference from what you cost him and what he makes is $50,000! That $50,000 is his override on you.

If you are an employee you are being overridden – everybody! Even if you are making $200,000 – you’ve got to be worth a lot more than $200, 000 for somebody to pay you $200,000! So, you are being overridden right now too.

Now, think about your employer, are you his only employee? How many employees are there at your work – about one hundred? So, let’s say he’s making $50,000 per employee in overrides. What’s he making? A lot of money, right? He is taking advantage of what is called leverage. That’s why being a business owner is better than being an employee, because now you can start leveraging your time and energy.

“I would rather earn 1{0c6f08671619fdafb8f8598f2cd85f3b99f181e0524d6ced935274866d48cecd} off a 100 people’s efforts than 100{0c6f08671619fdafb8f8598f2cd85f3b99f181e0524d6ced935274866d48cecd} of my own efforts.” ~ John Paul Getty

Making 100{0c6f08671619fdafb8f8598f2cd85f3b99f181e0524d6ced935274866d48cecd} off 1 person’s effort is the most unstable form of income this planet has ever known, yet it is sold with a false sense of security. Most people think that they have security when they have a job. However, the problem is, you don’t own your job and it can be taken away from you at a moment’s notice. You have absolutely no control and 100{0c6f08671619fdafb8f8598f2cd85f3b99f181e0524d6ced935274866d48cecd} of your income is off your efforts. That is why it is a false security.

True security is having a thousand people who you are overriding.

Overrides are the most stable form of income. Overrides don’t get sick; they don’t get hurt; they don’t die; they don’t get laid off and they can work 24/7/365.

Info of Partnering With Other Entrepreneurs

1. Sharing capital instead of expenses

2. Partnering with someone because you can’t afford to hire

3. Lacking a written and signed partnership agreement

4. Overlooking a limited partnership

5. Lacking an out or an exit strategy

6. Expecting the friendship to outlast the breakup of the partnership

7. Having a 50/50 partnership

Why would you want to avoid those 7 partnership killers?

Sharing your expenses can make it easier to just walk away if an issue occurred between the partnerships. However, sharing your capital will not be as easy when it comes to walking away.

Partnering with someone just because you can’t afford to hire may cause extreme issues. What if you and your partner decide to work against each other, then tension will form because the employees wouldn’t know who to take instructions from.

Always have a legal and formal written agreement that is handled by an unbiased attorney. Make sure to keep the business card of that attorney just in case issues occurred down the road.

Make sure each partner knows what they are liable for and make sure to have a legal and formal written agreement for this as well. Having an attorney to handle this matter would be wise too.

Remember to have an exit strategy. While doing research I came across the perfect terms for this situation. Prenuptial agreement which is what most people get before getting married. Make sure to have a written agreement that discusses who will get what and how the partnership will come to an end.

Expecting to remain friends with your partner after the business ends? The best thing to do is to lose that expectation. Things may get ugly during the “break-up.”

Don’t go into the partnership 50/50. Someone needs a little more control than the other partner. It is best to go into the partnership 60/40 or 70/30. This gives you a “point person for accountability and overall operational control.”

All partnerships do not always come to an end. Forming a partnership with another entrepreneur could be beneficial too. Here are 7 advantages of forming a partnership with another entrepreneur.

1. Twice as much manpower

2. Diversity in skills

3. Different Perspectives

4. Someone to hold you accountable

5. Someone to evaluate ideas

6. Networking opportunities

7. Ability to keep things in perspective

Ever partnership has good and bad moments throughout the relationship. Many partnerships fail and many also succeed. The strongest qualities of a true entrepreneur is the fact that they take risk and they do not give up. If one partnership fails then you will learn from it and can move on to the next partnership. Life is all about taking risk, making changes and learning.

Make Sure Your Goals Are High Impact

IMPACTOR is an acronym that points out the key steps in setting goals that matter, so your business can have impact.

IMPACTOR goals begin with impact, which I define as where your unique business meets the world and makes it a better place for all of us. Your impact intention needs to be clear before you begin. What difference do you want to make?

Make sure your goals are measurable. It’s tempting to be vague. Don’t give into that. What you measure is more likely to happen.

Goals should be specific, particular. Rather than saying, I want more customers, make your goal 10 more customers. Or two joint venture partners, rather than just ‘more’.

When you get in the planning fever, lofty goals can take a bigger place than is healthy. Goals should be challenging, yes, but make them achievable as well, so you don’t freak yourself into paralysis.

Can you describe your goal to your team members, those who will be implementing it? Be clear about what your goal is, so you can articulate it.

Be time-specific. Give each goal a timeline. You may miss it slightly, and that’s OK. Be willing to adjust, but not so much that the timeline has no teeth.

Now that you’re aware of these criteria, we’re going to do a little alchemy here. At this stage in the IMPACTOR model, goals become objectives. That means they’ve been vetted against the IMPACT criteria and found worthy.

Finally, create your Get-To-Do list. Attach a few key results to each objective, to clarify how you’ll achieve the objective. Your business is a gift to yourself and to others. You get-to-do these things!

Make your goal setting a high ROI activity by using the IMPACTOR Goals model. They’ll ensure that your goals will get you where you want to go, with high impact.

Ursula Jorch is a speaker, business coach and consultant who helps entrepreneurs grow a successful business that makes a difference in the world. A 21-year successful entrepreneur herself, Ursula helps you define the difference you want to make in the world and develop strategy and marketing so you have ever-expanding impact.