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Category Archives: Business

Qualities Of A Successful Entrepreneur

1. Unwavering passion

In my opinion, being an entrepreneur demands commitment and dedication. If you are mildly passionate about your products or services, you will not succeed. When you start a business, there will be many challenges. You will face a lot of highs and lows. You will have to find something that keeps you motivated to work in order to build true wealth for yourself.

2. Open-mindedness

Successful entrepreneurs are open-minded people. They are constantly trying to learn new things from new people. They are not afraid to ask for help and they are flexible. Successful entrepreneurs are also able to soak up the best practices used from other people like a sponge. The fear of failure can make it easy to hold onto your vision with tight grip.

3. The desire to become an expert

Successful entrepreneurs like challenges. If they did not, they would probably choose another line of work. When you spend many years in the same industry, you will eventually know everything about it. Knowing what has been done before can help you recognize how to move forward. In the mean time, I suggest that you build relationships with people, so you can gain some support when you decide to launch your business. The relationships you build with people along your journey to success is invaluable.

4. A forward-thinking approach

In my opinion, successful entrepreneurs are always thinking ahead. Sometimes they may step away from the road map, but they always come back and continue to push forward. If you have a clear set of goals that are established, the chance of you getting stuck in the process is very slim.

5. Ideas that constantly flow

Successful entrepreneurs do not rest on one project. They constantly ask themselves, “what’s next?”. They understand that being a businessman or woman is a lifestyle choice and not a destination.

Info of Expansion of E-Commerce

Entrepreneurs who are involved in start-ups should consider focusing their business towards an online store, rather than confining their company to a building. The internet can reach more consumers and could also allow businesses to have larger inventories. Providing consumers with a larger selection can lead to an increase in sales and having fewer physical locations can reduce the amount of money spent on overhead, thus increasing profit. Entrepreneurs with existing companies should also put more effort into their website for the same reasons. Many retailers also utilize promotional emails to draw customers to their site. These promotions are a way of reminding customers of their business and keeping the company front of mind. The website can also create a communication line between the company and the consumer. Customers may leave reviews on product and send feedback to the business, which could influence or encourage others to make purchases.

Amazon is a successful company that often comes to mind when consumers think of shopping online. As the largest name in e-commerce, they draw in many consumers by creating a fast and convenient shopping experience. They showcase a variety of products and have managed to greatly simplify the checkout process. Many other retailers are attempting to shift their businesses in the same direction. For example, Walmart has been attempting to draw consumers to their online business by offering incentives to shoppers. Some of these incentives include an automatic discount with select purchases, as well as free shipping to any store. Entrepreneurs may consider modeling their approach to e-commerce after these successful retailers.

Creating a stronger online presence allows for companies to connect with more consumers. Buyers are attracted to the convenience of the shopping experience, as well as the vast inventory they are given to choose from. Entrepreneurs can increase sales by attracting more consumers who are interested in this wider variety of options and increase profits by reducing the amount of money spent on overhead. Focusing on improving the business’s sales online can facilitate a relationship between the entrepreneur and the consumer that will benefit both parties.

Start a Plumbing Business

Starting a plumbing business, a bakery, or a high-tech company all requires the same basic thinking strategy. To remember it best, use the EASI acronym. In this case, E stands for emotion, A for achieving a win, S for simple and straightforward and I for the implementation.

Everybody wanting to start a business should be aware that it is going to involve plenty of challenges, hardships, stress, worry, and a multitude of other issues. The process of starting a business has often been likened to jumping off a cliff, and building an aeroplane on the way down. It will mean sleepless nights, long working hours and the unwavering support of family and friends around you. This is real, and the reason so many start-up businesses fail.

The first step, therefore, is to examine the reasons that you want to start the business in the first place. This involves an examination of the emotions, or feeling behind the rationale of starting your own plumbing business. Everyone will have their own reasons for wanting to start their business. It may be as a last resort as they are unable to find employment in the field, it may be that they hate having a boss, it may be that they want to become extraordinarily wealthy. Whatever the reason, it is essential that the owners of the business, if there are more than one, are aware of the strength of their emotions regarding the venture. This will determine the power of the motivation, the real forces behind the venture, and, with the aid of a skilled consultant, allow the prospective business owners to determine if their vessel will survive the storms on the ocean, or if there needs to be some additional emotional management included.

The second item speaks to the vision, or goal of the organisation. A prospective plumbing business may have as its goal to be a loss leader and therefore a tax write-off. It may be that achieving a win with the business would be familial survival, or putting children through school. Either way, all the owners need to be able, collaboratively, to understand what the goal is and to have a combined vision of the business that everyone can buy into. Without this shared vision, any subsequent planning and strategizing will ultimately be negated and sporadic, with everyone involved having different goals and aims, instead of pulling together in the right direction.

Keep Things Simple and Straightforward

It does not take any real skill to make things more complex. The real genius in any situation is to make things more simple. This line of thinking is propagated by all the top entrepreneurs such as Richard Branson, Bill Gates, and Elon Musk. Albert Einstein often used to say that if you couldn’t explain a thing to a six-year-old, you didn’t understand it yourself. In light of this strategic thinking, the next piece of advice is to keep all your plans and strategies simple and straightforward. Set a goal that everyone involved, all the stakeholders, can buy into. See where you currently are, and plan a way to get to that goal that all concerned can understand, appreciate, and take ownership of.

The final step in setting up a new plumbing business is to implement the strategy. Without a rigorous implementation strategy and plan, all the goal-setting and personal examination of business vision and motivation will just become a distant wish. Implementation plans fall into five basic categories; overall business strategy, financial planning, human resources and communications, sales and marketing, and project management. All businesses must be able to conduct planning with respect to these five regions of business expertise in order to be successful.

Implementing Your Plumbing Business Strategy

The first step in initiating the plan within all the five sectors that need examination is to complete a real, practical, and genuine business plan. Having gone through the initial strategic thinking process as outlined above, compiling an overall business plan should be relatively easy. Nevertheless, failing to spend sufficient time aligning a business plan to the strategy will mean that the business is also likely to fail, because one of the well-known factors in determining business success is that more than 80{0c6f08671619fdafb8f8598f2cd85f3b99f181e0524d6ced935274866d48cecd} of successful businesses have determined their overall strategy in detail, aligned the business plan, gone into each aspect of the business plan in detail, and repeat this strategic thinking process regularly amongst all the stakeholders.

Once the business plan has been compiled in detail, with all the necessary inputs being not only realistic but pragmatic as well, then the detailed considerations in each of the five business aspects can begin. This should dovetail with the business plan, but expand on the details simply stated in the plan to some extent. In the case of a plumbing business as we are considering here, some of the parameters in these five aspects of the business will be examined. Not in an attempt to intimidate any prospective plumbing entrepreneurs, but rather in an attempt to illustrate the importance of this strategic thinking process, and the reasons why it should be conducted in detail, and why utilising effective and experienced business consultants will not only increase the chances of success, but probably save substantial money in the medium to long term.

Five Business Areas to Conduct Planning

These five business areas, as related to a plumbing business, are strategy, financial, sales and marketing, human resources and communications, and projects. Overall strategy has been discussed in some detail, and following the above instructions will guarantee success in this regard.

The financial planning aspect when starting a plumbing business is of crucial importance. A detailed understanding of potential income, and expenditures related to the running of the business need to be examined. Whereas these are obviously tied in the overall strategy, the practical aspects of a plumbing business will need to be added by the stakeholders, using their experience and knowledge of the field. Office premises, the maintenance of stock and supplies, transport, and the ability to survive until the income exceeds the costs needs to be determined. All potential financial considerations, such as stakeholder input, the possibility of generating loans and financial support and receiving up-front payments all need to be planned in great detail.

Income of a plumbing business is directly related to the amount of work undertaken and the charges levied on this work. In an overall sense, the amount of income must exceed the costs of the business, and the aim of any sales and marketing plan is to ensure that this is, in fact, the case. With the advent of social media and the internet, the avenues available to market a business have increased exponentially. The starting point for any plumbing business, like any service related business, is to determine in as much detail as possible who exactly the people are that would be providing the business with revenue. These people, as a whole, are called the buying persona of the business. A plumbing business may, for instance, decide to stay small and provide after-hours services to family and friends, or it may target large corporate projects and tenders. Or anything in between. The better any prospective plumbing organisation understands exactly the behaviour, like, needs, wants, and aims of their prospective market the better they will fare. The example here is that a plumber who caters to the lower end of the economic market would use more print media and posters to advertise the business, while a plumber catering to an upper market segment may elect to use social media more since richer people have smartphones and will be reachable using digital platforms.

Human resources and communications requires detailed planning on its own too. Depending on the structure of the plumbing organisation, and their unique selling points, there may be a customer service department required, or a marketing department if this is the determining factor of achieving business. Planning and structuring the organisation accordingly will depend on the overall aims and vision, but will need to take the entire business plan into consideration.

Plumbing services generally will require on-site operations and the effective management of these operations as individual projects. Good project management is key to any service industry and the basic principles of project management is going to be essential. Once again, though, project management should not be seen as a complex and difficult issue, but rather a simplified and straightforward way of dealing, and communicating with all the stakeholders involved in every project.

Ways to Overcome Barriers

1. Take a different direction. When there is a stumbling block in your path, try to take a different direction, through the metaphorical woods for example. In other words, if you are faced with a barrier in your path and you don’t see any way to move forward, try to think of a solution outside of the box. Come up with something creative and you might find a way around the barrier.

2. Think about it from someone else’s perspective. Think about this problem pretending to be someone else. You might think of a solution that you would never have normally. Imagine that you are someone else that has had a great deal of success in business. What would they do if they were in that situation?

3. Try to think of a way to make the barrier smaller than it currently appears. For example, you might think that a problem is a huge, life-changing event that will prevent you from ever achieving your goals. But if you think about it for a while, you might find that it’s not nearly as big as you thought it was.

4. Take a break and let your subconscious mind do the work. When you have a problem to overcome, and it is keeping you from the success you desire, consider just forgetting about it for a while. Sometimes your subconscious mind can do its best work by itself, and long after you have moved on to a different task, your mind might pop up with the perfect solution.

5. Turn the problem to your advantage. You might think that something is a barrier keeping you from reaching your goals, but what if you could turn it around and make it actually work for you instead of blocking your path. When you come upon problems, try to think of creative ways that you can make them actually get you closer to your goals instead of stopping you.

Become Open to Inspirational Business Ideas

The first thing that you’ll need to do is get rid of your preconceived notions. That is much easier said than done, but it is possible. You’ll start with identifying your preconceptions and determining which of them might keep you from being open to an idea when it comes along. Then, get rid of that assumption entirely. This way, you have nothing blocking the path if a good idea should come along.

Next, you’ll need to start paying more attention to your surroundings. It is very easy to become so used to your regular routine that you don’t notice the things around you. But those things are going to be what inspires your business ideas. As you go about your daily life, look for things that are related to business. In particular, look for niches that have to be filled, for needs that are not being met. These are where you will find the best business ideas.

You also have to know how to recognize the good ideas and sift out the bad ones. This requires that you think through an idea thoroughly before you do any work towards it. You need to determine exactly how the idea will work and what sort of pitfalls you can expect to find. Sometimes, an idea that looks great on the surface will turn out to be terrible, and sometimes the opposite is true.

The most important thing that you can do is to continually think about things from a business perspective until it becomes so much of a habit that you are unable to turn it off. That is when you will start coming up with amazing ideas, one of which could just make you a millionaire if you put in the work. But the idea has to come first so get to thinking about things!

Why Health & Financial Success Are Related

Are financial success and health actually related? The answer is yes. Science has found correlations between someone’s physical fitness or health and their success in business or other areas of their life. The simple fact is, healthier people make more money and achieve more of their goals than those who are not as healthy. Let’s look at five reasons why that’s the case.

You release endorphins by working out first thing in the morning

When you work out first thing the morning, you release a bunch of endorphins that stay with you for hours. This means that you head to work with a glow about you and an easier time focusing on tasks and getting things done.

You have more energy when you are eating right

You also have more energy when you are eating the right foods. Fast food, carbohydrate overload and other habits that people fall into can actually zap your energy, make you tired and cause you to get less accomplished throughout the day. People who get the right nutrients from their diet and who do not overeat are much more able to get things done and have the energy that is required for reaching goals.

You have more confidence to accomplish goals

You also have more confidence when it comes to the goals that you set for yourself. That’s because you know that you can achieve difficult things already, thanks to the goals that you’ve set for yourself when it comes to health and fitness.

You are respected more by your peers

You also get more respect from people when you are fit and healthy. Unfortunately, that’s just a fact of life. People that are fit and obviously healthy get jobs more often than people who are not, they get higher salaries, they make more friends and of course, they have an easier time with romantic partners.

About Speaking Online

Teleseminars are strictly audio and are delivered over the phone or online. A webinar is a teleclass with visuals, usually via a PowerPoint slide show, that’s delivered online in a visual format.

Both teleclasses and webinars are great ways to deliver your signature talk to groups of people worldwide. When used together with joint venture partners, teleseminars can be one of the fastest ways to build your list, as well as attract more clients and sell information products.

Create a signature talk that you can use as a teleseminar or webinar, and look for opportunities to deliver it. To make a signature talk, draw from your signature program. Pick a few of your steps to cover and talk about why they are important and what results can be expected from going through them.

Give your audience just enough content to see the value and want more, i.e., your program. That is, give them what they need to know to lead them to what you have to offer.

Tips

Speaking live can be a very lucrative way to get your message out and get clients. Here are some tips for where to find speaking gigs:

· Online organizations such as eSpeakers and Women Speakers Association

· Local networking groups that have your target market

· National groups such as BNI and Meet-up local chapters

· Local clubs who are looking for speakers such as Lions Clubs and Rotary Clubs

· Joint venture partners who have an audience that is your target market

· Do your own talk, publicize it in your community and use a local facility such as your local library

· Toastmasters and Entrepreneur Groups

Set up Your Own Workshop

Another angle on speaking to groups is to give a free workshop. It could be something where your attendees actually do something as they learn from you. This is a great way to get high-quality leads for your back-end coaching programs. They get first hand experience working with you and a certain percentage of those participants will want to work with you further.

Take the Risk

At this point, the entrepreneur realizes he is committed to the ride ahead whether he likes it or not. Both the rider and the entrepreneur try to relax and get a breath of fresh air before the journey ahead. In the next second, they are off again. Screaming down a 150-foot drop at 100 mph, full of chaos, twists, and turns. Neither are entirely sure where the ride is taking them, but they must trust they made the right decision beginning this adventure. If you have ever conquered your fear of roller coasters, you know that the risk was well worth the feeling you had at the finish line. Every successful entrepreneur will tell you the very same thing.

There are many benefits that come with the risk of starting your own business venture. The greatest benefit in my opinion, is their ability to give back to the community. The relationship between the community and small business is something very special. Small business allows communities to grow internally amongst themselves. It provides the community with many job opportunities that give the locals a chance at work if they are not interested or qualified for corporate work. Competition stimulates the growth of other small businesses within the community, only providing the community with more jobs. The community also benefits from keeping its tax dollars circulating locally. By giving back to the community on a consistent basis, your business will inherit the loyal, regular customers. If an economic crisis arises, big business will take a devastating loss, while the local business will most likely be able to adapt to the crisis due to their loyal customers.

Must know about Business and Relations

Supporting charities is important to both businesses as well as building relationships within communities. Having a common interest allows the businesses to develop a good strong relationship which goes beyond everyday business.

Going forward, further collaboration will allow the relationship to grow and have a continued benefit for business.

Both of the businesses are new but have learnt quickly that forging relationships is key to business. Building relations grows knowledge, our network and contacts, reputation and referrals and even assists with the development of ideas.

Since the inception of the businesses both have shared their business experiences, learnt from each other and have been able to identify strategies that work more quickly. As both have varying skills, experience and backgrounds the businesses have also been able to collaborate on particular projects, which have in turn allowed plans to move forward. Both companies are unique in their offering of differing services but have found that they can still be linked depending on the client and their requirements.
Links can be made with the most unsuspecting of businesses. It is therefore important not be closed minded to opportunities as it could prove most valuable.

Two opposing businesses can vary in their offerings and can be from different fields in the market but their target markets are similar in that they cover a broad spectrum and are widely spread. Both businesses can adapt similar marketing strategies and can work together to achieve this.

Having a successful business is more than just making a profit its a continual learning curve. Each day brings a new challenge which can be achieved by having the right information, from the right contacts, with the right network. Building a network that consists of relative contacts as well as those outside of the box has proven to be very beneficial. Each contact or person met is a potential opportunity for business, clientele, relations or even knowledge. It is important not to discount a new business relation that is not directly related to the business field i.e. Event Management or Relocation.

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.