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Category Archives: Business

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.

Tricks To Start A New Business

1. Avoid making excuses

Many people have dreams of becoming successful businessmen, but they end up unsuccessful. They have excuses and a fear of failure. As a matter of fact, you may have millions of excuses for not starting your own business.

Actually, what excuses do is slow you down so you don’t achieve your goals. So, if you are serious about starting a new business, we suggest that rid you of all the excuses. You may want to look for a solution to your problems rather than make excuses.

2. Absorb everything

You may want to listen to your family, friends, experts and, of course, yourself. As far as dealing with things that are related to your business goals, you may want to become a sponge. With new ideas, you may want to spur on yourself to keep going. You may want to write down important ideas and maintain notes from different sources so you can have a solid business plan.

It’s not a good idea to ignore advice from experienced business men. As a matter of fact, experts know what works and what does not. Actually, smart people learn from the mistakes made by others.

3. Find a solution

As a matter of fact, if your product or service solves a problem people have been facing, it will be easier for you to get a customer base. For instance, if you are going to develop an application, find out if it can solve a problem people have been going through. If it does, go ahead and work on it.

Aside from this, you may want to understand your motives and find out more about the problems that your target audience may be facing.

Wealth Creation Formula

Income is King

The most important step in the Wealth Creation Formula is creating income. Income is King and without income, you will fail financially. It’s that simple. How important is income? There are countless stories of professional athletes who have become broke, filing bankruptcies, and working regular jobs after retirement. Of course, their bad spending habits, bad investments, and poor money management have led to their financial downfall.

But the one key that most people miss is that once those professional athletes retire they do not produce those million dollar checks anymore. Their professional careers are over and they stop producing that income. Regardless. if they lived a lush lifestyle if they still had that big payday they would be OK.

Once the income especially those million dollar contracts dry up they are in trouble. They still have to produce income after their careers are over. According to Sports Illustrated, after only 2 years of retirement, 78 percent of NFL players were either broke or struggling financially. Within 5 years of retirement, 60 percent of NBA players are broke. When you have expenses and no income to match it the only result is going broke.

Start Where You Are

Income is your source of wealth. Your job or business is the key. Whether you like what you do or not it is producing income. Furthermore, if you are making money there is a chance to create more of it. What I love about the Wealth Creation Formula is that it gives you a blueprint that can be applied to any profession, career, or job.

The best place to start is where you are now. You have a source now it’s time to milk it before it dries up. Your job or your business brings in money. Your next step is to increase your income flow. I will teach you how to do that in the next lesson. For those of you without an income. Go create one now.

Creating Income

If you have a job or a business look for ways to create more income form that flow. If you are unemployed, well you need to get some money. Go get a job, sell some stuff online, go to the streets and beg. You have to get an income flow. You will not get rich without earning money. The question is what can you do now to earn money?

Learn how to create income. You have strengths and a skill set that can get you paid. But you have to learn how to develop it. Your job trained you on how to be employed. Thus you perform their duties and you earn money. With that being said now it’s time for you to learn more to earn more.

Charles Fitzgerald Butler is an entrepreneur and expert in sales and marketing. Charles has a passion for helping people start and run a successful business. You can partner with Charles and start building multiple income streams from your home. Charles’ goal is to help all who partner with him achieve cash flow and profits from their business.

Info for Young Entrepreneurs

1. Find your obsession. “Find your obsession” is different from “follow your passion.” Your passion is something you love doing. Your obsession is something you cannot live without doing. And there’s a difference. A passion is sometimes borne from a hobby, for example, photography. You may be passionate about photography, but when the pressure is on to make money with photography that passion can wane in the drudgery of the daily work. Conversely, if you are obsessive about photography, rarely will any part of the work seem like drudgery. Passion will burn out; obsession rarely does. Obsession is what you need when starting a business.

2. Decide on your operational end-game. Once you find your obsession, ask yourself this: Do you want to have a “practice” or a “business?” A “practice” is a business that is dependent on your direct involvement, whereas a “business” can become independent of your involvement and still be successful.

A “business” in this context is one where you can rely on the collective work of others you employ to produce income, or survive as an ongoing concern if you were unable to work in the business on a daily basis. It can be bought or sold regardless of your involvement.

Having a practice means it is difficult, if not impossible, to separate the work output of the business from your personal output. For example, if you have a unique skill or ability on which the income of your business rests primarily on you to do the work (e.g., an accountant, yoga instructor, consultant, or tattoo artist) you are likely to have a practice. It is unlikely this type of business could not be bought or sold without your involvement.

There’s nothing wrong with either option, but it is important to understand what kind of business operation you want five years after you start because it will shape your decisions today. If you know you are going to be happy making a living as a tattoo artist chasing your obsession, then your business decisions will be made with this in mind. However, if your goal is to have a tattoo shop with ten employees in five years, your approach needs to be different. Keep in mind that most small businesses start as practices and evolve. Moreover, those who just wanted to “do their thing” end up trying to manage a business and are no longer working at their obsession.

3. Start your business “on the side.” Many say “jump” into entrepreneurship without a net. Having done it that way many times, I suggest you do not unless you have no other choice. The financial pressure is too high for most people. The pressure to make rent payments, buy food, and put gas in your car will have you chasing business that isn’t worth your time or in your area of focus so that you can survive. You will lose focus of what you are trying to accomplish, and few obsessions can withstand that pressure. My advice: Start your business on the side if you can. Get or maintain a job to have some income flowing. You will feel less pressure and be able to stay focused on our business goals. Then strive for your “choice number” with your business income.

About Networking at Live Events

The income from those clients more than paid for the investment in traveling and attending the live event.

One way to find events is to get on the mailing lists of the influencers in your industry. Pick ones who have an agenda that will also be beneficial and interesting to you.

You can also Google event calendars for events in your area or other locations that you would like to travel to.

Of course, it will be twice as good if you pick an event where you will be learning something of value for your own business. Then you’ll essentially be killing two birds with one stone—more knowledge for your business and more leads for your business.

Be sure to take lots of business cards but also have a way to track who you speak with so you can follow up with them after the event.

Lastly, be sure to do your follow up right after the event so people remember who you are.

Tips

Many coaches ask me, “Where can I find qualified leads offline?” Here are some tips:

  • Networking Meetings such as BNI, Meet-Up, local entrepreneur groups, Toastmasters, and your local Chamber of Commerce
  • Meetings for International Coaching Federation (ICF) have chapters in all major cities http://www.coachfederation.org
  • Live events – look for ones that are targeted to your target market
  • Local support groups that are for your ideal client’s issues and concerns
  • Have a booth at a local job expo, business exhibition, or other event that draws your ideal prospect
  • Start your own local support or business group and invite the community or send individual invitations to people you know who may qualify as a prospect

New Networking Paradigm

Networking is an opportunity to find people who are in sync with you. But it’s about building relationships, not just getting sales. There is a new trend in networking that you should be aware of. The old paradigm was “How can I get their attention? How can I find a new prospect?” The new paradigm is “What does this person want or need? How can I be of service to them? How can I solve their problem?”

Keys to Achieving Entrepreneurial Success

1. Know what you are going to do to make money:

If you are going to be a successful entrepreneur it is important to know how you are going to generate income. Exactly what is your vision for entrepreneurship? Being an entrepreneur is not like having a hobby. You much be able to transform your idea to income.

2. Don’t be so quick to fire your boss:

I know you are probably so excited to transition from employee to entrepreneur that you are ready to turn in your “two weeks” notice and never look back. But is that really the best choice to make? There are many benefits to keeping your job. It is a wise idea to keep your job so that you can have money coming in to pay your bills. If you don’t have money coming in to pay your bills that is going to be very stressful, and it will be challenging for you to unleash creative entrepreneurial ideas with a stressed out mind.

It is also a wise idea to keep your job because you can use money from your job to fund your entrepreneurial vision. You can set aside a portion of your paycheck to buy things you need to launch and grow your business. It can be more beneficial for you to wait to leave your job after your business has grown and you are financially secure.

3. Don’t give up:

Being an entrepreneur is not easy and success probably won’t happen overnight. So you must be driven and have determination. Honestly, there may even be some times when you want to give up but you can’t. Have a plan for business success and keep taking action. Back your action with faith and expect amazing things to happen.

Ways Investing in Impact Helps Business

Companies that focus on impact have 12-14 times more income than those that focus only on profit. They even perform better than best practices companies in Jim Collins’ Good to Great list.

You have distinctive positioning. This is especially important for crowded markets and those with established and well-regarded players. Both millennials and over-40s are drawn to companies with a higher purpose, by knowing that their purchases matter. People are increasingly willing to look at products and services not just as commodities, but as the opportunity to have a high value experience grounded in impact and the ability to contribute themselves just by supporting impact-focused companies.

You attract the best people, ones that are motivated by your mission. That means an engaged workforce. People are inspired to perform above and beyond, to bring themselves more fully into their work. Fulfilling work, where we spend so much of our days, helps us have a fulfilling life.

You reduce the churn of employee departures. You avoid money and knowledge lost due to increased turnover and the loss of valued employees It’s a renewing wheel where you retain valuable employees in the older age range with their wealth of experience and promising young performers too, and bring in even more engaged people into your workforce, and potentially even new customers as engaged employees become brand ambassadors.

You thrive with a higher purpose. What helps you get through those challenging times is a bigger picture, a greater contribution that you are willing to make. So you move through obstacles more easily, you stay motivated to move through them, and you don’t waste a lot of time and energy wishing things were different.

Yin and Yang of the Entrepreneur

“In Chinese philosophy, yin and yang (also yin-yang or yin yang, yīnyáng, “dark-bright”) describe how seemingly opposite or contrary forces may actually be complementary, interconnected, and interdependent in the natural world, and how they may give rise to each other as they interrelate to one another. ” (Yin and yang – Wikipedia)

“A starting definition: Yin / Yang: Two halves that together complete wholeness. Yin and yang are also the starting point for change. When something is whole, by definition it is unchanging and complete. So when you split something into two halves – yin / yang, it upsets the equilibrium of wholeness. This starts both halves chasing after each other as they seek a new balance with each other. The word Yin comes out to mean “shady side” and Yang “sunny side”. Yin Yang is the concept of duality forming a whole. We encounter examples of Yin and Yang every day. As examples: night (Yin) and day (Yang), female (Yin) and male (Yang). Over thousands of years quite a bit has been sorted and grouped under various Yin Yang classification systems.” (personaltao.com/teachings/questions/what-is-yin-yang)

As a female entrepreneur and a person who provides consulting services to other female entrepreneurs I have experienced my fair share of the effects of a business managed with too much Yin. Equally I have witnessed the effects of a business with way too much Yang. Whenever there is too much of one or the other the business finds itself out of balance.

Too many times the fairytale story of the female entrepreneur ends up being the story of the “Damsel in Distress from the town of Stuckinthemud, in the beautiful state of Overwhelmed”. In this story the female is waiting for a saving grace, a knight in shining armor. She is screaming from the roof top that no one cares about me and my business or that no one understands her plight.

Which leads me to ponder what is it about our female upbringing, society’s attitudes or our collective consciousness that has us acting out this story over and over again? Some of us have broken free, but 90{0c6f08671619fdafb8f8598f2cd85f3b99f181e0524d6ced935274866d48cecd} of the women entrepreneurs that I meet or work with are in a state of overwhelm and they don’t mind expressing it. It is very hard to witness this self-destructive (business-destructive) approach to management. It is even harder to see yourself or evaluate these behaviors when you are literally being sucked down by this pool of quicksand.

STOP! What I have just stated here might have just sent prickly thorns up your spine. It might have you getting ready to boldly click the delete button and disregard what I am about to share. I beg you to take a deep breath and stick with me. I promise that taking this moment of self-reflection might just do you and your business a world of good. At the bare minimum is can’t hurt you to read on.

Some might say that it is written in our female DNA to take things to heart, to have an extreme emotional attachment to the world we create or to manage our staff and affairs with this emotional attachment. These connections, this insight make us wonderful mothers, grandmothers, friends and spouses. Unchecked it does not make us good managers or business owners. Too much emotional attachment skews the logical minds ability to make decisions and take action. When we are stuck in the emotional we tend to become victims, paralyzed and unable to make simple decisions or even worse, critical decisions. We tend to want to point fingers and feel as if no one cares. Time and time again I have been told by female entrepreneurs that they feel like their staff doesn’t listen or don’t care about their business. They make statements like; I have to do it myself, because no one seems to care. I need you to hear this, “No one cares as much as you and no one will ever care as much as you”. Get over it. There is no knight in shining armor; there is no perfect employee. It’s your creation, how will you choose to create it, mold it, caress it, water it, propel it. Do not wait until things feel cozy, or you feel supported. You are your Yang. You are the other side of your whole. When you are in balance your business and staff follow your lead and become balanced. A very wise man once said, “A business’ health and wellbeing is as healthy as its owner’s mental health state”. What mental health diagnosis code would you use for your business today?

It is within the balance of intuitive knowing (YIN) and logical (YANG) forward movement that great things are created. Overwhelmed is just too much YIN, which makes us over analyze, second guess and fear decision making. We get stuck in the minutia and loose site of the big picture. I started this article off with the idea of balance found in the YIN/YANG symbol. What if we honored our Yin (female self) but allowed or introduced more Yang (male self) to balance out the Yin. How can we do that?

The first step is always acknowledgment. Recognizing the pattern is half the battle. Take a moment to truthfully reflect on the concept of “Damsel in Distress” or the state of being overwhelmed. Jot down where this is showing up in your professional life. Be brutally honest here. It is the only way out of the mud.

Profound Insights From Impactful Entrepreneurs

  1. our obligation, our duty, to find out what that is, to do that. Loving, serving, or giving or all 3 is why we’re here.

~Prince Ea, rapper, filmmaker, speaker, activist

  1. Don’t wait. Get started. Be brave and jump. But admit when something’s not working. You’ll find a way around obstacles.

~Kate Groch, educator & changemaker

  1. Don’t see your business as separate from your spiritual life. Business plays an important part in the world today, so it’s important to recognize your ethical responsibility. How will their life be affected by your business? Positively? If you take care of that domain, if you water those roots, blossoms will emerge.

~Marianne Williamson, spiritual teacher, lecturer, author (& all-around sage)

  1. Put your creativity first. First in the day. It only takes 10 minutes a day to play with what it is that I love most to do. It may not look like anything to do with your business. It will open more magic for you than any single thing you can do.

~Katie Hendricks, conscious living and loving trainer & author

  1. I would love it if people would be able to identify people they love in their lives who they love and admire, and turn that same intensity on themselves. Bring as much admiration and open-eyed joy to yourself. Then say, now let me look around my business to see what small change could I do to effect positive change.