Top 10 Business Plan Myths of Solo Entrepreneurs
September 7, 2008
Don’t let these stop you from having a business plan for success!
A recent study of 29,000 business startups noted that 26,000 of them failed. Of those failures, 67% had no written business plan. Think that’s a coincidence?
Here’s the top 10 myths Solo Entrepreneurs often have about business plans-usually, the reasons why they don’t have one. De-bunk the myths, and see how having a business plan for your solo business, can actually be easy and fun–and can jumpstart your success!
1. Myth: I don’t need a business plan–it’s just me!
Starting a business without a plan is like taking a trip in a foreign country without a map. You might have a lot of fun along the way, and meet a lot of friends, but you are likely to end up at a very different place than you originally set out for-and you might have to phone home for funds for your return ticket.
Solo Entrepreneur Reality: Successful Solo Entrepreneurs know that the exercise of creating a business plan, really helps them think through all the critical aspects of running a business, make better business decisions, and get to profitability sooner.
Differentiation ? Smart Marketing Strategies for the Solo Entrepreneur
August 9, 2008
Are you ever frustrated or hesitant when you talk to prospective customers because you can’t readily explain why they should come to you rather than go to your competitors? Sure, you might have your 30-second elevator speech, but then they ask you that dreaded question, "So what makes you different?" Then, all those self-doubts creep in, and you just aren’t sure what to say. Differentiation can boost confidence–yours in yourself and that prospective customer’s confidence in you!
– Dif-fer-en-ti-ate v. tr. To perceive or show the difference in or between; discriminate. –
In business terms, to differentiate means to create a benefit that customers perceive as being of greater value to them than what they can get elsewhere. It’s not enough for you to be different–a potential customer has to take note of the difference and must feel that the difference somehow fits their need better. (Other words that mean virtually the same thing: Competitive Advantage; Unique Selling Proposition; or Value Proposition.)
As you are building your business, you can use differentiation to attract more customers. Once you have momentum, differentiation allows you to charge a higher price because you are delivering more value to your customers. Make a point to evaluate and adjust your differentiation methods at least annually.
How Entrepreneurs Make Money Selling Global Brands On and Off-line
July 12, 2008
Did you know that thousands of companies from all over the world are looking for enthusiastic individuals to represent their products overseas? That person can be you. From Chinese toys to Brazilian bikinis people are making money reselling all kinds of products for a profit.
Don’t fret if you’re new to the Internet! Thousands of “ordinary people” leverage the Internet to sell global brands on and off-line. I say ordinary people as a reference to the rest of us, those who log online simply to read email, check the latest headlines, and to look something up on Google. Does this describe you? If so, you can literally start earning money representing firms from all over the world who are eager to establish contact with motivated entrepreneurs.
Having lived and worked in three continents, I can assure you that there are thousands of great companies with awesome products or services anxious to promote their goods overseas. Don’t be intimidated if you think you don’t fit their professional profile. You probably do and proof of that is my remarkable experience with successful representatives reselling Brazilian Bikinis.
–Case Study–
The 7 Traits of an Exceptional & Successful Entrepreneur
June 13, 2008
How often have you either referred to or considered the expression, "Success is a journey and not a Destination?" Probably many times, yet often being in a hurry to get there, we forget that success is not an end unto itself, but is instead an ongoing process.
Though some people seem to have the Midas touch and easily turn everything to gold, most of us have to give our endeavors lots of time, effort and the sweat of our brow before seeing things come to fruition. The simple truth is that the majority of us are simply not born leaders, but become leaders by who we are and the actions we take. Consequently, whether or not you’re an established entrepreneur or just starting out on your journey, there are particular traits you’ll usually find operating within the exceptional entrepreneur. In fact there are 7 particular traits you’ll generally discover deeply embedded within the exceptional and successful businessperson.
If you’ve already taken the plunge as an entrepreneur, you know that it takes a great deal of planning, development and strategic marketing to succeed. At any given time, there are changes to be considered and new directions to examine. In which case, whether you’re the CEO, CFO, Chief Marketer or Chief Solutions Officer of your company, your journey to success is probably full of trials and tribulations.
Raising Entrepreneurs: What to Do When Your Kid is Born to Think Differently
May 15, 2008
Adolescence brings with it many challenges ? for both parents and kids. Young people, still new to the world, are embarking on a journey to discover their passions, joys, and authentic self-images. More often than not, however, their journey more closely resembles an elongated stampede of enraged elephants than it does an innocent soul-searching endeavor. But no one said growing up would be easy.
And there are young entrepreneurs out there who see the world in a truly positive light. Sure, they have their ups and downs like most teenagers, but they are motivated, focused, and want to make a difference.
Who are these kids? How were they raised? What do they have in common with one another? At the risk of making some sweeping generalizations, I will paint the picture of the young, confident entrepreneur ? with the knowledge that this over-idealized portrait often comes in many colors and hues.
While entrepreneurship was never common in my family, many young entrepreneurs had experiences early on in life that lead them towards an entrepreneurial path. In general, there are two possible ways young people feel compelled towards entrepreneurship: inspiration and avoidance. Both can act as powerful catalysts for taking action.
What Makes An Entrepreneur Tick?
April 19, 2008
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.)
Compensating for Your Entrepreneurial Style-or Lack of Style
March 21, 2008
I recently took an entrepreneurial quiz which evaluated my answers and informed me I would do best as a hired hand! So why am I a successful home business owner? Because I’ve learned to fill the holes in my entrepreneurial style, and compensate for my deficiencies.
Let’s start with a list of qualities that might benefit someone working for him/herself:
1. Ability to see the big picture and plan accordingly;.
2. Self-discipline;
3. Ability to use time wisely;
4. At minimum, a moderate drive to achieve;
5. Adaptability;
6. Autonomy;
7. Decisiveness;
8. A feeling of control over your own destiny;
9. Having (energy) drive and enterprise;
10. Motivation to grow;
11. Sense of intuition;
12. Ability to spot opportunities;
13. Perseverance;
14. Problem-solving abilities;
15. Risk-tolerance;
16. Self-confidence;
17. Social skills.
As an example, let’s look at John Doe. John has an excellent nose for a good opportunity; he drives his wife crazy with always turning everything into a new business idea. He’s not afraid to make a decision and take the risk. He has a huge drive to achieve; he wants to be rich! John is confident that he can accomplish everything he sets out to do.
The Six ?F? Words Every Entrepreneur Should Know
February 21, 2008
Start your own business, and soon enough, you find yourself in a situation where there are many things you want to say, all of them unprintable.
It happens to every entrepreneur ? a moment of extreme challenge that causes you to wonder why you started the (expletive) business in the first place. I’ve had my share of those moments since starting our public relations firm in March 2002.
But while trading notes with a fellow entrepreneur recently, I started to think about all the moments of extreme challenge I left behind when I decided I no longer wanted to be somebody else’s employee.
That got me thinking about what really matters to me as an entrepreneur. As I shared my thoughts with my friend, a new list developed ? the "F" words I believe every entrepreneur should know. They’ve done the job for me so far, keeping me rooted, married and talking to my kids while we build a successful business. I hope they have the same effect for you.
5 TIPS for Home-Based Business Entrepreneurs
January 23, 2008
Have you ever heard that only a small part (5%) of ‘all’ Home-Based Business entrepreneurs achieve success?
Do an online research on your favorite Search Engine and you will understand what I mean.
In this article I’m going to show you the KEY to Home-Based Business entrepreneurs success; you’ll find out what makes an entrepreneur succesful in the home-based business field.
Below are 5 TIPS for Home-Based Business Entrepreneurs:
1. It’s their mindset that brings success
Serious entrepreneurs have ‘programmed’ their mind to succeed no matter what. They don’t lack focus on their home-based business and let nobody stop their plans in achieving what they want.
They know what they want and they have the DESIRE to succeed. If you don’t know exactly what you want when it comes your home-based business, think about it again and re-consider your plans, what you want to achieve, a get-rick-quick or a profitable, long term business.
2. It’s their start-up plan that brings success
Smart entrepreneurs know that it takes time to set-up and grow a profitable home-based business. They plan to succeed. They have a start-up plan that might fail but they never give up and start again with a better plan.
Traits of The Successful Entrepreneur
December 26, 2007
Want to know why certain people succeed and others don’t. Well successful people have certain traits? Do you have them?
Business has changed a great deal over the years. We now have computers, the internet and because of the internet - web pages, email and everything else that comes with it. Our telephone system has changed dramatically with the advent of cell phones and voice mail. However, even with all the technological advancements the traits that make a person successful in business can be traced way back when to our grandfather’s day. So before you decide you want to go into business for yourself, check and see if these traits are part of your make up.
Are you a person who sets goals? Most successful people have always set goals. They started at a very early age. They might have set the goal to be the best in a certain sport, or in a specific subject in school. Or if they wanted something, and knew that their parents couldn’t afford it, or wouldn’t spend the money for something, they earned the money themselves. They did this by setting up the lemonade stand, mowing lawns for neighbors, or delivering newspapers.
