Tag Archives: business

Blog

Do Politicians create Entrepreneurs?

When a new government comes into power and they don’t have too much money, they look to get entrepreneur to work to generate them more money (so they can work out ways of spending that). So around the world we see Entrepreneurs, Business Growth, Enterprise Zones…  etc being announced by politicians.

So are these politicians creating new Entrepeneurs?

The fact that the economy is on it knees means that the most logically person would think twice between the three news stories, first: government has no money, second: economy reducing, third: why don’t you start a business. Within the 60 seconds news flash, you mind has to say, hang-on your trying to brain wash me into bankruptcy, and maybe you’re right.

The fact is existing businesses are declining, new businesses tend not to, as their cost and staffing structures are more flexible and they can capture new customers who are looking for new service propositions and experiences faster. Those businesses which start in a recession also manage higher growth when the economy starts to increase.  So it’s never been a better time to start a business, keeping these factors in mind.

Those that fail will come into two areas, those that spend money on the wrong things and those that don’t develop fast enough. During a recession many people who are thinking of starting a business will have some form of redundancy payment which they hope to use in developing their business ownership hopes. These people either think that paying for high value websites, marketing material and franchises will automatically bring success. The development of the business and the entrepreneur is very important. We see people who think of starting a business as a similar role, yet with more freedom as their previous job, meaning they can come into the office at 9am and leave at 5pm with 5 weeks off holiday each year. Successful businesses don’t run that way (pop down to the 24 hour Tesco’s and sit, watch and learn) and the extra effort is an important factor in ensuring success.

The message given by a government is taken in on many levels, the basic on is “get off your sofa and make your own job, cus no one else ‘at this point in time’ can and you are the champion of your own destiny (until we get a bit more money).” This message is digested by a vast range of people from 12 to 50 year olds who then decide to make the changes to ensure their destiny is one of self esteem, motivation and focus. There is no better way to live your life and this is why an entrepreneur’s role the world is secure and thankful leaving the politicians just to talk about it.

Blog

What business should I start?

This is the million dollar question, and so hard to explain to people.

I always talk about passion and how if you have passion then you will be more successful. It’s more than this, if you do not believe in what you are doing and have the ability to drive yourself 12 hours a day to strive for success then success will not be able to find you. Passion for the product, the service and your customers is a real source of energy, drive and determination which is an enormous help.

However some people have a passion for making money, being financial stable and independent. These people would have the passion to sell tea spoons, or sand or just about anything. For these people I tell them:

Its about Basic Needs

Maslow is famous for setting out people’s needs. He stated that people need the following in the following order:

Physiological(food, water, health, sleep), Safety and Security(employment, finances, resources, family, property), Love and Belonging (friendship, family, sexual intimacy), Esteem (confidence, achievement, respect) and Self Actualisation (creativity, problem solving, acceptance of facts).

If you walk down the high street, every shop is based on one of these needs. The most successful ones are those which basic needs, food, water, health. The more basic the need, the greater the market size, the more people wait it and the better chances you have of selling more and being more successful. There are lots of examples: Bottled Water, Coffee Shops, Hotels, Fast Food….

Take a look at you spend and what products you buy, how can you better or improve on the products you buy?

Its about trends

People are living longer. This means there will be larger population, resources will be have to be shared and will cost more (supply and demand). The price of land, minerals, financial resources and even the virtual world will increase. More of these people will be old(er), more will have an illness, more will need help, more will be in the process of dying. There is money to be made out of each and every stage of life.

People have more money. The rich will always be rich and the poor will always be poor. Be definition you cannot have one without the other. Greed drives one to master the other. Those with money will and always have wanted to live in individual place, have different social clubs and have people to help them enjoy and spend their money.

There will always be people moving around the globe, people will move for work, holidays and migration as they have for thousands of years. Every day China and India get richer and this massive population will wait to travel, have the experience of seeing the Pyramids, Eiffel Tower and Sydney Harbour.

The economies of the world will change to develop new sources of energy which ensures the growth. Do you think China and India have done all this hard work only to run out of energy? With new energy sources come new opportunities to manage, measure and profit from it.

The internet will get bigger, faster. Moores law will continue to ensure we can double processing power every 18 months. Applications will be created which will allow the most amazing integrations of library information, personal environmental data and social interaction. Please remember the words of Darth Vader “All your technology is insignificant to the power of the force.” The force being peoples habits. After all we still live in houses created hundreds of years ago.

In short there are so many opportunities that you just need to look for the one that fits your skills, appetite for risk and aptitude.

Blog

Who should be in your entrepreneurial team

Business is about working with other people, it’s about trading with these ‘other’ people for mutual benefit. The successful entrepreneur knows their strengths and more importantly their weaknesses.  It is these lesser properties that they develop a team around them who can compliment and strengthen their abilities. So who do you need?

Every Entrepreneur has to sell and has to learn the trade, but sometimes sales can be more account management, telesales, people management which entrepreneurs tend to lack certain skills in maturing. Sales generate revenue, profit and growth in a business and therefore you need proactive people who can promote the business and generate interest and sales. It may be necessary to look at different business models which incorporate your style of sales, from franchising, selling to trade or on-line merchant. However the further you are away from the customer the less you may make in profit.

The financial management of the business is important in the development of the business, understanding and communicating this to the shareholders, banks and suppliers is a major success factor. There are two skills within finance which the entrepreneur should source, one is bookkeeping the other financial planning and reporting. Bookkeeping is easily outsourced on an hourly or part time basis. Financial planning and reporting is normally where entrepreneurs need help and it here you should bring in someone who can act as a part time financial director. They will be the big gun you can bring out to demonstrate the finances of the business are in very good hands.

Someone has to manage the operations of the business, they are in charge of making stuff, they are the person who gets given the order from the customer and then deliver the products. This may include manufacturing, purchasing, warehousing and logistics. This role is the heart of the business, they make the money, create the value and ultimately the reputation of the business. If they fail, the business will.

The nature of business means we have to protect our business interests with legal documents and enforce our position with legal action. The closer your legal adviser is to your business the easier it will be to ensure you are protected. The relationship you have with this person is important in developing an on-going business relationship and not just ‘calling you in to sort out my rubbish’ attitude. The general rule in the legal world is the fees reflect the depth of the hole the client is in. So no hole means smaller fees.

Every entrepreneur should have a mentor, someone who has done this before, can provide advice based on knowledge. This person is someone you can turn to, you can ask for advice and when things go wrong can help reflect and learn your failures, ensuring your next opportunity is a even greater success.

Finally, the one person which your business could not survive without:  The Customer. This person is an important part of the team, they buy into your business every time they purchase your product. They will offer advice, feedback and recommendations which will be free of consult fees, future contracts or telling what they think you want to hear. Use this amazing group to develop your business and treat them as part of your team.

Now go out and find your team!

Blog

Selling with passion leads to success

When we look at the motives for starting a business, one which stands out as the most durable is passion. The entrepreneur has a hobby, they wanted to make a difference or they have a great emotion for a subject that makes them want to start and develop a business around it.

This passion was their motive for starting and developed into their motivation to make this venture succeed. These are amazing businesses which develop around a person and lead to great entrepreneurial lifestyles that ensure their passion is maintained, developed and built upon. A self sustaining motivation leads to business success.

This success is also due to customers liking the entrepreneur and their passion for the product. They sell with their passion on their sleeve and for all to see. It’s a very simple yet powerful sales technique which only a few entrepreneurs can carry off, but it pays in pure dividends which I recommend, if you can, duplicate.

No one can take away your passion, only you, so it is a very powerful force in driving you to success and others to face the fact they believe in you. This self belief is the key to any sale, people buy from people and as you are the top of your game, you are in the right place at the right time. So when buying a product they look for people they like, they want to do business with, or people who make them feel good. Your passion does this, so make it your sales mantra which drives your success in sales.

People with passion for their product also say no, when customers ask for changes which they don’t like, increasing the desire for the product. People with passion have a vision they want the product to go in and therefore a vision which the client can buy into. Passionate people make the best sales people.

Start selling with passion and create your success in sales today.

Blog

Empathy and Ego make good Entrepreneurs

These are the two key components that make up a substantial amount of your communication abilities, yet mostly overlooked.

Ego is very often gets misinterpreted as being arrogant, cocky or snooty, but rather it is having a healthy understanding of your own self worth, the ideas you generate and the opportunities which lie ahead. Entrepreneurs have to believe in what they do, have the ability to communicate this to their investors, bankers, suppliers, employees and customers. Make these stakeholders, not only agree, believe they want to be part of this amazing (ad)venture which currently is just in an entrepreneurs mind. Without a strong autonomous ego you are one less tool short, one step closer to bankruptcy and therefore lacking the support from others you need. You need a strong, indestructible ego.

Every successful entrepreneur has a strong ego which allows them to generate a solid mental image of the product which they can creatively and confidently express to others. Their ego then shines through developing empathy within their valued customers and other stakeholders to create a business relationship.

Empathy is the skill of being able to put yourself in the other person’s position and understand how they might feel, the needs they have, or the requirement in a particular situation. This skill of determining a client’s need for the product or service that you are offering is core to being successful in business.  It’s a core skill of the entrepreneur which will sit next to your cut instincts.

Your success as an entrepreneur comes down to your attitudes and beliefs about you and your products. Whether you are aware of it or not, these will reveal themselves to your clients, in emails, over the telephone, marketing material and at face to face meetings. Empathy and ego are core factors that affect the way you communicate your attitude to customer and therefore should be looked after, maintained and be made a solid foundation for your future.