When Others Think Like You

June 19, 2012 by Leave a Comment

I have spent the last two years working to follow my dreams. In that time I have written 245  blog posts (this one included) trying

The $100 Startup in Seattle

The $100 Startup in Seattle (Photo credit: Chris Guillebeau)

to pass on the message that being an entrepreneur is more about who you are and what your life dream is than about the nuts and bolts of business.

I know that the nuts and bolts are important in their own right, but I also know that life is about more than the nuts and bolts. If you are going to live life to its fullest, you have got to live in freedom while creating value for those around you! In business this means to build your business with passion. It means to not settle for what is easily obtained. It means to look at your life as a treasure rather than a drudgery.

After two years of beating that drum, it is really quite fun when you find others that think like you. I have had the privilege this week of reading, “The $100 Startup” by Chris Guillebeau. (affiliate link) The whole gist of Chris’ book is to tell the stories of successful people who, with little if any, previous business experience or training, built successful businesses mostly through the passionate desire to not work for anyone else.

I love it when others think like me (especially really smart ones like Chris)! It allows me to see that all of the “crazy ideas” that I have and all of the passions I am waiting to unleash really can carry me to the places I want to go! And the really cool part of it all is they can do the same thing for you!!!

I you haven’t done it yet, pick up Chris’ book

. Read it with an open mind and heart. See if it doesn’t give you permission to follow your dreams! It surly did for me!

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Smaller with Purpose

April 17, 2012 by 13 Comments

After nearly two years of trying to woo the internet world to my doorstep, I have made an amazing discovery: I enjoy being a small business and don’t want to be big! WOW …. that feels good to finally say out loud.

The reason that I needed to say that today is because I know that there are many people like me. People who are looking for a business opportunity based more on their life purpose than on how big the business can become or how rich they can get. What they are looking for is the answer to their life’s dream rather than some arbitrary definition of success that equates success only with money earned.

Now, if that is how you define success, it is alright by me. However, if success has a different meaning to you, one that is more personal, more intimate, then maybe you ought to consider building your business smaller with purpose.

In order to build this way you will need to consider three things:

  1. How much is enough? If you don’t have an answer to this question, the allurement of “more” will have a much greater chance of overtaking your dream. You will give up some of life’s most special moments in chasing the dream of more and in the end may well regret what you have lost more than celebrate what you have gained.
  2. How does business blend with your life’s purpose? I heard someone just the other day talking about living out their dream. What made me listen more closely to what she said, was that she is not a millionaire nor someone whose current efforts could lead her to that magic place. However, because what she does moves her in the direction of her life’s purpose, she ends each day having lived one more day with purpose.
  3. Are you selling quality or quantity. Early on in the development of The Doulos Group, I was asked what kind of business I wanted. Did I want to be more like a “discount store” that makes its money through volume sales or did I want to be like a “premium store” that made its money selling high valued products at premium prices. At first I chose #2, thinking that I could work with just a few high end clients and maximize my income in the process. Now, while I am still looking for just a few key clients, I am not so much concerned with maximizing my income potential. I want to sell quality products to an exclusive clientele at a price that makes sense to them, not me! In the end if I live out my purpose, what I make and what I’m able to have will be taken care of!

I didn’t intend to make this post about me, but I am an example of developing the mindset of smaller with purpose. Maybe you are struggling with your business ideas as well. Maybe you are looking at the “rat race” and wondering how to get out of it and still enjoy life’s bounty. Maybe you have a great idea that keeps you up at night and wakes you early in the morning. Maybe you want to build a business that allows you to live your life’s purpose rather than becoming your life’s purpose.

If so, maybe smaller with purpose is the answer for you as well! What do you think?

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Essentials of Business Success

April 13, 2012 by 4 Comments

What does it take to make a business successful? How can someone who has never run a business before start, build, and run a successful business? This is a really good question, especially since most businesses still fail in the first five years.

I think that there are some essentials of business success that must be considered by every entrepreneur and new business start-up before they turn on the first light, make the first business contact, or open the door for the very first time.

1.    You must develop an entrepreneurial mindset. With this mindset, you will learn to embrace the concept of delayed gratification. You will have thought through the incredibly important question, “How long can I run this business before making a profit?” You will understand that starting a business requires a higher than normal financial risk tolerance.
2.    You must understand how money works. If you don’t really understand the difference between an asset and a liability your chances for success diminish drastically. Managing money correctly in the early stages of your business sets the standard for success in the long run.
3.    You must understand the basics of marketing your business. With all the options today both online and offline, you need to know what will bring you new customers, what will keep existing customers, and what will not! Too many new businesses collapse under the weight of a trial and error marketing plan.
4.    You must understand what it means to be a leader in your chosen field. Every industry is filled with people “just like everyone else.” What you must do to be successful is to set yourself apart as someone with a unique value as a thought leader in your industry.
5.    You must continue to grow as a person. Everyone enters the world of businesses with personal strengths and weaknesses. Working to improve your talents and skill set will allow you to continue to improve the quality of your business for your current clients as well as for new clients that will be added over time.

With an understanding of these essentials of business success, you will give yourself a more than fighting chance to be one of those companies who survive where others will fail.

What other essentials do you think are important for new business start-ups to know and understand?

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A thought about venture capitalists.

March 29, 2012 by 2 Comments
Diagram of venture capital fund structure for ...

(Photo credit: Wikipedia)

I just read an article from Fast Company entitled 7 Entrepreneurial Lessons from Shark Tank. It was an interesting article, one filled with helpful advice for sure. However, as I have watched Shark Tank, I have compiled my own list of lessons (actually only one lesson).

Don’t sell your soul (or your business) to a venture capitalists!

I have to admit that before the show aired, I didn’t know much about venture capital. I have written business plans and have successfully negotiated revolving credit from my bank for a micro-business start up. But, to subject myself and my company to the kind of pressure (and often ridicule) that “Mr. Wonderful” and the other VC’s on the show (or in any office anywhere) is a non-starter for me.

Here are my three reasons to save yourself and your business from the teeth of the sharks:

1. Remember that most small businesses are an extension of who you are as a person, a community leader, and a business owner. So, why would you want to change it to change your company’s character/culture to meet someone else’s bottom line projections.
2. Let your business grow and expanded organically rather than through the steroid induced growth from venture capitalists. (Just remember the long-term effects of steroids on the human body!)
3. Remind yourself that the hard work that it takes to build an organic business let’s you sleep well and live at peace with yourself, your customers, and your community. (Making money is fine, but having money/success too quickly has been the downfall of many sports figures, entertainers, politicians, and entrepreneurs.)

Let me finish this thought by saying that I am a capitalist through and through. I have owned a business of one sort or another since 1987. I understand the lure of the “quick kill” and have watched companies rise and fall under the weight of that allurement. (Remember if your business fails, the VC’s write it off and move on to the next business while you loose everything.) For me, the weight of the venture capitalist is just too much to bear.  The choice is certainly yours, but be sure to make the choice with your eyes wide open!

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Do You Really Want a Job?

March 26, 2012 by 9 Comments

According to a Forbes magazine article, “Cloud computing will potentially generate at least 14 million new jobs across the globe within the next three years.” While I readily admit that these numbers are impressive (albeit speculative), my question is, “Do you really want a job?”

Being an entrepreneur at heart, the thought of having to trust someone else for the direction of my life and the quality of that life, just doesn’t appeal to me. I would much rather test the waters myself and look for a self-reliant way of living out my life purpose than to trust the speculations of someone who might well let me go at any time for the benefit of a friend, relative, or someone the thinks might make him more money than I can.

I sat with a man one day last summer who was in just such a situation. He was, as I recall, either the number one or two salesman in his company. The owner came in one day and simply said, “we are cutting back and you are out.” The man I was having coffee with said he left that day with no job, and no paycheck. (By the way he had to call for a ride because the company took his company car keys as well!)

I have personally come to the conclusion that the kind of pressure that a job creates is way more damaging to me than that of creating a dream business that allows me to live out my life’s purpose every day.

What do you think? Is there a better option?

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How to Make Your Start-up Succeed

March 19, 2012 by Leave a Comment

 

Homeward bound

Image by Steve-h via Flickr

In my last post [Where most start-ups fail]I wrote about the negative side of the whole
entrepreneurial “game.” So, I figure that I ought to go the other direction today and look at entrepreneurialism from the positive side and talk about how to make your start-up succeed.

 

  1. Define the word success. It is such a rich word and is filled with so many nuances that a single, sterile definition is simply not applicable in most cases. So, take time to think and wonder to yourself (and even out loud) what does success look like to me?
  2. Take time to do your research. By research, I mean looking at your start-up from every angle. Look at the pros AND the cons. Be diligent and honest about the possibilities, but don’t let the naysayers rob you of your dream either.
  3. DON’T QUIT YOUR DAY JOB!! Since I work almost exclusively with micro-businesses, I can say this without hesitation. Until your business is producing approximately twice your needed earnings don’t quit your day job. There are so many benefits to that paycheck that most start-ups don’t consider that they leave early, only to find that what they had at work was better than what they have in business and that struggle alone and wrest your life’s dream and purpose right out of your hands.

I know that what I have said here isn’t particularly profound, but I also know most entrepreneurs fail in their start-ups for these very reasons (particularly the micro-businesses that I work with everyday). Take stock, take time to think, but, in the end, build, grow, explore, and change your world. Success (by your definition) awaits. Go get it!!

 

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Where Most Start-ups Fail

March 17, 2012 by 3 Comments
Food and Drink(8)

Photo credit: JustABoy

I was sitting in a local coffee shop the other day and while doing some computer work when the large table in front of me began to fill. The conversation around the table was louder than any other and so my curiosity got the best of me and from my spot hidden in my booth, I listened in.

The conversation was about business (so I interest was piqued even more). There was one central figure in the conversation telling the rest of those around the table (and anyone within earshot) about how he was once a truck driver, deep in debt, but because of his opportunity was now out of debt, making a strong six figure income, and that anyone with the right motivation could do the same thing.

He then explained that the compensation plan was very complicated and would only confuse those at the table if he tried to explain it, but he assured them, it worked and worked well. He also said that all that you had to do to be successful was to use the product and find three other people to use it while everyone taught those using it to find three others to do the same thing.

He then assured these folks that if they would just “go to the website and place their first order, they would be on their way to the success he has come to know.”

As I listened, I thought about what I do (Helping entrepreneurs design success.) And, as I thought, I was struck by this conversation and how it teaches about three areas where most start-ups fail:

  1. They start-up based on the “if I can do it, anybody can do it” philosophy. This is simply not true. There are some things in life that no matter how much we want them and/or how much we practice, we are not going to succeed in doing. (Playing second base for the St. Louis Cardinals as a 56 year old rookie who can’t field, run, or hit a 90 mph fastball would be a good example.)
  2. They start-up based on the “everyone is going to be as excited as you” mentality. As a business start-up you must remember that your enthusiasm is important but that most customers are skeptical and that doesn’t change until you create value for them.
  3. They start-up before they fully understand the risks and how the money is really made. If the way to make money in a business is not clear and/or the person asking you to “get in” can’t/won’t explain it, you are asking for both trouble and eventually the failure of your business.

I don’t in anyway want to disparage the guy talking at the table that day. He was telling people, most likely what he was taught to tell them. His business might well be the answer for many, but to start-up with such vague promises and such little understanding doesn’t make great business sense. Make sure you know all you need to know and then go out and design success!

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How Much Time Does It Take?

March 15, 2012 by Leave a Comment

How much time does it take to make sure you are doing the right thing in starting a business? That’s a good question. One that unfortunately doesn’t have a cut and dried answer. There are many factors that every new entrepreneur must consider and the time it takes to consider these factors varies person to person.

Here are just a few of the factors new entrepreneurs need to consider:

1.    Building a business based on their life’s purpose. Many have not even considered that their life really has a purpose, so to begin at this spot might take a significant amount of time.
2.    Determining whether or not their business idea can be a function of that purpose. It will take some time research, to structure, and to create the mindset that such a business can be created/profitable.
3.   The new entrepreneur must also consider their current skill set to decide what they know, what they need to know, and how long it will take to gain any additional knowledge as well as how much that knowledge will cost. They then must determine if they can spend the time/resources to gain that knowledge.

This list of considerations is by no means an exhaustive list. On the contrary, it is just a beginning. Each entrepreneur will have these and many other factors on their own list of  potential questions that will need to be asked and answered before any business planning, modeling, or marketing would even begin to take place.

It is possible for some that these questions can be answered quickly and with little effort, but, for most new entrepreneurs, care must be taken and time spent should not be considered wasted if, in the end, the right business is started and the entrepreneur is able to live their dream, according to their purpose, in both life and business.

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Aligning Life and Business

March 13, 2012 by Leave a Comment

The Perfect Office Space

When making the choice to be an entrepreneur, you are stepping into a world of your own making. What I mean by that is that as you start your own business, you are in control of the clients/customers you choose to work with, the size and scope of your operations, and the culture, brand, and value you present. Since creating an income is what most people spend their whole lives trying to perfect, it would sure be nice if we could actually enjoyed it by aligning life and business.

To align your life and business, you must consider the following:

  1. Who are you really? I mean, when no one is around and there is no fear of a camera or a recording device of any kind, who are you? What motivates you to action and what frightens you into inaction? To be successful in business you must know the answer to this question.
  2. What is your life’s purpose? I have an old friend who said for most people life’s purpose can be summed up with the phrase, “get all you can, can all you get, and sit on the lid.” Unfortunately I think that he is, for the most part, correct.
  3. How can you align your business plans, goals, and dreams with your life’s purpose. You see, I am convinced that the greatest levels of frustration and stress exists in life when we are operating apart from purpose. If there is no real point to life, then what’s the point of excelling at anything?

I just saw a new statistic yesterday that said that in the US, 84% of current employed people are looking for different jobs. 84% … dissatisfied enough with what they are doing in the event they do the most (work) are looking for something else!! Seems to me that it is time to take a step back, think about life and its purpose and end the end do all you can to align life and business!

What do you think? How do you go about aligning life and business? What secrets are you willing to share?

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What’s Simple Isn’t Always Easy

March 10, 2012 by Leave a Comment

In my last post I wrote about mirco-business start-ups and how they were the wave of the future. As is the case with most posts I had some good comments and some push back. I wanted to take a couple minutes this morning to respond to the push back which centered around the idea that starting a micro-business was not as easy as I made it sound.

A Picture of an Staples, Inc. easy button

Image via Wikipedia

Three things came to mind as I read that comment:

  1. There is a difference between simple and easy. In my mind something that is simple is something that is not complicated. Take for instance the putting stroke in golf. It is a very simple motion, back and forth with the putter face square at impact. But, if you have ever tried it for yourself you know that putting for a birdie with the pressure of winning a round is a lot harder than the simplicity of the stroke would indicate. The fact is that what’s simple isn’t always easy. The carefully thought out steps to establish a micro-business is not complicated, but the application of that simple process is not always easy.
  2. Anything of value in life requires both effort and commitment. Personal health comes from proper diet coupled with exercise (neither are easily accomplished). Creating a successful business requires planning and execution (again not easily accomplished). However, as with personal health, the effort needed and the commitment required are worthy of the outcome. So it is with starting a business. The outcome of being in business for yourself and living your passion is worthy of the effort and commitment it takes to get there.
  3. Business creators thrive on the challenge. I for one will readily admit that I am a terrible employee. My life desires have always tended to the creative and most employers don’t really like their employees being creative. Those employers already have a business culture and don’t particularly care for someone coming into it and trying to change things. The challenge of starting a business and creating a culture that matches who you are is what makes the efforts worth the struggles. Entrepreneurs thrive on overcoming obstacles and turning their dreams into working businesses.

Now I understand the struggles that come with micro-business ownership, but I personally would choose any other life. It is part of what gets me up in the morning and what keeps me up late into the night (sometimes at least). It’s what makes me tick. That said, I know that what’s simple isn’t always easy!

 

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