Small Business

Find an Apprentice

April 26, 2012 by dwellman 4 Comments

I met a great young man yesterday at a career fair. He is a foreign student here in the US on a student visa. I was at this career fair to talk with students about entrepreneurship and building a business as another option to “just getting a job.”

This young man is a business major and was fascinated with what I was saying. He was at the career fair looking for a summer “job shadow” opportunity. As we talked, his whole face lit up thinking about what it would mean to him to be able to create his own business and help others do the same. It reminded me of the desire that should burn in every entrepreneur to find an apprentice.

I know … many would say, “What, do you want me to train my competition?” And my answer would be, “No, I want you to bring someone along side you and help them to understand the neuances of business and how it can be done in a fair, ethical, and legal way.” Kind of like what Robert Kiyosaki’s “Rich Dad” did for him. If you choose the right apprentice and if you train them correctly, they may go out to create their own business but they will NOT become your direct competitor. You will have taught them better than that! (Do you think for a minute that Kiyosaki’s rich dad worried for a minute that he was going to loose business to Robert?)

Now for many business owners their apprentice is a son or daughter who shows an interest in entrepreneurship and business. For others an apprentice is a little harder to find. Yet, if you look where young entrepreneurs are, they are not that hard to find.

My greatest joy in life is having an opportunity to pass what I have learned on to someone else so that they can move forward in their lives as well. Business owners would do well to consider this idea, not just for the sake of the apprentice, but also for the satisfaction it will bring in their own lives.

What do you think? Do you have an apprentice? Would you consider finding one and helping them find their way in business?

Filed Under: Small Business Tagged With: Apprenticeship, Business, Entrepreneurship, Giving back, Kiyosaki, Rich Dad, Robert, Robert Kiyosaki, Small Business

Three Questions for Boomer Businesses

April 20, 2012 by Dave Wellman Leave a Comment

I have been in business in some form or another since 1988. My businesses have always been secondary to my primary life mission (I am a Pastor) and so they have always been small business operations. That said, I have a great deal of experience in the kinds of businesses that can be run “part-time” and yet as successful as you want them to be. As a Boomer, I hear from lots of people in my generation who are looking to retire from their life-time careers who also want to continue to contribute to business, life, and society while not giving up the freedom retirement can afford.

Retirement (Photo credit: Tax Credits)

These Boomers are not looking for another “full-time” career, but are looking for something of value to do that provides the challenge of building something great while allowing the freedom of time that retirement allows. I understand that draw and, as one who has lived this “duel life” for many years, know that in order to create such a business every Boomer must ask and answer three questions:

What kind of business can you run from your laptop? I know photographers, jewelry makers, even custom cabinet makers, along with more traditional direct sales/network marketers who have established wonderful business plans that allow them to operate from anywhere with a laptop and an internet connection. To be free to live the retired life and be able to contribute to your own business, mobility of business type is essential.
Are there any new skills you must learn? If you are going to make the transition to a mobile-styled, internet based business, you are going to have to know how these businesses work and how they make money. This will certainly have its own learning curve. Are you willing to take the time, spend the resources, and continue learning in order to be successful in this retirement business venture?
How big do you want to get? This, to me, is one of the most important questions to ask and answer. You have to work through this question in order to give yourself (and your business) the correct amount of time day to day. If your time freedom interferes with your business goals or your business robs you of your time, you will end up frustrated and unhappy. Neither condition should dominate your retirement years.

I am sure that there are more valuable questions that you will need to ask as you consider a retirement business, but these three should get the ball rolling. What do you think? What other questions are you considering? What conclusions have you come to?

Filed Under: Retirement, Second Career Tagged With: Babyboomer, Business, Freedom, Full-time business, Part-time business, Retirement, Small Business

Smaller with Purpose

April 17, 2012 by dwellman 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:

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.
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.
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?

Filed Under: Designing Success, Small Business Tagged With: Business, Business idea, Business plan, Entrepreneur, Life's purpose, Philosophy, Purpose, Small Business

Essentials of Business Success

April 13, 2012 by dwellman 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?

Filed Under: Designing Success, Local Business Success Tagged With: Business, Business success, Consulting, Entrepreneur, Entrepreneurial mindset, Leadership, Marketing plan, Money, Personal growth, Small Business, Start Up, Startup company, Success

Look Before You Leap

April 10, 2012 by Dave Wellman Leave a Comment

As a lifestyle design coach, a mid-point Boomer (born in 1955) and just a generally nice guy (:->), my best advice for any Boomer looking for a “retirement business” is to look before you leap!

One of the most popular business options for Boomers is in the field of “home-based” businesses. These businesses are appealing because of they are simple to start (it usually requires filling out an “application” and paying a “start-up fee.”) And they are relatively simple to run. (They usually include a website to order products and/or recruit new distributors)

On the downside, many of these businesses have a distributor force whose only business acumen is that they filled out the application and paid the start-up fee. They are excited about the “flagship” product and how much money they are going to make, but don’t know much more about true business success. Many made the decision to “join the business” based solely on emotion and without much, if any, real investigation of the company its products or its long-term business viability.

Companies come and go in this industry at a staggering pace. What looks like a “can’t miss” opportunity dissolves to nothing from one day to the next. Companies make promises they cannot keep, change the compensation plan, cheapen the products/service, and exercise their option to stop paying distributor compensation on a regular basis.

In the end, real people get hurt and the industry takes another hit for being “scams,” “get rich quick schemes,” “pyramids,” etc. When in fact, most companies using this method of business are real and legitimate businesses, with great products, and good people at their helms.

So, as I said at the beginning, Look Before You Leap!! Any legitimate company will welcome your investigation of their products/services, their business model, their compensation plan, and their plan for long-term sustainability. This model of doing business is a good one, but it must fit your lifestyle to be successful for you. Any business takes time and effort. Don’t be fooled by fast talk, high pressure, and/or special deals. Look Before You Leap!!

(In the interest of full disclosure, I have been, and am now involved in this industry as a part of my overall business model.)

Filed Under: Entrepreneurialism, Retirement Tagged With: Babyboomer, Business, Business model, Company, Get-rich-quick scheme, Small Business, United States

Building a Business that Counts

April 10, 2012 by dwellman 4 Comments

For a long time now, I have been a bit unsettled about business in this cray era of the internet and the “global” economy. As a dreamer, I have looked at videos, listened to gurus, and joined the social network. The more I did (and learned) the more unsettled I became. The reason for my unsettled condition was that through all of what I was seeing, hearing, and experiencing there was a tremendous loss of the human element.

For me business is about looking people in the eye and knowing that they trust what I say and I trust them in the same way.

It’s about being confident that the people you work with really care about you and you really care about them.
It’s about relationships that will give the other their last dollar to bail them out of a jam.
It’s about building a business that counts for you, for your customers/clients, and for your community.

Over the next few weeks, I am going to introduce some thoughts about building such a business. My hope in all of this is that some very talented entrepreneurs who are looking for more than just fame and fortune will take these simple thoughts and bring about a revolution of caring in this country and around the world.

So, buckle up and hang on for the ride. Please comment and add to the conversation. This discussion could very well change the course of your world. Most of all I want it to help you find purpose and passion!

Cheers ….

Filed Under: Designing Success, Small Business Tagged With: Building a business, Business, Caring, Experience, Facebook, Small Business, Social media, Social network, Twitter

Betting on the Boomers

April 4, 2012 by Dave Wellman Leave a Comment

I follow Scott Gerber, founder of the Young Entrepreneur Council, on Twitter(@askgerber). In his recent tweets he has been promoting the YEC’s new campaign “Fix Young America” which he hopes will bring young entrepreneurs together to help to fix the broken economy.

Now, I for one am all for every generation working together to fix the struggling American economy, but if I was a betting man, I’d be betting on the Boomers. You see for most Boomers the 800 pound elephant in the room is that we simply don’t have enough money to “retire” like many of our parents did. And this fact is going to spark a new era of micro-business activity among the largest generation on the planet. So, its time we get back to work!

Work …. yes, but traditional jobs …. never! Our generation is the generation of color television, cable, personal computing, and Starbucks. We are the children that Disney built his empire selling to and still the largest age based market in the US as well as many other economies. We were the great innovators that put men on the moon, created the internet, and created the strongest economy the world has ever known.

With all our experience and wisdom, its our turn to step up again, to turn our “retirement years” into something more than endless days of golf or tennis, We need to determine that we are going reignite our innovative juices and create again an economy that meets the needs for our “chapter two” and leaves a strong legacy for Scott and those in the Young Entrepreneur Council.

Here are some things I think we can do to bring the economy back to full strength:

Look to our lifetime of experience to find, build, and promote new businesses that will put customers first and will effect our communities in a positive way.
Look for ways to embrace our age group in the businesses we create. Remember, we are still the largest generation, and besides, who understands us better than we do?
Look for ways to pass our wisdom on to succeeding generations. Many of us learned the principles of self-reliance and hard work by working with along side our parents or grandparents. We need to pass that ethic on and teach while we build businesses.

Scott and the members of the YEC are doing a great thing by looking for ways to fix the American economy by looking to the current and upcoming generations, but as for me, I’m betting on the Boomers!

Filed Under: Retirement, Second Career Tagged With: Babyboomer, Boomer, Business, Generation, Small Business, Starbucks, Twitter, United States

A Return to Responsible Business

April 3, 2012 by dwellman 2 Comments

I was listening to a local talk radio guy yesterday and he was talking about growing up in an America far different with the one we are living in today. It was a time when you could buy a brand new car off the showroom floor around $2,000 or so and the gas to make it run was only about .25/gallon. The average cost to heat/cool and light homes in that era was about $40/month.

As I listened to his remembrances of those days, I smiled because those were the days of my upbringing as well.

But, as I continued to think about those days, I thought to myself (alright it was out loud), what else was it that made those times so good? In the area of business the thing that stands out in my memory was that local business owners were responsive and responsible to their customers. It was a simpler time before answering machines and “press one for service, two for sales, three to be hung up on ….”

If you called during business hours you could talk to the owner, or at least the manager of most businesses. If you had a complaint about a product or the service you received, you took it to the boss. Nearly every business owner knew that it was a privilege to have their customers and that keeping them was more important than trying to find new ones.

Today, things have changed. Not so much for the better I think. We live in a new era of greed, a new era of less than successful customer service, a new era of customer disloyalty.

In my view its time for a return. A return to simpler times and better care taken. Businesses owners whose concern is people will get my business and I will be responsible to my client base. We may not get new cars priced at $2,000, gas at .25/gallon, or home utility bills back down to $40/month, but I believe responsible businesses and their owners can bring us back to a more responsive time.

What do you think? What changes need to be made to make this happen?

Filed Under: Local Business Success, Small Business Tagged With: Business, Customer, Customer Management, Customer service, Small Business, Talk radio, United States

If Not a Job then What?

April 2, 2012 by dwellman Leave a Comment

(Photo credit: Wikipedia)

Last week I wrote an article asking the question, Do You Really Want a Job? Nearly all of those who responded said “NO” they would prefer to not count on the uncertainties of a job in this current economic climate. This necessarily leads to the next logical question, “If Not a Job then What?”

I mean the obvious answer to “what” is a business. However, that is a awfully broad answer and one that needs a bit of consideration before you just jump in and start!

To begin with, since somewhere around 80% of people say that they hate their jobs. Around the same number of working Americans saying that they are looking for a different job. So, trying to start a business in your current field might not be a great idea. Having a business you hate doing is way worse than having a job you hate!

Here are a few practical steps to help you answer the question and find the right business for you:

What is it that you absolutely love to do? Loving what you do certainly makes “building your business” a much more pleasant thing to do.
Who are your potential customers? In other words, are there enough people who both need and want what you have to sell to make your business a success?
What kind of business do you want to be? Home-based, mobile office, or brick and mortar? “Franchise-styled,” direct sales, or service oriented. Choosing the right kind of business both in location and type can be the difference between success and failure.
How will your new business effect your life plans. Many people jump into a business trying to escape the efforts of a job only to find that a business requires more of them than they a willing to give or worse yet they give it more than it deserves and the rest of their life falls apart around the business.
How much time and resources do you have to develop your business? It is rarely a good idea to quit your day job until you are reasonably certain your new venture has the capacity to replace your current income.

I personally agree with the majority of the comments that the advantages of a business far outweigh those of a job, but I also understand that reasonable steps must be taken to assure the success of your start-up business. Be careful, be creative, and be successful!

Filed Under: Small Business, The Dream Tagged With: Brick and mortar, Business, Day job, Employment, Franchise, Franchise-style, Job, Mobile business, Question, Small Business, United States

A thought about venture capitalists.

March 29, 2012 by dwellman 2 Comments

(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!

Filed Under: Designing Success, Small Business Tagged With: Business, Entrepreneur, Fast Company, Financial Services, Shark Tank, Small Business, Venture capital