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Monthly Archives: December 2016

Successful Entrepreneur Qualities

1) PERSEVERANCE Being able to persevere through any challenge can help someone overcome even their most difficult obstacles.

2) GOAL-ORIENTED These people are assertive, responsible, and self-disciplined. They have a goal, and pursue it to the end.

3) SELF-AWARENESS This quality is the ability to examine your feelings. If you are able to determine your motivations and drive, you may be started on the right path.

4) RESILIENCE Some people are able to bounce back quickly and recover after rejection and defeat.

5) WILLINGNESS TO TAKE A RISK For most, the idea of taking risks in life or business is overwhelming. However, there are some who continually go beyond their comfort zones and love the unknown.

6) THRIVING ON PRESSURE If there is an upcoming deadline or a stressful situation, some people work best under pressure

7) OPTIMISM Keeping a positive attitude is imperative to achieving success.

8) EMPATHY This is the ability to put yourself in someone else’s shoes and understand their feelings and struggles. This can lead to deeper relationships, in business and personally.

9) COMPETITIVENESS Competition creates a healthy drive to want to do your best. This drive to succeed can give you an extra push over your opponents.

10) PATIENCE The old saying is true, “Good things come to those who wait.”

11) PERSUASIVENESS The ability to persuade others for your point of view requires influence. Successful people have this quality.

12) CONFIDENCE Confidence starts internally, with the knowledge that you have the ability to succeed. This self-assurance and inner calm will cause others to want to be around you.

13) PASSION When you love what you do, this passion will be carried to those around you.

14) INTEGRITY Stay true to yourself, your morals and values, and don’t compromise your standards.

15) TRUST Trust is imperative to business and personal relationships. When the people around you can trust you, success is that much easier to achieve.

16) HAVING FUN Work and play don’t always go together, but success doesn’t happen without enjoying yourself and your work.

17) BEING OPEN This will open you up to new opportunities. If you close yourself off, you are limiting your options.

18) CREATIVITY Your ability to develop fresh and innovative ideas can revolutionize your world.

19) COURAGE Looking past your fears to realize your dreams is critical to the success of your business. Look past what intimidates you and move towards success.

 

Entrepreneur Success Principles

1. The principle of intention

This principle states that, be it in online marketing or anywhere else, nothing will manifest without intention. You must first choose to manifest a certain result or outcome before it can transpire. Ask yourself what it is that you want, how much money do you want to earn, etc. Once you’ve decided what it is that you want (this is important, never think of things you do not want), proceed to the second principle.

2. The principle of attention

This is the harder step as you can imagine. Placing attention on the things that can empower you and your business is very important because, as I have witnessed in my own life and career, the difference between those who have succeeded in any enterprise, made a fortune online or built a phenomenal relationship and those who have failed miserably in any venture is that they have placed attention on different things. The first focused their attention on improving, perfecting and learning from mistakes. The ones who failed miserably failed at improving, perfecting and learning from mistakes. The successful ones placed their attention on those things that brought them a reason to continue. Those that failed focused and gave attention to things that showed them only failure. Guess what they got. It’s natural to be scared, to lose hope, but it is not natural to remain scared and hopeless. As I have said, obstacles are everywhere, your job is to make mistakes, to learn from them and to grow. Focus all of your attention on the things that you can use to succeed and I guarantee, you will!

3. The principle of giving

“It is one of the most beautiful compensations of this life that no man can sincerely try to help another without helping himself.” Ralph Waldo Emerson

This is powerful, trust me. You must first give to receive and you can easily prove this simple, but effective principle. I give away free stuff all the time and I find joy in the fact that many of the people that receive it get something of value and it doesn’t matter if they join me in any of my programs or not. Somehow, I still make a lot of money. Somehow, I still receive value. And you will too.

 

Guide to Write A Startup Business Plan

Here are just a few reasons why you would want to write a business plan.

1. Evaluating initial startup costs.
2. Determining what it will take to make a profit.
3. Analyzing your competition and it’s success and failures (which you can capitalize on)
4. Well defined rolls of all people involved in the company.
5. Investigating your market and developing a strategy.
6. Anticipating problems before they occur.
7. Defining a clear goal and exit strategy for your business.
8. Convincing investors to fund your business

Some may scoff at all of the parts of a business plan, but remember that you are undertaking this endeavor to make money, not to just produce a product or service. Most businesses fail because they are hit by unforeseen expenses — or situations — that they should have anticipated ahead of times.

To give yourself the best chance of success, do your homework ahead of time and you’ll be way ahead of most people.

Plan Your Work, Work Your Plan

A business plan is not a document set in stone and you will probably change it in the future as your business develops. When you are stuck on an issue refer back to your business plan and remember what your initial goals were and whether the situation has changed significantly enough that the plan needs to be reworked.

Planning your work is when you write your plan, but you can’t just stop there. You must work the plan and stick to it as you move forward in order to meet your exit strategy or other goals for the company.

Step 1: Defining Your Product Or Service

The first step to writing your business plan is defining exactly what your product or service is. This is what you will approach a potential customer with.

How would you explain your product or service to a potential client?

What would you tell them about it?

How would your product or service relate to other businesses?

Describing your product or service should fit within 1 paragraph with supporting paragraphs underneath it. Most people, when dealing with something innovative or something that is identical to a competitor, try to cop out of this and say “it’s just too complex for my product to be described”. That’s hogwash.

Every product or service can be defined. If your product or service is so innovative that it can’t be defined then the chance of it succeeding is very low.

Here are a few examples.

* Google was simply “a better search engine that works”
* Apple was simply “a computer that can fit on a desk”
* Microsoft was “an operating system that can be mass distributed”
* Amazon.com was “a mail order bookstore with an online front end”

Describing your product is not a hard thing to do. Implementing a strategy to sell, distribute or market your product in the long run has the most impact on whether your business will succeed.

Step 2: Who Are Your Customers?

Defining your target market may be a little difficult if you think your product can be used by anyone, but it can be done. Simply putting “everyone on Earth” is not a practical target market.

Whether your product or service can be used by everyone is not the key, it’s who can afford and needs your product.

Is it small businesses? Does it fit the consumer market that cooks a lot? Is it Internet users who are looking for dolls?

Defining your exact target market is key to setting up a proper marketing strategy. Without knowing who your potential customers are you will be casting your line into a vast ocean rather than a stocked pond.

Another part of this is determining if your target market can afford your product and will they purchase it from you.

If your product can only be used by boys age 14-18 and the price of your product is $1000 your market will probably be very small.

This is all part of the plan, don’t be discouraged if you find that upon doing research your product or service doesn’t make sense. It’s better to evaluate things now and scrap the whole thing than to accept money from investors and finding out later that your business doesn’t stand a chance.

Step 3: Market Strategy

Who is your competition? How will you reach your target customer or client? These are all questions that need to be defined.

Find two or three competitors and evaluate them. Where are they successful? Where is their main revenue coming from? What things have they tried and failed? What things do they lack that you will provide?

Analyzing the competitive landscape is an important part of determining if you can succeed. You may even realize other areas that your product or service needs to focus on to have a chance of succeeding.

How are you going to reach your customer? Will it be through catalogs? Advertising in the local paper? Word of Mouth? Direct sales?

Investigate the costs of implementing a strategy of reaching your customer and client base.

If you are selling a product how much will it cost to get your products on shelves or to set up a e-commerce website?

What are the costs involved to place advertisements?

Simply having a product or service and not having people even knowing that it exists is a certain road to failure from the start.

Step 4: Financing And Capital

What are your initial expenses for starting your business?

You need to analyze all costs for beginning your business and how much capital you will need to keep the business running. If there is payroll involved you will need to factor in payroll taxes as well as salaries. You need to know how much in legal costs you will incur incorporating and for lawyer and accounting services.

If you are providing a product what is the cost of having it produced and an inventory for it?

Letterheads, logo’s, business equipment, software and business cards all fit in this category.

There is no hard and fast rule for how much capital you will initially need in terms of months in advance. Most businesses underestimate how much initial expenses and ongoing monthly expenses they have.

How will you fulfill orders? If via mail you will need to factor in packaging and shipping expenses.

If you are stocking a store with your item you will need to factor in delivery charges and expenses.

Once you have determined both your ongoing monthly expenses and initial expenses then you can evaluate how much initial capital you will need and where you intend to get it.

Will your financing come in the form of angel investors, venture capital, self financed or friends and family? Securing this financing could have expenses you have not counted on, be sure to include these expenses as well.

Step 5: Operations

You need to define the operations of your business and how your product or service will reach a customer from development all the way to end user. If you are providing a product you will need to define the whole flow.

Here’s a few questions for a product based company.

How will the product be produced?

How will it be stored?

How will it be delivered?

How will customers place an order?

How will an order be processed?

How will a customer get a receipt?

Where will fulfillment take place?

How will money change hands?

When will the customer receive their product?

How will customer service be handled?

For a service based company most of the above questions have their equivalent.

These questions need to be answered. It shows that you have thought ahead on how your business will operate.

Step 6: Putting It All Together

Once you have analyzed your product, your customers, your competition, market strategy and financing it’s time to put it all together in a document known as a business plan.

There is no single format for writing a business plan. The best way to write a business plan is to study business plans. You can find some business plans on the web to study.

Here is a basic overview of the things you should provide in a business plan.

1. Cover Sheet
2. Statement of Purpose
I. Part 1: Business Analysis
a. Description of the Business
b. Marketing Strategy
c. Competitive Landscape
d. Operating Flow
e. Management and Personnel
f. Exit Strategy
g.Insurance Information
II. Part 2: Financial Information
a. Equipment, Supply List and Assets
b. Balance Sheet
c. Break-even Analysis
d. Pro-forma Projections Including
i. 3 year summary
ii. Detailed projection by month of the first year
iii.Detailed quarterly projects for year 2 and 3
iv.Assumptions or how you reached your projections
e. Pro-forma Cash Flow
III. Part 3: Supporting Documentation
a. Tax returns of the principals involved in the business for the last 3 years
b. Franchise contracts, proposed leases and purchase agreements
c. Any licenses or legal documents the business needs
d. Resumes of all the principals involved in the business
e. Letters of intent from suppliers and other services

Remember that not all of these things need to be included right off the bat. If you are not going to have proposed leases at this time while you are starting your plan, it can go on your task list of things to do.

The most important part is getting started on your business plan so that you can spot the things you need to get done to complete it.

Most investors are not going to just hand you money without a pretty solid business plan though, so if you’re not too good at doing the financials you better get to work on learning how to project pro-forma cash flow and projections.

Once you have your business plan you are well on your way to creating a successful startup!