Awareness And Mastery Two Essential Keys To A Successful Small Business

At the heart of it, mastery is practice. Mastery is staying on the path.”
~ George Leonard
US pioneer in human potential

We often hear managers complaining that their employees arent productive, dont listen and just cant consistently get the job done. As a youth sports coach, I hear coaches with similar complaintsthe kids dont listen, dont know where to go and dont try very hard. I cant relate. The boys on my team are usually focused, do what I ask of them, and work hard. As a business owner, my employees are focused, do what I ask of them and work hard. What am I doing that is different from the rest? And what can this teach you about running a successful small business?

As a coach, I make my boys jobs very simple. I ask only two things of them. I ask them to master one shot and I ask them to be aware of what is going on around them. Of course we work on defensive and offensive strategy, but both of those revolve around the two keys that I gave them for successawareness and mastery.

I teach awareness by constantly asking them to be aware of where the ball is and at the same time to be aware of their teammates are and where their opponents are. I teach them how to see the ball and their opponent when he doesnt have the ball. Sounds simple, but for ten year olds this is work.

I teach mastery by assigning homework to each boy. The second week of practice, they have to show me a spot on the court from which they can make a shot every time. I dont care if it is from just two feet under the basket. I want them to know they can make it every single time. As the season progresses, they may gradually move their spot further and further out, but I still ask that they be able to make their shot every time unguarded in practice.

These two simple concepts have a tremendous effect on the boys during their games. They have incredible confidence in their ability to make shots because they know that they will always make it. I dont need to yell at them like other coaches about where they should be on the court because they have developed awareness of what they are doing and seeing. Now lets see how you can use this in your successful small business.

As a business owner, I put these two key principles to work in training my employees. From the first day on the job, I work with them to be aware of what tasks are needed, what I expect of them, how I want customers treated, etc. And I ask them to master tasks and customer scripts. Once they are mastered, I open it up for them to adlib just like with my players. When correction is needed, it is usually in one of these two areas. They are either unaware of what is needed or they havent mastered the task at hand.

Not only does following these two concepts make it easy for me to get results with my players and employees, it also brings incredible results. My first team lost only one game all season and my employees rarely lose a sale. My businesses and products win awards earned by my employees. And, as a bonus, everyone enjoys themselves with this simple structure. I knew I was doing it right when the father of one of my boys told me that his boy enjoyed practice so much that he chose to come to practice instead of going to see our professional basketball team play one night. And I know it works with my employees because they show up on time happy, focused and ready to work. Remember, awareness and mastery are two essential keys to a successful small business.

4 Rules For New Entrepreneurs – Practical Tips For Starting Right

Its a great time to be an entrepreneurin the last decade, technology has leveled the playing field and propelled an entrepreneurial revolution. As an entrepreneur, you now have more access to information that enables you to make more intelligent choices more quickly. You have an advantage over big businesses in that youre lighter, more flexible, and faster on your feet. You can target new markets more quickly, and you can turn on a dime.

But being a successful entrepreneur requires that you look at the big picture and follow a plan through from beginning to end. Rieva Lesonsky, editor-in-chief of Entrepreneur Magazine gives some practical guidelines that can help you when beginning your own enterprise:

1.Dont Quit Your Day Job.
Consider starting your business part-time, especially if its online, while youre working and have a steady income. It usually takes six months to a year to get a business going and you dont want your ability to make your house payment to hinge upon your company being an overnight success. Start with what you can manage, financially and time-wise, and scale up as your business grows.

2.Find Your Niche.
The days of general stores are over. Particularly online, consumers are looking for stores that specialize. You have to find a needsomething a specific group of people want, but cant get at the big chain storesand fill it. Advises Lesonsky, You cant compete with the big guys, so you have to find where the big guys arent and go into your niches.

3.Have an Online Presence.
Even if youre not planning to start an online retail business, consider that the internet can still play a valuable role in your company. Having an online presence eliminates the limitations of physical location and broadens your customer base by, literally, millions. Its also a great tool for promoting yourself and letting people, even in your own area, know that youre there, and what youre doing.

4.Refuse to Quit.
Successful entrepreneurship requires creativity, energy, and a drive to keep going when you fail. Few people realize that before Bill Gates created the extremely successful Microsoft 3.0, he created a Microsoft 1.0 and 2.0, both of which floppedbut he kept at it. And that determination and refusal to give up is what will separate successful entrepreneurs from unsuccessful ones. Says Lesonsky, Arm yourself with optimism to get beyond the No or the trouble. Theres nothing wrong in failurejust dont repeat the same mistake!

One of the hardest presentations to make is the entrepreneurial pitch. You have a great idea for a business and you want someone to give you money to make it happen. The problem is that venture capitalists, angel investors, and even rich uncles are heavily predisposed against you. Why? Because 99% of the pitches they hear sound like sure-fire prescriptions to lose money!

If you are pitching investors to give you money for a new venture, you should subscribe to the following rules:

1. Explain exactly what your business is within the first thirty seconds. Many entrepreneurs waste valuable time giving loads of data, background and other infoall the while investors are left scratching their heads thinking What does this business actually DO?

2. Tell your audience who your customers will be. Paint a vivid, specific picture of these people.

3. Explain why your customers going to give you there hard-earned money.

4. Explain who your competitors are. (And if you say you have no competitors, that is a certain sign you are unsophisticated and deserve no investment money!)

5. Explain why you are the ONE to make this happen.

6. Give your presentation with confidence and enthusiasm. Investors want a founderCEO to be a chief salesperson; they want to see that you can convince the world of your dreamnot just them.

7. Explain what star you can hitch a ride to. Has Best Buy or Radio Shack agreed to distribute your new product? Investors feel much more comfortable knowing you have an established player willing to distribute your wares.

8. Ask for a specific amount of money. If all you do is ask for money, then you cant complain if an investor gives you 3.25 for a cup of Starbucks coffee.

9. Tell prospects exactly what you are going to spend the money on (hint:a trip to Maui for you and your friends will not impress)

10. Dress well, act confident, and put on the air that you dont really need their money, but would be willing to accept it if they bring enough to the table to be a strategic partner for you. Sad but true regarding human nature, but people are much more likely to give you money if they feel you dont really need it.

Finally, make each pitch presentation serve as a focus group for your next presentation. When one group of investors asks you a series of questions after you pitch, write down all of those questions and make sure most of them are answered in your next pitch so that the next group doesnt have to ask them. Keep pitching and keep improving your pitch and eventually you may get funded.

Over the years countless institutes and individuals have asked the million pound question. What makes an entrepreneur an entrepreneur? What traits or characteristics are inherent to a successful entrepreneur and is one born with those traits? Theres great news! Successful entrepreneurs are born every day!

Some people believe an entrepreneur is born while others believe an entrepreneur can be taught. Some believe an entrepreneur is like an artist – either you have it or do you dont. Some see entrepreneurs as leaders that are focused, disciplined, competitive, and charismatic, while others see them as huge risk takers. And all of these analogies are right to some degree.

Its true all successful entrepreneurs share a few qualities and skills that allow them to be successful. These inherent qualities can be taught; but they often seem to be an inherent driving force that sends individuals down the path of being in business or formally training to for a career in business.

Entrepreneurs see the world differently. They have the ability to see the world as a system. They have the ability to see something in its entirety and as an integrated unit, and they seem to possess the ability to see opportunity within the global picture. They are what is called a system thinker.

There are other characteristics they possess. Entrepreneurs possess an overpowering need to achieve and tend to be very competitive against themselves. They are continuously trying to outthink themselves and others and they are constantly looking for the edge. This is a process that occurs as naturally as breathing and is a driving force behind most entrepreneurs.

They have the determination and dedication to follow through with commitments and they always appear confident and in control. Youll notice they also possess a positive atmosphere. They are of the mindset I can, and I will. They are not afraid of failure because failure is not in their vocabulary nor is it an option.

They are objective but have the ability to weigh risks realistically within the big picture. They have an uncanny ability to anticipate developments which gives them the edge on many competitive situations. Entrepreneurs seem to feel right from their gut, call it instinct. They are a resourceful group that possess excellent problem solving skills and are able to diligently work through obstacles as they occur.

Entrepreneurs are excellent communicators and recognize how important clear and concise communication is to their success. They also possess a sound working knowledge of the business they are involved in.

When it comes to successful entrepreneurs its a question of what came first, the chicken or the egg. Is it inherent qualities that we are born with that lead us to be entrepreneurs or is it when we choose to become an entrepreneur that we develop the skills and qualities of success? Thats a question we shall leave to the great debaters to resolve.

What is for certain is that successful entrepreneurs are born every day and that you too can be a successful entrepreneur by developing the skills of success.

Managing and owning a small business can be very stimulating for the ADD adult. Many ADD entrepreneurs thrive on the fact that they can work on growing their business without all of the structure of being employed by someone else. While the structure of a 9 to 5 job might not be ideal for an ADD adult, an ADD entrepreneur should establish some structure and boundaries in order to be successful with their business opportunities and their personal lives. Here are just a couple of examples of structure and boundaries that an ADD entrepreneur should establish:

1. Keeping your personal finances and your business finances separate.

The larger your business is, the more important it is to separate your finances. Not only is it important for tax purposes, but recording all of your business transactions will give you or someone else all of the information necessary to analyze how well you are doing, and what you need to do to expand your business.

2. Set aside a regular time to pay your bills and to bill your customers.

I find that a lot of ADD entrepreneurs are more reluctant to bill their customers on a regular basis. The main reason is that they are so focused on pleasing the customer, that they don’t focus on actually getting paid for a job. In order to develop a habit, you should decide on a regular set time that you are going to focus on sending out your invoice and paying the bills.

3. Schedule time andor days each week where you not allowed to do anything related to your business.

In order to be a successful entrepreneur you need to spend a lot of time on your business. It is easy for an ADD entrepreneur to completely focus on their business and not focus on their other needs like eating properly, sleeping, physical activity, and spending time with friends and family. Without spending a little time on the other areas of your life your will burnout or breakdown.

Many people think operating an online business is good idea to make some extra money or to provide them with a way to work anywhere they want. An online business can be a very lucrative way to make money. A online business can provide you with more income and more freedom with your time.

The key to having a successful online business is to find one that you believe in and that suits your style. For instance, if you don’t like selling things or contacting people face to face or by phone, then you probably need to choose a online business that does not require these things. If the online business is selling a product that you, yourself would not use, or don’t believe in, then it makes it very difficult to make a believable presentation to others.

A online business is not going to run by itself, either. Most successful online business entrepreneurs would tell you that their online business got to be successful by working at it, putting in the time and the energy to make it a success. There is no online business that does not require some work. There are, however, some that do not require a large financial investment by you.

The best way to find the perfect online business for you is to do some research about the many different online businesses out there. This way, you can feel confident that you have chosen a online business that you will be good at and will generate the income you are hoping for.

Long-term investing in the stock market can offer a passive return around 5-8% if you remain invested for 30 years; but, unfortunately, that return is before taxes and inflation. This is so low because the company founders, backers, early investors, investment bankers, etc., have removed all foreseeable profit from the company before it is ever offered to the public market. There is a spectrum of investments available to you that is dependent on how much effort you are willing to put into educating yourself, networking, and performing your own investment due diligence. If you dont want to do any work, you are going to receive the tiny return of a CD or mutual fund in exchange for supporting many people (in expensive suits) in between you and the actual business that is making money. For people willing to educate themselves and put forth added effort, they will be sitting across the table from business owners and managers; investing directly into a business that pays monthly or quarterly cash returns from 10 to over 20%.

For example, lets suppose that there is a great single-family rehabber in your area. This rehabber buys homes in bad condition, fixes them up, and then quickly sells them for a profit. If he or she were very good, theyd begin taking on several simultaneous or larger projects until they run out of money to buy any more homes. Once they run out of money, they start using their credit until that is used up as well. Once a successful entrepreneur is out of cash and credit, the only way to grow is to partner with investors. And to entice these investors, they offer higher than average returns. [I want to make a very important distinction between what I define as a start-up and an on-going business. A start-up is a few people that only have a business idea who want to spend your money instead of theirs never invest in them! Leave these to the professional evaluation of a venture capital firm. An on-going business is already being run by someone professional who has current customers, suppliers, location, products, or services these are the types of businesses you want to invest in].

You may be simultaneously networking with local business owners, educating yourself about their industries and the local economy, and checking the reputation of those with whom you are interested in becoming a partner. Introduce yourself as someone that has been watching their success, and indicate that might want to invest in one of their future projects. It could be a business owner who has four retail stores and that youd like to invest with them to open their fifth store; or the owner of a local manufacturer needs some capital to startup selling products overseas; or invest in a developer that splits large plots of land into residential lots; or an investor that packages privately held mortgages. There are many local investing opportunities that offer the investor greater control than buying public stock, along with higher investment returns.

Direct ownership requires a few skills that buying a CD or mutual fund doesnt require, but you will be well compensated for developing these skills. The first skill to learn is some basic accounting because financial numbers is the language of every business. You need the basics to start reading financial statements in order to evaluate potential deals. If your desire is to invest in car dealerships, you need to know the difference between a well-run or a poorly-run dealership from reviewing their financial statements. The next skill is networking to locate deals get your phone ringing, business card circulating, and e-mail account filling with potential deals. Private equity and debt financing is normally offered to family and friends, then acquaintances; and this will only happen if you are meeting people and talking about what you are looking for. The third skill is performing due diligence; which means independently verifying as much as possible about the individual, the company, and the transaction so that you can be reasonably confident in getting paid in full. Few local private offerings will have a prospectus written by teams of lawyers and accountants who have dissected the offer, so you, personally, have to do the work. No matter if this is a relative or a friend, there are people who will steal your money and disappear or people that mean well but are unable to follow-through and build a successful business. In either case, your hard earned money is long gone so you should take great pains to get independent third-party verification of all the facts and history that you can.

I personally know a few people that have built their wealth with the high returns from private placement offerings, and wouldnt invest in the stock market due to the lack of control and lower average return. If you have the willingness to put forth the effort, great returns can be yours as well.

October 2, 2007. Its a typical day at SEOhaus in the largest office located within the companys 1400sqft. space, employees sit in a semi-circle around a cordless speaker phone.

“We need to really focus on improving our PR,” a client says, his voice on speaker phone audible throughout the room.

“We can do that,” one of the employees says, glancing down at the yellow legal pad on her lap. “Lets come up with a solution.”

Ten minutes later, when the meeting ends, the employees disperse to their respective offices, and the companys owners, William Senn, 26, and William Canu, 25, take a short break from their hectic work schedules to share what its like being an entrepreneur under 30.

“Were growing so fast,” Canu says, leaning back in his office chair and glancing over his shoulder at the busy traffic below on Kettner Blvd. “Its amazing.”

The two Williams, who started SEOhaus from the proceeds of their last business venture’s mail-order DVD rental service, have seen their company grow from a single room with two employees (themselves) to a small business with approximately ten full-time employees and growing. Next week, the company will move to a much larger office suite down the hall.

“Were excited,” says Senn, a former Google employee.” The walls of the new office are being painted right now, and it (the move) is starting to feel official.”

SEO, or Search Engine Optimization, is all about the art of achieving increased traffic, presence, and page rankings (i.e. higher search results) for a website, and this is achieved by a variety of different methods, including, but not limited to: building links, writing and marketing SEO content articles, social bookmarking, and web design.

“SEOhaus is a boutique firm,” Senn explains, “We specialize in customized services, and our employees are very good at what they do.”

SEOhaus and its twenty-something owners, represent a growing trend in American business: young entrepreneurs making an impact in their respective industries and developing successful businesses before their 30th birthday.

Their generation, known as Generation Y (1981-1995) is a generation of young entrepreneurs. The online publication Inc.com recently released the list of the “thirty coolest entrepreneurs under thirty,” profiling individuals who began their own companies—some while still living in their parents houses, and have seen them grow exponentially in only a few short years.

Gone: Customers, sales, profits. Following is a simple little tale about how it happens.

“Jones was a typical entrepreneur who worked long hours and wore many hats.

“The problem was that all the hats screamed for attention. Jones solved the problem by wearing the hat that screamed the loudest.

“Unfortunately, this was only a temporary solution since all the hats kept screaming until they were worn.

“There was, however, one hat that never screamed. It never complained, whined or whimpered, even though it was lonely. It knew it was important, whether or not it was worn. That hat was right.

“One day the customers quit coming. The other hats became quiet; they no longer were needed. It was then that Jones noticed the hat named Marketing and how little it had been worn.

“‘Why didn’t I wear the Marketing hat?’ thought Jones.

“For one thing, Marketing hadn’t screamed for attention like the other hats. The other reason was that Jones was afraid the Marketing hat was too expensive to wear and would drain profits.

“But now there were no profits; the customers were gone.

“Jones put on the Marketing hat. It was time to get the old customers back, and to get new customers, too. It was time to wear the Marketing hat regularly.

“Even the other hats perked up.”

(c) 2005 Neil Sagebiel

If you are about to start off in business you will have no doubt heard these comments:
So many businesses fail. Why are you doing this?
I hear that you need a large amount of money to get a business off the ground these days.
Why are you throwing away the security of your job?

These, and more of the same, are typical of the barriers that so called friends and advisors, put in your way if you are thinking of starting a business. These barriers are built on the back of myths about the pitfalls and challenges which surround running your own business.

In this article, well take a look at some of these myths and reveal them to be exactly that just myths! Dont get me wrong, being an entrepreneur can be tough and there are hurdles to cross, but lets bring some common sense into the debate!

You Dont Have a Personal Life

Yes you will! It can be hard juggling the responsibilities of running your own business and spending time with the family, but at the end of the day, you are going to have far more flexibility with your personal life, than any employee will ever have. The real issue is, do you have the time management and planning skills to get things done, thereby allowing you time to spend with your family.

You Have To Be Cunning and Ruthless To Be a Successful Entrepreneur

Ok, it may help you in the short term but this is not a sound, long term strategy. To be a successful entrepreneur you need to build relationships with both customers and suppliers who will stick by you during the rough times. Being ruthless over pricing may get you one or two good deals but you are unlikely to build a lasting and profitable relationship. Your aim should be to strike a balance between what you want and what your customer or supplier wants.

You Wont Have To Work As Hard

Your current job may be stressful and subject you to long hours. The idea of running your own business is appealing because you can slow down and take life at your own pace. To a degree this is true but theres no getting away from the fact that it will be hard work. Most small businesses dont achieve profitability until year 3 and so its a long slog. Remember, if was easy, everyone would be doing it!

What does make the difference though, is that you are finally doing something you love and so the hours and the struggles dont seem like hard work at all. So perhaps this myth may be true after all!

You Have To Have an Original Idea

No you dont. Most businesses are built around a central idea. The difference is usually how its delivered. The core products of all fast food places are the same, as are clothes shops, newsagents etc. You can make a decent living effectively copying someone elses idea but done in a slightly different way. Dont be put off by the doomsayers who will gleefully point out that its been done before. Your response should be, Great! That shows the idea works!

You Will Be Your Own Boss

No way! Theres only one boss in your new business the customer. They are essential to your success. When you were working for that large, faceless Corporation, the loss of the odd client wasnt that big a deal – plenty more where they came from.

In your new world you have to do whatever it takes to keep your customers and keep them happy. The customer is the one who calls the tunes. You have to listen and take note, before someone else does. However, at the end of the day, when all their demands are met, then perhaps you can have some time to yourself and enjoy the pleasures of being your own boss after all!

You Need A lot Of Money To Get a Business Off The Ground

Some businesses do need a fair bit of cash to get moving but there are many areas you can go into without the need to invest in a large amount of stock, machinery or equipment. The low-capital businesses involve the use of three very cheap commodities your brain power, your knowledge and your time.

A business where you sell your expertise, not actual goods, to other people can be cheaply set up and carry high profit margins. All you may need is a PC, a desk and a telephone line. Whats stopping you?

You Only Have To Do What You Want To Do

Unfortunately this myth is wrong. We all have areas or skills in which we excel and its this expertise which usually forms the basis of your business. Your dedication to paperwork, bank statements and the VAT man may not be that high, but branching out on your own doesnt mean you have the choice to avoid these terrible tasks.

Whilst you were able to do this when you were sitting in the big corporate office, you can no longer hide. These tasks have to be done otherwise the deck of cards can start to collapse.

If you do have serious misgivings on certain areas, marketing for example, then consider taking a course to improve your skills. If its something you seriously cant do, then go and find someone to do it for you dont hope it will go away because it wont.

You will have seen that some of the myths not being true is good news and others not so good news! Be sensible in considering the myths which are thrown at you. See it for what they are – comments from people who dont know what they are talking about! In the next issue Ill have some more myth-busting ideas for you.