Fellow entrepreneur author Steven K. Gold, in his book, Entrepreneur’s Notebook: Practical advice for starting a new business venture, says that his father told him the worst mistake anyone can make in business is to be in the wrong business. I couldn’t agree more. You’ve probably had a job that, while paying well, wasn’t a good fit for you. It probably didn’t last long.
For me, it was sales. I hate sales. My first job out of college was as an Account Manager for a medical clinic. I dreaded cold call days, where I would walk in a business and automatically get the closed face before I said a word. But it was my first job, and it paid well. Thank God I didn’t get paid commission! Ultimately, my foray into sales didn’t last long. I was miserable, and no amount of money could make me deny that.
In your own small business endeavors, your standards should be much higher. Do what you love. That may or may not be what you know. But if you get into a business just because you can “turn a quick buck,” you may end up hating your work. And as a business owner, it’s a lot harder to walk away from the job.
The exciting thing about being an entrepreneur is that it affords you the opportunity to do what you’re passionate about. Maybe you’ve worked as an accountant for 15 years because you were good at numbers, but what you really love is taking care of dogs. Don’t be afraid to start a grooming business! At least you know your accounting will always be flawless.
Don’t know a lot about what you love (at least in the sense of starting a business in the field)? Do research. No business has a chance of survival without research. If you don’t know how to do something, learn! I always tell people that I never say “no” to potential work. If I don’t know how to do it, I wing it with lots of research! I always learn from it and improve upon it for next time!
Life is too short to have a career that you hate. Don’t be afraid to delve into something new if it makes you happy.
Monday, April 30, 2007
Monday, April 23, 2007
Look How We Grow!
If you’re like many entrepreneurs, you didn’t have unlimited capital to start your business. Maybe you ran your company in your garage or spare room. You might have started your business part time until it developed.
Many of us bootstrapping entrepreneurs are proud of our humble beginnings. But what if you’re still operating in the same manner…even though your business is now thriving? How do you move from shoestring operations to running a fast-paced and successful business?
Make it Real
The first thing you have to do is realize that you run a “real, live” business. That was something I had trouble with in the beginning (and occasionally even now), because it didn’t seem possible that I could run a business that I actually loved (and it be successful!). Treat it as a real business and not a hobby, and your business will react in kind.
Delegate
In the beginning, you probably were the Customer Service Rep, Product Shipper, and Product Designer. Now you need to step back and be the President or CEO and oversee the activities of your business. It is extremely hard for entrepreneurs to delegate (I speak from experience), but once you do it, you will free up your mental capacity and time to make higher level decisions that will help your company grow.
If you can’t hire full time help, hire freelancers and virtual assistants to help you part time. Many of my clients interact with their marketing, customer service, and web development partners virtually. You save time on meetings, and if you build a strong relationship with service providers, geography will never be a factor.
Plan for Growth
Did your sales exceed your expectations last year? Set a higher goal for this year, and stick to it. Start being accountable for your business decisions. Create a business and marketing plan that acts as a guideline for your business’ actions. Decide where you want your company to be in one, three and five years.
Growth is exciting! Especially when it means your good idea has developed into a viable business. Don’t let your business’ growth take you by surprise, or you might miss valuable opportunities for sales and business relationships.
Many of us bootstrapping entrepreneurs are proud of our humble beginnings. But what if you’re still operating in the same manner…even though your business is now thriving? How do you move from shoestring operations to running a fast-paced and successful business?
Make it Real
The first thing you have to do is realize that you run a “real, live” business. That was something I had trouble with in the beginning (and occasionally even now), because it didn’t seem possible that I could run a business that I actually loved (and it be successful!). Treat it as a real business and not a hobby, and your business will react in kind.
Delegate
In the beginning, you probably were the Customer Service Rep, Product Shipper, and Product Designer. Now you need to step back and be the President or CEO and oversee the activities of your business. It is extremely hard for entrepreneurs to delegate (I speak from experience), but once you do it, you will free up your mental capacity and time to make higher level decisions that will help your company grow.
If you can’t hire full time help, hire freelancers and virtual assistants to help you part time. Many of my clients interact with their marketing, customer service, and web development partners virtually. You save time on meetings, and if you build a strong relationship with service providers, geography will never be a factor.
Plan for Growth
Did your sales exceed your expectations last year? Set a higher goal for this year, and stick to it. Start being accountable for your business decisions. Create a business and marketing plan that acts as a guideline for your business’ actions. Decide where you want your company to be in one, three and five years.
Growth is exciting! Especially when it means your good idea has developed into a viable business. Don’t let your business’ growth take you by surprise, or you might miss valuable opportunities for sales and business relationships.
Monday, April 16, 2007
No Longer a Mother in Denial
I’m ready to come clean. I’ve been feeling guilty for quite a while, but I’m ready to tell the world.
I work from home. And I am a mom. But I am not a work-from-home-mom. My son goes to daycare while I work.
There. I said it.
In this world of accessibility, a trend has developed of mothers working from home so that they can spend time with their children. It may work for some, but not for me. My son is two, which means that he is the center of his world, and doesn’t let me get anything done if he is at home with me. It’s hard to run a marketing firm when Elmo and Dora are my biggest (non-paying) clients.
So I send him to school. We’re both happier for it. He’s learning three languages and developing social skills I couldn’t provide him, and I am able to focus 100% on growing my business. The perk comes when I am able to quit work at 3 and pick him up for a fun afternoon, or attend his school parties. I don’t have to ask off work when he has unidentified bumps all over his body for a week.
But I don’t keep him at home, which is a common misconception to people I meet. When I say I run a marketing firm out of my home, the inevitable response is, “Oh, that’s great! So you get to stay home with your son?”
And this question has made me feel guilty every time. Until now. I am certain there are other mothers out there, for whom being a parent and running a business are mutually exclusive. It’s time to be proud of your situation and stop cowering from mothers who choose to work and keep their children at home. Your situation is unique, and there is nothing to be ashamed of. If you are able to devote all of your energy to one project at a time, everyone will be happier.
Find the situation that works for you. If you have an infant, you will probably find it easier to get work done, as they tend to be in immobile mode most of the time. If you have a toddler as I do, don’t feel guilty if you send them off to school. They will learn more than you can teach them there, and you can make your schedule fit around their activities so that you can be more involved.
My situation works for me, and yours should work for you. Be at peace with the decision you make, and know that your child is happy too.
I work from home. And I am a mom. But I am not a work-from-home-mom. My son goes to daycare while I work.
There. I said it.
In this world of accessibility, a trend has developed of mothers working from home so that they can spend time with their children. It may work for some, but not for me. My son is two, which means that he is the center of his world, and doesn’t let me get anything done if he is at home with me. It’s hard to run a marketing firm when Elmo and Dora are my biggest (non-paying) clients.
So I send him to school. We’re both happier for it. He’s learning three languages and developing social skills I couldn’t provide him, and I am able to focus 100% on growing my business. The perk comes when I am able to quit work at 3 and pick him up for a fun afternoon, or attend his school parties. I don’t have to ask off work when he has unidentified bumps all over his body for a week.
But I don’t keep him at home, which is a common misconception to people I meet. When I say I run a marketing firm out of my home, the inevitable response is, “Oh, that’s great! So you get to stay home with your son?”
And this question has made me feel guilty every time. Until now. I am certain there are other mothers out there, for whom being a parent and running a business are mutually exclusive. It’s time to be proud of your situation and stop cowering from mothers who choose to work and keep their children at home. Your situation is unique, and there is nothing to be ashamed of. If you are able to devote all of your energy to one project at a time, everyone will be happier.
Find the situation that works for you. If you have an infant, you will probably find it easier to get work done, as they tend to be in immobile mode most of the time. If you have a toddler as I do, don’t feel guilty if you send them off to school. They will learn more than you can teach them there, and you can make your schedule fit around their activities so that you can be more involved.
My situation works for me, and yours should work for you. Be at peace with the decision you make, and know that your child is happy too.
Monday, April 9, 2007
Confessions of an Entrepreneur
I have to confess, come Sunday evening, I’m already thinking about work. And I don’t dread it. I’m eager for Monday morning, so I can pop out of bed and get started working for a business I created.
Before you start hating me, know that I am not a morning person by nature. In fact, until I started my own business, I dreaded Mondays just like the rest of you. Mondays symbolized a kind of slavery – I had to go to an office that stifled good ideas and I ignored the constant thoughts of “if I were running this business, I’d [insert good idea here].”
But now I am running the business. It is truly a dream come true. But it’s far from easy. I try to appear as a big successful marketing firm (when in fact I’m working out of my home) and struggle not freak out too much when clients take their time to pay me (when in fact rent is past due). I’m horrible at maintaining my finances, but I’m not ready to delegate that task.
And speaking of delegating, does anyone else have trouble doing it?? I always feel I can do a better job than anyone else (it’s my baby, after all), yet feel the stress mounting as I take on too much work. Only recently have I started doling out work. And let me tell you, it feels great. Especially when I realized it could help me make more money. Sure, I don’t get the full amount I would get if I did the work myself, but it frees me to take on other projects I like better while someone else is earning money for me. Nice.
Being an entrepreneur is a learning process. I recently wrote a book, 101 Entrepreneur Tips, where I compiled all my research and experiences. Most of it I learned by mistake. Owning a business is a learning and growing process, and I am glad to have a community of folks to share with and learn from on this journey.
Before you start hating me, know that I am not a morning person by nature. In fact, until I started my own business, I dreaded Mondays just like the rest of you. Mondays symbolized a kind of slavery – I had to go to an office that stifled good ideas and I ignored the constant thoughts of “if I were running this business, I’d [insert good idea here].”
But now I am running the business. It is truly a dream come true. But it’s far from easy. I try to appear as a big successful marketing firm (when in fact I’m working out of my home) and struggle not freak out too much when clients take their time to pay me (when in fact rent is past due). I’m horrible at maintaining my finances, but I’m not ready to delegate that task.
And speaking of delegating, does anyone else have trouble doing it?? I always feel I can do a better job than anyone else (it’s my baby, after all), yet feel the stress mounting as I take on too much work. Only recently have I started doling out work. And let me tell you, it feels great. Especially when I realized it could help me make more money. Sure, I don’t get the full amount I would get if I did the work myself, but it frees me to take on other projects I like better while someone else is earning money for me. Nice.
Being an entrepreneur is a learning process. I recently wrote a book, 101 Entrepreneur Tips, where I compiled all my research and experiences. Most of it I learned by mistake. Owning a business is a learning and growing process, and I am glad to have a community of folks to share with and learn from on this journey.
Friday, March 23, 2007
A Born Entrepreneur
I say that entrepreneurs are born, not made. Will anyone dispute me?
I decided to earn my MBA so that I could get involved in all aspects of my business: finance, management, marketing and accounting. I was surprised at how many of my classmates were not there for the same reason: to run their own business. I realized that many people are afraid to take the risks that entrepreneurship poses, and that I was one of the elite.
Running a marketing company is teaching me so much more than the theories and rules I learned in MBA school ever taught me. The most important lessons are patience and humility.
I hope you fellow entrepreneurs out there will enjoy my book of tips I've learned on my path to being self-employed.
I'd love to get a discussion going about entrepreneurs. What do you do (or dream of doing)?
Check out my recently released book, 101 Entrepreneur Tips! It's got everything you need to know about being an entrepreneur, including how to get repeat customers, how to close the sale, and how to manage all the hats you wear as an entrepreneur!
I decided to earn my MBA so that I could get involved in all aspects of my business: finance, management, marketing and accounting. I was surprised at how many of my classmates were not there for the same reason: to run their own business. I realized that many people are afraid to take the risks that entrepreneurship poses, and that I was one of the elite.
Running a marketing company is teaching me so much more than the theories and rules I learned in MBA school ever taught me. The most important lessons are patience and humility.
I hope you fellow entrepreneurs out there will enjoy my book of tips I've learned on my path to being self-employed.
I'd love to get a discussion going about entrepreneurs. What do you do (or dream of doing)?
Check out my recently released book, 101 Entrepreneur Tips! It's got everything you need to know about being an entrepreneur, including how to get repeat customers, how to close the sale, and how to manage all the hats you wear as an entrepreneur!
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