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Other Added - Entrepreneurial Mistakes
Personal and/or organizational change often is met by stiff resistance. Such resistance is however thought of something that is desirable to those who are resisting it.As such the instigators of the change itself then find themselves having to use considerable effort and/or ingenuity to affect others to make the required change. This strategy not only takes tremendous energy but is also, in my view, misguided from the start.The greatest impediment to any change is the "fear of change" itself. Now because many "think" that this is a normal human emotion that needs to be "overcome" in a manner of speaking, then this is the tack that many change management consultants find themselves taking. That is they put energy into trying to "overcome" it.I would like to suggest another way. Why not simply eradicate it, i.e. the fear of change, once and for all?Is this even possible? Well it is if you address what I refer to as the "anchoring beliefs" that keep it, the fear of change, anchored in one's mind and body.Such anchoring beliefs include such things as:1. If I change I will encounter new s
Do not be a product searching for a market. Do the "m
Starting a Franchise Company is not easy, but running a regional franchising company can be an extremely rewarding career as a master franchise of a larger franchise corporation. What is a Master Franchise? Well it is a Franchisor who licenses to sell franchises in a region, country, state or continent.Let us say I take one of my franchising companies and brand names and then decide to allow another company to take all my work, brand name and business model and then franchise it for me in a specific territory? For instance what if I took my DetailGuys.com franchise and sold you the rights to set up these franchises in WA, OR, ID, MT and WY?You would then sell and set up these franchises and we would split franchise fees at a 60-40% split. Then you could be a franchisor without having to design the business model from scratch and own and control a chunk of the brand name. This is an exciting career because it allows you to run a large company with many outlets in many states. It provides you with travel, excitement and challenge.Once you have worked hard you would have something very nice to sell to provi
1. Big Customer Syndrome
If more than 50 percent of your revenues come from any one customer you may be headed for a meltdown. While it both is easier and more profitable to deal with a small number of big customers, you become quite vulnerable when one of them contributes the lion's share of your cash flow. You tend to make silly concessions to keep their business. You make special investments to handle their special requirements. And you are so busy servicing that one big account that you fail to develop additional customers and revenue streams. Then suddenly, for one reason or another, that customer goes away and your business borders on collapse.
Use that burgeoning account as both a cause for celebration and a danger signal. Always look for new business. And always seek to diversify your revenue sources.
2. Creating products in a vacuum.
You and your team have a great idea. A brilliant idea. You spend months, even years, implementing that idea. When you finally bring it to market, no one is interested. Unfortunately you were so in love with your idea you never took the time to find out if anyone else cared enough to pay money for it. You have built the classic better mousetrap.
Do not be a product searching for a market. Do the "ma
One of the reason we are entrepreneurs is because we have tons and tons of ideas. And fortunately or unfortunately, we are enthusiastic about every one of them. So how do we focus ourselves? How do we pick the projects we would undertake next? What kind of a measuring stick can we build to help us make a decision?Everyone's measuring stick will be different. You are the only one that can pick the qualities that define value for you. After you choose your list of qualities you will need to assign a value to each of them in order to create your own personal Payback Measuring Stick. Here are some ideas:What is the payback I get for this project in terms of:- My time (How long will it take to implement? Can I do it or do I need to hire some/all of it done?)- Money invested. (How does this project fit into my over all business budget?)- How it feeds my passion (Is this on target with my innermost goal?)- Creativity- Pleasure/enjoyment in creating/doing it- Potential joint venture possibilities- Leveraging capabilities- Is it scalable in that it can get bigger?<
1. Big Customer Syndrome
If more than 50 percent of your revenues come from any one customer you may be headed for a meltdown. While it both is easier and more profitable to deal with a small number of big customers, you become quite vulnerable when one of them contributes the lion's share of your cash flow. You tend to make silly concessions to keep their business. You make special investments to handle their special requirements. And you are so busy servicing that one big account that you fail to develop additional customers and revenue streams. Then suddenly, for one reason or another, that customer goes away and your business borders on collapse.
Use that burgeoning account as both a cause for celebration and a danger signal. Always look for new business. And always seek to diversify your revenue sources.
2. Creating products in a vacuum.
You and your team have a great idea. A brilliant idea. You spend months, even years, implementing that idea. When you finally bring it to market, no one is interested. Unfortunately you were so in love with your idea you never took the time to find out if anyone else cared enough to pay money for it. You have built the classic better mousetrap.
Do not be a product searching for a market. Do the "m
Recent surveys show that many physicians are frustrated with their careers. They complain that the doctor-patient relationship has turned into a provider-customer relationship and that patients are more demanding than before. In general, the practice of medicine is more cumbersome because of: Long hours Increasing paperwork Decreasing compensation Malpractice accusations and lawsuits Stringent government regulations In fact, there are several organizations and networks advising frustrated physicians on how to restore their love for medicine or change careers. One of these organizations, the Physicians Career Network, reported that only 20 percent of its customers retool their practices; 80 percent leave medicine.I believe a physician looking for a career change (and who has a way with words) should consider becoming a medical writer. Here's why: You can use your skills and knowledge of medicine in a new and exciting way You would still be involved in medicine while having more time for your family You will find plenty of opportunities available
Use that burgeoning account as both a cause for celebration and a danger signal. Always look for new business. And always seek to diversify your revenue sources.
2. Creating products in a vacuum.
You and your team have a great idea. A brilliant idea. You spend months, even years, implementing that idea. When you finally bring it to market, no one is interested. Unfortunately you were so in love with your idea you never took the time to find out if anyone else cared enough to pay money for it. You have built the classic better mousetrap.
Do not be a product searching for a market. Do the "m
Accounts Receivable Factoring is a means to meet the requirements of companies that are in urgent need of cash. Highly useful to the companies, this process of Accounts Receivable Funding refers to the process of selling of invoices and other Receivables by the company to a funding company. The funding company purchases these Receivables at a discount from the seller company. The seller company then gets the required cash that is required to run the business. Added advantages are that the seller company can then focus on the business without bothering with collecting the cash, because this becomes the responsibility of the financing company.As a company raising funds through Accounts Receivable Funding, you have the option of managing the Accounts Receivable sales yourself, or outsourcing it to a company who specializes in providing Accounts Receivable Funding services. In fact, there are many companies providing Accounts Receivable Funding services, including designing, implementing, managing and providing solutions to clients ranging from telecommunications, education, retail, utility and the government sector, to n
Use that burgeoning account as both a cause for celebration and a danger signal. Always look for new business. And always seek to diversify your revenue sources.
2. Creating products in a vacuum.
You and your team have a great idea. A brilliant idea. You spend months, even years, implementing that idea. When you finally bring it to market, no one is interested. Unfortunately you were so in love with your idea you never took the time to find out if anyone else cared enough to pay money for it. You have built the classic better mousetrap.
Do not be a product searching for a market. Do the "m
Look upon yourself as a company with a product or service to sell. Understand your market and devise a dynamic marketing campaign, remembering that companies hire employees who offer them the best results and the best value for money.Begin by identifying your skills, qualifications, and accomplishments. Adopt a customer-focused approach. What benefits and results can you offer employers? Are your skills marketable and up-to-date?Employers are in the market for team-players and problem-solvers. They want to see evidence in your CV or resume of specific, quantifiable accomplishments.Determine what additional skills you need to develop to make yourself more marketable. Take advantage of all opportunities for continuous learning and professional development.Successful businesses win customers by developing a unique selling proposition. To give yourself a competitive advantage, analyse what other employees in your field are offering. It is not enough to emulate them; you must strive to differentiate yourself by offering something extra, something unique.Try to assess yourself as objectiv
Do not be a product searching for a market. Do the "market research" up front. Test the idea. Talk to potential customers, at least a dozen of them. Find out if anyone wants to buy it. Do this before anything else. If enough people say "yes" go ahead and build it. Better yet, sell the product at pre-release prices. Fund it in advance. If you don't get a good response, go on to the next idea.
3. Equal partnerships
Suppose you are the world's greatest salesman, but you need an operations guy to run things back at the office. Or you are a technical genius, but you need someone to find the customers. Or maybe you and a friend start the company together. In each case, you and your new partner split the company 50/50. That seems fine and fair right now, but as your personal and professional interests diverge, it is a sure recipe for disaster. Either party's veto power can stall the growth and development of your company, and neither holds enough votes to change the situation. Almost as bad is ownership split evenly among a larger number of partners, or worse, friends. Everyone has an equal vote and decisions are made by consensus. Or, worse still, unanimously. Yikes! No one has the final say, every little decision becomes a debate, and things bog down quickly.
To paraphrase Harry Truman, the buck has to stop somewhere. Someone has to be in charge. Make that person CEO and give them the largest ownership stake, even if it's only a little more. 51/49 works much better than 50/50. If you and
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