The Entrepreneurial Code - Lessons Learned from a Failed Ivy League Entrepreneur

The Entrepreneurial Code – Lessons Learned from a Failed Ivy League Entrepreneur

As a 21-year old college student at Wharton, the business school of the University of Pennsylvania, I embraced the ideals of entrepreneurship so whole-heartedly I started my own company. My classmates and I managed the company for two and a half years and it became our full time job after graduation. We wrote a business plan and believed we had a unique concept, a strong management team, and a viable “business model.”

Unfortunately, despite some initial success, my business eventually shut down. Our fate isn’t surprising when you consider the challenges faced by entrepreneurs starting new companies. Like many entrepreneurs, we lost a lot of money invested by friends and family. For two years, we lived in our offices, sleeping on the floors, working day and night with no personal lives. In the end it seemed as if those sacrifices had been for nothing.

Lessons Learned

I think the failure of my company can be attributed to inadequate leadership among its founders. After years of reflection, I’ve asked myself to define what being a “leader” means to me. My definition follows:

A Leader is someone with sound judgment, integrity, and a sense of responsibility for others. A leader motivates others towards common goals, provides hope and inspiration in times of uncertainty, and helps the organization to adapt to an ever-changing environment.

While some degree of technical competence is necessary, these attributes mostly stem from increased self-awareness. It was Sun Tzu who said, “Know your enemy and yourself and you will win 100 battles; know the enemy and not yourself and you will lose every time.” Unfortunately, as a first time entrepreneur, there was a lot about myself I didn’t know. While a lack of self-knowledge isn’t so unusual for someone in his early twenties, it’s a huge problem for an entrepreneur.

I have always found that a good acronym helps me to remember things. For example, “ROYGBIV” and “Please Excuse My Dear Aunt Sally” have locked the colors of the rainbow and the mathematical orders of operation into my brain since I was a high school student. As I was writing this manuscript, I wanted to create another mnemonic to help me remember the mistakes I made so I don’t repeat them in the future.

I have categorized these entrepreneurial mistakes into five elements (the “E CODE”). These five areas are as follows:

Egomania

Corporate Governance

Outlook (or Attitude)

Deeper Meaning

Emptiness

1. Egomania

As a college student, I heard stories how Michael Dell started his company from his college dorm room, and how Bill Gates dropped out of Harvard to start Microsoft, and how many of the wealthy benefactors of my university had been entrepreneurs. While I couldn’t possibly know the hardships and brushes with failure these men had, I latched on to their larger than life images of “success.” After all, I wanted to believe I could accomplish anything with my future. I wanted to believe in the unlimited potential of entrepreneurship.

In my mind’s eye, these tales were all that came close to meeting the “extraordinary expectations” I had of life. I was convinced that entrepreneurship was the single greatest wealth-building opportunity. At 21 years of age, I wanted to make my own decisions, to be my own boss, and to have a financial stake in the outcome of my work. At the same time, I didn’t want to spend 10 or 20 years slowly climbing the corporate ladder. By starting my business, growing it quickly, and selling it, I believed I could have my cake and eat it too.

It was Bill Walsh, former head coach of the San Francisco 49ers, who remarked that “ego” is a misused word in the United States. He said, “We Americans throw that around, using that one word to cover a broad spectrum of meanings: self-confidence, self-assurance, and assertiveness… But there is another side that can wreck a team…That is being distracted by your own importance… [It] ends up interfering with the real goal of any group .”

As a young entrepreneur, I considered it my right to serve my own self-interest. Since I was “taking the risk,” I believed I was entitled to the rewards. Therefore, I was very controlling about who I allowed to get involved in my business. Even if recruiting a larger team added benefits, I sometimes hesitated. After all, I viewed it as “my company,” so I didn’t want to share the upside with others unless it was absolutely necessary. If I had checked my ego, I would have been more likely to recognize my limitations and concentrate on assembling the right team of people, even if it meant slowing things down.

Unfortunately, my exorbitant expectations of entrepreneurship were difficult to meet. Soon, I became embarrassed to show people I worked in a small office with only a handful of employees. I wanted to live up to my lofty ideal of a “real entrepreneur.” So, I rushed to rent larger office space and expand my business prematurely. When the image I had in my head failed to live up to reality, I panicked. Why? Because I was far more excited to chase a “rags to riches” fairy tale than I was to hunker down and slowly build a business over a long period of time. I wanted results in a hurry, but it wasn’t going to happen that way. It was time for Peter Pan to grow up.

At the end of the day, an entrepreneur has the responsibility of stewarding his company and its many stakeholders, not just himself. There’s no room for large egos, because they lead to bad decisions. Entrepreneurship is not so different from other career paths as many of us would like to believe. It still takes many years to build a reputation and a strong client base. It still requires the founder to start at the bottom. If anything, it’s less glamorous, because there are fewer people around to help and a lot less resources at our disposal.

2. Corporate Governance

My partners and I had little corporate governance and no written policies or procedures. Oftentimes, we lacked the independent perspective necessary to critically evaluate our thinking. “GroupThink” was rampant, whereby everyone was entranced by the same views, so no one was thinking independently.

Although we didn’t think we needed advice, my company would have benefited from including independent directors on our Board. It would’ve forced us to share our assumptions with outside professionals. Inevitably, we would’ve had to test our theories, identify potential risks, and slow down our growth plans. At the very least, independent directors would have forced a system of checks and balances.

Although no entrepreneur wants to create bureaucracy, having some structure in place is essential to a healthy organization. Unfortunately, my partners and I thought the primary value of having independent directors was to tap into their business contacts. We weren’t concerned about corporate governance. Instead, we wanted directors to help us get financing or drum up new business. When it became difficult for us to recruit these “well-connected” people, we gave up looking.

As founders, we couldn’t afford to pay ourselves high salaries, so we were financially dependent on the value of our stock. While our ownership stakes were nearly worthless at the time, we assured ourselves that “equity” was the best motivational tool. Unfortunately, being solely dependent on the value of our shares made us more inclined to embrace riskier strategies. After all, our stock could never be worth less than zero. In that sense, it resembled a “call option,” so adding volatility to our business was a way to boost our equity value.

Ultimately, I grew so concerned with protecting my ownership that I turned away venture capital. Rather than selling a large chunk of my equity, I preferred to embrace a highly leveraged operating strategy. Now, I realize that anyone can bet his entire company on a risky financing strategy. The real whiz can capitalize his business in a way that doesn’t “sink the boat” if things take an unexpected turn for the worst.

I also realize that my company’s corporate culture lacked discipline. My partners and I were generally unkempt – we showered everyday at the gym and we slept on the floor of our office. We didn’t keep regular business hours and we had no planned schedules. As a result, the environment we created lacked professionalism. Unfortunately, our lack of discipline manifested itself in a negative way whenever we faced stressful situations.

Tense arguments between founders would turn into screaming matches. We became hotheaded and it spread into the way we managed our business. We were prone to knee-jerk reactions and quick changes of strategy. Although we viewed our nimbleness as a competitive advantage, we lacked the emotional intelligence to realize when we were behaving irrationally. Unfortunately, we lacked the balance in our culture to keep us grounded.

As founders, it was our job to mold the company’s values after our own beliefs. Unfortunately, we listed corporate values in our business plan, but they were just words on paper. Now I realize that corporate values are not pieces of PR fluff that companies put on their websites to appease investors. When these values are held deeply by managers, they help in making difficult decisions.

I think of the nationwide Tylenol recall by Johnson & Johnson whereby 7 people in the Chicago area died in 1982 because their Extra-Strength Tylenol had been laced with cyanide. J&J made a $100 million decision to do a nationwide recall and take its products off the shelves. J&J wanted to send a strong message to its stakeholders that customer safety came before profits. No doubt, it was a difficult decision, but senior management relied on the company’s corporate values to guide them through the crisis. At the end of the day, shared values are a much more reliable way to control behavior in unpredictable situations than are extrinsic controls.

Undoubtedly, part of the allure of self-employment had been the feeling of freedom from not having a boss to which I was accountable. However, the reality was that such freedom didn’t exist, because I was still accountable to my stakeholders. I couldn’t just behave however I wanted. Therefore, I needed to be willing to put checks and balances on my activities for the good of my company. That meant being clear about my company’s values, creating more structure in my organization, and including independent directors on our Board. In short, I needed to take corporate governance a lot more seriously and make it just as important of a goal as my quest for profits.

3. Outlook (or Attitude)

After becoming an entrepreneur, I often compared my life with those of friends who accepted the types of jobs I turned away. While I slept on the floor of my office, ate the cheapest thing on the menu, and was buried beneath a mountain of credit card debt, my peers had apartments in the city, corporate expense accounts, and were improving their credentials in the job market. I began to fear my friends were developing better resumes than I was, while I worked twice as hard for a fraction of the pay.

Comparing myself to others created a lot of unrest, because I was a competitive person and I didn’t want to feel like I was “falling behind.” Although I think it’s natural for entrepreneurs to contend with self-doubt, these emotions only impaired my judgment. They made me impatient, because I was scared of “wasting” years of my life as an entrepreneur, but never becoming “successful.”

After the initial excitement of writing a business plan and setting up my company, I was almost depressed to be sitting in my small office handing out debit cards to college students. I didn’t really have an appreciation for the work. In my mind, I had earned my degree from Wharton to become the manager of a tiny debit card office, but I probably didn’t need to go to college to do that. It made me feel as if I wasn’t living up to my “potential.” Therefore, I wanted to put my head down and focus on growing my business faster.

It sounds ridiculous, but a founder must train himself to find meaning in his daily toils, not just in the dream of his future victory. Otherwise, he’ll feel powerless every time the business takes an unexpected turn and leaves his prospects worse off than before. If a founder feels that he is powerless and at the whim of fate, his psyche can easily become easily damaged by the emotional roller coaster of potential failure and success. The stress can lead him to make bad decisions.

Experiencing failure is an inevitable part of success. Therefore, an entrepreneur has to view adversity as a necessary step that helps him to learn, to grow, and to become a stronger leader. In that regard, challenges and struggles can be hidden blessings, not curses. Entrepreneurs need to observe someone like Nelson Mandella, who survived many years of abuse and imprisonment, but never allowed the situation or his captors to break him. Rather, he used adversity as a tool to transform himself and grow stronger.

There are lots of stories of prisoners of war and concentration camp victims who use their experiences to their advantage. As Warren Bennis and Robert Thomas noted in their book, Geeks & Geezers, leaders often use periods of difficulty as opportunities for reflection that allow them to look deeper into themselves and make discoveries about their own character. It’s ironic, but without moments of desperation, many leaders would never have the opportunity to find their inner strength.

By looking at hardships as opportunities to conquer ego, an entrepreneur can mitigate the emotional swings. As Carlos Castaneda observed with his concept of the “petty tyrant,” life is filled with lots of petty obstacles and challenges, so we might as well learn to use them to our advantage and not allow them to drag us down. In fact, obstacles and hardship can teach entrepreneurs to keep a sense of humor about their plight. It can teach founders to laugh at life’s surprises, both good and bad.

In his book, Man’s Search for Meaning, Victor Frankl describes how life demands things from us, not the other way around. Therefore, we should condition ourselves to find meaning in answering life’s daily callings and use them as opportunities to live with dignity and find meaning in every moment. Learning to enjoy the unpredictability of life can enable an entrepreneur to appreciate the path chosen rather than stress about the uncertainties of future outcomes.

It was John Keats who said the most important attribute of a leader is the ability to be in “uncertainties, mysteries, doubts, without any irritable reaching after fact and reason.” I wish I had a better sense of humor when I was an entrepreneur. Not only would I have had more fun, but I would have been less likely to feel sorry for myself when my company faced challenges. Instead of wasting my energy worrying, I would have been poking fun at my anxieties, strengthening my character, and living in the present. This outlook would have kept me more even keeled and better able to make good decisions.

4. Deeper Meaning

It was Benjamin Disraeli who said, “The secret of success is a constancy of purpose.” I believe an entrepreneur must choose a “cause” to which he’s willing to devote himself, even in the face of failure. It should be a broader purpose that’s worth the fight regardless of the outcome. After all, of the approximately 1.8 million new businesses incorporated every year in the United States, less than a few thousand receive venture funding and a fraction of those ever go public. Clearly, there are no guarantees of success, so a founder’s reasons for choosing his journey have to be about more than the allure of financial gains.

In fact, there is so much volatility embedded in entrepreneurship that it can be difficult for founders to stay motivated by the prospects of riches. Too often the company will be in peril and the founder will be forced to reinvent aspects of the business. If the entrepreneur is only motivated by financial success, then he’ll probably lack the necessary staying power. In fact, most new ventures would probably never get started if a founder’s motivations were based purely on the risk-adjusted economic merits of the project.

At the end of the day, I believe the motivation to pursue a business has to come from a genuine commitment to serving a cause that’s bigger than ourselves. There has to be a responsibility we feel to serve others in a certain way. From my experiences I learned that even the best business plan can become a burden if you don’t believe in what you are doing. Our motivation can’t just be about benefiting ourselves, because when the company’s prospects diminish, most of us will be inclined to quit and do something else.

History is filled with tales of people risking their lives for causes in which they believe. By comparison, very little is written about mercenaries performing such acts of courage. Those who perform the greatest feats do it for reasons which hold deeper meaning to them, not just for money and accolades. Therefore, an entrepreneur should choose a purpose for his business that comes from someplace deep inside of him. Unfortunately, that was not something I did. Rather, I was simply trying to make money, so I could “cash out” and move on to something else.

That’s why I believe an entrepreneur with a long-term dedication will ultimately reap the benefits of his commitment. The right opportunity will eventually present itself. The long-term players will weather the storms and be in better positions to take advantage of the new opportunities when the clouds finally part.

5. Emptiness

There is an interesting poem from the Tao Te Ching that I have come to appreciate since my experiences as an entrepreneur. It follows:

“With a wall all around

A clay bowl is molded;

But the use of the bowl

Will depend on the part

Of the bowl that is void.

Cut out windows and doors

In the house as you build;

But the use of the house

Will depend on the space

In the walls that is void.

So advantage is had

From whatever is there;

But usefulness arises

From whatever is not.

–The Tao Te Ching

Like the poem from the Tao Te Ching, entrepreneurs must see the importance of emptiness, which requires a different way of looking at the world. While emptiness can be uncertainty, it can also represent opportunity.

As an entrepreneur assembles the pieces of his business into place, there will inevitably come a time when the viability of his company is in doubt. New markets are difficult to break into, customer needs are always changing, and the threat of new competition always seems to be lurking about. Sometimes, it’s hard to look into the unknown and see opportunity. It’s easy to doubt ourselves and be scared.

As a 22-year old entrepreneur, I looked into the unknown and I saw only two possibilities. I saw the possibility for personal success or failure. Working at my desk until the early hours of the morning, my mind’s eye was able to craft detailed scenarios for each. Either sleeping on the office floor was going to be part of a story I would tell guests on my yacht one day or I was wasting my potential with a business that would never succeed.

Unfortunately, I didn’t understand there was more an entrepreneur could see in his unknown future if he focused on something other than his “personal success.” He might also see the opportunity to fight for a cause that inspires him, regardless if he wins or loses. Whether he becomes rich or not, the future represents an opportunity to make a difference in the world.

That’s why the true “fire in the belly” of an entrepreneur should come from a vision that the future, while uncertain, holds possibilities for each of us to make an impact on the lives of others. To have maximum power, our vision shouldn’t be just about our own success or failure. It’s not about personal greed. To be truly inspirational, we need to see how our efforts will benefit the lives of others. By sharing that vision, we’ll be able to influence those around us to join our cause.

Article by Chris Cononico

The Essential Guide to Starting a Business

The Essential Guide to Starting a Business

Starting a business can be an exciting yet daunting experience. It requires a lot of hard work, dedication, and careful planning. That’s why having a comprehensive guide to starting a business can be so helpful.

The Essential Guide to Starting a Business is a great resource for aspiring entrepreneurs. It covers everything from the basics of business planning to the nitty-gritty details of launching and managing a business. It’s a comprehensive guide that provides practical advice and guidance on all aspects of starting a business.

Here are some of the key topics covered in The Essential Guide to Starting a Business:

• Business Planning:

The guide provides step-by-step instructions on how to create a business plan, including setting goals, researching the market, and outlining a budget.

• Financing:

The guide offers advice on finding the right financing for your business, from bank loans and venture capital to crowdfunding and angel investors.

• Marketing:

It provides tips on how to create an effective marketing plan, including developing a brand, setting up a website, and utilizing social media.

• Legal:

The guide provides advice on the legal aspects of starting a business, including setting up the right business structure, registering your business, and understanding the tax implications.

• Operations:

It covers the operational aspects of running a business, including hiring staff, managing inventory, and setting up systems.

 

The Essential Guide to Starting a Business is a great resource for anyone looking to start a business. It’s a comprehensive guide that covers all the bases and provides practical advice on how to create a successful business.

Here are some additional tips to help you get started:

• Do your research:

Make sure you understand the market and the competition before you start your business.

• Create a business plan:

A well-crafted business plan will help you stay on track and make sure you’re prepared for any potential obstacles.

• Have a support system:

Surround yourself with people who are knowledgeable and supportive of your business.

• Be prepared to make sacrifices:

Starting a business is a big commitment and it will require sacrifices.

• Keep learning:

Don’t be afraid to try new things and stay up to date on industry trends.

 

Starting a business can be a rewarding experience, but it’s also a lot of hard work. With the right guidance and support, you can make your dream of owning a business a reality. The Essential Guide to Starting a Business is an invaluable resource that provides the information and advice you need to get started.

Article provided by Done Digital, a marketing agency based in Brisbane, Australia.

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Join the Entrepreneur Network Australia Facebook Group and connect with Australia’s best business mentors and hundreds of like-minded business owners.

Creative Strategies for Business Leadership

Creative Strategies for Business Leadership

Are you looking for creative strategies for business leadership? If so, you’ve come to the right place! Business leadership can be a daunting task, but with the right strategies, you can be a successful leader. Here are some creative strategies for business leadership that business owners should consider.

1. Embrace Change:

Change is inevitable in business, so it’s important to be open and willing to embrace it. As a leader, you need to be able to identify opportunities for growth and take advantage of them.

2. Promote Collaboration:

Collaboration is key to success in business. Encourage your team to work together to come up with creative solutions to problems and to share ideas.

3. Foster Innovation:

Innovation is essential to staying competitive in the business world. Encourage your team to come up with new ideas and to think outside of the box.

4. Empower Your Team:

Empower your team to take ownership of their work and to take initiative. Give them the tools and resources they need to succeed and support them when they make mistakes.

5. Lead by Example:

As a leader, you need to be a role model for your team. Demonstrate the behaviors and attitudes you want to see from your team and be a positive influence.

6. Celebrate Success:

Celebrate successes, big and small, with your team. Acknowledging their hard work and achievements will motivate them to continue to strive for excellence.

7. Communicate Effectively:

Communication is essential to successful business leadership. Make sure you’re communicating clearly and consistently with your team and that everyone is on the same page.

8. Encourage Learning:

Learning and development should be a priority for any business leader. Encourage your team to take advantage of learning opportunities and to stay up-to-date on industry trends.

 

These are just a few creative strategies for business leadership. With the right strategies, you can be a successful leader and help your business succeed. Good luck!

Article provided by Done Digital, a Brisbane marketing agency specialising in web design, marketing strategy, social media marketing and marketing automation.

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Join the Entrepreneur Network Australia Facebook Group and connect with Australia’s best business mentors and hundreds of like-minded business owners.

Best Small Business Tips and Ideas

Best Small Business Tips and Ideas

Deciding to start a business can be one of the most exhilarating decisions you make in your life. We are living in a world wherever everyone wants to make extra money and add to his income. Most people have achieved this by acquiring great business ideas. When one starts up a company, he must be ready to meet competition. It is important to note that you would not need to become rich or popular to succeed in business but have to think smartly. But there are a lot of moving parts and many different elements to consider.

10 basic tips essential to start a business successfully.

Tip 1: Get inspired and Love your idea

Every business begins with an idea you may have imagined of opening your own business for years, or motivation may have hit you suddenly. Nevertheless of the source, the first step of starting your own business is coming up with a business idea. And as important as your idea, you must in love with the idea.

Tip 2: Do Your Research / learn everything about the business

You’ve recognized your big idea, now it’s time to balance it with the reality. Are you truly ready to start a business? Answer the questions below and see what you need to prepare yourself for business. For a small business succeed it must fulfill a need, solve a problem or offer something the market wants.

You can identify this need in many ways by doing research, focus groups, and even trial and error.

As you search the market, some of the questions can be:

  • Is there a need for your anticipated services or products?
  • Who needs it? (Target Costumers)
  • Are there other companies offering similar services or products right now?
  • How is the competition?
  • Can or how will your business fit into the market?

Tip 3: Make a Business Plan

You need a business plan in order to make your business idea a reality. If you expect to seek monetary support from an investor or financial organization, a formal written business plan is a must.

Even if you don’t need monetary support, a simple business plan can give you precision about what you hope to accomplish and how you plan to do it.

In overall, your business plan should summary your business goals and the inspiration behind them, as well as your plan for realization of your goals in terms of marketing and funding.

Tip 4: Planning Finances

Opening a small business doesn’t have to involve a lot of money, but it will involve some investment.

There are a number of methods you can fund your small business:

  • With Small business grants
  • By Financing
  • With Small business loans
  • Or Angel investors

You can also attempt to get your business off the ground by bootstrapping, using as little capital as necessary to start your business.

Tip 5: Business Structure

Your small business can be an individual ownership, a partnership, a limited liability company (LLC) or a corporation. The business structure you might choose will impact in many factors from your business name, to liability, and how you file your taxes.

You can choose an initial business structure, and with time re-evaluate and change your structure as your business grows and needs to be changed.

Tip 6: The Business Name

The name you choose plays a role in almost every aspect of your business, so you want it to be a good one. Make sure you think through all of the possible consequences as you explore your options and select your business name.

Once you have selected a name, there is the need to check if it’s trademarked, currently in use and if stills free you will need to register it. A individual proprietor must register their business name with either their state or county clerk. Corporations, LLC, or limited corporations usually register their business name when the creation paperwork is filed.

These days you need to have a website, so please don’t forget to register your domain name once you have selected your business name. The best domains and more valuable online are the ones ending with .com.

Tip 7: Licenses and Permits

There are a range of small business licenses and permits that may apply to your situation, depending on the type of business you are starting and where you are placed. You will need to inquiry what licenses and permits apply to your business during the initial process.

Tip 8: The Business Location

Setting up your place to work is essential for the operation of your business, whether you will have a home office, a shared or private office space, or a retail location. You will need to reflect about your place, equipment, and overall setup, and make sure your business place works for the kind of business you will be doing.

Tip 9: Accounting System

One of the most essential systems for a small business is an accounting system. Your accounting system is essential in order to build and manage your budget, set your charges, conduct business with others, and file your taxes. You can set up your accounting system by your own, or hire an accountant to take away some of the work.

Tip 10: Promote Your Small Business

As soon your business is up and running, you need to start attracting customers. You’ll want to initiate with the essentials by writing a single selling offer and building a marketing plan. Explore as many small business marketing ideas as you can so you to choose how to promote your business most successfully. Completed these business start-up actions, you will have all of the most important small business bases protected, and be prepared for small business success.

15 Business Ideas to Generate Extra Income

If you want or need to start a side job because you still need to wait a little bit longer to start your own business, here are 15 suggestions for you.

1. Make money Blogging

If you enjoy writing, find a theme you’re passionate about and start a blog dedicated to covering that theme and anything else interesting you enjoy to talk about. All you need is a laptop, some time, and inspiration to consistently write. It can start as a hobby and turn into a business over time. Creating a blog is free, but if you want to look professional it can cost less than $ 12 per month.

2. Buying or selling on eBay

Thanks to internet there are more opportunities to make money than ever to buy and resell products for extra money. There are lots of people buy at a discount and resell them on eBay for profit.

3. Freelance writing

If you’re great with words, you might be capable to find some work as an online freelancer. A variety of publications need online content in the form of product, stories, service descriptions, and reports, and if you have the talent and ability, you could easily be the one to create them. Luckily, all you need is a computer and Internet connection to get started. You can start here freelancer.com

4. Social media expert

Now a day almost everyone uses Facebook, Twitter, and Pinterest, but did you know that many companies are willing to compensate people to support them managing their social media accounts and sometimes you can do it part-time from home. If this appeals you, to find social media jobs you can start by writing companies with a social media presence and visiting sites like Elance.com for opportunities.

5. Proofreading and editing

Do you have strong English skills and outstanding grammar? You may have chances to work as a proof-reader from home. Marketing for this can be hard; seek out those who might actually be able to use your services and advertise directly to them.

6. Virtual assistant

Many companies and individual professionals like having someone who can check and answer their email, organize task lists for them, someone who can update their calendars, and perform other administrative tasks, with minimal communication. The best of being a virtual assistant is that you can offer this service from home with a good Internet connection.

7. Website design

If you know a little bit about web design you can approach small businesses in your community, as they could use a very basic web presence to tell others about their business. These businesses usually don’t have a large budget for websites and create a great yet simple website is for you, get a bunch of clients from your local community, create sites for them, and maintains them for a small fee. You can easily get enough businesses to have a nice side business of your own with a low investment.

8. Affiliate marketing

Certain types of online businesses will pay you to promote their products and encourage sales. If you’re interested in learning more, check out affiliate marketing programs such as Click-bank, Commission Junction, and these websites are trustworthy and you can earn money by posting their products in your blog, website or Facebook. The secret of online business is all knowing targeting the right public and marketing efficiently. It can be overwhelming with all the information available online as more than 50% of the information is just a waste of time.

9. Become a business or life coach

If you are a good speaker and passionate about the business world and able to inspire and encourage others in a unique way, you could marketing your services as a business or even a life coach. Take your passion and expertise to the next level giving advice and suggest actionable steps people can take to progress their professional and private lives.

10. Start a resume writing service

If you’re excellent at writing remarkable resumes that in the end result in people getting the job, contemplate advertising those services. Most of your work will spin around writing, editing, designing, and proofreading, so you will only need few supplies outside of your computer and basic software to get started.

11. App Developer

Web app development is the creation of application programs that reside on remote servers and are delivered to the user’s device over the Internet. Now a day you can do apps with software’s you don’t really need to be a weirdo to do it, you can be an app developer for Facebook for instance and of course you can do it part-time and home based.

12. Business Consultant

If you are high organized and skilled being a good problem solver this job is for you. Companies bring Business Consultant to identify their problems, provide solutions and optimize companies. The only investments are your skills.

13. Data Entry Service

Many companies and online businesses require some type of manual information tracking, creating a vast amount of data entry work. Although there are many work-at-home scams related with data entry work, there are a lot of genuine chances available for genuine data entry businesses. If you are an excellent typist with an eye for detail, a data entry business is a great idea for you.

14. Freelance Writer

If you have the skill to write and inform people in a certain area, you can write small books or guides and sell them online, the biggest books platform is Amazon.com, where you can display your books for free and when they are sold, you will receive a percentage from the selling. Payments are made every month depending on your sales. Investment is only your time to write and imagination.

15. Internet Researcher

The Internet provides a vast amount of information. If you can quickly and efficiently navigate through that wealth of information, and essentially find a needle in a haystack, you can create a very successful business as an Internet researcher. Search for this kind of job online or about a company which is looking for this of service.

I give you only a glimpse what you could do, and these are just a few ideas, but many ideas were left behind.

First of all I advise you to think what you like to do as a hobby or in your free time, why don’t you make profit from what you are doing already?

You have the world as your disposal, but for a business to work out the first thing from all things is, it doesn’t matter what you intent to do, but you have to love it. If you love what you do it doesn’t feel like a job, you will be doing it with joy and this way you will be successful.

There are some side business opportunities that have grown more common in the past few years. And thanks to internet you have much more opportunities, ideas and help to develop your business.

Article by Sanjeev Kumar

The Benefits of Being an Entrepreneur: Why You Should Take the Leap

The Benefits of Being an Entrepreneur: Why You Should Take the Leap

Do you have a burning desire to be your own boss, work on your own terms, and make your own decisions? If so, you may be considering becoming an entrepreneur. But before you take the leap, it’s important to understand the potential benefits of being an entrepreneur.

Being an entrepreneur can be incredibly rewarding. You’ll get to make your own decisions, set your own goals, and have the freedom to work on the projects that you’re passionate about. Plus, you’ll have the opportunity to make a real difference in the world.

Here are a few of the top benefits of being an entrepreneur:

1. Flexibility:

As an entrepreneur, you’ll have the freedom to work when and where you want. This means you can create a schedule that works for you, whether that’s working from home, a co-working space, or even a coffee shop. Plus, you’ll have the freedom to take time off when you need it.

2. Financial Rewards:

Working for yourself can be incredibly lucrative. You’ll have the potential to make more money than you would as an employee, and you’ll get to keep the profits that you make.

3. Personal Growth:

Being an entrepreneur will force you to grow and learn new skills. You’ll have to learn how to manage your time, develop marketing strategies, and build relationships with customers and partners. All of these skills will help you become a better business owner and a more well-rounded person.

4. Job Satisfaction:

Working for yourself can be incredibly satisfying. You’ll have the chance to make a real difference in the world and create something that you’re proud of. Plus, you’ll get to work on projects that you’re passionate about.

If you’re considering becoming an entrepreneur, here are a few practical tips to help you get started:

1. Do your research:

Before you take the leap, it’s important to do your research. Make sure you understand the industry you’re entering, the competition, and the potential opportunities and risks.

2. Create a plan:

Once you’ve done your research, create a business plan. This will help you define your goals and strategies, and it will also serve as a roadmap to help you stay on track.

3. Get organized:

As an entrepreneur, it’s essential to stay organized. Invest in a good filing system, use project management software, and create a system for tracking your finances.

4. Network:

Networking is essential for entrepreneurs. Make sure you attend industry events, join professional organizations, and reach out to potential partners and customers.

5. Get help:

Don’t be afraid to ask for help. Reach out to mentors, join entrepreneur groups, and hire a virtual assistant to help you with the day-to-day tasks.

 

Being an entrepreneur can be incredibly rewarding. If you’re willing to take the leap and put in the hard work, you’ll have the potential to create a successful business and make a real difference in the world.

Article provided by Done Digital, a digital marketing agency based in Brisbane, Australia.

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Strategies for Developing a High-Performing Team

Strategies for Developing a High-Performing Team

Are you a business owner looking to develop a high-performing team? It can be a daunting task, but with the right strategies, it can be an achievable goal. Here are some tips to help you create a team that works together in harmony and produces great results.

1. Set Clear Goals

The first step in creating a high-performing team is to set clear goals. Make sure everyone on the team knows what the expectations are and what success looks like. This will help keep everyone focused and motivated to achieve the desired outcomes.

2. Foster Collaboration

Encourage collaboration among team members. This can be done through regular meetings, brainstorming sessions, and team-building activities. By fostering collaboration, you can ensure that everyone is working together to reach the desired goals.

3. Establish Clear Roles

Make sure everyone on the team knows their role and responsibilities. This will help ensure that everyone is on the same page and working together to achieve the desired outcomes.

4. Provide Support

Make sure that team members are supported and encouraged. This can be done through regular feedback, recognition, and rewards. By providing support, you can help ensure that team members are motivated and working together to achieve the desired goals.

5. Celebrate Success

It’s important to recognize and celebrate the successes of the team. This can be done through team meetings, awards, and rewards. Celebrating success will help keep team morale high and motivate everyone to continue striving for success.

 

By following these tips, you can create a high-performing team that is focused, motivated, and productive. With the right strategies in place, you can ensure that your team is working together to achieve great results. Good luck!

Article provided by Done Digital, a Brisbane marketing agency specialising in web design, marketing strategy, social media marketing and marketing automation.

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Leadership - How to Develop As a Leader Through Experiences

Leadership – How to Develop As a Leader Through Experiences

Experiences alone do not add to or take away from the development process of a leader. What that leader does with the experiences determines how he benefits and develops from those experiences. Experiential learning theorists believe the most effective way to grow from experience is to use the Action-Observation-Reflection (A-O-R) Model. Growth from the A-O-R Model only occurs when one observes their actions and reflects on the consequences of those actions (Hughes, Ginnett, Curphy, 2012, p.47).

Another way leaders are developed from experience is through feedback. Obtaining constructive feedback is not necessarily an easy task. According to Hughes, Ginnett and Curphy, you have to convince others that they can approach you without fear of retaliation, and that you genuinely want their input (Hughes, Ginnett, Curphy, 2012, p.95). When choosing an appropriate method for getting feedback, you might consider the size of the group, the level of trust within the group, and the relationship between the manager and subordinates.

Leaders can also look for opportunities outside their comfort zones, what Hughes, Ginnett and Curphy call the 10-percent stretch. This is where leaders purposely volunteer for assignments they typically would not pursue. Three major benefits result from stretching: Fear of attempting new things decreases; you acquire new skills; and subordinates are inspired to see a leader willing to learn on-the-job. It shows humility and places value on effort and risk-taking (Hughes, Ginnett, Curphy, 2012, p.95).

When leaders recognize they can learn something from everyone, whether it be by asking questions or by simply observing how others handle particular situations, they open themselves to a reservoir of opportunities from which to learn. For instance, a person who has been doing a simple task for several years has probably learned some valuable shortcuts or mistakes to avoid.

Journaling from experiences can have tremendous value to leadership development. Reading journal entries can help view an experience objectively. Instead of looking at the experience as a participant, you are able to view things from the outside in, giving a totally different perspective. Journaling also enables you to go back and see how your thinking evolved to where it is today. If your thoughts took an illogical turn, you can see that turn in your journals. It also acts as a repository for your ideas and successes that may be valuable in your future (Hughes, Ginnett, Curphy, 2012, p.96).

Leadership development can actually begin in the role of follower. Leadership is influence, and followers can build influence among their peers by participating on committees and working with others on projects. These are equally excellent opportunities for building technical skills, such as budgeting and planning. Having positive influence among your peers and increasing technical competence, positions you in a favorable light with superiors, which can lead to promotion, especially since that positive influence can be galvanized by superiors for the benefit of the entire organization.

Developing leadership and technical skills must be an ongoing process, where the practitioner has knowledge of which development needs are most important to the achievement of their goals, and a plan for achieving those needs. This ongoing process is facilitated through development planning, which begins with a GAPS analysis, which identifies and prioritizes development needs. The second part of development planning is a six-step plan describing how you will arrive to your final destination (Hughes, Ginnett, Curphy, 2012, p.110,111).

References

Hughes, R.L., Ginnett, R.C., Curphy, G.J. (2012). Leadership enhancing the lessons of experience seventh edition. McGraw-Hill/Irwin. New York, NY.

Article by Diana D Williams

Strategies for Successful Business Ownership

Are you a business owner looking for strategies for successful business ownership? Congratulations! You’ve taken the first step towards building a successful business.

Owning a business is a rewarding, yet challenging endeavor. It requires dedication, hard work, and a willingness to learn. To help you on your journey, here are some tips for successful business ownership.

1. Have a Plan:

Before you launch your business, it’s important to have a plan. This plan should include your mission statement, goals, and objectives. It should also include a budget and timeline.

2. Know Your Market:

It’s important to know your target market and what their needs are. This will help you create products and services that meet those needs.

3. Invest in Your Business:

Investing in your business is key to success. This includes investing in the right people, equipment, and technology.

4. Focus on Quality:

Quality products and services are essential for success. Make sure you’re offering the best possible product or service for your customers.

5. Stay Organized:

Organization is key to running a successful business. Make sure you have systems in place to keep track of customers, orders, and finances.

6. Network:

Networking is an important part of business ownership. Make sure you’re connecting with other business owners, potential customers, and industry professionals.

7. Market Your Business:

You can’t expect customers to come to you if they don’t know you exist. Make sure you’re actively marketing your business.

8. Have Fun:

Don’t forget to have fun! Owning a business can be stressful, but it can also be rewarding and enjoyable.

 

These are just a few tips for successful business ownership. With dedication and hard work, you can achieve your business goals. Good luck!

Article provided by Done Digital, a marketing agency based in Brisbane, Australia.

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The Power of Vision: How Corporate Leaders Guide the Way

The Power of Vision: How Corporate Leaders Guide the Way

The Power of Vision: How Corporate Leaders Guide the Way

Have you ever wondered how corporate leaders guide their companies to success? It all starts with vision. Vision is the ability to see a future for your company and to create a plan to get there. A strong vision is essential for any business to reach its goals, and corporate leaders are the ones who create and nurture that vision.

So, what is the power of vision? It’s the ability to imagine a better future and to take the necessary steps to make it happen. It’s the ability to see the big picture and to create a strategy to get there. It’s the ability to inspire and motivate your team to work together to reach that vision.

As a business owner, it’s important to have a clear vision for your company. This vision should be shared with your team so everyone is working towards the same goal. Here are some practical tips for creating a strong corporate vision:

  • Define your company’s purpose and values.
  • Set clear goals and objectives.
  • Create a plan for how to reach those goals.
  • Communicate your vision to your team.
  • Encourage feedback and collaboration.
  • Celebrate successes and learn from failures.
  • Be open to new ideas and approaches.
  • Lead by example and stay focused on your vision.

By creating a clear vision and communicating it to your team, you can inspire and motivate them to work together to reach your company’s goals. With a strong vision, your team will be more likely to stay focused and motivated to reach success.

So, if you’re looking to take your business to the next level, start by creating a strong vision. With the right vision and leadership, you can guide your company to success.

Article provided by Done Digital, a marketing agency based in Brisbane, Australia.

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Four Steps to Accelerate International Business Growth

Four Steps to Accelerate International Business Growth

U.S. exports continue to grow, but many American companies lack the international business know-how to capitalize on this potential source of increased sales and profits. Proliferating trade agreements and a weakened U.S. dollar have resulted in one of the most favorable export markets in decades. Foreign importers of U.S. goods report an increasing demand for U.S. products–from popcorn to pet food. The U.S. has enjoyed 11 straight quarters of increasing exports–yet with 95 percent of the world’s population residing outside of U.S. borders and an increasingly promising international sales outlook, experts are questioning why only 5 percent of U.S. companies are currently exporting. But how do we initiate and sustain growth in unfamiliar markets?

1. DEFINE STRATEGIC NEEDS

Tapping into new markets provides the opportunity for increased revenue and profits. However, this initiative needs to be consistent with the company’s overall strategy. Inconsistent, sporadic, or unfocused deployment of resources directed toward international growth can result in an underperforming initiative that soaks up limited resources with little return. Barriers to entry (duties, regulatory, and trademark restrictions) need to be identified and addressed. A SWOT analysis detailing the company’s strengths, weaknesses, opportunities, and threats will identify and help maximize the company’s strengths, minimize its weaknesses, and give focus to the international opportunity.

An international growth plan consistent with the corporate strategy will enhance the odds of success. Tactical aspects of international development such as sales, distribution, and marketing need to be addressed. International growth factors can be sufficiently different from the U.S. models that a lack of familiarity can dramatically reduce the chances of success. Above all, there must be clear direction, full management support, and dedicated resources.

2. SECURE APPROPRIATE ASSISTANCE

Small or medium firms initiating or expanding into international business will find the U.S. Government’s Department of Commerce (DOC) an enthusiastic partner in helping American companies succeed globally. This organization coordinates resources from across 19 Federal agencies to help American businesses plan their international strategies in an increasingly globalized environment. In an unfamiliar foreign market with confusing regulations, uncertainty, and risk, the DOC can help U.S. businesses navigate the overseas sales process and avoid hazards such as payment defaults and misappropriation of trademark and intellectual property.

The DOC’s commercial service provides a surprisingly actionable array of quality services including in-country market research, trade events and missions, trade leads, and introductions to prospective business partners. The Export-Import Bank and the Small Business Administration unite to help in the financing of U.S. goods and services exports to the international market, enabling companies to turn international leads into solid sales.

Firms specializing in international business development can help jump-start foreign expansion. These firms are groups of highly skilled, experienced professionals offering practical, cost-effective assistance to companies committed to maximizing revenue and profit potential through accelerated international growth. The range of services offered varies by firm, but overall they help companies conceptualize, implement, and manage large or small international business development projects. These services can range from determining the overseas market potential for a product to managing a firm’s export sales to identifying and qualifying foreign strategic alliances.

A company wanting to penetrate the international market needs to assign a fully dedicated resource to this initiative. This individual should be the linchpin connecting the organization’s resources, know-how, and culture to the international initiative. As the business develops, additional resources should be assigned to maximize the opportunity. These should be considered investments rather than costs.

3. DETERMINE MARKET ENTRY STRATEGY

A firm’s appropriate market entry strategy will largely depend on its level of international development. For a company just commencing its international development, market penetration via in-country distributor sales may be the fastest and most cost-effective way to enter a foreign market. Selling through in-country distributors is relatively low-risk and will provide valuable learning opportunities. Once the target country or region has been identified, a process that will naturally derive from the SWOT analysis, the selection process can begin. Various U.S. government agencies and trade associations can provide a wealth of data to begin narrowing the selection.

Trade publications and events are also an excellent source. Factors to consider when selecting a market may include such criteria as regulatory environment, market size and potential, cost of entry, and competitive environment. To further narrow the possibilities, an in-country visit is required. Once there, the use of trade leads, competitive evaluations, local government assistance, and potential candidate interviews will provide additional information and insights. Major considerations in selecting a distributor are: willingness to assign a dedicated resource, market leadership or track record, marketing savvy, complementary and not competitive products or services, site inspection, and financial stability.

Penetrating a new international market is often perceived as an extension of the existing domestic business. Consequently, many American companies bypass standard business guidelines requiring rigorous market analysis. Only after performing thorough due diligence can one elaborate a service or product offering and accompanying marketing programs.

A company’s preferred mode of entry–in-country distribution, joint venture, merger, or acquisition–will depend on that firm’s primary objectives from opportunistic sales to positioning for long-term market-driven growth.

Economic globalization will increasingly lead to the creation of strategic alliances. U.S. firms must make sure that potential partners share short- and long-term objectives in order to reduce the divergence of ideas and efforts. Common values and shared business/ethical standards will enhance communications, transparency, and effectiveness. The partners should have complementary strengths and weaknesses to build a stronger and more effective alliance. Principles and processes for conflict resolution and the relationship must be drafted and agreed to by all parties concerned for the partnership to run smoothly.

4. DESIGN EFFECTIVE MARKETING

All markets have commonalities. However, effective international marketing begins with the awareness that markets are also different in ways that are not immediately apparent. The key is understanding consumers and identifying their needs through culturally specific market research. Focus groups can be especially effective in identifying the international consumer’s wants and needs. The advertising agency used in developing the offering should be local or have local representation. Employees with a thorough knowledge of market characteristics and idiosyncrasies will be particularly effective in communicating the desired message and creating and enhancing the brand image. Language skills and an affinity for different cultures are critical assets when marketing internationally.

Flawless execution is key. As a firm executes the international strategy guided by a solid business plan, it is important to celebrate milestones and benchmark against industry leaders.

Although not comprehensive, these four steps will help serve as a guideline for successful international market entry and growth.

Article by Ena Garay