Why Every Entrepreneur Needs a Blog
In this fast paced world, things are becoming more technical. We have entered the digital economy and most people nowadays are dealing with the largest network in this universe, the internet. Almost everybody, during week days, spend time in their offices in front of a computer, surfing and working through internet. During week ends, they are at their homes, still slumped in front of their laptops, desktops or tablets, spending their days off with what Facebook can offer them.
Gain Online Presence
At one point of your existence in the cyber world, you have ‘googled’ yourself (no need to deny it, I’ve done it myself). Google is probably the most checked site by everyone. It is fascinating that this site could know almost everything about anything.
If you want to be found by your target market, make yourself visible by putting up your website and market the products or services you offer. Make it more interesting by having a blog site as well. It is more convincing if the approach you use is on a first person basis, like talking directly to your niche. People greatly consider anecdotes and testimonials to support their decisions in acquiring your services or products.
Inform The Market
A blog site is meant to inform people. For example, you have this on-the-spot-promotion like some airlines do nowadays. You can easily do that kind of promotion to your blog site. Such announcements can be very viral that it can reach your whole market.
You can also use your blog to describe your products or services extensively. If some of the viewers would have comments or questions, you can respond to them immediately since you are the administrator of your own blog site. The Blog-Site is meant to inform both your market and you yourself as an entrepreneur. It’s a two way communication.
Co-relate With Other Entrepreneurs
One cannot grow without the help of other people. Competition is not always the case. Sometimes, an entrepreneur also needs new ideas or suggestions from some experts in the same field. Blog sites, being in a more personal approach, help entrepreneur bloggers to co-relate with each other. You can learn from them and vice-versa.
Having your own blog can help you gain more contacts, in connection, to your business or market niche. I believe everyone has the potential to be the next world renowned business tycoon. This only means that there are things that you know but others do not, sharing them through your blog will give you authority and people will look up to you for the great content that you share with them. Letting your business relationship grow helps you as a person and your being an entrepreneur. Your experiences can be a great deal of help to other upcoming entrepreneurs, or vice versa! Business people can benefit from having their own blog site. Not only they can inform their market about their products or services, but it can also offer relevant information to other businessmen who may need it.
One should not be satisfied with their current market reach. There are a lot or other mediums to reach out to potential clients, especially in the World Wide Web where people are online 24 hours a day, 7 days a week. Make entrepreneurship a more fulfilling experience by sharing your own experiences and ideas in your own blog site. Be an inspiration to many!
About the Author: Jessica Francisco is a cheerful 25-year-old with an odd sense of fun. The least of her broad range of hobbies include swimming, hiking and listening to the music of Michael Jackson. Jessica is also one of the editors of Luke Roxas.
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5 Reasons Being Your Own Boss Makes You A Better Person
We are a culture that celebrates leadership. We glamorize generals who lead men into battle, and admire the entrepreneurs that built Silicon Valley. There is no question that being the one in command has its appeal as well as its perks.
On the other hand, people in leadership positions also have to make tough decisions, and at times are not looked upon fondly by the masses. In the corporate world the boss is a pejorative term, the very word associated with a draconian taskmaster who will flog an employee for every second they are late returning from break.
So the question is, does being the boss make you a better or worse person? Does the anchor of responsibility make you more mature or more of a jerk? The following are 5 reasons why being your own boss ultimately makes you a better person.
1. Leadership
As your own boss you are responsible for the direction and hierarchy your business assumes, including everything from the marketing strategy to the delegation of duties. You will have to make tough decisions and have the conviction to exercise them.
2. Expanding Your Creativity
As a company drone you are nothing more than a tool, following the orders given to you. The brain goes on auto-pilot the second you clock in. As your own boss, you must think creatively to expand your business and stay ahead of the competition. You must fight ways to be more efficient and
3. Dealing With Pressure
Owning your own business means dealing with the pressure of success and failure. A salaried employee whose income is not tied to the bottom line has little incentive to care. At times it may not feel as if it makes a difference if he or she shows up at all. As the proprietor, however, your livelihood depends on the growth of your business. Exposing yourself to the crucible of business makes you more equipped to handle the pressures of everyday life.
4. Learning to Motivate
In addition to learning how to handle pressure, making your business thrive also represents a challenge. Regardless of whether it’s sports, education, or business, setting a lofty goal and attaining it provides a valuable experience and helps you grow as a human being. Furthermore, as your own boss, not only do you learn how to succeed, you learn how to stay on top. Finding ways to stay ambitious and motivated are key components in keeping your business growing. Finding the energy to keep customers and employees motivated will help you grow to become a more pleasant and affable person.
5. Empathy
Being your own boss means you are responsible for the satisfaction and safety of both your customers and your employees. You must handle disputes amicably and foster strong relationships with your client base. As an employee, the courtesies you extend to customers are perfunctory, a rote phrase spoken to appease a manager with no authentic enthusiasm. For a boss, however, these customers are the arteries of their business, and learning what they think is critical to improving the product or service they provide. Being a boss makes you a better listener, a more gregarious person, and teaches you the empathy required to be an effective manager of people.
In the end, the qualities that make a good boss are the same traits we admire in all human beings. As your own boss, you will find that as your business grows, so does your character.
About the Author: This article was written by Joan Evans of PublicLiabilityInsurance.org, Joans writes on a wide range of business topics including employers liability insurance.
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Start Up Don’t Shut Down
As people have lost their jobs and struggled to find employment, many of the more spirited professionals have struck out on their own to create the jobs that they cannot seem to find. Read more
The Psychology of Small Business: Are You Really Ready For Your Own Business?
Working for someone else can definitely have its drawbacks – the time card, the hours that are required and the pay is not always what you feel you are worth.
Plus, answering to a boss can be quite demeaning when errors occur, or you have to be out sick for any reason. Read more
5 Qualities of a Good Entrepreneur
Do you have what it takes to be a good entrepreneur? Is it something that you could learn or rather something that is innate?
Personally I think it is both. Read more
10 New Year Revolutions
Below is a guest post from author, speaker, and business coach Andy Hanselman, who says forget New Year resolutions and start thinking New Year revolutions in 2010.
January is the time for New Year Resolutions. Well here are 10 ideas for ‘New Year Revolutions’.
Not a list of ‘do’s and don’ts, but some simple and practical things to consider that can help ‘Revolutionise’ your approach in 2010, which the evidence suggests is going to be a tough one for many of us. See it as a menu, not a recipe. Pick the stuff (or variations of it) that appeals and could work for you.
Here they are, in no particular order…
10 ‘Revolutions’ for 2010
1. Get That ‘Vision Thing’
The evidence suggests that in tougher times your people may well be looking to you for focus and drive. As well as the traditional 12 month ‘Vision Thing’, you may also need a short term one too. What are your key business priorities for the coming months? Does everyone know what they are and what they need to do to achieve them? Your job is to let them know, and get them on board.
2. Work On ‘Dialogue’, not Diatribes
Focus on creating ‘conversations’ with your people in 2010. Ask for their opinions, views and ideas. This is not just about memo’s and emails and meetings. Aim to ‘engage’ your people more this year. People are often looking for security and reassurance in tougher times. That means listening, and reacting and having ‘ongoing’ discussions on things they say are important.
3. Stand In Your Own Queues
Regularly spend time in 2010 ‘at the sharp end’. What are you like to do business with? Find out what’s stopping your people delivering what customers want. How can you make it easier?
4. Don’t Just ‘Think’ Out Of The Box – GET Out Of It
It’s easy to get drawn down into the ‘nitty gritty’ of daily business. Try to create time to make visits to companies, conferences, events and seminars (even some that have nothing to do with your industry). Read a magazine or journal, surf websites from sectors you know nothing about. The point? To get a different view and perspective. Who knows what you’ll learn?
5. Think In ‘3D’
That means being ‘Dramatically and Demonstrably Different’. What makes your business stand out? How do you demonstrate it? Remember, it’s not what you say, it’s what you do. Explore ways in 2010 to demonstrate your competitive edge in everything that you do, particularly to your existing customers who will no doubt be getting mailshots, calls and visits from your competitors desperately looking for business.
6. Value Your Values
Evidence suggests that customers are engaging more with businesses they believe in, they trust and respect. What does your business really ‘stand for’? Work on establishing, communicating and demonstrating your values. Not a list of weasly words and phrases, but a set of principles you believe in and that differentiate your business. Why not create a ‘manifesto’ that outlines what your business really is about?
7. Stand Out And Deliver
Actions speak louder than words. Concentrate on consistency. In 2010 focus everyone on creating a ‘great experience’. ‘Champion’ those in your team who ‘go the extra mile’ and deliver the goods. ‘Challenge’ those who don’t. There’s no room for ‘passengers’ in times like these.
8. Maximise Your Customer Relationships
When things slow down, it’s tempting to get out there knocking on doors and chasing ‘new’ business. Obviously, this can be very important, but I see too many businesses doing it at the expense of their existing customer relationships. Now is the time to get closer and focussed. Who are the key people you need to be getting closer to?
9. Be Visible
What are you like as role model when it comes to your key priorities? In 2010, ensure that you live your values, demonstrate your commitment to those key priorities and make sure that your actions reinforce this. That might mean taking ‘symbolic’ actions for emphasis. Not PR stunts, but genuine activities that ensure that your people know what’s high on the agenda. Ensure that in these tougher conditions no one is under any doubt about what you see as important.
10. ‘Just Do It’
When it comes to thriving or surviving, don’t just talk about it, just do it. It’s as simple as that. Commit to making 2010 your year for action, and…..’Do Something’!
Best wishes for this New Year and have a great and successful 2010!
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Andy has developed a reputation for his innovative, inspirational and stimulating approach. This is reflected in his training and motivational seminars, and is in demand as a speaker at team building events, seminars and conferences up and down the country. Having presented to over twenty thousand business leaders and decision makers Andy is recognised for his engaging, humorous, and down to earth approach. He has been recognised by Enterprise Magazine as a Future Top 100 Entrepreneur. You can reach him at AndyHanselman.com
Photo Credit: Sukanto Debnath
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Top 50 Free Online Tools For Startups
I don’t know about you, but I love free…especially when it comes to free tools I can use to make my business better.
Since I’m cheap a good steward of financial resources I was pretty happy to stumble across this collection of online resources, put together by Shiv, and posted on Slideshare (for free!).
Top 50 Online Tools for Startups
Your Turn
What free online resources do you use? Share them with us in the comments below.
Photo Credit: Cappellmeister
5 Tips to Grow Your Business Like Michael Jackson
Below is the sixth article in our $150 competition sponsored by BizSugar.com. It’s submitted by Wayne who blogs on small business and entreprenurship at WayneLiew.com. Good luck to everyone who contributed an article!
Michael Jackson passed away on June 25th, 2009. Whether you are a Michael Jackson fan or not, you cannot doubt his ability to get the attention and impress his millions of fans worldwide.
Michael Jackson’s ability to wow his audience is definitely something that you would want your business to have. In this article, I am going to give you 5 Tips to Grow Your Business Like Michael Jackson.
Be All About Your Audience
No one cares about you. If Michael goes up on stage and start singing songs that are only meaningful to himself, no one will pay attention. For example, “Heal the World” was written by Michael to be lyrically deep but melodically simple so that fans all around the world, especially those in non-English speaking countries could chant along when the song is played.
Spend time listening to the desires and wants of your prospects and customers before selling them your products or services. Not only that the selling process will be easier, your prospects will not be turned off by any hard selling tactics too.
Find Your Signature Move
What are the signature moves of Michael Jackson? Ask this question to anyone on the street and they will definitely give you answers like the Moon Walk, 45 Degrees Lean or they might even perform his dance moves, especially the spinning move for you. These are the moves that make Michael stand out from the rest of the singers. Not only that his fans were astounded by these moves when Michael first performed it, they LOVE it!
How can your business stand out from the crowd? It can be something as simple as changing the way you engage new customers or launching a marketing campaign that is so interesting and catchy that your target market just cannot get the message out of their head.
Become the Best for What You Do
As compared to modern celebrities, Michael do not have a lot of appearances on commercials, movies or his own fashion line. He knows that he is a good singer, dancer, performer and he keeps improving on these aspects until he gained the sparkling title, “The King of Pop”.
Often times, businesses deviate from what they are really good at and as a result, every single thing that they offer becomes mediocre in quality. For example, if you are running a pizza place that is rated 5 stars on Yelp, don’t start serving Chinese food just because there’s a new Chinese restaurant being set up right beside you.
Learn How to Grab Attention
Every time Michael Jackson makes an entrance, all the fans in the room or at a venue will immediately pause whatever that they are doing, turn to him and go wild. Yes, part of it is because he is the King of Pop. But there are other things that help him to get the much needed attention. For example, his fancy clothing.
In business, grabbing someone else’s attention is an important skill. Whether you are crafting a pitch to the press or writing a business plan to secure funding from investors, you need to make them focus on what you have to offer.
Go All Out Against All Odds
Michael Jackson’s success didn’t come to him easily. Michael had troubled relationships with his father, endured childhood abuse, fought a couple of sexual abuse allegations and more. However, none of these are able to stop him, or even slow him down. In fact, they made him a stronger person.
Running and maintaining a small business isn’t easy. Stay persistent, hardworking and continue to learn and acquire new skills. Stay calm when faced with challenges and slowly untangle the complexities. Success is only for those who works and strives for it.
Inspired by Michael Jackson’s Story on Wikipedia
Image Credits: Michael Jackson – WikiPic
Why Your Online Customers Might Hate You
Below is the third article in our $150 competition sponsored by BizSugar.com. It’s submitted by Andy of Travel Online Partners. Good luck to everyone who contributed an article!
Do you feel like your website and online presence is just “another nuisance” to your day? Feel like you’re just wasting your time with online technology? If so, check out these common mistakes businesses make online – if your online presence is flailing, it might be because your customers just don’t like you.
You don’t tell them what you do
If a potential customer isn’t able to discern in 10-15 seconds what it is that you do exactly, they’ll quickly gaze over and move on. This is of utmost importance on your homepage, but via search engines new customers can arrive on any page. So be sure that on every page of your website, you at least briefly explain who you are and make further information easily accessible. A clear strapline or slogan in the header as well as an easily placed “About Us” usually does the trick.
You don’t tell them why
Remember the old saying what’s in it for me? It is still a vital marketing tool and many websites fail to answer this question. Whether it is features or benefits, make it clear why customers should take advantage of what you have to offer. Will it save them money, make them money, improve their life, or just make them feel good? Don’t be afraid to spell it out; a “Why Us” or a “What It Will Do for You” is a completely appropriate headline section to any sales page.
You show off too much flash and bling
Nobody likes a show off, and your online customers are no exception. With lots of fancy graphics and spinning widgets, your true message will be lost. I’m not saying your website shouldn’t be slick, professional, and attractive. But stop and think: does your “add-ons” actually add value or just add to the noise?
You don’t tell them how
Do all of your web pages tell customers what to do next? So many blog articles leave folk wondering how they get more. Your content is there to draw customers in, so after you’ve done a smashing job of telling them a story or giving them information, offer up the next action. Make it super clear; yes – that means big, colourful buttons that say “Buy Now” or “Click Here to Check Availability.” Online customers like to be told what to do, so tell ‘em!
You don’t understand them
Website copy must be directly targeted to your ideal customer; write for everybody and nobody will listen. Write for a special someone and they’ll take notice. You need to know if your customers need jargon explained, if they respect complex and thoughtful topics, or if they’re more visual people. Picture one of your ideal customers in the room and read your web content aloud – would that single individual person be interested?
You tell them to go to your competitors
I never understood why small businesses put advertisements for other products on their website. The worst is Google Adsense – those contextual ads are usually for your competition! You should never place advertisements on your website unless you will make more money from the sale than you would by selling your own products and services. Instead of that lame affiliate ad in the sidebar, why not have a great banner ad for your highest margin product?
Photo credit: Zach Klein
A Quick-Hitting 3-Step Content Marketing Campaign to get Customers this Month
Below is the second article in our $150 competition sponsored by BizSugar.com, submitted by Fernando who does content marketing in Latin America. Good luck to everyone who contributed an article!
As a fellow small business owner, you, like me, are totally on board with the concept that great content via blogging and social media is the new “killer app” of the Internet marketing world. You may have already started a blog, and you may already have 20-50 RSS subscribers. You’re slowly making your way up to your 1,000th Twitter follower, and you’ve gotten decent re-tweets whenever you share your latest post on your blog.
Great job, that’s better than most.
But where are all the customers?
Well you may have missed the part that this kind of marketing is a long-term proposition.
What to do if you want to eat this month?
Vaynerchuck clearly says that his strategy is to build a personal brand, and Chris Brogan says you’ve got to build your online presence so you can become a “Trust Agent.”
But you’ve got the pay the mortgage this month, make sure your fridge isn’t empty, and keep the lights on.
Well here are 3 quick-hitting tactics I’m putting into practice because I just quit my job and I need to bring in some customers really really soon, or else, as the clichéd country song goes, “I’ll lose the house, my wife and the dog.”
These tactics were inspired by my friend, mentor and coach Jim Logan.
1. Write an eBook like Brian Clark’s Authority Rules
I’m taking a slightly different approach here. Sure I’m writing an eBook that I’ll make available without a gate on my website for people to download.
In my case I’m a.) adding a very direct call-to-action at the end of the report to “call me to schedule your free 30-minute 5-point marketing readiness assessment” on the phone, and
b.) I’m going to be sending direct mail pieces offering my eBook to specific decision-makers at targeted companies who fit the profile of my ideal suspect, and I’ll be emailing a warm list of folks I know who are not yet subscribers to my RSS feed. My strategy here is to combine direct marketing with content marketing. The trick is not to sell directly, but to sell the “free content.”
My initial direct mail target will be about 30-50.
The philosophy behind this phase is you’re offering something of value in return for nothing. Even though there’s a strong call-to-action at the end of the eBook to call me (and I may very well get a few calls), here I’m just offering free content.
2. Follow-up with another direct mail piece
Two weeks later I’m going to follow-up with another direct mail piece to the original 30-50, as well as follow-up emails to my warm list. The message in this follow-up piece will be a business message.
I do not want to come across as a sales guy, but as a business person. I’m a business owner reaching out to another business owner, and I add value because of what I know.
I’m following-up on my eBook offer. I’ve helped businesses like yours with x & y (insert your key benefit here, do NOT mention a product or service). It may or may not be relevant to your situation, but I would love to chat with you for 30 minutes about your situation and how I’ve been able to help similar people.
The philosophy behind this stage is to sell the meeting, not sell your product or service. You should map out what the stages are in your sales cycle, and only sell the next step. In my case, and if you’re selling a B2B product or service, sell the meeting. And sell it as a business person, not a sales person.
3. Follow-up with a cold “warm call.”
Finally, I’m calling these folks. I’m calling, again, as a CEO of my small business.
Business people don’t take calls from sales people anymore, unless they called the sales person before and are expecting a call back. However, business people do take calls from fellow business people.
How do you think CEOs of major companies form strategic alliances with other major companies? They cold-call them!
You’re the CEO, you call the CEO of your target company. And you don’t sell your product or service, you have a business call about what you’re extremely knowledgeable about and what your prospect’s business situation is.
Business people want to learn from other business people.
I guarantee if you follow this method, in less than a month you’ll have some meetings and some closed business. It’s worked for Jim Logan and his clients, and I’m putting it into practice for myself.
I’m an Entrepreneur. And Yes, I Kiss on the First Date
Below is the first article in our $150 competition sponsored by BizSugar.com, submitted by Dwayne of www.thecharlotteagency.com Good luck to everyone who contributed an article!
Like going out on your first date with your crush, starting a small business can be pretty unnerving. As an entrepreneur, you are putting yourself out there. Will the business community accept the courtship? Will it call you back? Well before you take the business world out to dinner and a movie, one must be able to confidently answer the questions below.
What Do I Wear? (Image and Branding)
Once you step out of the car and onto their doorstep- they will be watching your every move. Likewise, once you start announcing that you are creating a small business, your entire presence will be scrutinized. How will you present yourself? Are you going to be the conservative, suit-and-tie type, or the modern khaki and polo dude? Or both? Neither option is a bad one, but based on your research of the industry, you got to make an informed decision. Does your website and business cards match? If you are going on a date, your outfit is not going to be mismatching, so neither should your business presence.
When Do I Arrive? (Timing)
Now is the best time. The U.S. business community just got out of a bad relationship with the finance and housing industry, and it is looking for a new, fresh suitor. It needs someone that will treat them right. Its boundaries are down and as a few of us know, those who are on the rebound to easier to attract.
What Should I Say? (Marketing)
You arrive on time and looking good. Really good. But now you have to open your mouth- are you ready? Grab the spotlight. You don’t have any friends to put a good word in for you, so you got to do it yourself. Don’t be bashful. Tell the U.S. business community why you and her are perfect for each other. Highlight your strengths. Remember, the worst thing that can happen is that she says no. Show her a portfolio of things you have done, and things that you want to do. What’s your philosophy? How are you going to treat the business community better than her past? And sometimes its good to be funny, the U.S. business community likes humor.
Will She Like My Friends? (Networking)
Third party recommendations are crucial when it comes to dating this particular person. Not only will they check you out, but all the people that they think know you. Therefore, that’s why you got to get out there before she does it and build a good reputation. It is good when she knows you’re a good person, but if other people tell her you’re a great guy, that’s when the comfort level starts to build.
How Far Do I Go? (Risk-taking)
Your first date with the business community is almost to a close. You both had a great time and you walk her to the door. Moment of truth- what do you do? You’re an entrepreneur; risk-taking is right up your alley! High risk reaps high reward. And if it doesn’t, well hey, at least you tried. Go in with no hesitation for the kiss.
And who knows? Maybe she’ll invite you in.
8 Secrets of Success
Looking for the secret to success? Aren’t we all? Well, Richard St John boils down the secret to success in 8 words and three minutes in this video.
Who is Richard St John?
A self-described average guy who found success doing what he loved, Richard St. John spent more than a decade researching the lessons of success.
So What Are The 8 Secrets?
John has 8 words that he thinks are the main attributes to success. The “magic” words are:
1. Passion
2. Work
3. Focus
4. Persist
5. Ideas
6. Good
7. Push
8. Serve
He goes into detail on each, and describes why they are important, how they relate and play off one another. Well worth 3 minutes of your time, in my humble opinion.
Running Time: 3:33
Source:
http://www.ted.com/talks/richard_st_john_s_8_secrets_of_success.html
Have your own secrets for successs? I’d love to hear them in the comments section below
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Photo Credit: jcbmac
5 Things They Don’t Teach You in Business School About Being an Entrepreneur
Ah, the life of an entrepreneur. Come up with a business idea, write your business plan, line up a bunch of venture funding, and retire to a private island a few short years later when you go public.
If you’re heading off to business school right now, reading this on your iPhone, dreaming of buying your own island – sorry for the ice bath of reality I’m about to dump on you.
5 Things They Don’t Teach you in Business School About Being an Entrepreneur
1. You’re more likely to make a living than make the Forbes 500
Most entrepreneurs end up making a living, and some make a really nice living doing what they love. Very few end up buying their own island, they’re too busy saving for their kids college and making the mortgage payments.
2. There is no money line to get in
There are a lot of you’s out there competing over very scarce resources. But don’t think you’ll just get in line and pick up your check. You’ll definitely need to be the cream of the crop to attract venture funding. More realistically, look for alternative sources of funds.
3. It’s more about you than your plan
Business success has more to do with you than anything else. The best plans mean nothing in the hands of the wrong person.
4. You’re in sales, whether you think so or not
Every business on the planet is selling something. You’re either selling a product, idea, or yourself…learn sales fundamentals, and apply them to everything you’re doing.
5. You’re going to fail
Yep, you will fail. You will probably fail multiple times. If that concerns you, pick another path for your life. If it doesn’t concern you that you will be an utter failure at some point, good – with every failure you get one step closer to success, cliché but true.
Conclusion
Being an entrepreneur can be the most satisfying thing you’ll do with your life. Understand there’s a lot more to it than supply/demand curves, business plans, target markets, or financial projections.
Most of it won’t be taught in Business 101, it’ll just be up to you – but that’s part of being an entrepreneur.
I’ll let you get back to summer vacation now…
Photo credit: losmininos
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The Anatomy of an Entrepreneur
The word Entrepreneur holds a certain level of mystique in our society.
On a daily basis we are reminded of the entrepreneurs who have started with nothing only to rise to celebrity status. Or maybe we see our next door neighbor who, while not a celebrity, has done very well for themselves starting and running small businesses.
The mystique comes from believing these individuals have something different in their genes, or a predisposition to business that has made them a success. Perhaps they were just lucky. Who knows?
The Anatomy of an Entrepreneur
Today, thanks to The Ewing Marion Kauffman Foundation, we are one step closer to understanding the make up of an entrepreneur.
In their July 2009 report, The Anatomy of an Entrepreneur, The Ewing Marion Kauffman Foundation attempt to gain a little more clarity into what makes an entrepreneur tick.
They surveyed 549 company founders in a variety of industries, including aerospace and defense, computer and electronics, health care, and services. They asked the founders detailed questions about their backgrounds, motivations, and experiences in launching companies. Here’s what they found.
Key Findings
Below is a sampling of the key findings within the report, for detailed statistics and charts please find the full report linked at the bottom of this post.
- Company founders tend to be middle-aged and well-educated, and did better in high school than in college
- Most entrepreneurs are married and have children
- These entrepreneurs tend to come from middle-class or upper-lower-class backgrounds, and were better educated and more entrepreneurial than their parents
- 71.5 percent of respondents came from middle-class backgrounds (34.6 percent upper-middle class and 36.9 percent lower-middle class). Additionally, 21.8 percent said they came from upper-lower-class families (blue-collar workers in some form of manual labor).
- 52 percent of respondents had some interest in becoming an entrepreneur when they were in college, but 34.7 percent didn’t even think about it, and 13.3 percent had little or no interest. Those from lower-upper-class backgrounds were more likely to have been extremely interested in starting a business than the average (25 percent vs. 18.5 percent)
- The majority of the entrepreneurs in our sample were serial entrepreneurs. The average number of
businesses launched by respondents was approximately 2.3; 41.4 percent were starting their first businesses - 74.8 percent of respondents indicated desire to build wealth as an important motivation in becoming an entrepreneur. This factor was rated as important by 82.1 percent of respondents who grew up in “lower-upper-class” families
- 60.3 percent said that working for others did not appeal to them
Get the Full Report
The Anatomy of an Entrepreneur – PDF, 24 pages
Conclusion
I found this report fascinating and I think you will too. What I saw were some people who “looked” like me and others who did not. It reinforced the idea that entrepreneurs are as diverse as the companies they start, but education and a desire to pave their own way, build wealth, and capitalize on businesses ideas are a consistent theme throughout.
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The 2nd Age of a Business: Naivety
I’m extremely excited to share this guest post with you all from Dragos Roua who blogs at eDragonu.ro. Not only have I enjoyed his business perspectives, but he is undertaking a very unique guest posting approach, which I admire the creativity of.
The 7 Ages of Business, is a 7 part guest post series, in partnership with this blog and 6 others – and they are all being published at the exact same time!
Enjoy the business wisdom from Dragos, and be sure to check out the other 6 parts of the series – links below.
This article is part of a series about the 7 ages of a business, an entrepreneurs perspective, initially published at eDragonu.ro. The remaining articles are published as guest posts on other 6 fine personal development and business blogs. You will find links to them at the end of this article.
Seeing The Real Picture
The naivety age is the second age of your business. It comes after the initial enthusiasm and exhilaration and it marks the beginning of your real activities as an entrepreneur. But as the name says, the naivety phase will be also a time for trying and failing, a time for learning and growing.
The biggest challenge during this age will be to see the real picture around you. After you clarified your vision and started to move the things around during the enthusiasm age of your business, it’s time to start looking around and see what’s really happening. During this period there will be an intense desire to “walk into the shoes” of a real entrepreneur, but it will mainly be mostly a mimicking approach, not one based on a clear understanding of what’s happening.
I remember I made hundreds of business cards during that period and also I remember I hunted for business cards obsessively. 10 years ago,& when I started my internet business, social networking wasn’t so advanced, so the only way to get in touch with a potential partner or client was by meeting him in person. During my naivety business period I also acquired most of my shirts and starting to wear a suit,& strongly believing that if I dress like a business man I will somehow become one.
What To Avoid
It’s pretty easy to get caught in a bigger wave that you can swim during this period so here are a few things to keep an eye on.
Speaking Over Doing
Your desire of making yourself and your ideas known can make you speak more than you actually do. While this is great for your speaking abilities, it won’t help the real business much. Avoiding excessive speech in favor of more grounding activities, like organizing and planning, would be a solid approach at this stage. Continuing to write in the journal you already started in the first stage would be a good idea.
Believing Everything
Being so exposed in search for clients or partners will make you extremely vulnerable. There is a real danger of believing everything around you. This belief is fueled by your hope that everything will turn out well, a sense of positivity that would be fantastic, if backed up with the proper assessment. During this age you can fall for “get rich quick” scams or you can get involved with rather slippery people.
Sudden Partners
This is a particular case of the problem described above. You will observe a lot of opportunities for partnerships – mostly because you get out much more often than before – but most of them are not appropriate for this moment. As a rule of thumb, you should enter partnerships only when you can offer an approximate equal value, which, at this stage, is rather unlikely to happen. Learning to say “no” is one of the lessons of this stage
What To Do
But being so exposed can also have some positive consequences. Here are some of the things you should insist on in order to make your path a little bit more enjoyable.
Increase Your Network
Your continuous hunt for partners and clients should end with a big rolodex. Even if you don’t start something together, even if you don’t close a sale, this period could leverage a big asset: a network. Networking is more often than not better than advertising, a secret that not many entrepreneurs will be happy to reveal. And networking can be started at any level. Since you’re already going out a lot, why not starting it now?
Work Your Presentation Skills
Being in the position to speak a lot, you will be somehow forced to speak better. This is a great time to start improving your presentation capabilities. You don’t really have something to lose at this stage, so any mistake will have minor consequences. But the advantages of becoming a skilled speaker will last even if you’re not making to the next stages.
Control Your Cash-Flow
I’ve seen a lot of businesses failing because of a faulty cash-flow in the first stages. Up to the next age of your business, attention you should pay extra care to your budget. You may or may not have an initial funding, but regardless of the physical availability of money, you should take extra care now to any money commitment, because it’s really easy to make mistakes. Use this period to try and assess errors as much as you can.
From Naivety To Attention
The next age of your business will be marked by attention. It’s stage in which you will start to really do things. My initial naivety period lasted a few months. I consider it closed when I finally decided it’s time not to wear my suit at the office, but put a tee-shirt and start some real coding. Your mileage may vary.
As always, there is no quality measurement of a stage, I think all are necessary and all are able to give you the tools to reach your goals. The most important thing I remember from my naivety period is the belief that everything is possible. Despite the failures and broken projects, I still have this feeling till the present day. And it’s a wonderful feeling.
Want to Read the Rest of the Series?
You can find the remaining 6 ages of your business on these fine personal development and business blogs:
Attraction Mind Map – 1st Age: Enthusiasm
Advanced Life Skills – 3rd Age: Attention
Steven Aitchison – 4th Age: Maturity
Rat Race Trap – 5th Age: Expansion
My Wife Quit Her Job – 6th Age: Leadership
Learn This – 7th Age: Exhaustion
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