8 Patterns Of Highly Effective Entrepreneurs
Are there certain habits, or patterns, many successful entrepreneurs share? What distinguishes entrepreneurs from everyone else?
Brent Bowers, author of 8 Patterns of Highly Effective Entrepreneurs
First: Opportunity
Entrepreneurs have an aptitude for spotting and seizing opportunity.
Second: Leadership
Entrepreneurs are compelled to be in charge, and act as natural and very capable leaders.
Third: Innovative
They have a history of innovation, and the entrepreneurial spirit has been with them since childhood.
Fourth: Adaptation
Entrepreneurs are quick to adapt to almost any situation thrown at them. They have an ability to think on their feet, and “just go for it”.
Fifth: Drive
Entrepreneurs naturally have a strong drive and determination to see their idea succeed.
Sixth: Passion
They have a passion and enthusiasm for what they do.
Seventh: Unfailing Pragmatism
Entrepreneurs act as their own best check and balance system. They take calculated risks, but never gamble.
Eighth: Setbacks Equal Opportunity
Entrepreneurs see setbacks not as failure, but as opportunity to learn and grow.
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Entrepreneurs Can Change the World
Siamak Taghaddos, CEO of Grasshopper, passed this video along to me and I thought it was too good not to share.
I’ll be honest, I usually shy away from this sort of thing. Seems like there are too many mediocre “everything is wonderful” type of videos floating around out there. But this one was different, it struck a chord with me as a business owner, and made me feel proud to be an entrepreneur.
In Siamak’s Own Words:
As entrepreneurs serving entrepreneurs, we know that small businesses drive our economy and fuel our growth. With that, we’re starting an entrepreneur movement to inspire entrepreneurship and turn our country around. We’ve commissioned composer Carly Commando (creator of the NBA Playoffs’ “Where amazing happens” piano theme song) and leading visual designer Ben White from the UK to create a video to do just that – motivate and inspire entrepreneurship.
A Quick Shot of Inspiration
So…if you want a 2 minute lift, or a shot of “warm tingely”, just hit play below.
If somebody you know needs a little inspirational boost – pass this on to them.
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We Have a Winner!
Last week I posed this question to Small Biz Bee readers.
To “encourage” participation we offered a $20 Amazon gift card to one lucky respondent.
The Question Was…
You’re given $2,000,000 to open a store (can be a physical or virtual) and your only requirements are:
- You have to give your product/service away for free
- Your success is judged on how much you give away
What Would You Do? How would you decide what to put in your store? What would it be, and why?
The responses we got were fabulous (I expected no less from the outstanding readers of Smallbizbee.com!). Well thought out, and creative, and let me just say I’m glad we picked the winner of the $20 by random, and not by the quality of the answer…I don’t know if I could have picked “the best”.
And the Winner is…
Wayne Liew!
Congratulations to Wayne for being our comment winner. As the winner he’ll be receiving a $20 Amazon gift card on us! In case you’re curious, here is Wayne’s response to our question:
As a business consultant, the $2,000,000 will be a big extra for me to help more small business owners. Because I enjoy learning and passing on my marketing and business building skills to others, I actually don’t mind giving away this service for free. In fact, I am thinking of allocating part of the $2,000,000 fund to creative small business owners who just don’t have enough money to grow or to spend on small marketing campaigns.
Wayne also runs a small business entrepreneurship blog that is well worth checking out if you haven’t done so already.
On the Up and Up
Wayne’s winning comment was picked by Random.org, from the 14 comments that were submitted between April 19-26, 2009.
A Big Thanks!
Thanks to everyone who participated. The quality and thoughtfulness of the responses was impressive to say the least…if you haven’t, take a few moments to see what our readers came up with.
Photo Credit: Fregon57
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Top 10 Must Have For a Start-up Success
What are the ten things start-ups need to be successful? According to Frank Levinson, it’s the following.
And Frank may know a thing or two about start-ups, considering he founded Finisar in 1988 with $60,000 and 12 years later hit the Forbes 400 list of richest Americans.
10 Must Have for Start-Up Success
- Spending everything on a good team and equipment
- Letting people know the company is in business
- Raising limited capital
- Taking stock of a company and determining its needs
- Being open to opportunities
- Having a supportive family
- Targeting mass markets, not just niche markets
- Having confidence in new ideas
- Acquiring and selling to real customers
- Choosing a great partner
Did Frank cover the essentials for start-up success? Let me know your thoughts in the comment section below.
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Photo Credit: Today is a good day
8 Ways to Connect and Get off the Entrepreneurial Island
Running your own business can be a lonely affair at times, almost like being on your own island.
Sure you’re surrounded by employees, vendors, and hopefully lots and lots of customers but often it can feel like you are really the only one who understands the struggles and the triumphs.
It’s as if everyone you come in contact with is on just a slightly different level than you are, and the weight of realizing you are the one that cares the most about your business can leave you feeling isolated.
Reaching Out
If you’ve ever owned a business I think you can relate. We’ve all been there, and to be honest I’m kind of there right now.
Sometimes you just need someone to talk to who understands what running your own shop is all about, and can empathize as well as give advice.
Help is Closer You May Think
According to a survey of 300 business owners, conducted by SurePayroll approximately 91% of respondents would be open to potentially advising new entrepreneurs who are starting a business.
Why are they so willing to help?
Business owners know what it’s like, and they want to help you not make the mistakes they did, that’s part of it. The other part of it is the human connection between somebody with a shared experience – help getting you off that isolated island.
8 Ways to Get off the Entrepreneurial Island?
So 91% of business owners are willing to connect, and help you if need be, so where do you find them? Actually, that’s the easy part.
Here are 8 ways you can get yourself off that island, and connecting with like minded business people in your area.
Networking Groups
There are loads of great networking groups and ways to get out there and meet other business owners
Just doing a simple Google search for “Small Business Networking Groups” in your town will bring up numerous organizations with the sole purpose of helping small business owners connect.
Here’s a sample of what I got for my area “Small Business Networking Groups”
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Don’t forget your local Chamber of Commerce. Most Chambers have monthly groups or meetings designed to bring business owners from the community together. This is a great way to meet people in the same situation you are in.
Meetups
Meetups are great! They effectively bridge the gap between our online and offline social network. A meetup takes your online social network offline, for a face to face meeting .
To find a meetup in your area check out MeetUp.com to search for a meetup in your area.
SBA Support Groups
The small business administration is specifically designed to help business owners. Use their services! Contact your local SBA chapter and inquire about support groups or networking events they may have to offer.
Online
If you’re not connecting yet online, you are missing out on a valuable sounding board and resource group at your finger tips. Here are some of my favorite ways to connect with other business owners online.
Twitter – Instant feedback, and easy way to connect with people with similar interest by using the search function to follow other business owners.
Blog Comments – comments on your blog (you are blogging right?) can be a great way to meet like minded people and other business owners. Get to know your frequent comments. Make it a point to keep in touch.
Forums – Establishing a presence on forums isn’t just a sound practice to give your business visibility and demonstrate your authority, they are a great way to bounce ideas around and get feedback.You’ll get instant feedback in the forum replies, as well as make more contacts with others in the same boat as you. Try the Small Business Community Forums to get started.
Informal
Call me “old school” but making it a point to informally connect with the business owners in your community is a great way to get off the island when you’re feeling lonesome.
When I go to someones place of business, and have the opportunity, I make it a point to talk to the owner.
Introduce yourself, tell them what you do, ask them how business is. Talk more about them than you – really connect as business people. Doesn’t matter if they are in your niche or not, you’re both on the same team and will benefit from having a relationship with another business owner you can turn to.
In Summary
So while the saying “It’s lonely at the top” can certainly be true when you own your own business, you don’t need to spend your time isolated on that island.
Business people are out there, and statistics show they are willing to help you out – and sometimes more importantly empathize with you because they are living it too. Use some of the resources above to connect with them.
Now, help me off the island. Share some thoughts in the comments section – I’m getting lonely here!
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Photo Credit: Iujaz [Away from Flickr]
5 Quick Reminders for Running a Successful Business
Recently I attended a conference on special event management, and the keynote speaker focused on the 5 elements to a successful event.
While this information was geared towards event management, I couldn’t help but see similarities between what it takes to run a successful event and run a successful company.
None of these things could be considered “hard” to do, but they are easy to forget…so here’s your reminder:
Have Passion For What We Do.
We’ve talked about passion many times in the past, but it always keeps coming back to this doesn’t it? Passion is paramount to success for two reasons
1) If you have passion for what you do you’ll more likely stick it out through the lean times – and there will be lean times – and give yourself a chance to see your venture through to success.
2) People you do business with will feel your passion, and be attracted to doing business with you.
Why do you think Gary V is so successful talking about wine? 1000’s of people out there talk about wine for a living, but people are drawn to Gary because he truly loves what he is doing and his passion is contagious.
Understand the Importance of Customer Service
Whether you are giving your customers pickles, or going out of your way to make each person feel special, there is no substitute for quality customer service. Remember the goal in customer service is not to treat the customer how you’d like be treated, but to treat the customer how they’d like to be treated.
Have a “Whatever it Takes” Attitude
You have to be willing to do whatever it takes to move your business forward. If making that speech or driving across town is what you need to do make a sale – do it.
Delight and Dazzle Customers
The truth is many businesses are so bad people have low expectations to begin with. It doesn’t take a whole lot to stand out from the crowd and really “WOW” somebody. Just do what you do 5% better than your competitors and you’ll get 50% more business – exceed customers expectations, and they’ll be buzzing about your business.
Recognize the Importance in Everyone
In the event world this is your staff, volunteers, vendors, guests, etc. But in business you have to understand that everyone your business touches is important and plays a role in your eventual success or failure. Treat people like partners, not tools or stepping stones on your way to the top.
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Be a Better Leader in 60 Seconds
If you have sixty seconds to spare today, this short e-book will make you a better leader.
True, the book is 25 pages long and it would take you longer than sixty seconds to read that much – however, everything you really need to know about leadership is summed up on the first page.
The 60 Second PHD in Leadership
Think back on the best boss and the worst boss you ever had:
1) Make a list of all the things they did to you that you abhorred
2) Don’t do those things to others – EVER
3) Make a list of all the things they did to you that you loved
4) Do those thing to others – ALWAYS
With this information alone you have 99% of everything it takes to be an effective leader.
Have Longer than 60 Seconds?
However, if you have a bit longer than 60 seconds today I encourage you to read the rest of the e-book to pick up even more tips and insight into what it takes to lead effectively. It’s not as hard as you may think.
What’s Covered?
Some highlights from this succinct book include:
- What is a leader?
- Leadership – probably not what you think it is
- Leaders don’t create followers
- Great leaders tell three stories
- Don’t get hung up on too many targets and measures
- And many more…
The Little Book of Leadership
Tip: Use full screen mode to view
The Little Book of Leadership – Get more Business Plans
What do you think it takes to be a great leader? Let me know in the comments
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Three Pillars for Word of Mouth Success
This is part two in our series on Getting Word of Mouth Marketing to Work for You. Be sure to check out part one and get caught up!
We started the conversation yesterday on how powerful and cost effective word of mouth marketing can be.
Today we want to look at what goes into a successful word of mouth marketing campaign, what factors you’ll need to be successful, and then we’ll discuss the elements you can implement to make word of mouth work for you.
What is the Goal of Word of Mouth Marketing?
Simply put, your goal with any word of mouth marketing campaign is to get conversations started and shared about your product or service within your target consumer market.
Everything you do from a word of mouth marketing perspective needs to support that goal. Plain and simple.
You want consumers talking about your product, sharing their experiences, and selling for you in the course of their everyday conversations.
Once you understand this, the only other questions become:
1) Why are they having the conversation?
2) How and where are the conversations taking place?
Answering those two questions, with the goal in mind you want the conversation to be about you, sets your entire word of mouth plan into action.
Three Pillars for Word of Mouth Success
The first question was 1) Why are the consumers having the conversation? The answer is due to at least one of the following three pillars. The most successful word of mouth campaigns will strike on all three of the below.
Content
Your content is the key to your message, and will be the foundation on which word of mouth is spread. Without killer content, you’re sunk.
What do we mean by content? Content is what you produce, what you sell, what you want people to buy. Awesome products, services, and delivery methods will get people talking.
Unless you know why your product is superior, or what makes your service special, you will never be able get your consumers to sell it for you.
Think for a moment – when was the last time you were excitedly telling a friend about an average product? It doesn’t happen, and it won’t happen for you. Know what makes you special, what sets you apart, and what your consumers will tell their friends about what you do.
Shareability
Maybe I just made that word up, but the point is how easy it is to share your content, and your message, will partially determine your success with word of mouth marketing.
There are numerous ways in which something can be shared. Verbal, face to face conversations. Physically giving your content to another person. Emailing, or digital dissemination. All are ways in which we share, or converse.
But why would a consumer share your product or service?
- It tells a story they can relate too
- Illicit a feeling or emotion
- The benefit or experience one would gain is obvious
- There is a shared understanding of it’s importance (and importance could be any utility it provides, whether it be functional, emotional, humor, or practicality)
Tell me a story that I will feel good retelling. Have a product that hits an emotional chord with me. Sell me a benefit, or an experience. Those are going to be easy for me to share.
Call to Action
The final pillar to a successful word of mouth campaign is a call to action for your consumer. What do you want them to do?
In this case it’s spread the word, and many times it can be as easy as asking them to. Most successful word of mouth happens due to the consumers being told it’s “okay to share” in one form or another.
Don’t let your marketing efforts fall flat because your consumer doesn’t know they are supposed to be spreading the word! We’ll touch on some specific ways you can “ask” them to spread the word in upcoming parts to this series. For now just understand that without a call to action for the consumer, you risk the chance of them not knowing what their next step should be.
Putting it All Together
Once you understand the goal of word of mouth marketing is to get your consumers talking about you, and you understand why those conversations are happening, the final piece in getting this to work for you is to look at how and where those conversations are taking place.
You want your word of mouth campaign to infiltrate where the consumers live, and be communicated in a manner that they want to hear. This is where the rubber hits the road – and is the next part in our series…
Up Next:
Elements in a Successful Word of Mouth Campaign
- Understanding social networks
- Using the influencer
- Social media’s role
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Photo Credit: Lock, stock and 2 smoking barrels!!
Getting Word of Mouth to Work for You
The world of advertising can be tough – really tough.
Finding the right medium, sending the right message, and using the right channels are only half the battle. Getting your target market to actually see your advertising, and then take action based upon it, is the other half.
Take into account your advertising budget is getting pinched, and the pressure is high in ensuring your advertising dollars are realizing a positive return on investment (ROI), you don’t have the economic luxury of trying new things out to see what works.
Consider This
- Only 18% of TV advertisements generate a positive ROI
- 84% of B2B campaigns resulted in lower sales
- Only 14% of consumers trust ads
- 69% of consumers are “interested” in ad blocking technology
Pretty depressing data if you are trying to get your products and services in front of your target market!
What’s the Alternative?
There is one form of advertising that has always worked, and will continue to work, and has nearly a guaranteed positive ROI. It’s the most trusted form of advertising out there, has no shelf life, and will always be well received by your market – so what is it?
Word Of Mouth!
That’s right, possibly the most perfect form of marketing your products and services is through word of mouth.
If you’re not sure how powerful word of mouth can be, take a look at these statistics:
- 2/3 of the United States Economy is driven by word of mouth
- 10% of consumers influence the purchasing decisions of the other 90%
- 91% of consumers are “likely” to buy off of a recommendation
- 92% of consumers “prefer” a word of mouth recommendation
Looking Ahead
First off, those numbers should get you a little excited about the power word of mouth marketing has.
Couple those statistics with an advertising campaign that cost virtually nothing, and you have a real solution to your advertising concerns – money, effectiveness, uninterested consumers, ad blind target market.
Next Steps
Okay, you’re sold on word of mouth marketing, but now what? Where do you start? Well, you’re in luck.
This week we’ll be running a series of posts aimed at getting your word of mouth marketing campaign underway.
From how to build your own campaign, to generating buzz, and integrating social media we’ll get word of mouth marketing working for you and your business.
Be sure to check out the other articles from our “Getting Word of Mouth to Work for You” series!
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Photo Credit: B Tal
Five Critical Skills That Entrepreneurs Need
What are the five critical skills entrepreneurs need in order to be successful?
According to serial entrepreneur, executive, technical innovator, and author Jerry Kaplan it’s the following:
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Skill 1: Leadership
An ability to build consensus in the face of uncertainty.
Skill 2: Communication
The ability to keep a clear and consistent message.
Skill 3: Decision Making
Or more importantly, knowing when to make a decision.
Skill 4: Being a Good Team Player
Knowing when to trust and when to delegate.
Skill 5: Ability to Telescope
To focus in on the details and then move back to the bigger picture.
Running Time:8:59
Source: http://edcorner.stanford.edu/authorMaterialInfo.html?mid=366
Did Jerry hit on the critical skills needed to be an entrepreneur? Let me know your thoughts in the comment section below.
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Google’s 5 Tips for Entrepreneurs
Google co-founder Larry Page provides several tips for entrepreneurs.
Below these follows a short 4 minute video in which Larry explains his five tips in a bit more detail.
Tip 1: Don’t Settle
Very important to pick the right people to be involved with your startup. Take your time, and get the right people – great people who are compatible.
Tip 2: Be a Real Expert
Know as much about your product or service as you can before you begin building your business. Be an expert, take the time to learn.
Tip 3: Consider Your Goals – And Set Some!
First, have a healthy disregard for the impossible.
Then set stretch goals that are going to be very hard to achieve, but not outlandish. Be specific in what you want to accomplish, and don’t be afraid of setting very aggressive goals.
Lastly, ensure you are measuring your progress towards your goals. You can never measure too much.
Tip 4: Don’t Be Afraid to Solve Hard Problems
There is a lot of leverage and bang for your buck in solving a hard problem with your business. What’s nice is the problem may be hard for your customer, but easy for you to solve. Go after those hard problems and fix them and you will be rewarded.
Tip 5: Don’t Jump on a VC Bandwagon
Don’t just start a company because it is popular or in vogue at the moment. A great business idea will be the one that gets the funding. Larry mentions that they rarely fund a deal, possibly as few as 1/year. So there are a lot of ideas chasing limited money. Only the best will get the VC attention.
Running Time: 4:31
Source: http://edcorner.stanford.edu/authorMaterialInfo.html?mid=1076
Have your own tips for entrepreneurs? I’d love to hear them in the comments section below
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Photo Credit: Liquid Lucidity
Drivers of Entrepreneurial Success
When you are thinking about starting a business it’s natural to ask yourself if you have what it takes to succeed. You see other successful business people and think “how did they get to where they are?”. Then you start comparing yourself against them, and your perceptions of what it takes to make it.
What Does it Take to Succeed as an Entrepreneur?
So what are the main factors in order to make it in business, or as an entrepreneur? Maybe you’ve thought that to hit the big time you need one, or all, of the following:
*MBA from an Ivy League School
*A great idea that nobody has thought of before
*Luck
*A “secret” weapon that guarantees success?
*Good looks
*All the above
There must be something right…I mean they are successful people, and if you haven’t even begun it can be pretty easy to assume they have something that you don’t. Keep reading.
The Real Drivers to Entrepreneurial Success
In a recent survey conducted by SurePayroll of small business owners and entrepreneurs, when asked “What are the drivers of entrepreneurial success?” they answered:.
1. Person’s drive and ambition 27.2%
2. Person’s passion for a specific business venture 14.9%
3. Hands-on experience in the industry 13.5%
4. Easy access to capital to start a business 13.1%
5. Personal connections 11.5%
6. Family members who are entrepreneurs 10.0%
7. Formal education 9.9%
If you’ve been sitting on that great business idea because you were second guessing whether or not you have what it takes to succeed, this survey should give you reason to rejoice.
I don’t doubt for a second that anyone who reads this blog on a regular basis doesn’t have drive, ambition, and passion.
If you’re thinking about starting a business – those top three should come naturally. And look how important they are in the minds of all those “successful” people that you have been comparing yourself too.
Does that change your outlook at all on what it takes to make it?
Let’s hear from you. Do you think the survey responses reflect the true drivers to entrepreneurial success?
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