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The Visionary Entrepreneur
Any success you have in life must begin with a vision. A vision is the ability to see what others cannot see. It is being able to have a picture in your mind of exactly the result you intend to produce. The visionary entrepreneur is able to see exactly what his or her business is going to look like in every detail when it is finished. What do I mean by finished? A business is an investment. You are building an asset. And any asset whether it is, a stock, real estate, or a business must have an exit strategy before you start. Once your business is working exactly how you envisioned it, in every detail, you are either going to sell it, or you are going to keep it, which means you are buying it yourself. And if you buy your own business, you'd better make sure that it is worth the price you pay for it. Let's look at the difference between a business owner and an entrepreneur. A business owner starts a business to be his or her own boss or to create a secure job for himself or herself. They usually start a business in his or her own field of knowledge. Rarely does a business owner have a vision of what they want for their life, let alone for their business. So, they end up working in their business day in and day out, and they end up being nothing but an overworked and underpaid employee. An entrepreneur on the other hand, builds a business because it is exciting and challenging. It requires every part of them to make it successful. They have a picture, a clear vision of how that business is going to work in every detail and the result it is going to produce. They never work in their business, rather they work on their business. An entrepreneur rarely starts a business in his or her own field of knowledge. They put the right system in place to make their vision become a reality. An entrepreneur looks at systems. They don't get tied up in the day to day activities of their business. This frees them up to start new businesses, and either sell existing their businesses, or take them public. This is why an entrepreneur like Donald Trump can run as many as 50 businesses at one time. Michael Gerber, author of the E-Myth, says that the purpose of any business is to give the owner more life. It's purpose is to free the owner from working in it. If your business is not giving you the freedom to live the life you want to live, then it is taking your life away from you. One of the main reasons you should start a business is to create excessive cash flow. The excessive cash flow will allow you the extra money and free time to keep building more businesses. Another reason to build a business is to sell it. Always remember, you're building a valuable asset. For something to be valuable, there must be many more people than you who want it. Before you build a business you have to ask yourself some important questions. Why are you starting this business? What are you building your business to do and for whom? Who is your customer going to be (include both demographics and psychographics)? What is your strategic objective going to be? Is your business going to be local, regional, national, international? How many locations or branches are you going to have? How is your business going to operate? What are the gross revenues of your business going to be? What are the profits going to be (pre-taxed net and after taxed net)? And the two most important questions of all are, What must your business look like, in order for it to give you the kind of life you desire? What will your business look like when it is finished? You have to have a vision of how your business will work, down to the last detail so that your prospects are amazed at how you produce the results they want and expect every time they purchase from you. An entrepreneur sets up a series of systems for his or her business. Just as your body is made up of different systems in order to be able to function at maximum efficiency, your business must have certain systems as well. Here is a list of ten systems that a business must have, if it is to be successful. 1. Daily Office Operations System 2. Product or Service Development System 3. Inventory System 4. Order Processing System 5. Billing and Accounts Receivable System 6. Customer Service System 7. Accounts Payable System 8. Marketing System 9. Human Resources System 10. General Accounting System Now if you are a small business made up of one or two people, you may be saying, "I can't afford to hire the people to do all of those things!" What you have to understand is that these systems are simply functions that any business must have to be successful. Whether you are doing it or someone else, your business must be performing each of these functions. Once your business is performing each of these functions automatically and with optimal efficiency, it then frees you up to do other things. And that's what a visionary entrepreneur does. A system gives the owner control. A system should work so that the owner doesn't have to. A system also empowers employees and gives them control. Most importantly a system gives your customers control. When people buy from a business they want to feel in control. And if your business has a system in place that will give them a predictable result every time they purchase from you, then they feel in control. The visionary entrepreneur uses leverage to his or her full advantage. Leverage is simply the ability to do more with less. The internet is a great form of leverage, because you are able to reach and serve millions of people very quickly and inexpensively. Education is another great form of leverage. Entrepreneurs are constantly learning new things every day. This gives them great leverage over most of society that doesn't bother with continuous education. By putting in a series of systems into the business the visionary entrepreneur is giving himself or herself tremendous leverage with other people's time. Having a system in place leverages it to perform significantly better than the competition at lower costs, with higher impact, and with greater predictability. The visionary entrepreneur constantly thinks in terms of innovation. Innovation is the process of constantly looking for and better ways of doing business. It is the process of constantly coming up with better and more cost effective ways of bringing your products and services to your prospects and customers. As author and management consultant Peter Drucker said, A business has only one function and that is to create a customer. The only way you do that is with marketing and innovation. Everything else are just costs and expenses of doing business. A visionary entrepreneur looks at his or her business as a franchise prototype. Even if it is not going to be a franchise. By envisioning their business as a franchise prototype, they are able to put a system in place that can be replicated whether they create another one or not. And it is the system that an entrepreneur puts in place that not only frees him or her from having to work in the business but also gives the customer the exact result he or she wants and expects every time. Here's another great question you should ask yourself before you start your business, If your business were a prototype for 500 or 1,000 others just like it, how would you approach your business? The entrepreneurial vision is not about creating new products or services. It is all about creating a better way of doing something that enriches people's lives. Your vision should give you a clear and focused intention of exactly what you want for your life and for your business. When you have a clear and focused vision you can take any ordinary business and make it perform in an extraordinary way. When you do this any business you build will achieve extraordinary results. Copyright© 2005 by Joe Love and JLM & Associates, Inc. All rights reserved worldwide. Joe Love draws on his 25 years of experience helping both individuals and companies build their businesses, increase profits, and achieve total success. A former ad agency executive and marketing consultant, Joe's work in personal development focuses on helping his clients identify hidden marketable assets that create windfall opportunities and profits, as well as sound personal happiness and peace. Reach Joe at: joe@jlmandassociates.com Read more articles and newsletters at: http://www.jlmandassociates.com
Latest News:Site: Yahoo! News Search Results for news Myanmar's Suu Kyi to get family letters, news mags (Reuters via Yahoo! News) Detained Myanmar opposition leader Aung San Suu Kyi has managed to wring small concessions from the ruling generals in the form of letters from her family and some international news magazines, her lawyer said on Friday. JCDecaux in talks for News Outdoor Group in Russia (AP via Yahoo! News) French outdoor advertising firm JCDecaux SA said Thursday it is negotiating to buy Russian rival News Outdoor Group from global media company News Corp. News Corp tightens grip on Premiere with new CEO (Reuters via Yahoo! News) Rupert Murdoch tightened his grip on German pay-TV broadcaster Premiere by appointing News Corp executive Mark Williams as CEO in a move to get the company back on track. SEC Looks Into UAL Stock Scare; Implications For Online News? (CBS News) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel 's current news flow, was picked up by a Google (NSDQ: GOOG) News bot and, via a reporter for a newsletter, made it onto Bloomberg News. After a lot of buck ... JCDecaux and News Corp. in talks to combine outdoor ad groups (International Herald Tribune) The News Corp. chief executive, Rupert Murdoch, has recently expressed nervousness about investments in Russia, where News Outdoor generated the bulk of its revenue last year. SEC Looks Into UAL Stock Scare; Implications For Online News? (paidContent.org via Yahoo! Finance) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel's current news flow, was picked up by a Google News bot and, via a reporter for a newsletter, made it onto Bloomberg News. JCDecaux in talks to buy News Corp. billboard unit (AP via Yahoo! Finance) In a deal that would create the world's largest outdoor advertising company, French conglomerate JCDecaux SA said Thursday that it is in talks to buy Russian rival News Outdoor Group from global media company News Corp. Phila. mayor to announce grim budget news (The Philadelphia Inquirer) The Nutter administration is expected to announce grim budget news today, which is all but certain to lead to significant spending cuts - perhaps as high as 10 percent - in some city departments, according to three sources familiar with the budget. News Corp says Mark Williams interim Premiere CEO (Reuters via Yahoo! News) News Corp. executive Mark Williams has taken over as chief executive of German pay-TV broadcaster Premiere in an interim capacity, News Corp. said after the move led to renewed takeover speculation. News Corp. says Mark Williams interim Premiere CEO (Reuters via Yahoo! News) Mark Williams, a News Corp. executive named late on Wednesday as chief executive of German pay-TV broadcaster Premiere, has taken over in an interim capacity, a News Corp. spokeswoman said on Thursday. Site: news - Google News New Voices in Congress Will Change the Tone of the Democratic Majority - New York Times
MORE RESOURCES: Site: Yahoo! News Search Results for entrepreneurialism Lone Star Library: Green Mountain founder shares entrepreneurial insights (Fort Worth Business Press) Rural Southerner Sam Wyly came by his self-made captain-of-industry status the hard way, developing a passion for business strategy by playing schoolboy football and observing his parents? natural gift for small-business operations and hard-bargain bartering. S.C.'s brightest complete Business Week (Columbia Star) Approximately 200 high school students from across S.C. have successfully graduated from South Carolina Business Week, presented by the South Carolina Cable Television Association, July 13- 18, at Presbyterian College in Clinton. Wellington West opens Montreal branch (CNW Group via Yahoo! Finance) Wellington West Holdings Inc., a privately held, employee-owned financial services firm, today announced the expansion of its national network with the opening of a Wellington West Capital Inc. full-service retail investment branch in Montreal, Quebec. Ctek Selects Kyocera 300 Module for Z4100 Wireless Router (Centre Daily Times) Kyocera Wireless Corp. (KWC), a leading global manufacturer of wireless handsets, devices and embedded machine-to-machine (M2M) modules, and Ctek, a leading manufacturer of specialized communications solutions for industrial and commercial applications, today announced the selection of the Kyocera 300 Module for Ctek's cost-effective Z4100 Router. The Kyocera 300 Module enables reliable, ... Memphis confident of growth campaign (Memphis Commercial Appeal) One year after the launch of a $64 million economic development campaign, city officials are increasingly optimistic about the impact of MemphisED on the Bluff City. Summer break project: JTCC student lives, learns nonprofit leadership with Pheonix Project (The Petersburg Progress-Index) CHESTER ? Jamie Poniatowski, a Class of 2008 human services major, spent her summer break in Petersburg, participating in the Phoenix Project?s 2008 Nonprofit Leadership and Social Entrepreneurship Program, which transforms committed undergraduate and graduate students into effective social entrepreneurs with the knowledge, skills and connections to succeed in Virginia?s nonprofit sector. Ctek Selects Kyocera 300 Module for Z4100 Wireless Router (Business Wire via Yahoo! Finance) SAN DIEGO & RANCHO PALOS VERDES, Calif.----Kyocera Wireless Corp. , a leading global manufacturer of wireless handsets, devices and embedded machine-to-machine modules, and Ctek, a leading manufacturer of specialized communications solutions for industrial and commercial applications, today announced the selection of the Kyocera 300 Module for Ctek?s cost-effective Z4100 Router. $1 Million Opus Prize Finalists Announced (PR Newswire via Yahoo! Finance) Seattle University and the Opus Prize Foundation today announced three finalists for the $1 million 2008 Opus Prize, one of the world's largest humanitarian service awards. Guided by faith and an entrepreneurial spirit, Marguerite "Maggy" Barankitse, Krishnammal Jagannathan and Michael Woodard are working throughout the world to give people the tools to transform their lives. Scotiabank Online Small Business Contest Last Call (CNW Group via Yahoo! Finance) The chance for Canadian small business owners to win $50,000 in cash prizes is coming to a close. As part of Scotiabank's 'Get Growing to a Million' Campaign, the online challenge has offered small business owners across Canada a chance to win one grand prize of $20,000 and six regional prizes of $5,000. In cinemas this weekend (Guardian Unlimited) RocknRolla | The Duchess | Bangkok Dangerous | Disaster Movie | Sweete Land | El Cantante | Never Apologise | Mera Pind My Home Site: entrepreneurialism - Google News Ohio House Speaker Budish touts regionalism in his first address - WKYC-TV
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