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10 Ways Entrepreneurs Shoot Themselves In The Foot
Entrepreneurs and their businesses have a tendency to ambushthemselves when they aren't looking. This affects how muchrevenue they can generate, how fast their business rises,and even if they survive after the first few years. If youfeel there is a possibility you are getting in your way tosuccess, review these elements to see if any of these itemsmight apply. 1. Imagine investing time and money into a product orservices, only to find that it isn't selling. Or at leastit doesn't have the results that you expected. Now, I'mtalking realistic here, and not some grandiose vision. It'shard to give up something when you have invested yourresources into something, more importantly, you have spoutoff to the world (okay, friends and family) that you weredoing it. Gluing yourself to an idea, product, or service that isn'tmaking any money or enough money to support the businessisn't smart. Ego and pride don't make money. Gettinghitched to any one idea, or even two, that isn't profitableisn't smart. Every product climbs and falls -- evenMcDonalds drops a product when it doesn't test strong. Ideasare the currency of entrepreneurs, make money with them orlet them go. 2. Be proud of being an entrepreneur. DFor some reason,the title entrepreneur seems to have caught a disease, butthat shouldn't be the case. Be proud of being anentrepreneur. when someone asks you, don't mumble, and don'tcall it by another name, as if being an entrepreneur wassomehow unprofessional. The same applies to the title ofindependent professional -- which is another name forentrepreneur. Stand tall and proud. When I ask people at networking events if they're anentrepreneur, they often respond with strange body language.Some shift their stance uncomfortably, sometimes their handgoes over their mouth and they let out a barely audible,"yes," and sometimes they even correct me, using some othertitle. 3. No bologna (or b.s.). Entrepreneurs can be naturallyexcited and optimistic about what they are doing. Don't letthe excitement sound like hype. Because of this peopledon't trust you. Don't just tell the pros, add the cons.Let people know, who is the best person for this service -not everyone, or what circumstances are best for theproduct. People aren't stupid but if they have to figurethe cons of the product or service, you will most likelylose the sale. 4. Being in denial of your cash position. Not balancingthe checkbook, not knowing what your accounts receivables,payables, or what the break even cost is for a product orservice, isn't smart business. If you don't know what itis, get a book on the topic or talk to an accountant.Denial creates fear, and fear creates denial. It's avicious circle that creates stress and ulcers. Short termprojects turn around short term dollars. Long term projectsnever turn around short term dollars. Be realistic with allyour resources. 5. Accepting weak any bodies. Whether its weak staff, weakclients, weak strategic alliances, or anyone else in yoursupport realm. If you are attracting weak people, you aregiving weak signals. Change your signals and you willchange what you attract. To attract strong people, you needstrong signals. 6. Confusing possibility with reality. One of the maincharacteristics of an entrepreneur, and this could be one ofthe reasons people may not like using the name, is theirgift to see everything in possibilities, yet spend money inthe world of reality. Money is always reality. 7. Selling or trying too hard to explain what you sell. Ifyou find yourself pushing what you're product or servicedoes, it is time to change your "success formula." Commoncauses are: (1) You are trying to sell to someone who isn'tyour target, or (2) If you have the right target and youdon't know what you are selling. You can only handle thisin two ways, know what the customers are buying, or know thebenefits of what you are selling. Benefits in the termscustomers need to hear and understand, not what you chooseto say. 8. Lack of any or adequate support structures. If it takesa village to raise a child, what do you think it takes toraise a business. Surely, not a lone ranger. Work withothers to help handle your many business and personal needs.Entrepreneurs need support, even if it's only a feeling.Arrange to have a support structure for every part of yourbusiness. Keep in mind tip number five above for this aswell. 9. Over or under delegating. It is so hard forentrepreneurs to begin to delegate. Yet once they do theyseem to swing the pendulum completely to the opposite sideand over delegate. Over delegating is "dumping" on people.Even paid people, don't like being dumped on. Feeling incontrol is a need of most people, entrepreneurs aren't anydifferent. They look at it as a money or trust issue, whenin actuality it's usually a control issue. Delegateappropriately and with people that think you can trust. Letthe trust build over time. 10. Stop giving up so easily. Successful entrepreneursdon't see failure. They see learning lessons. They pickthemselves up, dust themselves off, change and adjust, andkeep moving. Being an entrepreneur, during the early yearsof a business -- that is under five years for mostprofessionals, takes more work than being an employee. Evenif you are a graduate with an MBA in business. Don'tinclude your learning curve time in with the rest of yourtime. Everyone has a learning curve of some kind. Catherine Franz, a Professional Marketing &Writing Coach, specializes in product development, Internetwriting and marketing, nonfiction, training. Newsletters and articles available at: http://www.abundancecenter.comblog: http://abundance.blogs.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 Phil Schiller bringing the news at Macworld - San Francisco Chronicle
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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