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10 Essential Tips for Starting Entrepreneurs - Ignore these at your Peril!
1. Do What You LOVE: If you've chosen your business because you read that this niche was the next hot one, or because your favorite uncle (or your best friend) thinks you'd be well-suited for this business, you may as well pack up now and save yourself some time and money. If you don't love what you do, it will show...potential customers will know it and will go elsewhere. Is it possible to be successful anyway? Sure -- but it won't be easy and it won't be fun...and isn't that why you want to be in business for yourself anyway? Instead, choose what you love. You'll know what that is when you find yourself being incredibly productive, forgetting the time passing by, and not being able to wait to get up in the morning to do more! At Solo-E we call that being juiced...but whether you call it being in the flow, or the zone, or whatever, FIND IT! 2. WRITE DOWN Your Business Plan: As a small or solo business owner, you still need a business plan. Even if you aren't getting a loan! Would you invest thousands of dollars of your own money buying stock in a company that didn't have a written prospectus? (I hope not!) Then why would you spend thousands of dollars AND hours of your precious time on a business that doesn't have a written plan? Write your plan, get it critiqued by professionals, and most important, BE READY TO CHANGE IT. This may seem counterintuitive...why bother writing it down if it's just going to change? Because writing it down makes it more clear...and helps you get to the next stage of learning and planning and revising. It's critical--67% of businesses that failed had no written business plan. Want to play the odds? 3. Multiply Your Expected Startup Costs by Two--or Maybe Three: When I started my business, an honors MBA grad with 15 years of solid business experience behind me, I figured I was smart enough to estimate my startup costs accurately. I knew all the things I needed and made conservative estimates and I was still WRONG! That's right, I was still off by a factor of almost three. Don't make this mistake! One of the biggest reasons small businesses fail is because of lack of capital. Give yourself the best possible start by saving or acquiring sufficient startup funds NOW. Before you start! 4. Make Your Market Niche as Small as Possible: Again, this is counterintuitive--shouldn't you try to appeal to as many people as possible? The paradox is that the more you try to appeal to EVERYONE, the less you will appeal to ANYONE. Let's say you are selling your house...would you rather list it with the agent who operates in 14 counties, sells both commercial and residential real estate, and sells everything from cottages to estates? Or would you pick the agent who specializes in your community, selling only houses in a well-defined price range that she knows extremely well? Ruthlessly define your niche, make it as small as possible, and stay true to it. You'll thank me later! 5. Do Marketing Your Way: The temptation is to choose all the marketing methods that the competition uses. To stay with tried-and-true marketing channels. To place advertisements that you know nothing about creating, or make cold calls that give you heartburn. Why? Because (all together now) "that's how it's always been done." It's difficult to stand out among your competitors when you are doing the same kind of marketing! So instead, look to your strengths. What do you like to do? What are you good at? Then choose three marketing methods that play to those strengths. If you need ideas, check out 136 Ways to Market Your Solo Business, another article at www.Solo-E.com. 6. Remember the Most Important Ingredient in Your Business--YOU: Business-owner: know thyself. Spend some time learning about who you are and how you are unique. Then let that uniqueness shine through in your marketing, in how you run your business, in everything you do. Don't hide your quirks--celebrate them! Customers go to small and solo businesses primarily because they are looking for a personalized experience. They want a relationship with you as the owner of your business. If you try to come off as who you think they want, they'll smell right through that and not come back. Be who you are, and trust that who YOU are is going to be attractive to the right people. 7. Build Your Business by Building Relationships: Being a small or solo business owner isn't about sitting in the corner alone. Actually it can be--and that isolation is what drives many out of business and back into a "job". Build relationships to survive! Start with your colleagues--others you know who are at the same stage of business as you, or are farther along and willing to mentor you. Next, build relationships with potential customers. Ask them what they want! Then create products and services based on their input and come back and show them what you have done. Get feedback, tweak, and maybe make your first sale. Stay in touch with your customers even after they leave you. Last but not least, build relationships with your competitors. You might be able to do this right at the beginning, simply by asking them for their advice. Surprisingly, many ARE willing to share their secrets if you just ask. Later on, build cross-referral relationships, co-marketing alliances, and other relationships that are win-win for you, your competitors, and your customers. 8. Don't Accept a Customer Just For the Money: This is probably the hardest advice for new business owners to apply. Especially when there is a job, a project, a potential client, just outside your niche, that could keep your business solvent for the next six months. Don't do it! Taking on a client outside your niche inevitably results in frustration for you, dissatisfaction on the part of the client, and in the end, usually costs you more than you make. Ask any successful business owner and they'll tell you this is true! 9.. Don't Do Everything Yourself: It's so tempting to fall into the self-deception that "it's cheaper for me to do it myself." IT"S NOT! If you aren't good at something, for instance bookkeeping, it will probably take you 2-3 times as long--time you could be spending doing things that are essential for you to be doing personally, like writing your business plan or deciding your marketing strategy. Put sufficient capital into your business upfront so you CAN hire help right from the start. Your business will get off to a quicker start because you aren't distracted by time-consuming tasks that drain your energy. 10. Assemble Your Support Team: Start with the people who will help you do the things you aren't good at. Some examples: bookkeeper, marketing writer, web designer. Then add the people who give you professional business advice: a lawyer, an accountant, a business coach. Finally, include the people who support you personally: your family, friends, and colleagues. Don't forget to be part of other's support teams, too. Share your expertise at Solo-E, start a networking group where business owners support each other, share a referral with a colleague. Solo Entrepreneurs supporting other Solo Entrepreneurs is what will make us all successful! Copyright 2004, Terri Zwierzynski, Accel Innovation, Inc. Terri Zwierzynski is a coach to small business owners and Solo Entrepreneurs. She is also the CEI (Conductor of Extraordinary Ideas) at Solo-E.com and the author of 136 Ways To Market Your Small Business. Terri is an MBA honors graduate from UNC-Chapel Hill. Terri has been coaching for over 10 years in a variety of settings, including 6 years as a senior-level coach and consultant for a Fortune 500 company. She opened her private coaching practice in 2001. You can reach Terri at http://www.TerriZ.com. ____________________________________________ *********** Find more articles like this at http://www.Solo-E.com - Keeping Solo Entrepreneurs Juiced in Business and in Life. Our team of Solo Entrepreneurs are comprised of small business experts who support others in finding business success with the flexibility and freedom to have a life, too. Network with other freelancers, self-employed and Solo Entrepreneurs in our forums, enjoy our articles and newsletter.
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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