Awakening Yourself To Your Small Business Opportunity!

Posted on August 2, 2012 by terryk

Are you totally clear where you are heading with your business or your business dreams?
Would it be easier for you if you just could follow a guiding light?
Do you wonder if the business you have chosen is the right one or which business opportunity you should pick?

New entrepreneurs, scientists, moms and dads, little boys and girls, … We all have business dreams! I know a very high percentage of these dreams that are occurring sound like this…

“If only I had the right opportunity, I would spend more time with my family.”
“I have a great idea for a new business but I can’t get anyone to help me launch my new business.”
“I want a better life.”

“Awakening” often occurs suddenly, without intention, and always overturns previously held assumptions. A person can encourage their awakening by maintaining an open, questioning mind. Watch this video and see if it can start you on your own “awakening journey.” >>

A lot of us pin our happiness to external factors, but our happiness has been.. and always will be.. right inside yourself!

What are your thoughts? How did it make you feel? What future are you seeing for yourself? Leave a comment and let us know. Do it now!

Six Habits That Small Business Entrepreneurs Do Not Have!

Posted on October 5, 2012 by terryk

There are books and upon books upon research articles upon research articles that have looked at the topic; “What is the entrepreneur’s mindset?”

Developing the “Entrepreneurial Mindset” is one of the best self growth programs for your business and yourself personally.

I am going to feature this topic on future blogs but today I am going to talk about the six habits or personal traits that entrepreneurs just don’t have. These attitudes or beliefs sabotage amazing people from reaching their potential.

Money fears that prevent your from investing in your business or hold you you back from charging what you’re worth.
Procrastination and lack of focus – this is the leading reason some people need to work so hard but produce poor results.
No planning – this random approach will have you shooting at the dartboard, hoping to hit the target.
Low self confidence – the will affect everything you do in your business and how others perceive you.
Bright shiny object syndrome. Constantly going after the latest and greatest idea but never sticking with one and following it through to the end.
Lack of action – being a perfectionist or someone who fears what people think can prevent you from taking fast action in your business.

If you minimize the importance of self education and your own personal development as an entrepreneur you are asking for problems.

The ENTREPRENEURIAL MINDSET cannot include any of the above 6 traits or attitudes. Developing the “Entrepreneurial Mindset” is one of the best self growth programs for your business and yourself personally.

If you have already started your ENTREPRENEURIAL MINDSET JOURNEY – do not quit. If you have not started yet – what are you waiting for!!

Take up the challenge of continual self improvement and self education.

Start today. Do not procrastinate!

Where are you in your entrepreneurial mindset journey? Let me know what you have learned so far as you progress through the levels of self education and personal development. Comment your thoughts to me.

Posted in coaching for small business entrepreneurs | Tagged business coaching, Dreaming Room, entrepreneurial business coaching, Michael E. Gerber, new small business owners, small business coaches and entrepreneurs | Leave a comment

START WITH WHAT YOU HAVE – AVOID PERFECTION AND FAIL FAST!!

Posted on September 30, 2012 by terryk

Last week my blog talked about the “three things that all great entrepreneurs do”! Today we’re going to look at these three things in more detail. Successful entrepreneurs start with what they have, avoid perfection and fail fast.

START WITH WHAT YOU HAVE!

Whether you are just starting a new business or are the CEO of a mature company, if you are going to try something new, you need to begin with the tools, people and resources that you have available. Equally as important you also need the confidence that, as the project progresses, you will find and attract the right new tools, people, and resources.

AVOID PERFECTION

Waiting until something is perfect in business will contribute to ultimate failure in all circumstances. For new entrepreneurs this practice is critical. The smartest way to grow a start-up business is by starting small and scaling rapidly. This practice is fundamental to any company’s “business development process”. The business development process is never static – once you have innovated, quantified, and orchestrated something in your business, you must continue to innovate, quantify and orchestrate it. The best and most successful businesses never stop iterating their business.

FAILING FAST

Great entrepreneurs know how, when and why to stop digging when they are in a hole! This means they have learned the concept of opportunity costs – knowing when your time and resources are better spent elsewhere.

So what are YOU waiting for, DON’T WAIT FOR AN INVITATION, DON’T WAIT FOR A SCHEDULE, AND MOST OF ALL DON’T WAIT TILL THINGS ARE PERFECT! These three traits can turn new entrepreneurs into SUCCESSFUL ENTREPRENEURS.

Start with what you have, get better every day, and keep moving forward. These traits will turn your life and business into huge successes.

Do you believe that these three habits can make a positive impact in your new business? Comment your thoughts to me.

Posted in coaching for small business entrepreneurs | Tagged Dreaming Room, entrepreneurial business coaching, new entrepreneurs, new small business owners, small business entrepreneur, successful small business entrepreneur | Leave a comment

Successful Entrepreneurs Do These 3 Things!!!

Posted on September 25, 2012 by terryk

There truly are just three things that separate successful entrepreneurs from entrepreneurs that are still trying to figure out what it takes to be successful.

There are examples of this distinction virtually every day in our lives. The classic real life business situation is when that large established company, even when they see upstarts bearing down on them, can’t react or at least to get out of the way before the new company rolls right over them. I believe that this failure to adjust is the core reason that Research In Motion is where they are today.

Successful entrepreneurs live and die with the believe that, “Done is better than perfect”.

A good plan executed today beats a perfect plan that may never be implemented! Successful entrepreneurs start with what they have, iterate continuously and fail fast. I will look at these three habits in more detail in future blogs.

Make sure you check back here to read how these three habits can make YOU A GREAT ENTREPRENEUR!

Comment on what traits make you a SUCCESSFUL ENTREPRENEUR?

Posted in coaching for small business entrepreneurs | Tagged business coaching, new entrepreneurs, new small business owners, small business ownership, small business successful, successful small business entrepreneurs | Leave a comment

4 Lessons Every Small Business Entrepreneur Can Learn From RIM’S Downfall

Posted on July 26, 2012 by terryk

Can ENTREPRENEURS learn from RIM’s failure? What are the lessons?

Many of us have watched as the cell phone industry has evolved over the past 30 years. Research In Motion (RIM) has been there virtually since the beginning, started by 2 engineering students in Waterloo, Ontario. Over the next 25 years it developed into one of the darlings of the Canadian technology companies and experienced meteorically financial growth culminating in 2007 when it’s market capitalization topped $80 billion. Today it’s market cap is languishing below $4 billion.

WHAT HAPPENED TO RIM OVER THE PAST 5 YEARS?

This article highlights four critical lessons that every entrepreneur needs to live daily!

Another once-great company with a market-dominating product may be in danger of becoming extinct. This time it’s Research in Motion, the Waterloo, Ontario-based maker the BlackBerry line of mobile devices. Yesterday RIM announced a $518 million quarterly loss, the elimination of 5,000 jobs and the delay for the release of the BlackBerry 10 smartphone.

These are all blows to a company that created the pioneer phone of the mobile industry.

But the turbulence isn’t the result of some recent and sudden market shift. RIM’s slide can be traced to a number of missteps made by its managers over several years. Here’s a look at four of those ill-fated decisions and the lessons that entrepreneurs can learn from them:

1. Don’t ignore the competition. This may be the biggest and most obvious mistake. Can we say, iPhone, anyone?

In 2007, when RIM had sold 20 million BlackBerry devices and had more than 9 million global subscribers, the company effectively shrugged off the threat that Apple was creating a “BlackBerry killer.” The result? BlackBerry’s global market share of smartphones has fallen to just 6.2 percent, while Apple has 23 percent and Android-powered smartphones hold a whopping 59 percent.

Related: RIM Founder Mike Lazaridis on the Challenges of Reinvention

2. Keep leadership strong and unified. Until earlier this year, RIM was managed by founder Mike Lazaridis and Jim Balsillie, who served as the company’s co-CEOs. Having two leaders calling the shots can become confusing, especially when both need to agree before plans can be put in motion.

“Gaining consensus to get something done was next to impossible,” a former RIM employee told Canadian Business magazine. “It just stalls all innovation.”

Add to that how Lazaridis and Balsillie worked in separate offices and are said to have rarely met in person during their final days as co-CEOs, and you’ve got trouble.

Related: BlackBerry Makes a New Play for Business Users

3. Pivot when necessary. It may be easier said than done, but RIM waited too long to update its lineup of BlackBerry phones while consumers gravitated to more consumer-friendly iPhone and Android devices. Now in the face of thousands of layoffs to shore up $1 billion in emergency savings, RIM’s new CEO Thorsten Heins is conducting a strategic review and might be considering options such as selling off parts of the company.

4. Don’t be distracted by noncore businesses. If your main objective is to grow a company, then it might behoove you to keep outside distractions to a minimum. In addition to RIM, Lazaridis has been involved with two research institutions he founded: the Perimeter Institute for Theoretical Physics and the Institute for Quantum Computing.

Meanwhile, Balsillie had hockey. Between 2006 and 2009, Balsillie made a number of failed attempts to purchase professional hockey teams, including the Pittsburgh Penguins and the Phoenix Coyotes. Perhaps these campaigns wouldn’t have been an issue if they didn’t take place during critical years when RIM was facing mounting competition from new smartphone players like Apple.

http://www.entrepreneur.com/blog/223910

How do you manage these business advantages in your new business?

Please comment.

Posted in coaching for small business entrepreneurs | Tagged business coaching, Dreaming Room, entrepreneurial business coaching, Michael E. Gerber, new entrepreneurs, new small business owners, successful small business entrepreneur | Leave a comment

Entrepreneurs Need To Have A Work – Life Balance!

Posted on July 23, 2012 by terryk

It is true that small and medium business entrepreneurs are different from most of society. It is widely documented that there is an entrepreneurial “mind-set.” Without this mind-set and the related skills they would not be able to create the extraordinary companies that they do or turn their dreams into thriving businesses where you or I could work. But do entrepreneurs sacrifice themselves in the “WORK – LIFE BALANCE DEPARTMENT?” Is their work so much their passion, that their lives are really balanced? This question is best asked to the entrepreneur’s spouse, family or closest friends.

Here are some simple ideas that will improve your work-life balance.

Delegate and Outsource:

Are you the subject matter expert on all topics within your business? You need to look at all of the tasks that you are responsible for and identify those that can be delegated to other employees. This will be difficult at first: giving up control, training the new employee. However, once this transition has been completed, you will find that you are more balanced and you will have time to focus on other things.

Take Your Vacation:

Make vacation plans and follow through on those plans. You need to do this even if you are a one-person company. It is essential that you get the time out of the office you deserve to recharge.

Cut Off Communication at Home:

Are you connected to your email and/or your cellphone? STOP NOW. These communications are a diversion to your focus forcing you to juggle what is important from work and what is important while you are with your family. Neither entity – work or family – win in these situations. You need to maximize your time with your family by keeping this time work-free.

Follow through on Commitments:

Follow through on all of your personal commitments, without fail! Make sure that you commit to your family’s time and on your own personal time. If you find this hard at first, calendarize it like you would a work meeting to force yourself to be present for these commitments! Nothing should come before family and personal commitments.

As a new entrepreneur, how do you manage your work-life balance?

Do you have some of your own tips you’d like share?

I’d like to hear from you.

Posted in coaching for small business entrepreneurs | Tagged business coaching, Dreaming Room, entrepreneurial business coaching, Michael E. Gerber, new entrepreneurs, new small business owners, small business coaches and entrepreneurs, successful small business entrepreneur | Leave a comment

Are You Self-Employed – Or – Are You An Entrepreneur?

Posted on July 1, 2012 by terryk

All small business owners fall into two categories – they are self-employed or they are entrepreneurs.

Are you self-employed or are you an entrepreneur?

I know some people will say Continue reading →

Posted in coaching for small business entrepreneurs | Tagged Dreaming Room, entrepreneurial business coaching, Michael E. Gerber, new entrepreneurs, new small business owners, small business coaches and entrepreneurs, successful small business entrepreneur | Leave a comment

THE IMPORTANCE OF HAVING S.M.A.R.T. GOALS!!!!!

Posted on June 28, 2012 by terryk

We have all heard the acronym S.M.A.R.T. used in many areas of our business and personal lives. One of the first places that I heard this acronym used was in a performance management setting. The concept behind this term is so simple it is mind blowing. The power of living your new entrepreneur’s life by these five principles is enlightening.

Successful people are not born into success, they simply did and continue to do things that help them realize their full potential. They know what they are looking for Continue reading →

Growth Questions That Every Entrepreneur Must Be Able To Ask and Answer!

Posted on June 24, 2012 by terryk

For a new entrepreneur, starting his or her new business venture is often easier than keeping it going and sustaining its success as it matures. As any new business venture moves along its’ timeline there are key milestone dates that will require significant decisions to be made. These milestone dates will coincide with critical business decisions to change marketing plans, change product lines, change key employees that may have been with the company since startup. For new entrepreneurs, the inability or reluctance Continue reading →

The Importance of Having a Mentor to New Entrepreneurs’

Posted on June 23, 2012 by terryk

People go into business for themselves for a lot of reasons, including freedom, control, and, of course, the potential to make more money.

But few entrepreneurs truly appreciate how much potential lies dormant around them.

Starting a business is a risky proposition mainly because most first-time entrepreneurs simply don’t know the ins-and-outs of running a successful operation. Generally, it isn’t lack of capital that kills most businesses. It’s lack of knowledge.

You can get this from books or personal experience, but I would suggest working with an advisor or mentor to help guide you. While it may seem like an unnecessary or unaffordable expense in terms of time and other resources, outside counsel can be one of the best investments you’ll ever make for your business.

You should acquire as much knowledge as you can from a trusted advisor who will hold you accountable for taking the actions you need to be successful, even if you don’t always agree or feel comfortable.

So what should you look for in a mentor or advisor? Here are four important considerations:

1. You should have good rapport with your advisor.

2. Your mentor should be someone who’s “been there, done that.”

3. Your advisor would ideally have a framework for driving sales, repeat purchases, cash flow and profit.

4. Your mentor should hold you accountable for results.

Is all that effort really worth it? Recent independent studies have shown that companies that get outside business help can generate a tenfold return on the investment. These days, you’re simply not going to get that type of return in stocks or real estate.

Do you have access to a business mentor?

What criteria did you use to select your business mentor?

I would like to your experiences of using a business mentor in your business.

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