Monthly Archives: September 2016

Best Tips For Growing A Successful Business

To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought. You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to reach to achieve success.

1. Get Organized

To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and you’re completing all the tasks that are essential to the survival of your business.

2. Keep Detailed Records

All successful businesses keep detailed records. By keeping detailed records, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.

3. Analyze Your Competition

Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.

4. Understand the Risks and Rewards

The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.

5. Be Creative

Always be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and new approaches to your business.

6. Stay Focused

The old saying that “Rome was not built in a day” applies here. Just because you open a business doesn’t mean that you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.

7. Prepare to Make Sacrifices

The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases, you have to put in more time than you would if you were working for someone else. In turn, you have to make sacrifices, such as spending less time with family and friends in order to be successful.

8. Provide Great Service

There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition.

9. Be Consistent

Consistency is key component to making money in business. You have to consistently keep doing the things necessary to be successful day in and day out. This will create long-term positive habits that will help you make money over the long term

More Information About Busting the 6 Myths of Entrepreneurship

In Real Leaders Don’t Follow, author Steve Tobak explains how real entrepreneurs can start, build, and run successful companies in highly competitive global markets. He provides unique insights from an insider perspective to help you make better-informed business and leadership decisions. In this edited excerpt, Tobak reveals the truth behind six popular myths to help you decide if entrepreneurship is the right road for you.

The entrepreneurial world has always been about challenging the status quo and questioning conventional wisdom in search of new and better ways of doing things. That’s what gave rise, in one way or another, to every great American company. After all, if you’re just going to follow the pack and do what everyone else is doing, you may as well just go out and get a job working for someone else.

Today, however, there’s a pervasive and nearly deafening mantra insisting that each and every one of you should quit your job and become an entrepreneur. The social collective says that every day you wait brings you closer to a life of poverty and regret.

But that’s simply not true. The idea that you can’t have a fulfilling career, be remarkably happy, and even get rich working for someone else is perhaps the most ludicrous, disingenuous, and irresponsible myth I’ve ever heard.

Don’t get me wrong: Entrepreneurship can be incredibly rewarding. Starting your own business may be the best decision you ever make—but it’s not for everyone. There’s a lot to consider before you take the plunge, starting with a few myths that are very much in need of exposure.

Myth 1: Entrepreneurship is the only way to get rich.
This is a complete fabrication. Granted, the richest people in America are mostly entrepreneurs or members of entrepreneurial families, and half of America’s millionaires are self-employed. But that doesn’t mean they were always self-employed. Many of them worked for companies before striking out on their own.

Then there’s the other half of America’s millionaires who are not self-employed. Hundreds of companies such as Microsoft, Intel, Google, Apple, and Facebook created hundreds of thousands of millionaires. The truth is, there’s no data or logic to support the premise that any given person has a better chance of making more money or getting rich by being self-employed. And the notion that it’s a simple either-or proposition is a fallacy. You can do both.

Myth 2: Follow your passion or a cause, not the money.
This is another myth born of oversimplification. Some people discover what they love to do, make a living at it, and find fulfillment. Others do what they’re good at and achieve financial success, and that frees them to pursue their passion. Still others pursue a passion or a cause with no market, go broke, and wind up having to do work they don’t enjoy to make ends meet.

While you’ll probably have a better chance of being happy and successful if you enjoy what you do for a living, there are lots of other factors that determine whether you can pull it off. Passion alone won’t pay the bills. Passion and money are both important. You shouldn’t choose one or the other.

Myth 3: Entrepreneurship is more fulfilling and will make you happier.
Just about everyone enjoys doing great work they can be proud of. And you can do that working for a big company, a small company, or your own company. Fulfillment has absolutely nothing to do with business ownership. If you want to manage, lead, or run a business, you’re better off learning the ropes in a good company before starting your own.

And the last time I checked, the question of what makes a person happy is pretty subjective. Most people are actually happier without the headaches, risks, burdens, hurdles, and uncertainty of having their own company. A lot of people worry too much about what the popular crowd says they should be doing. I think that’s what’s making everyone feel guilty and less happy … but it shouldn’t.

Myth 4: Entrepreneurs have more freedom, less stress, and no bosses.
If you run your own business, there’s a good chance you work 24/7 and wear all sorts of hats you’re not necessarily comfortable with. Work often becomes your life, and the financial burden can be enormous. There’s nothing wrong with that, but not everyone feels more freedom and control and less stress that way. Many have the opposite response.

Besides, everyone has bosses. Depending on the size and type of company, entrepreneurs may have to answer to a board of directors, customers, and investors, not to mention federal, state, and municipal regulators and bureaucrats. Trust me, they can all be pretty bossy.

Myth 5: Corporate America is evil.
Every corporation — even giants like Apple and Walmart — began as somebody’s startup or small business. That’s right, a ginormous corporate behemoth is really just a small business that did really well. So why is entrepreneurship cool, while corporate America is evil?

I remember one of the mantras of the Occupy Wall Street movement was, “Corporations are not people.” Oh, yes, they are. They are run and staffed entirely by people. Every action they take and decision they make is by and for people. Their investors and customers are all people or companies that are themselves made up entirely of people. There is no distinction. Period.

As for companies, organizations, and governments that behave badly, it’s their leadership that’s the problem—the people running the show. So if you want to blame someone, blame the people not “corporate America.”

Myth 6: Technology destroyed all the jobs.
Ever since the Industrial Revolution we’ve worried about machines taking our jobs and technology taking over our lives. While outsourcing, offshoring, and technology have without a doubt changed the job market — particularly with respect to manufacturing — the popular mantra that there are no jobs is simply untrue.

If technology is destroying jobs, how do we explain the most lucrative and fastest-growing industry on the planet, technology? If people can’t find a job, chances are they lack in-demand skills and education. If anything, I think our families and educational system have done a poor job of keeping up with the changing market.

There’s also little doubt that the two big post-millennial recessions had a major impact on a growing gap between productivity and employment and the decline of median household income in the U.S. But that time frame also coincides with the advent of Web 2.0 and the distressingly low labor participation rate among Millennials.

Contrary to popular belief, technology is not destroying jobs. That’s a convenient excuse for a sluggish economy and a government that’s anything but business-friendly. But the more we behave like drones in a digital hive, the poorer we become. And that’s entirely by individual choice.

Don’t buy into popular myths. What you do with your career is your own business. Do what’s right for you, when it’s right for you. Follow your own path. Everything will work out fine.

Best Business Tips Every Entrepreneur

The biggest problem founders and small business owners have is that they’re experts in their field and novices in what it really takes to effectively run a business. That’s what usually trips them up, sooner or later.

Don’t let that happen to you. Admit that you don’t know what you don’t know about business, starting with these 15 tips guaranteed to help keep you and your company out of hot water. Some are straightforward, others are counterintuitive, but they’re all true. And some day they’ll save your butt.

Always make sure there is and will be enough cash in the bank.
Period. The most common business-failure mode, hands down, is running out of cash. If you know you’ve got a cash flow or liquidity problem coming up, fix it now.

You can’t fire bad employees fast enough.
You just can’t. Just make sure you know they’re the problem, not you (see next tip).

The problem is probably you.
When I was a young manager, my company sent us all to a week of quality training where the most important concept we learned was that 90 percent of all problems are management problems. When things aren’t going well, the first place to look for answers is in the mirror.

Take care of your stars.
This goes for every company, big and small. The cost of losing a star employee is enormous, yet business leaders rarely take the time to ensure their top performers are properly motivated, challenged, and compensated.

Your people are not your kids, your personal assistants, or your shrink.
If you use and abuse them that way, you will come to regret it. Capiche?

Learn to say “yes” and “no” a lot.
The two most important words business owners and founders have at their disposal are “yes” and “no.” Learn to say them a lot. And that means being decisive. The most important reason to focus – to be clear on what your company does – is to be clear on all the things it doesn’t do.

Listen to your customers.
It boggles my mind how little most entrepreneurs value their customers when, not only are their feedback and input among the most critical information they will ever learn, but their repeat business is the easiest business to get.

Learn two words: meritocracy and nepotism.
The first is how you run an organization – by recognizing, rewarding, and compensating based solely on ability and achievement. The second is how you don’t run an organization – by playing favorites and being biased.
Know when and when not to be transparent.
Transparency is as detrimental at some times as it is beneficial at others. There are times to share openly and times to zip it. You need to know when and with whom to do one versus the other. It comes with experience.

Trust your gut.
This phrase is often repeated but rarely understood. It means that your own instincts are an extremely valuable decision-making tool. Too often we end up saying in retrospect and with regret, “Damn, I knew that was a bad idea.” But the key is to know how to access your instincts. Just sit, be quiet, and listen to yourself.

Protect and defend your intellectual property.
Most of you don’t know the difference between a copyright, trademark, trade secret, and patent. That’s not acceptable. If you don’t protect and defend your IP, you will lose your only competitive advantage.

Learn to read and write effective agreements.
You know the expression “good fences make good neighbors?” It’s the same in business. The more effective your agreements are, the better your business relationships will be.

Run your business like a business.
Far too many entrepreneurs run their business like an extension of their personal finances. Bad idea. Very bad idea. Construct the right business entity and keep it separate from your personal life.

Know your finances inside and out.
If you don’t know your revenues, expenses, capital requirements, profits (gross and net), debt, cash flow, and effective tax rate – among other things – you’re asking for trouble. Big trouble.

You don’t know what you don’t know.
Humility is a powerful trait for leaders, and that goes for new business owners, veteran CEOs of Fortune 500 companies, and everyone in between. More times than not, you will come to regret thinking you knew all the answers.

Behind every failed company are dysfunctional, delusional, or incompetent business leaders. The irony is, none of them had the slightest idea that was true at the time. Even sadder, most of them still don’t. Don’t end up like one of them.