Category: Personal Business

Effective is Personalized Business in the United States Culture

  • Personalized business gives you the opportunity to be your own boss. You do not need to follow the instructions of others and to kill your instinct. With job and government services you have to do whatever you are told, whether it is right or wrong. In business you can take your own decisions.
  • Another advantage of personalized merchandise is that you can show your creativity and can contribute in the development of society. You can put what is there in your mind in your work. You can do wonders with your imagination and creativity, by putting your thoughts into your business.
  • Personalized kids products like music CD and DVDs, school bags, water bottles, clothes, shoes and watch, personalized business products like stationary items such as pen, pencil, furniture, etc. are very popular in the United States. It gives a personal touch to all the products and makes it exclusive. These exclusive products can melt anyone and business becomes easy. You can attract your clients by gifting personalized gifts to them.
  • Personalized merchandise has one more advantage that makes it popular among the citizens of the United States. US government charge lower taxes to small businesses. This gives the small businesses an opportunity to make a full time income with small businesses. Personalized business comes into the category of small business and thus lower taxes apply to them also.
  • With personalized trading, there is lower risk and lower investment. You do not need to hire more people to increase your business. This type of business replicates on its own. Everybody likes personalized products and gifts and their popularity among US citizens adds in the popularity of personalized business
  • Another advantage of personalized product is that there is no limit to the expansion of the business. Personalized business can cross the borders and can be sold in many different languages and therefore it opens many doors for business expansion.

Qualities Of A Successful Entrepreneur

Unwavering passion

In my opinion, being an entrepreneur demands commitment and dedication. If you are mildly passionate about your products or services, you will not succeed. When you start a business, there will be many challenges. You will face a lot of highs and lows. You will have to find something that keeps you motivated to work in order to build true wealth for yourself.

Open-mindedness

Successful entrepreneurs are open-minded people. They are constantly trying to learn new things from new people. They are not afraid to ask for help and they are flexible. Successful entrepreneurs are also able to soak up the best practices used from other people like a sponge. The fear of failure can make it easy to hold onto your vision with tight grip.

The desire to become an expert

Successful entrepreneurs like challenges. If they did not, they would probably choose another line of work. When you spend many years in the same industry, you will eventually know everything about it. Knowing what has been done before can help you recognize how to move forward. In the mean time, I suggest that you build relationships with people, so you can gain some support when you decide to launch your business. The relationships you build with people along your journey to success is invaluable.

A forward-thinking approach

In my opinion, successful entrepreneurs are always thinking ahead. Sometimes they may step away from the road map, but they always come back and continue to push forward. If you have a clear set of goals that are established, the chance of you getting stuck in the process is very slim.

Ideas that constantly flow

Successful entrepreneurs do not rest on one project. They constantly ask themselves, “what’s next?”. They understand that being a businessman or woman is a lifestyle choice and not a destination.

Persistence

Persistence is the gold quality of character. Do not allow failure to steer you off your path. Make it a habit to push forward no matter what the outcome is. Every time you encounter a bad situation, correct it and move on.

Integrity

This quality is the most respected quality, in my opinion. You must do right by the people around you and the people you sell to. You must keep your word and deliver quality product to your market.


Entrepreneurial Leadership

After emptying the contents, he straps on a rocket, puts wheels on his feet, and lays down railroad tracks along the road the Road Runner is going to come down. He dons his helmet and waits eagerly. Without hesitation, the Road Runner appears in a flash and stops and gives his customary greeting – “Beep Beep.” And, off he goes. The coyote, ready to pounce, lights his rocket and bends into position and the fuse goes out. It is a dud! As he stands up in complete frustration and takes off his helmet, WHAM! He is hit by a train coming down his tracks. Who is the conductor? Beep Beep! That’s right, his nemesis, the Road Runner.

I always laugh to myself. But, it also reminds me what Will Rogers said, “It’s not enough to be on the right track. You’ll get run over if you just sit there.” Many entrepreneurs feel this reality when they are beginning their businesses. The question is often asked, “How do I get my business off the ground?” The truth is, after finally quitting your job, and launching out after your dream, it is not enough to just get started. If you can’t get that business humming and get the cash flowing, then you are just sitting there; and failure is your destiny.

How do you get it going? I have discovered that succeeding in business is like getting a plane in the air. The secret to getting a plane off the ground is overcoming the law of gravity by replacing it with the law of aerodynamics and lift. Therefore, if you want to improve cash flow in your business, then you have to improve productivity by getting the results that produce lift. Lift is that force that moves your idea from a hobby to a hustle.

There are four things that you must do to break the gravity that is holding your idea to the ground:

  • Lean on the gas.
  • Inspect the gauges.
  • Focus on tracking straight.
  • Transition by changing the trajectory.

Simply put, there must be massive action employed in the business that is immediately evaluated with corrective actions taken according to the critical feedback. You must also focus your attention and not veer to the left or right by the distractions of life. And finally, you must change your trajectory by aiming all this energy towards a goal that is massive enough to stretch you into a new dimension. Those are the key fundamentals to getting your business flying!


Mistakes Entrepreneurs Make At The Outset

Crafting the strategy needs time and thought, so the owner must be patient and learn to filter the many unsolicited voices telling her how she can make money quickly. I cannot state enough how crucial it is to develop a simple strategy for the startup. This simple strategy will be the guide to carrying out the owner’s mission or purpose for doing business.

Harvard professor and author Michael Porter, says strategy must be unique. He goes on to mention that strategy:

  • by consensus is bad strategy
  • is not compromise; it’s clarity
  • is about choices
  • needs a set of uniqueness to help to differentiate you from the competition

Porter then adds that less than 25% of companies have a clear strategy.

Strategy doesn’t have to be embedded in many pages, it can and should be plain and simple.

In his 1985 book, Innovation and Entrepreneurship, the late management guru Peter Drucker (1909-2005) said entrepreneurs create something new, something different and have unique characteristics. He said McDonald’s exemplified entrepreneurship; “they didn’t invent anything any decent American restaurant hadn’t produced hamburgers for years.” Drucker continued, McDonald’s asked:

What is value to the customer?” Then they standardized the product, designed processes, and tools, drastically upgraded yields, and created a new market and a new customer.

Drucker said McDonald’s carried out entrepreneurship. Whether the entrepreneur is an existing large institution, or an individual starting her business single-handedly, the same entrepreneurship’s principles apply. “The rules are pretty much the same, the things that work and those that don’t are pretty much the same, and so are the kinds of innovation and where to look for them.”

The start-up owner often does not spend enough time finding out the value to the customer of her product or service. Neither does she spend adequate time developing and testing her strategy. Instead, she focuses on making a fast buck. That’s why it’s crucial the owner does the following:

  1. Spends time understanding who are the customers
  2. Identifies needs and wants, real and perceived, and target markets
  3. Decides how to fulfill those needs consistently and at a high standard
  4. Be patient and focus on the long-term. Research shows that family owned businesses are more successful than non family owned businesses because the former take a long view when making decisions.

Other things owners are doing wrong include:

  • Listening to too many people with divergent views about the business
  • Trying to “save” money by not getting needed resources to produce consistently high-quality goods and services
  • Not taking enough time to raise adequate funds in the “proper” form. Often, they take loans from family and friends without stating clearly risks involved and repayment terms.


Marketing Personal Business

  • Business Cards: Business cards are one of the most important and easiest ways to market your business. These can be very helpful when first starting your business because these can be put in local businesses. Business cards can always be handed out as well; whether it is passing them out at an event or just overhearing conversations and passing them out.
  • Website: Having a website for your business can really help with promoting. The website can be used to put information about your business on. Your can also put information on your website about what your business does, and how much you might charge. You can also put your biography on your business website so that people can get your know you and what your background might be. Having a way for customers to get to know you is always nice and it makes them feel a lot more comfortable with you before they might use your bunnies.
  • Blog: A blog on your website or having the link to your blog on your website is good. Customers like to have a place where they can communicate with you, or a place where they can communicate with each other about your product. The blog can help bring you more business as well especially if there are some really great reviews on it. Customers enjoy reading feedback from other customers.
  • Articles: Writing articles about your business and giving advice about things you have learned in your business can help customers learn what it is that you do. This might also help your business grow and spread the word about what you do and what your business might be able to help them with. You can also put the article link on your website so that is they see your website they might also be able to find your article or articles that you have had published.
  • Facebook and/or Tweeter: Facebook and Tweeter can either help or hurt your business. Both Facebook and Tweeter are networking sites, and each have a different way of reaching out to people. They both can help you get to know people and people get to know you. If you use both of these they allow you to put information about your business on them and people can follow you to learn more about you and your business. Although both of these can really help your business they can also hurt your business. These sites can be a huge distraction for you. If you put too much time into them you might see that they don’t bring the results you were hoping for. They can also be hurtful if someone writes something or posts something inappropriate about you or your business; you could really be affected by that.

When reading and following these tips about marketing you should try to at least apply two of the five to your business. The results that you might get from these tips will help your business to really take off.


Social Media and Personal Business

Giving your online business a social angle, you will need to create profiles of your business on some of the most popular social media (SM) platforms, such as Facebook, Twitter, Digg, and LinkedIn. It will take a little study to see where the intended audience of your business can be found, so take the time to study the different platforms!

  • Use Social Media to create and foster relationships with your customers. People are more likely to trust a personal business if it has a face, and it’s extremely easy to show your company logo — and a good shot of you, the owner — on your SM profiles.
  • The benefits of a good SM presence are tremendous. Your customers will be more likely to buy from you again, since you have established that all-important element of trust. It will also give you some special insight on your market’s needs — often better than what Google could ever give you.
  • The time to establish your SM presence is now. Facebook and Twitter are two of the biggest SM platforms today, and Digg and LinkedIn are growing at a very fast pace, as well. And yes, it’s only going to be a bigger, more integral part of everyday life as time marches on.

Let’s face it — without a social angle, your personal business is losing customers and missing out on sales! Do yourself a favor and get familiar with social media soon, otherwise you will be left behind — and it will be much, much harder to gain a footing in a market that’s getting more competitive by the day.


Challenges for a Startup Entrepreneur to Overcome

Communication

Most solutions to leadership challenges are hidden in simple communication and strong relationships with the employees of a company. So try to keep the lines of communication open always with your team leaders, even if you have already hired the people who believe in you, are equally passionate about your goals, and are ready to put in as much hard work as you are putting through. A communication with strong emphasis on your vision will bring comfort not only between you and your business team leaders but also in the entire company as a whole.

And you will get an added bonus. As your team leaders also serve the front line of your business, they can have an impression on happy clients. This way, your organization becomes trustworthy, which eventually translates into long-term customers.

Competition

Competition is one of the biggest challenges that all the startups face, especially in industries dominated by reputed, established brands. The main thing is to find a niche market, not yet saturated by other enterprises with the same products. If there is another company offering the similar products, you should start thinking out of the box to get an edge over your competitors. This is really essential for building a clear target audience and convey a particular brand message to differentiate your startup business from other players out there.

Keeping the pace with the change

Information around the world is constantly evolving due to the continuous development of technology. Also, more countries and industries are shifting online. Not only keeping up but staying ahead of the competitors is a challenge for startup companies. With plans to roll a startup out into different markets, you need to approach each country with customized strategies based on the market conditions. Be enough flexible to review and adjust your business philosophy and plan in order to meet your customers’ needs.

Leading vs. Managing

Many startup entrepreneurs feel confused between leadership and management. Management is all about managing workflow, overall budget or time, whereas leadership is all about inspiring, sharing a vision and purpose, and giving direction.

When you learn how to share your vision and bring more confidence in your team leaders, they will bring more confidence in the teams in return.


Pleasure of Possessing Personal Business

  • The requirements: You will obviously need a computer and an Internet connection, at the very least. You can help yourself by designating a specific room or corner of the house only for work, so that none of the time you spend building your home-based business gets wasted.
  • The benefits: When you are running your own online personal business, you are free to set your own working hours, fees, and payment terms. But that doesn’t mean you can get lazy — most online business owners may need to spend up to 12 hours of day forming their businesses if they hope to eventually make any amount of money!
  • The scope of online work today: There is an ever-increasing demand for web designers, virtual assistants, writers, graphic designers, and software designers. But if you want your home-based business to sell products instead of services, then you will have to dig deep and find products that people are actually looking for (but can not find anywhere) and provide them.

Many people have made their fortunes on the Internet, but do not go thinking that it’s gonna be a cakewalk. The key is to keep studying the intricacies of an Internet business and to never stop learning. The more you know the more effective your personal business will be — and the more sales you will close!


Reimagine the Purpose of Business

That’s what impact is all about, having a vision not just for yourself, but also for others, for what you can contribute to making the world a better place. impact is the harmonious blend of your personal interests and your contributions to others that increases your financial performance right along with your influence.

To reimagine the purpose of your business, consider what impact you want to have with your business. Look at that impact from a high level. Condense it into a single statement so that it can serve as a beacon for your business. Here’s an example:

Left Coast Naturals is a B-corp that manufactures and distributes organic and natural foods. They operate with a triple bottom line philosophy (people, planet, and profit) and see an opportunity to have a positive impact on society with business. Their vision statement, in this case aligned with their Impact Purpose, is: “To be an inspiration to society and a force for positive change.” So even though their products are foods, and their tasks are manufacturing and distribution, their Impact Purpose is on a higher, broader, and deeper level.

For you, this can be a process of multiple iterations, so be prepared to do this work over several days or even weeks.

Once you have your Impact Purpose statement, you can start to infuse your impact throughout your company, from strategy all the way through your marketing and operations. That infusion is critical to implementing a high-minded vision in day-to-day decisions and actions.

Even if you’ve done the visioning and mission statements for your company, reimagine them in the context of impact. How do you want to contribute as a company?

Ursula Jorch is a speaker, business coach and consultant who helps entrepreneurs grow a successful business that makes a difference in the world. A 21-year successful entrepreneur herself, Ursula helps you define the difference you want to make in the world and develop strategy and marketing so you have ever-expanding impact.


About Entrepreneurship Misconceptions

They work for money

Entrepreneurship isn’t all about money, it’s about solving problems for people and love what they do. Also, it’s about creating a name for themselves and making a positive impact in the world.

Money is also a way to do bigger and more exciting deals. The motivation of a new idea, and the risks involved have far more power to motivate the entrepreneurial spirit than money. In entrepreneurship, your business and success become an obsession not the money.

They lack courage

I’ve never seen anyone that is as courageous as an entrepreneur.

It takes courage to forego the predictability of a corporate job, It takes courage to take the risk of failure, It takes courage to make your dreams into reality.

And it takes courage, lots of it to hand over the reins when your startup grows beyond your ability to manage it.

That’s why entrepreneurs are rightly the true heroes of our modern world.

They are professionals

Most successful entrepreneurs are not highly qualified fellows, but are success driven. Surprisingly, attending an elite university or higher education doesn’t provide a significant advantage in entrepreneurship. What matters is that the entrepreneur gains a degree; the choice of major or college doesn’t play a big role in success. However, the greater the education of the entrepreneur, the lower the rate of business failure and the higher the business’s profits, sales and employment.

They sometimes have overnight success

It may seem to you that entrepreneurs made the huge amount of money, but do you know that there is a lot of handwork before he made it.

Overnight success is possible; entrepreneurs are inspired to start their own business by witnessing successful and established entrepreneurs. They study the success stories, the beginning of those success stories, which often includes massive struggle prior to the breakthroughs. As a matter of Fact, it takes years to become an overnight success in entrepreneurship!

Many entrepreneurs needlessly worry that they haven’t perfected their ideas. No idea is ever perfect. When you have an idea, go ahead and build a prototype or two, tinker with what works, make refinements as necessary, but by all means get it out there! You can always improve on a good idea. Let the market help you improve.