Winckler Personal Business

Family and friends are critical when running a business and, “investments from friends and family are often what make a startup possible in the first place” (Wasserman 257). Those individuals also provide support, encouragement, and constructive criticism for the entrepreneur. The ability to bounce ideas off others and gain confidence in presenting a business plan is invaluable. “A founder is greatly influenced by the family and culture in which he or she grew up in. The most powerful influences may come from the early messages sent by the words and action of older relatives or by the culture in which a person grew up” (Wasserman 30). The founder will ultimately have the final decision though loved ones take part in a powerful influence.

Regardless of the business stage, startup or growth, the entrepreneur should be prudent in choosing an investor(s). According to David Amis and Howard Stevenson in the book, The 7 Fundamentals of Early Stage Investing, an investor can participate in one or more of the five fundamental roles: Silent investor, reserve force, team member, coach, controlling investor, or lead investor. Other considerations when selecting an investor should include:

• Investor’s goals and passions
• Market knowledge/expertise
• Social capital in a

• $$$ should not Be a Primary Motivator
  Up front, I will cede the point that $$$ is a vital factor in any business endeavor and without it or a lack of it from poor management will lead to business failure and personal loss to some degree. In saying this, I would strongly state that your business motivation should not come from $$$ because you will miss one of the true foundations of any successful business: focus on keeping the customers satisfied and offer products / services that help customers solve problems and enjoy life optimally. Instead of being inward focused in terms of generating revenue and cash flow, you should become other’s focused and be motivated by the solutions and joy your products / services give to your customers.
• It’s Not About Maximizing Every Opportunity; It’s About the Context of the Opportunity
  Here’s my point here: all opportunity is not your opportunity. You should learn and discipline yourself to undertake opportunities in which you understand the context. Webster’s Dictionary defines “context” simply as environment or setting. In other words, before jumping into business endeavors that look and sound great on the surface, take the time to ‘tear apart’ or ‘stress

Determine what you truly love to do

In a word it’s called passion. Doing what we love keeps us motivated and that motivation translates into passion and momentum. We all have some things that we enjoy more than others. What is it that you freaking LOVE to do? Perhaps it’s something that you would do whether you were paid for it or not. Or maybe it’s just a part of your job that gets you stoked or excited. What is that thing? Determine how you can do more of it as well as ways you can monetize it.

Decide what you need to delete or discontinue

This is the hard part. Many of us don’t want to look in the mirror and give ourselves tough love to change something we know needs our attention. However, if you want to grow and win big you must have the conversation with yourself to STOP doing what doesn’t serve you. It could be spending money or wasting time with the wrong people or things. Whatever it is, decide now that you will make a change.

Figure out what you want more of

This is the fun part. Many of us wish we can … Read the rest

The first place to look for freelance writing topics is within. Your personal experiences can make great fodder for article ideas. Nearly every magazine has a personal essay section, and more of them have an opinion page as well. Your local newspaper may welcome a guest column on a subject that is both timely and from the perspective of someone who has personal knowledge of the subject matter.

Weekday morning shows such as The Today Show and Good Morning America can give you some ideas for freelance writing topics. While they’re both focused primarily on national or international issues, most can be localized if you are trying to get published in a local magazine or newspaper, or on a local Web site.

Networking is crucial to freelance writing. Your friends and colleagues can offer ideas as well as personal experiences that may give you some idea on things to write. One local writer recently sold a story to the local newspaper as a result of a problem she had paying a local appliance dealer for a refrigerator that never arrived. After five weeks of wrangling for a refrigerator and then finally for a refund she finally learned that the company … Read the rest

Understand the Purpose of the Partnership

Successful partnerships exist in business because they focus on mutually agreeable business objectives and goals. To ensure this result, partners must be compatible.

This compatibility is primarily determined by having a shared value base. The shared value based must be explored thoroughly, honestly and openly if the partnership is going to succeed. It must be documented and clearly understood by all the parties involved.

If the businesses share a common vision and values base, their partnerships will be successful. If they do not, they will not. It is as simple as that.

Spell Out the Commitments of the Partnership

Partnership agreements form the foundation of successful alliances and affiliations. Therefore, partnership agreements must be constructed using a shared process and must be entered into in a spirit of generosity and customer-oriented service, if they are going to be effective.

Once a partnership understanding is reached at a compatibility level, a plan must then be documented that clearly identifies roles, objectives, accountabilities and responsibilities, as well as clear time frames for completion of tasks and initiatives.

Managing the partnership itself has to be the first objective. A communication and issue resolution mechanism must be in … Read the rest

People are generally anxious about starting their own small business, the level of financial input and time put in to the business can be far greater than imagined. At least 50% of these types of ventures fail with the majority not getting passed the first 2 years. The odds are better for people acquiring a franchise; however it has to be remembered that royalty payments of up to10% have to be met annually.

One of the many problems acquiring a small business can be the asking price. Many small business owners are unsure how to properly valuate a business. The use of mythical formulas or the ‘sweat equity’ based on how much work has been put in is totally useless.

To value a small business this is a good guide is;

• Retail Businesses 30% of annual sales
• Service Businesses 60% of annual sales
• Distribution Businesses 35% of annual sales
• Manufacturing Businesses 50% of annual sales

Naturally these are just guides, in reality a businesses value is only really worth what a person is willing to pay for it. Other considerations are; cash flow, assets, liabilities, growth potential and risks. The terms and conditions of the lease, the state of machinery … Read the rest

Set an Expectation for Referrals

Before you begin working with a new client, you can condition them to think of you as someone to send business to. That can look something like this:

“I am excited to work with you. When our project is completed, I know you will be thrilled with the work we did together. If you are happy with our work would you be willing to share us with others? Your referrals are how our business grows.”

You can also mention the incentive you offer for those referrals that result in a sale. For instance we offer $100 towards any website, SEO or marketing work as our way of saying “thanks”. (See point number 4 below for more details on this.)

Ask for a Virtual Introduction

A really terrific way to get referrals is to ask a contact to do a virtual introduction with the prospect. Here’s how an email like that goes:

Subject: Henry and Mike – A Virtual Introduction from (your name)

Hi Mark,

I’ve been working with Mike for three months and he’s done a terrific job at getting our bookkeeping up to date. I know you’re looking for a qualified bookkeeper so I … Read the rest

Leadership coaching is very simply a trained professional delivering a structured and personalised development plan to an individual or small group focused on improving their people skills and performance, and ultimately progressing their careers.

In her blog, Wendy Mather describes a business coach as “someone who can help you reach your full potential and someone to walk with you on the often challenging journey of running a business”.

There are a few key terms in those past two sentences that help define leadership coaching:

• People – coaching is focused on how to lead others effectively at that time.
• Structured – coaching is planned out from beginning to end.
• Personal – coaching is tailored specifically for an individual or small team.
• Develop – coaching is all about people growing and learning.
• Progress – coaching takes someone from who they are to who they want to be.
• Reach – coaching makes people stretch out of their comfort zones

Coaching has proven to be the most potent tool for creating personal and positive change, because it is so tailored and targeted to individual needs and ‘in-the-moment’ challenges.

I like to call it the Mount Everest of corporate training where you have a guide … Read the rest