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If You Want to Be a Successful Entrepreneur, Take Note of These 7 Lessons

While everyone seems to have a good business concept, few ever execute their ideas successfully.
If You Want to Be a Successful Entrepreneur, Take Note of These 7 Lessons
By: Alejandro Saracho

One of the main objectives of creating a business is related to the generation of wealth: for the environment, for society, and for the business owner.

The generation of wealth is related to money and its correct management. Many entrepreneurs start their business as operators or technicians and never delve into money management. That makes their businesses stay small or not survive over time.

That is why I decided to write this article entitled “7 secrets of money to undertake successfully”:

1. Entrepreneurial Mindset

Many people think that all they need to start is a good idea. Unfortunately, it is not like that, good ideas abound everywhere and are destined to die if you do not have an entrepreneurial mindset.

Creating a new business requires hard work, high tolerance for frustration, being willing to carry on when it seems like all is lost, implementation, implementation, and more implementation. But above all, it requires an obsession to achieve your dreams, more than an obsession to generate money.

If you look for money, your chances of success will decrease (because at the beginning you won’t have it). If you seek to transform people’s lives and make a change on the planet, money will come as a consequence.

So do you or do you not have an entrepreneurial mindset?

2. Viable Business Model

Most people who start a business become obsessed with their brand and their product, and this is one of the most common mistakes I see in entrepreneurs. Your brand and your product are worth nothing unless they show that they are capable of generating money.

  • First: you need to make sure that someone is willing to buy your product/service. Describe who your valuable customer would be, approach people who meet the characteristics, and see if they are willing to buy.
  • Second: you need to develop your business model — that is, know how to interconnect all parts of your business. You need to know how you are going to attract prospects, how you are going to convert them into customers, how you are going to produce and deliver your product or service, how you are going to charge, and how you are going to pay. When you have it assembled, you will realize that your model requires money to function. Those are your costs and your expenses.
  • Third: you need to make your financial statements or your numbers and make sure that your business is profitable and scalable. You find profitability when you calculate your sales minus your costs and minus your expenses. You find scalability when you validate that there are many people who meet the characteristics of your valued customer, that you can serve them through your business model, and that you have enough money to start and maintain it.

If you meet these three points, we can say that your business is viable. If you realize that it is not, you can adjust your business model as long as you validate that someone is willing to buy what you offer.

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3. Absolute Austerity

One of the mistakes people make when starting their business is that they buy and overspend. They look for the best computer, the best offices, the best car or they use their money on things that are not directly related to generating sales.

A principle that Carlos Slim uses that I highly recommend is called Absolute Austerity. When you buy something, make sure that it is directly related to the generation of sales.

If you need a computer, ask yourself which computer meets your basic needs (not which one meets the needs of your ego). And ask yourself, if I buy a more expensive computer, will this increase my sales?

4. Cash Flow

Cash flow is the gasoline that drives businesses. Many businesses that are highly profitable (that is, that generate profit), die because the entrepreneur or business owner did not know how to manage their cash flow.

There are three levers that I recommend to manage your cash flow well:

  • The first: charge before and pay later. In this way, you can finance your business with the money of your clients, instead of you becoming their bank.
  • The second: handle low inventories. One of the places where your money gets stuck is in inventories if you have too much of it. Try not to give in to the temptation to buy too high a volume for a discount.
  • The third: reserve of protection. Try to have enough backup money to pay for one to two months of business. There are always fat cows and skinny cows. When you don’t have the money to pay for the lean operation, a profitable business ends up going out of business.

5. Reinvest Your Profits

One of the temptations of the entrepreneur is to spend his earnings as soon as they arrive. My suggestion is to reinvest them in the same business. You can use them to attract more prospects with marketing and sales or to streamline your operation and lower your costs and expenses.

Until when should you reinvest your earnings? Until you have reached a good critical mass and the business can operate even without you.

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6. Plan Your Transition

One of the questions that I get asked the most is: when is the right time to quit my job and dedicate myself fully to my business?

The answer is when your business is able to generate enough money (consistently and constantly) to replace the salary that your work generates.

It is important to plan the transition with clear goals and objectives. In such a way that you say: in six months the business must leave me this amount of money. When I reach this amount of money I will quit my job. This way you will know where to focus and when the transition will occur.

And I know that many entrepreneurs are kamikazes and are willing to quit right now.

Can you do it and achieve it successfully? Of course. However, if you want to avoid or lessen the impact of entrepreneurial trauma and emotional crises, I recommend planning your transition.

7. Continuous Learning

This part is essential for any entrepreneur. You need to be willing to continually learn if you want to be successful. If you don’t like learning, maybe entrepreneurship is not for you because, in a short time, you will become obsolete and the business will end up failing.

Now, there is a type of education for every purpose.

  1. If you want to learn to be a better collaborator in a company, you need to consider academic education (such as masters, diplomas, specialties).
  2. If what you want is to learn how to generate better results in your business, what you need is focused education (such as conferences, seminars, workshops).

The difference between the two is that the first gives you a lot of theory (and takes a lot of time) and teaches you how to run someone else’s business and the second teaches you implementable principles (in a short time) and teaches you how to run your business.

What is the first thing that I recommend you learn? To manage your money. To manage your personal finances.

Business money is a reflection of how you handle your money. If you learn to do it, you will achieve that your business generates sustainable results.

Related:

30 Ways to Become a More Successful Entrepreneur (neilpatel.com)


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How to Be Seen As an Expert by Your Customers

Ten Ways to be Viewed as an Expert in Your Field.

BY: MARK HUNTER| Originally Published on: DEC 22, 2020|CATEGORIES: SALES LEADERSHIPSALES MOTIVATIONSALES PROCESS


Every week, I share new ideas and strategies on how you can be a more effective salesperson. Today, I want to share how you can and should become a subject matter expert to your customers. Hit subscribe so you get all the new videos I release every week. I want you to engage and immerse yourself in this content, so you can be more successful.

I feel like I could be a subject matter expert to you, and you could then be a subject matter expert to your customers, so here are 10 ways to be seen as an expert by your customers:

1. Ten Burning Questions

What do I mean by this? What ten burning questions do your customers most likely need answers to?

If you want to be a subject matter expert, you have to be able to bring answers to their ten burning questions. It takes time. I also want you to write down ten burning questions. What ten burning questions do your customers have? Create answers to them as you also answer their ten burning questions. You’ll see how much that increases your level of knowledge and enables you to share that with them. That takes me to number two…

2. Create Key Lists

One of the things I do each week is put out a video of ten key things that you can do to become a better salesperson. I put these lists out there as a way to be seen as a subject matter expert in sales. You can do the same thing and be seen in the same way. Create key lists.

You’re probably saying that you just can’t share them with your customer. That’s not true. Yes, you can share it with them. Put together a document and then email it to them. Ask if you can share it with them. You’ll be surprised at how quickly they will start to see you in a different light. Also, put it out on LinkedIn, social media, a blog if you have one, whatever it might be. Create a key list so people can understand your expertise.

3. Ask Tough Questions

Subject matter experts are not shy to ask difficult questions. Don’t be afraid to ask the kinds of questions that a lot of people don’t even think about. The customer may respond with “Wow, I hadn’t thought about that.”

Subject matter experts are always willing to ask questions that the customer does not have the answer to nor do they have the answer to, but that’s exactly how they become a subject matter expert. Why? Because those kinds of questions push them, they push them to go further.

4. Share Insights

Pick up a piece of information and share it. I will routinely email or copy. It could be something you just saw in a book or online, in an article or something. Routinely, I try to share information that’s valuable and insightful.

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5. 30 Minutes / Day

Discipline yourself to spend 30 minutes every day learning about your industry, your niche. Learn what you need. Commit to doing this for 30 minutes each day, and in six months, you’ll be a subject matter expert. This will give you a deep dive into your industry consistently. Now, you’re not going to know everything. However, you’ll know more than 95% percent than everyone else.

6. SME Peers

Surround yourself with people that are also subject matter experts. Spend time with those that are experts in their field, in a variety of topics/subjects. Personally, I have certain people that I call when I need help on this or this, in this industry or that. I nurture these people, but I know who these people are, so I can call them. This allows me to expand my knowledge base to help me better serve my customers.

7. Multiple Contacts

Well, this takes SME contacts and blows it wide open. Not only do you want to associate with more subject matter experts, but you want to know as many people as possible. The more people who know you, the more people will call you. The more people call you, the more you’re able to share your insights. The more insights you share, the more you’ll be seen as a sales expert – knowing how it all works.

It doesn’t do you any good to be a subject matter expert who shares with no one. You always want to have multiple contacts. With every customer I work with, I want to have multiple people who I can reach out to. Keep in mind that not every customer will have the same number of multiple contacts, though.

In a short time, you can be seen as a subject matter expert when you talk to so many different people in a variety of areas. I can’t tell you the number of times when I’ve lost out on business because I didn’t do that. I also can tell you the numerous times I have gained business because I have done that.

8. Industry Associations

Are you involved with them? Are you connected? Do you even know what industry associations are? Industry associations are all involved, all designed around expertise. If you want to be an expert in your field, you need to engage with these groups. Now, your schedule and time might not allow you to become super engaged, but you should still know what they’re doing. Be an active contributor. Be a helper. Subject matter experts are those who give rather than get.  

9. Social Media

So, are you sharing your insights on LinkedIn? Are you sharing insights on various blog posts? I know a gentleman known without a doubt as a subject matter expert. He has five sights that he regularly goes out to. One of them is LinkedIn and the other four are industry sites. He focuses on them, and that allows him to be seen as a subject matter expert.

Subject matter experts are not worlded matter experts. They are very tight on one subject and the people that deal with that subject on a regular basis.

10. Universities

These come into play very simply. Your stature, your level increases dramatically when you can say that you have shared with this class or helped this professor. Look for various institutions – I can think of four or five right now that I am engaged with on a daily basis. I thoroughly enjoy working with them and it helps raise my stature as a subject matter expert.

There you go! Those are the ten things you can do now to work towards becoming a subject matter expert. I hope I’m seen by you as a subject matter expert. That is why I wrote the books, High-Profit Prospecting and A Mind for Sales. Pick up a copy of both today.

There is also an interesting article regarding being an expert in your field. Please go to =>7 Steps to Becoming an Expert in Your Field (entrepreneur.com)

Copyright 2020, Mark Hunter “The Sales Hunter” Sales Motivation Blog.  Mark Hunter is the author of A Mind for Sales and High-Profit Prospecting: Powerful Strategies to Find the Best Leads and Drive Breakthrough Sales Results.


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How To Boost Your Brand and Business From LinkedIn in 2021

5 Reasons Why LinkedIn Will Boost Your Personal Brand and Business in 2021

December 22, 2020 by Michelle Griffin Leave a CommentMichelle Griffin_LinkedIn

5 Reasons Why LinkedIn Will Boost Your Personal Brand and Business in 2021

by Michelle Griffin


For many years I thought LinkedIn was just the place to post your resume or look for a new and improved job.

Aside from promoting work‌ ‌events,‌ I rarely logged on and hardly posted. I didn’t think LinkedIn could help my already-established career.

Fast forward to earlier this year. I had recently left my long-time job to pursue my consulting side-gig full time and was looking for a way to connect with fellow marketers and meet potential clients in the mindset of the pandemic.

What I found surprised me. How had I missed out on this new and improved LinkedIn?

I soon started sending out connections and commenting on posts of interesting people whom I wanted to meet and learn from.

And it wasn’t too long before things started happening.

In just a few months, by interacting, engaging and offering insight, I met new colleagues, landed clients and was invited to speak on a podcast.

All by showing up daily on LinkedIn.

And the good news is you can do the same. Even‌ ‌if‌ ‌you’re‌ ‌new‌ ‌to‌ ‌LinkedIn ‌or‌ ‌have‌ ‌500+‌ ‌connections,‌ it can be a big boost to your career and client connections.

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Here’s how:

Get found online, faster

If a recruiter or future client looks you up online what do they find? With a LinkedIn profile, they’ll find you faster and in the top rankings of search pages. Try it for yourself: Google your name and see it appear in the top three search results.

If you have a blog, Google also gives authority to LinkedIn’s long-form articles. That means you can update your existing blog or content, add it to LinkedIn’s articles section and have a better chance of it being found.

It’s your digital reputation, not your digital resume

When Microsoft acquired LinkedIn in 2016 for $27 billion, it became more of a professional social networking site rather than a resume and recruiter site. Each month new tools and features are rolled out often to showcase your skills and feature your best work to potential clients.

Think of your LinkedIn profile as the digital story of your career. It’s your online reputation and proof of your personal and professional achievements. That’s why many people forgo business cards and use their profiles to highlight their blogs, published articles, videos, photos and best podcast episodes. 

Online networking is the new normal

This year showed us a digital presence is practically the ONLY way to meet and build relationships.

Gone are in-person weekly or monthly networking events, industry conferences and annual summits to connect with people who can move your career forward. 

When‌ ‌we‌ ‌can’t‌ ‌meet‌ ‌face‌ ‌to‌ ‌face,‌ ‌how‌ ‌are‌ ‌you‌ ‌going‌ ‌to‌ ‌network‌ ‌and‌ ‌market?‌ 

LinkedIn is this place. Currently, there are 760‌ ‌million‌+ professionals worldwide and thousands of new members are added weekly.

Check out these impressive stats and see how fast LinkedIn is growing top-tier professionals.

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It’s a friendlier and inclusive social site

It’s the business world so LinkedIn members are on their best behavior. Trolling, inappropriate messages and abusive behavior are not common. 

As one connection told me, “People on LinkedIn post and comment about stimulating things that I find interesting and help me improve personally and professionally.”

He’s right. 

I’ve met some of the friendliest, smartest and most encouraging connections on LinkedIn. And it’s not just people in my industry or country. From Australia, the UK and Canada, I’ve zoomed offline with professionals I would’ve never had the opportunity to meet in real life.

No matter your age, experience, country or industry, everyone can contribute and is warmly welcomed in the LinkedIn community.

Your Ticket to More Opportunities

You don’t have to have thousands of connections and followers to start seeing and making a difference. Even‌ ‌if‌ ‌you’re‌ ‌new‌ ‌to‌ ‌LinkedIn or if you haven’t logged on in years, just showing up and participating daily can make a noticeable difference to your personal brand.

LinkedIn can help you find:

A‌ ‌job‌ ‌you‌ ‌love

Perfect-fit clients

Awareness of your brand or business

Speaking‌ ‌opportunities

Investors‌ ‌to‌ ‌fund‌ ‌your‌ ‌next‌ ‌venture ‌

Influential‌ ‌people‌ ‌ready‌ ‌to‌ ‌collaborate‌ ‌with‌ ‌you‌

Let’s start connecting

I learned the hard way, wasted precious time and don’t want you to make the mistake I did. Start today so you can make your mark on the professional world.

I’d love to connect with you. Find me at https://www.linkedin.com/in/michellebgriffin.

Coming Soon: Ready to get going on LinkedIn? My follow-up article will give you the tips and tools to optimize your LinkedIn profile and boost your personal brand.

Michelle Griffin

Michelle Griffin is a personal brand strategist and StoryBrand Certified Guide who specializes in helping service-based leaders and consultants grow with clear messaging, compelling marketing and greater visibility online.

With more than two decades professional services experience in corporate, nonprofit and agency settings, she’s helped businesses of all sizes achieve successful results through branding, public relations and strategic marketing campaigns. Connect with Michelle on Linkedin@michellebgriffin and learn more at michellebgriffin.commichellebgriffin.com

Filed Under: Personal BrandingSocial MediaTagged With: clientsLinkedInLinkedIn networkingprofessional development

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How To Survive and Thrive During the Pandemic of Covid 19.

 
Starting a Business from Home is the Only Way to Survive and Thrive During the Pandemic of Covid 19.

Dateline: Creve Coeur, MO. USA.

By: Jeffrey L. Klump 10/03/2020


The world is much different than it was just one year ago.

People have gotten use to the new vocabulary such as “social distancing” and wearing masks.

Regardless of what political spectrum you may fall under, the economic implications are staggering.

Very few people are buying the propaganda that the economy is recovering.

We keep hearing, including at the most recent political debate, that the stock market is at an all time high.

That may be true, but the stock market has nothing to do with the real economy.

Massive jobs layoffs continue, and the lines at food banks are getting longer.

The most recent Gross Domestic Product(GDP) estimate is a staggering minus 31%. That number is huge and it maybe worse than that.

The United States economy needs to be retooling itself and getting ready to start producing items such as paper products and things that we have become way to dependent on other countries, especially China, but I do not see that happening.

Our trade balance with China is still out of whack which means we are way too dependent on them for basic materials including toilet paper, kleenex, scott towels, and the list goes on.

The United States for far too long has become a consumer nation and this needs to be reversed immediately, otherwise, our dependence on other countries will continue.

We must become a producer nation once again if we are to have any sort of the American Dream in our future.

That is where small business plays a huge role. The problem is, with the new rules and fear of the Covid 19 pandemic, that has put a stranglehold on small businesses from operating as normal and profitable. This in turn could lead to more jobs layoffs.

Those who are not mechanically inclined like carpenter’s, contractor’s, mechanic’s, tool & die maker’s, need to develop their own new skills from home.

There are literally thousands of ways to make money from home or online and not working for someone else. You could have an idea that could be worth a lot of money just rolling around in your head, and you never thought twice about doing anything about it.

Then there are already established companies looking for people to sell or promote their products for them.

One of the keys to creating long term wealth is by selling something or investing in something that produces monthly residual and passive income.


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Don’t look to Washington to save you. You should know by now that politicians only care about themselves and enriching themselves and their friends and financial backers.

Get together with your family and friends and develop a plan where you can work together on starting a business from home and then monetize it and share with others.

Learn to be dependent on yourselves and try to learn new skills that you can use and that you can eventually teach to others.

Most politicians and government bureaucrats have never started a business or been in business for themselves. They do not have any answers when it comes to improving our economy and helping you survive and thrive.

The only answer in Washington is for you to become dependent on them. That approach has never worked in any other country before and it won’t work here either.

Corporate layoffs are continuing. The need for people to earn additional income has never been greater. The new online classifieds ads list to help you make money, save money, and improve your life, is Jeff’s List.

So many people have hidden skills and talents that they never have tried to use before. Most don’t know they have them. Many have been told your idea won’t work and so they do nothing because no one supports them with positive reinforcement. Just think if Einstein or the greatest inventor, Nikola Tesla were told that, and they listened to them. Where would we be?

The current environment of Covid 19 is not going away regardless of who is in the White House.

You can, however, survive and thrive during the pandemic called Covid 19. All you need to do is believe in yourself and learn new skills and you will be on your way.


 

 

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There are many people who want to work from home or start a business from home, but don’t know how to get started or where to look. The TW3 Work From Home Business Opportunity may be right for you. You can learn new skills in the area of digital marketing, blogging, social media marketing, affiliate

marketing, and much more. You also have a built-in product and service ready to sell if you do not have one or want to create one. Click on the video for more information.  

Related:

http://howtomakemoneytoday.us

35 Clever Ways to Make Extra Money (msn.com)