Business start up – all in a day’s work for an Aussie female entrepreneur!

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One of my very good friends is an amazing female entrepreneur.  Over coffee this morning she told me this amazing story.

Last Saturday, she met a new client for lunch in a local coffee shop bistro.  It was supposed to be a straight forward business start up meeting with this lady for an online internet marketing business.  It was a hot day and they sat inside the restaurant in the cool air conditioning.

My friend had her handbag sitting on her lap with her arm resting on top of it but did not have her arm through the strap.  They hadn’t been seated for very long when my friend’s handbag was taken from this position – and she didn’t feel a thing!

It took her client to point out several times that a young well dressed guy had just snatched her bag and was now out the door and running away down the street.   By the time my friend came to full realization of what had just happened the guy had a considerable head start.

She described him as being in his twenties, tall, of slim build and well dressed in casual clothes.  My friend is about 5’7” (170cm), almost twice his age, not so fit, with a heart condition and was wearing high heels.

She mowed this guy down inside two blocks (in high heels).  She recalled that after sprinting down one block she was running out of gas fast.  With a ‘now or never’ attitude she found overdrive and scorched down the second block running on pure adrenalin.

His mistake was to turn a corner and stop to see if she was still chasing.  She was, and as she rounded the corner, the guy took off again up a short hill.

She planted her hand into the middle of his back and grabbed a handful of shirt.  Some how without losing her own balance, she kicked him in the back of the knee and felled him to the pavement like a steer that had just been roped.  The momentum caused him to skid for a metre or so to a skin grazing halt.

Without allowing him to take his face out of the pavement she reclaimed her handbag and let him have it with a few well chosen expletives.  Unfortunately for the thief, that section of pavement was finished with exposed aggregate.

He wasn’t a pretty sight when he staggered to his feet bleeding profusely from gravel rashes on his face, hands and forearms.  He ran off and once again stopped (slow learner) at the next corner to look back to make sure he was free and clear.

He wasn’t!  Moments later a police car entered the street and followed in hot pursuit.  Fortunately, someone in the footpath crowd, which moments before had magically parted like the Red Sea, had called the cops.

My friend hasn’t had as much as a minute of tuition in any martial art, but due to her profession she does have a deep understanding of the Universal energy.  She said she connected with the thief and stayed connected.  The rest was pure heart and adrenalin (and her body’s distant memory of high school running).

Knowing I am an Aikido practitioner, my friend said she realises that it wasn’t the aikido thing to do to run after a thief or a mugger but, without conscious thought, as her primal fight or flight reaction kicked in, she decided that she wasn’t going to be a victim.

Who was I to argue?

Until next time!

Gary

Post Script: When she finally recovered from the shock, spoke to police and returned to her client at the restaurant, they decided the business start up could wait a couple of days and went to the pub!

Visit http://garyweigh.com/business-startup

Business start up – 7 entrepreneurial traits to start & 3 to succeed

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The Empress, Victoria B.C.

Entrepreneurs are often described as impulsive, energetic, genius risk takers and charismatic leaders.  No doubt there have been quite a few of these personalities in business start ups throughout history.  But does that really help define the underlying traits of entrepreneurship?  I don’t think so!

When we think of entrepreneurs, we automatically think of successful entrepreneurs.  We tend not to associate the word ‘entrepreneur’ with failure or unsuccessful business people.

It is easy to laud successful entrepreneurs as heroes and visionaries.  It is just as easy to label unsuccessful entrepreneurs as egotistical losers.  To do so however, is to misconstrue the concept of entrepreneurship.

It is in a similar way that we misconstrue the concept of ‘risk’.  We focus only on the downside of risk – the risk of loss.  No one except trained finance boffins ever talks about upside risk or the risk of winning.  Yet risk is a positive and negative concept.

It is the same with entrepreneurship.  Some entrepreneurs are successful and some are unsuccessful.  And some try and fail many times before finally succeeding.

So merely exhibiting entrepreneurial traits is no guarantee of business success.  It merely defines the type of person most likely to get off their ass and give it a go.

So with that in mind, I have listed what I believe to be the 7 entrepreneurial traits required merely to give a business start up a go – with no guarantee of success:

  1. Uncomfortable working for others
  2. Enthusiasm and motivation to make it work
  3. An ethic of hard work
  4. Sees opportunity, not problems
  5. Can enlist others in their cause
  6. Has intuitive good judgment
  7. Can attract necessary knowledge and skill

Now here are the final three entrepreneurial traits that, in my experience, distinguish the successful from the unsuccessful:

  1. Has sharp awareness of own strengths and special skills; an honest recognition of own weaknesses plus an appreciation of what is lacking; doesn’t presume to know everything or do everything
  1. Takes much of the risk out of risky ventures by carefully matching products and services to consumer demand, by thorough business planning, by excellent team building and by adherence to sound business practices, particularly financial management
  1. Is doggedly persistent and not deterred by setbacks and failure; recognises that success is a journey, not an overnight outcome; always finds a way; has the ability to maintain a calm positive mind in the face of adversity; recognises that mind is everything; becomes creative to survive

Until next time!

Gary

For 100 top business start up ideas and lots more tips and traps for entrepreneurs, read my latest book at:

http://garyweigh.com/recession-riches-and-wealth

Business startup – female entrepreneurs rule!

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Your seat?

Your seat?

Entrepreneurs are imaginative business creators and builders who are also good at enlisting others to their cause.  To date, the majority has been male but more and more females are taking on new business startup ventures and succeeding.

In my experience, female entrepreneurs are not better or worse than males.  They are different.  It is the gender differences that translate into different approaches to the conduct of business.

For example, walk into a female’s office and the décor is a little softer and a little more welcoming.  The space is a more organised and there is often evidence of a balanced life outside work.

In my experience, females are good listeners – the best listeners.  They tend to listen first and talk later, after they understand what’s important to others.

Women can be very shy but once engaged in a conversation, they are much more social and vocal.  Women network really well, particularly with other women.  It seems to make no difference whether it is play group or a business breakfast; women are capable of networking with each other many times faster than males.

In general I have always found a higher level of empathy among females.  It seems to go hand in hand with their willingness to engage and listen.  For mine, they are much better at putting themselves in another’s shoes, taking a genuine interest and taking the time to understand.

Women really get it!  They know business is about socializing.  They know it’s about listening, really listening; starting conversations, interacting, bringing people together and collaborating with each other.

There is a lot of ‘businessey’ stuff that many women don’t know.  Many men don’t know it either but women are more likely to ask for advice.  I find that they also heed good advice much better than males.

Women are smart enough to realise that they need help in certain areas and not afraid to ask.  They are also less likely to allow ego to get in the way.

I have found women to be very diligent with planning as well.  It is part of their need to be organised and knowing what is happening day to day.

One of Anita Roddick’s most famous quotes was, “Nobody talks of entrepreneurship as survival, but that’s exactly what it is and what nurtures creative thinking.”  It seems to me that women are a lot more practical in their approach and have a lot less ego driving their business decisions.

Women don’t always have the opportunity to spend 14 hours a day in the office because they have other priorities to balance in their lives.  In many cases, there are young children to consider, school hours to juggle, a home to manage and a partner to spend time with.

Opinion is divided on the value of a female’s ability to multi-task.  It is said that trying to do too many different things at once detracts from the singular focus needed to succeed.

However, I believe that females have an advantage with their ability to multi-task.  The reality of daily business is distraction.  It is rare that you get to do exactly what you want in the day with out distraction.

For me, women create a nicer style of business.  It is welcoming, collaborative, empathetic, and fair minded.  I find a lot more win-win activity and a lot less ego-drive win-lose competition.

There are a lot of guys out there who could learn some valuable business startup lessons from our entrepreneurial girls.

Until next time!

Gary

For 100 top business startup ideas and lots more tips and traps for newcomers, read my latest book at:

http://garyweigh.com/recession-riches-and-wealth

Australian Entrepreneur Dick Smith: Starting Dick Smith Electronics

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I was browsing You Tube when I found this short clip.  Dick Smith is an Australian entrepreneurial icon.  He gives 3 pieces of advice that I really like:

  • Ask advice
  • Copy the success of others
  • Surround yourself with capable people

I hope you enjoy it as much as I did

Until next time!

Gary

Make money fun – 7 money kisses

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Money kisses - like a peck on the cheek from Mum

Well I’m not noted for writing articles that might be loosely described as … ummm … light reading – but here goes.

To make money fun, I have come up with 7 money kisses and I want you to send me more.

Money kisses?   Yes the name is a bit kitchy but reading them is like receiving a light peck on the cheek from your Mum.

So please put on your thinking caps.  I know there are over 30,000 of you reading my blog each month so leave your money kiss as a comment.

Leave your link and email address and receive the complete money kisses list when it is done.

No deep thinking or brain strain is required.  They are fun and they remind us what money is all about.

So here are my 7:

1. To say that money means nothing to you is simply an excuse for staying poor

2. Making money is much more self-satisfying than struggling in poverty

3. Stressing over money will not attract it; only positive thoughts and action will

4. Money is the finance for the life you dream of

5. Money allows choices but it is you who must choose the life you want

6. Money can trap you in the illusion of well-being

7. Money is a means, not an end.  He who dies with the most money is still dead

So there you go.  Money kisses sum up things to do with money so well.  The take-home is don’t fear it and don’t take it too seriously.  If you are stressing over it, ask for help.

BTW do you have any money kisses?  🙂   or maybe a money quote or a saying?

If you want to help make money fun or make fun of money, please send them to me.  Leave a comment.

If you make a contribution and leave your email address, I will email you the comprehensive money kisses list when it is completed.  The target is 400.  Have fun!

Until next time!

Gary

Gaining competitive advantage – kick-start your business mindset

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Rising above the Stanley Park treelineAll business owners are interested in gaining competitive advantage, but it is difficult to rise above the pack with a durable competitive advantage.

Do any of the statements below describe you or the way you feel about your business?

  • I feel as though I am in a rut and going nowhere fast
  • I feel frustrated and become competitive with everyone
  • I am focused inward; I rarely get out
  • I wait to see the cards I am dealt and then deal with it
  • I don’t try too hard in my business relationships
  • I make decisions according to how I feel at the time
  • I have a set system and I do what I have always done
  • I have everything I need to know in my head
  • I get by and survive; that is the best I can hope for
  • I blame others for my problems and bad luck

Maybe its time for a change!

As a business owner you have chosen a path where your destiny is firmly in your own hands.  You have the power to decide whether your journey is going to be exciting and rewarding, or just a frustrating dead-end.  It is only through your decisions and actions that your future will evolve.

You are the driver of your business and its most valuable asset – YOU!   Your attitudes and values will always reflect in your business.  You are responsible for the quality of its product and service output.  You shape its culture and reputation.

The rewards will not come to you if you sit back wishing and procrastinating.   You must embark on your unique journey of discovery.  No one can take your journey for you.

One way or another, you must experience it for your self.  Not only is it a journey of external discovery, it is a journey of self discovery as well.  If you try, you will discover that you can do things that you never thought possible.

Open your eyes and open your mind to the challenge ahead.   Re-ignite your passion and enthusiasm.  The benefits make the journey worthwhile.  Your family will welcome you home as a much happier person.  Your employees will thank you for it because you will make their dreary work lives more exciting.  Most importantly you will feel fulfilled and self satisfied.

Contact me at http://www.garyweigh.com to kick-start or re-ignite your business journey and gain competitive advantage.

If you want to see part of my competitive advantage as a business trainer visit my aikido secrets blog at http://www.aikido-secrets-to-calm-success.com

If you are starting your own business or want to boost your existing business read my latest book Recession Riches and Wealth at:

http://www.garyweigh.com/recession-riches-and-wealth

Until next time!

Gary

Ways to make money – get the money mindset right

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As you are aware I am a business coach and financial planner.  In the course of any ordinary day at the office, I talk to people about ways to make money.  In doing so, I see a wide variety of attitudes towards money and some very poor money mindsets.

In my experience, the majority of people have an unbalanced view of money.  It doesn’t seem to matter whether people have money or don’t have money people have a tendency to focus on money as an end, not a means.  From there, many undesirable money behaviours can ensue!

Focusing on money as and end in itself rather than a means can create a preoccupation with the lack of money.  It can also create a preoccupation with hoarding, spending money and the accumulation of personal debt.

An attitude of concern among younger people is the attitude of ‘I want it too, and I want it now’.  It means that people are increasingly choosing debt over wealth creation because it is the path of least resistance and instant gratification.

Maintaining a narrow focus on the lack of money creates a perception that money itself is somehow the problem.  Money is never the problem.  Attitude towards money is the problem.  To put it simply, it’s your money mindset that is the problem.

Money is simply currency for trade.  It is the societal glue that makes buying and selling easier.  It means we walk around with a wallet or purse instead of a herd of cattle and goats to trade.

The amount of money you have or don’t have is entirely a function of what is going on inside your head.   The solution of abundance and wealth begins in your mind, as does the perception of lack.  Neither is luck nor is it the result of great mysterious forces at work.

If you think about money in terms of how much you don’t have, you are thinking negatively in terms of lack.  If you are thinking negatively about money, you are probably not putting yourself in the responsibility seat to find an abundance and wealth solution.  Wishing and procrastinating is as far as you get.

To be continued next time!

Gary

If you want to read more about ways to make money and the money mindset,

visit http://www.garyweigh.com/recession-riches-and-wealth

Gaining competitive advantage – look at your gross profit

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So you thought Gross Profit was merely a line on your annual Income Statement.  You may be surprised to know that it is so much more.

There is no other line on your Income Statement that has so many business processes feeding into it.  Gross Profit is a financial barometer for your business.  Understanding Gross Profit could gain competitive advantage and more money for your business.

So what is Gross Profit and how do you calculate it?

In simple terms, it is Sales minus Cost of Sales.

Now let’s break these two concepts down:

Sales = Selling price per unit x Total number of units sold

Cost of Sales = Materials costs + Labour costs + Manufacturing costs + Distribution & selling costs

Therefore, gross profit is the amount of money left over after paying all costs directly associated with getting your product to market.

It could be argued that every single cost you incur is related to bringing your product to market.  Whilst this is true, it is desirable to split up your costs into two (2) categories:

  • Costs that can be directly attributed to the products and services that you sell
  • Overhead costs that not directly attributable to any particular product or service but are more related to being in business, regardless of whether you make a sale or not. (e.g. office rent, administration costs)

Why is it desirable?  This seemingly arbitrary splitting of costs becomes important when you have more than one product and / or service.  For example, attributing costs to product A and product B enables you to work out which product is more profitable.

Another way of looking at gross profit is – the amount of money left over from the sale of products and services to pay your overheads.  In the case of more than one product, it is essential to know which one makes the greater contribution to paying your overhead costs.

So when a financially skilled business coach performs a diagnostic review of your business, he or she is going to look at all the inputs and processes that go into developing the Gross Profit line.  Broadly, they are:

  • Price – your pricing strategy
  • Sales volume – your customer base
  • Materials costs – your buying, storage & inventory strategies
  • Labour costs – your human resource strategy
  • Manufacturing cost – your creation, assembly & technical strategy
  • Distribution & selling costs – your marketing strategy

Gross Profit reflects everything that goes into assessing demand, finding customers, communicating with them, creating your product or service, distributing and selling to your customers, and providing warranties and after sales service.

It also reflects everything to do with acquiring materials, recruiting and training people, safe processes, productivity, technical expertise and machinery to make the products and services sold.

So the next time you look at your Gross Profit line, remember that a good hard look behind the scenes will reveal a gold mine of information and gain competitive advantage.

If you are starting up your own business or want to boost your existing business read my latest book Recession Riches and Wealth at:

http://www.garyweigh.com/recession-riches-and-wealth

Until next time!

Gary

Business strategy implementation – workplace disharmony

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You have completed your business plan and you have moved to business strategy implementation.  Something is not right.  Your workplace is not the harmonious pit of productivity you expected.

Part of the answer lies in the different goals and motivations of business owner and employee.

Owners are primarily investors and risk takers who seek career independence.  Employees are the opposite.  They tend to be risk-averse income seekers who value security and predictability.

The more ambitious ‘2-3 year stay’ employee will appear to be taking a risk by job-hop for promotion but there is little real risk provided he or she is reasonably competent.

Because owners and employees view the business world from opposite perspectives, their motivation and decision making are always going to be diametrically opposed.

Business owners want a return on investment therefore they want profit results.  The only results that really interest most employees are their continuing job prospects, a good income and security for their family.

Most employees are happy to exchange a good day’s work for their wages.  However, they are not focused on profit results anywhere near as much as the owner is.

Although employees are often judged and rewarded on performance, their performance targets are more likely to be related to sales, gross profit or key performance indicators.  It is only the owner who is really focused on the bottom line.

That makes for a natural divergence of goals between employer and employee.  Owners’ goals are generally tied to their business while an employee’s goals can relate to anything but the business.

Money can encourage goal confluence in the short term. In other words, people are happy to be compliant for money until it suits them to do otherwise.  However, in the longer term, people tend to follow their own path.

I have just released a new guide for any entrepreneur who is starting up a business or even thinking about it.  It’s an investment and a time saver because it is brimming with business ideas and you don’t have to make the mistakes that others do.

Visit http://www.garyweigh.com/

Until next time!

Gary

Starting up your own business – Entrepreneurial ego

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Science World, Vancouver B.C.

It takes a lot of self-belief and courage to blaze your own business trail.  It takes considerable self confidence to start up your own business in spite of skepticism; and to convince partners, financiers and other stakeholders that you are pursuing a valuable opportunity and that you have the know how and resources to make it happen.

To then market your own products and services and to constantly talk about yourself and your business usually requires more front than a bus.

These characteristics define many startup entrepreneurs.  They also define the attributes of a healthy ego if arrogance and an exaggerated sense of superiority are not present.

The shy retiring types generally don’t do as well in the start up stage unless they have a strategy to circumvent their shyness.  They just don’t have the pushing power required.  However, they often make good implementers, managers and technicians once the business is up and running.

One trait that defines a healthy entrepreneurial ego is attracting people smarter than themselves and people who have expertise that they don’t.   The unhealthy ego either tries to go it alone or hire substandard talent who pose no threat.  The problem is that substandard talent is still a significant expense but doesn’t contribute much to the bottom line.

Similarly the smart entrepreneurs know how to get the best out of other people by not feeling the need to micro-manage everything, but by making others accountable and by leveraging income and profit off their skill and hard work.

It still takes great confidence and self belief to start up your own business, take the ownership reins firmly and manage it.  Managing by being the boss is always preferable to managing by consensus or by being popular.   In my experience, employees still respect a clear job description, clear rules and a strong, fair, decisive leader.

Being a firm and fair leader doesn’t require arrogance or an overwhelming need to be right all the time.  It means ensuring that people work to the plan and to the systems in place.  Being decisive means making timely decisions; not ignoring good advice.

Starting a business and making a profit requires a healthy positive ego, not an unhealthy negative ego.  After all, the successful entrepreneur must make him or herself attractive to many stakeholders before they can even get out of the blocks.

Until next time!

Gary

For more reading about an Aiki way of life visit my Aikido Secrets blog at

http://www.aikido-secrets-to-calm-success.com

I have just released a new guide for any entrepreneur who is starting up a business or even thinking about it.  It’s an investment and a time saver because it is brimming with business ideas and you don’t have to make the mistakes that others do.

Visit http://www.garyweigh.com/recession-riches-and-wealth