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Business planning – the business mind

In business planning, much has been written and said about entrepreneurial thinking and the traits that entrepreneurs have in common.  But not much is said about actually developing the mind set that supports entrepreneurial thinking.

Let’s widen the definition of entrepreneur beyond the person with the big business idea who has the charisma and tenacity to win support for its successful implementation.

Now let’s call them the ‘everyday entrepreneur’ and include anyone who has a dream; has the guts to take a risk and have a go; and who gets a result, either good or bad.  So in my view, that can be:

  • Every business owner
  • Any action-driven risk taker in any context – e.g. business, sport, science
  • Anyone who attempts to network for gain; and
  • Anyone who addresses groups or speaks publicly

That’s a lot of people.  Well that’s my point!

Most heroes go unnoticed in this world, as do most entrepreneurs.  Your name doesn’t have to be Richard Branson, Dick Smith or Donald Trump to take a risk and have a go.

Many people try and many people stumble because they run into problems that they feel ill-equipped to solve.  That’s why it’s a common to hear of entrepreneurs having many failures before finally achieving success.

It is my experience over the past 30 years that all people have dreams; the majority have the entrepreneurial streak (in the wider definition), but most lack the mind skills to see it through to successful implementation.

More on business planning – the business mind in my next blog.

Check out my other blog at http://www.aikido-secrets–to-calm-success.com

Until next time!

Gary

Small business marketing – become a teen entrepreneur

3D animation by the young wizard Daniel Lloyd

Ever thought of becoming a part of small business marketing?

Exams are done, schoolies week is finished and many new school leavers suddenly have an abundance of time on their hands.  For those that have not settled in their career choice, it might be the right time to launch into a small entrepreneurial venture.

For stay-at-home teens, rent is cheap, overheads are low, Mum and Dad are at their most anxious to see their pride and joy on a productive path in life and time is plentiful.  That opportunity won’t come around again.

So while you have an in-built support network at home, think about a business opportunity for your self, or at least a part time income earner that takes the pressure off your parent’s budget.

Business should be fun, so think about your passions in life.  How can doing what you’re passionate about be called ‘work’?  Also think about how you like to spend your time (other than sleeping), what you are good at and what your strengths are.

So if you are among the 40% of young people who dream of their own business someday, here are a couple of ideas to spark your fertile imagination:

1. Social media network consultant

As teens, you have been brought up with Facebook, Twitter and other social media.  You know it inside out.  It’s second nature.  What you probably don’t know is that social media is big business in the outside world.  Teens are the gatekeepers although most don’t realise it.

The fact is that older people in business want to get into social media marketing.  These days it is integral to small business marketing.  Business owners know the high value of accessing social media but many don’t know where to start.

This means that any Facebook / Twitter savvy teen with some imagination can charge for his or her services as a social media network guru.  It’s all about getting paid to do what comes naturally.

For example, I have a personal Facebook presence but I want to set up a Facebook site for my business (Gary Weigh & Associates – coaching, start ups, internet marketing etc) and then I want to attract 5,000 friends to it.   If I was a teen I’d have it done by now.  But as a busy business person I just don’t have the time.

2. Online writer

An online writer is essential to the small business marketing process.  If you love the English language and you always enjoyed essays and story writing then online writing may be for you.

Everyone in the online world needs content in the form of text, images and video.  It might be for web sites, blog posts, commenting in online forums, writing keyword-rich text, or writing articles.

I write two blogs and have just paid an online writer (I have never met) a couple of hundred dollars to write a bunch of articles for me.  So there is definitely money to be made here.

So if you are feeling the slightest entrepreneurial twinge, give it some thought.  let me know at gary@garyweigh.com

Until next time

Gary

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

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:

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

Starting up your own business – Entrepreneurial ego

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