Entrepreneur or Leader?

Entrepreneurs and business leaders each have their place in the business world. It's the entrepreneur that forges the path and the leader that turns it into a highway. Even more rare, is the entrepreneurial leader that changes our world. Think Steve Jobs (Apple), Yvon Chouinard (Patagonia), Herb Kelleher (Southwest Airlines), Bill Gates (Microsoft), Henry Ford (Ford Motor Co.), Sam Walton (Walmart), and dozens of others. Those entrepreneurs not only changed our lives but changed life, as we know it.

So how do you join the ranks of entrepreneurial leaders? First, let's look at the difference between leaders and entrepreneurs. Answer the following questions and see how you stack up. Remember, there's no right or wrong.

Is it easier for you to make promises or to keep promises?

Entrepreneurs are visionaries. They make lots of promises, and by the skin of their teeth and seat of their pants they keep most of them. Reaching beyond their grasp allows them to stretch further which often leads to break-through innovation. Unfortunately, this comes with a cost: Not all promises are kept. Execution sometimes takes a back seat to innovation. Bright shiny metal objects can lead to the next powerhouse idea but can also cause today's priorities to drop faster than the Time's Square ball on New Year's Eve.

Leaders execute. They keep their promises but they don't do it alone. Here's one of the secrets of both great entrepreneurs and leaders: They rely upon these three people:

1. The operations manager or COO to keep the company’s promises
.

2. The financial person (CFO, bookkeeper, controller, etc) to pay for their promises through receivable collection, pricing, and financing.


3. The administrative (executive assistant) to help them keep their personal promises.

Speaking of counting on other people…

Are you a lone wolf or a top dog?

Many entrepreneurs start their businesses, because quite frankly, they don't play well with others. They get an idea that often bucks the system. The idea becomes a passion, the passion takes form and, voila! There is a business.

The entrepreneur typically measures his or her success based on the impact of their ideas.

However, for that business to continue to grow and stay relevant it takes people - a lot of them. Customers, vendors, employees, associates, even competitors are people and require a human connection to manage them.

The leader measures his or her success based on the quantity and quality of their relationships.

Is creativity in your nature or something you nurture?

In his latest book 11/22/63, Stephen King wrote: "Artistic talent is far more common than the talent to nurture artistic talent. Any parent with a hard hand can crush it, but to nurture it is much more difficult."

Nurturing talent maybe more difficult but it is no less important than entrepreneurial talent. Steve Jobs was a "design maniac" who, even while in the hospital, tried to redesign his oxygen mask and finger monitor according to Walter Isaacson in his biography on the man. Such was his passion and creativity.

So here's your final question: If you inspire, you are a leader. If you are inspired, you are an entrepreneur. Still not sure, ask the people around you.

I would love to hear your comments and opinions. Your opinion is always highly regarded and respected!

The Property of an Effective Attitude

An effective attitude is one that makes the best use of available resources – your time, energy and efforts – and uses them to create positive change.  It is not about trying to do everything and be everything; it’s making the very best of what you have while enjoying the process of living.

Here are characteristics regarding effective traits and behaviors of such an attitude:

1.  Enjoys and appreciates the present moment.

Happiness is an attitude that can only be designed into the present.  It’s not a point in the future or a moment from the past; but sadly, this misconception hurts the masses.  So many young people seem to think that happiness awaits them in the years ahead, while so many older people believe that their best moments are behind them.

The truth is, the greater part of your happiness or misery depends solely upon your attitude towards any given moment, regardless of the events contained within.  You need much less than you think you need to be happy, and you usually have a lot more than you think you have.  There’s always something worth smiling about.  It’s just a matter of thinking differently.

2.  Connects inner purpose with outer effort.

The most important thing you can know is what’s most important to you.  Your purpose in life is to find your purpose and give yourself to it.  As Friedrich Nietzsche so profoundly said, “He who has a why to live for can bear almost any how.”  Your purpose is your ‘why.’

You can accomplish almost anything when what you’re trying to accomplish is what you care about.  Wear yourself out with focused, disciplined work on a purpose that connects with who you truly are.  You have a unique voice and a unique drive that are longing to be expressed.
 

3.  Accepts and embraces great challenges.

The most prolific days of your life won’t likely be easy.  It’s not in the serenity of your comfort zone or the inactivity of a lazy day that drives greatness.  Great demands drive the growth of great virtues.  Contending with great challenges forms the foundation of greatness.

Think about a day from your past that ended with a sense of satisfaction.  It’s not a day when you lounged around with nothing to do; it’s a day you had more to do than seemed possible, and you did it.  When your mind is challenged by duties that engage your purpose, then those great virtues, which would otherwise lay dormant, come to life and help you grow into your greatest self.

4.  Self-disciplined.

Without discipline, success is impossible, period.  Discipline is choosing to do what you know must be done, as often and as long as required.  It’s doing the thing you have to do whether you like it or not.

Discipline allows you to control the course of your life.  If you do not discipline yourself, someone else – a parent, teacher, boss, society, etc. – will try to do so for you.  They will choose what they believe is the best method to instill more self-control in you.  But it’s far more advantageous to take control of your own discipline and your own destiny.

Discipline opens up a plethora of options and opportunities which otherwise would not be available to you.  With it you can make best possible use of the time and resources available to you, and employ them to create great value for yourself and your world.  Whatever you set your sights upon, discipline is the vehicle that will get you there.

5.  Remains positive and focused through failure.

Forget about failure.  Trying alone is a huge success.  Regardless of what you’re trying to do – pay off debt, get in shape, start a business, make a difference in the world, etc. – you have already achieved something wonderful simply by putting forth a worthy effort.  If things don’t work out as you had planned, hold your head up high and be proud of the progress you made.  Then make the necessary adjustments and try again.

In the end, it’s focused resilience that eventually leads you to your desired result.  Once you make the decision to be positive and persist through your failures, the universe gradually conspires to make your efforts rewarding.

6.  Filters and channels anger effectively.

Being angry is easy, and by itself anger gets nothing accomplished.  But to funnel your anger into a productive action plan, at the right time, in the right way, and for the right purpose, that’s how you can put your anger to good use.

In other words, you must direct your anger towards specific problems that can be solved, not people or generalized situations.  Look for answers and resolutions, not excuses and complaints.

7.  Willingness and drive to help others.

The best antidote to gloom is constructive work.  The most curing work is found in the challenge of helping someone who has less than you do.  It is one of life’s great paradoxes; when you serve others you end up benefiting as much if not more than those you serve.

If you feel stuck in your life because you have lost your direction, shift your focus from your circumstances to the circumstances of those around.  “The best way to find yourself is to lose yourself in the service of others.”  Instead of asking, “What’s wrong with me?” ask, “How can I help you?”  Find someone who could use an extra hand and make an offer they just cannot refuse.

When your focus shifts from your own confusion and difficulties, to the confusion and difficulties of others, and you see yourself making a positive difference, it fills you with a sense of meaning and illuminates the clearer path to a brighter future and a better world.

Getting to the point of asking for the order!

Skill #1: Building the buyer-seller relationship. Salespeople need to develop a better understanding of the buying process that customers actually follow; the real decisions they make, and when they are made. Then salespeople need to match their sales process with the customer's buying process. When this is done, salespeople begin to walk arm-in-arm with the customer as they arrive at the best possible solution.

Skill #2: Planning the sales call. Most companies today lack a well-defined sales process. Very few have documented the sales practices that lead to a commitment from customer. As a consequence, salespeople don't plan sales calls properly. For instance, every call should end in some kind of commitment from the customer-an agreement to do something that will move the process forward.

Skill #3: Asking the right questions. Most salespeople do not ask the right types of questions, even if they prepare questions prior to the sales call, which most don't. The impact of poor questioning skills is enormous. It leads to resistance in the form of stalls and objections; bad presentations that offer improper solutions, failure to differentiate from the competition-and missed sales opportunities.

Skill #4: Business acumen. If you're going to help your customer become more successful you need to know how businesses work in general, how your customer's industry works, how your customer addresses their target market and how your firms offerings can help them better serve their own customers. Without business skills, you will never have the credibility needed to sell

Skill #5: Actively listening. Do not miss important cues and information by talking too much of it and their products. It's much more important to shut up and let the customer talk. Yes, you should guide the conversation, but then listen and digest properly. You can learn so much about what the customer really wants, so that you can position your offering appropriately.

Skill #6: Presenting meaningful solutions. Most salespeople claim that this is the skill they are best at. In fact, we as managers tend to hire people who have "the gift of gab." In reality, quality is far more important than quantity when it comes to making presentations. When salespeople zero in on presenting only specific solutions to previously agreed-upon needs, they rarely fail.

Skill #7: Gaining Commitments. If you really think about it, the only reason to employ salespeople is to gain customer commitment. Yet, when asked, most salespeople admit that this is their weakest skill. Research suggests that almost two-thirds of all salespeople fail to ask for commitment on sales calls. Any effective sales training program must have a solid solution for this problem.

Skill #8: Managing Your Emotions. The way a sales pro explains the causes of their successes and failures is vitally important. Developing a style that sees adversity as temporary and isolated builds the mental toughness, emotional resilience and patience to bounce back from setbacks and be proactive when the time is right.

And last:  Ask the question; “What do I need to do to walk out of here with the order?”  If no excuse, you have an order.  If there are reasons, then you know what it will take.

The Business Expansion Plan

Overview


Small businesses become big businesses through expansion. In most cases, business expansion occurs due to an increase in demand, an increase in efficiencies, new production lines, more diverse or international markets and the need to bring certain functions, such as logistics or manufacturing, in-house. Planning for expansion is a strategic exercise, which involves identifying the exact need for expansion. After this, you can focus on the need and develop more defined estimates of the time and capital required to implement expansion efforts.

            Step 1

                  
            Identify exactly, what needs to be expanded? Expanding for the sake of expanding might lead to increased inefficiencies. Determine exactly what parts of the business you wish to expand. Producing more product does not necessarily translate into a broad expansion across the board. This approach does not take economies of scale into consideration. That is, you may not need to expand administrative functions and/or move into a larger building. Perhaps you need only hire more staff and/or purchase additional equipment.

                   

            Step 2


                                               Determine the effect of the expansion on personnel. Consider hiring part-time workers until the need for full-time work is certain. Also, remember that payroll for increased personnel should come from the increase in revenue, not outside funding.

                   

            Step 3


                                                  Develop training programs for employees. Communicate expansion efforts and goals with employees through training sessions. Train a few of your best employees and then have them train others. If purchasing new equipment, have the seller provide training to staff.

                   

            Step 4

                  
                 Consider expanding through the Internet. Brick and mortar (traditional building space) costs a great deal more than the cost of maintaining a website. This is also a great way to reach overseas clients while extending your hours to 24/7.

                   

            Step 5

                                                
Purchase or lease additional space only if necessary. This poses a significant investment                 and should be analyzed carefully. Until then, consider efforts to maximize the physical space of your current location.

                   Step 6


Determine new routes and plans for logistics. With additional customers comes the need to service a broader customer base. Identify those logistical needs that need to be augmented.

How to Create a Business Plan for Expansion

           Expanding your business is an exciting proposition. It means it's doing well and ready to grow to the next level. But often a business needs financial support to implement expansion ideas. A professional business plan that outlines the expansion details can earn the money needed to grow the business.

o   Write an executive summary that outlines the business' history, including its successes and accomplishments. It should also cover the business' goals, current facilities and equipment, and employees. Include information on the proposed expansion, such as a larger facility or new equipment.

o Describe your target market by demographics, such as age, gender and socioeconomic status. Indicate your current marketing tactics and how they are implemented. If you'll be changing your marketing plan with the expansion, outline these changes.

o  Provide details about your competition, including differences and similarities in services, target market and marketing tactics. Focus on how your business is unique from others that offer the same type of service or products. Elaborate on how your expansion will set your business apart from the competition.

o Provide information about your management team. Give their names, duties to the business and information about their skills or training as it related to the business. If you'll be taking on new partners or managers in the expansion, provide details on the duties and attributes to the business.

o   Outline the daily operations of the business. Describe the day-to-day activities; such as providing services and marketing, as well as who is responsible for assuring these activities are completed. If the daily activities will change with the proposed expansion, provide information on what will be different.

o   Provide financial details about the business, including current statements that show expenses and income, and net worth. Outline the costs related to the expansion as well as projected profits over the next year.

o   Include an appendix for supplemental materials that don't fit in the other sections. For example, if your expansion is adding on to or building a facility, include blueprints of the proposed project. This section is also used to provide other documents, such as permits.

o   Create a professional business plan document to show to bankers and potential investors. Use quality paper and binding, and make sure it's easy to read and free of errors.