Work Babble

Book Review - The Risk Takers

By Tony Deblauwe

The Risk Takers: 16 Women and Men Who Built Great Businesses Share Their Entrepreneurial Strategies For Success

Retail: $25.95

ISBN: 978-1593155872

Have you ever wondered what it takes to be an entrepreneur? Do you think you don’t have the right background or education to pursue your ideas and find successes on your own? After reading Risk Takers, you will feel motivated and empowered to take the first step. 

Packed with stories from 16 influential profiles of multimillion dollar companies such as Kinkos, Geek Squad, Curves International, and Paul Mitchell, you will learn how these individuals positioned themselves properly to build their businesses, often with little capital and no previous experience.

Despite poor economic conditions, authors Renee and Don Martin believe now is the time to start fresh. Their decision to pursue a business of their own came from a determination to win and positive attitude to make it through the ups and downs of entrepreneurship. They boil their knowledge down into ten principles or strategies for success:

1. Trust Your Gut
2. Buck the Conventional Wisdom
3. Never Let Adversity or Failure Defeat You
4. Go on a Treasure Hunt and Find an Underserved Niche
5. Spot a New Trend and Pounce
6. Hit ‘Em Where They Ain’t

7. Just Start

8. Save Your Bucks and Get Noticed Without Expensive Advertising

9. Exploit Your Competitor’s Weakness and Make It Your Strength

10. Never Stop Reinventing Your Company

These strategies are woven into the summary of each entrepreneur’s story so you see exactly how they addressed a particular area. It will help inspire you to review your own goals and realize how similar your thoughts, fears, and setbacks are to these risk takers.

My favorite profile was of David L. Steward, Founder and Chairman of World Wide Technology Inc. Like so many people these days, Steward found himself out of college and caught in an endless job search. After sending out four hundred resumes in three years, he finally got a sales job that formed the basis of his experience. An African-American, David faced adversity in the 1960’s, but he learned how to push through drawbacks and never give up on his dreams. Strong values gave him the confidence to remove obstacles that helped transform World Wide Technology Inc into the $3B powerhouse it is today.

This is a great collection of experiences that frame what success looks like from a variety of angles. The stories connect with the heart and the mind to deconstruct the assumptions of what risk taking is and provides an outline for helping you achieve your dreams.

Available April 6, 2010. Pre-order the hardcover at Amazon.

Three Secret Weapons for Entrepreneurs

Guest post by By Renee & Don Martin, Authors of The Risk Takers: 16 Women and Men Who Built Great Businesses Share Their Entrepreneurial Strategies For Success

Whether you're considering starting your own business -- or looking for ways to expand an existing enterprise -- there are three time-tested secret weapons you can use to help gain a sharp competitive edge. These weapons are three broad business strategies that can help you to create a new business or push your company to the next level of success:

·         Go on a treasure hunt and find an underserved niche

·         Buck the conventional wisdom

·         Spot a new trend and pounce

If you adopt these strategies as your entrepreneurial mantras, so to speak, you're more likely to identify and take advantage of real opportunities to expand your company's product line and customer base. The stories of America's highest-achieving entrepreneurs prove that applying these strategies in imaginative, clever and timely ways can help catapult a small start-up to the status of industry leader.

1. Go on a Treasure Hunt and Find an Underserved Niche
   
   In the business world, there's nothing more exciting than finding an underserved niche that represents a lucrative market that everyone else has failed to spot and target. That's like finding gold bullion at a crowded beach -- it was there for everyone else to see, but you were the one who took notice of that golden glint in the sand.
   
   That's what happened to Gary and Diane Heavin, founders of the Curves International fitness franchise system. When the company launched in 1992, the Heavins had just $10,000 in savings to invest in their company. Today, Curves is the world's largest fitness franchise system, with 10,000 franchise locations in 65 countries.
   
   How did Curves soar to the top? Instead of competing head-to-head with fitness giants like 24 Hour Fitness or Bally Total Fitness, the Heavins opted to serve the fitness needs of three underserved niches: middle-age and older women who are eager to get in shape but might feel intimidated by large gyms teeming with young, hard bodies; busy working women whose schedules could more easily accommodate the Curves 30-minute workout; and budget-conscious women who simply couldn't afford the pricey monthly membership dues charged by the major gym chains. Early on, Curves clearly distinguished itself from the pack of gym competitors; its services and clientele were different.
   
   Targeting an underserved niche is a path that small start-ups can take. Even a huge multi-billion-dollar company can't offer everything for everyone. Targeting the right niche -- one that other business owners have neglected or ignored -- can help build a strong and loyal customer base while limiting competition.
   
   Another entrepreneur who followed this strategy was Liz Lange. She launched a phenomenally successful designer maternity clothing company. Liz Lange Maternity eventually sold for an estimated $50 to $60 million in 2007. She also partnered with Target to launch a secondary, discount version of her line.
   
   Like the Heavins, Lange reached the heights of success by targeting an underserved niche. In her case, that meant zeroing in on the needs of pregnant fashionistas -- women who refused to let a pregnancy deprive them of their fashion sense. Lange used newly developed stretch fabrics to create chic, fitted and stylish maternity clothes. They were nothing like the tent-like and frumpy maternity clothes widely available in department stores.
2. Buck the Conventional Wisdom
   
   Bucking the conventional wisdom means ignoring those who say "It won't work" or "It's never been done that way." When entrepreneurs overly rely on conventional formulas for success, they're left with a business that's, well, conventional.
   
   The most successful entrepreneurs are willing to veer away from established formulas and ways of thinking. If you've launched your own business, don't just blindly accept the so-called best practices of your industry. Look at them with a hyper-critical eye. Dissect them, slice and dice them, contemplate different "what if" scenarios in your mind.
   
   With no capital to speak of -- just $700 in cash -- John Paul DeJoria, cofounder of hair products giant John Paul Mitchell Systems, bucked the conventional wisdom when he launched the Paul Mitchell line of hair-care products and decided to sell them solely to stylists and salons -- never to supermarkets or drug stores. Today, the company boasts more than $900 million in annual salon retail sales.
   
   That unique system of distribution nurtured exceptional customer loyalty. The Paul Mitchell brand not only provided quality hair products for use in salons; it also created a new revenue stream for the stylists. Many of their own customers bought the shampoos and conditioners for use at home.
   
   Sara Blakely, founder of Spanx, bucked conventional wisdom when she approached hosiery mills with the idea of manufacturing footless pantyhose. The product she envisioned was a body-shaping undergarment that would hide panty lines and firm up a woman's backside so she could wear her favorite slacks and open toe sandals with confidence. Blakely knew there was a market for such a product. But time and again, she was told footless panty hose was simply a bad idea. The mills were accustomed to making hosiery designed to improve the appearance of a woman's legs. But Blakely was trying to convince them to manufacture a product that was completely hidden under clothes. She got rejection after rejection. It's a good thing she persevered, though, until she finally found a willing mill in North Carolina. Today, Spanx's estimated retail sales are in the neighborhood of $350 million.
3. Spot a New Trend and Pounce
   
   Often, a shift in cultural or economic trends will create new entrepreneurial opportunities. Sometimes that shift arises from advances in technology. Geek Squad founder Robert Stephens was paying attention to such trends when the home PC market exploded. He figured out that most PC owners had limited technical knowledge. If their hard drive crashed, they were thrown into a state of panic. But unplugging their PC and hauling it off to a repair shop, where it would stay for a week or so, wasn't an attractive option. Stephens spotted the trend, pounced and captured an emerging and underserved niche. Geek Squad made house calls.
   
   When Stephens launched Geek Squad back in 1994, the cash-strapped college student had just $200 to invest in his business. But that same business eventually fetched millions in 2002 when he sold the business to Best Buy.
   
   Andy and Rachel Berliner launched the Amy's Kitchen brand of organic vegetarian frozen meals because they realized that more and more Americans were trying to eat healthier diets, eschewing processed foods in favor of organic vegetables. Vegetarians themselves, the Berliners were also keenly aware that they'd have no formidable competition. They had personally sampled the frozen vegetarian meals already on the market and they were terrible. The Berliners knew if they used quality ingredients and recipes, their business would thrive. Today, Amy's Kitchen generates annual revenues of $270 million.

All these entrepreneurs are featured in a new book, The Risk Takers: 16 Women and Men Share Their Entrepreneurial Strategies for Success. The book explores in depth how hugely successful entrepreneurs have applied these three strategies -- and seven others -- to propel their business to the top of the heap.

For entrepreneurs, it's often easy to lose sight of long-term goals when you're preoccupied with day-to-day business operations. But keeping these three strategies in the forefront of your business planning can help keep you on track to take your company to the next level and beyond. Throughout the life of your business, you can channel your creative energies into finding new and fresh ways to apply these principles to create competitive advantage, expand your product line and customer base, and keep your business vital. Just think of them as your three secret weapons.

 

About the Authors

Don Martin epitomizes the rags-to-riches entrepreneur success story. Raised in poverty in a small town in the Ohio Valley, over the next four decades he founded and built the largest privately held insurance brokerage in California: Cal-Surance. Ranked in the top fifty of insurance brokerages in the U.S., Cal-Surance generated over $200 million in annual revenue.

Renee Martin was a dynamic real estate broker when she switched careers entirely, to work in community service. She became a rape counselor, a court-appointed special advocate for The Children's Court (CASA), a director of community relations of a child abuse crisis center, and a public relations spokesperson for many community organizations. After publication of the book, she and Don coauthored, The Survival Guide for Women, she became a frequent and popular speaker at women's seminars across the country.

The Martins also collaborated on TeamThink: Using the Sports Connection to Develop, Motivate, and Manage a Winning Business Team.

Career Services Professionals - 52 Strategies for 52 Weeks of Career Business Bliss in 2010

Guest post by Laura DeCarlo, President & Executive Director, Career Directors International

-I am pleased to post one of many valuable strategies coming from Laura at CDI. I joined CDI a few years back to augment my skills in internet recruiting and career coaching. What I found was an organization of the most talented, professional, and caring group of people I’ve ever come across in industry affiliations. Everyone is ready and willing to share their expertise. Laura prepared the following article to help career service providers prepare for the New Year and demonstrate CDI offerings. Take a look and see if these tips can help in your planning. More information about CDI at the end of the article.

Article
During the next few weeks, you might find yourself with a little bit of time on your hands, waiting for the next client or dollars to start rolling in. Here are a few ways to get your business in shape for the New Year:

1. Learn about Outplacement Opportunities by finding out which companies are downsizing: (a) Sign up for free AIRS outplacement newsletter for advance notice of companies planning to downsize. (b) Courtesy of Sharyn Hancock of Workforce Alliance, Inc.: "You can find companies that are going to be laying off by looking at Worker Adjustment and Retraining Notification Act (WARN) notifications for each state. Each State has their own list, for example, I am in Florida, so here is the list from my State. You can see that the notification was posted, but the actual lay off will occur in the future."    
2. Set up the client e-newsletter you have been meaning to create to get in touch and stay on the radar with your clients. A few favorite resources for low-cost e-newsletters include www.aweber.com, www.1shoppingcart.com, and www.constantcontact.com. CDI members only area also has a free MS Word newsletter content template.
3. Create simple messages now for your upcoming newsletters (consider one tip each) and schedule them 1-4 a month now.
4. On Twitter? Sign up for www.socialoomph.com (formerly www.tweetlater.com) and schedule a series of daily educational Tweets in advance to carry your message and grow your following.
5. Motivate job seekers to sign up for your e-newsletter by creating a free tip sheet, report, or short e-book they will receive by signing up. Add a sign up box to your website (tools like www.constantcontact.com offer such a widget).
6. Offer clients a 10% discount for resume or coaching updates in January in your e-newsletter - this is a great way to get traffic flowing in January.
7. Earn a new credential to enhance your skill set, services, earning power, and value to clients - (www.careerdirectors.com/cert.htm).
8. Write a news release to announce a new credential, award, or to simply educate job seekers. Use free submission tools like www.przoom.com and check out www.ezinearticles.com for articles.
9. Research your local newspaper's business and life section writers and introduce yourself with a press kits (keep it simple with an introductory letter on the topics you can quote on, biography, and, if you have them, samples of your articles or quotations).
10. Create a page for the press on your website to make your site media-friendly (check out CDI's Press Room at www.careerdirectors.com/press.htm).
11. Spice up your outgoing voice message with a call to action that makes prospects more eager to leave a message.  
12. Sign up for Job Fairs and other opportunities for 2010 (www.careerdirectors.com/fairs.htm).
13. Write some new articles for your website and for some of CDI's partners (http://careerdirectors.com/partner2.htm).
14. Post your articles on Business Week's Business Exchange on resume writing (hosted by CDI).
15. Start assigning key words to the properties of your resume so you can easily search through them for key words and templates to help streamline future projects. Also, take time now to sift through your resumes and find 'best examples' for categories you most often write so you can refer back to them as needed.

16. Create your best learning opportunity for CDI's 2010 Summit by making a session suggestion.
17. Get ready to win an award - CDI's Toast of the Resume Industry and Career Innovator Awards both open in January.
18. Enhance your Web identify, get your ebook for sale online, and bring visitors and prospects back to your website with the free strategies in CDI's Web Power! Web Profit! Playbook.
19. Contact local professional associations to get on the schedule for presentations to their groups in 2010. Your local Chamber of Commerce can usually direct you.
20. Make sure you have the best rates available through your credit card provider. Most services allow a rate review and adjustment as much as four times a year.
21. Raise your prices! It doesn't have to be a lot - do what feels comfortable, but do it!
22. Review your contracts and make sure they are up to date. Check out some of the contracts in CDI's Member's only section and go to Business < Business Forms.
23. Get important business functions on your calendar now for the New Year! You can write a book (I did) in just 30 minutes a day if you will just plan for it. Need motivation? Read I Could Do Anything if I Only Knew What it Was by Barbara Sher.
24. Organize for your accountant or tax software so you are not scrambling in April.
25. Make it rain ($$$) by following up with all the prospects who had to 'think about it' when you consulted. Reaching out months later can frequently be when the time is right and they realize they really need you.
26. Shift from selling the service that is asked for to selling solutions with packages. You will find the article I wrote on how to do this in the CDI Member's only section under Business < Marketing & Sales < Articles < A Three-Step Process to a 97%+ Close Rate and a 6-Figure Income.
27. Build your business network and your skills by getting involved as a CDI Mentor or Committee Volunteer.
28. Start saving now to attend the 2010 CDI Summit in October. Check out what attendees are saying this will do for you on the testimonial page.
29. Buy a headset (if you don't already have one) to make client consultations and coaching a breeze. Thanks to member Mary Elizabeth Bradford's suggestion, I LOVE The Boom (www.theboom.com). I can stand in high intensity wind or have a vacuum cleaner running one foot from me and my client cannot hear it - no sound disturbance at all! Amazing!
30. Move existing clients who are still job searching back into your services with a free tip teleclass where you provide advice and then recommend your group or individual coaching programs. Favorite free teleclass tool - www.freeconferencecall.com and favorite free webinar tool - www.vyew.com.
31. Evaluate gaps in your services and create partnerships with CDI colleagues for affiliate relationships and service agreements. You can search for members at CDI's Find a Career Pro link. 
32. Spend an afternoon in the CDI Member's Only section; if you have not figured it out from the suggestions above, there are hundreds upon hundreds of resources available, including over 30 hours of free audio on demand teleclasses.
33. Submit a proposal to speak on an area of expertise at an upcoming career conference (such as CDI's 2010 Summit).
34. Turbo-charge your existing or new business with CDI's Entrepreneurial Wisdom program - 15 sessions, 22 hours, 13 team presenters, and 194 pages of goodies!
35. Gain different perspectives on your most pressing challenges with the CDI Elists (CDI Resume, CDI Career, and CDI Chat).
36. Create a career support group or fan page on www.Facebook.com or a client social network for your business on www.ning.com.
37. Link with like service websites to enhance your web (Google) ranking.
38. See who is talking about your business by setting up Google Alerts (www.google.com/alerts).
39. Enhance your LinkedIn presence - link with clients and colleagues, join the CDI Group, and start sharing news.
40. Make yourself searchable by job seekers on the CDI website - login and personalize your profile with a bio and searchable categories (under My Profile in left-hand page navigation).
41. Find services, programs, and products to enhance your career services with CDI's Service Providers.
42. Share your expertise with your colleagues - write an article for CDI's newsletter. You can contact us for more information at info@careerdirectors.com.
43. Keep carpal tunnel at a distance - adjust your chair height and get a natural keyboard and rollerball mouse. Dragon Naturally Speaking Software is also excellent if you do extensive typing. I have Dragon Standard, the lowest-cost version, and find that once I click the cursor I can dictate in any program and even format by voice. Plus, it will open Word and surf the Internet, hands-free. Get the software new on Amazon or Ebay at a low price.
44. Make sure your business card is a selling tool; if it's not, create a new one with one of the full-color, low-cost templates at www.vistaprint.com. Need a designer? You can get an entire branding package done at an extremely low cost through www.guru.com.
45. Contact your phone service provider to ensure you still have the best price and package for your needs.
46. Set up a retirement savings/investment plan such as a SEP or SIMPLE.
47. Shelter your business by converting a sole proprietorship into a Limited Liability Company (LLC). You can usually do this very simply and inexpensively through your own state. Google 'State of _____ incorporation'.
48. Visualize your pitch going perfectly - the mind cannot differentiate from real and imagined - spend 15 minutes twice a day seeing yourself, detail-by-detail, gaining the reviewer's trust and closing the sale at your deserved rate. Need advice? Check out the book The One-Minute Sales Person by Spencer Johnson.
49. Read the best how-to coaching book - Co-Active Coaching by Laura Whitworth.
50. Catch up on Trends You and Your Clients need to know by reviewing CDI's Career Expert Trends.
51. Share your expertise - put your PowerPoint on www.slideshare.net. Then, you can also add it via www.linkedin.com and www.facebook.com as well as put it on your website.
52. Write down the goals you want to achieve in 2010 and don't stop, step-by-step, until you reach them!

 

About Laura
Laura DeCarlo offers 16 years of expertise in resume writing, career coaching and career management as Executive Director of A Competitive Edge Career Service, LLC and President of Career Directors International, an innovative association of career professionals. 

She holds nine industry certifications from Certified Expert Resume Writer to Master Career Director along with a dual BA in Creative / Technical Writing and extensive HR, Training and Counseling graduate studies.

She is resume writing expert for 54 professional associations such as PMI, AMA, AJST, ASAE, ASME and ASCE. She is the author of the highly acclaimed Interviewing: The Gold Standard program and co-author of Job Search Bloopers; she has also been published in 15+ resume / cover letter compendiums. She has won seven prestigious resume writing and job placement awards, and has pioneered numerous industry education, outreach and recognition programs such as the Certified Employment Interview Consultant and Certified Web Portfolio Practitioner programs.

Other accomplishments include nationwide transition programs for organizations such as the US Treasury, national conference speaking engagements, former 2-year employment guest columnist for The Florida Today newspaper and Director of Placement for Herzing College. She has been quoted in publications such as Forbes (IMPRESS), Working Mother and the Wall Street Journal, and appeared on NBC 7/39 News in San Diego and Wall Street Journal Radio.

Web site: www.acompetitiveedge.com

Email: laura@careerdirectors.com

About CDI
CDI was originally founded in 2000 as the Professional Resume Writing and Research Association (PRWRA) to provide a venue for global career professionals to access educational, networking and personal / professional development opportunities in the careers industry.

Since its inception, the association has continued to grow from a resume association to that of an innovative and comprehensive, multi-discipline career association that has embraced all types of career professionals from around the world.

In 2005 the decision was made by the association's leadership to adopt the new name of Career Directors International (CDI) in order to provide an accurate portrayal of the depth and breadth of the association's membership and benefits. As of January 2006, the association has been known as CDI.

Driving the success behind CDI is the vision, energy and efforts of current President, Laura DeCarlo, the Advisory Board of Sr. Directors, Committee Directors, and numerous committee and focus group volunteers. The Advisory Board of Sr. Directors and Committee Directors guide CDI members and programs by providing complementary expertise in career services, employment, business, and marketing/PR. Founding leadership of the original PRWRA was under President, Laurie Roy, and CEO, Todd Holthaus.

Working at Home – How to Prevent Interruptions

Guest post by Work Babble Sponsor, Debbie Ruston

The holidays can reek havoc on the stay-at-home entrepreneur. Debbie Ruston of Abundant Lifestyle provides us a few tips…

Organizing yourself and your workload in a way that prevents interruptions is a pivotal entrepreneurial skill that must be developed. However, during the holidays, that can be easier said than done, especially for new entrepreneurs starting up, when you are responsible for many of the day to day functions of your business, and you are working out of a home office. Many day-to-day distractions can get in the way: unexpected drop ins, family/friends calling, demands of children or spouse, dogs needing to go out, laundry, outside chores.....the list is endless.

 

When we work from a home office, we tend to "see" all the other things that need to be done in our home and it is so easy to get distracted or interrupted. I read a study recently that people are interrupted an average of 15 times in their 8 hr work day, and the challenge with these interruptions is even if they are only 5 min, when we lose our train of thought, it takes an average of 20 minutes to get back in the swing of things again, and if you were on a roll with something important, it takes time to get the ball rolling again.

 

So how do you get yourself organized, get important things done and maintain balance in your life? Well it actually starts with the word "organized"(as silly as that sounds). If you are not organized then everything and anything will get in your way.

 

Here are some key strategies to keeping yourself organized so that interruptions do not get in the way of your success:

 

1. Focus. Be very clear on the fact that when you have work to do, you must be COMMITTED to yourself. Do what you say you are going to do and give yourself more loyalty and commitment than you gave to your previous employer. You deserve that!

 

2. Use a daytimer. Slot in all the important tasks you need to personally look after and put time frames on them. I recommend doing this a week in advance. Each Friday I look at the following week and slot in all my commitments, starting with my fitness classes....these are not flexible so I put them in first to keep that commitment I have made to myself to go to the gym 5-6 times per week. Then I slot in everything else including my down time to be with family and friends.

 

3. Have a voicemail system. If you are busy with another task, let the calls go to voicemail. You will get far more done if you stay focused on what you were doing and then return calls, than if you allow an interruption in the middle of something. This applies to all other technological interruptions - email, skype, social media, etc.

 

When you have calls to return, sit down and return the calls and do not get sidetracked with getting a coffee, throwing in some laundry or any other household task you see on your walk to the kitchen. Do not allow yourself to move from that phone until you have returned all the calls you have.

 

4. Set appointments. Book meetings with friends or family that want to drop in rather than having people drop in "whenever". You are self employed - if you want to spend time with someone that is coming over you can time slot as much time as you want - but if it is a surprise drop in, your time spent with them will not be of the same quality because you will be thinking about all the things you should be doing.

 

5. Professional work environment. Make sure you have a private work space, preferably with a door! When your door is closed it is a sign to anyone else in the home that you are "working" and can't be disturbed unless it is an emergency. Some successful home business entrepreneurs even have an unwritten rule in their home - if the door is shut, unless someone is bleeding, do not open that door.

 

Really this all is just common sense. Decide what you want to achieve and remember that nothing will interrupt you unless you allow it. When you are an entrepreneur working from home, YOU call the shots, YOU have the control....be at cause, not the effect of things going on around you, and remember during this time of year - ENJOY the holidays - you CAN have your Christmas cake and it too!

 

About Debbie

Debbie Ruston has been a successful entrepreneur since 1987, specializing for the past 5 years in positive media, human interest documentaries, and personal development - helping people worldwide get better results in their lives.  Visit her blog at http://www.debbieruston.com to learn more about improving your life, and getting the results you are looking for. Those of you looking for a career change, you can reach Debbie directly at 1-800-576-2917 or 1-519-342-4050 to learn how to start your own business and take control of your future.

 

-Thanks for the great insight Debbie. I appreciate your sponsorship and I encourage all Work Babblers looking for options to build their dream and start a business to contact Debbie.

Building Your Business – An interview with Andrew Rogerson

By Tony Deblauwe

Andrew, thanks for taking a few minutes with the Work Babble community. Andrew, as we all know, the economic conditions throughout 2009 have created wealth difficulties for many of us. Walking away from a dead-end job and trying to pursue our own thing just doesn’t seem plausible these days. I have a few questions for you to help people crack the code of business ownership.

 

1. Tell us a bit more about your background and how you became an entrepreneur.

Originally I am from Australia.  When I was 26 years old and working for the fourth business in a 5 year period, I looked at the management of the business, the decisions they made and the hours they worked and decided I could do it better than them.  So I started looking for the right business to buy.  My father was self employed, so I had watched how careful he was with money and his decision making process.  After about 4 months I found what I thought was the right business.  It had an absentee owner, sales were stagnant and employees were poorly trained.  I spoke with family friends who advised me a suggested price ceiling.  I spoke with my father-in-law who was an accountant and he said not to buy it.  I then borrowed the full purchase price and two years later received an offer from a local businessman.  I accepted his offer which was 2.4 times higher than what I paid for the business…and moved my wife and two children to America.  Since then I’ve owned four other businesses.  I wouldn’t have it any other way than being an entrepreneur.

 

2. As people plan for 2010 what are the top 3 things people should be planning for right now?

The first thing I would suggest entrepreneurs do, and many do not do, is create a business plan.  There are many benefits to a business plan.  This includes the fact it is put together over a period of time.  This period of time allows the entrepreneur to challenge some of their thoughts, research anything that’s not clear and ultimately arrive at a clear road map for the business.  This is so important as too many entrepreneurs fail to plan; which you guessed it, means they plan to fail.  Another reason I do my business plan each year is that once you do the initial plan, it’s so much easier to update each year, check that you achieved the goals that were set or if they weren’t achieved, do some analysis and tweak the next 12 months.

 

Another thing to plan for right now is the good news that the economy is improving.  Perhaps the recession still has a little longer to go; perhaps the business the entrepreneur’s working is doing fine.  Regardless, you can’t fight The Fed and with interest rates at historically low levels, the housing market at least bottoming if not healing and now the banks starting to lend, entrepreneurs need to prepare for the upturn.  This means its listening time.  Listen to your customers and their needs, listen to your employees and understand their needs be it more resources, training or whatever.  To help organize your listening, consider doing a SWOT analysis.  A SWOT analysis looks at Strengths, Weaknesses, Opportunities and Threats.  If money is available, there can be value in having an independent consultant provide this for you.  They will see things from a different perspective.  If the money is not available, do it yourself but share as much as you can with customers, employees, your accountant and other professionals to get as many different perspectives as you can.

 

The final suggestion is for the entrepreneur to spend some time on themselves.  This recession has been brutal.  The reason why it’s been brutal is that it has been so long.  Entrepreneurs know and understand recessions.  However, most entrepreneurs are totally jaded and need to take time off to re-energize and be ready to rock and roll.  The Holiday Season can be a critical business time for a lot of businesses.  Some speed up and some slow down.  Regardless, an entrepreneur must be entrepreneur strong so take a well earned break.

 

3. What insight would you give a novice who fears taking risk?

For any would-be-entrepreneur, understand that fear is very much a part and parcel of being an entrepreneur.  I would suggest that if an entrepreneur ever loses the fear they cease to be an effective entrepreneur.  Fear can provide a warning that a decision or a series of decisions don’t make sense or require further research.  It would be my suggestion, that as an entrepreneur you need to embrace fear and have it as part of your team.  If the fear is too great then you have your answer that being an entrepreneur, at that moment, may not be your best decision.  To help temper and manage the fear, look and find the best mentor you know and trust.  If you find the right match, they can help you understand the difference between fear of failure and fear of making a decision.  All entrepreneurs suffer from fear of failure; it’s the reason to work so hard and achieve.  If fear of making a decision dominates, then that will prevent the entrepreneur moving forward.

 

4. What are best do-it-yourself businesses these days that don’t require a lot of training or start-up capital?

The answer to this question is a service business.  By definition, providing a service to a customer generally doesn’t require a high capital cost.  Accountants, doctors, attorney’s, some construction businesses, online businesses such as web designers or social networking businesses and home and commercial cleaning businesses to name a few.  I would caution that starting or going into a business, just because it doesn’t require a lot of training or start-up capital may not be the best idea.  What’s critical is that the entrepreneur enjoys what they do.  I would suggest all successful entrepreneurs are totally immersed in what they do and this allows them to be successful.

 

5. Why do you feel confident about the 2010 economic outlook?

From my perspective as an entrepreneur with so many things I want to do, the economic outlook is important but not critical.  I like to know what’s happening in the economy but I don’t want to be controlled by it.  To prevent this happening I am constantly evaluating what I’ve done and if it was effective and how I can do things better.  For me, the bottom line is that as an entrepreneur, I will be successful if I am meeting a customer need.  I therefore need to stay focused on listening to my customers and making sure I am meeting their need.  If the market changes, I need to change with it, but if I listen to my customers the rest will take care of itself.

 

6. Where can people get more information about you and your products?

The service I provide is to help entrepreneurs exit or enter business ownership. 

 For those entrepreneurs that have a business and want to sell, I perform a business valuation to make sure the selling price matches the owners expectation, create a marketing package to represent the business in the best light possible and then advertise and market it to business buyers.  As buyers inquire, they are qualified to make sure they are a potential match for the business with the finances in place and necessary management experience while at all times protecting the confidentiality of the business.  I then handle the negotiations, legal documents and due diligence process to close the escrow and ensure everything transfers correctly.

 

For would-be-entrepreneurs I help them understand they have three options.  Start their own business, buy an existing business or buy the rights to a local franchise.  Each option appeals to a different entrepreneur taking into account their financial resources, management skills, risk tolerance, business and industry experience.  My goal is not to put a square peg in a round hole; so I do lots of listening so the would-be-entrepreneur decides whether or not to buy a business; not be sold one.

 

To help entrepreneurs with each of these options, I have written a book on each topic based on my experiences of owning and operating my own businesses in two countries.  The first book is called Successfully Sell Your Business: Expert Advice from a Business Broker.  The other books are Successfully Start Your Business: Expert Advice from a Business Broker, Successfully Buy Your Business: Expert Advice from a Business Broker and Successfully Buy Your Franchise: Expert Advice from a Business Broker.  All books are available from my website www.Andrew-Rogerson.com or www.Amazon.com.  My website also has free sample documents to help entrepreneurs and these are available at www.Andrew-Rogerson.com/sample-documents   

 

Thank you so much Andrew - this is all fantastic guidance and insight. I know so many creative people that feel trapped in the corporate world and don’t know how to get their ideas off the ground or if it’s a good idea in the first place.

If this describes you, definitely check out Andrew’s website for more information.