Starting your own business can be an arduous process.  Many barriers and a high potential for failure exist. But the rewards can be great.  Here are some entrepreneurial thoughts to consider…

See Problems….Solve Them…

One of the most common ways of finding and developing a business idea is identifying a problem and to solving it. If you are able to see a need for a particular product within a particular target market, you can begin the implementation process to determine the potential success if pursued. From the beginning you must have enthusiasm, passion and be committed to your business idea. A business’s success is found in the vision and commitment of its creator A strong, believable vision often leads to proper implementation and a higher success rate

Once you have your business idea and are committed to its implementation you must identify your target market. Select a small section of the potential target market and test your business idea. Next follow up with feedback from the test market, which allows you to gauge the market potential and whether or not your business idea is worth pursuing. It is important to note that as you develop your idea that you must be open to change and alterations and understand the buyers perspective.

Entrepreneurship is tough and has a high degree of failure. The truth is a majority of small businesses fail within the first two years. So it’s important to have a solid vision and pursue your ideas with “flexible” enthusiasm that leads to best possible opportunity for success.

5 Tips for Soon-to-Be Sales Geniuses

It’s all very simple. You’re a sales representative. Maybe you’re a rookie who is establishing your voice, or a veteran stuck in a rut with numbers doing very little to impress or your boss or your company. That’s OK. I’ve, with the help of some sales experts put together a list of what I think to be 5 most important rules that all sales representatives, from all experiences and backgrounds, should remember and—most importantly—implement into their daily sales calls.

1. Comport yourself with great pride and confidence…

In the sales world, it’s not a sin to be confident of yourself and your product. Remember: the company’s headquarters is where the product is made, but without you and your daily diligence, the product may never reach the consumer. What good is that for anybody? So feel good about it and be knowledgeable. Be charming, but not smarmy. And be proud of your product because the more confident you are, the more comfortable the buyer will be.

(adapted from Barry Farber via http://www.entrepreneur.com/salestips/)

2. Visualize success.

Professional athletes visualize their next shot or next swing all the time. And while I know I don’t need to debate the differences between pro athletes and sales representatives, there is a lot to be gained from visualizing your day, your week, or even your next sales call. By creating a clear image of where you want to go and the goals you hope to achieve, you’re in a sense tricking your brain (and body) into what business writer Barry Farber calls creating your own luck. But it isn’t luck. It’s a way of programming yourself to be the person in that crystal clear image in your mind’s eye. Go ahead, be who you want to be. Be who you know you can be.

(adapted from Barry Farber via http://www.entrepreneur.com/salestips/)

3. Use testimonials. 

If social media has proven anything, it’s that word of mouth hasn’t gone anywhere. In fact, word of mouth may be even stronger today than 25 years ago. Be prepared: sometimes a potential buyer will be skeptical of your product. Sometimes, even if you’re confident in yourself and the product, and your visualization is set to “success,” you may still need to prove your product’s worth and long term benefit. What better way to sell a product than to show the results? Tell stories about your other businesses whose numbers have soared since buying your product. Get positive quotes from individual customers. Use the hard work you’ve already done to educate a potential buyer about the rewards your product has to offer. Show your product’s value.

(adapted from Bob Bly via http://www.entrepreneur.com/article/51268-5)

4. Learn to listen.

Everyone knows that sales is a business of people. So, you’ve developed a pitch. You’re confident, you know what your goals are, and you’ve got an arsenal of dazzling product reviews. You’re giving your presentation and you’re really quite brilliant. And at the end, they decide not to buy. Why not? Great sales pitches get the potential buyer interested, but what’s often times missing in a great sales presentation is what the potential buyer wants to say. They want to have a conversation about how your product can help them. Don’t bore potential buyers buy talking the whole time you’re with them. According to Linda Richardson, “You should be listening at least 50 percent of the time.” Take notes. Observe your prospect’s body language. Concentrate as much on selling as on what the customer wants.

(adapted from Linda Richardson via http://www.entrepreneur.com/article/51268-3)

5. Follow up.

Chances are, in Sales Theory 101, you learned about how valuable following up with customers and potential buyers is. Sending a quick thank-you note or making a phone call, even for a few minutes, shows you’re paying attention to the customer, that you value their business. There’s also nothing wrong with being sure a prospect who is close to buying knows you’re always available to attend to their needs. Demonstrating your attentiveness will keep your name and product fresh in the prospect’s mind. And next time you talk, they’ll remember how devoted you were when they were still a ‘prospect.’ Remember: your job isn’t done when the sale is made. Make the buyer comfortable by knowing you’re always there to help.

(adapted from Linda Richardson via http://www.entrepreneur.com/article/51268-3)

4 Time Management Tips to Maximize Your Productivity:

As a business owner, time is always your most valuable asset. Instead of thinking of time as parameter, something that’s counting down until the day is over and you’re “done,” think about time as opportunity. Learn to use time wisely and you’ll likely notice a surge in productivity. Here are 4 guidelines I’ve found to be most helpful when managing my own time.

1.  Organize your schedule.

It’s a no-brainer. Doesn’t every business have a schedule? Isn’t that how workdays…well, work? Yes. And yes. But it’s up to you to dictate how that schedule gets made. At the beginning of each workday, take 20-30 minutes and plan out every part of your day—do you have any appointments? Are you prepared for these appointments? What phone calls, or emails, need to be attended to?  Etc. What you’ll notice by doing this is how much time you actually have throughout the day. Do you notice any slack in the schedule? Are you wasting time by simply waiting around for an appointment or phone call, when you could be using that time for something more productive? There’s nothing wrong with taking some down time, but do your best to plan that, too. Get into the habit of mapping out every single day. Take control of the clock.

2. Delegate.

“If you want it done right, do it yourself,” doesn’t always apply in business. As you probably know, most businesses are built on the principle of delegation, of separating tasks, of accomplishing more as a team rather than just one person. Whenever you can, assign tasks to employees to complete so you can take on tasks that only you can complete. As you make your schedule each morning, figure out what tasks are able to be completed by a trusted employee or partner and allow them to focus on those tasks while you focus on your own. Remember: Just because you’re the boss doesn’t mean you need to be a hero. Learn to delegate and soon you’ll see how your business begins to function like a finely crafted car. Everyone does their job and you all move forward.

A Quick Note for Sole Business Owners: If you don’t have any employees, then delegate with yourself. Divide tasks into parts and complete each part separately, ultimately leading to conquering the whole task. It’s easier to bite off chunks rather than adding stress by thinking you need to take on the whole.

3. ALWAYS Set Deadlines.

ALWAYS set deadlines. There, I said it again. The reason I’m putting so much emphasis on deadlines is that without deadlines, the mind is prone to procrastinate. And if we’ve learned anything as business owners, its’ that procrastination is what ultimately kills productivity. So, you have a task to do but no real time frame in which it needs to be completed? Well, then why do it right away? Your commitment to the task hasn’t been established with a deadline so other activities, however small or distracting, are able to creep into your day. Set deadlines, but be realistic. Deadlines are not punishments, they are meant to keep your time properly managed. You can set these deadlines in your morning schedule and as you delegate tasks, use deadlines to keep your employees on track. And don’t feel the need to reprimand yourself if you don’t meet your own deadlines. At first, what’s most important is that you set a deadline and you worked as hard as you could to meet it and didn’t give up. Business isn’t always perfect, but deadlines will act as guides for how to navigate your time throughout the day.

4. Avoid Multi-Tasking.

Multi-tasking is a myth! For example: you have your phone to your ear, one hand on the steering wheel, iPod in your other hand, coffee in between your legs—and you’re tired. You’re driving, talking, figuring out what song you want to listen to, and trying to figure out the most optimal time to take a sip of coffee. Which task are you paying attention to the most? The answer is none of them. In this scenario, you’re giving each task 25% of your attention. That’s right… basically an accident waiting to happen. You’re driving a car with only one-quarter of your attention. The other three-quarters, then, are being used for menial tasks that can either wait for a better time or are unneeded altogether. I’m not saying multi-tasking is always life threatening, but I want you to think about my analogy when you have multiple tasks per day. Many business owners think that by juggling many tasks at once, they are achieving more and using their time even better than by just doing one measly task at a time. As discussed in #3, it’s best to start and complete one job at a time to be sure you’re full attention is being used to meet your deadline. You’ll also see that by moving from one task to another until each one is completed will actually improve your day’s productivity. Your daily schedule should be organized in such a way to preclude any need for multi-tasking.

There is no easy way to run a business. However, there are certain mistakes the majority of business owners make that stunt growth. If you can avoid making these same mistakes your business will not the pains of lost revenue; business owners that find they are making these mistakes will be able to prevent further damaging their business.

Hire The Right Employees: When a business undergoes quick growth, owners have to hire more quickly. Often, this causes undesirable employees to find their way into the company. Put aside the pressures of needing help; one employee with improper training, education, or poor customer service can cause significantly more damage than being understaffed. Take your time to ensure you have the best staff you can find.

The Bottom Line: With today’s entrepreneurs the bottom line is often a mystery. You have to know exactly what it costs to keep your business open. Daily and monthly overhead are vital to any businesses growth and sustainability. An owner that is unsure of their costs cannot properly grow or sustain a company; instead you will find that the business does a quick and mysterious nose dive. Make sure you do the math to avoid having to all together close your doors.

Know Your Clients And Be Creative: In any business venture there is plenty of room for creativity, however, you have to really know your target audience in order for creativity to be effective. A bar in the midst of Wall Street who decides to run an alien theme is not going to cater to the local target populace; this makes it appear as if there is a limit on creativity, the truth is that there are other locations where this theme would work great. Knowing who you want to target allows you the upper hand in designing the most effective business model around your prospective clients. It is important to be creative in your advertising as well, do not rely on any one source; instead find many outlets that cater to only your target audience.