Feeling Entrepreneurial? (Part II)

If you decide you want to follow your dream, here are tasks to accomplish in the early days of your new company.

1. Establish an accounting process, and pick a year end date.
One approach is to purchase a desktop accounting software package. Another option is to hire or contract an accountant.

2. Select your company name.
This involves verifying that the name is available, and registering it in your state. If you would like a Web presence, check if your desired domain name is available through a service such as Network Solutions. If you plan to protect your name and/or logo with a trademark, you can check the ability to use your desired name by visiting uspto.gov.

3. Obtain the necessary business licenses and permits.
This will vary by your location and type of business.

4. Obtain an Employer Identification Number from the Internal Revenue Service.

5. Set up a Dun and Bradstreet DUNS number by visiting dnb.com.

6. Discuss your business plan with your insurance agent.
Together, determine your needs for business insurance.

7. Loans, if you need them.
Don't assume that you can easily get a loan. Take time and discuss your options with a professional financial advisor or your banker.

A. Personal Loans
Banks, credit unions and life insurance policies are avenues to explore when seeking a loan. Be prepared to have your credit history scrutinized and in many cases you'll need collateral or a sponsor.

B. Business Loans
There are three types of business loans that you may qualify for. Have all of your documents ready, including your business plan and pro forma, and speak to your banker about all available options.

If you have steady accounts receivable (AR) that are not delinquent, you may seek a loan secured by your AR. You also may seek a loan to be secured by your inventory or equipment.

If your business holds real estate, you could apply for a loan secured with real estate.

If none of the above is right for you, visit the Small Business Administration at sbaonline.org.


8. Is venture capital for your business?
Venture capital firms (VC) are an option if you are planning a high and rapid growth business in which your investors have potential to make five to ten times their initial investment. VCs usually invest between $250,000 to $2,000,000 in a company. In return they take considerable ownership of the company. They generally make their decision on the strength of the management team and the viability of the business model in the current market.

If your company does not fit this profile, that is OK. It may be better to spend your time seeking funds in other ways.

If you are interested in venture capital or recruiting angel investors, visit garage.com. You'll find some great resources online, and in addition, they conduct a seminars several times a year called Boot Camp for Start Ups.

The book, "Financing the New Venture" by Mark Long is a good primer if you're new to raising funds.

9. Select a bank and establish banking accounts.

10. If you have decided to incorporate,
you may need to set up an Operating Agreement, create Bylaws, establish a Board of Directors, distribute share or unit certificates, and many other tasks related to the establishment of a corporation. Your legal advisor can help you determine what you need to do.

11. Create templates
for vendor contracts, client contracts and other legal documents such as a Non Disclosure Agreement or Transfer of Rights.

12. Set up accounts
with a printer, office supply vendor, and other special vendors your business requires. If you're on a tight budget, you may want to check out vistaprint.com for their low cost and free business card offers.

13. A lawyer would be helpful in the following areas:

• Establishment of your business
• Client and vendor contracts
• Partnership agreements and negotiations
• Corporate set-up, if so desired
• Leases
• Employment and labor issues
• Trademarks, copyrights and patent issues
• Tax planning

How to Select a Lawyer:

• Contact your local Chamber of Commerce or professional associations for a referral
• Check out lawyer candidates at MartindaleHubbell.com
• Check status of your lawyer candidate with the local chapter of the American Bar Association, or the national office at (312) 988-5522.

14. An accounting professional would be valuable in the following ways:

• Understanding of the consequences and benefits of each business form (i.e., C Corp, S Corp, LLC, etc.)
• Set up of an accounting system and procedure
• Tax planning
• Preparation of tax documents
• Payroll issues
• IRS audits

We've listed some of the tasks you may address when you decide to work as an independent contract, or form your own business. We urge you to find professional advisors to guide you through this new territory successfully.

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Feeling Entrepreneurial? (Part I)

By Peter Dowling, JD, CPRW, ARM, CPCU

Jan had lunch with Margo for the first time since Margo left the firm to work freelance. Now Jan is considering making the move to freelance. Before she does she wants to know what to expect and how to prepare.

What are the principle differences between working for yourself and for an employer?

Here is some of what you can expect 'on your own.'

• Potential for higher earning
• Make your own hours
• Make decisions about the direction of your company and your career
• More responsibility
• Potential for favorable tax benefits
• No unemployment insurance or worker's compensation, as an independent
• Income may be erratic or difficult to collect
• Cost of doing business may be more than you anticipate
• If you're working at home it may be a challenge to define your work hours and manage interruptions and distractions

Initial Steps -- Before You Decide to Quit Your Day Job

1. Create a business plan.

How will you do business? How will you attract clients? How much will you charge for your services or product? Who are your vendors? How long will it take to establish yourself? How long before you break even?

2. Construct a practical budget.

Do you have the necessary funds to get your business started and to keep it running through your break-even point? Are you prepared to seek outside funds in the form of a loan or investment? How long can you survive without an income?

3. Will you set up office in your home initially, or rent space?

Working at home can save money. You may qualify for tax deductions. However, will it harm your professional image, and is your home space appropriate for your business?

4. Select the legal form for your business. (Corporation, Limited Liability Company, etc.)

This decision is crucial as it may affect your tax liability and method, your Social Security tax responsibilities, your privacy, and your personal liability for debts.

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Building Confidence: What Should You Be?

Question: What is the best personality or the best identity for you to assume?

Answer: Anything you want to be! A cheerful friend, a businesslike executive, a caring listener. Whatever is best at the time. Different circumstances require different attitudes.

For example, to be a bossy manager at work might be appropriate, but you might drive your spouse crazy if the identity continues at home. To be a rowdy sports fan at a game is great, but not what you should be when asking for a raise.

The reason people have trouble determining who or what they should BE is because they don't start with HAVE.

"Children in the West are commonly asked `What are you going to BE when you grow up?' It is a silly question and can drive any child up the wall. Because it's the wrong question—hits the wrong end of the cycle."

"He is also asked, `What are you going to DO in life?' That's just as bad. It is quite difficult to answer."

"If we asked children, `What do you want to PRODUCE in life?' we could probably get a workable answer. From that he could figure out what he'd have to do to produce that and from that he could know what he had to BE. Then, with a little cooperation he would be able to lead a happy and valuable life."

"A lot of people and businesses fail because they don't do this." — L. Ron Hubbard

Example: A young man likes to cook and make people happy. He may decide the product (HAVE) he wants to produce is: "Properly fed, happy people who pay a lot of money for the dining experience at my successful restaurant."

Based on this decision, he works out his career by listing the steps (DO) which include enrolling in a cooking school, working at several restaurants for the experience, saving money, and so on. His planning is accurate and efficient. The young man then works out the best identity for the job (BE). He needs to BE a successful restaurateur: proud, charming, service-oriented, smart and wealthy.

To put his plan into action, this young man starts the cycle with BE and assumes this identity as the first step. He strolls around BEING a successful restaurateur from day one. He's proud, charming and service-oriented. He even feels wealthy.

He can then easily DO the steps needed to get what he wants to HAVE: a successful restaurant with happy customers. He accomplishes this much faster and more easily than a person who cannot BE a successful restaurateur until he owns the restaurant.

If you want success and wealth, BE wealthy or successful before you get there. It’s fun!

Assume a wealthy identity. Test drive a big new Mercedes. Stroll through a $10-million building as if you own it. People will want to be around you. Bankers will try to lend you money. You'll feel great!


Exercise

While this exercise focuses on making money, you can do this with any goal.

1. Take out a blank piece of paper. At the bottom of the sheet, write down how much money you want to earn per month, one year from now.

2. Above the dollar amount write down what you need to produce (HAVE) that someone would pay you that much money for. What final product must you produce that is worth the amount of money you want to earn?

For example, a plumber wants to earn $8,000 per month in profit. He calculates his overhead costs and determines he needs to produce or HAVE "$20,000 per month in high-quality plumbing work to happy customers who refer."

A dental receptionist who wants to earn $3500 per month might determine she needs to produce much more than "scheduled patients." She talks to the dentist and decides she needs to produce "a dental practice that doubles in productivity through my clever scheduling so I can earn $3500 per month."

The partners of a law firm decide they want their group to bill and collect $500,000 per month.

What do you need to produce to earn the money you wrote in step 1? Write this down.

3. In the middle of your sheet of paper, write down what you need to DO to reach that level of productivity. This is planning at its finest; you start with the final result and work backwards.

Before you achieved the above product, what would you do? Before that? Before that? Plan your steps from this future point in time back to the present.

For example, the plumber needs to DO more promotional actions, delegate responsibility to his assistants and make sure every customer is completely satisfied.

The dental receptionist needs to organize the schedule better, make more reminder calls to patients and keep the doctor busier.

The law firm needs to hire more associates, attract wealthier clients and win more cases.

4. At the top of the page, write what you need to BE to accomplish the plan and obtain the final product.

The plumber might need to BE a responsible manager and not a fun-loving worker. He may decide he needs to BE a successful business owner.

The dental receptionist needs to BE the boss of the patients’ and doctor’s time, not just be a receptionist. She needs to BE a successful manager.

The law firm needs to BE the most powerful law firm in town. It moves to the biggest building in town, hires the best decorators money can buy and gives an overwhelming feeling of strength.

Whatever you write at the top of your paper is what you need to BE. It's the most effective identity you can assume. BE THIS PERSON RIGHT NOW.

Now that you are BEING the correct identity for this goal, DO the action steps. You will then HAVE the money or goal.

Use this exercise in other areas of life. For example, to HAVE a successful marriage, what should you DO and BE? What do you need to DO and BE to HAVE a cheerful family, a successful business, a happy life?

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Outdoor Billboard Advertising: 10 Issue To Things In Your Campaign

Outdoor Billboard Advertising – One of the Most Difficult Advertising Strategies

Outdoor billboard advertising is one of the most difficult of all advertising simply because of the variables that surround its success or failure.

Size, location, and the message must create a call to action either by calling a phone number or visiting a web site. This is why many small business owners look to outdoor advertising companies for help and guidance.

Outdoor billboard advertising is most effective when it is part of a larger advertising campaign that also includes display advertising in newspapers, radio and television advertising, and website campaigns. Compared cost-wise to other forms of advertising, outdoor advertising rates are favorable due to their exposure level.

The most effective billboards are ones that cause the viewer to go, “hmmm.” Many famous (and highly effective) outdoor billboard advertising strategies could fill the halls of many mansions but they have one thing in common: creativity. Some of the most creative ideas can be found at Billboardom


1. Outdoor Billboard Advertising Needs to Be “To the Point” – and Memorable for Passing Motorists

Think about this: how much of a billboard can you read going 60 miles per hour?
Effective billboards have a message that has “punch” such as a shorter version of a slogan. “I'm Thinking Arby's,” “Got Milk?” and a variety of other “mini-slogans” add just the right of information to make it identifiable with a brand name.

In fact, part of a comprehensive advertising campaign is to create slogans for the company that promote name recognition and company branding.
Some of the most memorable outdoor billboard ads have the fewest words and three or less graphics.


2. Outdoor Billboards Need to Have Lettering that is a Minimum of 1 ½ Feet Tall

Even if your billboard is close to the road, you still need to stick to this rule for maximum visibility. Remember that the speed limit of that particular stretch of road will either allow for more or less time for your message to be read. If your outdoor billboard is further from the road or higher up from the ground, the lettering should increase in size accordingly.


3. Large and Powerful Graphics Make Billboards Memorable

A huge photograph of a hand holding a hammer says, “Strength” without words. The hammer itself can be used to portray a building company but can also project, “our workmanship is solid” for many types of businesses and industries.

A graphic such as this should be the same height as the billboard area for the most effectiveness. Remember the adage, “a picture says a thousand words” to help guide you in finding a great graphic or visual effect to say the words instead of cluttering the billboard with text.
Dare to be different with the use of graphics.


4. Contrasting Colors Make Billboards Stand Out

Your graphics and text must stand distinctly apart from each other in order to be seen and remembered. Along these same lines, a website domain name and phone number that tie into the graphic's message helps the most important information – the call to action – easy to remember.

A short and easy-to-remember domain name and phone number in bright yellow against a dark background helps the eye to register the information to the brain in a glance.

Just because all the text and graphics are very large on a billboard does not mean they will be seen and responded to. Because the elements are larger, it is even more important to use high contrast with graphics and text.


5. Billboards that Speak the Language of the Community Get Results

If your business appeals to a younger market, the edgier you can get, along with “street talk.” While many business owners may not fit into that crowd, their audience might.

How you, as a business owner, may phrase a statement in “proper language,” the use of slang and deliberately misspelled words can let your customers know that your business is progressive and not adverse to change and innovation.

On the other hand, if your customers consist of another type of audience, speak to them in the language they are accustomed to. “Yo, heads up” may not be very appealing to an audience who relates better to, “We're New….and Better.”



6. The Way The Eye Travels is the Way Your Billboard is Read

The eye travels from left to right. You want to be sure that your billboard's message goes in the order you intend.
Make sure that your message doesn't lose the viewer in lack of order or sense.

Your graphics and text should have a natural flow so that the eye travels naturally from the most important element to the next. There should be a natural flow from element to element with the most important being what stands out the most: is it the text message or the graphic?

Again, color and contrast help to determine an easy flow where there is a specific order and the message is absolutely identifiable with your business.



7. Dare to be Drastic and Different with Your Billboard Advertising

Most of the time, it's risky to be daring in business and errors in judgment can cost a business hundreds, if not thousands, of dollars.

Gather ideas from friends and family as to what their most memorable billboard signs have been. Creativity is the key so that your billboard stands out from the rest of the signage along the roadway. Think outside the box and include humor, a headline of great interest, and graphics that lead the readers to call or click to your business.



8. Create an Advertising Message on your Billboard that Beats the Competition

Consumers are exposed daily to every suggestion, nuance, and saying that advertising executives can dream up for any type of advertising campaign. The problem is, how can you make your message convey how your product or service outperforms the competition?
This is the time for a very good writer and thesaurus to come into play if you cannot afford an advertising agency's expertise.

Come up with a better way of saying why your business is better in the fewest number of words. In fact, this is the very method used when creating a slogan and you can start with a longer slogan and shorten it to a catch-phrase for your billboard.



9. Offer Something for Free on Your Outdoor Billboard Advertisement

Insurance companies and other similar businesses are notorious for proclaiming, “Call for a Free Quote Today!”
Today, more than ever, consumers are not only comparison-shopping for great deals but also value for their money.

If your business offers a guarantee of work, trade-in products, humanitarian contributions and charities it donates to that people are passionate about, fit this information into your billboard message.



10. Call to Action is the Goal of Outdoor Billboard Advertising

The goal of your outdoor billboard advertising is to establish new customer relationships. By using the tips provided here, the goal is to create a billboard advertisement that entices potential customers to contact your business for more information.

By utilizing the steps outlined above, you will be well on your way to achieving more traffic and inquiries for your business.

Outdoor billboard advertising can be quite expense so adequate time and care needs to be taken into the choice of graphics, colors and their placements, and a unique message that portrays a solid business that portrays customer satisfaction and beats the competition with its products and services.


Important Points to Remember when Doing Outdoor Billboard Advertising:

• Create billboard messages that are to the point.
• Create letters and graphics that are adequate in size and height for visibility.
• Create billboard messages that can be easily seen and their messages understood quickly.
• Be creative with graphics, text, color, contrast and concepts.
• Be sure to relay an offer and a call to action for more information by phone or website.

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These days there is an ever-increasing trend of people working from their homes. And it is easy to see why; working at home is cheaper and more convenient than commuting to an office.

However, as can be expected with this thriftiness and convenience, working at home comes with a certain risk: that of distractions and temptations to laze around the house having fun or relaxing.

When it comes to working out of a home office, there are many things that can stand in the way of your productivity. This article will outline a few of them and recommend ways to avoid them and get the most out of the time you spend working at home.

Avoid Distraction at all Cost

The most important thing to avoid while working at home is distraction. This can come in many forms, but will always detract from your working abilities. The most common source of distractions, unsurprisingly, is you.

Since so many at-home jobs these days involve computers, it is easier than ever to spend a few minutes here and there surfing the net or listening to music. But a few minutes here and there can add up to more than expected.

It is important to keep your workplace free of entertaining distractions. For many people this means having two different personal computers: one for work and one for play. This will help you stay focused on the task at hand. You will be amazed at how much more work you get done when you spend the entire day working with no messing around!

Home Office Organization Techniques

Another way to ensure that you get the most out of the time you spend working at home is to make sure that your office is optimally organized. Simply having the most expensive desk, chair, and shelving available is not enough; your home office’s furnishings have to mesh with one another.

In other words, you should consider things like how much space they occupy before purchasing them. Doing so will help you come up with an office layout that is maximally efficient. In these days where people are either tight on money or tight on space, or both, something like the Techni Mobili Computer Desk is a popular choice.

What Room of the House to Use

Another factor that will contribute to the efficiency of the time you spend in your home office is its location. You should make sure the area you have set aside to do at-home work is not used for other purposes, if possible. It does not take any more than a person walking by to distract you from your work and require you to spend extra time refocusing your attention.

As far as time is concerned, every little bit adds up, and, as the saying goes, “time is money.” There are other factors associated with your home office’s location that you should also consider. For example, how much sunlight gets to your office during the time you work?

How many electrical outlets are available to you without using a surge protector? Do you have space to perform all the working actions you need to perform? And finally, do you feel comfortable working in the area you have chosen?

The All-Important Office Desk

The office desk you choose to use is one of the major factors determining how comfortable your working area will be. For this reason, it is important to put a large amount of planning into the purchase of your office desk. Available models vary according to available features, quality of materials used, storage space, etc.

It is important to know your needs before beginning to shop for a desk. For example, you should not buy a desk with four drawers intended to store paper files if your work does not involve keeping any kind of paper records. Office desks can be expensive, and picking one that suits rather than exceeds your needs is a great way to save some money.

Sit on It for a While

Women at a deskPicking the right office chair is another great way to save. It can be tempting to buy the most expensive, comfortable chair on the market, justifying it as a “business expense,” but ultimately you should consider how much time you plan on spending sitting in the chair each day.

If your back can handle sitting at a cheap chair for the few hours per day you spend working at home, you can save serious dollars by purchasing an inexpensive chair or using one you already have around the house. All things considered, the most important thing to consider when planning the layout of your home office is practicality; does your design allow you to complete the work you need to complete in a clutter- and stress-free environment?

If not, try to come up with a plan for reducing the elements involved with your home office that are cutting into your efficiency. And remember, your home office is yours; there is nobody to blame for things not getting done but yourself.

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Business Ethics To Practice

There is a lot of tension that business managers have to learn to deal with in today's business environment. Shareholders want higher profits, but the workforce wants higher wages. Consumer want lower prices, but suppliers want to charge more for parts and supplies. In the midst of all that, companies need to keep a close eye on business ethics issues.

Ethics in business has been a concern for businesses for a while now, but events of the past years has mad it even more of a focus. It seem like it should be such an easy thing; do what is right and you won't get into trouble, but deciding what is right seems to depend on who you talk to.

Business schools teach managers have a responsibility to grow the business and get the best return for the stakeholders, but some times the stakeholders have conflicting concerns. How do business ethics apply to that type of situation?



3 Important Business Ethics


While there are often times that the answer is not clear cut, there are a few standards that will help you avoid major missteps.


Honesty

One business ethics rule you should never violate is to tell the truth. Regardless of what problem you might face, you will never go wrong by being honest. If you need to make a decision that is not popular, or may even harm one group or another, be honest with the people involved.

Most of the major business ethics scandals over the past years have come as a result of business leaders that were dishonest. Knowing right from wrong, they chose wrong, and then lied about what they had done. Those in the organization that were not involved in the original problem ended up getting in trouble when they participated in the cover up.

Perhaps the most basic tenet of business ethics is maintaining honesty. Those you deal with may not agree with you, but they will respect the fact that they know that you are telling them the truth. That goes a long way with people.


Integrity


Business WomenThere are times in business when people do something that may be honest, and it may be the right decision for the company, but they go about it all wrong. You have heard stories of companies that announce layoffs the week before Christmas.

Many times these companies new about the decision weeks or even months before it was announced, but in order to avoid problems, they put off the announcement until the last minute. Integrity in business ethics would say that you tell your people what is coming so they have the opportunity to prepare for the layoff.

The same is true with price increases for your clients. If you need to increase prices you need to be honest and up front about the increases, not try to slip an increase in unnoticed. This type of behavior usually backfires, and the reputation of your business is harmed in the process.


Security

One area that has improved over the years is the issue of security of information about your clients and customers. There have been too many examples in past where a company has sold customer contact information to a third party for marketing purposes. You customers end up on a junk-mail list because the company owner saw an opportunity for a quick pay-day.

You need to apply business ethics by making sure that any information you collect about your customers is kept completely private. If your customers do not feel safe with your business they will quickly go to your competitors, and you will have a hard time trying to win them back.


Code of Business Ethics

One way to make sure the people in your organization abide by your business ethics is to write a Code of Ethics for your organization. This sends a message to your employees and your customers that you practice good business ethics.

Be prepared to spend some time getting this right. It isn't something you can typically knock out over lunch one day. You need to make sure it truly captures your view of business ethics for your organization. If you do this half-heartedly, your customers and employees will see through it, and they will probably doubt that you truly hold to the business ethics that you claim are important.


Points To Keep In Mind…

• Many problems can be avoided by being honest with the people involved.
• Sometimes businesses do what is right, but they go about doing it all wrong.
• A Code of Business Ethics lets your customers and employees know what is important to you.
• Once you lose the trust of the people you deal with it is very hard to get it back.
• Your Code of Ethics needs to truly reflect what you believe and not just something you threw together.

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Five Common Mistakes Entrepreneurs Make and you Should Avoid

One thing that all entrepreneurs have in common is that they all make mistakes. Unfortunately, time and again we see the same mistakes repeated by many entrepreneurs.
Mistakes.


Entrepreneurs Make #1 – Unclear Goals

Not having clear goals and a clear mission is like trying to drive through a foreign city without a map. he easiest way to avoid making this mistake is to write down your goals and strategies. Too often people can be thrown off course by innocently misinterpreting the goals and strategies. To assume that everyone involved with the business has a clear understanding of its mission can cause many more errors down the road.

In addition to writing down the goals of the business, be sure to write down measurements for success! Set your goals with timelines or milestones in mind and keep focused on meeting those objectives.


Mistakes Entrepreneurs Make #2 – Trying to prove you are Smart

The quickest way to make enemies is to try and prove you are the smartest one out of all the people you work with. Trying to prove you are smart is self-serving and has everything to do with ego; you will end up looking foolish for not listening to the advice of others in business.

No one has all the answers. Where you become smarter is when you realize that there are many other talented people who you can learn from. If you are fortunate enough to be surrounded by such a group of people, learn to be gracious and acknowledge and give credit to them for helping you along the path of building your business successfully.


Mistakes Entrepreneurs Make #3 – Greed

This may sound like a silly question but: are you in business to simply make money? Or, have you become an entrepreneur in order to march to the beat of your own drummer?

Becoming a successful entrepreneur involves the creative efforts on not only your part, but also on the part of others who contribute time and money toward your business. They want to succeed with you and are more likely to stay with you as long as they are valued---by you.

This means that you cannot keep the whole pie to yourself. Just because you might feel that you work harder than others do, does not mean that you are entitled to all the business equity. Think of it this way: with the help of others' contributions of time and money, what might the value of your slice of the pie be worth down the road?


Mistakes Entrepreneurs Make #4 – Hiring the Wrong People

Your business is not being set up as a social gathering and filled with all the people whom you like. Your business needs to be comprised of knowledgeable and talented people who are good at what they do.

Successful entrepreneurs concentrate on hiring the people they need---not just people they like.

Part of writing your goals and strategies includes creating job positions for people to fill. Without a clear-cut job description and list of duties for those areas, how would you know the best people to hire?


Mistakes Entrepreneurs Make #5 – Not Knowing when to Let Go

Many business owners refer to their venture as their “baby” and, in many ways, building a business is just like rearing a child.

As an entrepreneur, you are starting with a seedling of life that you will nourish and grow and the “child” begins to mature. Over time, other people contribute their time, skills, and money into the business and, as the business grows, the relationships change.

Be prepared to hand over responsibilities to others so that you do not suffer from “burn out.”


Important Points to Remember to Avoid Making the 5 Biggest Mistakes:

Coffee Cup Nespaper and cell phone

• * Develop and write down goals, strategies, and measures for success.
• * Give credit to others who are smarter than you.
• * Be fair with sharing the equity in the business.
• * Hire the people you need---not just the people you like.
• * Learn to give responsibility to others at the right time.

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Top 7 Entrepreneurial Traits Needed For Success

Source : A Touch of Business.com


Entrepreneurial Traits: Entrepreneurial Traits - symboloized by a man at his deskSo you think you might be the next Bill Gates but those around you are telling you that you just don't have what it takes?

Well, people have studied entrepreneurs for years, trying to determine what makes them successful at starting a business.

Why are some people more persistent than others? Why are they willing to take risks?

What keeps them from feeling overwhelmed? How can they spot an opportunity that others fail to see? In general, what makes someone a successful entrepreneur?


What Is an Entrepreneur Anyway?

Are you an entrepreneur? How do you know? Well, first you need to understand what an entrepreneur is.

According to most modern dictionaries, an entrepreneur is someone that starts a new business when they see an opportunity at hand – an opportunity with success written all over it.

However, finding such opportunities is not easy and when found, even more difficult to turn into something of worth.

The Small Business Administration (SBA) keeps the stats on business failures and claims that more than half of new businesses will disappear in the first five years.

That is why it is important to determine before you begin if you have what it takes to make it as a business owner.


Top 7 Entrepreneurial Traits Needed For Success

Here are the seven characteristics that researchers find over and over again. If you have these traits, your odds of success are far greater than those that do not.

• Self -Confidence – This means that you trust your abilities. You are willing to face the adversities that are going to happen. You believe you have what it takes to act upon and solve these problems.

• Risk - Taker – This means you trust your hunches, even without a lot of evidence. Keep in mind, however, that success isn't about luck. Once you have the idea, effort and hard work must take place.

• Financial Savvy – You must understand the value of money and have an understanding for how much things cost. Most entrepreneurs learned this skill at a young age by earning their own money through endeavors such as babysitting or mowing lawns. Entrepreneur typing on a computer4. Observant – You know what the next trend is going to be by observing what is going on around you. You will always be looking for new ideas and new ways to make money.

• 5. Competitive – You want to win and you are not afraid of others out there that feel the same way. You know how to stay ahead of others.

• 6. Strong Work Ethic –You are honorable and have a strong work ethic. By making your deals honest, you have an excellent reputation.

• 7. Knows When To Relax – Although you understand the value of hard work, you also know when it is time to step back and enjoy leisurely activities. You realize that burning yourself out is not the way to succeed.

Having these characteristics is not a guarantee that an entrepreneur will be successful. But with these characteristics, an entrepreneur has just the right ingredients for success.

Luckily, the items on the list are learnable. If you want to be an entrepreneur, be honest with yourself and then get to work.

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How did Henry J. Heinz Achieve Such Extraordinary Success?

Source : A Touch of Business.com

HARD WORK. This phrase comes to mind when reading about business leader Henry J. Heinz, whose products’ presence on just about every table makes people include him as one of the greatest business leaders in American history.

Henry J. Heinz – Working Since Nine!

Heinz was one of eight children born to German immigrants Heinrich Heinz and Anna Margareta Schmitt.

He was born in Birmingham, Pennsylvania, but the family would later move to Sharpsburg (on the outskirts of Pittsburgh).

Heinz started in ‘business’ very young. At just six years old, he was already helping his mother look after a backyard garden from which they sold vegetables to neighbors. At age eight, young Heinz would be selling produce already door-to-door!

By the time Heinz reached 17, he was already earning $2,400 annually, a staggering amount during those times.

Laying the Foundation for Heinz

In 1869, Heinz founded his first company – the Heinz Noble & Company with L.C. Noble – to sell horseradish but it was not successful and it ended in bankruptcy in 1875.

Never the one to just give up, Heinz established F & J Heinz with family members and started selling products, one of which was tomato ketchup. In 1888, Heinz bought out his partners and re-organized the firm to the H. J. Heinz Company and it is still the name of the firm to this day.

As a business leader , Heinz was known to be fair in his treatment of employees and was a great supporter of safe and sanitary food practices. In fact, in 1906, he lobbied in favor of the Pure Food and Drug Act. He was also known to be very involved in church activities and did many philanthropic works during his lifetime.

The Henry J. Heinz Quick Bio

• Full name: Henry John Heinz
• Birth date: October 11, 1844 (died May 14, 1919)
• Birth place: Birmingham
• Key success traits: a hard worker to the core, a strategist, never a quitter
• Company: H. J Heinz Company
• Industry: Food & Tobacco

Tidbit:
Heinz’ well-known tagline “57 varieties”, applied in 1896, actually bears no actual meaning. Heinz just happened to like a shoe store ad he saw while in New York City which said “21 styles” and wanted to copy it. In reality, Heinz was already selling more than 57 types of products at the time the slogan was introduced.

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How to start a t-Shirt business (Part II)

Source : A Touch of Business.com


Standing out in the crowd

Because it's become so easy to start up a t-shirt business in the 'aughts, the competition (especially online) is extremely fierce. So much so that very few people are able to make a full-time living with either t-shirt design or sales.

There are several things a new t-shirt business can do to make success more likely. For instance, it's always a good idea to make a real effort to get hip to what your target demographic really is wearing these days – don't guess.

Furthermore, you're far more likely to make a quick impact by focusing on a very particular market segment. It's not enough to market your t-shirt to “young people.” You'd do better to focus on a very specific niche market such as “young people with motor scooters” or “Irish-American skateboarders.”

You can come up with designs yourself or partner with local artists to share the profits. Even if you don't have any talent with design software or drawing, you can make designs that feature words only.


Marketing for success

Though competitive, many people are able to make a nice side-income from t-shirt business opportunities. Many who do so eventually branch out into other items of apparel. For instance, if you've invested in screen-printing equipment, you can pay the extra for large-format equipment that allows you to make banners and signs.

The only thing holding you back is a marketing effort. All t-shirt business models should include quite a few free-samples and plenty of innovative give-aways to get people to pay attention. Don't be afraid to hit the pavements and get your t-shirts on as many backs as possible. Never be afraid to hand out your cards.

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How to start a t-Shirt business (Part I )

Source : A Touch of Business.com

Starting a t-Shirt business could be a great way to merge creativity and retail sales. Just about everyone has a favorite t-shirt. Business options that target a t-shirt niche can expand very quickly with the right marketing, materials and design.

The t-shirt business has really opened up in recent years. People buying t-shirts in record numbers – heck, they're even buying t-shirts for their dogs. But, Internet has made it possible for just about anyone to make their ideas come to life and walk out the virtual door in 100% cotton.

Letting others do the work for you

One of the biggest innovations in the t-shirt business is the service provided by companies such as CafePress. All you need to provide is the design. Such online companies will print the t-shirt for you on-demand whenever one is ordered.

The advantage to this is that your t-shirt business start-up cost is essentially nothing when using an online service. You don't even have to make a web site of your own to conduct business online. Most sites provide web-space templates that you can modify as your virtual store.

Be careful to read the agreements very carefully. Some services will actually retain the rights to your artwork in exchange for using their service. If you do have a break-away hit, this can end in heartache.

Sending the shirts out for printing

Another option is to use a professional screen-printer to do the work for you. This is an especially good option if you'll be doing single color line drawings or words on a variety of shirt colors Full-color printing with a screen-printer is very expensive and is usually only suitable for high-end concerts where people won't mind paying upwards of $50 per shirt. This simply isn't an option for the vast majority of startup t-shirt businesses.

Apparel print shops are available in most urban areas. You may also order the shirts online and have them shipped to you for on-site retail sales. Many t-shirt business models will involve having the merchandise drop-shipped directly to the customer. Often, the print shop will include your own tag or label, for a small fee.


Heat transfer and Flock lettering

A viable niche market for a t-shirt business is the application of full-color photographs to t-shirts and other clothing or apparel items. Like the low-end consumer kits that come with some printers, these are printed on a normal ink-jet printer that is outfitted with water-resistant inks that hold up to washing.

Unlike home kits, you cannot get professional results from using an iron for the transfer – you'll need a professional heat-press for your t-shirt business. You'll also want to make sure you have suitable equipment for trimming around the designs, especially with dark colored shirts. Otherwise, the results won't look very professional.

Flock lettering is the trade-name of the velvety heat-transferred numbers and letters that have graced recreation-league t-shirts since the 1970s. As long as they're applied correctly and perfectly straight, these look very professional without a lot of equipment or training.

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