Missouri State University
Entrepreneurship Club
Students of Today, Leaders of Tomorrow

10 Positive Signs That You Are Cut Out To Be An Entrepreneur

Entrepreneurs are different from everyone else. Generally, we don’t prescribe to the status quo and because we think differently – we act differently.

Here are 10 dead giveaways that indicate you belong to a “members only club” where clout is in high demand, sleep is overrated, and “business shabby” is suitable attire.
1. Let’s just say, there’s no shortage of self-confidence here. I’ve yet to meet one self-loathing entrepreneur, and I am pretty sure some could be perceived as entitled narcissists. Whichever side of the spectrum you fall on, confident entrepreneurs do “it” better. Honestly, if you don’t believe in yourself – don’t expect anyone else to. But don’t forget the occasional slice of your grandma’s warm humble pie.

2. You’ve got clout. No not the social media Klout Score – well yes, you’ve got that too. But most importantly, entrepreneurs intrinsically know how to connect the dots. You pull together partnerships out of the most unlikely places. Influence whether learned or second-nature is essential to take your business from zero to hero.

3. Federal holidays just aren’t that cool. If you were once a corporate bean counter, long gone are the days of wistfully staring at your cubicle calendar counting down to your next escape. These days – your schedule is yours and federal holidays just aren’t what they were once cracked up to be. If you’re location independent, heck you can “work” from anywhere.

4. Sleep is antiquated. Once you find your “hustle” and “flow” – you decide to rest when your body needs it. But inspiration at 3am is an adrenaline rush. Who has time to sleep at a startup? No one. Grab a pillow and take a nap over there… under your desk.

5. You’d gladly work for free… for shoes or for game tickets, at first. You are motivated beyond the paycheck — this is heresy for most corporate folks. But, successful entrepreneurs have all gladly done what they love (fulfilled their passion) for free at the onset of their startups. Passion doesn’t really seem like “work.” Don’t forget, some people dream of success… while others wake up and work hard at it (Anonymous).

6. You like to run things. You like to be in control – in command, to manage to organize… whichever connotation helps you sleep a bit easier at night. You’re a control freak. If you don’t agree – why did you choose entrepreneurship? I’d wager that your responses will include some degree of control – of your finances, future, time, etc. But remember sensei, “He who controls others may be powerful, but he who has mastered himself is mightier still (Tao Te Ching).”

7. It can always be better – and you make sure it is. You’re motivated to outperform yourself – not others. Your standards are high and “your talk can write a check that anyone can cash!” While perfection is unattainable – you’re pretty bent on getting close.

8. You’re unemployable and that’s a positive thing. Often classified as independent, maybe you suck at office politics and were known to “rock the boat.” Either way, why fool around on the playground when you can own the land it sits on? The experience and life skills that an entrepreneur gains trumps a 9-5 any day.

9. Your dress code is shabby chic. Your suits are collecting dust. While it is completely appropriate to pull one out for a client meeting, most of the time you wear what you want – when you want. If you’re at a tech startup, forget dress code altogether and go “business shabby.”

10. You’re a little mental. The Startup Centre’s, Vijay Anand reminds us that we “have the innate ability to create something out of nothing. What is stuck in our head most times is a reality that is only relevant and known to us and no one else quite gets it.” I’d say that’s a pretty astute assumption. But your genius-madness is a redeeming quality, one which most of the world wishes they had.

 

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5 Lessons Rocky Can Teach You About Getting Into The Career of Your Choice

5 Lessons Rocky Can Teach You About Getting Into The Career of Your Choice

 

“Ok, I’ll give you $25 for him.”

 

“Sold.”

 

Had it really come to this?

 

First, his wife’s jewelry and now his dog?

 

When you really need the money, anything goes, right?

 

It had all started with dreams of being a movie star, and now he was here – broke, and selling the last of his possessions to stay afloat.

 

Back in the Day

 

Since he was a child, Sylvester Stallone had wanted to star in movies – not TV, not plays, not anything else – but movies.

 

But actually becoming a star?

 

Well, he had gotten over 1,500 rejections from agents in New York so far.

 

At the time, there weren’t even 1,500 agents in the city – but he had been to many of them 5 or 6 times.

 

The First Job

 

One day, he arrived at an agent’s office and stayed there overnight when the agent refused to see him.

The next day, around 4 PM, the agent saw him there and gave him his first movie role: he would play a thug that appeared for 30 seconds and then got beaten up.

 

He played a few more roles like this, but it wasn’t enough to pay the bills – so he had to start selling his possessions.

 

His wife kept yelling at him to “get a normal job” but he refused – he knew that once he gave up, he would get caught up in the routine.

 

Hunger was his only advantage.

 

Becoming a Writer?

 

Broke, freezing, and depressed, Stallone went to a public library one day and discovered the poems of Edgar Allen Poe – after which he decided to change his strategy: he would write his own film instead.

 

After several hundred more rejections, he finally sold a script for Paradise Alley – for $100.

 

That was an enormous sum of money to him at the time, but it wasn’t enough: he had to start selling his wife’s jewelry.

 

And finally, he had to sell his dog for $25 to a guy at the liquor store down his street.

 

The Next Day

 

The next day, he watched a boxing match between Muhammad Ali and an underdog of an opponent – Chuck Wepner.

 

All odds were on Ali dominating – but Wepner kept bouncing back and actually knocked Ali down in Round 9, almost winning the fight.

 

Eventually Ali triumphed in Round 15, but Stallone had gotten what he needed from watching: inspiration.

 

Immediately after the fight, he sat down and wrote for 20 hours straight – until he had the script for Rocky.

 

Predictable?

 

Right after that, he went out and started shopping it around to agents, but to no avail.

 

“It’s too predictable.”

 

“Haven’t I already seen this 500 times?”

 

“Yawn.”

 

After countless rejections, he finally met a few businessmen who believed in it – and they offered him $125,000 for the script.

 

It was more money than he had ever seen in his life, but there was a catch: they would not let Stallone play Rocky. Instead, they wanted Ryan O’Neal – a “real” actor.

 

“Take it or leave it,” they said.

 

Stallone walked out of the room.

 

Victory?

 

A few weeks later, they called Stallone again and offered him $250,000 this time.

$250,000 to NOT star in his own movie.

 

He turned it down again – and they came back with an offer for $325,000, which he also turned down.

 

Finally, they reached a compromise: they would pay Stallone $35,000 and allow him to star in his own film. To them, $35K was chump change and they figured the gamble would be worth it.

 

They spent $1 million making Rocky, which went on to gross $200 million and win 3 Oscars.

 

The first thing Stallone did was go back to the liquor store where he had sold his dog and wait around for the same guy to show up.

 

On his 3rd day of waiting, he finally found the man, along with his dog.

 

He offered $500, then $1,000, and the man refused both times.

 

Stallone finally got his dog back after several more attempts: he had to offer $15K and a part in the next Rocky movie to the guy who bought his dog.

 

That may sound ridiculous to you – but if you really want something, you will pay anything to get it.

 

Ok, So Now About Getting Into Your Career Field of Choice…

 

This story is one of Tony Robbins’ most well-known motivational tales.

And it’s often remembered for a simple message: never give up.

 

At first glance, that’s what the story seems to be about: Stallone never gave up, and eventually he became a star, right?

 

  1. 1.   Persistent Adaptation

 

Persistence is part of the picture, but it’s not the whole story.

 

Sometimes I hear things like this:

 

“I’ve been through 50 informational interviews and have contacted 500 different people in the industry, but I still haven’t gotten any interviews. Should I give up?”

 

If you’ve done THIS much networking and have still not gotten any results, you’re doing something wrong.

 

Persistence is good, but persistent adaptation is better.

 

If something isn’t working, why would you continue to do it and expect different results?

 

If something isn’t working in your recruiting efforts, you need to figure out why and then change it. Talk to your friends in the industry; reach out to people you know and see what’s wrong… and then fix it.

 

Yes, you have to do some testing first to figure out if something works – but make sure that you’re not using ineffective strategies ad infinitum.

 

Just think what would have happened to Rocky if Stallone had kept starring as a minor thug in movies.

 

2. Networking Is Not 100% About the Present

You might think that this story had a poor outcome for Stallone: he only made $20K after you subtract the cost of getting his dog back.

 

But it paid huge dividends in the future: he became a star and made far more fame and fortune in future years.

 

Too often, you get very focused on getting a job immediately with networking.

 

Yes, if you want to do a lot of cold-calling that can happen – and if you’re in a crunch for time, you may have to do that.

 

But more often than not, the true benefits of relationships will only present themselves in the future.

 

But please, don’t ever take advantage of this to make 20 movies with the exact same plot…

 

  1. 3.   If You Want It Bad Enough, You Can Get It

 

This is why I don’t like the question “What are my chances?”: most of the time it comes down to a simple question: How bad do you want it?

 

Sometimes you need to hit rock bottom before you get motivated enough to make a dramatic change.

 

That’s why so many people sit in their comfortable existences doing something boring all the time: they don’t want anything else bad enough.

(And yes, I know the grammar is wrong. It’s intentional.)

 

  1. 4.   Predictable Does Not Equal “Bad”

 

Lately I’ve seen some “interesting” suggestions for how to “stand out” when networking.

 

Send a box of chocolates to a Director? What about wine bottles? How about figuring out where he lives and camping out in his yard?

 

There’s a thin line between “creative” and “psychopathic stalker,” and you have to be careful not to cross it.

 

The hard part about networking is not coming up with brilliant ideas – it’s execution, asking for feedback, and actually having the motivation to call 10 firms each day and refusing to take “no” for an answer.

 

Hey, it may not be the most glamorous or revolutionary concept ever, but neither was the script for Rocky.

 

  1. 5.   Knowing the Outcome Guarantees the Result

 

This is another type of “advice request” that I stay away from:

 

“Do you really think I can get into “ABC Career”… I’m not sure… I…”

 

Stallone succeeded because he knew the outcome: he would be a movie star.

 

Along the way, he changed his strategy and tactics to reach that outcome.

 

A quick example of this: why would you call someone and say, “Are you hiring anyone right now?”

 

“I wanted to see how I could best position myself for an interview for…” is much better, because you’re:

 

  1. Assuming that they are indeed hiring.
  2. Assuming that you will indeed get an interview, and that it’s just a matter of working out the logistics.

 

good “advice request” might be:

 

“I’ve been working for 2 months on getting interviews. So far, I’ve gotten a 10% response rate from 50 alumni using these methods [Describe the action that you've taken]. However, I want to get my success rate higher – which of these points do you think I should do differently?”

 

Once you visualize success, the details fall into place.

 

Lessons Not Learned?

 

Ok, you may not want to copy everything Stallone did on his way to becoming Rocky.

 

If you stayed overnight at the company you want to work for, you might get kicked out or arrested – and you should never offer a company $15K to hire you unless you’re a trust fund baby.

 

But aside from those, you could learn a lot from Rocky – just like Jack Bauer (24).

 

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5 Lessons Rocky Can Teach You About Getting Into The Career of Your Choice

 

“Ok, I’ll give you $25 for him.”

 

“Sold.”

 

Had it really come to this?

 

First, his wife’s jewelry and now his dog?

 

When you really need the money, anything goes, right?

 

It had all started with dreams of being a movie star, and now he was here – broke, and selling the last of his possessions to stay afloat.

 

Back in the Day

 

Since he was a child, Sylvester Stallone had wanted to star in movies – not TV, not plays, not anything else – but movies.

 

But actually becoming a star?

 

Well, he had gotten over 1,500 rejections from agents in New York so far.

 

At the time, there weren’t even 1,500 agents in the city – but he had been to many of them 5 or 6 times.

 

The First Job

 

One day, he arrived at an agent’s office and stayed there overnight when the agent refused to see him.

The next day, around 4 PM, the agent saw him there and gave him his first movie role: he would play a thug that appeared for 30 seconds and then got beaten up.

 

He played a few more roles like this, but it wasn’t enough to pay the bills – so he had to start selling his possessions.

 

His wife kept yelling at him to “get a normal job” but he refused – he knew that once he gave up, he would get caught up in the routine.

 

Hunger was his only advantage.

 

Becoming a Writer?

 

Broke, freezing, and depressed, Stallone went to a public library one day and discovered the poems of Edgar Allen Poe – after which he decided to change his strategy: he would write his own film instead.

 

After several hundred more rejections, he finally sold a script for Paradise Alley – for $100.

 

That was an enormous sum of money to him at the time, but it wasn’t enough: he had to start selling his wife’s jewelry.

 

And finally, he had to sell his dog for $25 to a guy at the liquor store down his street.

 

The Next Day

 

The next day, he watched a boxing match between Muhammad Ali and an underdog of an opponent – Chuck Wepner.

 

All odds were on Ali dominating – but Wepner kept bouncing back and actually knocked Ali down in Round 9, almost winning the fight.

 

Eventually Ali triumphed in Round 15, but Stallone had gotten what he needed from watching: inspiration.

 

Immediately after the fight, he sat down and wrote for 20 hours straight – until he had the script for Rocky.

 

Predictable?

 

Right after that, he went out and started shopping it around to agents, but to no avail.

 

“It’s too predictable.”

 

“Haven’t I already seen this 500 times?”

 

“Yawn.”

 

After countless rejections, he finally met a few businessmen who believed in it – and they offered him $125,000 for the script.

 

It was more money than he had ever seen in his life, but there was a catch: they would not let Stallone play Rocky. Instead, they wanted Ryan O’Neal – a “real” actor.

 

“Take it or leave it,” they said.

 

Stallone walked out of the room.

 

Victory?

 

A few weeks later, they called Stallone again and offered him $250,000 this time.

$250,000 to NOT star in his own movie.

 

He turned it down again – and they came back with an offer for $325,000, which he also turned down.

 

Finally, they reached a compromise: they would pay Stallone $35,000 and allow him to star in his own film. To them, $35K was chump change and they figured the gamble would be worth it.

 

They spent $1 million making Rocky, which went on to gross $200 million and win 3 Oscars.

 

The first thing Stallone did was go back to the liquor store where he had sold his dog and wait around for the same guy to show up.

 

On his 3rd day of waiting, he finally found the man, along with his dog.

 

He offered $500, then $1,000, and the man refused both times.

 

Stallone finally got his dog back after several more attempts: he had to offer $15K and a part in the next Rocky movie to the guy who bought his dog.

 

That may sound ridiculous to you – but if you really want something, you will pay anything to get it.

 

Ok, So Now About Getting Into Your Career Field of Choice…

 

This story is one of Tony Robbins’ most well-known motivational tales.

And it’s often remembered for a simple message: never give up.

 

At first glance, that’s what the story seems to be about: Stallone never gave up, and eventually he became a star, right?

 

  1. 1.   Persistent Adaptation

 

Persistence is part of the picture, but it’s not the whole story.

 

Sometimes I hear things like this:

 

“I’ve been through 50 informational interviews and have contacted 500 different people in the industry, but I still haven’t gotten any interviews. Should I give up?”

 

If you’ve done THIS much networking and have still not gotten any results, you’re doing something wrong.

 

Persistence is good, but persistent adaptation is better.

 

If something isn’t working, why would you continue to do it and expect different results?

 

If something isn’t working in your recruiting efforts, you need to figure out why and then change it. Talk to your friends in the industry; reach out to people you know and see what’s wrong… and then fix it.

 

Yes, you have to do some testing first to figure out if something works – but make sure that you’re not using ineffective strategies ad infinitum.

 

Just think what would have happened to Rocky if Stallone had kept starring as a minor thug in movies.

 

2. Networking Is Not 100% About the Present

You might think that this story had a poor outcome for Stallone: he only made $20K after you subtract the cost of getting his dog back.

 

But it paid huge dividends in the future: he became a star and made far more fame and fortune in future years.

 

Too often, you get very focused on getting a job immediately with networking.

 

Yes, if you want to do a lot of cold-calling that can happen – and if you’re in a crunch for time, you may have to do that.

 

But more often than not, the true benefits of relationships will only present themselves in the future.

 

But please, don’t ever take advantage of this to make 20 movies with the exact same plot…

 

  1. 3.   If You Want It Bad Enough, You Can Get It

 

This is why I don’t like the question “What are my chances?”: most of the time it comes down to a simple question: How bad do you want it?

 

Sometimes you need to hit rock bottom before you get motivated enough to make a dramatic change.

 

That’s why so many people sit in their comfortable existences doing something boring all the time: they don’t want anything else bad enough.

(And yes, I know the grammar is wrong. It’s intentional.)

 

  1. 4.   Predictable Does Not Equal “Bad”

 

Lately I’ve seen some “interesting” suggestions for how to “stand out” when networking.

 

Send a box of chocolates to a Director? What about wine bottles? How about figuring out where he lives and camping out in his yard?

 

There’s a thin line between “creative” and “psychopathic stalker,” and you have to be careful not to cross it.

 

The hard part about networking is not coming up with brilliant ideas – it’s execution, asking for feedback, and actually having the motivation to call 10 firms each day and refusing to take “no” for an answer.

 

Hey, it may not be the most glamorous or revolutionary concept ever, but neither was the script for Rocky.

 

  1. 5.   Knowing the Outcome Guarantees the Result

 

This is another type of “advice request” that I stay away from:

 

“Do you really think I can get into “ABC Career”… I’m not sure… I…”

 

Stallone succeeded because he knew the outcome: he would be a movie star.

 

Along the way, he changed his strategy and tactics to reach that outcome.

 

A quick example of this: why would you call someone and say, “Are you hiring anyone right now?”

 

“I wanted to see how I could best position myself for an interview for…” is much better, because you’re:

 

  1. Assuming that they are indeed hiring.
  2. Assuming that you will indeed get an interview, and that it’s just a matter of working out the logistics.

 

good “advice request” might be:

 

“I’ve been working for 2 months on getting interviews. So far, I’ve gotten a 10% response rate from 50 alumni using these methods [Describe the action that you've taken]. However, I want to get my success rate higher – which of these points do you think I should do differently?”

 

Once you visualize success, the details fall into place.

 

Lessons Not Learned?

 

Ok, you may not want to copy everything Stallone did on his way to becoming Rocky.

 

If you stayed overnight at the company you want to work for, you might get kicked out or arrested – and you should never offer a company $15K to hire you unless you’re a trust fund baby.

 

But aside from those, you could learn a lot from Rocky – just like Jack Bauer (24).

 

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Can You Walk on Water?

Got this in an email this morning, thought it was good, and wanted to pass it along…
“The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.”
                                            Dr. Martin Luther King, Jr.
Many people are familiar with the story about Jesus walking on water. But did you know Peter, one of His disciples, walked on water too? The Bible recounts how Peter saw Jesus walking on the water. Peter, on a boat, called out to Jesus as He walked by. He said, “Lord if it’s really you, call me to you.”
Jesus told Peter to come to Him. So Peter got out of the boat and walked on the water. It wasn’t until Peter took his eyes off Jesus that he began to sink.
Peter noticed and was distracted by the wind and the waves around him. He lost focus.
Regardless of your beliefs, one point of this story that can be applied to us all is this…
When we stay focused on our goals and vision, we will accomplish extraordinary things. However, the world around us is filled with distractions, wind and waves if you will, that want to take your eyes off your target. The wind and waves of life will always be there. Let’s accept that fact.
The solution is simple. Identify your target. Acknowledge that distractions are going to be all around you. However, never take your focus off your target.
Do you know what your target is? Is it so clear to you in your mind (and on paper) that when you focus you can see exactly what you are going for?
If you don’t have a clear target, coupled with laser focus, chances are you won’t be walking on water.
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What is Greatness?

Greatness means extraordinary, or to standout. Greatness is admired.

A business that is great is one that, to the owners and employees who work there,
is more than just the place they take home a paycheck. Compared to a business
that is merely surviving, great businesses somehow make, not only their
business, but the world around them, better.

It’s hard to serve the world and give all we are fully capable of when we are sick
or barely surviving ourselves. “Don’t ask me to give you a buck if I can
barely feed myself,”
is the extreme sentiment I refer to.

Call me an idealist, so be it. I make no apologies for it.

I believe as an idealist I stand in good company. We have all witnessed those who
stood for something many believed to be impractical or impossible, and have
seen their impact in changing the world.

Here are a few examples of some of the most notable idealists:

  • Steve Jobs (Apple) – In his passing, Jobs has become even more appreciated for his
    ideals about digital technology and the impact Apple products have had on
    the world.
  • Walt Disney (Disney)– The way he believed in family entertainment, most considered a
    pipe dream.
  • Fred Smith (FedEx).- He believed it possible to deliver a letter affordably overnight
    from coast to coast
  • Martin Luther King – He continuously believed in equality of all men, despite great
    opposition.
  • Jesus Christ – Came with a mission and message of reconciling all men and women back to
    His father.

The list goes on and on of people who have aspired to do something great. Their
passions drove their aspiration. Their actions changed the world.

Do you aspire to do something great? Can you dream of building or doing
something extraordinary? This is a charge to stand with the great idealists of
the world.

Have a good weekend!

-Steve Thiele

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What Makes Entrepreneurs Tick

We call them entrepreneurs. They are the new breed of men and women who run their successful businesses in the most divergent, non-traditional ways that we know of from actual business enterprises and from schools. In practice, there had also been people like them in the past – business mavericks that succeeded beyond anybody’s imagination. However, with the unprecedented growth of online businesses nowadays, the number of successful entrepreneurs also grew.

From what had been observed by experts (and amply demonstrated in the past) these enterprising men and women have always been unafraid of taking risks. They have an uncommon sense of creativity (financial and more). They also possess an uncanny eye in identifying the banal from the sublime when it comes to business.

Qualities:

Entrepreneurs are usually found to work on small niche markets in trying out their unconventional ideas. One other common characteristic they have is fondness for taking calculated risks in everything they do.

People like them are different because they actually love challenges, and they look at the risks of going into new ventures as perfect challenges. They do this because they do not have much to fear. Somehow, they must have felt or probably known most of the things in those areas they set out to conquer. Knowledge usually erases the fear factor.

Still, they can be instinctively creative in most everything they do. You can also see it in kids who run lemonade stands, sell candies to their friends or organize a garage sale. (Of course, not everyone who did businesses as kids will grow into top businessmen.)

Other characteristics:

Most entrepreneurs begin their businesses solely based on their personal passion and vision. Most of them, however, (like the rest of us) sometimes stumble into new ideas by solving old problems in some innovative, unconventional ways. The difference between them and us is the speed with which they seize the opportunity.

They formulate their big business decisions on their own, sometimes founded on solid set of facts. However, a big chunk of this talented group does their decision-making mostly based on their hunches and gut feel. At other times, they do seek advice from experts and other experienced people, although these cases are rare.

More skills:

These enterprising types of people have innate skills in making good plans. They seem to follow what somebody said before that “failure to plan is a plan to fail.”

In the real world, many small businesses do not last long enough. The main cause is the lack of a concrete plan. Successful people look like they are unafraid to make risky decisions. It had been found that those decisions have been based on solid, sound business plans.

Negotiation skills:

Entrepreneurs have been discovered to be gifted with innate negotiating skills – that of making both sides a winner. For ordinary people, negotiations have always been characterized as trying to get as much as we can from a deal.

These people have the talent and instincts to make everybody on the negotiating table going away satisfied. They have the knack of making everyone – colleagues, suppliers, even competitors – feel like winners.

People skills:

More than the next regular guy, they also possess that special ability to delegate the right work to the right person. They can size up a person and his abilities the first time around.

This is a vital gift in the sense that in many new startup companies there is always the danger of the wrong person doing the wrong line of work. This usually happens in new setups where nobody had tested each person’s capacity, aptitude and skills.

Networking /EQ:

These people also know in their guts that entrepreneurship is not something you do on your own. In a society such as ours, inter-connectivity is a vital lifeline to anyone, without exception.

The idea and the methods might be your own, but working on it and making it possible still needs the support of everyone – family, friend, colleagues, and probably someone who shares his experiences.

Entrepreneurs also have that other special gift termed as emotional intelligence (EQ). In a nutshell, this is a set of skills that allows you to understand and influence the behavior of yourself and others. This is very important because as entrepreneurs you must have the varied skills of handling other people, the situation and yourself.

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How do you allocate your time?

What does it take to become an expert at something and what
exactly is expertise? This thought has been going through my head lately as I
consider the energy, time and focus it takes to really become good AT business.

I believe that expertise goes hand and hand with competency.
Competency produces results. It stands to reason that expertise produces
results. Let’s face it, we all have great ideas, opinions and experience on a
variety of subjects but that doesn’t necessarily mean we are experts and can
produce results.

It’s been suggested that it
takes 10,000 hours of dedicated time, practice and experience to become an
expert at something.

Commercial pilot have to have
1000’s of hours of schooling and flight time before they can get into the
cockpit of a commercial jet. Surgeons have 1000’s of hours of schooling,
residency and interning before they can perform surgery.

How many hours does it take to
become an expert in business? Imagine the first day a new business owner opens
his doors. Yes, he might have some experience and training but is he or she an
expert at producing results? Probably not. I’m not talking about selling or
building a product. I’m not talking about networking and producing a lead. I am
talking about being an expert at building a phenomenal business that is not
people dependent, is scalable and sustainable.

The reality is that most people
that start businesses are not experts in the type of business building I am
talking about. They become experts while on the job. Their business has become
the training ground.

Imagine a doctor going to work
the first day with little or no experience and having to perform open heart
surgery. I’d say the patient they would be working on doesn’t have a chance.

Consider a guy who calls himself
a pilot showing up to his first day of work with no training at all and handed
the keys to a commercial airplane. That plane is going down.

Seems ridiculous doesn’t it?

I can hear some of you saying
already, but I have lots of time and experience in business. I’ve owned my
business for 10-15 years. That qualified me doesn’t it?

No it doesn’t. Just because you
show up to work doesn’t mean you are doing the work required to build a
successful, scalable and sustainable operation that will serve your life. That
is the goal isn’t it? Remember expertise translates into results and if you
aren’t getting results it could be due to a lack of competency in the area
BUSINESS BUILDING.

Oh by the way, if you have
managers in your company are they doing the right work to that will lead to the
results expected of a manager. In my experience, most people are not.

Just because you own or manage a
business doesn’t mean you are doing the right work each day to become an
expert. A pilot who shows up and does the work of a flight attendant is not
developing expertise in piloting a plane just because he or she is one a plane.

The point is this; in order to
be an expert in business you must be doing the right work. And you have
to have been doing that right work for a long time. Perhaps years.

You have to be leading like an
expert and managing like an expert.

 

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5 Worst Mistakes Entrepreneurs Make When Pitching Angel Investors

This is from Entrepreneur Magazine…

An effective elevator pitch can be crucial for entrepreneurs trying to secure funding from angel investors. The goal of the pitch — written or delivered face-to-face — is to briefly share the “who, what, where, when, why and how” of your business, while piquing an investor’s interest. The tricky part is cramming all of that into one explanation that, hypothetically, should be delivered in the time span of an elevator ride.

“The pitch has to grab me quickly,” says Paul Silva, manager of Springfield, Mass.-based angel group River Valley Investors. “For instance, with written pitch applications, we read the first few sentences and then toss half to two thirds of them away.”

The best pitches, he says, describe the market the business is in, explain what problem it solves and demonstrate a track record. The worst ones fail for countless reasons

Here are five of the worst elevator-pitch mistakes entrepreneurs make — and how to avoid them.

Mistake No. 1: You don’t explain what problem your business solves.
Some entrepreneurs spend too much time talking about how his or her product or service works and not enough time explaining what problem it solves, says William C. De Temple, founder of investor group Maximize Angel Investments Orlando Inc. “People buy solutions to problems,” he says. “Don’t tell me about how your lawn fertilizer works. Tell me about my lawn.”

The Fix: Share why customers will buy your product or service.
“If you don’t understand or can’t explain what problem you’re solving and why customers want to give you money, then we’re probably never going to want to invest in your company,” says Kyle Harris, a managing director at New York City-based angel fund Liquidity Works. Harris poses three questions to startups that you should be able to answer in your business: Who’s your best customer? How much money do they make from buying your product? And, how much money will you make from selling it?

Mistake No. 2: You offer too many facts and numbers.
Entrepreneurs often use statistics to help explain their business. While some figures — such as your sales and revenue — are important to establish a track record, don’t go overboard, Silva warns. Leave out the “step-by-step numerical proof of your market size,” he says. “Be compelling. Save the reams of facts for later.”

The Fix: Tell a story.
To capture an investor’s full attention, explain your business by telling a story. Silva suggests using personal examples about how your service or product has solved a problem in your own life. Or, put the investor into your story. “If you’re selling a product for people who are blind, don’t start off talking about the difficulties blind people face. Instead, say something like, ‘Imagine if you or a loved one were to go blind tomorrow…’” Silva says.

Mistake No. 3: You tout sales forecasts.
Early-stage sales projections often don’t carry weight with investors because they aren’t supported by actual sales history, De Temple says. As businesses grow, revenue streams, prices and even entire markets can change, rendering preliminary forecasts useless.

The Fix: Focus on the benefit your business offers customers.
To help make up for the fact that you might not have a long sales record, De Temple says, it’s better to explain the benefits the business will provide customers and how the company is different from the competition.

“Answering services companies have been around for centuries, but if yours, for example, uses technology to deliver messages immediately without the client having to call in and pick up messages, that solves a problem and has potential to create excellent revenue and profit,” he says. “That’s what’s attractive to investors.”

Mistake No. 4: You’re too attached to your business plan.
For some investors, it’s a red flag when entrepreneurs aren’t willing to work outside the protocol outlined in their business plans, Harris says. “Say for instance you have a device that monitors electricity and, according to your business plan, you sell that device to customers for a fixed price,” he says. “But when a customer wants to lease the device instead of owning it, and you tell them you can’t do that, that might be a problem for an investor.”

The Fix: Embrace new revenue opportunities.
If there’s a new way to consider packaging or selling a service, a “true entrepreneur,” Harris says, will seize the opportunity to make money. “Being flexible and willing to accommodate customers when they want your service in a slightly different way than you already offer is good,” he says. “The goal should be to make your product as sellable as possible.”

Mistake No. 5: You discuss ownership stakes.
While it might seem natural to explain how much ownership you’re willing to offer investors, don’t do it in the initial pitch, warns Silva. “It is like the sticker price on a car,” he says. “If it’s too high, you don’t even talk to the salesman. You just walk off the lot.”

The Fix: Save it for the follow-up.
Details about who gets what after an investment generally come up after an investor has finished researching your company. If an investor asks about ownership terms early on, Silva recommends you simply say you’re “flexible.” “Remember, your goal in the pitch is to build a relationship with the investor,” he says. “Get them to fall in love with your idea.”

 

 

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The Biggest Lie that’s Killing Your Business

“I just don’t have time to [fill in the blank].”

 

We’ve all said it before. It is usually associated with doing something; taking some action that will lead us to producing something more meaningful or productive in our business or life.

 

  • I don’t have time to be with my family, to go to the gym, to do that thing we’ve been putting off for months, and the list goes on.
  • I don’t have time to work on my business. I am too busy putting out fires and trying to survive.

 

Blah blah blah, yada yada yada. It’s all a lie.

 

The fact is you do have the time. We all do.

 

What it really comes down to is a choice. We are simply choosing not to do those things.

 

Stop focusing on time management. You are dealing with the wrong problem if you do.

 

Rather, start focusing on motivation and/or fear management. It is a lack of motivation; perhaps associated with a lack of clarity or direction that causes us to not take action or use the excuse that we don’t have time.

 

Or we are simply afraid. Yikes…can we even admit that we might be afraid of something. We might be afraid of giving something up that we feel comfortable doing. We might be afraid of the unknown. We might be afraid of making a mistake and what others might think of us.

 

Stop worrying and using the excuse of time. You will always MAKE time when you have to do something that is truly important. You will always make time for those things that matter and motivate you, especially if your motivation is more compelling than your fear.

 

What matters most to you today? What is your vision and goal? Does it light a fire inside of you? Once you find that, you will discover you have all the time you need.

 

 

 

 

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How Far Can You See?

Your vision for your business is going to evolve, assuming you have a vision. Some people don’t have a vision other than a faint image of one floating around in their head. Faint images are difficult to follow. They are even more difficult to communicate.

So what do you have without a clearly defined vision? Most likely you and your people are wandering around aimlessly. Oh yes, they seem busy enough. But the organization is probably not going anywhere.

Write your vision down and put it on the wall for all to see. Are they inspired and focused? Are you inspired and focused? If not, do it again.

And don’t worry if it’s perfect. Write what you see and want today. Let it evolve tomorrow. J. P. Morgan once said, “Go as far as you can see; when you get there, you’ll be able to see farther.”

Write down what you see and go for it.

 

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