Category: Entrepreneurs

Article Contributed by Sylvia Rosen

The poor job market and frail economy have created a type of panic throughout college campuses. College seniors who have worked very hard for the past four years are starting to realize that it might not pay off. Good grades, a high GPA and great recommendations won’t get their feet in the door –because there aren’t enough doors open.

According to the National Association of Colleges and Employers, only 24.4 percent of 2010 graduates who applied for a job had one waiting for them after graduation. Nevertheless, these challenging times have forced college students to evolve into something more than young professionals; it has forced them to become young entrepreneurs.

Today, college seniors are taking bigger risks sooner rather than later. Such was the case for Joe Shartzer, who made the risky decision to start his own business after graduation. Looking back today, Shartzer can highlight what steps he took that lead him to where he is now, a young entrepreneur who has already worked on projects for The New York Times, Williams-Sonoma and Food & Wine Magazine.

The secret ingredient to starting out

The saying you’ve been hearing throughout your education and work experience is in fact true: it’s not what you know, it’s who you know.

“It’s all about connections,” says Shartzer. “When I wanted to get involved in consulting and starting my own business, I leaned heavily on people I’d met from internships and from my education.”

Shartzer explains that although it’s important to acquire good grades, it’s more important to acquire strong relationships with the professors. One of the professors Shartzer never fails to recognize as someone who inspired him is Chuck Martin, CEO of The Mobile Future Institute and Director of the Center of Media Research.

“Chuck Martin gave me my first shot working with his company. That’s the biggest value I think a lot of students miss; the business potential from professors and others at your university,” Shartzer says.

The one area where Shartzer did want to rely heavily on himself was funding:

“I’d rather work hard, grow my business and keep complete control versus selling off partial ownership for an immediate increase in resources.”

Although funding your own business is the riskier option, Shartzer explains that a lot of small businesses start out bootstrapping their first company as a way to maintain focus and control.

The big challenge for young entrepreneurs

Being your own boss has its perks: you control what you want to do, when you want to do it, and who you want to do it with. The big challenge with this work ethic, however, is maintaining the focus needed to make these decisions.

“The focus always has to be on your bottom line,” says Shartzer. “I think there’s a tendency to work on a venture until it’s perfect but that’s a great way to exhaust all your startup resources and fail. The balance between day-to-day focus and strategic planning is one of the most interesting aspects of being an entrepreneur,” he explains.

This is likely to be the toughest challenge young entrepreneurs will face because they are just coming out of a college environment. In college, students are told what assignments they need to do and when they need to do it by. When you are your own boss, you are responsible for assigning yourself the work and the deadline; this requires a lot of discipline. However, if done successfully, the payoff is great.

“It’s the truest form of commission out there,” Shartzer explains. “Complete control of strategic vision and being able to take ideas in a direction that only you might see.”

The tools behind success

Shartzer considers himself reasonably successful and in a good place with his first project. The resources and tools that he said helped him and that recommends include:

• Online tools: 37Signals
• News Sources: Mashable and TechCrunch
• Webinars: 60 Minutes of Marketing Insight from 60 Influential Speakers
• Books: Think and Grow Rich by Napoleon Hill and ReWork from 37Signals

If you are a college senior and thinking about starting your own business, know that it will take hard work, discipline and the right connections. The first year might not be the best year but it should definitely be the year when you take the most chances.

For more information about Joe Shartzer and his business venture, you can go to his site: http://joeshartzer.com/

About the author:
Sylvia Rosen is a web content writer with a background in newspaper journalism. She connects with business professionals to write articles on a variety of industry topics such as small business phone systems, business software and online management tools.

Article Contributed by Quincy Yu

With some indicators showing an improved outlook on the economy in the US and new signs of economic recovery happening daily, many small business owners are beginning to look around at the potential for shifting from “survival” to “growth” mode. Quincy Yu has spent her 30+ year career consulting for big and small businesses across a variety of industries, and currently she serves as President of SeaYu Enterprises. Quincy is sharing her advice for small business owners to “gut check” – to examine their business to see if they’re ready to benefit from economic recovery.

Prepare for battle

The first step is to take a coldblooded look at where your market is in terms of how you think it will uptick. Then, look outside of your market to see how the larger picture as the buying habits of your target customer may have changed. Use what you learn to formulate a 6-month and a 12-month plan of action, which should include milestone markers that will be used for you to assess your plan as you execute it. But, don’t panic if it takes a little longer than you expected it might– there are frequent delays and changes in the market, and you have to give your plan time, and keep the faith. It’s important to balance belief in what you’re doing with outside data that confirms you’re on the right bath – large companies have teams of people that do this full-time, but for small business, it falls on the business owner to do so.

Call in backup

Every business owner needs a group of people that they truly trust, but whom aren’t involved in the day-to-day operations of the business. Business owners should seek to create an advisory group of individuals that understand your sector, but aren’t in the trenches with you, to bounce ideas off of and then triangulate accordingly. Small biz owners tend to be isolated, and forget the value of having outside perspective. Large companies have investors and boards of directors, and meet quarterly to get that perspective, which gives them a leg up over small businesses that don’t take the time to connect for insights.

Low, slow or no cash flow

In order to sustain delays in the market, smart business owners will build in a financial cushion. It is vital that business owners go beyond living week-to-week or month-to-month – you need to think about your plan and how you’re spending your cash. What if several customers are suddenly unable to pay in the set window of time? If multiple ARs are coming in slow, instead of waiting for crunch time, prepare ahead – can you tap a line of credit? Contact your vendors to extend payment terms? Order stock/supplies less frequently? Take a close look and do a cash flow projection to make sure your prepared to weather the worst.

The laws of (funding) attraction

Investors are largely still on the sidelines and, unless your company has an Internet play (retail or service), they’re going to evaluate you based on traditional models of revenue and profitability. If you go out for funding, you must be able to allocate time away from your business – and it takes a lot of time, and you have to put together a written plan with backup on financials.

For small biz right now, banks are still very tight. Unless you have perfect credit and a stellar background, the bank’s return to traditional lending guidelines means that your best bet is to go after small business loans backed by the SBA (federal government). If traditional lending sources are not an option for your business, don’t give up hope – there are more large groups of angel investors than ever before, and many businesses survive by reaching out to friends and family

Don’t be an ostrich

A major failing of many small business owners is in not taking their head out of the sand to give their business an overall strategic look. It is vital that you step back and research – look for trade association analysis, economic marks, and consume as much information as is published about your information. But you can’t rely solely on what is published – you need to venture into the real world to ensure the data you’re finding is valid. Networking is critical – go to tradeshows, join your local chamber of commerce, and talk to other business owners in your industry. Talk to different sources to make sure the information you’re receiving is consistent. You can spot trends by speaking to manufacturers and vendors that service your industry – they’re the ones that see what’s coming down the line.

About the Author
This article is contributed by Quincy Yu, an operating executive running small businesses for the last 30 years and currently President of Clean+Green by SeaYu.

Article Contributed by Dexter Siglin

For anyone in sales, winning the favor of the C-Level executive you’re pitching is the Holy Grail in sealing the deal. Everyone has a story of the months – and sometimes, years – they spent trying to get a foot in the door at a client’s company. And everyone has at least one tale of the heartache of finally making contact with a C-Level, only to be shut down. Aside from praying for divine intervention, what can small business owners do to establish good connections with their C-Levels prospects?

1) Establish Credibility

Build your credibility by assuming nothing and working for everything. Don’t make the mistake of thinking that because your company has credibility, that it automatically rolls over to you in the eyes of a prospective C-level client. One step further – don’t make the mistake of ‘assuming’ that your company has credibility! Be willing to start from scratch with a C-level prospect: don’t ignore the C-level’s staff by going around them. And you know what they say about “assuming”…. don’t assume that because they spend money with your company they like you, and don’t assume because you had one o.k. meeting that you can ‘friend’ them on Facebook.

2) Don’t be desperate – Be different

The best piece of dating advice I ever received from my father; “Son, there is no bigger turn off to a woman than a man who acts desperate.” This advice can also be applied to the sales dynamic in working toward the C-level executive. People that act desperate to get a ‘lunch date’ or to give away concert tickets – just to get face time in the ‘courting’ stage, come off as having no value except that which they can buy in the form of entertainment. Most C-levels see this all the time and are numb to it. Save those trinkets for when you already have a good relationship and can use to build on and expand it.

3) Net-work it

It amazes me when I talk to sales professionals who’ve been in the business for several years, yet have no solid professional turned ‘friendly’ executive relationships. By friendly, I mean the kind that you can call on their mobile anytime to talk about football and business. If you want to build long-term credibility and value, relationships need to be fostered and developed over time so you have a ‘network’ to rely on when you need it. Go to events, attend calls that execs might be on, add value without being annoying. Sometimes the most impressive people are the one’s that can show they ‘listened’ instead of talked too much. Once you make a connection – add them to your network (see #4 below) immediately and foster them over time by giving more than taking.

4) Social Media

When I was a sales leader looking to hire a sales professional, the first thing I looked at was a candidates LinkedIn profile. I was always dumbfounded when I saw someone who purported to be a ‘people person’ and yet have 50 ‘connections’ on LinkedIn (that’s a D in my book), and no Twitter account (grade F). For most industries, if you are in sales and trying to expand your prospect network and not in the social media game – you are playing in the minors. Using my social network – within minutes, I can provide value to person in my network just by connecting them with another in my online posse – or a friends network – and it takes not time at all (once you have the network that is).

5) Add value

Adding value is not ‘volunteering’ your latest white paper or spamming your LinkedIn network with irrelevant updates and webinars your company is holding. True value is offering an idea or a resource when it’s needed, and asking for nothing in return. Example – when you find out that a C level is looking for something – could be a resource to hire, advice on technology, etc…go get it for them in your own network – make the connection, and go away! The beauty is, if you do this enough,
eventually you become a colleague with professional value – not just a ‘taker’.

About the Author

Dexter Siglin is the community manager of xPeerient.com, the world’s first social IT exchange, who’s mission is to “create a world without cold calls.”

My 96-year-old Grandpa recently passed away, and as a tribute to his memory I wanted to share some of the gems he passed on to me.

Grandpa was a successful entrepreneur — he started his business, a machine shop in Milwaukee, Wisconsin, over 50 years ago.

Even though he never was able to get his head around the idea of Internet marketing, one thing he DID understand is business. Below are 3 tips he shared with me in order to help you build a solid, successful business:

1. Being lucky is contagious. Grandpa would often tell us stories about how his successful friends and associates were the ones who were lucky in Vegas — the ones who weren’t successful were also the ones who weren’t so lucky in Vegas (or other areas for that matter)

This sounds a little like law of attraction, right? Except grandpa would never call it law of attraction. I think it’s more like a core belief — if a core belief of yours is you’ll make a lot of money, then you’ll make a lot of money. If your core belief is you’ll struggle financially, you’ll struggle financially. Grandpa believed he would make a lot of money — therefore not only did he have a successful business but he also made money investing in various things (not to mention he also got lucky in Vegas quite a bit).

2. Being in a mastermind helps you grow your business. Except grandpa would never call it a mastermind. He would call it hanging out with his friends and associates, drinking, playing cards, talking about business and trying to one-up the other.

(This is also a good example of who you hang out with determines your business results.)

What’s even more interesting about all these stories is how this “mastermind” would self-select themselves in and out of the group. If you read between the lines (and after listening to the stories over the years) you start to see that his friends who hit hard-times financially and weren’t able to recover, quit hanging out with the group, but the successful ones stuck around (or new successful ones would join in).

3. Know your strengths and use them to your advantage. Again, grandpa would never say it like that but it’s what he did. For example, grandpa loves to get a deal. Especially in Laughlin and Vegas. So he would often negotiate with the hotel (to get a free meal or room or whatever) and he would use his age to his advantage. He would stand there and hem and haw and move as slowly as he possibly could until they gave him what he wanted just to get him out of their hair and help the next person. He especially liked doing this when there was a long line behind him.

There’s no question grandpa was a character. I have all sorts of stories about him, like how he used to go to Bingo games in Vegas and shout out “Bingo” only to have the Bingo caller tell him “sir, there haven’t been enough numbers called yet for you to have Bingo.” Grandpa would say “oh” then 2 numbers later yell Bingo out a second time. (I’m surprised he would make it out of those Bingo lounges intact.)

And of course, we have his girlfriend, who is 20 years younger than he is.

Ah, I will miss him.

But the point here is this — grandpa never really went in for a lot of self development or personal development stuff, but yet he still came to many of the same conclusions those disciplines teach. Mainly you need to the right mindset if you want to be successful. So take it from grandpa — if you want to be successful, start with the obstacles and blocks in your head.

Article Contributed by Michele DeKinder-Smith

Most women business owners are on their own as they create, grow and run their companies – but by finding expert and community support, they can accelerate their business growth process and shorten their learning curves, reaching their greatest potential more easily in less time.

Research by a trusted authority on female entrepreneurs shows there are five distinct types of women in business. Each type of business owner has a unique approach to running a business and therefore each one has a unique combination of needs. This article describes three of those types and outlines various ways each of them can seek that support effectively.

Jane Dough is an entrepreneur who enjoys running her business and generally, she makes a nice living. She is comfortable and determined in buying and selling, which may be why she’s five times more likely than the average female business owner to hit the million dollar mark. Jane Dough is clear in her priorities and may be intentionally and actively growing an asset-based or legacy business. It is estimated that 18% of women entrepreneurs fall in the category of Jane Dough.

With her fast pace and quick-growth style, Jane Dough will welcome expertise and will devour it eagerly. She will be a serial consumer of information as she acquires expert guidance so she can quickly and easily implement new strategies in her business for maximum potential. From marketing and social media to hiring and team development, Jane Dough’s entrepreneurial style will allow her to  find the right mentor, until she is moving towards her business goals at a breakneck pace.

Merry Jane is building a part-time or “flexible time” business that gives her a creative outlet (whether she’s an ad agency consultant or she makes beautiful artwork) which she can manage within specific constraints around her schedule. She may have a day-job, or need to be fully present for family or other pursuits. Representing about 19% of women in business, she realizes she could make more money by working longer hours, but she’s happy with the tradeoff she has made because her business gives her tremendous freedom to work how and when she wants, around her other commitments.

Thanks to Merry Jane’s myriad roles and responsibilities, systems are key. Therefore, she will benefit most from experts or support people who can help her increase her efficiency using systems that tie to her business and require very little time from her. Also, Merry Jane would benefit from a mentor or expert who is well-connected to other resources in the community so that she can quickly identify solutions to her needs, and then connect with them so her needs are met just as quickly.

Tenacity Jane is an entrepreneur with an undeniable passion for her business, and one who tends to be struggling with cash flow. As a result, she’s working longer hours, and making less money than she’d like. Nevertheless, Tenacity Jane is bound and determined to make her business a success. At 31% of women in business, Tenacity Janes make up the largest group of female entrepreneurs.

Because a Tenacity Jane business owner will want to get her businesses on solid financial footing as quickly as possible, she should seek an honest mentor or expert who knows how to make a business profitable. This person must be willing be straightforward – to tell Tenacity Jane the apparent cause of the business not being as profitable as it needs to be – and then teach her how to repair the business so it can thrive.

Although running a business may feel like a solitary operation, a female entrepreneur who seeks support and guidance from experts and community members will find her journey is much easier and more enjoyable – and her business is more successful.

About the Author:

Michele DeKinder-Smith is the founder and CEO of Linkage Research, Inc, a marketing research firm with Fortune 500 clients such as Starbucks, Frito Lay, Tropicana, Texas Instruments, Hoover Vacuums and Verizon Wireless. She parlayed this entrepreneurial knowledge and experience into founding Jane Out of the Box, a company that provides female entrepreneurs like YOU with powerful resources, such as educational blogs, teleclasses, newsletters, and books. Take your Jane assessment to determine your own business type at www.janeoutofthebox.com Also, she is the author of two successful books for female entrepreneurs, “See Jane Succeed” (at www.seejanesucceed.com) and “See Jane Collaborate” (at www.seejanecollaborate.com).