Category: Entrepreneurs

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Entrepreneurs

Business Success — When it’s okay to quit

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The other day when I was running/walking a 10K race, my knee started hurting. It had been troubling me off and on for about a month but I thought I had it under control.

My initial reaction was to grit my teeth and walk through the pain. That’s what I normally do, and it’s what I do when I walk marathons.

But then I reconsidered. I had just passed the 4K marker when it really started hurting so I had more than half the race ahead of me. And then I started thinking, why am I doing this?

Clearly I had an issue with my knee. And I could force the issue and hurt it worse. Or I could quit and work on healing it.

I opted to quit and live to walk another day (sooner rather than later).

So that got me thinking, when is it okay to quit and when should you muscle through it? How do you know if this is the time you should throw in the towel or is this just more of your demons popping up to torture you?

Here’s a little system you can follow to help you know the difference:

1. How important is this? Are you talking about the life of your business (i.e. quitting it all and getting a job) or are you talking about dumping a product that isn’t selling well (and to be honest, you never liked much anyway)? If it’s the product, then yeah — quitting might be the smart thing to do. If it’s your business, then it’s probably your demons doing a jig in your brain.
In my case, doing a 10K isn’t that big of a deal. I’ll do a 10K on a weekend. So to cut this race short wasn’t an issue. Not tearing my knee up was far more important than finishing the race. Which leads me to my next point:

2. How important is it for you to quit? Or what is the cost if you don’t quit? Is there someone you work with (like a customer or a vendor) who is toxic to you? (For example, they’re costing you tons of time and/or money and you’re getting very little in return. Or, worse yet, they’re involved in something unethical that could hurt your reputation, or worse, something illegal.) Depending on the severity of the issues, you probably want to dump that relationship. Or are you just feeling uncomfortable or discouraged or stuck with your business? Nope, not a good reason to quit your business.

In my case, not being able to walk for a month was way too high of a trade off then quitting the race early.

So, here’s how this works. When you’re faced with something you’re thinking about quitting, ask yourself both questions, then compare the answers. If the answer to number 1 is high, and the question to number 2 is low, then you shouldn’t be quitting. If the answer to number 1 is low and the question to number 2 is high, then you should be quitting.

Where it gets a little tough is if the answer to both questions is the same. Then, you need to dig a little deeper. One is got to be stronger than the other (for instance, if you’re looking at something that’s really important to you, is the cost not to quit as high as you’re really saying or are you just scared right now?)

My other rule of thumb is answer to the first question is probably the way you should go. If what you’re looking at is very important, then you probably shouldn’t be quitting. If what you’re looking at isn’t all that important then you probably should be quitting. (After all, why are you wasting your time with it if it isn’t that important?)

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Entrepreneurs

How True Leaders Execute Plans Without Fail & Celebrate Their Victories

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Article Contributed by by Roxanne Emmerich
Execution is everything. Plan all you want, dream all you can, then turn that key or you’ve accomplished nothing. Execution is what separates those with lofty ideas from those who end up winning the game. It’s about taking strategies and making sure they are implemented with power.
Creating a culture of execution is a leadership issue. It combines creating a “no-excuses, get-it-done” culture with the systems, processes, and accountabilities that ensure things are done consistently and well. But it’s also more than a leadership issue.
Plan, execute, measure, celebrate
People at every level in an organization can get bogged down in planning and strategizing without ever getting off the pot.
It’s easy to guess which things in a company are measured and audited: It’s the things that people actually DO and do well. If you want something done with fairly strong consistency, set measurable benchmarks.
But don’t forget to put systems in place to see if the benchmarks are being met. If a standard is measured in the forest, and no on is there to audit it–does it make a difference? Not bloody likely. Why should it?
You can’t monitor and audit every facet of your business, or you won’t have time to run the business. So where does execution matter most? It matters most in the critical moments I call Moments of Truth–the moments where execution can mean the difference between success and failure.
Focus like a laser on Moments of Truth
Moments of Truth are those critical times when a customer forms an impression of you, deciding whether your offerings and their standards see eye-to-eye. Though they vary from industry to industry and business to business, every business has them. Define them, create measurable goals and a way to assess progress, and GO.
Use weekly planning meetings in which each attendee declares focused results following a clean process and you will create magic. These meetings create the engine to keep people focused on doing the right things and getting results in the areas that matter. It also reveals the “stealth slackers”–those who are otherwise masterful at hiding and looking busy. Got some of those?
Don’t let “busyness” get in the way of business
Top performers don’t just stay busy–they know how to get the RIGHT things accomplished. Top performing leaders also know how to get their people focused on doing the right things, especially those things intimately tied to the Moments of Truth that can make or break a company. They know that accepting no excuses from their team members means permitting no excuses from themselves as well.
In the end, execution boils down to three crucial ideas:
– Define your Moments of Truth and how you will measure progress.
– Put systems in place to instruct and assess, then hold people accountable (including yourself).
– Celebrate victories large and small at every step along the way.
Miracles are supposed to happen, but they require a steadfast, ironclad system of execution and a leader who is committed to making the miracle happen. So be the miracle!
About the Author
Roxanne Emmerich is renowned for her ability to transform “ho-hum” workplaces into massive results-oriented “bring-it-on” environments. To discover how you can create a motivate employees to execute plans without fail check out her new book – Thank God It’s Monday. Now, you can get a free sneak preview at: http://www.thankgoditsmonday.com/preview_the_book/

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Entrepreneurs Entrepreneurship Home-Based Business Online Business Operations Recommendations Starting Up Work Life

5 Things Every Stay-at-Home Entrepreneur Needs

What do computer giant Dell, gourmet food basket maker Tastefully Simple, and organic brewer Honest Tea have in common? Though all three are now multi-million dollar companies, all were originally started within the founder’s home. You’ve probably heard how Michael Dell worked out of his garage to build his empire, but equally inspiring are the stories of Jill Blashack Strahan- who assembled gift baskets on the pool table of her backyard shed- and Seth Goldman- who brewed tea at his kitchen sink and presented homemade samples to clients in thermoses.
The home-based startup story has a certain magic to it that often glosses over the particulars: where to set up office equipment (computer, printer, copier,etc.), whether or not you should dedicate a business phone line or switch your VoIP service to include “follow” features so you’re always available, and how many hours you should put in when your office is in your kitchen. What does a stay-at-home entrepreneur really need? Here are a few necessities:
1. A Separate, Dedicated Workspace. Whether it’s your garage, a toolshed in the backyard, or just an area off the den, you will need a space that’s just for work.

2. A Separate Phone Line. Small business VoIP service plans are cheap and easy to sign up for. You can also add an extension or line to your existing residential VoIP service arrangement.

3. A Fast Internet Connection. For businesses based online, this is non-negotiable. Your internet connection should be fast enough to support online activity and VoIP calls, if you use an internet-based phone system as your method of business communication.

4. A Door…or Earplugs. If you can’t physically separate your workspace from the rest of the house, you can mentally separate it by using earplugs to tune out audio distractions, or a folding screen to tune out visual ones.

5. A “Do Not Disturb” sign. If you’re working while others are at home, make sure they know when you’re “unavailable.”

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Entrepreneurs Online Business

Social Networking — How Your Social Networking Habits Determines Your Business Success or Failure

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The first time I heard the saying “How you do one thing is how you do everything” I didn’t get it. (Actually I think my exact response was: “Yeah, yeah, yeah.”)

However, as I continued to work on myself and my business over the years, this statement has finally sunk in. And now I see how it relates to pretty much everything in my life. (After all, the state of your business is just a representative of what’s going on in your head at any given moment.)

So, what does any of this have to do with social networking? Well, it occurred to me as I look around at what people are and aren’t doing with their social networking that this is a microcosm of your entire business.

Let me explain. How do you approach your social networking?

* Are you someone who set up a bunch of social networking accounts months ago and haven’t touched it since? Where else has this shown up in your business? Are you someone who has a bunch of half-finished information products or books sitting on your desk?

Or maybe you finished them but you haven’t put up the sales letter or did any other marketing so you’re not actually making any money off of them.

Needless to say, with this habit, you’ve simply wasted a bunch of time without anything to show for it. You’re not making any money with your social networking nor are you making any money selling products.

* Are you someone who does your social networking in bursts? You ignore it for weeks, then for a couple of days you’re on it in a frenzy, only to go back to ignoring it. (Or you only jump on and do anything on it when you’re feeling stressed about cash flow and lack of clients.)

So where else does this show up in your business? Are you someone who sends out an email newsletter once in a blue moon? Or you only pick up the phone to follow up when you’re desperate for new clients?

With this habit, while it’s good you’re doing something, you’re only going to see consistent results when you’re consistently doing your marketing tasks. Communicating with people once in a while and/or only when you’re looking for something (i.e. for them to give you money) is an excellent way to have a feast-or-famine business model.

* Are you someone who is pretty good on one social networking platform but doesn’t do anything on any other one? For instance, you love Facebook but your Twitter account sits there unloved and you pretty much never update your blog, never mind anything else.

So where else does this show up in your business? Are you someone who’s really good at going to live networking events and collecting business cards but doesn’t follow up? Or maybe you send out an email newsletter fairly regularly but you don’t do anything else with the articles you write for your newsletter (although you keep meaning to). And you don’t use any other methods to touch your prospects (i.e. direct mail or teleclasses.) You’re getting part of it right but if you followed an entire system you would see far more results. (And, in many cases, it’s not about YOU doing more but simply having a system and a team in place to support you so you get the biggest bang for your marketing time.)

Now, this isn’t about making you feel bad about what you are or aren’t doing. This is about looking at one piece of your business and using what you see there to make your whole business more successful.

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Entrepreneurs

Publicity — What Do You Do When PR Goes Horribly Wrong?

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Have you ever had done something you thought was a really good idea at the time and then it completely backfires on you?

Well, it happened to my good friend Nancy Marmolejo, Viva Visibility.

If you don’t know Nancy yet, you really need to. She is a social media rock star. However, sometimes even rock stars have days where the guitar is out of tune and the speakers catch fire and explode on stage.

Here’s the story in a nutshell. As you all know, social networking is pretty darn new and Twitter is the brand spanking new kid on that shiny new block. Because it’s so new, things like vocabulary and etiquette are still being hashed out.

It’s better coming from Nancy herself why she got so fixated on this, but she was busy telling people you “tweet” not “twitter” (including yours truly). She also decided to write a letter to Inc Magazine about this.

The result? Inc Magazine called her on it and, well, won.

Now I’m telling you about this for 2 reasons.

1. I’m quite excited I can now use “twitter” as a verb (I just hated saying “tweet” — I felt like I should put a chicken coop in my yard.)

2. Nancy handled the whole situation brilliantly. In fact, I would go as far to say this was actually a really good thing in the end.
So what did Nancy do? Well, to start she owned up to it. She didn’t try to hide her mistake or pretend it never happened (which is simply not possible to do in this day and age anyway.) She ‘fessed up.

Lesson #1 — if you make a mistake, and it’s a public mistake, just suck it up and admit it. It’s when you start lying and hiding that things get so out of control. Look at Bill and Monica. People lied, tried to hide things, and that just made everything worse.

By owning up to it, Nancy completely diffused any negative publicity around it. In fact, if you read the comments, most people didn’t think this was a big deal at all. (Which it isn’t — until you start hiding and lying about it. Then suddenly everyone wonders why you’re lying and hiding and it can blow up into a bigger deal.)

The second thing she did was write a very charming and witty blog post about it. Now, you might not be able to write a charming and witty blog post, but it might be worth it to find someone who can for you. She was entertaining about it, which again helped diffuse the situation and caused all her followers to rally around her.

Now, humor isn’t good for all situations. Remember the Tylenol and Cyanide scare? If the Tylenol CEO had come out with humor that would have been completely inappropriate. However, what he did do was immediately take responsibility, come up with a solution, and didn’t come across as defensive or trying to shift the blame.

Lesson #2 — if you’re going to take a stand, do it graciously. Don’t be defensive, don’t try and shift blame, and for heaven’s sake don’t be a baby about it. Do it with class and people will respect and admire you for it.

The result? Nancy’s post got TONS of comments, pretty much all of them supporting Nancy. She’s back on stage, bigger than ever, with her guitar all tuned up and brand spanking new speakers.