Category: Entrepreneurship

Article Contributed by Jill Phillips

As a small business owner, you might sometimes have difficulty understanding the performance of your company. Daily operations can obscure the actual profitability and health of your company, setting the stage for a surprise when severe problems emerge.

While some business owners might have perfectionist tendencies that unnecessarily increase costs, others continue for a long time unaware of serious flaws.

Although checking sales and profit reports or other criterion can infer success, they oversimplify analysis. Instead, various non-monetary indicators usually provide a more accurate picture of business health and underlie a sound business model and higher chances of long-term success. The following seven signs can either confirm you have a successful business or alert you of problems that set the stage for failure.

Motivated Employees

A business that has low turnover rates suggests that workers feel challenged and engaged. Satisfied workers produce more, provide excellent customer service and add value to the company. Formal surveys and an internal culture that encourages open dialog can help uncover the roots of any possible employee dissatisfaction. When employees feel comfortable expressing criticism as well as praise, business owners can promptly respond to problems in the workplace in ways that help employees enjoy their work.

Happy Customers

Satisfied customers reflect well on your business and give cause for an optimistic view of the future. Business owners should continually evaluate whether their company has made a positive difference in the personal and commercial life of their customers. When your business has happy customers, word of their experiences spreads and your company becomes easier to find. A reputation for having quality products and excellent customer service will sustain your business for many years.

Expert Credibility

Companies that have expertise in their field create a leadership role that others want to follow. When a corporation builds a trusted reputation as a source of industry news and commentary, it increases its ability to prosper. Businesses that solidify their position as leaders create value for their brand and boost margins and profits.

Flexibility

Technology and the marketplace rapidly change, routinely turning winners into overnight losers. Successful companies have the necessary agility to adjust to the changing business landscape. Rather than resisting change, winning firms embrace it and find ways to create value from it. Although staying up-to-date with all environmental changes that affect a company requires vigilance, it pays off in the form of an efficient and flexible organization that can always stay relevant.

A Healthy and Caring Work Environment

The work environment provided by a company determines its success. You already know that satisfied employees can make the difference between failure and success. When happy, your team can make amazing accomplishments. The work environment contributes much to employee morale.
Enthusiastic workers often suffer burnout as they work hard for their employer. That is why it is important to have a well-defined framework of policies that encourage employees to enjoy holidays and family time. Even in small companies where every employee plays a vital operational role, business owners can give their employees needed time off, offer flexible schedules or even telecommuting opportunities. Never underestimate the role of a positive workplace in commercial success.

Your Attitude

Without passionate leadership, employees and customers will hardly become excited about a company. Business owners set the course for their firm with their attitude. Businesspeople with a “can do” attitude and a vision for the future energize everyone they meet, creating a life-giving spark that animates every part of the business.

Focusing on the Future

Small companies often fall into the trap of focusing on short-term profitability without spending time developing a roadmap for the future. Successful companies know their goals for the future and align their operations to contribute to those objectives. In many settings, preparing the future requires additional training for managers and employees. Your team needs to learn the best practices for your industry, how to innovate, and how to lead. Rather than feeling adrift, everyone in your company should feel motivated and excited as they develop the skills and experiences needed to achieve great things.

Spend some time evaluating the state of your small business. Any company can earn a profit, but only successful companies have the non-financial characteristics to achieve long-term success. Happy customers, happy employees, flexibility and a great attitude will help your business succeed.

About the Author

Jill Phillips is a freelance writer from Buffalo, NY. She is an aspiring entrepreneur and tech enthusiast, who loves to share her insight on various business topics. When she is not writing, Jill enjoys taking photos and hiking with her dog. Connect with Jill via Twitter @jillphlps

Article Contributed by Daniel S. Williams and Evan Ehrenberg

The following lessons are co-authored by Daniel Williams and Evan Ehrenberg as part of a series of publications. Lessons 1-3 are contained in the article “Debunking the Myths, Seeking the Unknown in Entrepreneurship” by Daniel.

Lesson IV: Carpe Diem.

I concede this may sound a tad dramatic at first glance. But I assure you, there is immense value derived from these two words. I am not advocating launching an all-out affront of heroic proportions. That can be left to the imagination. Rather, I suggest that the “seize the day” principle has its roots linkable to a much less grandiose theme: Deliver tangible progress for your pursuit every day. This means taking actions to actualize your company.

It is all-too-easy (especially in today’s tech savvy world) to spend a great deal of time in the formulation phase—the thinking of ideas and process of assessing their validity. To be fair, entrepreneurial endeavors often come about when least expected, or through the contemplative iterations of taking “broken concepts” in society and making them better. However, idea formulation does not make companies, it merely makes ideas for companies. Where the true “value” enters is from the concrete materialization of the ideas into actions that build your company and provide tangible results. Do this every single day — don’t let a day go by where you didn’t make a result happen.

By results, I do not mean to say that you must produce earth-changing monumental steps every day. Results can be as simple as having sent an e-mail to a contact, worked on drafts of documents, or picked up the phone to assess interest by cold-calling potential customers. The value is derived from being able to say “I accomplished something” today, that (while no extreme benefit may have been brought about) is contributing to the progression of your idea into a finalized venture.

It is easy to get caught up in the myriad life often throws our way. The best route to grow your idea is to not allow a day to pass by where some level of progress has not been made. Not necessarily milestones daily, but just something “tangible”, and part of the path to move forward. You’ll find that you won’t stop with the little things and your momentum will simply continue to build, and as long as you get something, even something small, done every single day, that momentum will never stop. Go ahead, carpe diem.

Lesson V: It’s not a titular thing.

In a society ravaged by what we shall call the epidemic of titles, we often rely much too heavily on the verbiage placed before our names–the demarcations commonly associated with ranking of employees under an imposed structure. This neglects the need to look beyond the “paper roles” one assumes; instead, one’s idea can only grow if those working to make it a reality are able to adapt and assume the “hats” of different functions needing to be performed. While some sort of title may be assigned for general assignment, the role (especially in early-stage startups) of individuals is simply much broader. Indeed, when we narrow our scope into an individual role, employees may find themselves trying too hard to improve the work falling under their title, and miss the forest for the trees by not focusing on improving the company as a whole.

Do what needs to be done. Cross-functional teams are productive–venturing beyond narrowly-attributed roles to make progress. The concept of a jack-of-all-trades role is not too far off. If rigid assignment of tasks is upheld, this stifles interest among those you are working closely with to transform your idea into the big-picture reality envisioned. At early points in the growth of your idea, the need for rigidity is low. Be open to assuming another “hat” from time-to-time; titles don’t mean everything, and in startups they may mean little more than nothing.

Lesson VI: Failure is step #2. Check.

Setting out to develop an idea into a pivotal product is not a path free of detours. Along the way are countless moments of self-questioning, fear of failing, and second-guessing your initiatives. This will happen quite often during the course of cultivating your idea, and is to be expected. What commonly may be viewed as a hindrance to progress is actually a quintessential step in the process. As the second step, failure is bound to happen more often than not. It may be a disastrous product launch, or something more trivial like a design not living up to your expectations after repeated modifications are made. In either case the expectation of perfection is inherently flawed. The goal is not to exude perfection at the first go. Modifications may need to be made, tweaks here and there; the lessons learned in these “failures” go a long way in building a mentality no longer averse to failure, but open to it in the sense of being able to make your idea better than it was before. One can occupy his or her time with the fear of failing. Or one can opt to embrace instances of having made a mistake, and work to fail rapidly, so that they can improve rapidly.

The mistakes made, or tasks done less ideally than desired are part of the entrepreneurial process. Trying to entirely avoid making them is nice in theory–not feasible in practice. Sure, failing is an aversion many of us have; one usually does not like to experience the feeling of dread or disappointment usually accompanying it. Viewed that way, failure can compound quite easily, and can even slow or stop the momentum you built in lesson IV. The better way to approach it, though, is with open arms. Failure can be your friend, not always your foe. Take that first step today, because step #2 is going to happen whether you like it or not, and the sooner you embrace that, the sooner you can get to step #3.

Knowing everything is not possible. Making every day a part of your learning is.

About the Authors:

Daniel S. Williams is a graduating Advanced-Standing Senior at Boston College in the Carroll School of Management majoring in Management, with a concentration in Finance. Daniel has previously worked at several firms and startups fostering client-interactions, handling taxes, banking and filing systems, as well as marketing initiatives. He has been a part of Xperii Corp. since inception and has served advisory roles with other ventures.

Evan C. Ehrenberg is a prodigy and MIT’s youngest ever Ph.D. candidate in the brain and cognitive sciences department, he began the Ph.D. program at the age of 16 and is now defending his thesis at the age of 22. Evan is an expert in the domain of cognitive and computational neuroscience, and is an avid entrepreneur, previously working at Palantir Technologies and launching several startups.

Visit Xperii’s website: www.xperii.com

Article contributed by Daniel S. Williams

Lesson One: It’s not about you—go ‘big’ for everyone.

When one contemplates entrepreneurship, it is usually a vision of Mark Zuckerberg in a college dormitory, Dell computers being crafted in a residential garage, or another myriad of grandiose creations—made possible by the innovative genius of some of the brightest individuals of our times.

While most start-up ideas are just that—“ideas”—that never rise to quite the same caliber as the most renowned inventions of the time like Facebook, or a Microsoft Windows, there is one overarching theme: A bigger picture. My point here is not simply that one must be cognizant and acknowledge others’ efforts, but rather that there is a much larger purpose, a vision, existing behind these “ideas” turned marvels. It is one thing to note the actual creation of the concept and another thing entirely to note the end result in mind. One could view a Dell computer as having been a product with little significance beyond the construct of a physical item made of components. But, the entrepreneurial view moves beyond glaringly obvious; through this, the vision is such of what the creation, product or service represents. In Dell’s case, this was the vision of revolutionizing the personal computing standard, setting a global benchmark unparalleled at inception.

As a whole, the lesson is simple. One is only but a part of the grander vision. If one succumbs to the force of missing out on the “bigger” picture, the end result is stunted, narrowed to a scope with far less potential to make the most of an impact. As an individual it is paramount to see your place in this ultimate mission—realizing that social impacts have an audience much broader, the world-over.

It is not that you are making a cool product. You are making the product that will change the world. That is what “going big” is about.

Lesson Two: For the right reasons.

This concept is not simply a listing of why one wishes to develop an idea into a far-reaching product or service on a sheet of paper (though, that is not necessarily a bad thing to do). Rather, it is a point that one must wish to be an entrepreneur for a reason greater than personal gain.

In essence, this boils down to believing in the cause. Anyone may opt to venture down the entrepreneurial path; those who truly understand the significance of what they are proposing for society are better able to remain dedicated. It becomes more than running through the motions—it is living by and for them. Without passion, there can be little devotion to following through.

Though society often equates entrepreneurial gurus like Mark Zuckerberg and Bill Gates, albeit Steve Jobs, with remarkable wealth, this is not the primary reason one should engage in cultivating an idea. The “get rich quick” mentality is prevalent in our society today; wealth may often be enabled through successful entrepreneurship, but ultimately that is a by-product of having believed in, and devoted endless effort towards making the “dream” a bona fide reality.

It boils down simply: You never want to stop working. Money is enticing; it often pales in comparison to the motivation gained from thinking about the massive improvement inevitable. Humanity is waiting for you. Do not delay—doing so delays a great gift to humanity (your company).

Lesson Three: Doubters will doubt.

And of course—the doubters. I am not suggesting an all-out affront against entrepreneurs. What I am suggesting is simply that (although maybe somewhat obvious) not everyone will be on board. Some will simply not “get” it. Some will question the validity of the idea along the way, and some will only desire to point out and enumerate flaws.

Despite the influx of “doubt” that can be cast upon your vision, the main theme is to not let it overshadow your commitment to being an entrepreneur. Sure, not every idea or invention will pan out and be the next “big” thing. But, the commonality faced by all inventions today is that at some point they were ideas—potentially doubted by some along the journey, but benefited from the continued devotion and passion by the entrepreneurs who refused to let the opinions of some quell the desire to do something meaningful and impactful.

Doubt will persist—but so can the vision, the belief in why one wishes to be an entrepreneur. If you are fortunate enough to surround yourself with a team of those who support you and are willing to work endlessly together to make a vision into reality, that goes a long way, too. Go ahead, follow your vision. Trek the path not yet known; the journey often reveals as much as the final result.

Be on the look-out for doubters. Seek them. They are the best people to glean ideas from, finding the holes in your ideas. It is the process of charging forward with a fuller gait, a quicker stride, that doubters allow. Having your roadmap that takes you to something vast and far-reaching is a part of this process. Always be on the look-out for how to improve.

About the Author:

Daniel S. Williams is currently an Advanced-Standing senior at Boston College, majoring in Management with a concentration in Finance in the Carroll School of Management. He also is actively involved in serial entrepreneurial pursuits, including Sandbox SEF and Xperii.

Article Contributed by Jonathan Ensey

Believe it or not, a small business owner’s worst enemy can be them. Even if they’re totally motivated, driven and have a clear-cut vision, entrepreneurs often get it all wrong.

Below you’ll find 12 things entrepreneurs almost always get wrong and how to avoid them. We’ll uncover mindsets, facts and tactics that will help to ensure that your business is successful:

1. No Foundation

Many entrepreneurs don’t put the time in for much-needed foundational work. Spending thousands on a website that isn’t optimized or user-friendly is where many start-ups get it wrong. Why does it happen? No foundation. The website can be eye-catching, but if your users can’t navigate through it, you’ll need to take quick action.

2. Never Rolling-up Their Sleeves

Many start-ups think they can have the idea, build a site, and wait on the big bucks to start rolling in. Unfortunately, this isn’t how it works. Entrepreneurs have to roll-up their sleeves and get dirty. Get to work, and don’t stop working, because there is no quick fix for success.

3. They Put Long-term Goals on the Back Burner

Entrepreneurs have to keep a close eye on the long-term goals in order to ensure they’re heading in the planned direction. It’s important to stay on course and don’t allow yourself to become distracted on the sidelines. If you’re doing something for your business that doesn’t apply to your long-term objective, you’ve made a wrong turn.

4. No Mobile Website

Recent studies show that more people are using their mobile devices over desktop computers to browse the Internet. Whether they’re shopping, reading, researching or chatting with friends, your customers are on coming to your site while they’re on the go, from different locations throughout day. They want to find what they’re looking for quickly and easily, and if your website is not mobile-friendly and responsive, you’re not only facing a potential penalty from Google, but you’re also missing out on a lot of traffic and converting customers.

5. No Idea Who Audience Is

When an entrepreneur starts up a business, they have a plan. However, many never take the time to target their audience. Who is your product for? Is your services gender-specific? Are your products intended for millennials or seniors? It’s important that you know exactly who your audience is in order to provide them with relevant content that they can relate with.

6. No Support System

Whether you’re support system be a mentor or a spouse, it’s important that you have someone to bounce off ideas and to seek advice. Even if you have a well-laid plan, you’ll need someone to vent to, someone who understands your business and can offer some direction from time to time.

7. No Traffic-Driving Plan

Many think that once they build their website, the traffic will start pouring in. Not true. You’ll need to ensure that your content is targeted, that you have keywords in place for search engines, and that you have an advertising plan set up. Without the proper optimization and marketing, you’ll be lucky to get 10 views a month.

8. Wasting Time on Wrong Tools

Whether it’s Facebook fans or Twitter followers you’re after, when you focus on these social media tools too much, you’re wasting precious time. Although it is important for your business to have a strong social media presence, don’t spend your entire day focusing primarily on growing your Facebook fan-base or getting more followers on Twitter, when you really should be focusing on growing your company. There should be a specific amount of time set aside each day for your social networking efforts.

9. Unresponsiveness to Criticism

No person wants to hear about what they are doing wrong, but when it comes to starting a business; you need to be open to receiving expert advice. Constructive criticism can help you improve the way you run your business, and ultimately become more successful. Don’t let yourself wallow in self-pity, roll up your sleeves and apply the wisdom offered to you by knowledgeable and experience professionals to help you find solutions to problems.

10. Expecting Too Much

Let’s face it, when you have an idea, you expect everyone around you to be as exciting and interested. Sadly, this is not always the case. You’ll have to not only be patient, but you also want to sell yourself. Sell your service, your product, or whatever it may be. Make sure that you create fresh, descriptive content that readers will find enticing and engaging.

11. Customer Service

Surprisingly, the number one thing that many entrepreneurs are missing is customer service. Good customer relations will make your successful. Bad customer service will kill your business, whether it’s slow response times, strict appointment schedule, etc.

12 Under-investing

You get what you pay for, and many times that’s just not enough. When you pay $5.00 for an ad space, you can expect about the same amount back in return. No, you don’t have to invest thousands of dollars for advertising, but you’ll want to consider set up a competitive campaign and prepare to invest a decent amount of time and money.

About the Author

Jonathan Ensey is the Managing Director of ARedStore.com, a website dedicated to providing real estate marketing collateral and services to Keller Williams real estate agents a Senior Partner at GoThink!, a retail marketing and business consulting company. I’ve been fortunate to work in several industries, diverse in their environments, which have given me a specific skill set. The culmination of these experiences has equipped me to manage and operate every aspect of a small business, with specialties in business development and sales, team management, product and service deployment, and marketing campaigns. My goal is simply to provide value to everyone I meet.