Category: Entrepreneurship

It was over 20 years ago.  I had decided to take a trip with an old friend to the west of Ireland.

It was a typical late summer’s day.  It was raining and windy, with bouts of sunshine trying to burst through.

We wanted to go over to the Aran Islands from Galway; this meant a short crossing on a ferry.

The sea was rough and we could hear and feel the wind and waves, the rain stopping and starting as we set out on the journey across the bay.

I have always loved boats, ever since my father took me fishing as a young child.  My instinct is to stay out in the wind and breathe in the fresh air, feel the spray and rain on my face.

I left my friend and weaved my way to the stern of the ferry, I wanted to be outside.

Up ahead another woman was doing the same thing.

Her walk was lilting with the waves and what I learned later was difficult post-operative hips (and perhaps some whiskey too!).

She had sneaked out for the air and a cigarette!

I was immediately drawn to this wild looking woman with grey long hair, a very colorful jumper and a mischievous grin on her face.

I introduced myself and we began chatting. I immediately loved her!

Mo was a true free spirit.  She had up and left her two ex-husbands and adult kids, her restaurant business and she had sold her house.  She bought a camper van and was travelling around the world.

She went where she could find temporary cooking jobs and then as her spirit guided her, moved on to new places.

Within 15 minutes she invited me to come with her to Scotland and work as her galley slave on a boat.  I immediately said yes!

That night, in a pub on the Island, accompanied by traditional Irish Music, stories and some great whiskey, we planned the next few months.

It was as wonderful as it sounds.  Mo taught me how to make the best bread (fresh every day), how to chop lettuce to the tiniest strips and how to keep vegetable dressings crispy fresh when you garnish fish.

We had some of the funniest times; balancing on the underside of a harbor wall with a bucket and a stick as Mo yelled where the best mussels were so I could knock them off and we’d cook them for dinner!

We worked hard together and played even harder.

We told stories, sang, laughed and cried together.

We drank great Scotch!

Not long ago, I learned that Mo passed away in the village that had become her home and her community for the last few years of her life.

With all her joy and fun, she had an immense sadness in her.  I am glad she found a home and peace throughout those last years.

She was a true inspiration for me; a free spirit with a deeply adventurous soul.

She taught me to follow your instinct and go where your heart leads you.  She showed me that life is full of fun, joy and freedom, if you can only reach out and grab them!

I am blessed by her brief presence and lasting resonance in my life.  Sometimes inspiration comes from unexpected places and in unpredictable times.

Who has inspired you with tears of joy, laughter and adventure?

When have you listened to your instinct and jumped at a chance that will change your life?

New Webcomics series brought to you by #entrepreneurfail and GetEntrepreneurial.com. Enjoy!

“Days of filling out forms and reading about tax implications of small businesses and figuring out the best computer for my business – I realized how I was just delaying the actual work that had to be done.”

You thought you could just dive right into your new venture? The first month of entrepreneurship is punctuated with administrative overheads like paperwork, forms, writing checks, balancing projects and accounts, with a little bit of actual work sprinkled on top. To make things worse, these administrative tasks create an #entrepreneurfail: a perfect storm of procrastination. In contrast, in a new corporate job, there are a few clerical details to take care of… benefits & tax forms, and then you are off and running!

Of course you cannot skip these administrative overheads. However, be mindful of how they may take over as you embark on your journey.   If you can delegate to a virtual assistant or find a vendor, this could help you make some quicker progress.  We used ODesk and Elance to scope out helpful and experienced talent so that we can actually work on our business.  Our only mistake is that we didn’t do it sooner!

Key Startup Lesson: Focus on your end goal: sales and building a sustainable business and don’t get bogged down by the administrative details.

How was your first month starting a new business? Let us know in the comments below.

Enjoyed this comic? You’ll find this one and many more in the book Cheating on your Corporate Job: A Comic Look at the Startup Dream available on Amazon for download.

Article Contributed by Kelly Gregorio 

As savvy as entrepreneurs are, they are one of the easiest groups to let the holidays get the best of them.  From family commitments, to vacationed employees and a bustling customer base, this is the season of being overwhelmingly busy.

Truth be told, the whirlwind of the holidays goes by in the blink of an eye.  And there you are, faced with a new year and a whole lot of catch up to do.

This year, don’t fall into the holidays’ black hole; instead read on to discover the places and policies that would be greatly served by a little extra focus and attention.

Show Thanks

The holidays go by in the blink of an eye, and if you’re not on top of things you may miss the appropriate time to thank your customers for their business.  Be diligent about sending out handwritten cards or perhaps crafting an email that promotes a loyal customer holiday sale/discount.  Whatever your approach, encourage customers to deliver feedback on what they love and what changes they’d like to see in 2014.

As for your employees, the end of the year should mean more than just an annual review.  Now is the perfect time to reflect and show thanks. Thank them for their yearly contribution and mentor them by establishing individual professional goals for the coming year.  Not only will employees feel valued and respected, but your appreciation for their effort may also give them a much-needed boost throughout the busy holiday season.

Stay Active and Bright

Chances are that the social media bug bit you earlier this year.  With all of the positive customer-interaction potential, you’ve hopefully jumped on the Facebook, Twitter, and Instagram brand bandwagons.  Good for you! But don’t forget about your old friend, your website…

Now that you’ve moved on to other, more current technologies, it may be time to revamp the look and messages displayed on your web pages. Get rid of stale content and post something fresh that matches your style and tone.  Update your website with new products and upcoming services for 2014.  Also make sure all of your links to social media are just a click away.  Incorporating new technology into your brand’s outreach is key, just make sure your brand’s look and tone remains consistent throughout all of your different platforms on the web.

Evaluate Your Partners and Procedures

Before a fresh year is upon you it’s a good idea to evaluate your current partners and policies.  Take a minute and look at all of the outsourced relationships your business is currently involved in.  Are they working?  Is the competition offering something better?  If not then now is the time to make a change in the spirit of the upcoming New Year.  And if you’re happy, then extend a well-deserved thank you to keep your positive relationship going.

The same concept goes for your current polices and procedures.  Sure, you follow the steps you put in place because they are what got your business off of the ground, but are they still working?  More important, how can they be improved?

Prep and Envision a Strong 2014

Despite how busy you are it may be worth squeezing in a meeting with your accountant before the New Year’s ball drops. Buying new equipment, setting up a retirement plan or donating to a charity are all things you will probably do eventually, so why not do it when it makes the most financial sense? See if you can conduct any end-of-the-year adjustments to save your business money and more important, end this year on a financially healthy high note.

Also, before 2013 comes to a close it’s a good idea to sit back and reflect yourself.  What were your biggest hurdles this year?  How did you overcome them?

Take some time to envision your planned success in 2014.  Outline what changes you hope to see and start setting benchmarked goals that will lead you toward achieving them.  The holidays will come and go no matter what, how accomplished you’ll feel when this year’s calendar comes to a close is completely up to you.

How will you keep your entrepreneurial focus through the holidays?

Share your tips with us!

About the author: Kelly Gregorio writes about small business topics while working at Advantage Capital Funds, a provider of merchant cash advances. You can read her daily business blog here.

You’ve got the best idea for a new business — really, it’s mind-blowing. Since you feel trapped in your current job, this new idea is a sign, right? It’s time to cut ties with the nine-to-five and launch your own company. Or is it? Take the quiz below to find out if you’re ready to become an entrepreneur.

1. How do you feel about the idea of a formal business plan?

a. It sounds like something that will tie you down. You’re more of a freethinker — you like to take each challenge as it comes.

b. It sounds like something entrepreneurs do, and you’d be happy to start one if you knew how.

c. You’ve already got the summary written, and you’re fleshing out sections on marketing, products and cash flow.

2. How are you going to fund the business?

a. The idea is really, really, really mind-blowing. This business is going to fund itself.

b. You have some open balances on your personal credit card, equity in your home, or a decent enough FICO score to get a business loan.

c. You have money saved, are researching the possibility of investors, and have checked out AmericanExpress.com to see about a business account to cover travel and supply costs while you wait on the first invoice payments.

3. Do you have a marketing plan?

a. You’ve told all your friends and family, who love the idea. You’ve also started a Facebook page, and have a couple of fans.

b. You have some ideas about using Facebook, a blog and Twitter for online marketing. You know you can order free or low-cost business cards, but you need some help with the rest.

c. You’ve registered a domain name with GoDaddy.com, have started hyping the business on Facebook and Pinterest, and you’ve got a meeting with a SCORE coach to talk about other advertising opportunities.

4. How much work do you think the business will take?

a. Hopefully, less than 40 hours a week. You really want to get away from that nine to five.

b. It will probably take a bit of overtime at first, but after a few months, you hope to spend 40 hours or less a week working.

c. You’re planning on 60 or more hours a week the first year. After that, you’ll do what it takes to be successful, but you’re planning to make time for yourself and your family, as well.

5. How are you with paperwork?

a. You’ll hire someone to do that for you.

b. You’re good with details, but not sure what paperwork to start with.

c. It’s not your favorite thing, but you understand starting your business will require work in some areas you don’t enjoy in order to do something you do enjoy.

6. What’s your timeline for launching the business?

a. You’re putting in a resignation tomorrow, and expect the first customer by the weekend.

b. You’d really like to get started this year, but you’re afraid to leave the safety net of a full-time job.

c. You’ve been working on the details for awhile now, and you’re ready to let the world know about the upcoming business. You’ve got a personal financial plan and savings that will allow you to quit your job within 12 months, and you’ve created a business plan to match that pace.

So, are you ready to start your own company?

If you answered mostly A, you probably don’t have the best grasp of what it means to own your own business. It’s not a way out of work — in fact, you’ll probably work harder for yourself than you’ve ever worked for another boss. To be successful long-term, you need to plan before you launch. Only about half of small businesses make it past five years, according to the U.S. Small Business Administration, and those failures can be related to pitfalls such as poor planning and lack of knowledge about financing, record-keeping and pricing.

If you answered mostly B, you have the right attitude, but you aren’t quite ready. According to the National Mentoring Partnership, the role of mentoring in academic, life and professional success has been shown in surveys and through anecdotal evidence. Individuals with mentors are more likely to achieve success, so contact a local chapter of SCORE.org or a local office of the Small Business Association to get information about starting a business. Or speak with a successful entrepreneur willing to provide free advice.

If you answered mostly C, you’re well on your way already. You have a good idea of what it takes to start a business, and you’re at least halfway into the planning phase. Don’t give up on your goal — 28 million other people are doing it, Business Insider reports, and so can you. Remember to reach out to organizations such as the Small Business Association and SCORE.org. Although 70 percent of small businesses are owned and operated by just one person, that doesn’t mean you have to face every challenge alone.

Entrepreneurs who are interested in jumping into the restaurant business have a lot to look forward to. Running a restaurant can indeed be stressful, but the fast-paced lifestyle associated with the industry is just one of the reasons why so many people enjoy being a part of it.

In order to properly get a restaurant off the ground, however, there are a great deal of things that need to be taken into consideration. There’s a reason why 30% of restaurants fail within the first year they’re opened; a lack of proper planning can truly have detrimental effects.

Worrying over whether or not your restaurant is going to succeed won’t do you any favors. Instead, focus on what you can do to succeed. Here are just a few tips to help aspiring restaurateurs achieve their goals.

Choose Location Over Everything Else

There’s really no getting around how important it is to choose the right location when planning to open a restaurant. If you’re familiar with the term “haunted location,” you’re likely aware of the fact that some areas are simply not fit for certain types of restaurants. As a result, you’ll want to do as much research as possible into the area that you’re searching for a space. Get to know which parts of your city have restaurants with successful turnovers and which do not. Also, keep style of cuisine in mind and search for a location that will allow you to carve a unique niche in the surrounding neighborhood.

Don’t Skimp on Initial Supplies

One of the most difficult aspects of opening a restaurant is being able to afford to outfit it with supplies. Between kitchen equipment, dining room furniture and everything in between, there’s no denying the fact that opening a restaurant can be an expensive endeavor. Skimping on initial supplies, however, will do you very little good and could even potentially derail your restaurant during the beginning stages. It’s worth mentioning that many people forget about the little things when planning a restaurant opening; proper cooking utensils, guest checks, table linens etc. Make a list of everything you think you need and allow others with experience to go over it with a fine-toothed comb for you.

Start With a Test Menu 

A common mistake made by first-time restaurateurs is throwing all of their money towards food inventory right off the bat. It would make sense to the think that a large menu would serve to bring in more costumers, but there’s a huge chance that you’ll be letting a great deal of food go to waste in this scenario, as spoilage occurs quicker than most people would like to admit. Work with your chef to draft a small, limited test menu to help get the ball rolling. This will not only drum up interest for your restaurant, but will allow you to keep food costs to an absolute minimum to begin with.

Embarking upon a career as a restaurateur can be frightening, but if you make the right moves, you’ll find that it can be an excellent business venture.

Article contributed by Jenna Smith