Category: Entrepreneurship

Article Contributed by OnlineBusinessDegree.org

Just what kind of business are you in that you want to model your professional actions after the greatest cinematic mob story of all time? Well, no matter. The Godfather is chock full of great advice, and there’s lots to learn from the themes of this classic film. Check out the nine best business lessons that we’ve learned from The Godfather, or you might be (metaphorically) sleeping with the fishes sooner than you thought.

Make Them An Offer They Can’t Refuse

Obviously. One of the best ways to get what you want in business is to tailor your product to your customer’s needs. And this works for managers, too. If you want to incentivize your employees, there’s often a way that you can make your request primarily beneficial to them and the company both. Barring using horse-headed death threats as a strategy, make sure that when you want a certain result, you make the incentive good enough to warrant it.

Trust No One

Whether you’re a bona fide wise guy or not, it’s wise to watch who you trust. That’s not to say that you should be suspicious of everyone all the time, it’s that the only person whose decisions and actions that you can safely rely on are your own. Even being in business with people for years doesn’t mean that you can trust them, but you can trust them to be themselves. And whether you’re running the underground or just the office, that’s another key lesson to learn.

Keep Your Friends Close and Your Enemies Closer

Well, maybe not your enemies. More like your competitors. It’s important to have a good idea the landscape of your market competition, both larger and smaller than you. And when there’s an industry-wide issue that could improve your field, do yourself a favor and be the one to lead the charge to unity. You’ll stand out among your competitors while also improving things for all involved when you’re the one to get a group to band together faster than you can say “five families.”

Patience is a Virtue

Don’t expect for things to blow up for you overnight — it takes time to build a mafia empire strong business. And this advice goes for both rookies and veterans: quality comes from patience, planning, and having a great product.

Always Have A Plan

When you’re running an international crime syndicate, you’ve simply got to have a plan. It’s not profitable to do things willy-nilly, with no discussion or lack of a business model. It’s probably best to avoid a business plan that involves gunning people down in the street, but appropriate foresight, planning, and action can lead to, ahem, legitimate business success.

Learn from Your Failures

Failure happens. Even to mafiosos. Let this fact lead you, and give yourself permission to fail. But also let yourself learn from your missteps, as it’s possible to turn any short-term failure into long-time success. If you lose some guys in a gun battle, or lose money from a dirty double cross, you know how crucial it can be to pick yourself up, dust yourself off, regroup, and move forward. Also, what kind of job did you say you had, again?

Loyalty Matters

One of the most important lessons to take from the Don is that loyalty is key. In this day and age, economic security is a spectre — but it’s paramount to remember never to bite the hand that feeds you. Whether you have a boss or have to deal with distributors, it’s always best to be loyal to your higher-ups and those who depend on you. It’s as simple as this: the better everyone does, the better everyone does.

Respect Must Be Earned

While loyalty is important, respect must be earned. Make sure that you’re commanding respect, and not just because of your great work product. If you act with dignity and put integrity first on your value list, you’ll see how easy it can be to build up mutual respect with co-workers, superiors, and those in other areas with whom you have to work. Additionally, take caution to respect respect: it’s easy to build up, takes time to cement, and can be gone forever in a flash.

Business Is Personal

Tom, don’t let anyone kid you. It’s all personal, every bit of business. Every piece of sh-t every man has to eat every day of his life is personal. They call it business. OK. But it’s personal as hell.And there you have it. Michael Corleone said it best, and it’s the honest truth: business is made up of people. People who care, people who create, people who perform, and everything in between. The great thing about a business is that the whole is greater than the sum of its parts, but its parts are people — and those are pretty great, too.

Important aspects of having a business

Deciding to start-up a company and run your own business can be one of the most liberating experiences that you’ll ever have. The opportunity to grow a company from its first few steps into a firm that pays you a salary can be hugely rewarding. It can also give you a much better work-life balance and, with all of the responsibility for its success ultimately in your hands, offer great motivation to get out there and achieve your goals. If you’re keen to start a business or perhaps have recently started one, there are some important aspects to consider.

Develop a vision and stick to it

One of the most compelling reasons for having a business is that it provides you with the chance to run something in the way that you’ve always wanted. That being the case, a clear vision that helps crystallise what kind of clients you want, what you want your company to be recognized for in the marketplace; and what kind of services you want to provide is absolutely imperative. Having a clear vision from the outset and always keeping it in mind can help you set your objectives.

Discover your market

Business guru Peter Drucker once posed the question “what business are you in?” and for the business to succeed, it’s crucial for you to address this by knowing your market. Most businesses simply cannot cater products and services towards everyone and, especially when you’re starting out, you need to know who to sell to. The better that you can define your market, the more precise you can be when targeting possible consumers.

Ensure consistency

One leading area in business is to ensure that you are consistent in all operational aspects. Business growth comes over time and cannot be expected overnight, so you need to be prepared to put in the hours and consistently work towards your goals. In addition, being consistent in your products and services ensures that repeat customers will get the same service, as a minimum expectation, each and every time they return.

Protect your business

From the very beginning, even when your idea is no more than an idea on a napkin, it is important that you look to protect your business. It’s vital to take out insurance to cover such things as business liability, key man protection, repayment of inventory, and protection against third-party damage, whilst over 50’s life insurance can financially protect your assets for dependants and business partners should you become critically ill or die.

There are many aspects of having a business that you’ll need to consider whether you’re just starting out or are looking to grow your current enterprise. Having a vision, marketing to the right people, and staying consistent in your own motivation and the services you provide is vital for success; and, by utilizing products such as buildings, premises and life insurance, you can ensure that you’re fully protected in the event of major losses.

Article Contributed by Online Universities

You’re young, strapped for cash, and totally busy with school. It sounds like a terrible time to start a business, but really, things couldn’t be more perfect. We’re seeing a boom in businesses started in tiny dorm rooms, and there’s a really good reason why: college is an ideal time to get your venture off the ground. With incredible support and resources, a low cost of living, and your life spread out before you, right now is when you should be making the leap. Don’t believe us? Read on, and find 22 compelling reasons to start your dream before you finish your degree.

1. All the cool kids are doing it: Mark Zuckerberg created “The Facebook” as a Harvard sophomore. Bill Gates and Michael Dell both left school behind when it was clear their businesses were taking them to bigger places. Sure, their stories are rarer than the failed ventures that sometimes come out of dorm rooms, but your idea just might be the next million dollar one.

2. You have the time available: Essays, exams, and extracurricular activities may be leaving you with little to no free time these days, but just wait until you have a job, possibly a marriage, kids, and a house. You may not realize it now, but you’re in the glory days of flexibility, so take advantage of it and get your business off the ground now.

3. It is just really cool: In some circles, “I have my own business” is the ultimate pick-up line. But seriously, having your own business at a young age really sets you apart on your resume, with your family, and even socially. People tend to respect those who own their own business.

4. Your professors are an incredible resource: There are few places where you can get more free knowledge and support than college, especially advice of such high quality. Talk to your professors, industry groups on campus, counselors, and more to get expertise and support for starting your business while you’re in school.

5. So are all the school “freebies” you pay for: Sure, they’re in your school fees, but you’re paying for them anyway, why not use them? Computer labs, copy machines, meeting rooms, free wifi, and more are all things you might be taking for granted but will have to pay an arm and a leg to use once you leave campus.

6. Entrepreneurship will give you a crash course in life management: If you’re having trouble keeping up with your grades and time management, being motivated by the possibility of cash just might make you shape up and start doing things right. Having a business just might force you to get organized and be more responsible with your time and money.

7. You might get a break on student loans: Recently-introduced laws on student loans make it possible for you to reduce your monthly payment obligation through your business, freeing up extra cash for getting off the ground and maintaining your finances.

8. You’ll stand out: Lots of young people are jumping in to business, but a college-aged businessperson is still a rare thing, and it can get you some attention. Your sales pitches will stand out because you’re different, and it’s much easier to differentiate yourself at networking events. This is, of course, assuming that you’re presenting yourself professionally.

9. Marketing on campus is crazy cheap: Word-of-mouth marketing is the best kind of advertising that money can’t buy. It’s at the student price of free and spreads like wildfire if you’ve got something exciting going on. Get your buddies on board and you can spread the word on campus and beyond.

10. It’s a great experience, even if you fail: That’s right, even if your small business blows up in your face, it’s a testament to your character that you even gave it a shot. Entrepreneurship shows that you’re creative, driven, and confident, all things that employers can respect.

11. Cheap labor is readily available: Help with your business tasks is typically not much farther than a case of beer and some pizza. Your friends may eventually tire of pitching in a lot for little reward, but almost-free labor is a great resource for getting off the ground.

12. Loyal partners surround you as well: Starting in college when you and your buddies have the time and energy to commit to a business means that you can enjoy a high level of commitment with employees and partners that are likely to stick around even after graduation.

13. You have fresh ideas: It’s sad, but true: after a few years working in a cubicle farm, your creativity and drive are almost certainly going to be dampened. In college, you are (hopefully) not yet jaded by the realities of working life, and you can take advantage of your open, fearless, and exciting opportunities unburdened.

14. There are college budget friendly businesses: While some businesses are capital-intensive, others are time intensive, and these are the ones where college entrepreneurs can really hit their stride. There are legitimate businesses that you can start for about $20, including housesitting and tutoring.

15. You just might make some cash: Chances are, you’re not exactly rolling in cash as a college student. But if you can create an effective business, you just might be able to actually earn some income in between classes. Do a great job, and you can pay off student loans early, graduating from school debt free.

16. Good luck finding a job otherwise: The job market is terrible these days, but not for entrepreneurs who make their own fortune. While your friends schlep their resume over the entire Internet and stand in line at unemployment, you can enjoy controlling your own future.

17. You may never have to work a corporate day in your life: As most college students prepare for a life of corporate drudgery, successful college business owners can rest easy in the fact that they can skip over the corporate world and go on to the exciting world of entrepreneurship.

18. It’s much easier to recover from mistakes: Even if you lose everything you own to your business, you’re probably still about on par with your peers. You can take a major financial hit, and even do some damage to your credit, but still have time to recover and get things right before major life events arrive.

19. You can live in your mom’s basement: OK, not everyone really wants to take advantage of this, but let’s be serious: it is amazingly cheap to move back home if you just can’t make ends meet while you’re launching a business. It’s lame now, but much less weird than if you tried to do it about 10 years from now.

20. An amazing network is waiting for you: Your college friends represent an incredible support system for your business. Chat up your friends in marketing, ask for website help from your computer science buddies, and get your most outgoing friends to help you gather clients and do market research.

21. Everyone wants to help: It’s not just professors and classmates who are willing to pitch in; major organizations offer resources as well. Last year, PayPal gave 20 teams representing entrepreneurs under 20 $100,000 fellowships for funding their big ideas. And they’re not the only ones. Often, colleges themselves will put on contests and grants for those brave enough to claim them.

22. You might not ever do it later: Putting things off until later is a great way to never actually get them done. Don’t wait to finish college to start your business, seize the day right now.

Article Contributed by Gary Jordan

It sounds easy – knowing who you are. It should be a given, right? Knowing and understanding who you are is a lifetime process that begins in childhood, on the playground, when you begin the process of learning just where you fit in. But where you fit in as an entrepreneur is a whole different question!

Most people start a business because they have an area of expertise. If they’re in tune with who they really are and what makes them happy, chances are, this area of expertise is also an area of deep personal passion. Unfortunately, many entrepreneurs take the time for self-discovery once they start their business – and wonder why they’re not happy actually running their business, day in and day out..

After all, the focus of the business is something they love, and the products and services reflect that passion. Shouldn’t that be enough?

Well, actually, no – for one simple reason. Starting a business means that you’ll wind up wearing all kinds of different ‘hats’, playing a multitude of different roles, from accountant to marketing director, personnel director to chief financial officer.

The entrepreneurs who are actually happy in their businesses, day in and day out, are those who have gone one step further in their own process of self-discovery and determined the types of roles they actually enjoy filling, and the sorts of tasks they’re naturally suited for. They’ve found a way to focus in on those roles, developing what they do best – and delegating the rest. All of this benefits their businesses.

First, by freeing them up to do their ‘genius’ work’ – the work they truly do better than anyone else. Second, by filling the other roles with people who are actually happy and fulfilled in those capacities that bog down the entrepreneur and sap his drive. To be happy in business, it is vital for people to do what they naturally prefer to do and find engaging, because they will be more productive, happier, and, as a rule, procrastinate far less.

The business owner who understands how important it is to build his business around his natural strengths and abilities in this way also discovers exactly where he fits within the context of his business. These entrepreneurs also stop trying to do everything themselves, exponentially increasing their effectiveness with the help of a dynamic, powerful team.

Unfortunately, many entrepreneurs fail to reach this point. They look around at the business they’ve built, based on a real passion in their life, and wonder, why am I not happy with this? What’s missing? And (worst of all!), what’s wrong with me?

About the Author
If you’ve ever felt this way, take heart: there’s nothing wrong with you. But it’s high time you honored yourself enough as an entrepreneur to discover your natural strengths and put them to work for you in your business.
Gary Jordan, Ph.D., has over 27 years of experience in clinical psychology, behavioral assessment, individual development, and coaching. He earned his doctorate in Clinical Psychology from the California School of Professional Psychology – Berkeley. He is co-creator of Perceptual Style Theory, a revolutionary psychological assessment system that teaches people how to unleash their deepest potentials for success. He’s a partner at Vega Behavioral Consulting, Ltd., a consulting firm that specializes in helping people discover their true skills and talents. For free information on how to succeed as an entrepreneur or coach, create a thriving business and build your bottom line doing more of what you love, visit www.YourTalentAdvantage.com

Article Contributed by Lisa Cherney

I believe that life is a journey, and just like any journey, it has some bumps in the road along the way. For me, those “bumps” came in the form of three layoffs in two years.  I drove home from my last job, the remains of its existence in a cardboard box beside me, and I received this message: “Why go to work for somebody else when you can work for yourself?” I literally looked around like, “Who said that?”  And then I realized: “This is my life. I need to create a way for it to support me and bring me freedom and joy.” So… I started on that journey of entrepreneurship.

I knew that the road to entrepreneurship would not be an easy one to travel – with fear, risk, and uncertainty lurking around every corner. But as I drove down that freeway, I also knew there was no turning back now. It was time to follow the right path, and for me, that path was helping others discover theirs!

That third layoff was a turning point in my life: a point in which I realized I needed to make a change. And that change resulted in helping others to make changes as well. In fact, this is a step in my “Stand Out, Be Juicy” program that I call Juicy Benefits – communicating how you change someone’s life. And we all do it! We, as entrepreneurs, all offer services that change people’s lives. You just have to realize it.

To illustrate this point, one of my clients, a professional organizer, wasn’t meeting her goal of making a six-figure income. While she viewed herself as an organizer of stuff, her clients were saying, “You’re so much more than a professional organizer!” She couldn’t see it. So I asked her: “How are people different after working with you?”

Like most people, she couldn’t answer. But I helped her find her voice, her answer, which was: “I help people get to the root of the cause of their clutter so it never comes back.” Ta-da! There it was. Her Juicy Benefits. She started charging more and hit her six-figure mark that year.

The answer to, “How are people different after working with me?” should roll off your tongue, but most likely, it doesn’t. For most entrepreneurs, this is the case.  My own dissatisfaction while working in corporate America should have been obvious to me, but it wasn’t. My point? We don’t always see what’s right in front of us. Sometimes it takes someone from the outside to help us see what we should see, say what we should say, do what we should be doing. Juicy Benefits is just a piece of the puzzle, one curve in your road to discovery. Take the wheel for a moment, and let’s see where we can go!

About the Author: 

Lisa Cherney, a.k.a. the Juicy Marketing Expert, founded Conscious Marketing 12 years ago to help small business owners find their authentic marketing voice, attract their ideal clients and increase their sales. Following her own Stand Out & Be Juicy program, which centers on owning your unique self and laser-focus marketing, Lisa has tripled her income while working
part-time.

Prior to Conscious Marketing, Lisa worked with many Fortune 500 companies, including AT&T, Lipton, Nissan, Blue Cross and Equal. She is a highly sought after speaker and often shares the stage with experts such as Jack Assaraf (The Secret), Jack Canfield and Jill Lublin. Learn more about Lisa at www.consciousmarketing.com or call 887-771-0156.