Tuesday, November 23, 2010

10 things every entrepreneur should know or do

1) They are not born, they are made. I was an average student in school. I wasn’t on the honor roll. I didn’t play sports. I wasn’t the most popular. However, I managed to figure out at an early age what I was good at and stuck with it.


2) There is not a pile of grants for small businesses waiting to be claimed. This is an ever-present myth. Yes, there are grants out there for specific programs that file under specific categories. There is not a lump some of money, readily available for someone with a brilliant idea, sitting in a locked vault allocated from the federal government to your state. If so, everyone wouldn’t be looking for investors and bank loans. There are small business grants that state and federal agencies offer and financial programs that assist entrepreneurs.

3) You don’t have to reinvent the wheel. Some of the wealthiest entrepreneurs in this world took something that already existed and made it better.

4) Don’t look for the end of the rainbow for at least three to five years for a brand-new start up. The average start up takes about that long to see real profit. During that time most of the cash goes back into the company. You might want to keep that side job.

5) Smart ones include advertising dollars in their budget. Today you can do a lot for free and word-of-mouth never goes out of style. Still, the right ad, at the right place, at the right time, can do wonders.

6) Intern, intern, intern or get a mentor. If you haven’t done it. Do it. Some places will take an intern no matter the grade or if they need college credit. I once did an internship after college where my fellow interns were double my age. If you can’t intern, do a fellowship. These are basically some of the only situations where people will show you how they run their company; share their protocols and everything they know for FREE.

7) Volunteer to join local boards and committees. You will learn how to run and structure an organization. The financial literacy you gain is second to none and you’re doing something for the community.

8) Some days you will wonder why you aren’t working for someone else collecting a regular salary without the headache.

9) You will experience a brilliant moment when you remember exactly why you went into business for yourself.

10) The only thing more depressing than having your venture fail is looking back at your life and wondering why you never exhausted every avenue or put every blood, sweat and tear into it. This is your dream. Go big or go home.

Monday, November 15, 2010

Meat and potatoes never hurt anybody

Is it just me or are we constantly worried about time? What time is the meeting? How long is the event? Where will we be inserting the keynote speaker on the timeline in the program?

If time was a meal, we’d consistently be serving hors d'oeuvres. I always go for the entrĂ©e. Whenever I meet with a client, I always ask that they schedule me for a time that is convenient for them. Not when they have 15 minutes to spare, but a bulk of time for genuine conversation. I think it is a waning feature nowadays.

I’m not trying to squeeze anything out of you. Neither am I interested in giving you a spiel. I am meeting with you to learn more about your organization, its needs and you as a person and member of the community. Sure, I am going to tell you about what we offer at The Lioness Group and our mission. However, I am going to tell you about it and a host of other things and if you decide you would like our services, fantastic – I’m ecstatic. And if you don’t, that is OK, too.

Trying to blurt out what I do in 10 minutes is not only a disservice to the professional services I provide, but a waste of our time. If my services are worth having, than offering it is enough. Talking a million words a minute and pressuring you into a deal should make the ears perk up on anyone. It should also tell you that they are interested in your cash and not the value of your company.

I like to work with people who care about the success of their organization, their employees/clients/consumers and community outreach. All are interlinked to the success of the other. All of these I hope to touch on in conversation. The fleeting 10-second sound bite is not my cup of tea. Maybe some like the little appetizer sprinkled with insincere rhetoric. But I prefer the meat and potatoes.

Wednesday, November 3, 2010

To plan or not to plan


Do you have the future in your sights?
 I am one of those entrepreneurs who fell into my company – if there ever is such a one. I never thought about owning a business. I did not search for business opportunities and yet, here I am. My first client referred me to another, then someone else called me about a thing, then that thing was noticed by another and so on.


I did not have any start up capital. I did not have a business plan. Though I was certified in business planning nearly a decade ago, everything I am learning I am learning on the job. I have my successes and my slips and I have the plaques and bruises to prove it. However, talking to others about how they got their business ventures going got me thinking about planning. How effective is it? How do you weigh short-term and long-term goals?

Planning is crucial to executing a great idea. That is a no-brainer. Yes, I am one of THOSE people. I admit it. I have a vision board – two to be exact. I have a short term one (present to one year) and a long-term one (ten to fifteen years from now). I set long-term goals, but I complete them in stages. I see where I want to be in three months, nine months and two years from now. I then decide what I need to do every day in order to be where I need to be in three months. I look at my week in units. The last day of the week, Saturday, I briefly reflect on whether or not I completed any tasks that make my three-month goal a reality. Trust me, there are off weeks. Working in short-term bursts keeps me from looking too far ahead and wondering how long I still have to go.

Everyone is different. I honestly think if I had started off by writing a business plan, I would have quit this business owner gig a long time ago. Taking my time and learning and growing at my own pace has allowed me to shape The Lioness Group into its unique niche. If I had sat down and typed out what I thought a writing and media services firm should look like, it would not have been what I currently have. Being different means doing what others have not done and stepping out is frightening. I wouldn’t have been able to write down what I wanted to do, because I didn’t know what I wanted to do until I started to do it. (Whew! Did you catch that?) Slow, steady growth has enabled me to find my strengths and what makes my brand what it is. Take the time to work in the field you are attempting to become a leader in. Know what it feels like to be in the shoes of the worker bee, the queen bee’s assistant and, ultimately, the queen herself. Be a consumer of the same services you hope to provide. Being on the other side of the glass can do remarkable things when it comes to determining how you want to treat your clients.

I am not encouraging anyone to not have a business plan. It is a necessity. I am in the throws of working with Williams Business Consulting to finally complete my business plan. I must say, it’s a lot easier to write after being in business for more than a year. I don’t have to use estimates. I can use facts. The bonus of having a plan is when you are having those off days; the ones where you are wondering why you started this in the first place. You can open up that plan, refocus on your mission and get right back on track. But don’t be afraid to wander out of the guidelines every now and then. Leave room for the unexpected. Fore it is the only thing that has catapulted me on my path. The irony is what we think is unexpected is often a result of choices we have made, both good and bad.