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Posts Tagged ‘Business’

Like every entrepreneurial mom, two of the top priorities in my life are my family and my business.

My Story.  I have always been a driven person. I knew what I needed to do to earn my next promotion.  I took every class and seminar that I could find to help me get ahead.  When I was in my early 20’s, all my colleagues were men in their 40’s.  If I had kept going, I would certainly have reached upper level management.

My desire and drive for status in the corporate world came to a screeching halt on a day in late 1993–the day I became Jackie’s Mom.  That day, as all Moms understand, my priorities dramatically shifted.  Life was no longer “all about me”.  I wanted to spend as much time with her as I could. Suddenly work and school were unimportant.  I began looking for opportunities to work from home or for good part-time jobs.

It is not easy to juggle business and motherhood.  I do not claim to be an expert.  After Jackie was born, I spent several years in the corporate world not realizing there were other opportunities for me.  While I worked full-time, my constant concern was that I was missing everything while my child was in daycare for 11 hours a day. Because I know children are only little “for a short time”, a cloud of overwhelming sadness was constantly hanging over me.  In my efforts to overcome this concern, I was fortunate along the way to find several excellent part-time jobs, and I even job-shared for a year.  I have actually only worked full-time for half of my daughter’s 12 years. Yet it still never occurred to me that I could leave the security of a corporate job to have my own business.

Thankfully, the entrepreneurial bug bit me in late 2002.  I now have my own business, and I love every minute of it.  I am much happier and I am able to set my schedule around my children’s important activities and, on occasion work with them beside me.  I recently sat at breakfast with Jackie and asked her when she has been happiest with my work schedule.  She too was happiest when I was able to take her to school and pick her up myself and attend all her important activities.

My husband, Terry is about to begin working in my business full-time, too.  While we are looking forward to being together more and working together to help build our business, this will be a major life change for us.  Our son Cole (age three) is currently in daycare for three part-time days each week.  Last week we discussed some of the adjustments we will need to make with Terry being home more. We made the commitment to juggle taking care of Cole and working in the business the remaining two days a week for the next two years until he starts kindergarten.  We know it is best for Cole, that this time is a special time to be with him, and he is worth it.

I have learned many things as a Mom Entrepreneur, and I would like to share two of them.  The Importance of Being Present.  Several months ago, I had a breakfast meeting with my business partner and one of our networking organization members.  The member was sharing some of the things he had learned in a workshop. I will never forget when he said, “You are not listening, you’ve never listened, and you are not listening now…”   Then he explained how he realized he hadn’t been listening to his own daughter.  I immediately understood what he was saying and my heart sank.  I thought of my children. Although I had always wanted to have as much time with them as possible, I had become involved in growing my business.  While juggling both work and family, I had stopped listening.  I had been fooling myself and I had been very wrong.  I apologized to my daughter that day.  I changed immediately, including even little things. For example, while ironing on stars Jackie had earned in P.E., I took the time to talk about how she had earned the stars.  I understood how much I was going to miss unless I was present all the time.  Working moms often struggle with the lack of time spent with their children, but when we are present, every moment we spend with our children can be special quality time.

The Value of Teamwork.  One of the most important things we can do for our families is to have open communication.  I am not afraid to ask for help from my family.  I try my best to communicate my upcoming schedule ahead of time.  When I have a particularly hectic week, we talk about what is happening, if it’s temporary, acknowledge the stress it puts on all of us and handle it together.  As a team, we worked out a plan for the days when I leave early to attend a breakfast meeting. When I say, “I have a breakfast meeting tomorrow,” everyone knows what to do.  For example, my husband takes care of our son and drops him off at preschool.  My family understands my commitment to them is, if at all possible, I will only attend one breakfast meeting a week.  I communicate with them what is happening in the business and try to involve them in it, too.  We are all in this together.  As the business succeeds, we all succeed.

You can help, too.  I love to help others, and as I continue my personal journey towards a more balanced life, I want to collect the experiences of other entrepreneurial moms.  I am also writing a book for Mom Entrepreneurs.  The comments submitted for these articles could also be featured in the book.  It is my goal to share your stories so that we can all help each other to master the fine art of juggling business and motherhood.

Many of us (myself included) have a degree of difficulty of the work and go left us a true vacation. In fact, there are many people I know who are employed, paid vacation time available to them, and still not take. Than have, those of us, a business or self-employed in some capacity, the feeling that if we have free time are suffering, our business would.

Even if we manage to escape, how many of us our computers and business phones to take with us and spend a large part of the holiday actually works? Now I have that many of us know, the fact remains that we love our work. We do not want to let go of what we love and embrace the “unknown” … even for a short time. On a recent week-long family vacation, I took my computer and spent the first few days at least three hours per day (my husband by the way, did what, while our children basically vegged front of the TV.) First, it was easier to remain in a state of gratitude, and that in and of itself, a room for me the benefits of a true holiday experience.

Below is a list of ten reasons why you should take a vacation, and if you do, how to approach her, it can actually improve your business and your life.

1st Seeing life from a new perspective. You are no longer surrounded by the familiar. Especially if you go to a place that is new, it takes some time to “orient yourself.” They are forced to leave, and let life flow. Letting life take us on an adventure allows us to relax our control, our liability to resolve how things should be “. We are beginning to take a fresh look at our relationships, our environment, our work and us. We are open to new and perhaps innovative ideas. It is quite possible you will come home with a new, creative solution to a problem, an innovative product, idea or a new approach to marketing.

2nd Breaking up the routine. Drift into a routine is as easy as falling into a chair. We are used in the same house, same route to work, to the supermarket and our kids’ school and work the same way. It healthy to try to break through, try the one time and something new. You never know how Your life may be extended for free and try something fresh.

3rd Connect with your partner, your children, your family, your friends or your self. We now have the opportunity to observe and enjoy. We also have the time to talk, clear air and troubleshooting.

4th The healing of body and mind. Holidays are a good time to relax and let it roll into a deep relaxation. Our body is hard-working and well serve us. It supports us as we share our unique gifts in the world. The more we take care of our body, the longer and more successful is it to serve us. Deep relaxation is a powerful healing force that improves our immune system, and serves as a balm in every cell and body functions. Make sure your holiday is for a period of deep relaxation.

5th Hearing another voice besides the ego. On holidays, we have the opportunity to relax our ego, and other voices and other ways that something could be done. Often these new ideas can be a quantum difference in our business and our lives.

6th Sensing timelessness. Holidays, especially if you resist the temptation to make reservations at any time of day tours or activities (and I would recommend that to resist you), you can benefit from a sense of timelessness. We get so caught up in time. How many times a day do you check your watch, cell phone or clock and realize you have to hurry or to rush to somewhere on time. A vacation is your chance to let go and realize there is more than following the dictates of the Clock of life. It’s amazing how long and pleasant day and evening, but can when we have at the present moment, only live.

7th Discover the skills you had known before. You have talent you never knew you had, such as climbing, sailing, kayaking, diving, or a foreign language? You’ll never know until you test. Holidays give you a perfect opportunity to do so. They are very good about themselves for another attempt, and who knows … Discover a life-long passion!

8th Connection with nature. Especially if your holiday is taken in nature, you have the opportunity to benefit the life terminal. The same force that created life also creates and maintains trees, flowers, water and mountains. One of my favorite poems by the Indian poet Tagore, goes like this, “the same stream of life, through the world and runs through my veins night and day, and rhythmic dances in action … It is the same life that shoots in joy through the dust of the earth in countless blades of grass and breaks into tumultuous waves of flowers. ”

9th The chance to play and enjoy. I hope you have a holiday you enjoy. The opportunity to play and enjoy a great motivation factor is to go in the first place. Playing increases our creativity. And creativity is essential to our work and our relationships. Joy is an energy, improve your immune system, your relationships, and attracts more good in every area of your life. Treat yourself to play. Revel in joy. Enjoy celebrating!

10th Strengthening of gratitude. Last but not least, holidays make it easier to practice proactive gratitude. Practice daily gratitude can change your life. As we are liberated from our daily work and see new places, try new foods and new adventures to experience, there is so much easier to feel and express appreciation. We can appreciate the beauty around us, the time we have with our friends and family and the peace that we feel to share. Planning a trip and go! I guarantee once a peaceful, happy people, more creativity and innovation to bring his or her business.

One of the biggest challenges with a creative business is getting paid what you are worth.  The root of the problem isn’t that the client doesn’t have the money and it isn’t that the client isn’t willing to pay you what you are worth.  The root of the problem is how you are charging and how you are creating value in the mind of the client.

First, you must create a business based on value pricing and not hourly pricing. The number one worst way to charge (and most creative businesses are charging this way) is by the hour.
Frankly, it shouldn’t matter how long it takes you to solve the client’s problems or provide your service, it should matter that the client is getting what he needs and what he wants.  If you’re creating value and you’re giving them value, they’ll pay you for that value. They shouldn’t be paying you for your time. If you’re being paid for your time you’re essentially setting the ceiling to how much money you can make because you can only work so many hours.
Therefore, you must determine, specifically what your value is to the customer, not how many hours you will work for that customer.

To do this, ask yourself the following questions:

• How do you impact that customer or potential client?
• What do you provide to them that will help them and helps solve their problems?  How will solving these problems impact the customer?  Is it a problem with high impact or low impact?
• What is important to the customer?  Why is it important to the customer?  How important is it?
• Have they had experiences working with someone in your type of business before?  If so, was it a good or back experience?  Why?  Exactly what happened?
• Why is the client coming to you for this issue?
• What is the client’s definition of success with this project?  Ask him to describe specific ways he will know he made the right choice in hiring you.

By getting the answers to these questions – not guessing what the client will say, but actually getting the client to answer these questions – you will have the information you need to create VALUE in the mind of the client.  If they perceive your work to be valuable, they will be thrilled to pay you.  If they do not perceive your work to be of value, they won’t pay you no matter how low you go on the pricing scale.
It’s all in the mind of the client.  Get in their head and understand specifically what they want and, even more specifically, why they want it.  Once you do that, getting paid what you are worth is a piece of cake!

Studies have shown that successful entrepreneurs possess these characteristics:

1. Self-confidence

This is that magical power of having confidence in oneself and in one’s powers and abilities.

2. Achievement Oriented

Results are gained by focused and sustained effort. They concentrate on achieving a specific goal, not just accomplishing a string of unrelated tasks.

3. Risk Taker

They realize that there is a chance of loss inherent in achieving their goals, yet they have the confidence necessary to take calculated risks to achieve their goals.

Entrepreneurs are people who will make decisions, take action, and think that they can control their own destinies. They are often motivated by a spirit of independence which leads them to believe that their success depends on raw effort and hard work, not luck.

So which of these three main characteristics is the most important? Believe it or not, it has to be self-confidence. Without self-confidence, nothing else is possible. If you don’t believe in your abilities, then the first challenge that arises may knock you off the path to achieving your goals. Here are a few things to keep in mind for maintaining a higher level of self-confidence.

Positive Thinking

Well, it all starts with a positive attitude, doesn’t it? Believing that something good will happen is the first step. Negative thinking simply is not allowed. You must truly believe that there are no circumstances strong enough to deter you from reaching your goals. Remember too, that positive thinking can be contagious. When positive thinking spreads, it can open doors to new ideas, customers, friends, etc.

Persistent Action

Now all of the positive thinking and believing in the world is useless if it is not applied towards a goal. You have to take action, no excuses are allowed. This action must also be persistent. Trying once and then giving up is not going to be enough. Keep at it one step at a time. If you can’t get by a certain step, then find a creative way to try again or just go around it.

At the beginning of this article we identified a few traits that are common among successful entrepreneurs. You should be able to look ahead and see yourself where you want to be. Now just maintain a strong belief in yourself and your skills, stick with it, and don’t give up. If you can do that, you’re already half way there!

Over the years countless institutes and individuals have asked the million dollar question. What makes an entrepreneur an entrepreneur? What traits or characteristics are inherent to a successful entrepreneur and is one born with those traits? There’s great news! Successful entrepreneurs are born every day!

Some people believe an entrepreneur is born while others believe an entrepreneur can be taught. Some believe an entrepreneur is like an artist – either you have it or do you don’t. Some see entrepreneurs as leaders that are focused, disciplined, competitive, and charismatic, while others see them as huge risk takers. And all of these analogies are right to some degree.

It’s true all successful entrepreneurs share a few qualities and skills that allow them to be successful. These inherent qualities can be taught; but they often seem to be an inherent driving force that sends individuals down the path of being in business or formally training to for a career in business.

Entrepreneurs see the world differently. They have the ability to see the world as a system. They have the ability to see something in its entirety and as an integrated unit, and they seem to possess the ability to see opportunity within the global picture. They are what is called a system thinker.

There are other characteristics they possess. Entrepreneurs possess an overpowering need to achieve and tend to be very competitive against themselves. They are continuously trying to outthink themselves and others and they are constantly looking for the edge. This is a process that occurs as naturally as breathing and is a driving force behind most entrepreneurs.

They have the determination and dedication to follow through with commitments and they always appear confident and in control. You’ll notice they also possess a positive atmosphere. They are of the mindset “I can,” and “I will.” They are not afraid of failure because failure is not in their vocabulary nor is it an option.

They are objective but have the ability to weigh risks realistically within the big picture. They have an uncanny ability to anticipate developments which gives them the edge on many competitive situations. Entrepreneurs seem to feel right from their gut, call it instinct. They are a resourceful group that possess excellent problem solving skills and are able to diligently work through obstacles as they occur.

Entrepreneurs are excellent communicators and recognize how important clear and concise communication is to their success. They also possess a sound working knowledge of the business they are involved in.

When it comes to successful entrepreneurs it’s a question of what came first, the chicken or the egg. Is it inherent qualities that we are born with that lead us to be entrepreneurs or is it when we choose to become an entrepreneur that we develop the skills and qualities of success? That’s a question we shall leave to the great debaters to resolve.

What is for certain is that successful entrepreneurs are born every day and that you too can be a successful entrepreneur by developing the skills of success.

Studies have shown that successful entrepreneurs and home business owners possess the following characteristics. Do you?

1. Do you have Self-confidence?
This is the magical power of having confidence in yourself and in your strengths and abilities. This isn’t bravado or braggadocio but an unshakeable belief in yourself.

2. Are you Achievement Oriented?
Results are gained by focused and sustained effort. You concentrate on achieving a specific goal, not just accomplishing a string of unrelated tasks.

3. Are you a Risk Taker?
There is a chance of loss inherent in reaching for any goal, yet you have the confidence necessary to take calculated risks to achieve your goals.

So which of these three main characteristics is the most important? Believe it or not, it is self-confidence.

Without self-confidence, nothing else is possible. If you don’t believe in your abilities, then the first challenge that arises may knock you off the path to achieving your goals. Here are a few things to keep in mind for maintaining a higher level of self-confidence.

* Positive Thinking
It all starts with a positive attitude! Believing that something good will happen is the first step.

Negative thinking is just not allowed (so stop it right now). You must truly believe that there are no circumstances hard enough to deter you from reaching your goals.

Try the exercise created by French psychotherapist Emile Coue – every morning repeat “Every day, in every way, I am getting better and better.” You might be surprised that this simple exercise has been getting results since the early 1900s!

Remember too, that positive thinking can be contagious. When positive thinking spreads, it can open doors to new ideas, customers, friends, etc.

* Persistent Action
All the positive thinking and believing in the world is useless if it is not applied towards a goal. You have to take action, no excuses allowed. This action must also be persistent. Trying once and then giving up is not going to be enough. Keep at it one step at a time. If you can’t get by a certain step, then find a creative way to try again or go around it.

Entrepreneurs are people who make decisions, they take action and control their own destinies. They are often motivated by a spirit of independence which leads them to believe that their success depends on raw effort and hard work, not luck.

As Ronald Regan pointed out: Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.

Look ahead and see yourself where you want to be, maintain a strong belief in yourself and your skills, stick with it, and never give up. If you can do that, you’re already half way there!

We’ll leave you with a couple of quotes from Sir Winston Churchill (1874 – 1965):
“Success is the ability to go from one failure to another with no loss of enthusiasm.”
“For myself I am an optimist – it does not seem to be much use being anything else.”

Onwards!

You awake in the middle of the night with a business idea that will change the world. The only problem, of course, is you need money to get the business moving. What do you do?

Investors and Equity

Practically every economy is built upon the backs of small businesses and entrepreneurs. Every day someone comes up with an idea that will make a great business. Every day, these same people wonder how they will come up with the cash to get the business off the ground. The classic answer is to look for investors, and this is where things can go bad.

If you’re seeking investors for your business, you are going to need to form a business entity. Corporations and limited liability companies are the most popular, and give you the ability to trade ownership interest in exchange for cash contributions. With a corporation, investors will buy shares in the corporation. With limited liability companies, the investors will buy membership interests. Regardless, this traditional exchange gives rise to a problem common among small business owners, to wit, giving away too much equity.

From Joy to Misery

A common mistake made by new business owners is to give away too much equity when getting initial cash contributions. This occurs because you let insecurities impact you evaluation of the business. Instead of giving away two percent of equity in exchange for $50,000, you give away ten percent. Let’s look at an example.

I start a business selling digital gadgets. I prepare my business plan and realize I need $250,000 to get everything up and running. I have $50,000, but need to find the rest somewhere. I form a corporation with 1,000 shares and start approaching potential investors. I offer 100 shares for $25,000. I find five investors that give me $125,000 in exchange for 500 total shares. In summary, I now have $175,000, but have given away half the equity in the business. While I am not happy about this, I am still so enthused about the business idea that I shrug it off.

The business gets rolling and I start selling gadgets like a madman after one year. This gives rise to a serious cash problem. I am getting orders, but can’t fill them because of cash flow problems. To make a proper go of the business, I need another $100,000.

Where am I going to get $100,000? My business is only one year old, so a bank won’t touch it. My investors haven’t seen penny one back, and are unwilling to put more money in. My only option is to sell another 400 shares for $100,000. Fortunately, I sell the shares, raise the money and stay in business. However, there is a major problem.

In raising all of this money, I have now sold off ninety percent of the equity in the business. I am left owning 100 shares and only 10 percent of the business. This is going to severely impact my physical, emotionally and overall motivational well being. Slowly but surely, I am going to become very bitter. It was my idea and I am doing all the work! It isn’t fair that I only own 10 percent of the business!

On second thought, this impression may come on very quickly. Regardless, the business is destined to experience major problems because the primary motivating force is no longer motivated. Unfortunately, many people with business ideas run into this problem.

If you are starting a business, guard your equity at all costs. Selling equity should be a last resort. Try to get loans or trade profit sharing in lieu of selling equity. If you must sell equity, do so only in small percentages. You do not want to the small business person in the example above.