7 Reasons Entrepreneurs are Fabulous!

In a recent supplement to USA Today, an author offered 7 reasons why you should be an entrepreneur. Here's our spin on those 7 reasons, in our order:

1. Make more money - Entrepreneurs are usually fed up with having little control over their lives, so they work harder to make sure the revenue they generate goes into their pocket instead of someone else's. Having been told I could make more money as a commissioned sales person enabled me to break free and start my own business ... so everything I sold was at 100% commission instead of 15%.
2. Freedom - Along the same lines as being able to make more money, being an entrepreneur means you have to freedom to set your own hours and work when you want to work, although it still requires that you do work! The down side, depending on your business, is that when you take time off, you also take away the income that might have been generated if you had kept working. You still need personal or family time, though.
3. Job Security - As an entrepreneur, you are usually the only person who can fire you. I say usually because there are times when the entrepreneur establishes a business entity, places a strong manager in charge of the venture, and gives that person authority to hire and fire. Entrepreneurs, fortunately, will move on to another challenge if they've launched a successful business and been fired as someone else takes it further.
4. Discover your Hidden Potential - Referring back to #3, when an entrepreneur is released from a project they've begun, they are free to unleash a new concept or look for what they might feel is their "true" potential. Entrepreneurs must also be imbued with the ability to get back up after a failure and try again. Being knocked down is only disastrous if one fails to get back up again. Each of us should search for our true potential so we can realize it.
5. A Second Career - As the Baby Boom generation continues to mature and leave their traditional workplace, they still wish to contribute to society. Many have probably dreamed of being an entrepreneur and may have a fabulous idea that, in retirement, they can now bring into full blossom. We have found that if you are passionate about your pursuit, you will be successful, whether it's a 2nd career or your primary occupation.
6. You're Sharing instead of Selling - While we are always selling, being an entrepreneur is more about sharing your ideas and concepts with other people. You probably came up with the idea for the product or service because you noticed a lack or need in some area that could be filled quite effectively. So, indeed, you are sharing instead of selling and we must always remember consumers prefer to buy on their own terms instead of being sold.
7. A life of Greater Impact - Each of us can have a much more significant impact on this planet and in our society if we are providing a service that is in demand and helps each of us achieve our true potential. We are here for a purpose. When we realize that purpose and do our best to fulfill it, we make a measurable contribution to life and society.

Business Plan - M and M's for Success

If there is a negative connotation about business plans, it's probably because putting together a plan requires time that many business people feel is wasted time. Time spent on becoming more successful is rarely wasted, though. It also involves work that people view as pointless, because they think "the plan" will merely sit on a shelf in someone's office or get tucked in a file cabinet and never be seen again.

Yes, planning does take time. Would the perception change, however, if the process was referred to as a business "action" plan?

When we take apart the process of planning for the success and profitability of a business, the end result comes down to two main elements.

One is that you develop an effective strategy for managing the business on a day-to-day, and long-range, basis. Decisions are based on relevant information, thought out and made in light of the long term objectives. People are plugged in to the formula for a successful operation, too.

The second major element is that you also develop an effective strategy for marketing the business. Clients are secured more cost efficiently and brand loyalty is developed to retain those clients and build a following for the life cycle of the business. Ad dollars are wisely spent reaching out to the right target audience with a pertinent message, properly delivered.

The point is to think of your business plan as a management and marketing (M&M) strategy for achieving the successful accomplishment of your goals. And while a strategy may look good on paper, it still requires execution to achieve its potential.

Business Plan = Communication Link

If you've ever stopped to wonder if the message about your brand is communicated consistently, you will find the answer links back to your business plan.

Conveying a consistent vision begins with you, your management team, and the commitment to your business plan. Your mission needs to be clear. Review it often to make sure it reflects your goals and objectives for your business. Make sure your management team knows it, believes in it, and practices what it means for employees and customers.

Your employees need training on every aspect of your business, especially how to communicate with customers and prospective customers. How would it sound to a prospective guest on the phone who has just been told your hotel is full for the night that another front desk person is telling someone else you have plenty of rooms available?

Employees need to know and understand your brand, and believe in it. Anything less has the potential of damaging your brand, perhaps fatally. Frequent training sessions or one-to-one coaching opportunities may be required to develop employee brand loyalty. Good pay for a good day's work also helps. Praise in public, critique in private.

When you have a solid business plan, your brand message is also clearly imparted to your customers and prospective clients. They know who you are, what you stand for, and what you mean to them. Your message is consistent and they develop loyalty to your brand, even if the cost may be higher than a comparable brand. It all comes back to the plan.

Don't leave the success of your business to chance, plan for it!