Entrepreneur Blog

Biggest Challenges for Entrepreneurs

2008-08-11T01:59:00.001+08:00

When I saw the January issue of Entrepreneur Magazine I was thrilled. Cover copy had a teaser on it to the effect that entrepreneurs had been surveyed and inside were their answers. I was certain that, finally, someone was paying attention to entrepreneurs who were striving for a successful business. It was time to hear from us little guys!

I can't tell you how surprised I was as I began to read the article. Their idea of an "entrepreneur" and mine were as different as night and day. I always classified an entrepreneur as someone like the "Mom and Pop" coffee shop around the corner, the family run produce market in town, or the 18 to 24 year old who had come up with a fantastic "gizmo" and was scooped up into a corporation as their newest genius. Let me give you a quote from the article that will clue you into its idea of an "entrepreneur".

To explain the method used for the survey they state, "Entrepreneur magazine and PricewaterhouseCoopers "Entrepreneurial Challenges Survey" is an annual telephone survey of more than 300 CEOs of privately held, U.S.-based businesses recognized for their sustained, rapid growth. They average $31.5 million in annual revenue with an average of 185 employees, and have an ongoing annual growth rate of more than 23 percent"

That definitely was not my picture of an entrepreneur. I don't know too many entrepreneurs who average $31.5 million annually, or employ 185 people. To me, that's a pretty successful company on its way to being a corporation. We should all be such entrepreneurs!

Read more Biggest Challenges for Entrepreneurs

Body Language

2008-07-15T01:21:00.003+08:00

When you are at an interview, you may not be aware of this but your interviewer is observing your body language, very carefully. Your body language says a lot about yourself, so you need to control negative body movements and encourage positive body movements and habits.

Humans naturally send and receive nonverbal communication; they have been doing so since the beginning of time. When your girlfriend folds her arms but has a smile on her face, are you not wondering what she upset is about or clammed up for. At an interview, you never want your body language to contradict your words, this makes you appear like a liar. The first impression, or the first few minutes of your interview are the most lasting.

The Handshake: your hands should be clean and well manicured, and free of perspiration. You want to allow the interviewer to initiate the handshake, which should match the interviewer in firmness, do not give a firmer handshake than them. Smile at the interviewer and look them in the eyes. It should last between two to five seconds.

When departing the interview, the handshake may last longer, smile and lean forward as you shake.

Here are a few things you will want to avoid at an interview:

Clasping your hands behind your head
Adjusting your tie constantly
Slouching in your chair
Pulling your collar away
Picking at your face or outfit
Tight smiles or tension in face
Little eye contact
Wrinkling your eyebrows
Rapidly nodding your head

Read more Body Language

Business Dress - Men

2008-07-08T19:07:00.000+08:00

A man at an interview should always wear a long sleeved shirt either in white, cream or pale blue.

Monograms are not a good decision on the first interview.

If you tend to perspire often, cotton shirts are the way to go professionally cleaned and starched.

The higher the cotton content, the better the shirt will look.

Make sure your shirt fits the neck properly and that the sleeve cuff ends just at the wrist.

Read more Business Dress - Men at http://www.bizsuccess.manila.ph/entrepreneur-articles/business-dress-men.htm

Business Dress - Women

2008-07-03T19:07:00.000+08:00

No lipstick is appropriate at an interview.

It is just not professional.

The woman's suit should be wool, linen, or cotton/polyester.

Stick with navy, gray, and medium blues, at least for the first interview.

As for blouses, solid colors and natural fabrics, such as cotton or silk look clean and professional.

Read more Business Dress - Women at http://www.bizsuccess.manila.ph/entrepreneur-articles/business-dress-women.htm

Commission or Bribe?

2008-06-28T14:28:00.000+08:00

Back off! Watch your step here.

In many countries, kickbacks and bribes have long been the accepted cost of doing business.

However, the Foreign Corrupt Practices Act (FCPA), enacted by Congress in l977, prohibits bribery of officials in other countries.

Read more Commission or Bribe? at http://www.bizsuccess.manila.ph/entrepreneur-articles/commission-or-bribe.htm

Before You Charter A Private Jet

2008-06-12T23:10:00.000+08:00

Are you interested in chartering a private jet? When it comes to air travel, many travelers automatically think of commercial airlines, but did you know that you also have another option? That option is private jet charter services.

You may want to seriously give the chartering of a private jet services some thought. After a close examination, you will likely see that there are a number of benefits to doing so, especially for business, honeymoon, and romance.

If you have engaged a private jet charter services before, have you decided which private jet chartering company you would like to do business with?

There are some instances, where it may be more of a hassle than anything else. While there are still a large number of jets to go around, you will want to make sure that you make your reservations early.

That is why you are urged to examine the advantages and disadvantages of choosing your own private jet to charter.

If you have yet to do so, you will want to do so with caution. In today's society, scams are at an all time high.

Click now to all the tips and guide about private jet charter services at http://www.philippine-resorts.com/private-jet-charters/private-jet-chartering-scams-aware.htm

What About Commonality?

2008-06-10T20:59:00.001+08:00

Special treat of sensitive groups simply allows them excuses and the escape from responsibility.

The basics of Management 101 states - "don't give responsibility without authority, or authority without responsibility.

" That's the training needed in place of "sensitivity".

Read more What About Commonality? at http://www.bizsuccess.manila.ph/entrepreneur-articles/commonality.htm

Welcome to Investing Basics!

2008-05-16T13:16:00.000+08:00

What if you suddenly realized everything you thought you knew about investing was a lie?

Types of Investments
Online trading
Budgeting
Risk tolerance
Bonds
Stocks
Investing Strategy
Rebates
Investment style

http://www.aredconsult.com/investing-basics/main.htm

How About Real Estate Investing?

Take a look at How To Get Monthly Rental Income From Real Estate,

Welcome to The Condotel Concept!
http://aredconsult.com/real-estate/lancaster/

Lancaster is The First Residential Condotel In The Philippines With An Atrium.

Good Companies Grow No Matter What

2008-05-13T12:06:00.002+08:00

Every business demands growth, and double-digit growth is the dream of every dedicated business owner, even when lackluster results show up at quarter's end.

Most entrepreneurial business owners need a guide to navigate their way toward substantial, sustainable growth.

Read more Good Companies Grow No Matter What at http://www.bizsuccess.manila.ph/entrepreneur-articles/company-growth.htm

Markets & The Dynamics of Competition

2008-05-10T20:41:00.001+08:00

Marketing has always started with identifying the needs of your customer, but many companies are now focusing on the product.

They focus on what category it falls into, and then what sub-category (for instance pudding and then what flavors).

Read more Markets & The Dynamics of Competition at http://www.bizsuccess.manila.ph/entrepreneur-articles/competition.htm

Good Girls Don't GetCorner Offices

2008-02-27T15:31:00.001+08:00

Granted there are many reasons why women don't run for office: insufficient funding, family responsibilities, and an incumbency system that favors people in office (usually men).

But there's one reason we can change! Women, unlike men, wait to be asked to run. Ladies, it's time to stop waiting! Start running!

Read More Good Girls Don't GetCorner Offices at http://www.bizsuccess.manila.ph/entrepreneur-articles/corner-offices.htm

Prepare Crisis Control

2008-02-23T10:59:00.000+08:00

Just as surely as you plan for financial allocations for your business, always have a crisis plan in place.

This may need adjustments from year to year as staff leaves and are replaced, so when planning for each year's business needs include your crisis plan.

Read More Prepare Crisis Control at http://www.bizsuccess.manila.ph/entrepreneur-articles/crisis-control.htm

When Did Customer Service Breakup?

2008-02-20T09:09:00.001+08:00

I asked for the Manager of Customer Service, I was given her name and was transferred. What greeted my eager ear was, "You've reached the voicemail of, please leave your name and number and she'll return your call."

So here we sit - my lidless, green can and I facing another pick-up day. This eager-to-serve plastic green waif must bravely face another dutiful day half-clothed.

Read More When Did Customer Service Breakup? at http://www.bizsuccess.manila.ph/entrepreneur-articles/customer-service.htm

Joining Forces To Start A New Revolution in the Philippines February 23-25

2008-02-16T16:15:00.000+08:00

Praise Realty Marketing Corp. and Aredconsult, Inc. have joined forces this February 23-25 by launching The Global Filipino Conference that will unite different Pinoy organizations, local and abroad.

The date cannot be lost to majority of Filipinos because it is the date of the EDSA Revolution.

The PinoyConference.com homepage shall be launched on February 26.

The Global Filipinos Conference initiative shall create a big directory of organizations, associations, and movements that the members can join later.

It will initially offer online learning modules for individual subscribers such as self-improvement, online entrepreneurship, work-at-home, investing, personal finance, blogs, forums, and chats.

In the immediate future, Instructor-Led Training (ILD) will be held.

Praise Realty Marketing Corporation owns Praise Realty.com.ph, one of the Top Ten real estate marketing websites in the Philippines based on Alexa.com.

Aredconsult.com specializes on business marketing and one of the pioneers of internet marketing in the Philippines since 1999.

We are now accepting free membership at http://mysearch.ph/pinoy-network

Dispelling 8 Misconceptions of Organization

2008-02-09T14:03:00.000+08:00

A perfectionist may spend time on insignificant details while disregarding the big picture. When others complete a project quickly and on time, the perfectionist continues to work until the project is perfect.

A perfectionist becomes more effective when he/she lowers his/her standards slightly and concentrates on ways to increase productivity.Misinformation, when taken seriously, can hinder you from doing what you want.

The next time you hear one of those "Organizational Gurus" espousing one of the above misconceptions, consider its value and work to develop your own style of organizing.

Read More Dispelling 8 Misconceptions of Organization at http://www.bizsuccess.manila.ph/entrepreneur-articles/dispelling-8-misconceptions-of-organization.htm

Free Web-based Training on eBusiness Starts February 7, 2008

2008-02-02T15:47:00.000+08:00

The Center for Internet Marketing Research and Education (CIMRE) will conduct a Web-based training on February 7, 2008. Philippines only initially.

1. If you are a business owner who wants to bring your real-world business to the Net;

2. If you are an independent entrepreneur who wants to work at home and earn income from the Net; and

3. If you are a job-seeker who wants to acquire the skills of ecommerce and internet marketing to get employed abroad.

FREE ENROLLMENT:

http://www.philippine-imarketing.com/internet-business-program/

In this Web-based training, we will discuss The Aredconsult Strategy on eBusiness that has been continuously researched since 1999 using at least 9 websites for experimentation.

In the immediate future, we will be conducting Instructor-Led sessions.

For Newbies and Non-Techies, there is a manual that can be purchased at PHP300 only.

The Aredconsult Strategy Manual also contained hundreds of details and internet marketing tactics.

http://www.philippine-imarketing.com/internet-business-program/

EBPP Gaining in 2004

2008-01-09T08:21:00.000+08:00

I wonder how long it will take the average entrepreneur to embrace this new EBPP? Will you and I be comfortable maintaining a web site or some type of electronic presence so that we can electronically bill our customers/clients for goods or services? Perhaps this is how our forefathers felt when Henry Ford tried to replace the horse and buggy with his auto machine, but I must say I find a certain comfort in the good, old-fashioned "paper trail".

I must confess that I do use the electronic trail on occasion, especially when I know the mail won't beat the due date on my supplier's invoice, but to transact all commerce via EBPP is another matter.

Read more EBPP Gaining in 2004 at http://www.bizsuccess.manila.ph/entrepreneur-articles/ebpp-gaining-in-2004.htm

This Winter - An Aspen Vacation

2007-12-21T19:41:00.000+08:00

Founded as a mining camp in the Colorado Silver Boom and named because of the abundance of aspen trees in the area, the city is now a ski resort and cultural center.

Finding things to do in Aspen, Colorado during the day isn't difficult - get out on the slopes and ski or enjoy one of the other winter sports that you love.

At night, however, Aspen really comes to life with Aspen nightlife! No matter how old or young you are, there is something to do in Aspen twenty-four hours a day, seven days a week.

Read more Aspen Nightlife and Vacation at http://www.philippine-resorts.com/aspen-vacation

Executive Charisma

2007-12-16T13:45:00.000+08:00

Stand tall, straight and smile. You can never, for a second, be caught off guard. You need to convey an air of confidence.

Be human, humorous and hands-on. Humor is an essential ingredient of your success. Above all, it means being able to laugh at yourself.

Slow down, shut up and listen. Your own words are much less important than what other people have to tell you.

Read more Executive Charisma at http://www.bizsuccess.manila.ph/entrepreneur-articles/executive-charisma.htm

Make Money Working from The Comfort of your Own Home!

2007-12-10T01:25:00.000+08:00

So when someone offers an opportunity or plan for you to take your job and shove it, yet still make enough money to live and pay all your bills, it sounds blissfully irresistible.

Of course, bliss and reality are always two different things. Is it really possible to run a business from your own home that is more than a hobby or source of part-time income? Can you get rich working out of your own home? Can you really trade your cubical and necktie for blue jeans and the comfort of your own den?

Read more Make Money Working from The Comfort of your Own Home at http://www.bizsuccess.manila.ph/entrepreneur-articles/change-jobs-work-at-home.htm

How To Live Up to Your Greatest Potential

2007-11-30T20:50:00.000+08:00

What makes a high achiever? Is it luck, intelligence, talent, dedication? All of these things figure in - they all make a difference.

But we all know intelligent, talented, hard-working people who do not consider themselves very successful or even happy.

And we know people who are not exceptionally bright but seem happy and successful. So there must be something else, some secret to success.

Read more How To Live Up to Your Greatest Potential at http://bizsuccess.manila.ph/entrepreneur-articles/find-your-greatest-potential.htm

Figuratively Speaking

2007-11-25T23:20:00.000+08:00

I'm tired of reading those boring business articles, and I'm thinking that you might be too.

Here are some interesting trivia, compiled by Clark Consulting, that has to do with that business giant, Donald Trump.

So, as you read on, relax and put down the pad and pencil, and enjoy a few chuckles with me.

Read more Figuratively Speaking at http://bizsuccess.manila.ph/entrepreneur-articles/figuratively-speaking.htm

Small Business Success Secret

2006-11-19T07:32:00.000+08:00

The real secret to small business success has nothing to do with technology tools, the internet or anything like that. In fact, it isn't even a real secret. It has been around since man started to communicate. It's WORDS!

Words carry enormous power. They can make you laugh hysterically, or destroy a relationship or friendship. Words have more power in them than any other tool at your disposal.

Effective use of words, especially in business, means skyrocketing sales, satisfied clients, happy employees, and a profitable and secure future. Yet, less than 1% of small entrepreneur businesses use words with full power.

The power of words can be learned and used effectively by anyone, and when this power is harnessed there’s nothing on this earth that can stop you. This art of using words is what is called copy writing. It makes or breaks your sales and advertising material.

One of the ways an "amateur" copywriter who is writing for his own product or business can beat the experienced pro is by infusing the sales letter or ad with his own, honest, intense enthusiasm. When doing selling in print, enthusiasm is just as important as in face-to-face selling.

This is why you can't just sit down and write an ad "on command", like you can sit down and do bookkeeping. You have to work up some enthusiasm for the job and the proposition you're putting across.

If I'm going to write an ad or some other sales material the first thing in the morning, as I often do, I try to set my subconscious mind working on that job before I go to bed the night before. Sometimes I wake up with the "big idea" that I need, other times I at least wake up with ideas and a readiness to write them and pick and choose.

Don't force yourself to "grind out" direct-response copy when you really don't feel like it because the result will be flat and mechanical. It may be technically correct with a headline, subheads, bullet points, an offer, etc., but it will lack spirit and enthusiasm.

The person who is genuinely enthusiastic about what he/she is selling definitely has an advantage. That's why the freelance pro copywriter should always download as much of the pitch from the product's most enthusiastic salesperson as possible. Then transfer it to paper and shape and mold it to perfection.

Over the years, the work I've done for clients and ad agencies has proven that the most successful work was for clients that were passionate and enthusiastic about what they sell.

So before you tackle that next ad for your business, make sure you're as enthusiastic about it as you want your clients to be.

Guerilla Marketing vs. Big Bucks

2006-11-11T15:07:00.000+08:00

Many entrepreneurs market via outreach events, be it trade shows or presenting seminars, and budgets to schmooze clients and impress friends are getting tight.

Now that the economy is back in the spotlight, with big companies announcing layoffs, and prices rising across the board, the time is here to tighten our belts and squeeze that marketing dollar until it squeals.

Believe me the rhetoric that the economy is getting better is just that - political rhetoric, and isn't coming from the business community in the trenches. We know better!

Even though lavish budgets are history, the creative entrepreneur can still use events as a marketing tool if he/she rolls up sleeves and goes into "guerilla marketing" mode. Creativity is the key!

The time for promoting an event and waiting to see who registers within 6 to 8 weeks is past. The first thing to remember, is that no amount of cajoling, marketing, or freebies will compel attendance at your event if it doesn't offer real value to the attendee.

People expect to be exposed to valuable content, and aren't attending just for the networking. With that as a given, let me give you some guerilla marketing tips.

1. Save the expensive advertising you usually do 6 to 8 weeks before the event and use "referrals." Many of your pasts attendees are either employees of companies or in business themselves, and have contacts and friends they talk with regularly.

This source is often overlooked, and you've got direct access to them. Send them an invitation as if they were customers, and ask them to pass it on to one or two people they know that might be interested.

You could even make it more enticing by having a form at the door for attendees that asks who referred them, and providing some incentive for the person that referred the most attendees.

2. Don't overlook clubs, associations or other local groups. Many not-for-profit groups have charters that state their members will be informed about opportunities that will enhance their membership, career and education.

Put together a promotional kit announcing your event, an agenda, and offering a discount to the group's members. You can also offer the association something for free - a full registration, print ad, magazine rack, exhibit space or a sponsoring logo on your Website - whatever is feasible in you line of business.

Don't miss the opportunity of offering your services as a speaker at some of the group or association meetings, and even bringing some event brochures with you after you have the leader's approval.

3. Local business - the bookmark brigade. If your event relies heavily on local participation, then work through the businesses used every day. A most successful and fun outreach program is to implement a Bookmark Brigade on behalf of the businesses.

These are special announcement bookmarks printed with the name of the event, dates, location, and Website on one side and the local business name on the other. Make them big and bright, and get a team loaded with bookmarks to visit every business shop, coffee shop, bookstore, grocery stores, newsstands, cleaners, music stores, and libraries all over the area.

Some stores may even let you hang a poster. Give something to the manager or in-store sales personnel as you do this. Maybe a free T-shirt, or pass to the event. The printing bill is bound to run less than half or full-page ads in the relevant weekend newspapers.

4. Your event sponsors and exhibitors are your best allies, as well as a support network of resources for recruiting attendees. Twenty percent of them will support your event because they can, the rest won't due to limited resources or conflicting agendas.

Use any of the tools already mentioned with your partners, or trade a contact database of theirs to be used for telemarketing for promoting the sponsor in the telephone blitz. Offer this database a discounted rate and attribute the discount to the sponsor for their client. Everyone wins!

5. Offer your sponsors tools like posters or tabletop signs they can post in their lobbies. Visitors can learn about the event while waiting for their appointments. This expands your word of mouth, and may even draw additional sponsors. Of course, you've already negotiated an event logo and listing presence on your sponsor's website - haven't you?

Some key points to remember in any outreach promotion are to build in a tracking method on each marketing piece, such as unique URLs and/or codes on registration.

Be ready to offer incentives such as discounts or gifts to gain access to clubs or sponsors members, lists or audience.

Lastly, have the appropriate marketing tool kit ready before you start. It should contain such things as Web banners, email templates, sample sales copy, and special offer announcements packaged for easy access.

In good times or bad, these tips will help any entrepreneur draw more interest in their activity or event. A good outreach program promotes special relationships with your sponsors, community and attendees better than any other marketing activity can before the event.

Using guerilla marketing tactics in lieu of bucks takes creativity, elbow grease, and luck.

Go For The Gold!

2006-11-05T11:07:00.000+08:00

Perhaps you've planned it from the beginning, or maybe you've taken years to decide. Somewhere down the line will come the time to sell your business, and you want to make sure you come out on top.

"I sold my business" is a magical phrase for entrepreneurs. It conjures up of pictures of wealth, leisure and exciting new challenges. For many entrepreneurs, it's the goal from day one.

"Selling might not be everyone's objective when they're starting out, but it should be" says Ned Minor. Mr. Minor is a transaction attorney in Denver, and the author of "Deciding to Sell Your Business: The Key to Wealth and Freedom."

It seems eventually, every business owner leaves their business either sitting down at a deal table or feet first on a stretcher.

The idea of working until your last breath is not uppermost in our minds when we start out on that exciting roller coaster ride known as "entrepreneurship." But if you aren't already planning a more graceful exit, you may come out on the short end of the stick.

When starting a business we're usually so busy with the details involved in making it an eventual success that selling out is the furthest thing from our minds. But the day you start building should be the day you should start designing your exit. It should be the ultimate goal of your success.

Many entrepreneurs are successive business builders. The fact that they sell one business doesn't mean retirement for them, it just means the opportunity to start another business that has been lurking in the back of their minds. In fact many entrepreneurs enjoy the building up of a business almost more than the profitable success it becomes.

What does a saleable business look like? It's saleable if it's "scalable" says Minor. There are small-and-steady businesses sold every day, but the big bucks come looking for a business that has huge growth potential.

Every buyer thinks that he/she is smarter than the seller, and that they can double or triple the present business it's doing. A business will fetch the best price only when buyers believe they can take advantage of significant future growth potential.

Selling a company's future upside however, means proving your previous growth and validating your future growth strategy. You should start with 2 years of audited financials to backup the historical growth.

Then be prepared to explain your business strategy and how it fits into the overall market. Be it through acquisitions that you've grown, then show how many more acquisition targets are still in the market. If through new product development, be prepared to give the details of your R&D pipeline and your ideas for future products.

Now as for buyers, there are two types. There are "financial buyers" who will typically pay a lower price because they have a fire-sale mentality.

You need to find the "strategic buyers" out there, and paint a picture for them. Show them a great customer relationship, a great piece of intellectual property, an advantage in time to market, or a key employee. Show the strategic buyer how one plus one equals three.

Then again, why settle for just one buyer when you could have two? Having another buyer in the wings is a vital strategy in the sale process. Having a strong and visible alternative makes any acquirer sit up and take notice.

There needs to be tension to the deal. Each side wants the other to think that they're about to walk away; it's the tension that gets the deal closed.

The best buyers are large, high-flying public companies with broad, strategic agendas and cash to spare. Selling to a public company also has other advantages and tangible benefits. Many transactions leave the seller with a fistful of stock, or worse, a long-term payout.

A publicly traded acquirer makes an eventual cash payout more assured. Be sure to make your business sale more than a sale of your personal network and capabilities. Make it look like it's worth the asking price, especially if you're planning to leave after the sale.

Build a strong management team that can carry on when you’re gone. A team with clear policies and procedures, and a broad customer base which are the underpinnings of value. Your business should not just run without you, but be positioned to grow without you.

Make sure your key employees are given incentives to stay on after you go, and make sure you communicate with them during negotiations. It's crucial to minimize disruption.

The sale of a business is complex. If you've been in business for 10 years, then it has 10 years of potential liabilities, lawsuits, and bad accounting. Buyers want to know exactly where the business stands, so extreme diligence and complete disclosure on your part is essential.

Sometimes what the buyer requests during negotiations is mind-boggling and you should hire some outside help to put it all together.

Getting the deal closed takes the talents of several people, and here's a list of who you're likely to meet on your way to closing.

On the Buyer's Side:

- CEO: The chief executive needs a vision of how the new company will fit into the existing organization.
- CFO: This is the detail person, and a professional skeptic. In the long-term view, he/she will take the heat if reality doesn't live up to expectations.
- CPA: The buyer’s CPA (or accounting firm) will validate the seller's numbers. Don't be surprised if the CPA doesn't argue for a lower purchase price based on historical profits. These are the "bean counters" of the deal.

On The Seller's Side:

- Investment Banker: He/she is a professional "quarterback" keeping both teams moving toward the goal. He keeps one eye on the sale price, and the other on the strategic best interests of the business owner.
- Transaction Attorney: He's the referee - there to make sure no one gets hurt. The transaction attorney's focus is the sale contract, but he/she can also handle communication with the buyer.
- CPA: The seller's CPA should be advising the seller on the personal tax consequences of the deal, and how to handle the after-tax proceeds.

And you thought it was going to be easier to sell it than to start it, didn't you? Remember, no deal is a sure thing until it's done! Perhaps the only sure thing is that selling a business is never simple.

It can be the most harrowing, and the most rewarding experience in the life of an entrepreneur. Take it slowly, with planning, strategy and guidance. Each step of the process can add value to the company, and get you closer to the finish line.