Network Your Way to Business Success
Thanks to the web there are a myriad of options available to small business entrepreneurs to connect, network and market their business.
Professional networking sites such as Linkedin and personal networking sites such as Facebook are helping small business owners, entrepreneurs and professionals connect and network with colleagues, customers and friends. However, as a small business entrepreneur one of the most effective means of marketing has always been in person connecting and networking.
Is Your Good Idea a Good Business? (Part 2 of 3)
In my last blog entry, I posed one of the first questions an entrepreneur should ask themselves before moving forward with their endeavor, “Is my good idea a good business?”
I proposed that building an economic model can be a helpful tool in answering that question. Start simple using your existing knowledge of revenues and costs. Next, validate your initial assumptions through market research. I discussed how market sizing and segmentation can help forecast demand, which is used to calculate both revenue and variable costs. Below, I will discuss how researching your competition can contribute in building and/or supporting the economic model.
The Interesting Intersection of My Personal & Professional Brands
I thought I had it all figured out. When I launched my business a few years ago, I thought I would use my LinkedIn profile to interact with all my business contacts and use my Facebook profile “just for friends and family members.” Later, I added a Twitter account, declaring that it was also “only for business use.”
I dutifully joined lots of business-related groups on LinkedIn, shared articles and opinions, answered/conducted polls, and networked with business leaders from all over the world. My absolute favorite aspect of LinkedIn is the testimonials; and I’m so fortunate to have quite a few of them from clients and former/current colleagues on my profile. These testimonials have helped me land some new business and build trust and credibility with potential clients. On Twitter, I shared valuable information about the topic of leadership, offering tips for business leaders about how to tap into their leadership strengths.
Navigating the Twists & Turns of Entrepreneurship
When you sign up to be an entrepreneur, buckle your seatbelt and hang on tight because you are about to go on the biggest and best amusement park ride ever. Seriously, entrepreneurs face challenges every day and yet the best ones know that each day is to be celebrated as a win, no matter what.
Think about all the phases an entrepreneur must go through to succeed. You’ll trip and fall a bit – and you may even secretly shed some tears from time to time. On other days, you’ll be beaming with the biggest smile friends have seen on your face in years. They’ll wonder what you’re up to or who you met or what happened to you all of a sudden.
Hey Entrepreneurs: Be Scared, and Do It Anyway!
Speaking from personal experience, quitting my job to start my own company was one of the most unanticipated decisions I have ever made – and I wouldn’t change it for the world. Being an entrepreneur has led to the thrilling adventure which now defines my life.
Starting multiple companies over the years has brought an immense amount of passion, inspiration and love to my life. The entrepreneurial experience has taken me to places I would have never gone without having chosen such a path. Everyday brings a new and continual flow of challenges that seem to be mini triumphs – high points of a life journey and human freedom.
As CEO, Where Do You Spend Most of Your Time?
On Monday I had a room of 30+ entrepreneurs glaring at me. They had just been told that where they should be spending most of their over-worked and overwhelmed working lives wasn’t even close to what they have been doing.
It started when I asked them how much time they spend in the following three basic areas of (any) business:
The Importance of Building Your Business on Your Passion
Successful businesses are based on the passion of the entrepreneur, and Connection Ready entrepreneurs know how to communicate that passion to everyone they meet. In a nutshell, passion is the ultimate expression of your honest excitement for something you enjoy. Successful entrepreneurs have learned to leverage their passion and create a s business to serve their customers.
Is Your Good Idea A Good Business
Every business starts with an idea but not every idea is a viable business.
Whether you write a formal business plan or not, you, the entrepreneur, should look to answer the good idea vs. good business question as soon as possible. To begin, model the economics of your proposed business. Initially, this can be a back of the envelope calculation using revenue and cost assumptions to get an idea of potential returns. If the results of this exercise show promise, validate your initial assumptions through market research. Much of this research will focus on market sizing and segmentation, competition and reference businesses (i.e. businesses inside or outside the industry that employ a similar business model).
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