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Guest Post: Run Your Business Ideas Through a GRINDER!

March 10, 2010 in GROW, Guest Post, Videos | No comments

My friend and marketing coach at Biztrek, Gil Gerretsen, contributed a Guest Post for this week.  Twelve great questions you need to ask yourself before getting into a business venture.  It’s a Guest Video Post – check it out:

Many people have called Gil Gerretsen an oracle – a leader who has a unique ability to divine the potential and future of businesses.  He is CEO of BizTrek International, Inc., a worldwide alliance of small business owners learning and sharing the veracity (truth and power) of 12 Triggers that always produce more customers.  He is also a popular and accomplished business speaker and has been recognized in the Who’s Who directories since the mid 1990’s.  If you want to grow a business, then you need to plug into Gil … ’nuff said: http://www.biztrek.com

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Guest Post: The Biggest Myth in Entrepreneurship Dispelled (Part 3 of 3)

March 3, 2010 in Entrepreneurial Endeavors, GROW, Guest Post | No comments

I hope you are armed with your BOSI Entrepreneurship Profile. If not, read my last post so you can get that done.

Remember Bob, Omar, Sue and Ingrid? (HA! you just figured out that their names are the acronym for BOSI).  Let’s go back to their top frustrations…

Bob: People who didn’t take ownership and perform to his extremely high standards.  Bob is showing signs of having a dominant “Builder” DNA. You’ll recall from the BOSI Entrepreneurship book that the Achilles heel of the Builder is relationships. Bob blows through people faster than a tornado in Wichita. Bob also tends to be very controlling around his subjects so talented people tend to leave his kingdom for greener pastures.

In order for Bob to achieve his vision for the company, he must modify his strategic plan for life to focus on slowing down for key relationships. This includes his staff, key management, spouse and children. If not, he’ll always find himself far ahead of the pack wondering why they are whimpering in the corner or following at a great distance. Empathy and meekness need to become a pursuit for Bob. He also needs to give up ownership and control to his key executives if he wants them to perform. He has to give them the freedom to fail. That has to go far beyond rhetoric and actually manifest itself in operating systems and reporting structures. He has to keep Mr. Hyde locked up in the dungeon and focus on being Dr. Jekyll.

Strategically, Bob should consider outsourcing work rather than trying to keep control of every single task within his employee base. Areas like social media and internet marketing are growing at such a fierce pace that trying to deliver those initiatives in-house just to say it is done in-house could prove to be a competitive dis-advantage.

Susan, the CPA: Standing out in a crowded marketplace.  Susan is a classic “Specialist” DNA. She has worked hard to build her expertise but unfortunately falls short when it comes to marketing it. Susan’s Achilles heel is asking for help. She is great at helping and consulting for others, but highly doubts that someone else could provide the same quality of help. Susan, that must change for your business to thrive.

Take your business development strategy as it exists today and toss it out the window. Chances are, it is safe, predictable and the mirror image of your average competitor. Do something different and out-of-the-box. Sit down with some smart marketeers. People who are just as good at what they do as you are at doing what you do. Design a new plan from the ground up and execute it. You’ll leave your competition so far in the dust, they’ll be scratching their heads wondering what just happened.

Omar, the MLM Leader:  Success is a moving target.  Omar my friend, you are the “Opportunist”. A highly optimistic and energetic promoter of any financial opportunity that promises a very large and shiny pot of gold. You are the ultimate risk taker but you need to cool those jets just a bit. There are two key strategic decisions you must make to achieve your goal of financial freedom. First, you must pick one business opportunity and pledge to love, honor and cherish it till death (or insolvency) do you part. Dump all the mistresses (so to speak) and focus on #1.  Second, sit down and build a 3-year strategic plan and then engage a coach or advisory board to hold you accountable to execute that plan. Give them the permission to smack you around if you get off course or get distracted by shiny little objects in the sand. Focus – and you’ll have your goal.

Ingrid, the Scientist: Overwhelmed by business operations.  Ingrid must find a team to run her company for her. She needs to spend her time and passion doing R&D. Ingrid needs a trustworthy team of advisors around her who can help her make key decisions. She also needs a team (in-house or outsourced, but preferably outsourced) to take her product(s) to market. Ingrid will be much happier working from a home office than sitting in the corner office. She will be much more successful with a network of dealers/distributors than a full-time sales team doing trade shows and submitting expense reports.

The biggest myth in entrepreneurship is that we are all the same. Bob, Susan, Omar and Ingrid are proof of it. Their DNA is different and so should be their strategic, marketing and operating plans.

Share your thoughts, comments and questions about your BOSI Entrepreneurship journey above.

The entrepreneur’s biggest fan, Joe Abraham is a serial entrepreneur who has been involved as founder, executive or advisor in the startup and growth of companies in over a dozen industries from financial services to motorsports. Today, he is managing partner at En Corpus, a startup and small business accelerator that serves closely held companies. Joe is a featured speaker at industry events and an expert to the media on the topics of entrepreneurship, small business development, business startup and free enterprise. He lives in the Chicago area. You can connect with Joe and learn more at http://www.JoeAbraham.com.

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Guest Post: The Biggest Myth in Entrepreneurship Dispelled (Part 2 of 3)

February 24, 2010 in Entrepreneurial Endeavors, GROW, Guest Post | 1 comment

Last time we got to listen in on a hotel lobby bar conversation between entrepreneurs Bob, Susan, Omar and Ingrid as they talked about their biggest frustrations in business.

You probably found yourself connecting with one of their frustrations more than the others.  Why? Because you share part of Bob, Susan, Omar or Ingrid’s entrepreneurial DNA.  So what is this “entrepreneurial DNA” hogwash? You ask.

Put simply, it is your predisposition and modus operandi in business. See, the reason you hired your office manager or entered into the last joint venture wasn’t a random occurrence. It was a predictable event based on your DNA.  I know, I know. I’m really overselling this thing so let’s get to the brass tacks shall we?

If I told you that you were about to get on a highly entertaining and profitable ride over the next 5 minutes, would you jump on? Or do you have something else you need to handle at this very minute? (Note: Check to make sure voicemail light is not blinking…)  Assuming you said yes, click the link below. You’re going to see my smiling mug on a video followed by the opportunity to discover your unique entrepreneurial profile. A couple of minute later, you’ll see my smiling mug again on a video (watch the whole video before clicking the “next” button).

http://www.bosiceo.com/bosiquiz

Just follow the instructions I give you and the ride will continue. In your final step, you will get to download a complimentary copy of BOSI Entrepreneurship, my book in electronic format (thank Blumer for that gift). In that book, you’ll find the key to unlocking your entrepreneurial DNA. More importantly, you’ll begin to dive into your predispositions in business (and life) and begin to understand why you do the things you do. You’ll discover why some things in business come so easy to you while other things feel like you are pushing a bowling ball through a garden hose!

Most importantly, you’ll start to look at your business plan, HR strategy, marketing/lead generation and operations differently than you ever have before. Chances are, you’re doing a lot of things very well for your entrepreneurial DNA. That’s your God-given intuition at work. But I hope that BOSI Entrepreneurship will help you find some faulty DNA in your plan as well. DNA that was “grafted in” from people at your mastermind group, networking event or family who don’t have the same DNA as you. DNA that if allowed to remain in your business plan, could cause the same damage as free radicals cause on the human body.

So take 5 minutes right now and take the BOSI Quiz. Discover your entrepreneurial profile. Then download your complimentary copy of BOSI Entrepreneurship and dive into the deep end of the BOSI Entrepreneurship pool. (We’ll provide the floaties if needed).

http://www.bosiceo.com/bosiquiz

In my final post in this series next week, we’ll go back to Bob, Susan, Omar and Ingrid and look to solve their frustration using the strategic decisions that are best suited for their entrepreneurial DNA.

Oh, one last thing. It would be fun to have you come back to this post and submit a comment with your BOSI profile. Not that we’re trying to be matchmakers or anything but maybe, just maybe you’ll meet someone who has a very complimentary BOSI profile to you. You can connect and structure a joint venture, form a partnership or just go out to a romantic dinner. We’ll leave those decisions up to you.

The biggest myth in entrepreneurship is that we are all the same. Make sure to find out how unique you really are!

The entrepreneur’s biggest fan, Joe Abraham is a serial entrepreneur who has been involved as founder, executive or advisor in the startup and growth of companies in over a dozen industries from financial services to motorsports. Today, he is managing partner at En Corpus, a startup and small business accelerator that serves closely held companies. Joe is a featured speaker at industry events and an expert to the media on the topics of entrepreneurship, small business development, business startup and free enterprise. He lives in the Chicago area. You can connect with Joe and learn more at http://www.JoeAbraham.com.

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Guest Post: The Biggest Myth in Entrepreneurship Dispelled (Part 1 of 3)

February 17, 2010 in Entrepreneurial Endeavors, GROW, Guest Post | 3 comments

Lets listen in on a hotel lobby bar conversation between some entrepreneurs as they talk about their biggest frustration in business. 

Bob, the manufacturing company owner: “My biggest frustration is having a vision and drive so big that my key executives and staff have a hard time keeping up. I mean, they are the best people money can buy, but they just don’t get the big picture. I’ve laid out all the systems they need to scale this company up in a big way. But they just don’t take true ownership of the opportunity. I have gone through at least half a dozen VP’s of sales but we’re still nowhere near where I expected us to be.”

Susan, the CPA: “My biggest frustration is standing out in a crowded marketplace of competitors. I know most of my competitors in town. None of them really come close in knowledge, expertise and service quality. I do all the networking events. I ask for referrals. We’ve done some advertising with marginal results. But we haven’t cracked the code on getting clients at the pace we’d like.”

Omar, the MLM Leader: “Well, I don’t have any employees to frustrate me and I don’t plan to have any. The product I am marketing is so unique that I really don’t have any competitors. So neither of your frustrations are a big deal for me. However, my big issue is getting hung out to dry when business opportunities go south. It almost seems like success is a moving target. Just when I have landed the right income stream and started to build it up, someone or something pulls the rug out from under me and I have to start over.”

Ingrid, the scientist: “Wow! Just listening to the three of you makes my head spin. I’ll be the first to admit that I don’t know the first thing about business. I feel like I am stuck at square one. I’d much rather have someone take my product and market it for me. Better yet, I wish they’d just go and build out the entire company and pay me a small royalty. I don’t want the fame or fortune. I just want my product to get into people’s hands.”

As you listen in on the conversation in the lobby bar, do you find yourself resonating more with Bob, Susan, Omar or Ingrid?  Chances are, you connected with one of their frustrations more than the other three. And that says a LOT about you as an entrepreneur. A LOT more than you can even imagine! It begins to expose your entrepreneurial DNA.  See, the biggest myth in entrepreneurship has been that we are all the same. That all entrepreneurs are cut from the same piece of cloth. That we are essentially like the “borg” in Star Trek…assimilated into wearing the same uniform and deploying the identical game plan.  But is that really true? Are Bob, Susan, Omar and Ingrid really the same? Will they build the same size or type of business? Do they have the same appetites for risk and opportunity?

What about yourself? Are you like every other entrepreneur in your rolodex? Do you think, operate and manage the same way they do?

The answer is a strong and emphatic NO…right?  All entrepreneurs are NOTthe same. There are actually 4 dramatically different “DNA’s” in the world of entrepreneurism. Each DNA has it’s unique set of strengths, weaknesses and frustrations. Each DNA also has it’s own achilles heel.

You’ll learn more about that in our next post. For now, here’s the question:  Are you more like Bob, Susan, Omar or Ingrid? Use the comment box above to weigh in! 

 

The entrepreneur’s biggest fan, Joe Abraham is a serial entrepreneur who has been involved as founder, executive or advisor in the startup and growth of companies in over a dozen industries from financial services to motorsports. Today, he is managing partner at En Corpus, a startup and small business accelerator that serves closely held companies. Joe is a featured speaker at industry events and an expert to the media on the topics of entrepreneurship, small business development, business startup and free enterprise. He lives in the Chicago area. You can connect with Joe and learn more at http://www.JoeAbraham.com.

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Guest Post: How to Exit Your Business With Style

February 3, 2010 in Entrepreneurial Endeavors, GROW, Guest Post | No comments

Okay class! Eyes forward. That includes you Mr. Blumer.

Today’s lesson – How an entrepreneur can leave the business on his/her own terms, and in style.

No, Mr. Blumer! That does NOT mean sneaking out in the middle of the night and heading to some place in Belize you saw on House Hunters International! Now pay attention!

Think about the life-span of a business as being a week, and retirement being the weekend. Most entrepreneurs don’t deal with the issue of converting the value of their business to “retirement capital” until Friday afternoon at 2:30. By then, the private business owner is disposing of the business, probably taking an installment deal. The bad news is he has missed opportunities to maximize the value of his exit.

The good news is his prayer life really improves as he begs Divine Providence for the company to cash flow long enough for him to get his money out.

Thursday morning is a much better idea. Wednesday afternoon is even better.

Look my entrepreneurial students, you and the people you invited onto your bus have built value into the company. How long did that take? Probably longer than an installment deal to sell it.

The starting point is to ask three questions. What is that Mr. Blumer? No! The questions have nothing to do with the first three winners of American Idol!!!!!

First, you have to ask when do you want to leave your company? Fix a date, you can adjust it later if need be.  Next, what is the total after-tax income you want from all sources, including the converted value of your company? Finally, to whom would you sell your company? To a third party, or to an insider?  Don’t worry about specifics yet.

Those questions, especially the first two, zero in on the essential point of it all – your goal is not the sale of your business, it’s a new life outside of your company. So entrepreneurial students, you can retire from your company by waiting to the last minute, and do a quickly assembled sales transaction. Think: hitting the drive-thru at Taco Bell for your sit-down dinner party.

Yes, Mr. Blumer, your point about the “end results” of eating at Taco Bell is well-taken. (Sigh.)

Or, you can take some time to plan an exit on your own terms – Think: a real dinner party. Who will be on your guest list? What will be the main course? What you will have for dessert?  How about after-dinner entertainment?  You can dine in style, but only if you make plans.  What is it, Mr. Blumer? Yes, your plans can include that “pants on the ground guy from American Idol.”

Class ::SNIFF:: dismissed!

Frank Warren III, is Senior Member at Warren & Martzin, L.L.C., Counsellors at Law, where he, and partner B. Faith Martzin, help entrepreneurial business and professional people build value, and plan successful exits. When he is not collaborating with CPA’s, business coaches and financial advisors, Frank can sometimes be found searching for the perfect lap as a kart racer and racing instructor. You can email him with questions, comments, and invitations to fine dining at frank.w@warrenandmartzin.com or kartwriter83@gmail.com.

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