Strategies of Successful Entrepreneurs: Mastering the Markets
Published March 5, 2010 | 
Entrepreneurs who have owned and operated their business for very long have learned to appreciate the impact the global economy can have on their businesses, even at a local level that seems to be in relatively good shape in comparison to other niche m
arkets, and the ripple effect of negative market conditions tend to migrate both nationally and globally, sometimes very slowly, yet at times quickly depending on the initial market impact.
The track economies take always goes up in good times and then comes down in more challenging market conditions, and then back up, riding the optimism of good times followed by the pessimism of shrinking markets, and back up again, leaving the entrepreneur with greater challenges to successfully adjust operations during economic downturns, and the timing of the adjustments is critical to both lessen the effect of negative conditions, and take full advantage of positive market conditions in the most timely manner, and increase the positive effect on the bottom line profit.
The first thing global entrepreneurs need to do to master their markets is grow emotional skin thick enough to not only keep from feeling sorry when the economy slows, but also not to get too excited when the economies turn, start to grow, and begin performing at higher levels.
A realization and considerable understanding has to be developed and reached about the ebb and flow of economic conditions of the markets, as they are going to do what the markets are going to do normally in reaction to ever changing economic conditions both positive and negative, and of course there is very little that anyone can do to 
change the natural occurrence of economic events and cycles, although well-intentioned governments tend to always try and take actions to positively impact economic cycles, but too many times they only succeed in the exacerbation and extension of the negative portion of the cycles.
Once Entrepreneurs are able to gain greater control of their emotions it becomes easier to focus on the many processes of operating the business in the most efficient way in relation to economic conditions, with the goal of maximum efficiencies that directly translates to not only maximum profits, but maximized positive cash-flow as well. Also, when focused and clear thinking is developed, the easier it is to maintain greater focus and the more creative one becomes, the more success Entrepreneurs experience in making the correct, yet sometimes difficult strategic decisions at the right time, especially when there is some level of discomfort.
The focused mind set of the successful Entrepreneur always looks for ways they can use poorly performing economies to their advantage, making “lemonade out of the lemons” they have been handed, and they succeed through innovation, which is wh
at the true Entrepreneurs are best known for. Not only are customers, products and services viewed and thought of differently, but promotional strategies are viewed with an emphasis on regular adaptation and modification based on challenges of shifting and evolving market conditions, or “lemons” the economic world has thrown at the Entrepreneur.
It is critically important to keep in mind that when the local, national and global economies improve, the fruits of innovative mindset thinking remain in the form of new ideas and concepts within the business, and the Entrepreneur has developed and put together a bigger bag of new market strategies, systems and processes that ultimately pay great dividends during both growing economies and recessions.
Entrepreneurs collectively with the other millions of small business owners throughout the world are the global economy’s backbone and ultimate solution to moving it towards any economic turnaround, whether locally, nationally or globally. Together, the collective entrepreneurial mind set of Small Business moves from pessimism to optimism, and as people become more optimistic they in turn spend money, and jobs are created.
The greatest advice to remember is to “think globally and act locally”, take the “lemons and make lemonade”, and always be part of the solution as the markets grow and recede, and economic struggles are fought, won and lost, and people go back and forth between optimism and pessimism.
Unexpected events and tragedies will always have an effect on the economy, but how the Entrepreneur views their business and markets, reacts to challenges and quickly develops innovations, will determine their ultimate survival and the level of success achieved, which is why any of us make the choice to become Entrepreneurs in the first place.
What Kind of Success Do you WANT?
Published March 3, 2010 | When we think of the word “Success” it can have many different meanings to people including the top grade on a test, retirement to a dream location, 
enough money to take care of desires, or enough to pay for children’s education at the best schools. So whatever the individual’s definition is, it is always about achievement of that certain something or getting to that certain place.
We have discovered that as much as people in general say they want success, extremely few actually put in the time and effort, and seek out and get the help they need in order to define and achieve their goals for success. Time and time again we hear the excuses and weak reasoning, as to why they failed to follow through including “my parents didn’t prepare me,” “I didn’t get the right education,” “I’ll wait for the economy to improve,” and “I’m stuck trying to decide what to do.”
Through the experience of helping thousands of Entrepreneurs be successful, I have observed there are people that believe they can and will succeed, and those who truly do not, and as it turns out the overwhelming majority of the time, both kinds are almost always right. When we look closely at the strongest personality traits of the true Entrepreneur, they believe they will succeed, and will do whatever it takes to reach the goals they have set to measure their success and make their dreams come true. An out of work employee who hasn’t been able to find another job decides to run the risk of starting their own business, an Entrepreneur whose business is struggling just to break-even, and decides to seek much needed help from someone that knows how to improve businesses. They both know and understand that what 
stands in their path to success are really opportunities and challenges that need the right planning and effort to meet and overcome.
But when we look closely at those without the right kind of drive to achieve success, any kind of challenge gives them an “excuse” to put off, delay, quit, or as they almost always manage to do, lay blame for their failures on others, so they don’t have to ask someone for help, or even simply change how they do things. They fail to develop a plan to follow closely, and make the necessary changes and adjustments to stay on the path to success, and this is one of the biggest reasons why 45% of businesses fail within the first two years and 90% fail within 10 years.
People instilled with a strong entrepreneurial spirit know what they believe, and are willing to do whatever it takes including the steps necessary to clearly define their mission and vision, and concisely plan how they will achieve their goals and dreams of SUCCESS, and then successfully execute their plan.
Innovation: The Entrepreneur’s Key to Success
Published February 13, 2010 | 
“Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth”–Peter Drucker
When it comes to creating wealth, no one does it better than an Entrepreneur and Small Business, and in tumultuous economic times Small Business will lead the way to the rebirth of a dynamic and thriving economy, and to be an effective company, Peter Drucker correctly observed the company must always innovate, and if it failed to perform the task of innovation over time it would fail to be successful, and yet most executives are marginally satisfied if at all with their businesses current levels of innovation, and of course many are disappointed with the level of improvements that result from their efforts.
In the course of developing innovative ideas entrepreneurs need to be careful that they are just innovating for the mere sake of innovating, since this never results in very profitable endeavors, or it might seem that actually current levels of innovation aren’t really innovations, just only small incremental improvements on existing ideas, products and services.
Profitable innovation happens most frequently within well defined parameters of problem solving, and without these parameters the innovation would simply be about creating just new ideas, and yet we must realize that innovation, or at least commercially successful innovation is actually more 
than that, it is about creating new value, and with the new value the potential for the creation of new wealth.
In taking the innovation one step beyond the creation of new technologies one has to determine why many innovative creations don’t work right away, but sometimes take many years and multiple efforts before success is achieved, and when we focus on what was missing in the process, many times it’s as simple as getting the idea to spread and become viral to a point where the innovation becomes very successful.
This is true many times when entrepreneurs are able to create networks that combine different innovations that together are able to fully exploit results, and therefore become successful as a group called a value network, or a value chain, which is usually taken for granted or purely neglected by many managers and executives, but changes here can result in profitable, innovative solutions for both entrepreneurial organizations and their customers.
A businesses value network is the collection of business functions, systems, and processes that are designed to deliver the greatest value to its customers, and the value network becomes a critical mechanism for the process of innovation, and also becomes a key part of the business strategy because it creates systems that include the creation of a natural barrier to entry for competitors, make the business more competitive in the marketplace, insurer profits and good economies, and most importantly insulates the company from losses in a bad market similar to the current state of the global economy.
Instead of building a value network, many companies look to marketing its traditional 4P’s (Product, Price, Place, Promotion) to navigate the through hard times or to squeak out an extra dollar of profit, and while the 4P’s are useful tool, they frequently do not go far enough, so creating a value network will serve much the same basic function as the 4P’s, but actually takes it several steps beyond, and the good news is the 4P’s can be fairly easy to replicate, however replicating systems and processes are much more complex, as such, the value network becomes intertwined with overall corporate strategies.
Strategy is a combination of the many things entrepreneurs do, for example, for Wal-Mart or Southwest Airlines to compete on price, all of their processes that to work together and all the small details have to exist to support their one driving goal, which is to provide the lowest prices for their many customers, and of the features of these two companies, part of their 4P’s including the warehouse is, and the airplanes, are all fairly easy to replicate. Yet, the way their processes, capabilities, and personnel integrate and execute is what makes each of these extraordinary companies unique and very successful, even in the worst of economic environments like the current global economy, as execution of the processes redefined for maximum efficiencies even at the smallest detail tasks, by highly trained managers and personnel committed to the one single end result of lowest prices to many loyal customers, and in return the most valuable by-product of the team’s finely tuned efforts is the maximum effect on the bottom line profit, and the creation of wealth.
Finally, a clear understanding of innovations and how when taken in and of themselves they do not function to create new strategies for entrepreneurial success, but when combined with other innovative ideas and processes they create success and wealth beyond anything that could be accomplished with the innovation by itself.
The Global Home-Based Business Phenomena
Published August 25, 2009 | 
There has been a business phenomena quietly taking place the past 10 years: home-based businesses, with approximately 14.2 million U.S. businesses, and several million more across the global economy being run from home, why? Because of the availability of cutting-edge technology, entrepreneurs are realizing they don’t have to sacrifice family and productivity to profits in the process of successfully operating a business, and caught up in the downsizing forced by the current global recession, many have been able to recognize opportunities created by the same recession.
The negative regards attached to home-based businesses for years have disappeared, and in many states, home-based business is now considered legitimate & respectable, with the greatest change in home-based businesses the past decade being the broad range of business choice, and location hasn’t put a limit on the number choices, as a large variety of businesses, from all types of industries, can be run successfully from home.
Starting a home-based business can be a complicated undertaking and the following checklist covers the most important points that you will need to consider, and will help you stay focused as you try and get your business off the ground.
1. Create a business plan. This is the most important thing you can do before you start your business, and it can’t be emphasized enough that even if you are the only one that will ever read it, it is critically important to plan out your business in a clear, concise and well thought-out business plan including the timeline of important milestones you hope to accomplish, and many of the following checklist items will be included in your business plan.
2. Establish your business entity. You will need to decide if you want to run your business as a sole proprietorship, a partnership, or a corporation, and be sure to take into consideration your personal assets situation and discuss your options with a professional before deciding which type of legal business structure is right for you.
3. Get your sales tax certificate. Make sure you are in compliance with your state’s laws and get a sales tax certificate, which is also important if you want to receive special pricing from suppliers.
4. Check with your local zoning commission. You do not want your business shut down prematurely due to zoning laws you need to make sure you can legally run your business from your home before you put in too much time and effort.
5. Purchase insurance. Determine what kind of insurance you need, and purchase this before you actually open your new business, as commercial liability issues are not something to taken lightly.
6. Organize your office. A well-organized office space leads to a successful business, so make sure that your office is in a place in your home where you will be able to focus on running your business with minimal distractions.
7. Purchase your equipment. Make sure that you purchase any required office equipment ahead of time.
8. Set up your domain name and website, any social networking platforms (Facebook, Twitter, LinkedIn, etc.), or eBay seller account, before you start your business. You will need to purchase a domain name and set up your website so that it is ready to go live when you open for business, and by planning your social media market strategy concurrently with starting your business, you will be able to include your domain name and social networking platforms on your promotional material.
9. Make your schedule. Even if you do not want to work 9 to 5, it is critical for you to create a schedule that follows somewhat normal business hours to ensure that your customers can reach you, since they may not be aware that your business is in your basement and you have to get your kids to soccer practice.
10. Organize your inventory. If you plan on stocking merchandise in your home, you will need to make sure it is well-organized to facilitate a quick turnaround time, make sure that they are easily accessible and free from dirt and debris, and if you are a smoker, make sure you store your inventory in a smoke-free area.
Finally, the fact that you operate your business out of your home doesn’t set limits on the amount of success you can reach, as only you will be the greatest influence on the levels of success you ultimately achieve, so be sure and allow for business growth as a component of the financial projections contained in your business plan, along with a thorough analysis of your target market, and you will greatly increase your chances of Entrepreneurial success as the global economy starts the long process of recovery.
Entrepreneurs, Market Strategies, Global Economic Recovery
Published August 2, 2009 | 
It is impossible to explain and project what to expect with one recession by looking at the causes, affects and methods of recovery of another and come up with a magic formula for stimulating the current global economy back out of the recession or depression, because there are so many different moving parts that might play a significant role in one recession and be non-existent in another, but what we can say with certainty is that economic conditions are typically worse than what is seen on the surface.
Although thorough analysis of the real economic conditions shows continuing erosion in many sectors of the U.S. and Global economies and despite shrinking markets, new and innovative Entrepreneurs are entering the global market in increasing numbers each day to take advantage of new identifiable opportunities present in the market, and it is these global entrepreneurial strategies and spirit that will be the driving force of the global economic recovery.
When examining the entrepreneurial market strategies in general, the hardest task facing Entrepreneurs that are planning to start a business is building a loyal base of customers, since many potential customers already work with other more established businesses, and they are not interested in risking developing a new relationship working with a new business, and this is just one of the many challenges that are typical and to be expected in any start-up situation that Entrepreneurs need to be keenly aware of, along with the tasks of meeting and overcoming the challenges while building the businesses reputation at the same time.
As an Entrepreneur, you always need to put yourself in the potential customer’s mindset: If you were to consider giving your order for services or products to a new business, then ask yourself what are the most important business factors you would use to make your decision, and what would have to be part of the conversation in the way of statements and promises needed to persuade you to commit to trying a new business or firm, and by focusing on development of the most solid answers you can to these questions, the better your new business will perform in the most critical initial start-up stages.
What all this means is that you have to do your homework and put together solid facts from your research, an important point that can’t be overemphasized, and a simple way to begin is investigating your competitors by looking at their websites, Facebook pages, Twitter usage and activity, as well as MySpace and other social media platforms, as this has the potential of freely giving you access to a lot of detailed information, from their mission and vision statements, to what they think their product and service attributes are, possible testimonials, geographic areas served, and other important insightful information. Study the results of your research and adopt techniques and practices that work for them, all the while developing business strength and associated customer leverage with positive practices that compare very favorably to their negatives.
As part of developing market strategies for competition, don’t hesitate and forget to ask potential customers about their personal experiences with your competitors, since they are general forthcoming and will be able to give you some insightful information about what they like, and especially dislike, providing you with extremely valuable 
feedback and information that can be incorporated into your mission and vision for the business, and remember, it is critical for you always to either match or exceed the services of your competition, anything less is unacceptable, since potential customers won’t do business with your new business without a powerful incentive that causes them to take the action you want them to, and not only start doing business with you, but become loyal to your business.
To instigate the customer feedback that you gather, start by adapting their responses to your marketing strategies, for example, if you determine you may need to tailor your operational hours to when the majority of customers would use or visit your business, or require service, and this might be a courtesy you can implement and use in your initial marketing message that shows you value what the customer’s think, and it matters in terms of building your customer base and keeping their business.
Another important point to remember is about human nature and prospective customers, as they like nothing better than getting something for “free” (Even FREE has Important Value), and what you might receive in return, like the customer’s business, will pay off with interest in the long run, for example, if you are starting a barber shop business, offer a free haircut for every ten paid haircuts for the first year, and this can be a relatively small expense to you, but prove to drive both a lot of new business to build your customer base, and keep existing customers returning while strengthening customer loyalty.
It is also critical for Entrepreneurs to remember that without money there is no business, and to get a new business started you need to make sure you have adequate funding, which includes how much money you currently have available to you and how much you need to raise, as statistics show that businesses with less than $50,000 in funding have a higher failure rate, since many times they don’t have a solid capital foundation to build from, and find it extremely difficult to overcome additional unforeseen capital expenditures that always seem to occur.
Entrepreneurs should include everything addressed so far in a formal business plan, which is an extremely critical entrepreneurial tool that should be developed before you start the business, and updated annually to maintain maximum effectiveness. 
Effective and well thought out business plans include a thorough analysis of both the Entrepreneur’s and businesses strengths and weaknesses, and plans to overcome any weaknesses identified, with clearly defined strategies for marketing and production or services.
A proven fact throughout history is that the Entrepreneurs with the most realistic outlook and strategies will have the best survival chances for their start-up business, and remember, a clear, concise, and above all, honest vision of expectations, along with a backup plan for any weakness is best, and it can make the difference between entrepreneurial success and failure.