entrepreneurship | BizSieve.com

3 Misconceptions About Starting Your Own Business

Many people see successful businesses and think “what a simple idea, why didn’t I think of that?” But what they often don’t realize is the sheer amount of planning and work that went into making that business a success – not to mention the money spent. In fact, there are a lot of misconceptions that people have about starting a business. Here are three of the most common.

1. It is All About the Product

When it comes down to it, if your business starts with a bad product, it cannot succeed. However, just because your business starts with a good product, it does not necessarily mean that it is guaranteed to succeed. One of the biggest assumptions that people make when starting a business is that people will actually buy their product. Whether it is because of bad marketing, unaffordable prices, or just a bad product, there are many reasons why certain ideas do not take off with consumers. Extensive research is needed to prevent this sort of a problem. Things such as surveys, market research, and focus groups will help you to know what people want, as well as where there is space in the market. Again, you could have the best idea in the world, but if it will be entering an already saturated market, it will struggle to take off.

2. Money is All the Motivation That I Need

Obviously you are going into this business wanting to make some money, but if you sole motivation is that you want to make a million dollars, you might just want to rethink it all. It is incredibly hard for a startup business to even break even, let alone start making money, and this will take a lot of hard work and time. When not much else is going for you, passion and sheer enjoyment of the work that you do will be the only things that carry you through. Your business is also much more likely to succeed if you are creating it because of an interest and talent for business, and passion about your product or service.

3. A Business Plan is Ironclad

The most common piece of entrepreneur advice is to have a solid business plan. Firstly, it is important to have a business plan. Not only will it help you organize your ideas and prepare for what comes next, but you will need it to present to potential investors who will help you to fund your venture. But one mistake that people make is over planning, as well as taking a plan too far. As you start your business, you will soon realize that it is full of hurdles to overcome, and pits to climb out of. The business world is notoriously fickle and constantly changing. This makes it almost impossible to have an ironclad business plan, because within a few months, it is likely that you will just have to throw it out of the window. Good businesses quickly learn to adapt to the changing needs of the market, and those are the ones that survive.

About the Author: Robert Cordray is a freelance writer and expert in business and finances. He has received many accolades for his work in teaching and small business consultation.

The Three B’s You Need to Become a Great Entrepreneur

An entrepreneur runs a business or businesses by selling their product or services for a price, can afford to pay rent, wages and interest on the capital and still gain a profit in the end. An entrepreneur is also unafraid of the challenges and risks that are typically associated with the business on a day-to-day basis. To be a successful entrepreneur, you need to have three important traits that can put you ahead of the competition. Brains, bravery and business coaching are three skills that will aid you in getting your business off the ground and moving toward a financially sound future.

Brains

Many business owners learn their skills through schooling and experience, but others are inbred with successful traits and were born to be leaders. Intelligence is always considered a key to any financial success, and entrepreneurs must have their share. However, knowing how to work smart can separate successful entrepreneurs from those that find it difficult to overcome the typical business hurdles. An intelligent business owner knows that being a strong leader can make or break a business, especially when they lead by example. Financial geniuses are also smart enough to realize that they need to be disciplined enough to do whatever it takes to reach the finish line.

Bravery

It’s a fact that solid rewards can come with hard work and dedication. But a person who is brave and unafraid to take risks can achieve greatness in the business community. What separates the regular business owner from the successful entrepreneur is the gift of taking risks in order to make a fortune. All transactions may not be profitable, but it takes a skilled entrepreneur to handle that risk, calculate the gains and reap the rewards. If you’re only willing to make a modest income and never be brave enough to go above and beyond to reach your goals, you’ll likely not see overwhelming success in the independent business world.

Business Coaching

In order to achieve greatness with your own company, you need to formulate a plan. Many people are ensconced in their dream job, but they are unsure of how to reach beyond and achieve higher goals. A business coach can help an owner achieve success by organizing a plan, observing the strengths and weaknesses of their strategies and holding them to their final goals. Executive coaches are trained to aid you in your career from platforms of psychology and organizational development to human resource management and adult learning.

Bottom Line Benefits

Successful entrepreneurs that use business coaching see this as an investment instead of an expense because of the way their revenue can grow consequentially. An online directory of coaches is one of the best resources for those interested in learning more about this unique service. Here you will find a variety of people that are experienced and knowledgeable in this field, and you can choose the one that you will feel most suited for your executive career needs.

Most entrepreneurs in the world today have made it as far as they have by hard work, diligence and confidence. However, the three B’s of bravery, brains and business coaching will always separate the top producers from the rest of the crowd.

Ann Bailey started her own art business and shares these inspirations for other business founders seeking a step up. Noomii, a go-to online directory of executive coaches, is available to help any client ready for the next level of business guidance, encouragement and success.

Photo Credit: http://www.flickr.com/photos/bradmontgomery/8192544700/

How to Start a Business from Your Hobby (Infographic)

Regardless of how wrong some experts think about starting a business from your hobby, it is probably the most effective and efficient one. There are some reasons to that…

Firstly, you don’t have to learn about anything from scratch. It’s YOUR hobby; you ARE the expert; even if you need to learn the technicality of your hobby, you are half-way there.

Secondly, it’s YOUR passion. People can be passionate about entrepreneurship; but if you are passionate about entrepreneurship AND everything you do and every product you create/service you offer, you are taking shortcut.

But still, just like any other business, you need to take some steps to startup right. Make it Cheaper, the business cost-saving expert, publishes this interest infographic about turning your talent or hobby into a business – check this out (please click on the infographic for the original size…)

Source: Make It Cheaper: The Saving Experts for Business

Doing business like a pro!

We all have some dreams we would like to come true. Some dream big, others small; but what truly matters is how you plan on achieving what you want. So you dream of owning your own business? Running it successfully? Believe in yourself, after all big corporate giants like Google, Apple, Sony also started somewhere. Well here are some small business tips for all the budding entrepreneurs to keep in mind.

5 tips of the wise:

You don’t necessarily have to start your business from scratch. If you find a small business that you believe you can benefit from, buy it. You can either grow it or sell it for an even bigger return.
Do you have a lot of dough to start with? Good! Hold on to it. There is no need for a young business to have a very lavish office and setup. Buy and spend very wisely. Old office furniture can be just as useful and serve the purpose. You can save all your extra cash for a rainy day. Just because you have it doesn’t mean you should blow it
Who are you? And what can you offer? A good business always has a sense of direction. Make a game plan, set goals and go about how you are going to achieve them. Keep in mind who you are exactly targeting
What makes you so different? Think about what makes you standout in the crowd. Always go the extra mile for customer satisfaction. This will never fail you. After all happy customers are loyal customers
Most importantly, exercise gratitude. Towards your employees, your customers, and your own self. Research in the field of human resource management shows that appreciation goes a long way to ensure success. It is a tool not frequently used by employers.

The toughest is the battle within:

As much as capital and resources are needed to start your own venture, some things come easily and without any cost. A bit of planning and smart thinking can make your journey of success a whole lot smoother. Though the road leading you towards your goals may not always be easy to tread upon, a positive outlook and determination can always ease your burden.

No matter what line of business you pursue, always believe that you have something unique to give to the world. It is only when you find out everything good has already been done, you push yourself to create something even better.

And one more thing:

As quoted by Steve Jobs, “Innovation distinguishes between a leader and a follower”. Knowledge is truly Power and today’s world is the most volatile it has ever been. Always keep educating yourself, learn, explore. There is no limit to the knowledge one can attain. There is always innovation in the world around us. New marketing techniques, management studies, growth opportunity factors; if one stays aloof to changing times he will be left behind. So always nurture your talents and keep polishing them in order to shine.

About the Author: The author is currently pursuing a degree in business administration and has a penchant for writing about modern day management techniques w.r.t. your credit card and organizational behavior.

The Dual Entrepreneur: How to Balance Running Two Companies at Once

In general, entrepreneurs are idea people. They don’t necessarily have to be creative in the classical artistic sense, but they have to be flexible, self-motivated, and able to follow through on a good idea.

Many budding entrepreneurs hold themselves back by spreading their work too thin. Do you think Mark Zuckerberg would be orchestrating billion-dollar buy-outs if he’d focused half his energy on Facebook, and the other on opening a pizza chain?

Getting a business off the ground requires your full attention. Once it’s up-and-running, however, it’s possible to expand. Just look at many of the world’s most famous athletes and musicians who balance careers in Hollywood and on the playing field. Mark Cuban is a terrific example, juggling ownership of the Dallas Mavericks NBA team, Landmark Theatres, and chairing the HDNet cable TV station.

So how do you get to be the next Mark Cuban? While I’m far from the Forbes 500 list, I can happily say that I’ve successfully managed to maintain two profitable businesses for the last six years.

entrepreneurship tips — Image: @boetter / Flickr

Believe That You Can Do It

I opened my first business when I was 12-years-old in my home country of Iran. Raised by a father with a strong emphasis on self-sufficiency, two partners and I began a small potato chip factory. We hired a few employees and sold chips to supermarkets and local schools.

That same spirit of motivation led me to dentistry school. Nearly two decades ago, with a fresh doctorate in hand, I threw myself whole-heartedly into my practice. Over time, I built wealth that needed to be invested. Wall Street didn’t appeal to me, so I bought real estate. When the housing market dropped, I took the wake up call as a sign to diversify.

Like any entrepreneur, I always have my eyes open for new ideas with revenue-generating potential. At one point, I recognized a need for a glass and mirror provider in our market, found a suitable partner, and went into business again. Although my wife might say I’m addicted to work, my dentistry practice never suffered.

Love What You Do

If owning a dentistry office and running a glass and mirror supply company bored me or stressed me out, I’d quit one or the other. Because I’ve found industries that appeal to me, I rarely feel like I’m actually working.

Let’s put it this way — my son plays video games for an hour a day. He says it’s his ‘down time.’ My wife watches soap operas for an hour each afternoon that’s her down time. And what I do in front of the computer for my businesses is truly a down time for me. It’s not work. If it was, there’s no way I’d be able to do it. At home on the computer, I can casually answer emails and truly relax. I enjoy what I do, so it’s more of a game than anything.

Sure, it’s a cliché, but I fully believe the old quote that says, “Find something you love to do, and you’ll never work a day in your life.”

Don’t Rule Anything Out

Ten years ago, I would never have imagined I’d own a glass and mirror company. When the opportunity arose, however, I didn’t overlook it because of my lack of expertise in the area.

It’s not so much the product that matters when you’re an entrepreneur, but the business itself. As long as you know how to run a business and you understand the numbers and how to market and sell, then the product just has to be something that interests you. It could be glass or wood or anything — if you understand business and recognize a need, you’ll succeed.

For me, personally, dentistry and glass sales go hand-in-hand for my lifestyle. Being a dentist is a physical vocation that fills my days, while glass and mirror sales are a number-crunching, analytical job that I do in the evening. It’s like a hobby.

If you already own a successful business and another opportunity arises, don’t run away from it for fear of being over-burdened. As long as you enjoy both jobs, running two businesses can truly be a pleasure.

What combination of businesses would you most like to own or manage?

About the Author: Bahram Nasehi is a Vice President and partner at Dulles Glass and Mirror. He is instrumental in the developement and manufacturing of commercial and residential glass products including tempered glass, glass table tops and shower doors.