Posts Tagged ‘Entrepreneurship’

By Elaine Mah

I was struck by a statement made by President Obama during his recent State of the Union address : “The first step in winning the future is encouraging American innovation.” What captivated me was the clarity of his vision, yet its successful execution is anything but clear. How do you foster innovation? It’s a question that all countries, not just the US, must ask if they have any intention of keeping their national economies productive and competitive.

One of the core challenges to encouraging innovation lies in how the notion itself is perceived. Far too often, innovation is used synonymously with invention, which is an unfair burden. Invention, the creation of something entirely new is, to me, a frankly terrifying idea. I know of nothing more idea-stunting than staring at a blank slate. Innovation should be seen as the subtle act of taking something we already know or do and, through modification, improve upon it in some manner or fashion.

A truly remarkable aspect of innovation is that we may not even be aware that significant change has occurred until someone else points it out to us. Incremental adjustments or improvements taking place over the course of doing business may not stand out to those working in the midst. This is especially true for smaller business owners who often do not have the luxury of investing in R&D or running trials in parallel to the main operation – it’s more than enough simply to keep the business running day to day.

Quite often, it takes an external party to highlight and acknowledge the achievement, which is why it’s important that business owners and management not operate in isolation. Actively seeking networking groups that allow managers and owners to interact and exchange ideas with peers can either provide insights into your operation or serve as a catalyst for change. It’s also good practice to review case studies that feature applied solutions and strategies proven to drive productivity, competitiveness and innovation. There are also many institutional or industry-led programs that aim to celebrate business innovation through inspiration or affirmation.

So getting back to the question I posed earlier, “how do you foster innovation?” I have no single, pat answer, but what is clear to me is that innovation cannot evolve in a vacuum. The more we talk about it, actively seek it, highlight and celebrate it, the more likely we are to accomplish it.

Elaine Mah joined Intel Canada in 2005 as Canadian Business Marketing Manager. She is responsible for Intel’s brand management, product positioning, product launch management and marketing research, as well as sales and integrated marketing communications, advertising and promotional campaigns designed to reach Canadian business customers. Prior to assuming this position, Elaine was Vice President at Sharpe Blackmore Euro RSCG, where she was responsible for planning and strategy on accounts including Direct Energy, Volvo, and Yahoo!, along with new business development. A marketing professional for over 20 years, Elaine received her Bachelor of Commerce degree from the University of Alberta.

By Small Business Expert Roger Pierce, BizLaunch 

The essence of brand and image is based on your product or company reputation. People are adverse to risk, so help them to buy from your small business by following these suggestions: 

  • Deliver a quality product or service. Go that extra mile with customers to “wow” them with your offering. Invest in quality materials or allow sufficient time to serve your clients. Pay attention to details because that’s often what people will notice about your company.
  • Do what you say you’re going to do. Lip service only goes so far, and actions speak louder than words. Be sure to keep your promises to develop the trust of your customers. Remember the expression, “under promise and over deliver” to truly delight your buyers.
  • Fix problems immediately. A mistake only becomes a problem when it is ignored. Remember that an existing customer is worth more to your small business than a new customer, so be sure to address any dissatisfaction right away. Replace a faulty product, correct a wrong or do something to “surprise and delight” a disgruntled client.
  • Never bad mouth the competition. It’s tempting to say rotten things about the other guy, but it can reflect poorly on your small business. It’s better to talk about what your competition does well but mention what you do better. What goes around also comes around.

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ROGER PIERCE is passionate about helping entrepreneurs achieve success. Co-founder of Canada’s largest small business training company, BizLaunch.ca, he’s launched eleven small businesses of his own and personally experienced what he calls “the good, the bad and the ugly” sides of entrepreneurship.

BizLaunch advises thousands of Canadian startups through its popular how-to seminars and webinars delivered with partners such as STAPLES.

By Small Business Expert Roger Pierce, BizLaunch

As a young entrepreneur, you’ll certainly be envied by your employed friends. While self-employment offers many perks, follow this advice to overcome some common challenges:

· Consider a co-signer. Being young and self-employed is considered a double negative for many banks. Line up a relative or friend who is prepared to co-sign a loan if your business requires bank financing.

· Keep that day job. Without established credit and little savings, you’ll be wise to keep a part or full-time job while your business gets going. Use that income to pay your rent and living expenses and ease the revenue pressure on your new venture.

· Find a mentor. Admit you won’t know everything about starting and growing a small business. A seasoned business person can be a wealth of experience and support for a young entrepreneur. Approach someone you respect to mentor you monthly, or contact entrepreneurship organizations such as The Canadian Youth Business Foundation or Enterprise Toronto for some connections.

· Exercise self-discipline. Fifty percent of young entrepreneurs work from home, where it’s easy to get distracted. Stay focused on your business by establishing regular working hours, creating a proper workspace and reminding your friends not to drop by unannounced during your work day.


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ROGER PIERCE is passionate about helping entrepreneurs achieve success. Co-founder of Canada’s largest small business training company, BizLaunch.ca, he’s launched eleven small businesses of his own and personally experienced what he calls “the good, the bad and the ugly” sides of entrepreneurship.

BizLaunch advises thousands of Canadian startups through its popular how-to seminars and webinars delivered with partners such as STAPLES.

Many larger companies deal with a friendly – or not so friendly – rivalry between sales and marketing, each of which believes it holds the key to the enterprise’s success. It’s, however, a little like asking whether a heart or brain is more important to your survival: no company can do without either a sales or a marketing team.

The reality with most small businesses though, is that a handful of people – or even just you – wears many hats, sales and marketing being just two.

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When it comes to sales, as your organization grows, you’ll want to start giving thought to building a well-defined team. And entrepreneur, Dharmesh Shah, has developed several keys to help you do just that, including:

1. You don’t need sales people, you need sales. Don’t get caught up in fancy titles, he says, focus on dollars in the door.

2. Don’t hire several sales people at once. Your goal is to figure out the “pattern” of what kinds of people are best based on what you’re selling and who you’re selling to.

3. Resist the temptation to create complicated compensation plans. Start simple.

4. Agile methodologies can work in sales. Refine your demo script, slides and collateral. Capture the lessons learned by the best-performing people and spread it to the rest.

5. Always connect incentives to ultimate customer happiness – not just rewards for getting deals done.

6. Understand the economics of your business. Figure out your total cost per customer acquisition – including sales people, marketing people and marketing campaigns.

7. Your pricing should be in line with your sales structure. For example, you can’t expect to have an outside sales force that meets with customers in person if your average deal size is only $10,000. The math won’t work.

8. Start watching the shape of your “funnel.” How many leads are you getting a month? How many turn into opportunities? How many are converted into paying customers?

Adds Ann Damani-Mckinney, of Conceivable Solutions : “Team building is huge for creating a great sales team. You want to create desire and excitement; however, be careful not to create a cut-throat environment if you want long-term success.”

And click here for 9 more marks of a great sales department.

What successes or hurdles can you share about building your own sales force?

By Small Business Expert Roger Pierce, BizLaunch

What does it take to be a Mom and a small business owner? It takes a lot of courage, skill and time management. It is hard to debunk myths about making more money and being able to spend more time with your family when you have a business to run. But more and more moms are quitting the corporate life to become entrepreneurs. 

Currently, there are over 800,000 women business owners in Canada and the number of women-owned businesses is growing 60 percent faster than those run by men. Since 1995, there has been a 50% increase in the number of self-employed women in Canada, and one-million Canadian women will own a small business by 2010, this according to a report released by the CIBC, “Women Entrepreneurs: Leading the Charge”.  Today, about 80 percent of these women-owned businesses are also mothers.

What’s it like to be an entrepreneur? You can make your own decisions, set your own schedule, work with people of your own choosing, create your ideal lifestyle and enjoy the sheer satisfaction of doing what you love. However, self-employment is not for everyone. It’s a life full of twists and turns, long hours, uncertainties and endless multi-tasking. Before you take the plunge, test the waters with these exploratory steps:

Take some training. Entrepreneurship programs will help you understand all that’s involved in running a small business.

A day in the life. Arrange to job-shadow an entrepreneur for a few days to make sure it lives as well as it reads. Ask an entrepreneurial friend, family member or neighbour if you can tag along for a day.

Test yourself. Online self-assessment tools will explore your aptitude for entrepreneurship.

Be paid to prepare. Before launching into your own business, take a job in that industry. You’ll make valuable contacts, understand the competition, wire into customers and make sure the work truly suits you.

Identify your passion. Most entrepreneurs don’t just do it for the money. Explore a business idea that combines your personal passion with marketplace opportunities.

There’s plenty of strong support in Canada for entrepreneurs: educational institutions, business associations, non-profit and for profit organizations and all levels of government. Seek out resources such as training, mentoring programs, loans, grants, workshops, conferences, peer groups and online communities in your area to help you learn about entrepreneurship.

clip_image0025_thumb.jpgROGER PIERCE is passionate about helping entrepreneurs achieve success. Co-founder of Canada’s largest small business training company, BizLaunch.ca, he’s launched eleven small businesses of his own and personally experienced what he calls “the good, the bad and the ugly” sides of entrepreneurship.

BizLaunch advises thousands of Canadian startups through its popular how-to seminars and webinars delivered with partners such as STAPLES.

By Small Business Expert Roger Pierce, Bizlaunch

So many priorities. So little time. Such is the way for small business owners. However, if you take just a little time to plan well, you will find that you get more done with less– and hopefully there will be some time left over for you.

Follow these suggestions to improve your time management:

  1. Understand your time management issues.
    • Do you change your mind a lot or over think decisions?
    • Do busy details distract you from productive tasks?
    • Do you forget to delegate?
  2. Begin with to-do lists.
    • Create daily, weekly, monthly and annual to-do lists.
    • Sort your tasks into three categories: Must be done, should be done and optional.
    • Focus on what will grow your business first, which includes sales, customer service and finance.
  3. Put efficient systems in place.
    • Develop an Operations Manual so that everyone knows the right way to complete the tasks and systems driving your business.
    • Hire good people to run your systems and train them well.
  4. Monitor what others have promised to do for you.
    • Use your daily planner to note who has promised you what, and when you should expect it.
  5. Share responsibility.
    • Delegate tasks to well trained, responsible individuals.
    • You can hire full-time employees, part-timers or vendors.
    • Consider hiring a Virtual Assistant, who is someone you pay by the hour to do things such as data entry, invoicing, or telephone calls.

Value your time. Your time must be spent on marketing, selling and managing. It’s therefore more cost effective to hire someone at $20 an hour to do something while you’re out earning $100 for your business.

 

clip_image002[5] ROGER PIERCE is passionate about helping entrepreneurs achieve success. Co-founder of Canada’s largest small business training company, BizLaunch.ca, he’s launched eleven small businesses of his own and personally experienced what he calls “the good, the bad and the ugly” sides of entrepreneurship.

BizLaunch advises thousands of Canadian startups through its popular how-to seminars and webinars delivered with partners such as STAPLES.

 

The last time I blogged about business plans, I explained why planning is a roadmap to success. But if it’s so important, why do so few entrepreneurs take time to draft one?

Scott Shane at Case Western has a few interesting theories, but I think he’s hit on something with what he calls the “Just Do It theory”:

“The Nike motto is very appealing to people eager to get their businesses started. Writing a business plan doesn’t have the action-oriented appeal of hiring employees or setting up shop and is skipped by those in a hurry to get their dreams under way. That action orientation, combined with a heavy dose of optimism, leads many entrepreneurs to skip the writing step.”

Which reminds me of an adorable TV commercial from Ally Bank, in which a smarmy banker gives a girl a bike then tells her she can only ride it within a tiny outlined area on the ground.

 

For many entrepreneurs who want to just hop on their bikes and share their big ideas with the world, a business plan can feel like that confining rectangle.

Nevertheless, as I mentioned previously and as most business professionals insist, drafting a business plan is a step to seriously consider. Even if your business is well under way, take a step back and write up a plan.

And what should go into your business plan? To start, BizLaunch suggests you should

  1. Prepare a professional-looking Title Page and Table of Contents.
  2. Prepare an Executive Summary. (Makes space for it, but fill it in last.) It highlights the “who, what, where and why” of  your small business.
  3. Write a Business Description. Tell your readers about your product(s)/services(s), your industry, what makes your business unique and why you believe it will succeed. Write a Mission Statement and include yourBusiness Vision.
  4. Draft a Marketing Plan. The most important section of your plan presents your sales objectives, strategies to achieve them and tactics to be engaged. It should also include your Market.

The vital steps to developing your business plan continue here.

You’ll find more great resources for writing your plan here and here.

If you’ve already written a plan, why not leave a comment and let other readers know why you believe it’s important.