Determining your salary is one of the most important decisions you'll make as a business owner.
Read the full article here :
http://www.entrepreneur.com/money/moneymanagement/article80024.html
The biggest mistake most entrepreneurs make is to not pay themselves.
Most would think that they should only take that into consideration when there is profit.
Personally, I have experienced that if you don't do it right from the beginning, you will be putting it off till much later and what this does is, it will soon eat away your enthusiasm for the business.
Why? Simple. It is just not rewarding you to continue to do what you do.
As humans, we are compeled towards action either to avoid pain or gain more pleasure.
And if you are in business for yourself, putting off the payment owed to you to reward your daily efforts will kill your excitement to continually take effective actions for your business.
Friday, March 07, 2008
Wednesday, February 20, 2008
What business are you (really) in?
When someone asks you that question about your business, you may answer, "we sell drills".
However, what you are actually selling are the benefits those drills provide.
No one really wants a drill - they want what a drill can do.
You are selling benefits of the drill and satisfying the needs of a specific segment.
Example :
1) Film Studio - we make movies
instead, it should be : We market entertainment
2) Cosmetic company : we make cosmetics
instead, it should be : We market hope
3) Optus : we operate a phone company
instead, it should be : We market telecommunications
However, what you are actually selling are the benefits those drills provide.
No one really wants a drill - they want what a drill can do.
You are selling benefits of the drill and satisfying the needs of a specific segment.
Example :
1) Film Studio - we make movies
instead, it should be : We market entertainment
2) Cosmetic company : we make cosmetics
instead, it should be : We market hope
3) Optus : we operate a phone company
instead, it should be : We market telecommunications
An entrepreneur defined
J.B. Say, an early 19th century French economist, is generally credited with recognising that the entrepreneur in a capitalist society is 'the pivot on which everything turns'.
A more recent definition of an entrepreneur is :
"One who reforms or revolutionises the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing either an old one in a new way. This action will open up a new source of supply of materials or a new outlet for products by reorganising an industry."
A more recent definition of an entrepreneur is :
"One who reforms or revolutionises the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing either an old one in a new way. This action will open up a new source of supply of materials or a new outlet for products by reorganising an industry."
Jimmy Choo reveals the secret to his inspiration and ideas
KOTA KINABALU: As Datuk Jimmy Choo stepped down from the stage, flashes from cameras popped and dozens of women surrounded him.
With a constant genial smile, one of Malaysia’s most renowned fashion icons obligingly posed for photographs with his “fans” that included politicians, ambassadors, businesswomen, television producers and top executives.
[Day to remember: International Women Executive Congress 2007 participants posing for pictures with Choo in Kota Kinabalu yesterday.]
[Day to remember: International Women Executive Congress 2007 participants posing for pictures with Choo in Kota Kinabalu yesterday.]
Some used the opportunity to make an appointment with the London-based fashion designer renowned for his handmade women’s shoes that were worn by the likes of the late Princess Diana, the Queen of Jordan and numerous Hollywood stars.
Others asked about his famous clients, apparently wanting to hear more even after the 40-minute talk Choo had just given about his life, his break into the world of fashion and his prominent customers.
In his talk to participants of the three-day 2007 International Women Executive Congress here, Choo was generous in sharing his experiences and advice with his audience on how they can progress as individuals and entrepreneurs.
As his audience listened in rapt attention, he said that whatever they ventured into, either a career or business, they have to love what they do.
“When you love what you do, you will be inspired and ideas will come,” he said.
Choo said in a creative industry like fashion, ideas were more crucial than the actual ability to sketch them out as these can be done by designers.
Choo said in a creative industry like fashion, ideas were more crucial than the actual ability to sketch them out as these can be done by designers.
“I love what I do and I’m constantly on the lookout for what people are wearing, the styles, fabrics and the accessories. From there I get inspired,” he said, adding that he constantly carried a camera to capture fashion designs that caught his eye.
Choo reminded his audience of the need to manage an international brand, such as registering the brand in various countries and constantly advertising.
“People want to know the latest in the spring and summer designs,” he added.
Going back to basics, Choo said those venturing into any business must possess certain attitudes including sincerity, respect, a willingness to learn and being prompt.
“Don’t put off something till tomorrow if you can finish it today. And keep a promise instead of giving excuses because people will learn not to trust you,” he said.
Choo said Malaysians who succeed internationally should give something back to the country. For him, this includes promoting the nation and its cuisine overseas.
Later, responding to a question from the audience, Choo said he is looking at various ways to inspire Malaysian youths to venture into the world fashion, including being involved in a design competition.
“We must pass our skills and experiences to the younger generation,” he said.
Become Your Own Boss
PUTRAJAYA: Fresh graduates are urged be their own boss or join entrepreneurship programmes.
Deputy Youth and Sports Minister Datuk Liow Tiong Lai said they should not be contented doing part-time jobs while waiting to join the government or private sector.
This may explain why about 35% of local graduates are unemployed, he said.
“If they cannot get the jobs they want, they are willing to wait and get part-time jobs.
“Some graduates even have two or three part-time jobs, each earning around RM500 to RM600,” he said after launching the Malaysian Independent Business Ownership-Graduan Outreach Programme at his office yesterday.
Liow was commenting on a statement by Higher Education Department director-general Datuk Prof Dr Hassan Said that some 35% of graduates were still unemployed six months after convocation.
On another matter, Liow said the Youth Economic Promotion Council, which gave out loans to those who wanted to set up their own businesses, received close to 30,700 applications for its RM40mil fund.
On the programme, Liow said it was to put youths on the path to entrepreneurship by giving them coaching and training in drawing up viable business plans and helping them to secure loans.
“Youths can tap into a fund worth RM100mil, which is loaned to them at the Base Lending Rate plus 1%.
“Using these loans, they can then sell products such as mobile phone lines, broadband services, credit cards and computer products.
“In fact, we find that mentoring is extremely important for young entrepreneurs.
“In the old days, youths can afford to try several times before succeeding in their own businesses.
But in this fast-paced age, they can no longer afford to do that,” Chong said.
Deputy Youth and Sports Minister Datuk Liow Tiong Lai said they should not be contented doing part-time jobs while waiting to join the government or private sector.
This may explain why about 35% of local graduates are unemployed, he said.
“If they cannot get the jobs they want, they are willing to wait and get part-time jobs.
“Some graduates even have two or three part-time jobs, each earning around RM500 to RM600,” he said after launching the Malaysian Independent Business Ownership-Graduan Outreach Programme at his office yesterday.
Liow was commenting on a statement by Higher Education Department director-general Datuk Prof Dr Hassan Said that some 35% of graduates were still unemployed six months after convocation.
On another matter, Liow said the Youth Economic Promotion Council, which gave out loans to those who wanted to set up their own businesses, received close to 30,700 applications for its RM40mil fund.
On the programme, Liow said it was to put youths on the path to entrepreneurship by giving them coaching and training in drawing up viable business plans and helping them to secure loans.
“Youths can tap into a fund worth RM100mil, which is loaned to them at the Base Lending Rate plus 1%.
“Using these loans, they can then sell products such as mobile phone lines, broadband services, credit cards and computer products.
“In fact, we find that mentoring is extremely important for young entrepreneurs.
“In the old days, youths can afford to try several times before succeeding in their own businesses.
But in this fast-paced age, they can no longer afford to do that,” Chong said.
Friday, February 15, 2008
Can you teach entrepreneurship?
Can you teach someone to be the next Henry Ford or Richard Branson? Is business enterprise in your genes or can it be taught in the classroom?
Share with me your thoughts?
Share with me your thoughts?
Growing Trend Of Entrepreneurrship in the UK
Growing trend....
Research commissioned by Yellow Pages suggests that one in six new businesses started in the UK are run by over-50s and that they contribute £24.4bn to the UK economy a year.
Research commissioned by Yellow Pages suggests that one in six new businesses started in the UK are run by over-50s and that they contribute £24.4bn to the UK economy a year.
Let Yourself Shine
In business, your best asset is the power of you--so use it.
Ian worked for years to hone his expertise in helping people become better communicators. He built a successful communication coaching business by incorporating the latest strategies into his practice, but he was having difficulty landing higher-paying projects, like working with corporate teams.
Since Ian didn't like tooting his own horn, he seemed unsure about customer results. Corporate clients take more convincing, so to hire him, they need to understand the critical benefits he provides compared with his competition.
I think most entrepreneur wannabes has this problem. They can't feel good about letting themselves shine. It's got to be done by someone else, they think.
Well, it's easier for someone else to blow your horn but if that is not happening for you yet (because you have NOT EVEN SECURED YOUR 1ST DEAL), then you got to do it yourself.
Here is what you need :
1. Be genuine. Allow your true self to come through in business conversations. You don't have to separate you from your work. People buy from those they know, like and trust. Gain people's confidence by letting your entrepreneurial spirit shine through during conversations. The passion you share ignites people's imaginations and kick-starts powerful relationships.
2. Redefine rejection as learning. We are often scared to speak as our true selves because we fear how people will respond. Your goal in speaking about your business is not to please everyone; it's to connect with the people who will benefit from using your product or service. Treat each opportunity to speak about your business as a way to discover new opportunities. If you find yourself keeping silent, ask yourself, "What's the worst that could happen?" You'll soon discover that what you feared usually isn't as bad as you imagined.
3. Convey personal successes. Spread your enthusiasm and develop powerful connections by adding personal insights to your conversations. Whether it's a lesson you learned from a client, an observation that changed your life or a success story that you're proud of, connecting the discussion to your prior experiences sets you apart from other business owners. And it allows you to present your knowledge, experience and credentials without boasting.
4. Demonstrate an understanding of others' problems. When people sense that the conversation is about them, they're more willing to share information. Don't be intimidated by someone's title or influence. Recognize that you have experience and knowledge that can contribute to their success. Ask about the obstacles your audience must overcome. When possible, personalize your business by offering constructive solutions to their challenges without wondering what you'll gain from it.
Put a stake in the ground: From this moment on, stand up for your own powerful presence. Be true to yourself by speaking with passion and breaking out of any self-imposed limitations. You'll be surprised how easily the world begins to support the powerful, confident entrepreneur you truly are.
Romanus Wolter, aka "The Kick Start Guy," is author of Kick Start Your Success and Kick Start Your Dream Business. Write to him at romanus@kickstartguy.com.
From : Entrepreneurs.com
Ian worked for years to hone his expertise in helping people become better communicators. He built a successful communication coaching business by incorporating the latest strategies into his practice, but he was having difficulty landing higher-paying projects, like working with corporate teams.
Since Ian didn't like tooting his own horn, he seemed unsure about customer results. Corporate clients take more convincing, so to hire him, they need to understand the critical benefits he provides compared with his competition.
I think most entrepreneur wannabes has this problem. They can't feel good about letting themselves shine. It's got to be done by someone else, they think.
Well, it's easier for someone else to blow your horn but if that is not happening for you yet (because you have NOT EVEN SECURED YOUR 1ST DEAL), then you got to do it yourself.
Here is what you need :
1. Be genuine. Allow your true self to come through in business conversations. You don't have to separate you from your work. People buy from those they know, like and trust. Gain people's confidence by letting your entrepreneurial spirit shine through during conversations. The passion you share ignites people's imaginations and kick-starts powerful relationships.
2. Redefine rejection as learning. We are often scared to speak as our true selves because we fear how people will respond. Your goal in speaking about your business is not to please everyone; it's to connect with the people who will benefit from using your product or service. Treat each opportunity to speak about your business as a way to discover new opportunities. If you find yourself keeping silent, ask yourself, "What's the worst that could happen?" You'll soon discover that what you feared usually isn't as bad as you imagined.
3. Convey personal successes. Spread your enthusiasm and develop powerful connections by adding personal insights to your conversations. Whether it's a lesson you learned from a client, an observation that changed your life or a success story that you're proud of, connecting the discussion to your prior experiences sets you apart from other business owners. And it allows you to present your knowledge, experience and credentials without boasting.
4. Demonstrate an understanding of others' problems. When people sense that the conversation is about them, they're more willing to share information. Don't be intimidated by someone's title or influence. Recognize that you have experience and knowledge that can contribute to their success. Ask about the obstacles your audience must overcome. When possible, personalize your business by offering constructive solutions to their challenges without wondering what you'll gain from it.
Put a stake in the ground: From this moment on, stand up for your own powerful presence. Be true to yourself by speaking with passion and breaking out of any self-imposed limitations. You'll be surprised how easily the world begins to support the powerful, confident entrepreneur you truly are.
Romanus Wolter, aka "The Kick Start Guy," is author of Kick Start Your Success and Kick Start Your Dream Business. Write to him at romanus@kickstartguy.com.
From : Entrepreneurs.com
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