New Year, New Goals

Last year you took the leap and started your own business, or maybe you embraced your inner entrepreneur and set out to start your own business this year. Either way, you've been focusing on what it means to look to the future and set goals. This has been a hot topic with clients over the last month: looking to 2012 and going for it. Whatever "it" is, this is the year they want to step out and step up their game. The challenge, it seems, is knowing the limits, length and distance they (and you!) are willing and wanting to go to create the career of their (and your!) dreams.

Working for yourself, starting your own business provides a great amount of satisfaction; but it's a lot of work to get started. The underlying emotional fear that's holding you back may just be related to money. Do you have the financial means with which to start your own business? From where will the money come if you don't have savings from which to draw? Is your business idea good enough to convince other people to invest in you and your new business? These are all valid questions because it's important to know your own relationship with money, abundance and all things financial.

Your relationship money will definitely dictate how you will perceive the "value" of your idea as well as the "value" you personally bring to the business itself. On the upper level of consciousness you may believe you love money (Who doesn't?!) and the idea of being wealthy. But what has been holding you back until now to step into going after earning this type of wealth?

Your level of self-confidence (for one) and your ability to be honest with yourself (for another). Understanding your relationship with money requires more than just you looking at your past to learn how your spending habits have affected your ability to save or gaining the clarity of why you buy certain products and subscribe to specific services. Having the confidence to honestly admit your inner most thoughts regarding money is the space you want to visit during time of reflection or meditation.

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Be Paid Your Worth in 3 Easy Steps!

Business is competitive. Period. You go into business to make money and be your own boss: to set your own schedule and work with only those clients who are in alignment with your philosophy.

Because of the high level of competitiveness, there is a chance in the beginning you are going to charge less than your closest competitors; and in the beginning, this is for most of you the best decision. You need to get the doors open and buyers in. But for how long do you continue to charge a fee that is a "steal"?

Yes, the economy isn't the greatest, and people still have their purse strings tightened. But those who are in need of your goods or services are ready to jump on board with you and invest the fees necessary. You know what sets you apart from your competitors, and the key to convincing a client or customer to choose you is what you offer that no one else does.

Ideally you want to charge a fee that can withstand whatever the current market will bear but still be considered a good deal. So what stops you from establishing a fair market value for your services and provide your knowledge for less than what it's worth? Simply stated: Your confidence is impacting your ability to be paid your worth!

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Are You Financially Balanced?

Is your business growing? Or has it stagnated during these last few years due to the economic downturn? Like most of us who own their own business, going to the next level is always a big step: a step that takes more than just courage, optimism and a great concept.

It also takes money. Purse strings are tight, and to reach out and ask for financial help can be more than a little scary. The big question is what type of financial help you want—I mean, other than just asking for money. Are you open to giving up part ownership? What about paying interest on the money you receive?

The two means of financing available for your company are:

1. Debt Financing, which is when you borrow a set amount of money for a predetermined period of time and pay a predetermined interest; and
2. Equity Financing is receiving an injection of funding in exchange for an ownership stake. The percentage of ownership is based on the amount the investor is paying per share and how many shares he's purchasing.

But how do you determine which form of financing is right for you? Both of these financing options have advantages and disadvantages. Before we go any further, let me clearly state this: Your final decision, before doing anything, needs to be based on education and knowledge. Your specific business situation is unique to you and your financing options, no matter which path you choose. It is unique to you, and there are two professional resources you need to seek out and tap into before venturing into the wild world of financing. Those two resources are a CPA specializing in financial investment and associated tax laws, and a lawyer specializing in fundraising and associated state and federal business laws.

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Money Talks; Everything Else Walks

Recently in a conversation with an associate, we were discussing venture capital opportunities of the past and how we both have invested more than just money but also our time, dedication and expertise; and for a few of those investments we've wound up with some beautiful-looking ownership certificates that have no cash value but make great wall paper. When it comes to having the desire to move your business up in the world, expertise is nice but money is what ultimately pays the bills for those direct and hard costs associated with running your business. For individuals to invest their cold cash into your business, they need to believe that what they're investing in will provide a return, and their belief is ultimately based on your own belief, the trust you have in yourself and your business idea.

You possess an impressive business plan, you've worked on your business design, and you've finished a feasibility assessment that indicates your business has the makings for making huge money. Great! The only thing stopping you from taking the leap is your need of raising money.

In this economy, finding individuals to invest in a small business isn't the easiest thing. But don't lose hope; they are out there, and yes, they are willing. These individuals are best known as "Venture Capitalists" or "Angel Investors." Basically, VCs impart fiscal backing to a company or firm that is in its early stages but nevertheless exhibits high potential in terms of forthcoming growth and profitability: exactly where you seem to be finding yourself. Their goal? To make larger-than-typical profits (i.e., stock market investments) on their investments. Don't fool yourself: VCs are fully aware that a number of these types of investment projects can and will end up losing money. However, VCs recognize that great earnings from some of their projects will more than compensate for their losses along the way. Venture Capitalists are receptive to taking high-level risks when other people may not be.

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Leadership and Marketing

As a leader, main man, top dog or any other pet name you can think of for yourself when referring to your role as decision maker, there will be times you will be faced with when to refocus, redefine or repurpose the financial resources of your organization depending on the challenges you may be facing. Change is all around you, and keeping a steady course during those times is a challenge all in itself. One of the common areas that most entrepreneurs will immediately look at cutting is the area of marketing. As an entrepreneur your budgets (if you follow one) are not normally as flush as those of Fortune 500 companies. As a result, your ability to refocus or repurpose resources becomes a lot more stressful and difficult to do.

We’ve heard of the different types of marketing, and it can be very confusing. I'd like to support you in reducing your stress regarding marketing; there are amazing marketing coaches out there who can support you in creating a full marketing plan, outlining what is specific to you and your organization. But today let's bring your focus back to the basics so when you decide to hire that coach or consultant, you have an idea of what marketing means to you and your business.

So what is marketing, or a marketing budget, and why do you need one? Simply put, marketing is defined as the process used to determine which products or services are of interest to your clients and outlines the strategies best used in the sales, communication and development of new business. Okay, that wasn't so simple; but basically, it means matching your product or service with your client. The budget piece is the estimated cost of running these programs and projects. The "why" is basically all about transparency and empowering you to stay focused and moving forward in the right direction with each decision you make regarding spreading the word about your wonderful products.

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Entrepreneurs: Motivated Procrastinators?

It may sound like an oxymoron, but entrepreneurs can be the best at two things: procrastination and motivation! Entrepreneurs are entrepreneurs for the simple reasons they are passionate about what they are doing, get a thrill or high from stepping out into the unknown, have a higher level of tolerance for risk, and love to start projects. As an entrepreneur, you started your business because you were passionate about the product or service you were providing, and you were motivated by the energy of potential change and sharing your passion.

In business you always have to be moving and in action not only to become successful but to gain your initial foothold in the market place. It takes an even larger commitment to become an "influencer" in your business or industry and ultimately become an expert. So why are there only a few entrepreneurial businesses that truly "make" it? Procrastination!

As an entrepreneur, you are in charge of your own business and hold the desire to make it the market. You know there are few qualities you need not just to possess but have processes put into place to help keep you moving as you build your business. You will find thousands of articles, books, blogs, tweets and posts to help you, but a key quality I see missing in all of this is awareness. It's your awareness that will keep you moving and in action when procrastination hits – and it will!

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What’s Your Edge?

For all those who strive to be successful in their professional lives, whether they work for a corporation or they are an entrepreneur, there are a few things they (or should I say you) definitely need to have in order to achieve and keep their edge.

Having a vision is critical to being able to climb the corporate ladder. Your vision is what will allow you to stay motivated while working toward achieving the goals you've set for yourself. Goal-setting isn't always easy, as there is an art behind it that involves knowing how to set realistic and achievable goals while also managing your time and energy as you spend time completing the necessary actions to meet your milestones along the way that ultimately lead you right into the hands of success.

Knowing your vision and taking action to make it a reality takes more than just yourself. You need a support network that will act not just as cheerleaders to help keep you motivated but also to be the "naysayers" and play devil’s advocate. These elements, when combined, create a recipe for success. In order for you to earn the promotion to the next rung, you need something we call respect. Respect is a two-way street. Not only do you need to hold respect for those to whom you report, but those who report to you and those on the same level must do the same.

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Employee Motivation: A Secret Society?

Motivation is a key ingredient to success. This is not a news flash by any means, and all managers and good leaders embrace some degree of motivational program for their employees; whether they do this consciously or subconsciously, they all do it. Motivation is not some secret society either, but the secret to motivation is the "what" behind it. So what is the "what" anyway?

It's a great question and one that every great leader seeks to answer—although the answer is never the same twice! So that is what makes motivation part of a secret society, remembering and understanding the same employee will have different motivators at different times of her life? And yes, different times can be as often as yearly, monthly or even daily. This is the "what" behind keeping your employees motivated and feeling empowered.

Now that you're a part of this secret motivational society and you’ve been let into the inner sanctum, you're reading this and still thinking, "What? That isn't a news flash, either!" And yes, you would be right—but the news flash is the remembering that translates into engaging in some form of communication with your employees regularly to ensure you're in the know of what their current motivator is or might be. Regular communication is the real secret ingredient to realizing your success as a great motivational leader.

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Business Leadership: Leading with Social Responsibility

Over the last several years that I've been working with business owners, entrepreneurs and those seeking to begin their own businesses, there seems to have been an underlying theme revolving around leadership. I recently wrote an article ("The Meaning and Essence of Business Leadership") and thought it would be beneficial to continue this topic with the focus on Social Responsibility. We know leaders are not made; nor are they "born," even though there are individuals who seem to exude all the necessary qualities that make a great leader and are therefore are referred to "born leaders." But what is this sought-after set of skills and abilities that makes you a great leader, and do you possess the desire to become a great leader? If you are asking yourself these questions (as well as can you do if you want to acquire these leadership skills not just from a business perspective but possibly from a personal one), read on.

The first quality is respect; individuals can easily look up to and respect you as a leader if you respect them. Their respect will be based on your ability to communicate easily and compassionately your expectations of them. This is the second quality of a great leader: being a compassionate communicator. Within your mutual respect, your communication style will be inspiring. Those whom you lead will feel empowered by you to step out and up into their reaching for their goals—one of which will be to "please" you and to live up to your expectations. So the third quality is being able to inspire those who follow you. Now that we’ve covered three qualities that support being a great leader, let’s look at what might be another quality on which we often focus and talk about less but is nevertheless equally (if not more) important; that is, business leadership is based on social responsiveness.

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The Secret Weapons of a Good Business Leader

"The very core of leadership is that you need to have vision. You can’t blow a hesitant trumpet." This is what well-known scholar Theodore M. Hesburgh said about leadership. Leadership is a very desirable attribute among successful people no matter what type of business they are in. And if you talk about business, then leadership is a must for carrying out your tasks effectively. Thus, every successful entrepreneur embraces some leadership quality within herself.

But the reality is that being a leader is not that easy. Everyone is not a leader; in fact, we cannot be leaders if there are no followers. Many people believe leadership as such is a human trait that is possibly related to genetics—that people inherit their leadership skills by birth. Leaders possess some unique qualities that allow them to easily motivate others. Let’s take a few minutes to review the different qualities or skills good leaders possess.

First, as a leader you need to have a unique ideology. If you look at the great business leaders such as Bill Gates, Steve Jobs and Sam Walton, you will find each of them has their own ideology that allows them to step out and up, easily reaching such a top position. Thus, the very first component of leadership is having a unique ideology. Begin thinking about what makes you unique as an individual and how this translates into your being or becoming the great leader you want to be.

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Business and Your Education

There isn’t a child in the world who hasn’t been asked the question, “So what do you want to be when you grow up?” And depending on their personal situation, external influences and experiences, their answer will change by the day. As we enter high school we become clearer about what drives us, fuels our spirit and motivates us to do better. The clock is ticking to choose a path for our lives, our careers and our futures. Entering college and choosing to complete your academic journey with a business degree always seems most desirable when we are looking to go into business for ourselves, climb the corporate ladder or just not sure about where we might be headed in life but still want to keep the most options open to ourselves. But as a small business owner, how does the integration of an individual’s educational focus and training impact her success—or does it?

There are those who believe if a student wants to succeed in the business world, then receiving an education in business is where she needs to begin her career. Her education in any subject matter will ultimately support her…

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Basic Steps to Starting Your Own Business

Got that entrepreneurial ability and spirit? You aren't alone. No matter if you are young, dynamic and enthusiastic or if you have been working at your J.O.B. for 20 years, motivated and willing to take a leap of faith—if you have an idea, concept or inspiration to go into business for yourself, then you are ready to set up your own business.

What will set you apart from others? Your thirst for success, your desire to bring your passion to life, and the dream of being your own boss. Learning to minimize your risks while getting to know your new industry and competitors is going to be one of your keys to success. People will tell you to be sure you get experience before you start, but the reality of the entrepreneur is you can acquire a certain amount of experience along the way as well as certain skill sets. What you need to have in your hip pocket from the get-go is self-belief along with trust in your concept and how it will impact your target market.

What I would like to share with you is the five basic steps that can help you more effectively kick-start your new business career:

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A Look into Business Psychologists

Choosing the right career path is becoming a bigger than life challenge–not only for those in the midst of completing their education, but also for those who are seeking a greater challenge in life or who have the desire to switch careers. Nevertheless, there are jobs that are still quite in demand, and there are many articles and blogs dedicated to highlighting the most sought-after careers as well as the ones that are the fastest growing.

One such career choice that has little focus is business psychology. Not everyone has heard of this, nor do they have any idea what a business psychologist does. Essentially, a business psychologist focuses on maximizing the primary asset of a company: its people. This is achieved by recognizing the impact behavioral issues have on the bottom line of any enterprise and creating the most synergistic balance through education, information and teamwork.

Business psychology operates at four different levels.

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Protecting a Business Idea

You’ve got the next big business solution – congratulations! How do you know someone, even with the best of intention, doesn’t share it with another who decides to take it and run with it? Or you want to share the idea with a few friends to get their feedback on its value, potential or viability but still want to protect what you’ve created. These are a few questions we are often asked by clients because they want to know how to protect their ideas.

The best way and most secure way, of course, is to keep the idea to yourself. But seriously, it is a sincere recommendation since most often people talk about their ideas to brag, brainstorm, and make themselves feel as if they are adding to discussions—which in the end can hurt you and your potential business idea. And to be honest, these are not good or even great reasons to disclose information you want kept confidential. However, barring total secrecy, having a Confidentiality Agreement can help protect your ideas. But what if you don’t have a Confidentiality Agreement in place or want to put one into place? The following will be helpful as a guide to making your way through the sea of opportunity.

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Understanding Intrapreneurship

Not everyone is fortunate enough to give wings to her entrepreneurial pursuits due to lack of capital and other resources. The concept of “intrapreneurship” comes to the rescue of such individuals. Intrapreneurship is basically practicing entrepreneurship within the confines of an organization. Intrapreneurship works well for various reasons—the foremost being that unlike entrepreneurial ventures, there is no substantial risk involved. Intrapreneurs are employed by an organization for a fixed remuneration and are involved with generating new ideas and converting them into profitable ventures with financial support and other help from the organization.

Difference between Entrepreneurship and Intrapreneurship
There are certain similarities and differences between entrepreneurs and intrapreneurs. Like an entrepreneur, even an intrapreneur exhibits characteristics such as independence, conviction, vision, passion to fulfil his dreams, etc. Entrepreneurs make their own decisions, whereas…

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Perfect Moment Monday: Thanking Employees

My Perfect Moment for this week included the company of some wonderful friends and watching my husband be a shining example of what makes not just a good leader but a great leader. Every year my husband likes to acknowledge those who work for him. He realizes that saying “thank you” throughout the year means a lot to motivating his employees, but he chooses to show them by inviting them over to our home for dinner twice a year. For some individuals this seems like he is going over the top to show his gratitude and that it is a lot to ask of me to host with him. In reality, I fully support this show of gratitude and really enjoy socializing with these individuals.

This past Saturday was for those who report directly to him and was a celebration of 2010: the successes, the challenges, the laughs and the frustrations. My husband, Jerry, puts a lot of thought into the evening; the gift bags they each receive are meant for not just the employee but are meant to be shared with their supporting spouses. Jerry recognizes that for his employees to truly give their all at work, their spouses or partners play key roles and therefore are not just invited but are part of his decision regarding the theme of the gift bag. This year we did “martini” themed gift bags. The idea was to provide each of his employees the opportunity to celebrate one evening with their partners a successful day.

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Law of Attraction and Attracting the Right Clients

All of us involved in either running our own businesses or who work in a field that requires any type of selling know the importance of attracting or bringing forward not just clients but the right client. The right clients are those individuals who need/want your product or service and are ready to invest.

The Law of Attraction has several practical applications. Once you are well-versed in its theoretical aspects, it isn’t difficult to apply it to various real life situations. In this instance of attracting the right clients, you want to do that so you can derive greater satisfaction from your work and generate more profits. The underlying key to successfully using the Law of Attraction is your being clear in what your client likes and feels as well as what motivates her to step into the action of investing with you, today.

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Perfect Moment Monday: Confronting Communication Challenges

My Perfect Moment for this week …

…was by far the gratitude I felt when a woman with whom I was having lunch hired me to consult with her on organizing and structuring her business to include investors willing to participate in the vision she holds pertaining to education.

The lunch was actually the first time I met her in person, and the purpose was to strategize for an upcoming presentation at which we would be co-presenting. We know each other only by name through a common friend who is organizing the event for her own clients. Living in the space of gratitude never ceases to amaze me. Truly embracing this space is definitely challenging at the best of times, knowing that trust in one’s self is the foundation upon which gratitude stands—but the rewards are tremendous.

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Training and Development Benefits and Techniques

Training and developing human assets are among the most important responsibilities of any HR department. After all, it is essential for an organization to adapt itself to the ever-changing business scenario if it wants to grow and expand in the long run.

Apart from this obvious benefit, there are several other goals that good training and development practices can help an organization achieve. The following are a few of the benefits.

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Manpower Planning

Irrespective of the size of your organizations, you must make staffing decisions carefully. After all, poor manpower planning results in either overstaffing or understaffing—both of which can act as major roadblocks in an organization’s growth.

Understaffing often results in unnecessary delays, unproductive hours, unsatisfied customers, unfilled orders, and last but by no means least: uncontainable losses! On the contrary, overstaffing leads to additional and pointless cost burdens and diminishes the competitive advantage and efficiency of the business. To add to these problems, eliminating extra staff can lead to legal complications and extra costs in terms of compensation.

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