In This Edition:
New Workshops!
Success Tips
What I'm Reading
Comments & Suggestions
September 18, 2003: Entrepreneur Flight School Series: Planning: Entrepreneur
Flight School Series: Take Off With Strategy And Tactics! Get your company
strategy right the first time! Discover how to decide which geographic area
to sell to, which target market to go after, and which product or service
to offer! To register free, visit
http://youthbiz.takingitglobal.org/opps/event.html?eventid=3103
September 25, 2003: Modeling Masters Series: Modern Empire Builders: 1953-1957.
Hugh Hefner of Playboy Enterprises Inc., Ray Kroc of McDonald's Corp., Charles
Lazarus of Toys "R" Us Inc. To register free, visit
http://youthbiz.takingitglobal.org/opps/event.html?eventid=3134&tag=evt.lat
Success Tips
Success Tip #1 - Get Involved In Your Industry!
Whatever business you're in, chances are there is an association of professionals
who meet on a regular basis to discuss the industry's current state and future
direction. If you can't find one for your specific product or service (ie.
Web design), look for an association with a broader mandate (ie. Technology).
Use these associations to meet the movers and shakers in the industry, find
new partners and customers, and understand the current trends. You have to
be in to win!
Success Tip #2 - There Is Always A Competitor!
Entrepreneurs often make the mistake of assuming they are the only ones with
a specific product or service. Understand that there is always a competitor!
If you think you have an innovative idea for a toothbrush for example, a quick
check at the Canadian Intellectual Property Office reveals over 500 toothbrush
patents for everything from self-loading toothpaste handles to bristle design.
Know who your competitors are and how you will differentiate yourself. Never
assume that you are alone!
Success Tip #3 - Emotional Attachment!
Never get too emotionally attached to one idea or one way of doing things.
Your original plans will always change as you get feedback from the market.
The only opinion that really matters is that of your customer. The way to
build a successful business is to mold your creative idea around willing customers.
They are the ones who are going to be paying you at the end of the day so
make them happy! What I'm Reading
The Bootstrapper's Bible (5/5)
"The Bootstrapper's Bible" is written by Seth Godin, author of "Unleashing
the Ideavirus" and "Permission Marketing: Turning Strangers Into Friends and
Friends Into Customers." This book looks at how to get your business up and
running with little money. Most people who start their own companies do not
have a large investor paying for all their expenses. This book helps you understand
what to do in order to stay on a small budget but achieve great results! Three
of the key insights are:
1) The main advantages that you have as an entrepreneur going up against bigger
competitors are: you have nothing to lose and can take big risks, you don't
need to close the huge accounts to build a business and are happy with smaller
fish, you are in control and can make fast decisions, small research and development
teams work more quickly than large ones, you are the underdog (and everyone
loves cheering for the underdog), you have lower overhead costs, and you have
the freedom to do what you want with your time - if you want to take the whole
day off to think about a new product idea, you can!
2) The fundamental startup questions that should be asked are: is this business
profitable? Is it protectible when competitors enter the market? Is it self-priming
so that one time customers become life time customers? Is it adjustable so
you can react to industry changes? Is there an exit strategy?
3) Are you a freelancer or an entrepreneur? A freelancer sells her talents
while an entrepreneur builds a company that is bigger than herself. Freelancers
buy themselves a job where as entrepreneurs hire others to do the job for
them. Which category do you fall under and how will you adjust your mentality?
This was the first time I read an e-book and have Jesse Desjardins to thank
for giving it to me. It is a fantastic resource for startup entrepreneurs
and a must read! It is very informative, easy to understand, and "off the
wall" enough to get you thinking creatively about your business. For more
information or to buy online, you can visit:
http://www.amazon.com/exec/obidos/tg/detail/-/B00005R2F8/qid=1063122116/sr=8-1/ref=sr_8_1/002-3246917-6080006?v=glance&s=books&n=507846
Comments & Suggestions
If you have any comments or suggestions, e-mail me at
evan@evancarmichael.com
- I'd love to hear from you!
Evan.
