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4 Cliches Every Entrepreneur Should Live By

31 Aug 2010

Because of the obvious fact that cliches lack originality people tend to avoid them, and their frequent usage is often frowned upon. This stigma has led to the loss of meaning for many cliche phrases, but the ones listed below are cliche phrases every business owner and entrepreneur need to recite every morning for the successful launch and growth of a business.

1) You Have To Spend Money To Make Money:

Unless you stand to inherit a substantial sum of money or have a precious trust fund in your name, you’re going to have to eventually spend a decent amount of your hard earned money to start making money. Starting and expanding a business requires money; It could be from your personal funds, loans, investments or grants; money will be spent. No entrepreneur or business owner in their right mind should have money sitting in the bank, it should be out there working for you; the sooner you grasp that statement the sooner you’ll start making money.

2) The Customers Are Always Right

Let’s be honest, the customers are not always right; but it’s important to treat them like they are always right. Remember your business does not thrive on the sale of your product or service, it thrives on the happiness of your customers. Nothing else matters because ultimately happy customers are return customers and that’s what keeps business running.

3) Too Many Chiefs Not Enough Indians

It’s always a good idea to partner up in business, all parties involved can bring something of value to the business, and of course the cost of starting and running the business will be split between partners. That being said it’s also a good idea to go solo in business. If you are in a position where you alone can provide all the funds and resources for the business by all means take the singular route. Businesses are easily destroyed by the egos and conflicting ideas of partners, this can be avoided by going solo; and most importantly all profits will be solely yours.

4) If You Ain’t The Lead Dog, The Scenery Never Changes

At some point people get fed up with their position in life, and most of them take the necessary steps to improve themselves. Getting job, starting a business, getting married, having a child; theses are all examples of being the lead dog. Being the “Lead Dog” is not a pun on being the boss at a business or an organization, it’s simply advancing yourself to a position that makes you happy. When your happy you begin to see things differently, thus the scenery changes.

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Tags: Business, cliche, Customers, dog, Entrepreneur, happy, lead, money, right

The Business Bucket List: 5 Things To Do Before Your Business Dies

In: Broke Tycoon| Business Tips

24 Aug 2010

If your business is on it’s last legs, you might as well go out with a bang and of course the peace of mind you did everything you could to save it. Be sure to include these tips to your list of business saving campaign and you might surprisingly spark a Lazarus effect.

1) Change Location

You might think a location change is not ideal when you are in a dire situation, but exposing your business to another audience could fully spark the interest of those you thought where never interested. And the feeling of having a fresh start is a morale booster instilling you with the determination that might just make your business survive. If you still have the financial and emotional ability to pack up and move, do it.

2) Outsource

Outsource some of your companies task, the core and important tasks should remain in house but the bulk of it should be outsourced to save money. Apart from saving crucial monies that might keep your business alive, you’ll be able to focus solely on what makes the business successful and you’ll have the time to improve or fix it.

3) Focus On Customer Service

If you’re going to go down you might as well go down having the best customers in history. In all seriousness the elation of customers is like medication to a sick business. Your business will get better if your customers are happy, so focus on making them happy right from the get go and your business will not suffer.

4) Forget cheap Labor, Get Free Get Labor

Desperate times call for desperate measures, if you have any disposable employees but still need their man power; consider replacing them with interns. They work just as hard, they are driven, eager to learn, and cost absolutely nothing. This is a very effective way to reduce payroll and put some much needed cash back in your business.

5) Get Social

If you haven’t already gone social, then you must have gone coo-coo. It’s never too late to jump on the social media bandwagon. Relatively cheap advertising, easy way to target audience, and communication between company and customers are just a few perks social media has to offer; but ultimately it’s an all round business enhancer.

We all know the stats, businesses perish as often as they are started, what habits should we change or what should we do differently in order to save an already dying business? Share your thoughts in the comment box below

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Tags: bucket list, Business, change, Customers, dies, dying, focus, media, saving your business, social

5 Tip Offs You’re Using Twitter The Wrong Way

In: Marketing| Networking| Social Networking

19 Aug 2010

There are probably about one million resources on the internet on how to use twitter for business, with that much information on the web I carelessly assumed that we entrepreneurs have fully grasped twitter for business; but my timeline proves me wrong every single morning. So if you think you are using twitter the right way but you’re experiencing one of the circumstances below you might still be using it the wrong way, with that being said here is the one million and one piece of info on the web on how to use twitter the right way for business.

1) Someone created a list of spammers and you are on it

Yea so if one of your followers created a list of spammers and you’re on it, don’t act surprised you probably are spamming but not in the traditional sense. Continuous status update of the same thing is regarded as spamming on twitter. Remember, information first , give your followers useful information first about whatever it is you do then you can throw in that status update you obsess over every once in a while

2) You’ve never got a single re-tweet

If no one is re-tweeting your updates then you are probably not giving anything useful. Twitter is like a communal relationship you have to give to get, quit tweeting about dinner, what you did last night, and your new client, trust me if your using twitter for business sakes your followers don’t really care. Instead share information, news, and tips about you niche

3) You still haven’t sold a product or service

You’ve heard it before “men lie, women lie, but numbers don’t” if you can be honest enough to do the calculations and notice you haven’t made a single sale from twitter and it’s been well over a year then your obviously doing something wrong. Go back, retrace your steps and fix where you went wrong. It could be your followers, it could be your methods, and it can even be your product or service.

4) You’re consistently losing followers

If you are continually losing followers then it has to be what you are saying, you’re probably offending them or your followers have absolutely no interest in you or your product/service. If you feel the need to curse and vent, get a personal twitter account for that your constant rants will scare followers away. As for the disinterested followers, let them unfollow, if they are not interested now they never will be; your simply filtering out the unwanted.

5) You’re account keeps getting suspended

Your twitter account getting suspended is the ultimate tip off you are using twitter the wrong way. Your account can be suspended for a variety of reasons like spamming, unlawful use, pornography, phishing, e.t.c. But for twitter accounts solely used for business the common reason is follow/unfollow churn(unfollowing and following masses of people). I’m not against automated twitter marketing software’s, but it’s important we instill a human element to our automated endeavors.

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Tags: account, account suspended, Business, Followers, information, Twitter, wrong

Attributes Of A Successful Athlete Vs Successful Entrepreneur…One In The Same?

In: Business Tips| Entrepreneurship| Young Entreprenuers

17 Aug 2010

Some of the most successful individuals in the world include athletes and

entrepreneurs. This of course depends on how success is defined, but none

the less the statement holds true. Tiger Woods is the highest paid athlete

by far with a net worth of over $600 million, earning $110 million in 2009

alone. However, even the richest athletes in the world don’t hold a dime in

comparison with the richest entrepreneurs. Mark Cuban, owner of the NBA

Dallas Mavericks, Landmark Theaters, and Chairman of HDNet is worth over

$2.4 billion thanks to his entrepreneurial endeavors that started in

college.

So what do athletes like Tiger Woods have in common with entrepreneurs like

Mark Cuban? If you take a closer look at why they have become so successful

it’s easy to see they actually share many of the same attributes that have

led them to success. Much of their success derives from distinct attitude

and mindset traits these groups share. There are at least ten attributes

that successful athletes share with entrepreneurs. Here are the top five

that are relevant to those looking to become athletepreneurs.

*Passion* – Work should be fun. Your passion will help you overcome

difficult moments and persuade people to work for you and want to do

business with you. Passion can’t be taught. Athletes might see passion as

desire; without desire or passion there is not the will to improve, to

compete, to win. If what you are doing does not include a burning desire

that keeps you up at night, then it’s probably not worth doing.

*Fear of failure is not an obstacle*

Failure is an opportunity to learn. The best entrepreneurs and athletes are

the ones that are not afraid of failure. When faced with failure athletes

and entrepreneurs seldom settle, they are always sure to make an attempt to

bounce back quickly. They are intelligent risk takers that learn from each

success and failure.

*Believe.*

Successful athletes and entrepreneurs believe in themselves, their company,

and that success is ultimately inevitable. This confidence is contagious

with everyone they deal with.

*Mental Toughness* – Not many people have this, but the most successful

athletes and entrepreneurs do. Being mentally stronger than your opponent

will give you a competitive edge. Not letting your emotions get the best of

you and channeling them into a positive direction that benefits you and your

team is very important.

*Ownership* – Athletes and entrepreneurs are willing to take ownership in

their journey. They understanding that what they do is their livelihood and

seeking out expert advice and utilizing every resource possible is

important.

This is a guest post written for broketycoon by Mike Fingado & Brian Dzingai.

Mike is a Former collegiate athlete turned entrepreneur most recently excelling

in the realm of advertising and public relations at both The Zimmerman

Agency and Kidd Group. Co-founded Notelog.com (Notelog LLC) the premier

online social document sharing platform used for sharing academic knowledge

on college campuses worldwide.

Athletic Credentials: Hurdler on the Florida State Men’s

Track and FieldTeam (NCAA National Champions: 2006,2007,2008)

Brian is a Zimbabwean professional athlete and a sprinter who specializes in

the 200m dash. He is a 2-time Olympian and a 4-time participant in the World

Championships. Brian has been ranked amongst the best 200m runners the last

few years, notably placing 4th in Beijing Olympics in the 200m dash running

alongside Usain Bolt.

Brian is the co-founder of sablecrest an equipment sourcing company.

They both currently blog at Athletepreneur

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Tags: 200m, athletes, brian, Entrepreneurs, Failure, passion, Success, Successful

5 Kick-ass Ways To Quit Your Job

In: Broke Tycoon| Job| Off-Topic| Start Up

12 Aug 2010

Sticking with the trend of employees quitting their jobs in the most dramatic fashion this week, below are ideas for you in case you yourself decided to deploy the old two weeks notice at your monotonous job.

Follow in this mans steps!

Although this particular one was a hoax, nothing will shock your superiors more when you bless their in-boxes with a stunt like this

Hey at least he gave a notice!

This video game developer created a game as his notice, you can actually play it here.

And we can’t forget our beloved social networks, we’ve started businesses because of it, we’ve sold tons of products because of it, it’s only fair we get fired because of it.

I’ve Quit My Job What Now?

In all seriousness if you do decided to quit your job, it would be wise to put yourself in a position to get another job or start something small on your own before you pull the plug on your current gig. Here is a very short e-book(FREE) I wrote for those who can’t stand working for the man anymore.

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Tags: dry erase girl, Fired, Jobs, Quit

“You mean I gotta be nice to those jerks?” (The fine art of customer service)

In: Broke Tycoon| Business Tips| Personal Development

5 Aug 2010

Guest Post By Vonda Morton

Okay, let’s face it: quite of few of the customers in any given field are going to be jerks…or worse. There’s good ol’ Mr. Persnickety, who insists that all the red M&Ms be removed from his candy arrangements. Or maybe you’re the unlucky soul who gets to serve…ummm…curvy Ms. Delusional as she shops for the perfect outfit, always choosing a dress several sizes too small and berating YOU because it doesn’t fit.
But guess what? Those jerks (or worse) are still customers and the old adage, “The customer is always right” still applies! Herewith are a few tips on providing exceptional customer service, even to the problem customers:
• Be creative. Yes, this is the fifth size 2 dress our size 16 customer has insisted on trying to pour her ample curves into, but there is still hope! When dealing with delusional clients, the trick is to delude them into a choice that will make them happy. Tell Ms. Delusional that you think the size 16 you’ve just handed her is mislabeled and it should be a size 2. It fits, she’s happy, and you’ve made a sale. Is this dishonest? Not really; you’ve steered the customer toward the correct size in the outfit she wanted while not offending her vanity—remember, the customer is always right!
• Be attentive without fawning. Really listen to what the customer is saying—you’d be surprised how many times their negative attitude evaporates when they realize that for once today, someone is listening to what they’re saying. But don’t be overzealous with this, as you then come across as a sleazy “do anything for a sale” type.

• Be sincere. Customers can smell insincerity a mile away, so don’t feign interest in the overstuffed photo album Ms. Newmom carries everywhere. Look at a few photos, smile appreciatively as you hand back the album with an appropriate comment about how cute her baby is (even if the child looks like Godzilla; every mother thinks her child is beautiful), and gently steer the conversation back to the potential sale at hand.

• Let the customer be right. Even when you know that steak is truly well-done, if the customer insists it’s medium-rare, smile (even if it’s through gritted teeth) and take it back to the kitchen—and no dropping it on the floor before it makes its way back to the table, either!

• Be proactive. Don’t wait for the customer to ask for help—offer assistance if s/he seems to be wandering aimlessly, confused, or just plain indecisive. And if s/he says “no thanks,” back off and wait to be asked for help—nothing irritates a potential customer more than to feel as if s/he’s being tailed while s/he shops!
Good customer service isn’t difficult if you keep the above tips in mind. Remember, satisfied customers are repeat customers, so it’s up to you to make your customers happy enough that they do return and (hopefully) ask for you specifically. (Even if that does mean sitting down and removing all the red M&Ms, one by one…)

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Tags: customer, Customers, delusional, M&M's, ms, Service, size

5 steps to achieving a peaceful work place

In: Business Tips| Personal Development

3 Aug 2010

Guest Post Written By Jasper Joanna For BrokeTycoon

The work place is commonly perceived to envision the strength and weaknesses of a team, irrespective of the nature of work. A team’s key strength is identified by positive employee and manager relationship, coupled with proactive decision making and accomplishing capabilities, under minimum supervision. But, a team’s weakness includes poor adaptability of one or more members, miss-communication of information between them and lack of complete knowledge of the task undertaken.
It is advised by experts who mediate high profile issues in organizations that , when an employee or a team as a whole are under pressure; the managers or their delegates should make themselves available to organize one on one meetings with the team to understand the comfort level of each member in his/her team. This way s/he understands the importance of task delivery and also has the team understand his guidance when the team is overstressed. The most common causes of stress are lack of planning activities, overseeing the business requirement, improper analysis of client requirement or customer change requests, poor co-ordination with the other support team members or counterparts, after having committed to complete high priority tasks, within short deadlines. There are many steps to achieve a peaceful workplace. Below are some of the Stress Management techniques that are prescribed to employees, working under such high pressures.

Effective Planning:

Before starting the day at your workplace, you have to pen down the priority of the activities on your plate.
Discuss the DO’s and DON’Ts with your team, in the first place:

Drive an informal talk with the team to clarify your part, in case there are any prerequisites to be taken care off.
Engage in a quality break time to replenish your mind:

Consume quality food and drink plenty of water and take deep breaths to beat stress in the workplace.
Tackle your stress with fresh music:

Occupy your mind with your favorite music, to ease yourself when stressed.
Escalate irresolvable issues to your next level:

Ensure that your efforts are not wasted by passing your observations or inferences, just in case you fail to deliver your part on time and to be safe from Service Level Agreement breaches.
Educating the entire team in your work place to follow these Stress Management techniques at frequent intervals by conducting goodwill seminars, it will relatively bring down the stress level to a void. It will also enrich your body, mind and soul to focus on your key performance indicators at the workplace.

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Tags: peace, peaceful, Stress, team, workplace

4 Tips For Self-Funding Your Startup

In: Broke Tycoon

28 Jul 2010

Many entrepreneurs have no option but to self fund their startups these days, most banks are still not ready to hand out loans and most venture capitalist are increasingly becoming more frugal. If you’re in this position, you might think you’re at a disadvantage because of your inability to grow as fast as other well funded startups; but you’ll learn a lot during the process that will donate to the success of your business in the long run.

1) Create A Well Detailed Plan Of Your Goals

You can easily lose sight of your goals if you have no one to report to, create a clear business plan of where you see yourself and your business within the near future. When should I start paying myself? What should I do If my business doesn’t start making a profit within the projected time? These examples of questions you should ask yourself.

2) Other Means Of Income

Obviously you are going to need another means of income while preparing to start a new business, your startup may not start to see any profits for two to three years. Focus on creating multiple streams of income, if you are already working consider picking up a part time job or some freelancing gigs.

3) Focus On Necessity

We usually don’t notice how much we spend on our wants alone, it’s important to focus on the necessities needed for the business and further more the necessities in your personal life. Starting a business is a risk with or without funding, being meticulous with your finances prepares you for the inescapable unwanted business scenarios.

4) Think Creative

This would be the best time to unleash your creativity, conjure as many cost effective ways to grow your business and use low budget means like social networks. This is the only thing you will have total control of, take full advantage of it.

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Tags: Finance, Funding, Income, Start Up, Startup, Venture Capitalist

Managing Your Highs And Lows In Business

In: Business Tips| Personal Development

23 Jul 2010

As most of you already know starting a business is not all smooth sailing, your mental, physical, and emotional state will be fully tested when you endlessly journey through your businesses peaks and valleys. It’s important you fabricate a coping mechanism to keep you sane and in control when the bumps on the road start to appear.

Highs:

Enjoy succession of success, but never lose sight of the main goal.
It’s ok to talk about and share achievements , but don’t over toot your horn.
Replicate what you did that got you to your current position.

These are just mere examples of what is considered the norm in managing the transient high points of your business, you know what’s best for you; so you will probably know the best way to handle your manic moments, but keep in mind the most important thing is never losing sight of the goal.

Low:

Just like valleys end, the low points of your business will not last forever(Providing you put in the work).
Retrace your steps, find what got you here, reverse it and stay away from it.
Stop the pity party, hold yourself accountable for your current position then work yourself back up.
Avoid comparisons, things that work for other businesses wouldn’t necessary work for you.
Discover the good that’s in this low point and take advantage of it, remember your an entrepreneur make the best of any opportunity.
Think positive, imagine the good times. Remember if you can go there in the mind, you can go there in reality.

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5 business tips for staying stress free while starting a business

In: Business Tips| Personal Development

22 Jul 2010

Written By Jasper Joanna For BrokeTycoon

We all do something to make a living. We learn, we teach, manufacture, sell and do almost all the worldly activities to earn. Even when it comes to businesses, there are thousands of activities that must run in parallel to many other relative activities influenced by surroundings, market trends, changing technological forces & importantly consumer behavior. Very often, creating a successful businesses through these processes becomes quite a cumbersome task and results into stressful conditions. Stress management comes up as the solution to deal with day to day stressful lives.

In the process of starting a new business, there is a lot of rejiggering of ideas, planning, investment, technology and manpower. Sometimes things go much worse than we expect while starting a new business, and we often fall prey to negative feelings generated by our emotions and begin showing depression symptoms which are reflected through our actions. That is the reason why stress management has become such a vital arm of any business, if you happen to be in such situation;this should be helpful to you. Below are five tips for staying stress free while starting a business.

You should assimilate these simple tips into your day to day actions thereby leading into stress free ventures.

1) Plan properly for each activity. This needs to be justified with complete understanding of what your new business initiative aims for. Plan for resources required both in short run and in the long run to achieve your targeted goals.

2)Choose trustworthy business partners, associates. Hire smart people to work with.

3) Be open to change, and learn implement quickly.

4) Be proactive. Use initial resources optimally. This will increase your efficiency and savings which will be helpful in expanding the business in the long run.

5) Find a mentor or a group of business operators prepared to form an advisory panel for you and your business. It is not as hard as you think – people like to help newcomers and those struggling. If you are too unsure of yourself at first – join a good Internet Forum where experts will respond to your questions and help you solve problems online.

Apart from these smart tips, you must be active in socializing which will help expand your network & grow yours opportunities to the maximum. Stress Management is an art which if employed properly while venturing into a new business, it will give you stress free environment which in turn help you leverage on your core strengths & succeed in your initiative.