Review & Preview

Firstly, I must apologize for my lack of posts over the past couple of months but as is the case with most of you, things always get pretty crazy towards the end of the year.

I hope you are all enjoying your Christmas break and are taking a well earned rest.

Those of you who are already business owners would know that there is really no such thing as a "complete break" from work. If you are like me, there is always something in the back of your mind relating to work. However, it is still important to have a few days away from the desk, computer, shop etc. in order to clear your mind.

At this time of year I find it helpful to do a "review & preview" of the year that was, and of the year to come.

It does not have to be any lengthy process; in fact, I find it better if it's kept to a maximum of one page.

The idea is to look back on the year and basically reflect on what worked well and what didn't. This will help you do your preview for the forthcoming year and see what things you will continue with, as well as what things need to be modified or perhaps put on the shelf for next year.

Hopefully you have all had a successful 2007, but remember, 2008 can always be better!

Merry Christmas and a happy and healthy 2008 to you all. See you in the new year.

Be sure to take a break.

One of the easy traps to fall into as a small business owner is to become so engrossed in your business that you forget to take time out and recharge your batteries. This is often most pronounced when you are in the initial stages of establishing your business, or when you are going through an expansion phase.

Whilst the idea of a holiday is always on everyone's wish list, many small business owners see this break as possibly meaning lost business opportunities. The decision to take a break is even more difficult if it means you have to totally close your doors for that period of time. Add to this the continued paying of rent and no income coming in, and your holiday suddenly becomes a lot more expensive.

This all just highlights the point made in my recent post, "Do you want to own a business or a job?" If your business closes down when you go on holiday, then you indeed really own a job!

Having said all this, I can't stress (operative word) enough the importance of taking some time out for yourself, family and/or friends. You will be surprised how refreshed you and your mind will be when you return to your work, and thus, you will be more productive in the day to day business decisions you need to make.

How often do you take a break from your work? Let me know your thoughts.

Make your own luck.

One of my pet hates is when people, usually jealous people, constantly refer to someone else's business success as "luck". It's as though the person has simply bought themselves a lottery ticket and hoped for the best.

What these envious people fail to see are the countless hours and hard work that successful people put in daily to get where they are in life.

I am a firm believer in people making their own luck, and thus, creating their own destiny. Whilst I believe there is such a thing as "being in the right place at the right time", in most of these cases the person involved is being proactive in the first place by getting themselves to "that right place".

The path to business, personal or life success requires a lot more than simple "luck". It involves continual hard work, time and effort, persistence, patience and dedication to name a few traits.

So, instead of being the type of person who takes the easy option and attributes plain old luck to being the reason why someone is so successful, try putting in a few hard yards yourself and create your own luck to reach success.

What do you think?

Do I want to own a business or own a job?

What's the difference I hear you ask? PLENTY is the answer.

The thought of running your own business can bring a lot of excitement to someone who is bored with their current situation and is looking for a change.

What most people don't realize are the sacrifices that many business owners make on their path to business success. I can assure you that it's not all easy going. Why do you think there is such a high incidence of businesses failing in the first few years of operation?

A business owner who has to be in attendance the whole time for it to continue to operate isn't in fact a business owner at all. They are a job owner.

Likewise, someone who can't take any time off work for a holiday without having to close the whole place down is also a job owner. At least an employee still gets holiday pay when they go away, unlike the business (job) owner. Not to mention all the overheads (eg. rent) that still need to be paid whilst you're away not earning an income.

This has probably been one of the most difficult obstacles for me to overcome in my business, made all that more difficult due to the personal nature of my physiotherapy and clinical pilates business.

Fortunately, by choosing the right people and through careful planning, I can now enjoy not having to go into work on weekends, taking some mornings and afternoons off during the week to spend time with my family, and having a business still operational whilst taking some time off to rest on holiday. I can't emphasise enough the importance of these work and life choices.

So, before you take that plunge into the unknown world of a business owner, ask yourself what you want to be: a business owner or job owner.

FREE event for young entrepreneurs.

I've recently been notified of the following upcoming event for young entrepreneurs. Check out the details below:

GLOBAL EDGE: YOUNG ENTREPRENEURS REVEAL THEIR SECRETS

Want to take your business idea to the world and make millions?

Come and meet Andy Cassell – Manager of Jet, The Vines and Youth Group and co-owner of Ivy League Records, Scott Farquhar, winner of the 2006 Ernst & Young Entrepreneur of the Year Award and co-founder of Atlassian, global software company, and Leesa Fogarty one of the founders of the international swimwear label MaraJoara.

Find out how they took their ideas to the global stage and created thriving businesses.

Join us for this FREE event with a twist on Wednesday, 26 September, 2007 from 5.15pm-7pm at the SOUND LOUNGE (Seymour Centre), corner City Road and Cleveland Street, Chippendale.

Hosted by the Department of State and Regional Development. For more info and to register to attend, email: timothy.medway@business.nsw.gov.au

Goal setting - where do I set the bar?

One of my favourite sayings is "Set your goals high enough to inspire you, yet low enough to encourage you".

In my opinion this saying holds very true for someone looking to start out on a new business venture or someone wanting to grow their existing business.

There is no point setting goals so far beyond reach that you are never going to come close to achieving them. All this will do will discourage you to continue on with your business ideas.

Equally, there are also problems associated with not setting your goals high enough. This can lead to boredom and the possibility of missed opportunities.

Of course, the level at which you set your goals is going to vary from person to person and business to business. A big part of being a successful entrepreneur is knowing where to set the bar.

Let me know your thoughts on goal setting.

101 Ways to kickstart your business.

This is the title of a new book by Herald-Sun journalist Claire Heaney. Claire is the editor of the Business Owner segment that features entrepreneurs and business owners each Thursday in the newspaper.

The book is described as "real people sharing real business success stories".

I have been fortunate enough to have been selected to feature in Claire's book. My GripSox success story is featured as Way #76 "Innovation".

I highly recommend the book to both new business start-ups as well as those wanting to grow their existing business.

You can order your own copy of the book through Wilkinson Publishing.

My GripSox article that featured in the Herald-Sun in July 2006 is also available online.

If it was easy, everyone would be doing it.

There are numerous different figures written about the failure rates of small to medium sized businesses. Typically they report that somewhere between 30-50% of all new businesses fail within the first three years.

While this may shock some of you who are "champing at the bit" to become your own boss, the harsh reality is that not everyone is cut out to run their own business.

People who are used to their "cushy" 8 hour day, regular holidays, free weekends, sick pay, holiday pay etc. are rudely awakened when they start out running their own business. For new business owners, their new work choice becomes a 24/7 operation.

Believe me when I say that even when you're sleeping, it is not unusual to be contemplating the forthcoming business day in the back of your mind.

Not that I'm aiming to break the spirit of you "budding entrepreneurs", but it is important that you think all things through before perhaps leaving your existing, secure, family friendly job.

Don't get me wrong. I wouldn't trade being my own boss for anything. The key thing to ask yourself is "do I want to own a business, or own a job?"

Business owners and wannabe business owners- let me know your thoughts.

Budding Entrepreneurs on the recommended list.

Thank you to all of you who informed me that my blog was listed in The Australian newspaper (27 July 2007) as one of the best business blogs to read.

The article, "Interactive beats static" by Ed Charles was very interesting and gave some good insight to the benefits of having a blog.

You can read the full article on line now.

Thank you for supporting my blog. I hope you find some of my posts beneficial on your journey to business success.

Take some (calculated) risks.

I don't think I have had a year go by in my business yet that hasn't required me to take some kind of risk. Whilst I wouldn't class myself as the biggest risk taker on the planet, one thing I do know is that at some point in time you have to take a risk to succeed in business.

Risk taking may take many forms. It may be your initial decision to commence your own business, taking on a business partner, hiring new staff, relocating premises or some of the many other every day businesses decisions you make.

The key though to this risk taking is to make them calculated risks. By this I mean you must first assess the situation carefully and then decide whether the risk is worth taking. At the end of the day, most decisions are made based on the possible consequences that may arise from making such a decision.

When it comes to my own business decision making I always ask myself "what's the worst possible thing that can happen as a result of this decision I am about to make?" If I can deal with these consequences then 99% of the time I'll proceed with such a risk.

What risky decisions have you made in your life or business?

Don't be a "gunna".

Throughout the day I often have people ask me how I got started with my own business. My simple reply to them is that I had an idea and a vision for my future. Pretty simple really!

Unfortunately this alone is not enough to run a successful business. You actually then have to go and "do" something.

I know of several friends and clients of mine who, every time I speak to them, tell me of their next big business venture. I think with one of my clients, I've heard of perhaps 6-7 different ideas in the past 12 months alone. To this day I don't think any of these ideas have actually got off the ground. These people I refer to as "gunnas".

I'm sure you all know of a "gunna" or two. They're "gunna" do this; they're"gunna" do that; they're "gunna" change the world or "gunna" be a millionairre.

Whatever you do, don't become a "gunna". Nothing infuriates me more than people who live and act like this.

I would much rather see people have a crack at getting one (perhaps two) ideas off the ground and seeing how they turn out, than listen to someone who changes with the wind from day to day.

It's all well and good to have a million different ideas, but at some point in time, you actually have to do something.

In the words of the great John Kennedy (the football coach, not the President):
"Don't think, do something!"

What have you done recently?

Be ready for knock-backs.

In a recent post I mentioned what I believe to be some of the traits of an Entrepreneur. One of these is that Entrepreneurs are "determined".

This trait is very important as I guarantee there will be many set-backs and knock-backs along your journey to business success.

What you think may be the best idea ever invented, others may not. These "others" are quite often the exact people you rely on for your idea to take off and become a successful business reality.

This is where determination is required. You have to be determined not to give in; determined not to be offended by rejection; determined to push on and get through the rough times.

Unfortunately, not everyone can be so steele minded and often they give in. Don't let yourself be one of these people. Instead, constantly tell yourself that this is all part of the process to business success, and, before too long, your determination will be rewarded.

Let me know your thoughts.

Be sure to see it through.

One of the reasons many people fail to reach their ultimate business success is because they fail to see things through to the end.

For one reason or another, they either give up or become disheartened with what they are doing and fail to see the big picture at the end.

There have been many occassions in my business life when I've questioned whether it is worthwhile pursuing an idea or dream. Fortunately I didn't give in to the temptation to just "chuck it all in." It is at these times that you need to re-visit your goals and remind yourself of why you set out in the first place to turn your idea into a reality.

It may well be that some fine tuning is required, but whatever you do, be sure to see things through to end. Trust me, the end reward will far outweigh any hardship you face on the journey.

Don't be one of those people who have all the brilliant ideas in the world, set out on their journey, and then move on to another "brilliant idea" when things get a little bit too difficult and they are taken out of their comfort zone.

What self-satisfying rewards have you achieved by sticking to your guns and going the distance on your journey to business success?

12 Traits of an Entrepreneur.

I'm often asked what is required to run your own business or to take an idea and turn it into a reality. Here are what I believe are 12 traits of an entrepreneur (in no particular order):

1. Passionate
2. Motivated
3. Confident
4. Driven to succeed
5. Ambitious
6. Dedicated
7. Don't procrastinate
8. Risk-taking
9. Intuitive
10. Hard working
11. Determined
12. Positive thinking

Some people might have a few of these traits, others may have them all. I believe an entrepreneur has the majority of these traits.

The question is, are people born with these traits or are they learned?

Let me know your thoughts or if you have any other entrepreneurial traits to add to my list.

Be careful who you talk to.

I remember when I first discussed my GripSox(TM) idea with a few close friends and clients. I must say, the reactions were quite varied. Some dismissed it as a silly idea, others said it was a great idea, but too difficult and time consuming to pursue.

Luckily I didn't listen to some of these negative people otherwise my GripSox(TM) idea would have never reached an international marketplace and I wouldn't have the current passive income stream that I now enjoy. It is great to be able to sleep at night knowing that an idea I pursued with is now selling on the streets somewhere overseas, and, thanks to the internet, I often wake to numerous emails from people purchasing or praising my product.

So, whilst it is often important to "bounce" your ideas off people for some constructive feedback, you need to choose these people carefully. Don't let negative people influence your decision making.

How do you deal with such negative people? Let me know your thoughts.

What if my business idea fails?

One of the biggest reasons that a lot of people don't go through with what they set out to do is because of their fear of failure. What if I mess things up? What if I lose all my money? What if it all goes "pear-shaped"? What if? What if?

Whilst it is important to do some research into your planned business venture, and ensure that there is some viability in the project, eventually you just have to take that leap of faith and believe in yourself and your own capabilities. Otherwise, if you continue to procrastinate, your "what ifs?" soon turn into "why am I doing this?" In other words, the longer you contemplate things, the more likely you are to talk yourself out of going through with your plans.

At the end of the day, ask yourself "what's the worse thing that can happen?" If you can live with the consequences, then why not give it a shot!

Hear it from Bill....he should know.

Bill Gates recently gave a speech at a High School about 11 things they DID NOT and WILL NOT learn in school. He talks about how feel-good, politically correct teachings created a generation of kids with no concept of reality and how this concept set them up for failure in the real world. Love him or hate him, he sure hit the nail on the head with this.

Rule 1: Life is not fair – get used to it!

Rule 2: The world won’t care about your self-esteem. The world will expect you to accomplish something BEFORE you feel good about yourself.

Rule 3: You will NOT make $60,000 a year right out of high school. You won’t be a vice-president with a car phone until you earn both.

Rule 4: If you think your teacher is tough, wait until you get a boss.

Rule 5: Flipping burgers is not beneath your dignity. Your Grandparents had a different word for burger flipping – they called it opportunity.

Rule 6: If you mess up, it’s not your parents’ fault, so don’t whine about your mistakes, learn from them.

Rule 7: Before you were born, your parents weren’t as boring as they are now. They got that way from paying your bills, cleaning your clothes and listening to you talk about how cool you thought you were. So before you save the rain forest from the parasites of your parents’ generation, try delousing the closet in your own room.

Rule 8: Your school may have done away with winners and losers, but life has NOT. In some schools they have abolished failing grades and they’ll give you as MANY TIMES as you want to get the right answer. This doesn’t bear the slightest resemblance to ANYTHING in real life.

Rule 9: Life is not divided into semesters. You don’t get summers off and very few employers are interested in helping you FIND YOURSELF. Do that on your own time.

Rule 10: Television is NOT real life. In real life people actually have to leave the coffee shop and go to jobs.

Rule 11: Be nice to nerds. Chances are you’ll end up working for one.

How right this man is. Don't you think?

Read, read.....and read some more.

As I mentioned previously, I have never done any type of business related subject in my life. Therefore, the only way for me to learn how to run a business has been first hand experience. Whilst it is true that we often learn best from our own mistakes, it is often better to learn from other people's mistakes (preferably before we make them ourselves).

For this reason, I recommend reading as many books as possible about business related matters. Rather than going straight for the "text book" methods of business, I've always preferred to read books written by those who have, or do, run a successful business themselves. As most business owners know, the practical can quite often differ from the text book.

Furthermore, don't think that the books you read have to be directly related to your line of work. In fact, some of the best business lessons and tips I've learned have come from books and articles totally unrelated to my line of work, but somehow connected by underlying business basics and themes.

What business books have influenced your business decisions?

No business plans to fail, BUT many businesses fail to plan.

Most small business start-ups have all read that saying at one time or another. Having never done a single business subject at any level of schooling, I was somewhat "diving into the deep end" when I first bought my Physiotherapy business.

I don't think I even knew what a business plan was. All I wanted to do was be my own boss. At the age of 24, not only was I only starting out on my journey as a physiotherapist, I was now going to be a business owner.

My first attempt at a business plan consisted of writing a few figures down on the back of an envelope (not quite text book...hey?). Before too long I had an accountant, solicitor and bank manager all trying to give me advice, as well as you know who....the parents!

Soon I was the Sole Director and Secretary of my new Company (pretty impressive...hey?).

The point of my story is that you don't have to spend years at business school or months and months preparing lengthy business plans before you dip your toe in the water and become a small business owner.

As I've mentioned in previous blogs, I'm not one to procrastinate on new ideas and business ventures. Whilst some people may see this as being fraught with danger, I prefer to get things moving and learn on the job. Besides, there are no guarantees that a carefully researched business plan is going to ensure success. Think of how many people have spent years and millions of dollars on business plans, only to fail shortly after commencing their new business.

Don't get me wrong. I'm not saying you should never do a business plan. In fact, I've prepared a few business plans in recent times. Firstly when I set up my second business (a pilates exercise studio) and more recently when I came up with the idea of my GripSox(TM) product, now being sold world-wide.

How many of you have written business plans? And, do you think they are essential for business success?

The first steps.

With any new idea you first need to see if it is actually a worthwhile venture. Whilst you may think it is the best idea since sliced bread, the reality may be that it is not worth bringing it to the market place.

I'm not saying you should "chuck in the towel" right away, but it is important to be realistic about things.

Like any business venture, you need to factor in things such as costs involved, credibility of the product, a need for the product etc.

The fact that my clients were requesting such a product, and my preliminary research in finding such a product proved fruitless, I knew it was something worth pursuing.

So where to now? How about writing a business plan?

Why GripSox(TM)?

Sometimes the best ideas come about by chance. Other times, they come about by a need to fulfil a gap in the marketplace.

The idea for my GripSox(TM) product essentially came about because my existing clientele called for them, perhaps even without thinking that I would be able to fulfil their need. As a result of them slipping whilst performing their pilates exercises, there did seem to be an apparent need for such a product.

Whilst I was aware of the presence of little baby socks with grip soles, the question was, how can I take a similar existing product and market it in a way that would attract a whole new marketplace?

Afterall, many entrepreneurs are not inventors, rather, they take an existing product and launch it into a totally new marketplace.

I have an idea! What next?

Most of us at one time or another have had a "light bulb" moment and come up with an idea they think is going to be the NEXT BIG THING!

From the person who first decided that it might be a good idea to slice bread, to that other clever person who thought it might be worthwhile putting a bit of plastic at the end of their shoelace. And my personal favourite- the guy (must have been a guy) who was too lazy to get up off the couch and change the channels on his television that he invented the remote control. Who'd have thought that such simple ideas could make someone famous (and rich) one day?

The difference between most people and these three brainiacs I just mentioned is that they acted upon their idea. I'm always speaking with people who tell me of their next big "whizz bang" idea- the only problem being that they are either too lazy to work on it becoming a reality, or for some reason they (or someone else) talks them out of pursuing their dream.

Imagine that poor guy having to get up every time he flicked through the thousands of pay TV channels every day!

Whilst it is important not to jump in too hastily to the first thought that enters your mind,
procrastination can be as equally destructive to someone wanting to develop their "light bulb" idea.

Over the next few blogs, I will endeavour to give you a few tips on how I developed my GripSox(TM) idea and brought it to an international market.

What big idea do you have, and more importantly, what are you going to do about it?

What is an Entrepreneur?

Everywhere I read there seems to be different definitions of an entrepreneur. Some describe them as inventors, others describe them as successful business people. I am interested to hear what you think defines an entrepreneur. What are the particular qualities, charateristics, skills etc. that differentiate one entrepreneur from another?

My new blog is aimed at educating people how to think, act and work towards developing their own unique entrepreneurial flare.

I can't remember any subjects at school that ever taught you how to be an entrepreneur. Maybe it's time to develop these skills in our youth from an earlier age.

The world needs more entrepreneurs to turn their ideas into a reality.

Let me know your thoughts.