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?
Tuesday 26 June 2007
Wednesday 20 June 2007
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):
- Passionate
- Motivated
- Confident
- Driven to succeed
- Ambitious
- Dedicated
- Don't procrastinate
- Risk-taking
- Intuitive
- Hard working
- Determined
- 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.
Saturday 16 June 2007
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.
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.
Thursday 14 June 2007
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!
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!
Saturday 9 June 2007
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?
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?
Friday 8 June 2007
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?
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?
Tuesday 5 June 2007
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?
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?
Sunday 3 June 2007
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?
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?
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