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.