Entrepreneurial Mind Frame

Entrepreneurs make up only about 15% of the working population in the US. Far fewer actually succeed than those who attempt to become self employed business people and venture out on their own. So what makes people decide to take the entrepreneurial path, when so few actually make it a reality?

Is the American dream a possibility for anyone, or, does it take more than most to become a successful entrepreneur?
The success of an entrepreneur does depend on their mindset. A large percentage of business owners will quit in their first five years in business. What is needed is the fortitude and belief that goes with attaining success.

Entrepreneurs are risk takers and dreamers. The difference between the dreamer and the entrepreneur though, is that the entrepreneur takes actions based on their dreams. They persist through the hardships and never give up! Many entrepreneurs start with an idea. Their success is determined by their belief that they can create something greater than simple monetary success. Often, it is about creating something which will benefit the world.

James Dyson, for example, came up with the idea of the bagless vacuum cleaner. Despite multiple set backs, over 5000 prototypes and not being able to get any manufacturers or distributors to accept his idea, he persevered. It was over a decade after his initial idea when his concept came to fruition. Even then, it was after a lot of difficulties and hardship due to the vacuum replacement bag industry, which was worth £100 million in the UK.

In Simon Sinek’s book ‘Start With Why’, he suggests that the biggest companies in the world are so because of their “why?” – their reasons for building a business in the first place. In all cases, it wasn’t just to make money, or make technology better, or some whimsical ideology.

The Wright Brothers, for example, became known as the pioneers of the first manned flight. But their competition was much better funded and well connected – Samuel Pierpont Langley had worked at Harvard, had a number of powerful connections, including Andrew Carnegie and Alexander Graham Bell. The War Department funded his project with a $50k grant, a seemingly massive advantage to the unconnected Wright Brothers who had no money or influence. However, their passion and devotion to change the world with this new technology drove them to attain the first flight in history in 1903.

Desire for material things and monetary wealth can only carry someone so far. Unless you have a goal or passion which is bigger than that, you may lose the momentum and fail to maintain your enthusiasm for any length of time.

The entrepreneurial mindset is one which taps into your purpose. Without a purpose driven goal or aim, it can’t take long before disillusionment kicks in. With a mindset which takes into account a larger purpose, entrepreneurs can build huge businesses because they ‘saw’ a vision of what they wanted to create. If the purpose is greater than the obstacles which lie in the path of attaining it, no amount of setbacks will stop you from achieving your goal.

On the other hand, if you set out to do something and something gets in the way and stops you, your initial reason, (your “why?”), may not have been strong enough to endure all the battles along the way.

Entrepreneurial mind frame (or mindset) therefore, must be aligned with both your vision, your values and your purpose. If your values are not in alignment with your purpose and vision, you’ll come up against road blocks which will stop you from achieving your goal.

The Worst Cashflow Mistakes Small Business Owners Make

The worst cash flow mistakes a small business owner can make can be counted on one hand. They have one thing in common, and that’s about failing to follow the money. They’re about keeping your eye on the prize, and we go through them here, ending with advice about how to track your own company money using expense management software for small businesses…

Failing to think before you splurge. Great! You’ve started a business. You’re on the road to fame and fortune, and now’s the time to invest in an expensive suit and a new car, isn’t it? No, in short, it isn’t. This is exactly the time NOT to commit money – yours of the company’s – to anything you don’t need. So there’s the first lesson. Understand the difference between ‘want’ and ‘need’. To succeed in business you need a phone, but the Armani suit can wait…

Expecting the best. This is about your financial planning. Understand that you’re not going to be a millionaire in the first year. On the contrary, you’ll be doing well if you can afford to pay yourself anything like a salary in Year One. If you overestimate the number of units you can sell, or the clients you can get to come on board, then revenue will be lower than you predict, and you may find yourself overstretched with any finance package you’ve put in place.

Offering credit. Poor paying suppliers can cripple small businesses. If you’re made to wait for payment, that’s like offering them an interest-free loan, and you shouldn’t do it. It’s perfectly reasonable to ask for payment up front, so long as you’re ready to honour your commitment. After all, you wouldn’t expect the local supermarket to give you a month or more’s credit on your grocery shop (though if you’re a supplier to them, the boot would be on the other foot). In general, large organisations are slower payers, and also have complex internal procedures in place about how and when payments can be made. Better to work with smaller companies, where you have direct access to the person with the power to pay.

Being cash poor. If you’ve made careful and conservative cash flow forecasts in the early days of your business, everything’s fine, so long as cash moves as you’d predicted. But what happens if it doesn’t? If you have no cash cushion you could be in trouble. Try to have a couple of months-worth of cash in the bank so you could carry on if you had no income at all. It’ll help you sleep easier, too.

Not making an unpaid finance assistant work for them. Bet that caught your attention didn’t it? This is not about the kind of modern slavery that has people working for nothing, but it’s about technology. It’s about arming yourself with good quality business expense management software for small businesses and being disciplined in its use. In the early days of your business you need to be especially careful with money, because having little of it generally sharpens the focus in the need to be a good money manager. In later years, when you’ve earned a wedge, there’s no reason to take your foot off the control pedal. Keep a tight rein on finance, and you’ll be rewarded with better dividends in the future. Selection of the right small business expense management software will enable you to keep track of expenses very easily, but more importantly, it will allow you to interrogate the data, and show you how effectively you’re managing spending and cashflow – and show where improvements can be made. And picking the right package means it’ll offer excellent value for money, because the savings you make by using it are probably going to be more than the cost of investing in it in the first place.

Marketing Prints

In the past lithography and traditional printing methods were used if the artist wanted to market reproductions of original artwork. While effective, these methods had serious drawbacks:

First and foremost, a high output number would compromise the value of any reproduction. Second, the quality of 4 color copies limited the color rendition of such reproductions. Also, the choice of substrates was dismal compared to giclée. The advent of high-end digital printmaking has opened a new world for artists: more paper choices, better color, limited production.

On a pure marketing standpoint, artists who have shows and lectures can now suggest giclees to potential buyers. Collectors in particular want to buy art that is not made in mass quantities. When buying a giclée they are assured to possess something rare and exquisite.

Giclees are well established in the art world; they are bought and sold in world class auctions as well as in galleries. Many museums display giclees.

Listen to your clients: I recently had a call from a portrait artist. She has a business where customers come to her for family portraits she makes on watercolor paper. She had a few inquiries regarding making copies so that more than one household could have the portrait of their loved ones. At the same time they asked for a quality print, possibly on the same paper. We reproduced the original and it was virtually impossible to distinguish it from the giclée. Now the artist was happy to make additional income and the families had as many portraits as they wanted!

No matter what the market is, whether it consists of commissioned art or not, high quality reproductions can generate an additional stream of income given the proper marketing.

How can you increase the value of your artwork?

One proven method is to create posters (It has been done for a long time by artists and photographers) and sell the posters at art shows. This creates a buzz and facilitates the selling of your work in a poster format to be displayed in various locations. A well designed poster is one of the best advertisements!

Second, create art and make high quality giclée reproductions without ever selling your originals. Make for example an artist proof edition of 25, sign it and release it as the only art available.

If you wish to be able to sell your original you can do so and still increase the value of your art. Start with small limited editions. As soon they are sold out the value will increase. Always establish and maintain a personal relationship with every past, current and potential buyer of your art! Buyers connect emotionally with the art as well as the creator. They will be more receptive to collecting more work if they feel a bond.

Use the Internet

Create a website with a portfolio so people can see the art. Add the URL to business cards, posters, postcards etc. Optimize the site for keywords you want to target (i.e. abstract paintings, oil paintings of flowers, portraits on oil etc.)

The artist is encouraged to pre-sell the complete limited edition if a LE is decided. It is a good idea to track the collectors and notify them when the particular edition is sold out. Another advantage of having a website is to create a newsletter notifying people of limited edition publication as well as accomplishments and new art. These practices reinforce the added value of their current (or potential) purchase. Last but not least, ask for a Certificate of Authenticity from the printmaker.

Comic Book Industry Blunders

What includes turned out badly inside the business and would it be able to be settled? The assault and loot, according to

a few, may have left the comic book industry panting forever bolster. It appears that for an

industry that has seen so much achievement, the historical backdrop of comic books, has evidently been

jumbled by apparently imbecilic oversights.

The first could have exceptionally well been the begetting of the name “comic books”. The soonest forms

of the purported half-tab (for half newspaper) reprints of the Sunday funnies (the funnies) moved toward becoming

known as “funny books”. This prompted the reasoning as a rule, that comic books contained comic

or on the other hand entertaining material, which we as a whole know, is a far stretch from the real world. Comic books can be extremely

serious, dim or audacious magazines. It has regularly been proposed that there ought to be another

term begat to more readily depict this abstract bundle we as a whole know as comic books. To date, no

other client companion term has been proposed for use in the comic book industry.

A second confusion came when magazine costs began to rise. Rather than expanding comic

book costs, as other effective magazines did, the comic book industry chose to slice pages to

keep the then current sticker price of 10 pennies. This expedited the feeling that comic books

were “shabby” by definition, and ignored the way that a dime was a considerable measure of cash at one time

(steak and eggs cost 35 pennies). This displayed the picture that comic books were only for kids. It

additionally made the item progressively less reasonable for retail vendors to stock. Why take up the

same rack space, when a higher evaluated magazine would accomplish all the more pleasantly. Again the apparent

estimation of the comic book was losing validity.

At that point as the 1950s moved around, a person by the name of Dr. Frederick Wertham, distributed

a book entitled “Temptation of the Innocents”. Using informal research and

suppositions, he expressed that all the country’s ills were specifically identified with kids perusing comic books

(ok well, what?). Fundamental to his proposition, was the misassumption that comic books were entirely for

kids. The more grown-up material, it was nonsensically accepted, was gone for our sweet, guileless

blameless kids. Truly, we do need to secure our youngsters, yet despite everything it disturbs me forever, that

certain vainglorious people trust their present situation is to influence whatever remains of the planet to follow

to their very own convictions. On the off chance that this were the situation, at that point our extraordinary nation would have never been

established.

With this fiercely silly assault on the comic book industry and numerous congressional pioneers

bouncing on the temporary fad, comic books were picking up an awful notoriety. The comic book

industry distributers now, could have united together and proclaimed that comic books, as

films, were not “only for kids”. It ought to have been expressed that the extensive variety of comic book

kinds spoke to was focus to as wide a scope of perusers. Everything except one of the distributers

(William Gaines, distributer of EC Comics) clasped under to this Congressional Investigation and

the Comic Code Authority was made. This represented the substance of comic books and guaranteed

that for the following 15 years or somewhere in the vicinity, the scholarly substance would not transcend that of pablum for

the psyche. Along these lines another slide into extraordinariness for the comic book industry occurred.

Can the comic book industry be spared? Possibly, however when the people accountable for the

sparing are as energetic as ever to commit similar errors once more, what will the result be?

They don’t have all the earmarks of being blade enough to commit new errors.

Taking Meaningful Action

Productivity. Priorities. Planning.

There are a lot of buzz words right now (and they all seem to start with the letter P!) that are intended to help us make the most of our time and efforts.

But in all the buzz about how to get more done, there is surprisingly little talk about what, exactly, we should be doing. Are all “to do” items created equal? Checking things off a list doesn’t guarantee that we are moving ourselves forward.

Growth Activities

Some things on our list need to get done, and you could argue that they are “important.” Many people fill their days doing client projects and customer service. After all, we have to deliver on our promises. But those are not growth activities.

Of course, we also fill a surprising amount of our time with “distractions.” Some are more obvious than others. Many of us lose hours in reading and responding to e-mails, which might feel like “work” but how productive are we really being?

How many of your activities are true “growth activities.” What things will grow your business? Expand your impact? Allow you to make a bigger difference? Really fulfill your purpose?

When you really look at it, those things happen primarily in two ways. When you create things. And when you connect with people.

Create

As a Content Creation Coach, these types of activities are dear to my heart. I see the power of creating new things. Of putting your ideas into tangible pieces. Whether you are writing a blog article or a book, creating a program, shooting a video, making a new presentation… creating things generates value.

You are increasing the assets of your business. You are putting valuable things into the marketplace (even if they don’t cost money). You are giving value that expands your worth and inevitably returns to you.

I often ask people, “What are you creating next to grow your business?”

The most powerful thing about creating content and other pieces in your business is that it gives you something new to share. Creating something new doesn’t mean anything if others don’t see it.

Which leads me to the second type of growth activity…

Connect

When you connect with other people, that is when all sorts of magical things happen. You might end up with a new client. You could find out about a fantastic opportunity. You could impact that person and create a ripple effect in their life and beyond.

The incredible web of possibilities that exists in a conversation with another person is huge. There is a real art to finding the places where your interests, needs, and capabilities intersect. That’s why it’s called “networking”!

Being able to impact someone else is at the core of our purpose. Each of us brings our own area of expertise and focus to each interaction, of course. But if we approach it openly, each conversation is an opportunity to live out our purpose.

That’s real growth.

And business growth follows real growth.

I’ve been spending a lot of my time recently connecting with others. And I often share things that I have created with the people I am connecting with. Sharing value and making a difference. Win win!

Looking at your task list, how many items involve creating something new or connecting with others?(And sitting at your computer writing e-mails doesn’t count!) Identify some real growth activities to put into your schedule.