Category Archives: Entrepreneurship

Business Growth, Entrepreneurship

Business Expansion Is Not For The Faint Of Heart

Leave a comment

Some businesses are built for expansion, others are not.

A franchise is an example of a business model that’s scalable. Once a franchisor fine tunes the business systems to enable one outlet or unit to be both profitable and repeatable, it is said to be scalable.

After several years working in a business, many owners discover that their venture simply won’t scale up. Owner operated businesses often aren’t scalable because, in the mind of customers, the owner is the business. For this type of business, one owner will always equal one business.

The following six tips are for business owners who are thinking about scaling up. Continue reading Business Expansion Is Not For The Faint Of Heart →

Entrepreneurship, Starting a Business

Lots of Money for Viable Business Proposals

Leave a comment

At times I hear entrepreneurs say they can’t find money to start or grow their businesses. I don’t buy it. There is always money available for great business ideas.

Of course, there are a number of reasons why investors might shy away from your golden opportunity, making funding appear scarce.

If you’re having trouble landing the funds to kick-start your next mousetrap, consider the following possibilities. Continue reading Lots of Money for Viable Business Proposals →

Entrepreneurship, Starting a Business

Myths about Owning a Business

Leave a comment

Successful business owners make running a business look easy. Observing from the outside, it’s easy to imagine that they harvest massive rewards with little or no effort. That is just one of many misconceptions about owning your own business. Here are a few more:

1. A Business Is a Get-Rich-Quick Scheme.
It’s more accurate to say that most “overnight successes” take at least 25 years of hard labour. An entrepreneur is a twisted individual who will work 15-hour days at minimum wage to avoid taking a real day job at $20 per hour.

2. You Need a Lot of Money to Start a Business.
Some businesses do have a high start-up price tag, many do not. If you are a tradesperson who owns all the necessary tools to work for someone else, you might already have most of what you need to start your own business. Many people start small enterprises by investing a lot of sweat equity and little or no cash. Continue reading Myths about Owning a Business →

Entrepreneurship

Business Owners Go the Extra Mile

Leave a comment

When it comes to starting or growing your business, the “extra mile” can be the difference between success and failure. Business owners are often compelled to do important tasks after the regular workday and beyond the realm of normal energy outputs and expectations.

A few years ago, my business grew to a point where it needed a catalogue. I mulled this over for a few weeks, the idea perking in my mind. I was working long hours and too many days each week. There didn’t seem to be any extra time to do the job or enough money to pay someone else to do it.

After a period of contemplation I decided the only way the job would be done was if I did it myself during those few hours I’d been cheerfully squandering on sleep. One evening I headed home, with a few catalogue ideas flopping around in my mind, and fired up my computer. After a couple late nights and early morning stints I had three-pound bags under my eyes and a draft of copy of a new catalogue.

I had gone the extra mile to pull off a critical, seemingly impossible job. And the business grew as a result of my effort.

I have seen the extra mile at work many times in my business and in others’ businesses. Anytime you see a remarkable business achievement, some individual or group has probably burned the midnight oil to make it happen.

Do you have a project in front of you that appears too large? Here are some important points to consider:

* Most projects look smaller once we take the time to clarify exactly what is needed.

* We can usually achieve more than we think we can; it’s a choice.

* There is always enough time and energy to get the truly important things done.

You can apply the extra mile to different aspects of your daily business life. Imagine how your business might look if you applied the extra mile to any of the following areas:

1. Starting a business.

2. Serving your customers.

3. Organizing a team to complete a project.

4. Marketing your products and services.

5. Introducing new product or services.

6. Continuous innovation.

7. Writing your business plan.

Many great achievements take place over and above the regular workday. There is always enough time for miracles; it’s a matter of identifying the need, developing a plan, and taking action.