Author Archives: Edward Dovner

People always mention entrepreneurs and taking risks in the same sentence and it’s a given that entrepreneurs are some of the biggest risk-takers when it comes to trying to grow their businesses. To some, taking a huge risk, especially with something as important as a business, is an intimidating prospect. There’s the chance of failure with any risk, which could mean losing your business and financial stability. However, risk could also lead to huge successes; this chance is what makes it a favorite of entrepreneurs. If you’re still skeptical about the importance of risk when it comes to entrepreneurship, read on.

Innovation starts with risk

The reasons risk is so important to entrepreneurs is that true innovation was never accomplished without risk. If you want to achieve true success with your business and smash your goals, you’re going to have to take risks. Some businesses may skate by on doing something they’ve always done or sticking to a stereotypical way of running things, but for many industries, this mindset will not work. Do you just want to have a mediocre business or do you want to be an influencer in your industry, who invents new products and ways of accomplishing tasks?

Your business could have the potential to be a huge success, but you’ll never know until you take the risk. If you currently run your own business, but are afraid to take risks, remember that starting your business in the first place was a risk. Starting any business is a risk, because there’s no guarantee it will succeed.

True entrepreneurs take risks

Like I mentioned, just being an entrepreneur involves taking risks when you start your own business. In addition, it sets the true entrepreneurs apart from those who aren’t sincere about the entrepreneurial journey. If you really want to be an entrepreneur, you’ll need to embrace risk and let it become part of your business strategy. Risk-taking identifies you as a leader and shows other people you’re ready to take charge and make decisions. Someone who’s a follower is willing to let others take the big risks.

Keep your risks calculated

Before you begin taking any kind of risk that comes your way, keep in mind that there’s such a thing as a calculated risk. As an entrepreneur, you need to be smart in your risk-taking. Don’t take a risk that seems completely unlikely to succeed or would tank your business and personal finances if it didn’t go perfectly. The secret to being a great entrepreneur is taking regular calculated risks that move your business along and being able to identify a big risk that’s worth it.

Even if you fail, you learn something

Finally, keep in mind that even if you fail, you can still learn something valuable. It’s important to know how to learn from your mistakes so you can grow as an entrepreneur and as a person. If you take a risk and it fails, acknowledge what went wrong so you don’t make the same mistake again. Instead of pouting over mistakes, learn from them.

In a previous blog, I’ve discussed why social media is important for entrepreneurs, so now I’d like to discuss how you can actually use social media to your advantage as an entrepreneur. Social media allows you to compete with much larger companies when you’re first launching your business, because you can connect with consumers through social media platforms and get the word out about your brand, with minimal cost. You won’t have to spend a fortune on marketing and advertising and can instead use that money to better your product or service. Follow these tips for the most effective ways to use social media to help your business.

Create a support system

One of the greatest parts of social media is that it allows you to connect with other people no matter where they live. You’ll be able to find other entrepreneurs and people in your industry that you can begin cultivating relationships with. They might just be starting out like you or maybe they have a lot more experience. Regardless, it’s important to build a support system of people you can learn from, bounce ideas off of, and get advice from. Look for groups to join on social media where people discuss the basics of entrepreneurship and your industry. These groups instantly connect you to many like-minded people.

Connect with your target audience

A huge part of marketing is identifying your target audience and then working to attract their attention. How you get their attention depends on the demographics of your target audience. Luckily, plenty of research has been done on the demographics of social media sites and when are the best times to post on different platforms. Learn who your audience is and what accounts they use and you’ll save yourself a lot of trouble as you begin your social media marketing.

Interact with followers

Consumers love interacting with brands on social media. It makes them feel that the company actually values its customers and listens to their input. Reply to comments your followers make and consider holding a Q&A session or hosting a giveaway. Getting your followers involved on social media makes you and your business seem more familiar and creates interest in your product.

Push your brand

Social media is vital to establishing your brand, whether it’s your personal or professional one. Carefully think about the image you want to convey and craft it. Keep your brand succinct so your followers have consistency. The more familiar your brand becomes and the more often consumers see it, the more likely they are to patronize your business.

Feature new products and services

When you’re releasing a new product or service, use social media to create buzz about it. Post pictures and short blurbs in order to get people interested. Consider creating a short video explaining what’s great about your new service or showing what the new product does. It’s much cheaper than traditional advertising and with the right use of keywords and presentation, you’ll reach a large audience.

Post consistently

Finally, posting consistently is vital to an entrepreneur’s success on social media. If you want to generate followers, you need to show that your content is valuable. Try to post at least once a week initially, but updating once a day would be even better. Most of your content should be original, but it’s also good to share posts from other prominent entrepreneurs and regularly interact with followers and influencers.

If you’re an entrepreneur, it’s vital that you use social media to your advantage. Billions of people around the world use social media every day and it allows users to connect with people on the other side of the planet, who they would never meet in real life. In the same way, it gives businesses an opportunity to connect with consumers in a matter of seconds, if they use smart marketing techniques on social media.

Consumers of all ages use social media and there is a wide variety of platforms that can greatly benefit businesses. Larger companies have seen major success in using social media to market their businesses, so it’s a vital resource for entrepreneurs as well, which studies have already shown. It can be difficult to get your fledgling company on the same level as a well-established business, so learn why social media can help you work toward overcoming this obstacle.

Reach new people

The biggest draw of social media is the ability it gives entrepreneurs to reach new people they would have never had the resources or opportunities to connect with before. In a few seconds, someone on the other side of the world can view your company’s website and order your product or service. If you have a succinct look and carefully plan how to market using social media, you can drastically increase your following and compete with larger and more established companies. With social media, you no longer have to rely on traditional marketing methods to reach large groups of people.

Connect with other entrepreneurs

It’s always important to have support, especially as an entrepreneur who’s just starting out and looking for ways to better establish a business. You likely have questions about how best to launch your business. Some of the best people to ask are other entrepreneurs, whether they have a lot of experience or are at the same point in their careers as you are! Using social media sites like LinkedIn, Beyond, or Opportunity, you’ll find ways to meet other people who are entrepreneurs and determined to succeed like you.

Usually free

Entrepreneurs often need to carefully budget and marketing is usually the last area money can be put into for a newly launched business. With social media, you can use marketing to your advantage without paying much (or often, anything at all) to reach a large group of people. Hashtags, location based searches, and niche sites make it easier to connect to consumers than ever before.

Establishes your brand

Social media is a fantastic way to establish your company’s brand. By creating social media sites, you choose how to present your brand and are in complete control of the content shared from those accounts. Create a logo, tagline, design, and color scheme that you can use on all social media accounts to achieve a uniform look. By regularly updating your social media, you’ll establish your brand and build a following.

Edward Dovner started cultivating his entrepreneurial spirit at the tender age of 21 when he became an acclaimed sales agent at Metropolitan Life Insurance Company. He then successfully created a niche market company within gourmet coffee industry and sold his business for a substantial profit. In 1993, Eddie launched First Choice Armor & Equipment and grew the company to over $90 million in sales. Again in a very well timed move, Ed sold the company for a substantial profit in 2010.

Over the past two decades, Edward gravitated into the world of commercial real estate. Edward’s primary focus in commercial real estate has been with the development of single‐family house subdivisions and retail strip centers. Since the sale of his first successful company, the establishing and maintaining of his financial relationships has been the center of Eddie’s core business. One Ed’s great strengths is with his network of financial and real estate contacts.

Edward has supported charities such as Jewish Family Services and Catholic Charities. He has three sons and over the years has coached his son’s sports teams and continues to participate in such sports as golf, skiing and skydiving.

For many entrepreneurs, sales can be the most dreadful part of operating their business. When small business owners struggle with sales it can often be attributed to lack of a sales strategy.

Here's how you can create an effective sales strategy for your small business:

Step #1: Assess Your Business

Start by taking a look at where you're at with your business. A good way to do this is through a SWOT analysis, where you write out your strengths and weaknesses, as well as the opportunities and threats facing your small business. Take into account the business landscape you exist in, what you do well, who your competition is and your business goals. Make sure you incorporate your current sales budget and the amount of time you have to devote to sales. Also look at what you've already sold and what methods you used to make those sales.

Step #2: Set Sales Goals

Now that you have a clear assessment of where you're at, you can set realistic goals to get you where you want to go. Make sure your goals are specific and concrete, such as selling 50 units by the end of the year, earning three new clients by the end of the month or increasing sales by $20,000 in the next six months. As you achieve each goal, you'll re-assess your business and set new goals.

Step #3: Create a Customer Profile

Write out a description of your typical customer and fill in all possible details about them, including age, gender, education level, occupation, income and geographical location. What are their likes and dislikes? What's important to them? What do they do for fun? Where do they get their information? What benefits does your product offer them and how are they likely to find out about it?

Step #4: Select Your Tactics

Once you have a clear understanding of your customers and their habits, you can decide the best way to market to them. Take into account your sales budget and available time. Possible tactics run the gamut from traditional methods such as print advertising, radio or TV commercials, sales letters, presentations and phone calls to online methods such as social media, email blasts, website offers and banner advertisements. It is important to select tactics, or a combination of tactics, that you are comfortable with. Don't force yourself to participate in a sales method you don't enjoy or you won't do it well and you likely won't stick with it.

Step #4: Make a Plan of Attack

Put the sales tactics you have selected into a calendar. You may want to combine this part of your sales strategy into the master calendar you use to manage your ongoing projects. Make sure you are creating a healthy balance between marketing your business and your other business operations. Examples of how to calendar your sales routine include setting aside four hours every Monday afternoon to make sales calls, sending sales letters with your business card the first day of every month, changing your newspaper advertisement every six months or updating your social media accounts with new posts at 10 a.m. every morning.

Step #5: Evaluate the Results

Make sure to frequently measure your results against the goals you've set. What worked? What didn't? Learn from the experience and make changes as necessary. Your small business sales strategy is an evolving document that will change as your business grows.

Are you a San Diego entrepreneur or business owner looking to take your business to the next level? Contact me at kim@kimberlyjonesliteraryartist.com to see how my marketing writing expertise can help.

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If you are considering the purchase of an existing business, there are some things to contemplate before going through with the deal. Buying an established and successful business is a less risky way to acquire the power and freedom of owning your own company. Buying the business means buying the existing clients, knowledgeable employees, and access to the resources needed to successfully operate. However, there are also some challenges that can arise. Making yourself aware of the certain details that you should consider can prevent any unexpected roadblocks from occurring down the road. The following are some questions that you should ask yourself when buying a business.

Are you familiar with the industry?

Make sure that you are informed, knowledgeable, and up-to-date on the current standards and state of the industry you are considering. Getting into an area that you are not familiar with may not be the wisest option. The learning curve that would be required of you may be detrimental to the success of your company. Not only should you be familiar with the industry but it should be an area that you enjoy. Putting in the work and the long hours that will be demanded is much easier if you love what you are doing.

Is there adequate cash flow?

Before you purchase a company take a look at their existing cash flow. Make sure that there is enough to cover immediate expenses and any debts that you need to pay off. If you proceed with the purchase without sufficient access to incoming funds, you could be digging yourself a hole.

Is the business in a good location?

Location has been deemed one of the most important details determining the success of a business. Its physical location has a huge impact on the target market and demographic that the business can expect to attract. It is also important to consider the business location in reference to where you reside. If you have to travel long distances to work each day, it may have a negative impact on your overall happiness and the success of your business.

Why are they selling?

If an owner is selling their successful business, there is a reason. The most favorable reason to purchase is a company is because the owner is planning to retire. If this is not the case, do some research to find out the reason that they are getting out. Through your investigation, you may discover some skeletons in their closet. It is good to find these things out sooner rather than later.

Can you get out?

If you decide to purchase a business, you are relying heavily on it being a successful transaction. However, it is a good idea to implement a back-up plan in case things do not go as expected. Don't put everything that you have on the line for the purchase. Plan ahead for the chance of unexpected and unfavorable occurrences.

If done the right way, purchasing an existing company can be a great way to become your own boss while reducing the risks associated with starting your own business. On the other hand, buying a company comes with its own unique set of challenges. Before completing the purchase of a business, ask yourself these important questions. Being armed with this information will make a successful transaction more likely.

For more information or advice on buying a business, contact Vandenboss Group at http://www.vandenbossgroup.com.

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Many countries offer some attractive strategies to lure innovative entrepreneurs across the globe. The place where many colleges and universities are gathered can be a business capital of country. They are offering new start-up visa to recruit dynamic entrepreneurs to remain competitive in the global economy.

According to the survey, business capital of any country is the leader in several aspects, nothing but startup costs, business confidence, strong banking sector, education programs and good coaching that is essential for young entrepreneurs. That is why the high number of new businesses are registered which reflects high-level of confidence among entrepreneurs.

To start a new business is an enthusiastic and empowering experience. The whole journey is filled with thorns, but a satisfactory in terms of gaining control on your destiny. Proper guidance with correct information is the way to lead your success in life. A good start-up program is required to achieve unlimited success in your business.

There are many challenges in the entrepreneurship:
Identification of an exact problem
Finding an opportunity in the problem
Finalize with a solution
Conversion of an opportunity into the business idea
Unite your solution into the business plan

"Encouraging entrepreneurship is the key of Country's economic growth." It will be crucial for country's economic growth as a young generation of any country entering in the job market can realize that being rejected from the job interviews is not an end of their dream. Funds are very much important for early stage of entrepreneurship. Banks and venture capital firms both are giving good option for funding. Many conventional and non-conventional venture capital firms are there. These firms can assist you from start-up seed money to the series of investment opportunities and continuous capital support. These venture capital firms are providing start-ups for many industries such as software, computers.

Sometimes they run university start-ups to get a real business experience for business school students or for university graduates. They avoid unwieldy bureaucracies and lengthy process of decision-making to bring your goal in reality. Usually at a time only one small business through the business development, financing and consulting is the target of these firms.

A good venture capital firm adds a quality and value to their investment through the regular discussion with management, board representation, industry expertise and influential networks. The key ingredient of the success of entrepreneurship is very important to make things happen. This is to collaborate right kind of people with contacts, business intelligence, sophistication, creativity and financial ability to create new ground.

Coup Capital Management is an unconventional venture capital investment firm specially for software. Our main concern is to pair students from business school with computer science or software engineering to their innovative ideas of business development by providing venture capital.

http://www.coupcapitalmanagement.com/

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Every entrepreneurial venture starts with a good idea, evolves to a bunch of amazing ideas, and with any luck, ends up as a successful business.

But how do you move from that first idea to your final success? Here are some steps to move your dreams into reality:

Define the difference. You need to be clear about how your product is unlike other competitors.

Do your homework. Are you the first with this idea, or will you have competition? Research online, visit conferences in your industry, talk to experts and search for mentors. You don't want to discover that someone else got there first after you invest valuable time and money.

Define your customer base. Who are your product or service's early adopters? Will people choose your idea over something they already spend time and money on, or will they decide this is a brand new way to spend time and money?

Determine your resource requirements. What exactly do you need to get started? Can you build it in your basement using standard tools and materials? Can you handle the startup alone or do you need a team? How much money do you need to get your idea off the ground? Expect to spend a fair amount of time on research, checking with suppliers, and talking with industry experts and specialists.

Build a prototype. Yes, this is critical with a product, but just as important if you're offering a service. If you're creating a service, your prototype can be a process map that details customer contact points and what has to happen internally to meet customer needs. A physical prototype should be working and include a clear understanding of function, reliability and production requirements.

Do the math. No plan is complete without a thorough financial analysis. This includes a realistic and convincing revenue projection and accompanying costs. You should be able to detail the estimated break-even point and future profits. If you need help on this part, get it.

Write your plan. I'm not talking about the pitch you give potential money people, I mean your internal plan for taking your dreams all the way to the finish line. You need to have this in place for yourself, so that when you wake up tomorrow you know what to do. It will keep changing, and that's okay. In fact, it's important to maintain flexibility in your plan.

When you take the leap with your big vision, you'll either bounce, crash or fly. But one thing's for sure, you'll never find out if you don't take action.

 

What and How to Start

Most people who decide to learn how to start a business first develop a plan that will produce a product or service that they will either own or represent. Those who have the better chance to be successful are very passionate about that product or service. In other words, they will not quit when they encounter obstacles to the success that they have planned. Many business owners consider their business to be a continuous learning experience, or a journey. Aside from appealing to those who appreciate adventure, that view clearly communicates that no plan can be complete enough to predict every challenge that a business owner will face. Whether planned well or if challenges are only a lucky few and easily managed, all businesses succeed in order to survive. The Federal Tax code recognizes a business to be legitimate if it is profitable for three out of every five years.

Learn by Doing

The Federal Tax code is an excellent and understandable guide to consult when planning a business. Specifically, IRS Publication 17 acquaints business owners of every sort on how to conduct accounting that is acceptable for Federal income tax purposes. It will help you to appreciate some advantages and pitfalls of certain kinds of businesses. Physical products must be created. That requires resources, an assembly line, employees, a physical location, packaging, a market, and a way to ship the product. Depending on the product, specific Federal, State, and Local regulations and licenses may be required. An accountant, a lawyer, an office manager, and other professionals may be necessary. If you produce more product than you sell in a year, you may have to pay a local jurisdiction an inventory tax on top of the cost of producing too much product. This is a lot to take in for a business owner who has never owned a business before.

An Information Product

Most businesses require promotion, the written word, to acquaint customers with their product. Since that is a necessary step in business ownership, why not begin the business with an information product? Especially when the information is in electronic form, there are no raw materials, no assembly line, no physical location, and there is very little need to hire an employee. An e-book can be written, promoted, and sold inexpensively, yet profitably. Plus, it is a repeatable product. Write one, learn from it, and write a better one. Continue to promote and sell all of them, for they are a product line of the writer. You may not see how writing a book or any information product will support your business plan. But, you will learn to write, to promote, and to handle cash flow by practicing with information that is crafted and sold as a product. The written word will support most types of businesses. Your starter business can evolve from an e-document business into something more complex. You can evolve from the owner of a starter business to become the experienced owner of a major business. Try it.

Tony is a fiction writer and independent publisher. He released and published the first book of a three-book drama series: A Voice from New Mill Creek: The Methodists, as an e-book in September, 2012. In April, 2013, he released his first romance novel, Goodnight Paige. In July, 2013, Tony released a guidebook titled How Tony Wrote and Published Two Novels. https://www.facebook.com/tony.grayson.752 andhttp://graysonta84.wordpress.com/

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Becoming an Entrepreneur is hands down THE best way that I know for you to regain control of your own financial future. You may not realize it now, but becoming an Entrepreneur is much easier than most people have been lead to believe, and I want to show you how you can join the party.

The economy is experiencing uncertain times, you have only got to look at a newspaper or watch the TV News to know this, and it seems that no industry is immune from cutbacks, downsizing and the almost inevitable redundancies that go with them.

My story began when I was made redundant from a Job I had been doing for ten years. Unlike the majority of people who receive "The Letter", instead of being crestfallen, I was elated (seriously I was). You see for some time I had been wondering if there was more to life than getting up at 4 o'clock in the morning to go work a 10 hour shift. So when the time came, instead of being something to be feared, instead of worrying about where the next pay check was going to come from, I saw it as an opportunity to explore myself, and investigate life's possibilities.

Enough about me though, I want to share with you just a couple of the ways that you could become an Entrepreneur, and make money while making a difference to other people. You see, business these days is not just about making money, it's more about making a difference to people, namely your customers and clients. Value dear reader, is the modern currency of business.

When first starting out as an Entrepreneur, it is important that you chose a market (or topic) that you have a passion for. While it is true that you also need to have a degree of competency in your chosen field, that is something that can be improved, or even learned from scratch, whereas if you have no passion for what you do, everything you ever say, think or write about your field, will have a major lack of congruence about it and trust me, your customers WILL be able to feel it.

So here's how I recommend you go about choosing which field is a perfect match for you as an Entrepreneur.

Firstly begin by asking yourself which topics and subjects you are most passionate about. Then ask yourself what experience you have, and what results have you gotten in other areas of your life. The secret here is to list everything that comes to mind, however seemingly mundane, obvious or unrelated they may be.

Here's an example I use with my coaching clients.

You may have spent most of your twenties backpacking around South America, and still have a real passion for travel and researching new places and cultures. On the other hand, your work as an Accounts office manager has helped you to become really very adept at planning budgets for projects. As a hobby, you enjoy blogging.

These seemingly unrelated subjects could be merged together to form the basis of a Business. You could start a online business offering advice on travelling through South America. You could offer courses in planning travel budgets. You could combine your passions for travel, research, and Blogging, to become a freelance travel writer, or even review travel guides.

This is a very simple example but when you actually sit down and list your passions, experience, natural talent and results, there will always be a myriad opportunities for you to start a business as an Entrepreneur.

Andy Taylor is an experience Entrepreneur, Coach and Consultant based in England. Over the years Andy has worked with top UK brands to improve Business performance, increase Productivity and Build brands from scratch.

Through his new website http://www.expertcatalyst.com Andy will be offering FREE advice to all would be Entrepreneurs, as well as Coaching and Consultancy services.

For more information on how you can join the worldwide ranks of Entrepreneurs who are changing their lives, by taking back control of their financial destiny, please visit http://www.expertcatalyst.com

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