Archive for August, 2009

Each week as SmallBizLady, I conduct interviews with small business experts that could benefit my audience. This is excerpted from my #smallbizchat interview on Twitter with @MarcWarnke. He’s the author of  ONO, Options Not Obligations  Family First Enterpreneur.  Marc has had some incredible life experiences as a result of his entrepreneurial successes.  He was able to semi-retire for three years as his first son grew, but he is now back at it, with his first book.  Marc decided he wanted to teach others about entrepreneurism, and ONO is the result of that decision. For more info www.familyfirstentrepreneur.com

Smallbizlady:  What is ONO about?

Marc Warnke: ONO is the acronym for Options Not Obligations. It challenges readers to enrich their personal lives by rethinking their financial lives. ONO teaches a wealth creation lifestyle that focuses on making a difference first and creating profit second. 

Smallbizlady: Why did you write ONO?

Marc Warnke: Sharing my knowledge and teaching the concept of family first entrepreneurism is part of my self-defined higher purpose in life. I wanted everyone to have the opportunity I have of being able to spend less time in the pursuit of wealth and more time with the people they love.  

Smallbizlady: You call yourself a family first entrepreneur.  What does that mean?

Marc Warnke: A Family First Entrepreneur is simply someone with an entrepreneurial mindset who keeps his or her family first. Family First Entrepreneurs make business choices based on the potential impact they will have on their families first, and on business profitability second.

Smallbizlady:  What is the first step to creating options, not obligations?

Marc Warnke:  The first step is envisioning what you would want to be doing with your life if money had no bearing on your decisions. That is your higher purpose. Write your own eulogy. What would you want said about you at your funeral? (Hint: there would be no mention of your net worth) Create a financial plan through entrepreneurism that will allow you to accomplish your higher purpose. Begin with the end in mind.

Smallbizlady: Talk about a few other main points in your book.

Marc Warnke: ONO teaches readers how to preserve and create their number one asset, Time.  Kids spell love, T-I-M-E. We only have 936 weeks with our children in the home. Don’t sacrifice your time in pursuit of wealth. You don’t have to have a ton of money to have options. It breaks down to the simple principle of saving and investing.

Smallbizlady: Where should you start if you are interested in entrepreneurism?

Marc Warnke:  Find something that you enjoy doing and find a way to make money at it. Good transitions start with good decisions based on an intended outcome.  Evaluate your goals with the “Ready, Aim, Fire!” decision making process that I talk about extensively in my book. Don’t be afraid to ask for guidance. Find mentors, ask questions, never stop learning. Don’t reinvent the wheel. Find a system that is working and imitate it. Like I say in ONO, “Imitation, Not Innovation.”

Smallbizlady:  Is it harder to become an entrepreneur in this struggling economy?

Marc Warnke: Entrepreneurism is actually growing as a whole across America. People are seeing the need to take their financial future into their own hands. When people are struggling, their instinctual will to survive kicks in. For many, entrepreneurism has become the solution to their survival.

Smallbizlady:  How do I keep family first when I am crazy busy?

Marc Warnke: It takes work. Start by keeping certain parts of every day and week sacred with your family. I eat 3 meals a day with my wife and kids. I also shut off from my business, no matter what, from 5 to the kids’ bedtime. Weekends are family time as well. Time with your family will not only show the love that every child needs to see, it will also rejuvenate you as well.

Smallbizlady: You talk a lot about spirituality. Why do you feel that it is important in business?

Marc Warnke: A misunderstanding of what one is in control of leads to stagnation because it locks you into shame of the past or fear of the future. Clean and clear spirituality in your business life lends serenity to your family life. Spiritually in business allows for a clear sense that the only two things you can control are your choices and behaviors. Please be clear that I’m endorsing a spiritual life and have no agenda with your religious life.

Smallbizlady: Which is more important when building net worth, income or spending habits?

Marc Warnke: Spending. It’s not about how much you make, it’s about how much you save and invest. American families are threatened, not by an income problem, but by a spending problem. The key is to understand your needs vs wants and to have a powerful reason to stick to a spending strategy, like time with your family.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter. 

How to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on starting or growing your small business subscribe to Melinda Emerson’s blog at www.succeedasyourownboss.com

Project Runway started its 6th season recently with a bang. The producers got the brilliant idea to bring back 8 top designers from the past seasons to have a “where are they now” face off: “Project Runway: All Star Challenge.” It debuted last Thursday on Lifetime. 

The two hour special featured many of our favorite contestants from past seasons of Project Runway including my favorite reality star Santino.  It was a huge lead in to the season premiere.  I do not have many TV shows that I try to watch religiously, but Project Runway is one.  This hugely popular show, hosted and created by Super Model Heidi Klum, made a surprising switch of networks from Bravo to Lifetime, but that hardly could keep diehard fans away.  

Now, let’s get to how all of this is connected to niche marketing.  The person who took top honors on this special All Star Challenge was the Daniel Vosovic (Season 2 finalist.)  I wasn’t a huge fan of four pieces that Daniel designed, except for his black and white evening look for the red carpet which I did think was fierce.  The judges for this special challenge were fashion editor Nina Garcia, designer Michael Kors, Heidi Klum and guest judge, legendary designer Diane Von Furstenberg.   

While all of the four finalists created amazing designs, clearly worthy of a fashion week solo showing, what the judges said about Daniel’s collection struck me as something that could help any small business owner.  Michael Kors said that what he liked about Daniel’s collection was that each piece was designed for the same woman. Designer Daniel Vosovic could see the face of his customer. He knew who his client was and designed his mini collection with her specific point of view.  Whereas the other designers showed more versatility, Daniel’s collection was for a specific niche client.  Daniel’s client would never rock an evening gown on the red carpet so he did not make one. Diane Von Furstenberg judged his red carpet creation as “perfect.”   

The other challenge contenders were Korto Momolu (Season 5 finalist), Chris March (Season 4 finalist), Sweet P (Season 4 contestant) were also in the final 4.  Daniel won $100,000 and a trip for two to Paris and a fashion spread in Elle Magazine. His first collection debuts in February 2010. 

In the face of competition of equal quality, niche marketing is an excellent way to stand out in a crowded marketplace or on the runway. 

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE?  You may, as long as you include this complete blurb with it: Melinda Emerson “smallbizlady” is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter.  #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business.  Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

For more tips on how to start or grow your small business subscribe to Melinda Emerson’s blog. www.succeedasyourownboss.com