Posts Tagged ‘success tips’

This is National Entrepreneurship Week Feb 20-27, 2010. This year‘s theme is Entrepreneurial Literacy Empowers Everyone. This is a theme that I truly embrace.

Whether you are still working in corporate America, running a nonprofit, or leading the charge in your own small business - being able to evaluate things from a business perspective will always enable you to be more successful.

So What is Entrepreneurial Literacy?

The organizers of this week-long celebration in honor of Entrepreneurship in America define it as having some basic knowledge of how a business is created and managed.

I have a slightly different definition.  When you are entrepreneurial literate, you are a student of small business.  You do not just rest on your idea and marketing efforts. You constantly work to refine your business model. You are someone who makes sure your passion has a profit center.

Entrepreneurial Literacy is important because too many people who want to start small businesses lack critical understanding about financial matters including budgeting, taxes, balancing a checkbook, managing credit cards or lines of credit, and developing sales projections.

Here’s a fact: if you do not manage your household with a budget you are far less likely to manage your business with budget. The best business owners make business decisions based on up-to-date financial information that is tracked against a budget.

Your journey to become an entrepreneur starts from real experiences that test your knowledge and skills and motivations.

Pursuing entrepreneurial literacy is about the research you do as you prepare to start your business.  The more you learn and grow, the better business leader you will be. Real entrepreneurial skills come from your work and industry experience, and your willingness to continue learning.

Entrepreneurial Literacy is a real necessity if you have plans to Become Your Own Boss.   These are the skills that empower everyone to succeed in business and fuel the American economy with 60-80% of the net new jobs.

Here are 15 Questions for All Would-Be Entrepreneurs

1. Do you have the career skills and experiences to become a successful entrepreneur?
2. What personality traits are more likely to lead to success as an entrepreneur?
3. What taxes do entrepreneurs pay?
4. What items are part of a firm’s operating costs?
5. How can an entrepreneur learn about what his/her customers want?
6. How can computer skills help with business operations?
7. How do small business owners deal with risk?
8. How does personal financial literacy relate to business financial literacy?
9. What factors determine where to locate a business?
10. Why is branding important?
11. How does competition affect entrepreneurship?
12. What percent of American firms have no employees working for them?   Why is this important?
13. What are some sources of funding to start a business?
14. What should you do if business drops off?
15. What should an entrepreneur consider when hiring employees for the business?

National Entrepreneurship Week is sponsored by The Consortium for Entrepreneurship Education which believes that ”Entrepreneurs are not born….rather they ‘become’ through the experiences of their lives.” (Albert Shapero – OSU) For more information http://www.nationaleweek.org/

Are there any other questions that need to go on this list? Please leave a comment.

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 seasoned entrepreneur, professional speaker, and small business coach. Her areas of expertise include small business start-up, business development and social media marketing.  Melinda hosts #Smallbizchat, a weekly talk show on Twitter.  Melinda’s first book Become Your Own Boss in 12 months; A Month-by-Month Guide to Start a Business that Works is due out in March 2010 by Adams Media.

It will take every bit of enthusiasm and energy you have to grow your business into a viable enterprise and a powerful brand.   If you think you work hard now with a job working in corporate America, you are in for a rude awakening once you start your small business, particularly if you are used to having a large support staff.  This is the first of a Two Part series of blog posts on what it takes to be an entrepreneur.

This blog post is excerpted from my forthcoming book Become Your Own Boss in 12 Months! A Month By Month Guide To A Business That Works! The book will be released in March 2010 by Adams Media.  Become Your Own Boss in 12 Months! is organized by month to lead you step by step through the process of how to transition from a job to small business ownership. In other words, it’s a 12 month planning guide to fire your boss and start your small business.

What Does It Take To Be an Entrepreneur?

1. Chief Visionary Officer You must visualize what you want your small business to become over the long haul. Stephen Covey’s most famous concept is “Begin with the End In Mind!”  This is true in business and in life.  This is the step that gets people in trouble all too often.  Don’t get excited about making one initial sale.  Take the time to plan out your business model and write out a business plan. Think about what you want your business to be ultimately in terms of number of employees, number of locations, and amount of revenue etc. this will dictate everything you do as you start and grow your business.

2. Chief Sales Officer Nobody should be able to sell your business better than you. You need to be a selling machine.  Networking feeds the sales of your business.  People do business with people they like and know.  If you are known more internally at your current job than externally, spend the time to build your network before your start your business.  If you are really not that great at networking, there are two options: get a partner with a great rolodex who loves to network or take some sales training courses to develop a structured system to get it done.

3. Marketing Manager Your marketing efforts are the life’s blood of your business.  You must market strategically. You have limited time and limited resources. The narrower your niche market, the easier it is to focus on where to engage your customers. When you are just starting a business you should do marketing activities weekly.  Social media marketing activities must be done at least three times a week.

4. AR/AP Manager (Accounts Receivable /Accounts Payable) One of the most important things you need to do to have a successful small business is to stay on top of who you need to pay, and who owes you money.  You should develop a set policy for when you cut checks to vendors and payroll such as every two weeks.  When you can, try to negotiate credit terms with all of your vendors. Push for Net 45 if you can.

5. HR Manager All part time, full time and contract employees will be hired by you.  That means you will need to develop job descriptions for each position and conduct interviews for all positions needed. If you work with a temp agency you will still need to provide a job description.  No employees should be hired until you can afford their salary, taxes and benefits for at least six months. A year is even better.

What other jobs do you think a small business owner needs to do?  Please leave a comment.

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, Become Your Own Boss in 12 months; A Month-By-Month Guide To a Business Than Works! is scheduled to be released by Adams Media in March 2010.