Category Archives: Entrepreneurial

Why Entrepreneurs cannot get businesses of the ground

Right now there’s a lot of focus at the Federal government level here in the United States on creating jobs.  Of course, anyone who thinks government can create jobs doesn’t really understand how jobs in the private sector are created.

Government cannot create jobs.  What government can do is make an environment that encourages businesses to do more hiring. And government definitely can get in the way of new businesses and the employees they may hire.

But if you want to encourage entrepreneurs and small businesses that actually do the hiring, instead of looking at the Federal level, you should be looking at the impact of government at the state and local levels.

According to a series of reports by the Institute of Justice:

” … one of the principal obstacles to creating new jobs and entrepreneurial activity in cities across the country is the complex maze of regulations cities and states impose on small businesses.  IJ’s “city study” reports are filled with real-world examples of specific restrictions that often make it impossible for entrepreneurs to create jobs for themselves, let alone for others.”

The following video from the Institute of Justice (discovered via Instapundit.com), gives examples of the maze of local regulations and laws that hinder entrepreneurship — and by extension job creation — often in baffling and unexplainable ways.  Watch the 5-minute video, “Why Chuck Can’t Get His Business Off the Ground”:

 
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Thinking positively about your business…continued

Marketing

The science behind luxury marketing. Use this information as you see fit if applicable in your business. A new study in neuromarketing suggests purchase of luxury items spurs…well, more purchase of luxury items. Are sales in this case a form of marketing? Yes, the research seems to suggest. Fast Company

Which customers do you most value? One business guru suggests the real path to marketing success is to limit the number of customers you target. You’re used to trying to provide value for them. Now perhaps it’s time for you to decide who gives the best value back. Bloomberg BusinessWeek

Strategy

Who is your ideal client? As suggested above, finding the ideal customer for your product your service can be the key to success in your marketing efforts and way to grow your business exponentially. But the key step, says business coach John Assaraf, is to figure out who those customers are first. One Coach

Is your business in need of acceleration? In this post, business expert Rieva Lesonky has a look at what accelerators can do for small business startup and growth. There are new trends emerging in the world of small business acceleration and some may prove helpful to your business. Small Business Trends

Finance

SBA puts small biz lending into overdrive. It’s debatable whether small business lending should truly be the main priority when it comes to stimulating small business growth. But clearly, the U.S. Small Business Administration thinks so and is pushing through initiatives with less paperwork and red tape than usual to lend more money to the small business sector. CNN Money

Hey, if you really need money…  There are other places to get it besides the SBA. There are, of course, legitimate reasons you might need some financing along the way as your small business grows. Just remember, though, there are many ways to get the cash you need WITHOUT a bank loan (and without giving away equity.) We know you’ve heard some of these before, but the post adds a bit of perspective you may find helpful. Small Biz Bee

Policy

How’s your health insurance cost? One small business owner says he’s actually seen a decline in healthcare costs over the summer despite the claims about “Obamacare” but don’t look to closely. Though Paul Downs says he may be in line for a tax credit as well, in the end he’ll probably take a “penalty Payment” rather than go on providing health insurance for his workers. So much for healthcare progress. You’re the Boss

Want to encourage small business growth? Try taking some cues from Europe, suggests Scott Shane, a professor of entrepreneurial studies at Case Western University. In particular, Shane suggests U.S. policy makers should consider Europe’s lower tax rates and a greater respect for the role of entrepreneurs in the economy. Food for thought. Bloomberg BusinessWeek

Self-development

Turning failure into feedback. The worst thing you can imagine has happened. You’ve lost that big account, the one that represents either substantial revenue or prestige (or both) to your firm. What do you do now? How about turning this into something positive? Mountain Moving Mindset

Why being a young entrepreneur is a good thing

 

Young EntrepreneurWhen you start out as an entrepreneur at an early age, you find that one of the things that stands in the way of your entrepreneur success isn’t the world, but it’s you.  Yes, you.  As a young entrepreneur, you often split your focus between two ideas:

  • You’re too young to know better.
  • You’re too young, and that makes you cutting edge.

For those who are the younger generation (however you define that), it can be easy to think that because you are younger, people don’t expect as much of you.  You don’t have to be a professional because you’re young and people will simply write that off as being a part of who you are.

Reality Check

While you might be young, you are still expected to be a professional.  The thing with the Internet is that you are only young if you admit it.  When you’re behind the workings of your website, the only thing people focus on is what you sell and what you say, not on your age – unless you advertise it.  Just as with any site you visit, your audience expects you to do what you promise to do, when you promise to do it.

At the same time, because you are young, you probably do things because they seem like a good idea.  That’s a great attitude to have.  Instead of sitting around and thinking every single step of your business through, sometimes you just have to take risks and do things that seem crazy to others.  The craziest ideas often win.

The Cutting Edge Mentality

There is a distinct difference between being cutting edge and being blindly arrogant.  Every entrepreneur thinks their ideas are the best (and you should), but when you simply ignore the feedback you receive, that’s where your confidence can hurt you.  Sure, it’s a stereotype to say that ‘all’ young entrepreneurs are cutting edge, but since you’re younger and in sync with other markers than your competition, you know there’s pressure on you to do more, to be more, and to do something unique.

All this cutting edge pressure can make you blind to reality – that sometimes ideas just don’t work.  And that’s okay too.

Youth and Who You Are

This is beginning to sound like youth is a bad thing.  It’s not.  Not at all.  Being a young entrepreneur is something that does work to your advantage.

  • You’re more energetic – Yes, those late nights are going to be much easier on you.  You can stay up a few nights to get an important project done or to work with a new client.  You are more productive because you have more energy.
  • You’re more in tune with new ideas and movements – You’re probably on social media more, so you’re hearing all of the good ideas that are brewing in the world.  This allows you to synthesize what you hear and turn those ideas into something that hasn’t been done before.
  • You can make mistakes and start over – Even if you make a mistake or something goes wrong, you can start over and over and over again.

Being young and being an entrepreneur is a combination that will take you far.  But you still need to get started, stop talking, and start doing what you love to do.

Marketing

Creating a ruthless marketing strategy. No, it’s never about being ruthless in the way you market to prospects or the way you treat your customers. Creating a ruthless marketing strategy means being ruthless in cutting out marketing activities that don’t achieve your central marketing goals. Why make the cuts? Because these activities may take time and resources away from activities that are much more effective in reaching your marketing goals. M4B Marketing

Think marketing isn’t an important part of your business mix? The best marketing is still a great product or service and great customer service as we’ve said before. But it turns out that’s still marketing and, as an entrepreneur, you had better be ready and able to do it. Spreading the word about your great product or service is a huge part of what successful businesses do. What plans do you have for sharing your awesomeness with the world?MyWifeQuitHerJob.com

Mobile

In mobile as in social media, don’t push your brand. Mobile, like social media, is about creating a presence and establishing value. But if it gets to be too much about just plastering your brand on yet another medium (as with TV, billboards, radio etc.) it’s just not likely to work out that well, experts say. So what is the best way to use mobile marketing to benefit your brand? The Lunch Pail

Online video

Can online video generate sales? Massive ones, thank you. In fact,one example of an education video (created for free) to educate viewers about the importance of investing in silver worked so well, the company that launched the campaign eventually ran out of stock. Online video marketing need not be expensive but can be hugely effective. Are you using online video today? Catalyst Marketers

Customer service

How customer service can make your business memorable. Isn’t it interesting how great customer service can create memorable branding as well? The companies mentioned in this post are amongst the most recognizable worldwide including Amazon and Starbucks. But how much of this is marketing and how much of this is just treating the customer right? What can your small business learn as a result. Free From Broke