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Even the most passionate dedicated entrepreneur will experience occasions when they just don’t like their business. It may be just a bad day filled with unsatisfied customers, disappointing sales or other unfulfilled expectations. However, when a variety of mishaps transpire over a consistent period of time, it can really wear on the business owner and rob him/her of the joy of being in business. When situations arise that diminishes the passion which caused you to enter into the world of business in the first place, try a few of these tips.
- Spend some time away from the business. Take time from the reality of today to remember the dreams of yesterday. Revisit plans, ideas, writings or other mementos from the beginning of your journey as a business owner. Remember the milestones you have achieved and recognize how much you and your business have grown since the first day.
- Review letters, cards, and other messages of appreciation for your work. Allow yourself to be reminded of the great number of satisfied customers you have served or have used your products. Visit a mentor or business coach who can walk you through a series of exercises that validate your work.
- Take time to focus on where your plans for the business will lead you in three to five years from now. Visualize your successes. Revisit your goals. Rekindle your passion to accomplish your vision.
We all experience difficult times through the journey of entrepreneurship. It is the strong, the dedicated, and the committed that focus more on the successful days then the challenging ones. These entrepreneurs see their vision revitalized and become as passionate as they were on first day they opened the door of their business.
There is a lot of speculation about the value of college in today’s world. We live in a world today where some of the richest, most successful CEOs are, in fact, college dropouts. Today’s college graduates face bleak prospects. So is college still worth it? How does the college planning process prepare the workers of tomorrow to be successful? Let’s take a look at questions asked on college essays, particularly the common college entrance application.
When have you experienced failure? How has it affected you?
Many of you, I’m sure, have heard the stories about failure, particularly from Steve Jobs. Failure is a part of everyone’s life, and learning to deal with it at a young age prepares people better for when they have to deal with it in the future.
Reflect on a time when you challenged a belief or an idea.
This question examines the core of innovation and entrepreneurship. As I discuss in my book, people often start their own business in order to change the “status quo,” in essence, to challenge a belief or an idea. Students who write their essays on this question are setting themselves up for entrepreneurship in the future.
Although every high school senior (including my son) is currently complaining about how difficult writing these essays are, the application process can actually set students up very well for their future, as arduous as it seems.
The ideas set out in application essays are very different from what is actually taught in the classroom, particularly at the undergraduate level. I will discuss this more next week.
A common workplace credo is “Think outside the box.” It is an ideal that is held up as the pinnacle of innovation and a credo of progress. Unfortunately, when this principle is implemented, it is often received with a crescendo of complaints, shock and disapproval. We say that new ideas are good, but if anyone comes up with a new idea, we shrink away. Stop that!
Innovation is always scary. People form habits; they find a specific way of doing things, and never want to change. Companies may run the same way for fifty years, even though the methodology the business was built upon became inefficient thirty years ago. Unfortunately, some businesses create a culture where those who may have a new idea, become afraid to speak up, and the managers often don’t even realize it. As in the picture above, people cower in their boxes, doing what they are told, and keeping their good ideas to themselves. Some employees are reminded of Dr. Kelso’s suggestion box in Scrubs; his trash can. As a result of this policy, the other doctors hated Kelso and did everything possible to undercut him. While this makes for good television, it makes for really bad business. As a business owner, you cannot afford to be afraid of new ideas, especially when they come from employees or customers. You don’t need to take every suggestion you receive, but make a conscious effort to listen! Create a culture where customer feedback is an integral part of your business planning. Your customers and employees know what they want and have experience working with your product; their input is invaluable to the success of your business.
As children return to school after a busy summer, teachers are busy preparing activities to assess the knowledge they have retained from the previous year. As a business leader, you must take the time to annually assess your business plan in order to grow your business. You might look at your business plan as the “answer” to the test of what you have learned about growing a successful business. The following are three tests that show what you have learned along the way.
Have you met your time line goals during the year and are you on track to finish the year strong. This shows you have learned valuable lessons in time management and project management including the development of good work flow systems. If you are behind in achieving your goals, put them through the SMART test. Are they specific, measurable, attainable, realistic and timely? If they are and you are having trouble meeting your goals, this may indicate you need a bit of extra support and a business coach may be needed to help you succeed in your attaining your business plan.
Is your financial picture is on target or exceeds expectations for the year. A healthy financial bottom line is a good indicator that your business goals for the year are being met. However, closer scrutiny of both income and expenses is essential to ensure any financial gains and drains were derived from expected sources. Any deviation may indicate a need for an adjustment in your business plan. If you are unsure of where your money came from or went to give me a call and we can lay out a plan for getting your business financials in order.
Are you ready to provide added value to your product line or services for the upcoming new year. It is a satisfying feeling to review your business plan and check off the successes and milestones achieved. A successful business is developed by scaffolding the lessons we’ve learn along the way, the lessons learned are simply a foundation for those yet to come. You’ve heard the Marshall Goldsmith saying, “What got you here won’t get you there.”
- Where is your next “there”?
- What will you need to learn to propel you to the next level?
- What lessons will you need to learn to master the next test?
- Will you need a business mentor to help you get there?
Test yourself throughout the year and be ready to evaluate what you have learned and what you need to learn to grow your business and achieve the success you deserve!
(Photo compliments of renjith krishnan/freedigitalphotos.net)
Millennials are often not ready to settle down. They move from town to town, job to job looking for what really excites them. Some will change jobs their entire life. Your mission should be to convince Millennials to stay at your company by doing the following:
- Atmosphere: Millennials pay close attention to the environment of places they work. Think of the business startup. The open floor atmosphere, the free coffee (which I will talk more about later), the passion and excitement of the employees are all very important to the millennial. Make the Millennial excited to go to work every day. Make the office an exciting place to be. Encourage individuality. Millennials like to express themselves, often with glasses and skinny jeans. Welcome that attitude into your office.
- Attitude: Attitude begins with the boss. What is he/she like? Is the boss approachable, or is there an invisible wall separating the boss from the employees? Millennials are a generation that need positive reinforcement. Have the boss check in on them; ask how a project is coming. However, do not micromanage. Give Millennials space, otherwise they will feel suffocated and leave. If they are supposed to arrive at 8, do not berate them for arriving at 8:05. They will start arriving at 8, but after a while, they will leave. Furthermore, allow Facebook access. It seems like a trivial or counterproductive thing, but access to social media sites has become an integral part of most Millennials. Provided it does not interfere with work, allow them access to these sites. They will enjoy looking at what their friends had for lunch, and you will enjoy having them work for you.
- Perks: As I mentioned earlier, Millennials love their coffee. Provide them with coffee, donuts, and food. They are little tasks that mean quite a bit to the millennial generation. Furthermore, Millennials often value experiences over money. As a result, it is prudent to give them those experiences. Allow them to try the new Vietnamese restaurant downtown. They will appreciate the freedom, and may even bring you back some.