For the Family Business: The Family Retreat

Trying to plan a business strategy during normal office hours is almost impossible. Plan a family business retreat to discuss the goals of the individual family members and the goals of the business.

The first retreat should focus on reviewing the firm's history, defining family and business values and missions, creating a statement about the future of the business and reviewing areas that need more attention.


The purpose of the retreat is to provide a forum for introspection, problem solving and policy making. For some participants this will be their first opportunity to talk about their concerns in a non-confrontational atmosphere. It is also a time to celebrate the family and enhance its inner strength.

A retreat usually lasts two days and is held far enough away so you won't be disturbed or tempted to go to the office. Every member of the family, including in-laws, should be invited. Begin plans for your retreat about six weeks in advance. Note: If you have a trusted business advisor have them work with you on your agenda and planning


Once you have picked a time and place, establish a tentative agenda. Your actual agenda will be tailored to meet the unique needs of your family and business. Usually families will identify some of the following issues for discussion at their first retreat:
A family creed or mission statement.
Management succession.
Estate planning.
Strategic business planning.
The reward system.
Performance evaluation.
Communication within the family.
Preparing adult children to enter the business.
Transition timing.
Exit and entry policies.


You may consider using a retreat facilitator, a professional experienced in helping family-owned businesses. The facilitator helps identify issues for discussion before the retreat and keeps the atmosphere non-confrontational during the retreat. The facilitator does not solve the family's problems but guides the family in doing so.


The retreat is the beginning of a process. When a consensus is reached by the participants, policies should be set, courses of action planned and responsibility for implementation assigned. When agreement cannot be reached, further discussions should be planned, possibly with the continued assistance of the facilitator.


One important outcome of the retreat should be plans for periodic family meetings and retreats in the future, so the dialogue will continue. Open communications will enable the family to come to grips with problems and issues while they are fairly easy to solve. Once family members have reached a consensus on the continuity of the firm and their roles in it, you can begin planning for succession.

Going Into Business

You are thinking of going into business. This can have advantages and disadvantages.
As one frustrated entrepreneur (who had still kept their sense of humor in tact) was heard to quip – “The only thing more over-rated the natural childbirth is owning your own business.”

Running a business of your own will bring a sense of independence, and a sense of accomplishment. You will be the boss, and you can't be fired, though there may be days when you would welcome it. You will experience a pride in ownership - such as you experience if you own your own home. You can derive great satisfaction from offering a product or service that is valued in the market place. By being boss you can adopt new ideas quickly. Since your endeavor undoubtedly will be a small business - at least in the beginning - you will have no large, unwieldy organization to re-direct if a change is needed. This opportunity for flexibility is one of small businesses greatest assets.

These are some of the advantages and pleasures of operating your own business. Now take a look at the other side. As one small business owner attending a conference put it: "When I came here, my business lost the services of its chief executive, sales manager, controller, advertising department, personnel director, head bookkeeper, and janitor."

If you have employees, you must meet a payroll week after week. You must always have money to pay creditors - the man who sells you goods or materials, the dealer who furnishes fixtures and equipment, the landlord if you rent, the mortgage holder if you are buying your place of business, the publisher running your advertisements, the tax collector, and many others. All of these must be paid before you can pay yourself.

You must accept sole responsibility for all final decisions. A wrong judgment on your part can result in losses not only to yourself but, possibly, to your employees, creditors, and customers as well. Moreover, you must withstand, alone, adverse situations caused by circumstances frequently beyond your control, To overcome these business setbacks and keep your business profitable means long hours of hard work. It could very well not be the work you want to do. As someone else's employee you developed a skill. Now, starting a business of your own, you may expect to use that skill 40 or more hours a week. Instead, you must perform the management tasks as well. You must keep the books, analyze accounting records, sit back and do long range planning, jump and handle the expediting and, when everyone has gone home and you finally have caught up with the paper work, you may even have to sweep the floor.

As your business grows and you become more successful, you may not do some of these activities. As an owner-manager, however, you must - at least at first - give up the technical aspects you know and enjoy doing, and focus on the management aspects. To get your business off to a successful start, you must be a manager not an operator. As one small business owner attending a conference put it: "When I came here, my business lost the services of its chief executive, sales manager, controller, advertising department, personnel director, head bookkeeper, and janitor."

You will never be entirely your own boss.

No matter what you choose - manufacturing, wholesaling, retailing or service business - you must always satisfy your customers. If you don't give the customers what they want, they'll go somewhere else and you'll be out of business. So every customer, or even potential customer, is your boss. Your creditors will also dictate to you, and your competitors' actions may force you to make decisions you don't want to make. National and local government agencies will insist that you meet certain standards and follow certain regulations. The one thing you can decide yourself is how you will satisfy all of these bosses.

All these things considered more and more people are starting their own businesses everyday – many of these businesses will be the Microsoft’s of tomorrow!

Do You Need a CEO?

As a provider of insight, guidance and education to small business owners via our Local Business Assistance Program, we at OED couldn't help but notice this question posed on Entrepreneur.com.

How Can I Find a CEO for My Startup?

How can I find someone to lead the way for my startup healthcare website? The website is completed and has had great reviews in beta testing with family and friends. I need investment capital, business organization and someone with knowledge to secure an initial workforce. I have some initial funds to help start the process but not the experience or time to do it by myself. I’m stuck. Any ideas?

Read more: http://www.entrepreneur.com/answer/229769#ixzz2ruUzkG8A

Read the article for advice, and contact us to see what pro-bono, highly experienced support OED can make available to you!

Heading off the Fears

Excellent article today on Inc.com about ways to get past some of the common fears many small business owners face. Scott Elser is right on the mark:
Worst FearsYour company's success depends on staying ahead of key growing pains.

"Lots of successful people do well because they attack every day with the core belief in their own Midas touch. That 'can’t fail' mentality enables them to embrace each and every thing they do with an infectious sense of confidence. They wake up every day wondering which mountain to climb next. They are, indeed, the personification of the word "entrepreneur."

I’m not that guy. I am far more likely to wake up in the middle of the night with the fear that everything we built will fall apart. While confident enough to understand that these fears are somewhat irrational, this DNA drives me to a very different view of the world, and my business. Rather than always looking toward the next peak to summit, I am constantly looking to ensure that Launchpad remains relevant and ready for tomorrow. ..."

Can you relate? Read the full article here for his excellent guidance!

Winter Weather's Not Done- Protect Yourself

Many parts of the country have been slammed with snow this winter. Just this week saw much of the East Coast receiving anywhere from a wintry inch to snarl Southern roads to over a foot to hold up Northeast corridor. Snow days (pr days due to any extreme weather event for that matter) can pose a real challenge for small business owners, often unclear of what the law calls for vs. common sense. Many an OED Certified Advisor has spoken to a small business owner both revelling in and frustrated by the privacy of their empty office when he or she has made it over hill and dale.

To help you sort out the issue of what you should do as well as need to do, we recommend you brush up on Susan Healthfield's article on About.com. It is not intended as binding legal advice, but rather education to make you aware of certain twists and turns in HR issues thanks to weather fiascos.

So if it's still cold where you are, grab a hot cup of coffee and take a reading break. If you're laughing away from the Sunbelt, quit laughing. Hurricane season for you is but six short months away and brings some common challenges.

Read the article here. Stay warm!

What are you grateful for?

“The grateful mind is constantly fixed upon the best. Therefore it tends to become the best. It takes the form or character of the best, and will receive the best.” – Wallace D Wattles

We all have many things to be grateful for. Our families, our friends, our relationships… the fact that we are alive and have nothing but opportunity in front of us.

Gratitude keeps you focused on the good in life and that is critical in bringing more good into your life.

Don’t negate all the good in your life by focusing upon what you don’t have. That will only bring you more of what you don’t have and don’t want!!! It becomes a self-fulfilling prophecy and why you see some people who seem to always be spiraling downward.

Another concept to appreciate is that if we aren’t grateful for the good in our lives, and express this, then these good things will start to diminish. Be thankful for your loved ones and tell them so often. If you want more than being thankful for what you have will open the door to more and your ability to go the extra mile where you are… which will bring you to what you desire.

Make a list and add to it every day of the things that you should be grateful for. Read it every day.

Doing so will change how you think and therefore what you have and will receive. What you have is based on your ‘old’ thinking. What is coming to you is based on how you think from this moment forward.

Regards,

Eric

Eric W. Leaman

Trustee

Organization for Entrepreneurial Development

Unleashing the entrepreneurial spirit.

Change your mind ... and EVERYTHING changes

What Do Effective Leaders Have in Common?

"The best executive is one who has the sense to pick good people to do what they want done, and self-restraint enough to keep from meddling with them while they do it.” – Teddy Roosevelt – US President

What characteristics do all leaders possess? Here are four to consider:
1. Commitment to a vision
2. A means to communicate that vision
3. Ability to build trust among associates
4. A positive self-image--leaders believe in themselves.

In addition to these four traits, a good leader also possess two vital people skills: communicating with and motivating employees.

Communication. To be a leader, a manager can't believe he or she is on a pedestal. One company limited the dividing walls in its building so there is easy access to every employee with no knocking required. This company also holds formal meetings weekly for a group of managers who try to identify problems in each department.

A telecommunications company holds a meeting of the entire company every six months and once a year holds a series of roundtables. This company also conducts employee attitude surveys in which employees anonymously ask questions of upper-level management.

Motivation. Can a leader best provide a sense of direction for his or her company by quantifying goals? There is mixed opinion on this.

One theory is that goals need to be specific for each individual. Target bonuses are seen as helpful.

The opposing view considers the adverse consequences of not meeting goals--if employees fall short of the goals, it can act as negative reinforcement. People have built-in insecurities, so goals must convince employees that they are incredible.

Some systems make everybody a winner. A goal system at IBM was mentioned as one illustration of positive reinforcement. IBM emphasizes respect for the individual by tilting the review system to the affirmative--70% of employees make the goals.

Principles for Effective and Ethical Consulting

• Take the time to really understand your client’s perspective on their issues, including what they have tried, what has worked, what has not worked and what they think should be done now. It is better to go slower with your client than faster without them.

• Come to every engagement with a basic implementation framework in mind. Early in an engagement, the major purpose of the framework can be as a common frame of reference when talking about the project goals, methods, evaluation and learning. Be willing to modify that framework as you and your client work together.

• Your value is in collaboration and communication. Your client will value you if both of you continue to work together in a process that is collaborative, well understood, communicated to all and focused on results.

• Success comes from who you are as much as (or more than) from your expertise. This is true, especially if your client perceives you to be authentic and respectful, and consulting with focus on results and learning. Similarly, one of the most powerful influences that can have with your clients is to model the behaviors that you want from them.

• Do what you say you are going to do. In every engagement you will help improvement almost immediately by remaining grounded and centered, clear and consistent. Your consistency builds trust and commitment with clients and their employees as well.

• Always explain the reasons for your recommendations and the benefits that will come to your client as a result.

• Clients often struggle with certain issues. They may not want to change and might resist your attempts to help them. In those instances, remember that those responses are their choices but your role as facilitator and mentor for them will help them move past their hesitancy. And remember… people learn only what they are ready to learn.

• Experienced consultants remember there are many perspectives on an issue in the organization. Those perspectives should be encouraged and explored because they often lead to more successful problem solving.

• You are an “instrument” of change with your client, so you should be willing to suspend your overall biases, assumptions and beliefs when working with people.

Prepared by the Organization for Entrepreneurial Developments Editorial Staff July, 2010
Copyright OED 2010

Budgeting and Your Small Business

“I have always thought that one man of tolerable abilities may work great changes, and accomplish great affairs among mankind, if he first forms a good plan, and, cutting off all amusements or other employment’s that would divert his attention, make the execution of that same plan his sole study and business.” - Benjamin Franklin (1706–90)

Many business people run their businesses without a planned goal… by the seats of their pants. In trying to survive from week to week and from month to month, such people overlook an important management tool, budgeting. Budgeting can help just as a map helps you to keep on the right road.

Budgeting is a tool for dealing with the future. It helps you turn expectations into reality.

An increase in profit should be the first consideration when you think about the prospect for your business in the next year. Making a profit is the ONLY reason for being in business! Working up a budget helps you to determine whether or not your profit goal is within reach.

 Why Budget
A budget is a plan that enables you to set a goal and list the steps that are necessary to reach that goal. Thus, a budget helps you think about what you want your business to do in the future. By planning, you are in a better position to act to prevent crises.

In its simplest form, a budget is a detailed plan of future receipts and expenditures - projected profit and loss statement. Thus, once the period for which you have budgeted is completed, you can compare actual results with anticipated goals. If some of your expenses, for example, are higher than you expected, you can start looking for ways to cut them. Conversely, if you have fallen short of your goal, you may want to look for ways to increase your income.

Budget makers can start either with a forecast of sales and work down or with a forecast of profits and work up. Most businesses use the latter method. In other words, you decide what profit you want to make and then list the expenses that you will incur in order to make that predetermined profit.

 A Plan For Increased Profit
Before you can use a budget as a plan for increased profit, you have to be sure that your present profit is what it should be. In a business, the year-end profit should be large enough to make a return on your investment and a return on your own work-pay.

Value Of Owner's Service.
Skilled crafts people who own businesses are kidding themselves if their firms' profits are less than they can earn working for someone else. Your net profit after taxes should be at least as much as you can earn if you worked at your trade for a weekly pay check.

Return On Investment.
The year-end profit is too low it does not also include a return on the owner-manager's investment. That investment includes the money you put into the firm when you started it and the profit of prior years which you left in the firm - retained earnings

Your Targeted Income.
After you know what you made last year, you can set a profit goal for next year. Be sure that your goal includes a return on your services and a return on your investment.

You can have anything that you want...

You Can Have or Be Anything That You Want

Your ‘brain’ may fight this concept but that is because it has been trained by others that you CAN’T have everything you want. Forget all those who have said ‘you can’t’… they were wrong. 

 

Tell your brain what to expect and it will help you get it! Think positive, be positive, BELIEVE positive, and you brain will show you the path to whatever you want… it is powerful enough to hold you back and it is powerful enough to get you what you want!

 

You are what you think about most.

 

All success starts in the mind.

Decide what you want, believe it is possible and that you deserve it. Then focus on it, visualize it (see it).

 

Said another way, your every act is preceded by a thought. Your dominant thoughts determine your dominant actions. Control your thoughts and your will control all your actions. Think before you act and think about your thoughts!

 

Your character is the sum total of your habits and your habits are formed by conscious acts and every conscious act is preceded by a thought. Control your thoughts, change your actions, change those habits you need or wish to change or amplify those that you wish to.

 

Regards,

 

Eric

 

Eric W. Leaman

Trustee

Organization for Entrepreneurial Development

Unleashing the entrepreneurial spirit.

Change your mind ... and EVERYTHING changes

 

Interested vs. Interesting

OED Certified Advisor Sandy Riser of The Next Level Business Solutions brings us this simple and critical perspective on networking events.

When was the last time you went to a networking event where you felt someone was really interested in you? I like the theory about being interested in who you are talking to vs. what we think we should be at events which is being interesting.


If you switch those around, they will turn your networking into a powerful piece of your marketing. It is not all about you.
See more of Sandy's tips by visiting Next Levels's blog, or by follwoing them on Facebook and Twitter.

What is a Marketing Plan?

It is a written plan that describes your product in detail and how it will be sold to the markets that will best use it and that you can best reach.

A marketing plan should be developed when a business first starts, as part of its business plan, and should be updated at least 2 times a year (preferably four times).

Most failures in marketing can be attributed to executive oversight, neglect, or lack of facts.

A marketing plan consists of a total volume goal broken down (at least) by products, customer types, areas, and time periods. That is, how much of each product is to be sold to each type of customer in each territory over each month or quarter? How much profit is each to produce?

Good business organization calls for management to:
 Establish the business goal
 Analyze the market potential
 Plan a marketing program to get the job done
 Organize manpower, equipment, capital
 Train people to execute assignments
 Execute-administrate the program
 Control it - goals, budgets, performance as planned

Factors that must be consider in writing a marketing plan:
 What products and services are you selling?
 Where will you be located and why?
 How will you get or produce these products or services?
 What is the industry?
 What is the past, present and future outlook for the industry?
 Who will buy what you are selling?
 How many buyers are there?
 Why will they buy from you?
 How will you sell them?
 How often will they buy from you?
 How much will they buy from you?
 How will they know about you?
 Where are your buyers located?
 Who are the competitors?
 What are they selling and how are they selling?
 What will make you better then the competitor?
 What suppliers or vendors will you need?

Personal Responsibility

“The price of greatness is responsibility.” – Winston Churchill

 

There is only one person responsible for your life and that person is YOU.

You must take 100% responsibility for your life and your actions.

You can’t blame others for what you have or don’t or what happens in any area of your life. It is all your responsibility and you have created the life you are living and only you can change it.

You must take responsibility for your life and be accountable for your wants, desire, and dreams. Accountability unlocks the door to your future.

Responsibility and accountability are about results. If you hold steadfast to your wants, desires, and dreams and do everything you can to attain them… then they will be yours. But they will not fall into your lap you must have a plan and hold yourself steadfast in moving forward every day. You control you destiny… not luck or others.

And you can create a life of abundance and goodness… that is the beauty of life. You can change anything you want to, improve anything you want to… all you have to do is want it powerfully enough (have a burning desire) and keep the belief that it is yours to have and it can and will be yours… if you hold yourself accountable for attaining it all.

No more stories, no more excuses, no more unfulfilled dreams… just do it.

Regards,

Eric

 

Eric W. Leaman
Trustee
Organization for Entrepreneurial Development

Unleashing the entrepreneurial spirit.

Change your mind ... and EVERYTHING changes

 

Ask People Why They Do Business With You

Testimonials are great, but successful companies do something more direct.

How often have you actually asked a person why they do business with you, and not your competition?

Have you ever?

Most people don't bring up the subject. They're afraid that the customer might start thinking about whether or not they should switch. Believe it that's not at all likely, unless they were on the verge of switching already. In that case, you'll find out now, when you have a chance to fix it, instead of later, after they're gone.

When the customer hears a sincere question from you that you genuinely want an answer for, you'll be surprised at how often you'll GET a direct answer. And you'll be surprised at some of the things you hear.

What you consider important might not be at all what the customer thinks matters. Ask them with a genuine interest (You DO want to know why people spend money with you, don't you?) and then listen. Ask for specifics. And when they've answered you, thank them.

When you see a pattern forming, use that in your advertising. Look for the things that are common to your most valued customers. Build on those strengths.

You'll also notice that, when your customers tell you out loud why they buy from you, they're also telling themselves. They reinforce the reasons that you are the one that they do business with. And that's the best advertising you can get.

The Reality of Work

contributed by OED Certified Advisor Gene G. Wright, Managing Partner, Northstar Consulting

Summary

We now live in a world of exponential change and increasing uncertainty in the world of work. The “new normal” is often expressed in terms of jobless growth, asset de-risking and the relentless pursuit of increasing competitiveness. The necessity for innovation in the workplace has long been recognized as a critical success factor for global companies like Apple, General Electric and Wal-Mart. However, it is no less important to small businesses where the loss of a single employee may be devastating to its success.  Today, in the best and most profitable organizations large and small, greater wealth is being derived directly from people performance versus capital equipment investment. In these organizations, unleashing the potential of people is seen as essential for the organization to thrive. Their employees are regarded as “talent” versus “labor” and seen as investment versus an expense. And like an investment, they’re being sought after to provide a return on investment (ROI). Employees are being more precisely targeted and selected for work roles to predictably and consistently provide maximum performance to their employers.

In spite of the critical need for innovation in the workplace, many companies and their employees remain deluded about the nature of work in this new age. Both parties continually experience unnecessary risk, loss, failure and surprises due to their respective reliance upon assumptions, misunderstandings or information voids. Managers and staff at every level are interacting daily without the knowledge necessary to unleash the greater potential hidden within their relationships. Incredibly, in 2011, some still only use performance reviews, engagement surveys, and assessments that are little more than rear view mirrors of past performance and do little to address real workplace needs and desires of either party. In sum, yesterday’s work mentality is inadequate for today’s workforce realities.      

The reality of today’s work relationships is one of great complexity, percolating from differences, contexts, variables and change between employer and employee. Because of the many “moving parts” there are significant benefits for both in the workplace if they can develop a common map for understanding and assembling work role relationships. A well designed work role serves to improve everyone’s thought, design, communications and choices. This can also provide a means for continuous improvements and knowledge management across time.

The value of predictive performance that may be gleaned from such a process could enable sustainable competitive advantage for businesses large and small if managers and employees can begin to realize, reconcile and reach agreement with their respective work, workplace and career goals. This becomes even more true related to respective specific needs and what each sees as value or benefit related to work. Both find it is easier to produce expectations than to extend attentive empathy and understanding of the other. Being accurately responsive to the other parties needs is advantageous and reliably provides the powerful leverage either requires to best gain what they seek

The critical factors that define, influence and impact performance, relationships and attraction between workers and organizations are quite different for employer and employee. On the “employer side” of work relationships there are three ever-changing, universal dimensions of functional work role performance within every organization of any size or industry. They include outcomes and production (what is expected), conserving resources (efficiency) and preventing risk (mistakes). On the “employee side” of work relationships, three different dimensions drive, attract, engage or repel workers across every profession and every worker demographic. These include functional (skills, competencies, education and experience), social (interactions with people inside or outside the organization) and life effects satisfaction (travel, relocation).

Predictability, the only way for employer or employee to dependably and consistently get what they need from the other is to provide what the other needs, and do it consistently and with precision. In short-the reality of work becomes a “we” thing with shared accountability for creating and sustaining high performance work relationships. Neither party is entitled anymore. Choice is the cornerstone of shared accountability and the underlying force for strong work relationships.

What do you think? Comments welcome!

How You View Life is How Your Life Will Be

If you want to be miserable, then get yourself around other people who are miserable. If you wish to be joyful, successful and fulfilled, put yourself around those who live with positive purpose.

The more energy you put into complaining about how bad things are, the more things you'll have to complain about. The more intensely you visualize how good things can be, the better they will become.

You are naturally drawn to whatever you focus upon. You will see precisely the opportunities and possibilities that you prepare yourself to see.

Each day is filled with so many choices and directions that you cannot possibly connect to them all. The ones you do connect with are the ones that most closely resonate with your view of life.

Fortunately, you can choose to view life in whatever way you wish. Those who find the best in life are those who continually remind themselves that all the good and valuable things are most certainly there.

“See your life as a grand opportunity for love and joy, achievement and fulfillment. And that's exactly what it will be.” - Ralph Marston

 Eric W. Leaman

Trustee

eleaman@oedglobal.org

http://twitter.com/oed4smallbiz

Organization for Entrepreneurial Development

 

Unleashing the entrepreneurial spirit.

Change your mind ... and EVERYTHING changes

 

Maintain a Sales and Marketing Focus

Accomplish something from your sales and marketing plan everyday!!
When running your own business, it is easy to get caught up in the task at hand, the deadlines, and the deliverables. But it is important to keep some attention on the future and maintain a long-term view of the business.

Do not allow yourself to spend all of your time on today’s operational crisis while neglecting business promotion, customer service, and long-term relationship building. Force yourself everyday to do something that will help you get new customers, to make additional sales to existing customers, or to get the word out about your business.

The classical Chinese proverb reminds us:

“A journey of a thousand miles begins with a single step” – Lao-tzu

….and that journey continues with another step, and another, and another. You can only progress on your journey toward your goals if you continue to take step after step. These steps need to become regular, consistent and ongoing to continue to make progress.

Likewise, you must work at it to sustain or grow your business. You need to maintain a consistent sales and marketing focus to make sure your business endures and prospers.

Make it a habit to accomplish something from your sales and marketing plan every day. Every day you should be working on expanding sales, both directly and indirectly. Examples of some less direct activities you can undertake to position your business for increasing sales:

• Follow-up with existing customers
• Offer special promotions to dormant or former customers
• Meet with your biggest customers
• Meet with your targeted prospective customers
• Send out a promotional mailing/e-mailing
• Attend a networking event
• Sponsor a local business/consumer/community event
• Hold a special event for customers and prospective customers
• Meet with the sales team
• Refine sales messages
• Update sales management tools
• Optimize advertising
• Issue a press release
• Establish a new sales channel
• Address a new market segment
• Update sales literature
• Develop a strategy to increase competitive position
• Differentiate your products/services from competitors
• Optimize price points
• Map out an expansion plan

Of course you will want to select the items that are most important to your own business growth and success, and those items will logically have been reflected in your sales and marketing plan.

The important point is to not let a day go by without focusing on your sales and marketing tasks. By making them your top priorities, your business will benefit and you will be rewarded for these efforts.

Business Woes

Þ    out of 3 business startups will close the doors within 6 months.

Þ    out of 4 small to medium sized businesses will fail within 5 years.

Þ    out of 10 small to medium businesses will eventually close.

What can the entrepreneur lose?

Everything! Their savings, their family car and yes, even their home. But even worse than the material items, they can lose their  self' esteem. They can work hard again and recover from economic losses, but sometimes the loss of belief in ones self can be the worst to recover from.

Why the high failure rate?

Because they have to have knowledge of all of the activities in their business. They must be the CEO, Treasurer, production supervisor, marketing specialist, insurance expert, legal critic, etc.:. They may hire people to help them with these jobs but the buck stops on their desk.  They have to be responsible for all of the decisions made in their company. And if they drop any of the balls they are juggling, they could be one of the above statistics.

The Difference? Business Knowledge!

The difference between success and failure in small business is business knowledge!  They cannot fly by the seat of their pants anymore. That worked back in the days of "build a better mousetrap, " but not in the 90’s and beyond they must have business  knowledge to succeed.

OED strives to:

1.    Reach these small business owners in need of assistance.

2.    Make them aware of the training and support available.

3.    Show then the value of learning and implementing what they learn.

Regards,

Eric

Eric W. Leaman

Trustee

eleaman@oedglobal.org

http://twitter.com/oed4smallbiz

Organization for Entrepreneurial Development

Unleashing the entrepreneurial spirit.

Change your mind ... and EVERYTHING changes

Both Sides Now

Follwoing is a post by Sandy Riser, originally published at The Next Level Business Solutions. Thanks, Sandy, for pointing out to us the need to view things from all directions!


Some of us remember that song from Joni Mitchell in 1969 – check it out here. She talked about looking at love from both sides. Believe it or not, marketing is like that – you need to look at it from both sides.

Most of us only look at our view of our business, but it much more vital to look at it from the eyes of your prospective customer. What do you want them to see? Do you really show them in what you do what you are about as a business? Is the “it” about your business evident? The thing that makes you special.

So much of marketing is copycat. What is at the true core of what you do that no one else does? Your marketing needs to reflect that – not that you sell pens, provide accounting services, or help people find a new home. Lots of people do that.

Look at it from both sides – which one really counts?

Life Has Nothing to Do With Luck

There are people believe that most success is the result of favorable breaks or luck. The fact is… Nothing in life is accidental. Life is always about cause and effect.

 The only ‘break’ or luck that anyone can rely on is the self-made variety.

This is the kind of ‘luck’ that comes from having a strong desire and a stronger will power and persistence to accomplish or receive what you desire.

“I am a great believer in Luck. The harder I work the more of it I seem to have.” – Coleman Cox

“(Lucky) Breaks” come to those who work at/for them… they are never random or an accident. You do things that create luck and put you in the path of opportunity. There are no shortcuts. Do the right things and ‘luck’ will bless you.

 “Luck is an accident that happens to the competent.” – Albert M Greenfield

 Most people have desires and lofty wants or goals. What they almost never have is a plan to attain them. Without a plan they are only wishes… not desires or goals

Eric W. Leaman

Trustee
eleaman@oedglobal.org
http://twitter.com/oed4smallbiz
Organization for Entrepreneurial Development
Unleashing the entrepreneurial spirit.
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