Entrepreneurship 01 (May 08 - Jun 10)

[winston]

Train to Be Your Own Boss By Clare Kaufman

Be your own boss and you'll be happier. That's the conclusion of a recent Gallup survey on the impact of occupation on happiness and well-being. Small business owners experience higher levels of job satisfaction -- even amid economic downturn. With the right career training and an entrepreneurial spirit, you can join the ranks of the happily self-employed.

http://encarta.degreesandtraining.com/a ... &gt1=27001

[winston]

Knowledge and Action By Michael Masterson

I've been starting businesses for 30 years. And after taking a look at those that failed right away, those that lingered and then failed, those that puttered along, and those that soared, I have come to the conclusion that to be successful, you need a "ready-fire-aim" approach.

Let me give you an example.

When I first got into the rental real estate business, I had no knowledge of how it works. But I did have a basic understanding of real estate, having bought and sold properties before.

So I did two things.

First, I bought some "how-to" books and spent, maybe, 40 hours studying them.

I zipped through them pretty quickly, because most of what they taught were fundamentals. And that's not what I was looking for. I knew I would pick up the basics on my own, just by buying my first few properties.

I was looking for secrets -- inside information that could get me into profitability faster. So, more important than studying the books, I talked to knowledgeable people -- lots of them -- who had made millions in real estate. (I spoke to one guy at a party who had reportedly made billions.)

That's what I do whenever I am interested in a new business. I search out pros in the field and ask as many questions as they will tolerate. I am always probing for the same things:

* What are the most common mistakes I'm likely to make?
* What is the fastest and safest way to get started?

It took about three months of this sort of research before I felt "ready" to buy.

I bought three small houses in my town. All three seemed good on paper. In reality, they were a mixed bag. I made several big mistakes in assessing their value that I won't make again. I also quickly learned things I'll never forget about how to write a contract and how to screen rental applications.

What I gleaned from the books and conversations was enough to get me started. It helped me avoid the worst mistakes. It put me on the right path.

But what I learned from the experience of doing it was the good stuff -- the true inside information that helped me eventually establish a decamillion-dollar portfolio.

I've said this before, but it bears repeating: The most important knowledge about any business is invisible to outsiders. You can pick it up only when you are actively involved in the business on a day-to-day basis. You can't know it any other way.

That kind of knowledge will determine your ultimate success -- whether you keep going and become rich or stop at the starting gate and do no more.

Where are you with your great moneymaking idea? Are you "ready" to take action on it?

If not, take a few months to acquire the knowledge you need. Spend some money to educate yourself. But buy how-to books and programs only from people with proven success in the field, not from those who make money only by selling advice.

Then "fire"! The sooner you get going, the sooner you'll succeed.

Source: ETR

[kennynah]

sell lime juice....i repeat, i know...

[winston]

What's More Important in Marketing? By Michael Masterson

Products -- the most successful products -- meet urgent needs and solve important problems.

But what solves today's problem won't necessarily solve tomorrow's. We must constantly refine and reinvent to make our products "new."

Many of today's Internet entrepreneurs not only believe they can keep selling the same products, they also believe they can keep using the same promotional techniques.

That's a serious mistake. And it is especially serious now because the market, as I see it, is already going through a sea change.

Having a good understanding of what's working right now gives you the illusion of being in control. You can answer your colleagues' questions. You can correct the technical guys... sometimes. And you are happy that the first promotion you wrote two years ago is still bringing in sales. You are the master!

Or so you think.

If you want to be in business 10 years from now, you can't be complacent. You need to develop a deep understanding of the selling process. You have to know what works and why. What is essential and what is not.

In other words, you have to become an expert in direct marketing.

Rate yourself by answering these questions:

1. What is the most important psychological benefit your product offers?
2. What is the most common mistake other marketers make when they sell something similar?
3. How have your customers' needs and desires changed in the recent past?
4. What changes have you made to accommodate those changes?

If you answered those questions quickly and confidently, you are doing the right kind of thinking. If you are hesitant about some of them, you've got to spend more time with your marketing hat on.

Becoming an expert in direct marketing will teach you how to know your market better than your competitors. It's that deeper knowledge that will save you. Trust me. I've been there.

Source: ETR

[winston]

Give Your Best Customers More of What They Want By Michael Masterson

In most businesses, the 80/20 rule applies to just about everything -- including the question "Which customers contribute most to our bottom line?"

There is a good chance that about 20 percent of your customers are responsible for more than 80 percent of your profits.

Astonishingly, some businesses don't know who their best customers are. They are aware that some people are buying a lot of their stuff. But they don't keep a list of those people or make a special effort to sell to them.

Big mistake.

Your best customers have already spent a lot of money with you. But they will also be the ones who will spend the most money with you in the future -- if you give them the chance.

So if you don't know who your best customers are, find out right away.

And then market to them:-
a) more frequently,
b) more personally, and
c) with more expensive products.

They will reward you. That's guaranteed.

Source: ETR

[winston]

What To Do When a Customer Says "No" By Michael Masterson

When a customer says "no" to your sales pitch, ask him why.

Listen carefully and respectfully to his answer. Take notes. Thank him, and tell him you won't bother him again until you have something better to offer.

Then, when you do have something better, give him a call. He will probably listen to what you have to say. After all, he already "knows" you -- and you've proven yourself to have his best interests at heart.

At that point, given a better offer, he may very well be inclined to say "yes."

Source: ETR

[kennynah]

i agree that it is very imporatant to show respect for the customers' decisions, even if it means no sales for you... entrepreneurs cannot force sell any products to customers...it leads to dissatisfaction in the long run... better to earn their trust and loyalty....

whe your business hits a snack, be tactfully open about it with your valued customers and ask for help... it doesn't surprise me that if you have created enough "credits" with those important customers, that they will help you... afterall, if you survive through the bad patch, you can only be useful to them eventually ...and chances are, they know you will return the favour in the future...

the basic concept is open communication between you and your customers...

and of cos, never forget to give your best service levels to your customers...

[winston]

How a Small Cafe Will Make an Extra $19,710 This Year By Michael Masterson

There's a small cafe in Annapolis, Maryland. A great breakfast place.

And they will add nearly $20,000 to their sales this year by using one little trick: They make it extremely convenient for their customers to add a $3 item to their order.

Each morning, they turn a sack of oranges into 18 cups of fresh-squeezed orange juice. They fill clear plastic cups with the brightly colored juice. And the cups go into a tray of ice right next to the cash register.

They used to put the OJ out on the countertop -- and they hardly sold any of it. But now, 18 people a day grab one of those cups. At $3 each, that's $54 a day. Over a year, that adds up to $19,710 in extra sales. (And that's on an item with a very high profit margin.)

Whether you're running a neighborhood coffee shop or an online "store," make it easy for your customers to grab a little something extra on the way out. Those little sales will add up to big numbers fast.

Source: ETR

[winston]

This was on either CNN or CNBC yesterday..

========================

Man makes living by selling the shirt on his back

NEW YORK (Reuters) - A T-shirt a day has kept unemployment at bay for an American man who is making about $85,000 a year by selling advertising space on his torso.

Jason Sadler, 26, a former marketing professional from Florida, founded his own company, www.iwearyourshirt.com, in 2008 with the idea to wear a T-shirt supplied by any company and then use social media tools to promote the firm.

For his human billboard service, Sadler charges the "face value" of the day so January 1 costs $1, while December 31 costs $365.

Sadler said this may not sound like a lot but it adds up to $66,795 a year if he sells out every day, which he did this year. He also sells monthly sponsorships for $1,500, adding another $18,000 to his income.

"I walk around, take photos, wear the shirt all day ... I blog about those photos, I put 'em up on Twitter, I change my Facebook profile ... and then I do a Youtube video," he told Reuters Television.

"I made about $83,000 this year."

The average U.S. wage is about $615 a week or about $32,000 a year, according to the U.S. Bureau of Labor Statistics.

Sadler has already begun filling his 2010 calendar so, in true entrepreneurial fashion, he is expanding services by hiring another individual to wear a shirt a day on the west coast of the United States -- and is doubling his price.

http://www.reuters.com/article/oddlyEno ... ddlyenough

[kennynah]

you do this in singapore.... you will need a license for it... wahahahaha... and we were trying to promote entrepreneurial spirit...

i'd say, let people sell cold lime juice anywhere they like.... at car parks, outside public swimming pools (nothing can be tastier than those prawn fritters with lotsa chiili sauce sold by ah peks, after an exhausting swim... but no more...they are around anymore), along east coast (imagine you getting thirsty and have to cycle 10KM to macdonalds), ...

but i say....i am just dreaming.... entrepreneurial spirit is killed by the people in power...