How to Tell if You Are a True Entrepreneur

What exactly is the true meaning of "entrepreneur"? It's a word that is used freely and in various contexts. Let's take a few minutes to look at what being an entrepreneur really involves...and what characteristics lead to success.  The dictionary defines an entrepreneur as...

“a person who starts a business and is willing to risk loss in order to make money.” Notice there are two parts to the definition: starting a business AND risking loss. Anyone can announce a startup. But without truly investing yourself--time, money, energy, reputation--there is no risk. In fact, you're just a dreamer.



Steve Tobak, a contributor to Entrepreneur Magazine, says it bluntly: "Entrepreneur is not a job. Leader is not a job. Social media guru is not a job. If there’s no real expertise, no real product, no real business, no real risk, and no real prospect for return on investment, you’re not working. And you’re not an entrepreneur, either."

One of the criticisms of today's surge of self-declared "entrepreneurs" is that they really don't have careers, because they're basically unemployed. They have no incomes, and no real strategy to develop a company to sell a product or service. No profit equals no business. Period.

This is not meant to discourage you, but to motivate you to move toward genuine progress. Once you know what is NOT an entrepreneur, you can get a clear vision for your purpose and direction. You can begin your path to becoming a successful entrepreneur.

What are some characteristics of successful entrepreneurs?

• They love what they do--and take it seriously. Not only are they able to follow their passion, they truly believe their product or service has value. They ignore skeptics and stick with their work, every day.
• They have a business plan, including finances. A serious entrepreneur knows that a business plan is the road map. Alternate routes will happen, but overall, it's the strategy that drives the business in a prudent manner. 
• They network and self-promote. Entrepreneurs don't wait to be discovered. They work tirelessly to meet people, make connections, and tell their story. Because they are excited about their business, entrepreneurs know the importance of a positive self-image.
• They know their customers and provide outstanding customer service. Successful entrepreneurs study their ideal customers in order to develop the best marketing plan. Then they unfailingly deliver the best possible customer service, which results in customer loyalty and retention.
• They invest in themselves. While running a business often requires constant attention, authentic entrepreneurs know that time away is essential. As the driving force of their business, entrepreneurs may be tempted to work non-stop to keep things going. But leadership and customer service suffers when the entrepreneur gets run down--or burnt out. It's important to continue to learn and grow professionally. Time with family and friends brings relaxation and reminders of life's true gifts. These also make entrepreneurs positive role models.

Becoming an entrepreneur can be rewarding, both professionally and personally. Take time to see where you are on your path. Make adjustments as necessary, and continue to move forward. Take some risks and find your way to success!  Attend one of our events in Colorado to continue your journey.

Why Baby Boomer Startups in the US Are On the Rise

Baby boomers throughout the US are arguably leading the entrepreneurial movement. Last year overall entrepreneurship in the US decreased; however, baby boomer entrepreneurship increased. This is an ongoing trend for in the last decade the 55 to 64-year-old age group has shown the largest increase in entrepreneurship, with 14.3% of all entrepreneurs composed of baby boomers in 1996 growing to 23.4% in 2012. (The Dallas Morning News) The recent success among baby boomers is due to more than just financial need.

Why Baby Boomers Are Poised to Succeed

Starting a company is risky business. There is a chance the product won't sell and the company fails. And like one million other things.  But that is okay for many baby boomers, a recent survey by Monster.com discovered, which showed that 43% of generation X were not afraid to take risks, a higher percentage than any other age group. 

Baby boomers have relevant work experience, too. Those close to retirement, or already past the retirement age, have decades worth of experience and knowledge to draw on. With age and experience also comes a bigger network of people to not only help baby boomers with their startups, but spread the word as well. 

Baby boomers are notoriously hardworking. It takes time and effort to launch one's own startup and it usually requires a pay cut, something generation X are less discouraged by than any other generation. At this point in their life, baby boomers are generally more financially secure and can afford to make less. 

Tips For Baby Boomers Starting A Business

Due to their experiences, baby boomers are more likely to be able to identify their own weaknesses. While it is always possible to learn something new, Sean Castrina, a prominent business coach, says it is a better idea to hire someone who can handle those weaknesses. (Entrepreneur) Learning how to use technology, though, is absolutely required, as technology has become an integral part of life these days.  Baby Boomers that do not adopt the efficiency that many technologies offer to startups, often times for free, will have a substantially smaller chance of success.

It's not just about finding one's passion, either. While that certainly helps, finances are more important and they need to be conducive to the field one wishes to enter. In other words, can you realistically afford to start a business in a certain field?

And last, but not least, seek counsel. Take time planning before committing to the idea, and use that lifetime of professional contacts to help out. 

For more information on startups, please feel free to contact us.

Experts Agree: Entrepreneurs Should Be Comfortable Being Uncomfortable

Being an entrepreneur sounds great, at first. You're doing what you love, you're in charge of your own life, and you're the one setting your goals. You have complete autonomy. Allegedly.

What many people don't think about is how being an entrepreneur is a lot like being an acrobat going through his or her routine without a net. Sure you've practiced, and you've gone through the motions hundreds (if not thousands) of times, but you know that if things don't go perfectly there's nothing to catch you when you fall.

That's why an entrepreneur needs to be comfortable being uncomfortable.

What Does That Mean?

Entrepreneurs, not to put too fine a face on it, have to do everything themselves. If you're running a cupcake business then you have to make sure the recipe is followed, the ingredients are stocked, and that the final product looks and tastes great. The job doesn't stop there though, since said cupcake baker still has to handle building inspections, customer complaints, marketing and advertising, special event planning, and the hundreds of other things that a business owner has to do every day.

That means even if you're comfortable doing one thing, you're still going to have to step up and do those other things you're not so comfortable with. That's what Gigi Butler, creator of Gigi's Cupcakes, had to say at least.

Every Day a New Challenge

"Every day I wake up being comfortable with being uncomfortable," Butler said to Entrepreneur magazine. Whether it was going undercover to see how her franchised cupcake bakeries were performing, or talking about genuine, emotional heartache on national TV, Butler knows that she'll have to do some uncomfortable things. She'll have to take risks. While taking risk isn't a great feeling, if you want to get the payoff then you have to do more than climb up to the high dive. You have to jump. 

Not only that, but you'll have to jump again and again, until it just isn't a big deal to you any longer. For more helpful advice when it comes to succeeding as an entrepreneur simply contact us today!

4 Powerful Steps Startups Can Take Today

Every day, different brands compete for the attention of consumers. This can be very challenging for the newer startups since it takes some effort to get into the minds of people and grab their attention.  Not to mention, coming up with a strategic marketing plan for your new business can be unquestionably difficult. However, there are steps you can take starting today to ensure that your start-up has a chance for success.

Create A Business Plan

The success of your start-up business correlates with the plan you make for it. Being a new business owner, you will have to familiarize yourself with the strengths and weaknesses of your competitors.  You need to understand who your target market is as well.  The business plan you come up with should detail this and outline how you intend to attract and retain customers into your business. It should also include how you plan to compete in the market and what type of budget you will need to get positive results. This is something that should be done today. By waiting to set up a plan of action, you are only delaying your success.

Learn From Your Competition

By observing what your competitors are doing, you can learn a great deal about how to approach your business and customers. Some questions to ask yourself when trying to learn from your competition include:

• Who are your competitors?
• How are they approaching the market?
• How well do you know your target market?
• What are the strengths and weaknesses of your competitor?
• What can you learn from your competitors approach and how can you improve it?
• What are your ideal customer's demographics, lifestyles and psychographics?

Build Strategic Partnerships

You can gain credibility by aligning yourself and your startup with an established brand.  Pick a business that you see yourself coordinating with; one that offers products or services that compliment your business so you can refer business to one another. It is possible for each side to implement a referral fee so that each will benefit with some type of monetary incentive for referring business to each other.

Use Social Media

There isn't a question, especially in today's times, that social media is important for startups. If you are just getting into this type of marketing, it is important that you remember there is a right and wrong way of applying social media into your marketing plan. You should be making consistent posts and quality content that will engage your following.  Avoid making posts that are strictly promotional.  Seriously, don't do it.  This will not gain a following and will most likely turn potential customers away from you. Instead, make posts that are valuable, interesting and shareable.

When you are marketing your business, you can get your name out there and get recognized in many different ways online. The important thing is to get started today with a strategy, take consistent action on it and track your progress.  If it doesn't offer you substantial results, try a different strategy.  There will be strategies that will give you big results and others that won't do a thing.  This is why it is vital that you be smart with your marketing and invest your money where you are seeing the most results.

For more information on how to get your start-up off to a good start and grow as an Entrepreneur, please contact us.