The #1 Problem with Being an Entrepreneur

So this problem surfaced last year, when I was just about to start the video series and had much less traction with handshakin.com.  But before I go into it, let me give you some context on what led up to said #1 problem.

2010:  I got into entrepreneurship with my 1st & 2nd companies, mattswheels.com and then holmesreg.com by purchasing a property and renting to roommates to keep my 'burn rate' low.  This allowed me to invest money into different startups I was pursuing before the video series.

2014:  Fast-forward 4 years:  Now, I had investment properties, offices, and events that made up the startup that I had the most success with, Holmes Real Estate Group.  This company is still what pays my bills while I'm working on the video series full-time.  Business had grown and I decided to move from the basement in my first house (front yard pictured) to upstairs in a larger property that was located 1.5 blocks away.

The Move:  In saving for another down payment for the next property, I could not justify paying movers since the properties were so close.  I had lived in my house about 5 years, which is rare for people my age.  I also had 1700 sq ft of crap to move, and I'm not good at the planning and details and hate asking friends for too many favors.  So we already know this isn't going to be a pleasant move.  Oh, and one more fact:  my daily driver was a Lexus IS250, which is small 4 door that really can't fit more than a small suitcase.

I had to ask friends to help with some of the big stuff.  So we got the big stuff to the new house.  That wasn't the problem.  Next, I was able to move a lot of the smaller items on my own over a week with a quick trip after work.  That also wasn't the problem.  

The #1 Problem:  The problem came when trying to move all of my clothes over.  I didn't have boxes or any convenient way to transport them.  Have any of you guys moved clothes and had them slide all over?  Slide onto the ground when you open your car door?  Lose hangers?  Get wrinkled?  Yeah.  My response would be D:  All of the above.

So was there any other way to get my clothes to the other house besides that route?  Maybe... I had a clothes rack.  Something like a portable clothes rack that you'd see in Nordstrom.  And the houses are so close.  So, I find myself in sunglasses and a hat, walking a block in a half, wheeling my entire closet on a commercial clothes rack down a busier street in my neighborhood.  FML.

Can you help me find a hint of my pride back and like my Facebook Page?

3 Startup Mistakes to Avoid At All Costs

They say 95% of startups fail.  Attempting to build a company from the ground up is difficult, especially if you have little or no prior experience in business world as an entrepreneur.

Here are 3 startup mistakes you should avoid at all costs in hopes of being in the 5%.  

Doing It Alone, Without Involving Others

Saying startups are stressful is an understatement. If you start a business alone, without a plan on who is going to do what you're not good at, you'll likely burn out. You're not an expert at everything, and you need the find the experts to get their feedback, get them involved, and possibly hire them if that is the right decision.

You also need advisors to help you figure out when you need an employee, or just an online tool that costs $10/month that you don't know about yet.  If you're in Colorado, or planning to move here to launch your business, check out our mentorship program. 

Treating The Business Plan Like Homework

A business plan serves to guide the startup towards the right direction of staying aligned with the entrepreneur's vision. Here are some questions it should answer:

• what is the purpose of the company?
• who are the customers?
• what problem does it solve?
• who are the competitors and what are they doing?

While these questions don't cover every aspect, a sound business plan should at least touch on every aspect. It's important you know where you want to go and that you've done extensive research on exactly how you expect to get there.  It should be about 90% accurate.  This is especially true when you start seeking out angel investors or venture capital. Without a plan, expect the answer no 100% of the time, instead of just most the time ;)

Mismanaging Money

If you've just started a business, chances are you're not making much money from it right off the bat.  If fact, if even one person has given you one dollar, that's big success, so congratulations! It may also be the case you have limited amount of cash to put into your startup. Therefore, you need to properly handle all your resources and not overextend.  I was just talking with one of our Handshakin mentees on not over spending on your logo off the bat.  That can come later.  

You only need your logo, and so many other items, at only 90% to move forward... the remaining 10% will cost you too much when you are just starting.  Grow the company and then find world-class team members who are expert graphic designers later to complete that 10%.  

In addition to making up your salary, the business requires additional overhead.   However, what happens if a business suddenly faces an unexpected disaster or has to undertake a costly change, but has insufficient funds set aside? This will more than likely happen to you.  With bootstrapped and many angel funded startups, you can't afford that 10% until you are fully employed and full-time on your startup.  Without proper money management, your new business may fall long before you even pay yourself $100.  

If you found this helpful, please subscribe to our YouTube channel for more startup and networking tips.

Also, big shout out to everyone who has given me awesome support, mentorship, and of course those who had stickers that can be seen on the computer in the picture!  You're awesome Colorado!

4 Questions That Successful Startups Asked

A startup is an incredibly exciting and rewarding endeavor. It can also be an incredibly daunting and frustrating one when the proper steps are not taken. This post will discuss four important questions you should ask yourself before you begin working toward your business goals.

What Makes My Business and Me Different?

Before you begin, study who your competitors are and then determine what makes you different from them. Know what makes you unique and know how to stand out. Also, know why the public should choose you over any other entity, and be able to say it in one sentence.

What Am I Answering?

What problem am I solving? What question am I answering? What need or want am I supplying? People are in business to supply something to a specific target audience. You need to know what it is your business idea is solving and/or supplying.

Do I Know What the Next Step is?

Don't even think about executing your meticulously drawn up solid business plan, unless you know what the very first step is. Use your business plan to determine what all your questions are and that 90% of them are answered before you begin. Structure the business plan around your vision, and use a solid to-do software to execute the very next step today. (Hint: we recommend Trello)

Do I Know Who My Target Audience Is?

You won't have a business if you don't have a customer base. And to have a customer base, you must know your target audience. Do a great deal of research on the public to narrow down your target customer before you begin marketing.  Be able to state who your target customer is in one sentence.

This week I'm going to ask you guys for something.  Please go to my Facebook Page and like it so we can provide a higher value to our sponsors.  

3 Essential Traits of Successful Entrepreneurs

There's a few traits that you can find in almost all entrepreneurs who have taken the leap and made it. Being able to share success, own failures, and executing today are common traits. Many successful entrepreneurs also take a passion for others who seek the same huge goals. Therefore, they always pay it forward. Let's start with that one...

Successful entrepreneurs...

Pay it forward: All successful entrepreneurs were once aspiring entrepreneurs. And successful ones know they did not find success without the help of others. Therefore, they take a genuine passion in helping those that are getting started the same way that they once were. And they don't even plan to put it on the 'volunteer experience' of their resume.

Share successes: They generously distribute credit to others for company successes. They assign ownership of tasks to their team, and promote the team for successes seen from the completion of tasks. On the flip side of the coin, they also take full ownership of failures and company mistakes, regardless of who was or was not involved.

Are executing today: Successful entrepreneurs understand that executing today is far more valuable in a startup rather than trying to 'make it perfect' before executing. In fact, they may have even stopped reading this article to go execute on an idea they just thought of last night. Go identify an action item, and execute on it right now.

If you'd like more tips on how to not be part of the 95% of startups that fail, check out our video series. Or get involved if you're in Colorado.

www.handshakin.com

The Handshake: 3 Things to Remember

Business is a game. In this game, there’s something called “making a first impression.” To make a good first impression, there are many things you can do, like wearing a nice suit or shaving. But the most important part of making a good first impression is handshakin. Unlike a suit or a clean haircut and shave, a good handshake can make a relationship, that later leads to a sale. But what makes a good handshake? Here are three things you need to remember.

Firm Grip

The first thing to remember when giving a good handshake is a firm grip. A firm grip shows that you’re confident in yourself and in your abilities. A handshake that’s too soft shows that you’re not confident and weak in your abilities. A handshake that’s too hard shows that you’re not considerate of other people and probably means you also haven't washed your hands since last using the bathroom.

Eye Contact

The second thing to remember when giving a good handshake is to make eye contact. Eye contact shows to someone that you are attentive to his or her presence and that the meeting is important to you. This will go far in cementing your business relationship. If you don’t make eye contact, it shows that you don’t care about the relationship or that you’re real shy. No one wants to hang out with you people.

Lean In

The final thing you need to remember when giving a good handshake is to slightly lean in with open body posture. You want to lean in just enough that it’s noticeable. This is a subtle gesture that shows you’re willing to go the extra mile for the other person. Wear your biggest smile and give a good genuine nod while they're speaking.

So there it is, you can unsubscribe, you now know how to Handshake and don't need to know Handshakin Holmes any longer.  Go and shake hands, shakers. For more networking tips, see our blog.

4 Must-Have Characteristics of Entrepreneurs

Today, I had lunch with Bryan Flanagan.  Bryan worked with Zig Ziglar for decades and has a passion for the sales profession, for salespeople, and for those who desire to increase their presentation skills effectively and in a professional manner.

Our conversation reminded me of 4 powerful traits successful entrepreneurs have.  Many people dream of owning their own business. They dream of quitting their boring job and walking away from their boss. However, not everyone has the qualities that it takes to be a good entrepreneur. To run a successful business is not easy and not for everyone. Do you think that you have what it takes?

You should make sure that you have the following characteristics to have a better chance of running a successful business.

• Determination. It takes a lot of determination to get a business up and running. You will need to make sure that you are going to succeed, no matter what. Brand yourself as an expert in your field through public speaking, thought leadership, and compassion.  
• Good with money. People who run businesses need to be very careful with money. You will have to watch every penny that comes in and goes out to make sure that your business makes money every month.
• Hard-working. You will have to be prepared to work hard, and your expectations are likely set too low on how much work it will require. You may have to miss out on some opportunities to work on your business.
• Passion. Entrepreneurs who succeed are passionate about their cause, before the monetization of their business.  They love what they do and, even when they are not working, they might still be thinking about 'working'. Often, they love their work so much that they do not really feel like they are working at all. It just feels fun... and it is!

Successful entrepreneurs need to be determined, hard-working, and passionate about their work. They should also be good with money. If you feel like you have these qualities, you have a good chance of running a successful business. Execute on your idea now and you will have a good chance of becoming quite successful, with a lot of hard work!

Subscribe to our YouTube channel for more advice on launching your business from Colorado's most successful entrepreneurs.  

3 Attributes of Successful v. Aspiring Entrepreneurs

Once you become an entrepreneur, how long are you classified as an aspiring entrepreneur? How freaking long does it take for people to finally take you seriously? There is a lot that being a successful and credible entrepreneur requires. Here's three attributes that successful entrepreneurs have that aspiring entrepreneurs may not have.

They are Personable and Approachable

Everyone who delves into the world of entrepreneurship must make sure they are both personable and approachable. They must have a genuine, vested interest in the public and community not only because they could become customers, but because they want to be aware of their needs, likes, and dislikes. If you're just trying to sell something, you'll be called out on a regular basis. If you're chasing your passion, people will tell their friends about you.  Plus, an entrepreneur who can't take feedback will not get very far.

They're An Expert in their field

An entrepreneur will need to establish themselves as an expert in the field they are working in. To do this, you can build clout through consistent blog writing, getting articles published in journals, setting up a Youtube.com channel, and public speaking at various conferences. You need to be the person that people know in the industry. Make it known that you take what you do seriously and that you really know and believe in your cause.  Chase your passion, not the dollars, and this will come naturally.

They're viewed by others as Credible

People want to know that they are doing business with someone they can trust and someone who has a pristine reputation. You truly have to become an expert. You will have to know just how qualified you are and also bare in mind how the public views you. You can build credibility through incredible customer service, personalizing every customer experience, and showing you can assist them better than anyone else they could do business with. Sincerely ensure they reach their goals because you're passionate about that, and not concerned about the paycheck.

Need help being seen as a successful entrepreneur instead of an aspiring entrepreneur?  Check out our video series, or blog.