How Entrepreneurs Can Increase Their Chances of Long-Term Success

Entrepreneurs should always be thinking about their long-term success. While many strategies may help you in the short-run, they aren't guaranteed to hold up well over time. Here are a few things you can do to increase your chances of long-term success: 

Handshake with other thought leaders

As an entrepreneur, you need to realize that every interaction requires strategic thinking. That doesn't mean that you need to put everything into the context of Game Theory, but should always keep possible outcomes and consequences in mind. 

This is especially true in the case of networking. According to a recent Entrepreneur article, entrepreneurs need to strategically interact and network with other thought leaders in their industry: 

"Attend local meetups (like meetup.com/startupdenver), seminars and conferences, and reach out to people on various professional and social networks.  Do everything possible to start meeting people who can potentially become clients and/or business colleagues. You'll need to start thinking strategically about experts and the right people to be as lean as possible."

Consider these tips when networking: 

• Good networking requires genuineness and sincerity
• Ask open-ended questions to get conversations started
• Establish yourself as a thought-leader and a credible source
• Enter each networking event with a clear goal and strategy

Build long-term relationships with customers

Building relationships with customers is something you should start doing from Day 1. It's easy to establish a good reputation from a clean slate, but it's almost impossible to turn a negative one around. This requires a lot of work at the beginning, but the customer loyalty will do more than pay itself off generously in time.

You can build long-term relationships with customers by: 

• Being active on social media
• Starting an email list that speaker specifically to your niche audience with high value information
• Offering excellent and creative customer service

Keep yourself mentally and physically healthy

Entrepreneurs need to take care of themselves, or else their entire business can be put at risk. You need to make sure that your personal problems don't spill over into your professional life. 

According to a recent Entrepreneur article, all entrepreneurs need to have supportive loving relationships: 

"Fostering authentic, supportive loving relationships takes time. As an entrepreneur, you may think that making money and working on your business trumps all else, and in some respects when you’re starting out that will be true. However, you need to be sure to get this part of your life in check after you’re operating or lose it by the wayside."

You must consider your daily habits in the context of your long-term success. If your daily tasks don't do anything to contribute to your success, then you need to change a few things up.

To talk more about entrepreneurship, or anything else, please join our Meetup Group. Thanks Shakers! 

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. 

7 Reasons to Take Advantage of Social Media

Social media has become a rapidly growing marketing monster that every entrepreneur and business owner should be using. Not only is utilizing social media free, it provides many assets most entrepreneurs had to work even harder to get before the rise of Facebook, Twitter, Instagram, and other sites. Here are 7 reasons why you should be taking advantage of social media as an entrepreneur. 

• Create buzz. Social media is a platform for your business and brand to have a voice. Use that voice to create something that gets people talking. Promote online conversation.

• Build relationships. Social media networks give you the opportunity to talk with your clients and potential clients in a way you may never have been able to before.  Plus, it makes it more convenient if they want to share your product.

• Get feedback. Social media platforms are very large communities where people can talk about your product or service. Intently study what they are saying and use it to improve your business.

• A big way to be recognized. Social media is just one more outlet (and a very influential one) where you can get your brand out there. Create a Facebook page for people to provide reviews on your business and like it, set up a Twitter account to engage your audience, and get on Pinterest if you have crafty products people will want to pin. 

• You become more accessible. When you become more accessible to your clients, you establish greater trust.  It shows your seriousness and develops credibility.  

• Show off your products. With any social media website, you can show off your products by regularly uploading photos to your account. People can then view, like, and share those photos.  See my Handshakin photos on our Flickr or the blog posts on my LinkedIn as examples.

• Deliver the latest news. With Twitter, for example, you can create a following of people and deliver fresh news to them about your business before anyone else can.  Make it convenient for your friends and customers to follow your updates in case they are interested.  

For more information on establishing yourself as a industry expert or utilizing social media in a startup, please contact us.

3 Rookie Networking Mistakes

Many people hate networking. They despise it so much that they miss out on great business opportunities. They also miss out on meeting a lot of great like-minded people who could really help them grow their business. If they simply got over their fears, they may reap the huge benefits of connecting with experts, mentors, and like minded-communities. However, when one begins networking, it's key to be careful and not make any rookie networking mistakes.

Here are some mistakes that small business owners and entrepreneurs should avoid.

• Not having business cards to hand out. It is very important that you have business cards at a networking event (yes, it still is important in 2015). You are going to meet people that you will want to talk to at a later time and if they have no way of getting in touch with you, you might miss out on a great opportunity. If you just try to take their number, it does not look as professional as handing them a business card.  Maybe they want to research you more before scheduling a meeting.
• Handing business cards out to everyone that you see and talk to. Doing this makes you look very desperate. You should only hand out business cards to people that you can see yourself doing business with or if you are truly interested in getting to know someone.  Another bad practice is handing out multiple business cards assuming that the person will refer you after just meeting you.  My network is my most valuable asset, and I wouldn't be able to sustain it if I handed them someone's card I had just met.  
• Not following up after an event. It is very important to follow-up after an event. When you say that you are going to call them or e-mail them after an event, make sure that you follow through with your promise. You do not want to lose business because you forgot. Many people like to send a little card which tells them that it was nice to meet you.  Email works nowadays, too, even if you don't have a specific ask.  Add them on LinkedIn, or give them a specific compliment on their website.  

Though networking can be scary, it is very important to grow your business with larger customers, strategic partnerships, and setting up a referral network. However, you need to avoid certain mistakes so that you do not look like a rookie. You should never go to an event without business cards. You should also not hand out your cards to everyone that you see and look desperate. You must never forget to follow-up, especially if you promised that you would!

Subscribe to my YouTube Channel to learn more on how successful entrepreneurs are connecting with communities, experts, and mentors to reach success.