SHY Entrepreneur.com

Author: TJ

  • Succeeding Quotes

    The following list of quotes has been compiled with two criteria in mind. The first of which is that they are quotes associated with success; the second is that they speak into the heart and truth of good character. As you read them take note that it is not so much what one must do to succeed but whom one must be.

    The single largest trait I have witnessed among the successful people in my life is the drive to get things done. The largest trait I have witnessed among the unsuccessful people in my life is the willingness to allow others to get things done.

    Success is a choice, do you want to make it?

    “The person who gets the farthest is generally the one who is willing to do and dare. The sure-thing boat never gets far from shore.”

    -Dale Carnegie

    “Would you like me to give you a formula for success? It’s quite simple, really. Double your rate of failure. You are thinking of failure as the enemy of success. But it isn’t at all. You can be discouraged by failure or you can learn from it, so go ahead and make mistakes. Make all you can. Because remember that’s where you will find success.”

    – Thomas J. Watson
    “Unless you’re willing to have a go, fail miserably, and have another go, success won’t happen.” Phillip Adams

    “Asked what his secret was for lasting so long and being so successful as the president of Yale University, Dr. James R. Angell explained: “Grow antennae, not horns.” Dr. James Rowland Angell

    “Nothing is impossible the impossible just takes longer” Anonyms (I heard this from my sixth grade teacher once and have not forgotten after all these years.)

    “Luck is what happens when preparation meets opportunity.” Seneca

    “Always bear in mind that your own resolution to succeed is more important than any other.”  Abraham Lincoln

    “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” Abraham Lincoln

    “Success without honor is an unseasoned dish; it will satisfy your hunger, but it won’t taste good.”  Joe Paterno

    If you know of any other successful quotes that you feel should be added to the list please let us know.

  • Selling a Small Business

    When looking at the task of selling a small business you may be wondering where to start. So much is in place with an existing business; there must be a good deal of intrinsic value right?

    Selling a business is much like selling any other product. The value of the product is what someone is willing to pay for it, and what they are willing to pay for it is a function of what the product will do for them, and how available alternative solutions are.

    Start With Hard Assets

    A good place to start is with your hard assists. What is the total cost of all of the physical resources that make up your operation? This could include; tools, vehicles, buildings, materials, inventory etc, anything that is required to make the business run day to day. A good way to account for everything is to approach the valuation as if you are relocating, or starting from scratch.

    This should give you a bottom of the barrel price. Selling for anything less is to sell at a guaranteed loss. This approach is often taken when a business is shut down and liquidated. The assumption is that the intrinsic value of the company is 0 and the only worth is in the physical goods.

    Remember to that most hard goods depreciate with use. The spiffy copier you purchased 3 years ago to print out all of your flyers is no longer the 1000.00 work center it once was. Obviously the rate of depreciation will differ from asset to asset.

    Historical Performance and Income Multipliers

    We know that the value of a company can also be associated with its ability to perform, so how do we factor that in? Many industries have generally accepted gross income multipliers that when multiplied by gross earnings provide a good estimate for a sales price. This is by no means a definitive number but it is a quick way to determine if a price would be in the ball park or not. Any fluctuation in historical performance must be accounted for. Valuating a company based on the latest numbers may not be a true representation on its true worth.

    Compare Compare Compare

    It would also be advisable to incorporate multiple comparables into your assessment. Companies are bought and sold all the time, find some in your industry that fit your demographic and see what they sold for.

    If you are serious selling your small business be sure not to rely exclusively on any one valuation method and find an appraiser who deals in your industry. Hiring a professional is vital if you want to move forward.

  • Successful Ads

    The single most influential vehicle to the growth of an established business is marketing with successful ads. Successful advertising campaigns come in many forms, and often times the most effective are not on billboards or TV.

    Start with your target market. If you know your market inside and out as you should, you know where your target prospects hang out, what they read, with whom they associate. Take advantage of and exploit all you know.

    A well placed ad can be far more effective than a TV commercial. The idea is obviously to spend less on running the ad than it brings in. This is why a laser focus on your specific niche is so important. Which do you think will perform better; a commercial during prime time television advertising a new feature for people with motor homes, or an ad in the back of motor home magazine?

    Once you find the avenue you want to take do your home work and determine what call to actions produce the best results for your product or service. A term often used for this is split testing. Split testing is simply splitting your campaign into different approaches and noting which produced the best results.

    4 types of buyer personalities to target to make successful ads:

    • Methodical. Slow and thorough in researching a purchase. May be skeptical, they want to know where’s the catch? They are big on comparisons and like technical details.
    • Spontaneous. This is an emotional driven individual who likes instant gratification and an easy fix. Quick to respond to incentives.
    • Humanistic. Relational based. Likes to know what others have to say. Big on reviews.
    • Competitive. Driven by a need to be on the cutting edge, is as much interested in how the product will reflect on them as they are about what the product will do.

    Successful advertising campaigns are made possible through this approach all the time. As you run your marketing campaigns continue to review the results and determine where you are receiving the greatest response.

    In All Cases Invoke Curiosity

    The idea behind an ad is to invoke curiosity. If a prospect reads your ad and immediately knows what you are offering than you have a poor ad. If on the other hand the read it and become curious about how you can solve a problem they have than the ad has done its job.

    Creating a good hook is not always that easy but anyone can do it. Stay up at night and take the time to watch a few infomercials. If you can find an infomercial for a similar product or service to the one you offer determine how they are agitating the problem that your product solves? The product they are pitching appears to be the best and only solution for the need it has been created to meet.

  • Definition of Entrepreneur

    So what makes an entrepreneur a true entrepreneur?

    The word entrepreneur comes to us from the French. It defines one who launches a business, finances a new venture, or assumes the risks of administering and directing an endeavor.

    The only constant in the business world is change. Many businesses fail. Some struggle to make a small profit. Many are bought out. Few grow into huge global success stories, but the few that do are most certainly being directed by a true entrepreneur.

    Every business owner is an entrepreneur. However, true entrepreneurs bring key personal traits to running a company that others lack. In addition to developing, nurturing, and administering their start-ups, they actively search for better ways of doing business. They look to the future. A true entrepreneur is always on the lookout for the next big development in their respective industry.

    Much of the definition of entrepreneur is embodied in the German word zeitgeist, which means the spirit of the times, the core of the era. Being aware of the zeitgeist is understanding the cultural, intellectual, or political climate of a nation or a specific group. One’s level of entrepreneurship lies heavily on this idea, and the ability to take advantage of opportunities it brings to light.

    True entrepreneurs strive to find the best candidate for the job. They look for people who are motivated and excited about the business and the work. A true entrepreneur mentors, delegates, and expects excellence from the firm’s employees. When a true entrepreneur finds an employee doing something right, he or she acknowledges it. Appreciation of the company’s workers fosters productivity, cooperation and loyalty. True entrepreneurs intuitively grasp the importance of a workforce that likes to come to work every day.

    The true entrepreneur understands the importance of communication. He or she is open to suggestions and new ideas and shares information that is necessary to meet the company’s goals.

    He or she takes the risks and assumes responsibility for both the good and bad decisions.

    While they are natural risk takers, entrepreneurs are not reckless. They investigate the unique and creative opportunities presented to them. They listen. They ask questions. Facts are considered and information weighed. However, a true entrepreneur will also follow his or her instincts.

    The true entrepreneurial businessman or woman searches out ideas and concepts that will move the business forward. They are skilled at identifying factors that enhance the business, its assets, and its place in the global marketplace.

    The enterprise is never permitted to stagnate under old rules and rigid formulas. True entrepreneurs live in the present but are always preparing for the future.

    Now that you know what an entrepreneur is, check out these entrepreneur ideas for kids.