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1 Replies Last post: Jun 27, 2008 5:37 PM by LUCKIEST

Cracking the Entreprenur Code!!!! Crucial Keys

Jun 27, 2008 4:59 PM

Click to view rontowns25's profile Mogul rontowns25 76 posts since
Jun 24, 2008

This post is compliments of: www.readtheanswer.com/index.php?RTA=web2

When you hear the term "natural born entrepreneur" what
characteristics does it bring to mind? It is likely that you thought of
inventive, resilient, determined, and maybe even financially savvy. Some people
seem to just have that knack for business, they are always thinking of ways to
turn nothing into something. The trait may be witnessed in childhood - the
child that comes up with a marketing idea for a lemonade stand, or one that
sets up a table to sell their old toys, or the wheeler dealer who buys and
trades baseball cards. We see that spark, the ability to think outside of the
box to take something average and do more. While it's true that these traits
are consistent with an entrepreneurial spirit, we learn that to truly succeed
you must have know and harness the power of your instincts.

Here are the
seven instincts that drive the way we build a business or attain success in
life:

Survival -the desire to maintain your
existence, to live.
Comfort - the desire
to live with an experience ease.
Territory - the desire
to have your own space.
Defense - the desire
to protect what's yours.
Hunt - the desire to
seek and capture rewards.
Build - the desire to
create.
Love - the desire to
give and receive affection.

Chances are
that one of these seven instincts represents your key instinct, which drives
the primary way that you build and run your business. Taking time to determine
your instincts will also enable you to understand the conclusions that you have
drawn around them. Your instincts direct your path and cause you to make
certain choices in business and life. An introspective examination of your
natural predilections will give you insight into the way you make decisions and
provide you with a roadmap for future success. Andre Taylor offered the
following tips:

*Identify your own
instinct.*
Understanding what drives you can help you to understand your strengths and
your weaknesses. Writing or journaling is a good way to get in touch with your
inner voice. Write down your observations, ideas, impulses, and reflections.
This documentation will help you to review your history and analyze your
process. Where were you successful and why? What did not lead to success and
why? Patterns will emerge which will illuminate your key instincts, or your
driving force.

*Align your instincts
and business.*
Many entrepreneurs chose a business because of its potential to earn money,
without examining if the business was the right vehicle for them. Are you in
the right industry? Are you operating in an area that's comfortable for you?
Will your business allow you to grow? Success is not as sweet if you are not
true to yourself. When your business and instincts are aligned you will find
greater fulfillment and success as an entrepreneur.

*Identify the dark
side.* Your
natural propensity to operate according to your instincts can lead you to miss
critical aspects in operating your business. Your instincts may be moving you
in the wrong direction. Take time to be introspective and examine what you
know, and what you don't know. In example, if your instinct is to build, you
may be missing the elements needed to maintain the business.

*Play to your
strengths.* It
is important to play to your natural strengths. Give your business the benefit
of your area(s) of expertise. To be successful and happy, it is critical to
spend time on your core competencies and delegate the rest. Recruit talented
people or outsource to freelancers those activities that you don't enjoy doing
or are not your core competency. You will accomplish far more in your business
if you focus your energy in your area of strength. The danger of trying to
fulfill all the roles in your business is that you become trapped in the
necessities of the business rather than being able to think and act
strategically.

Your instincts
can be harnessed to maximize your strengths, build the right team and
synchronize your inner passion with your business choices. However, you have to
be willing to do the work of self-examination. Assessing how you came to be
conditioned to make certain choices will improve your ability to make
decisions, and to be more strategic in your thinking. Most importantly, you
will find greater fulfillment when your inner voice is in harmony with your
work life.

I highly suggest checking out here for more entrepreneur and business tips... www.readtheanswer.com/index.php?RTA=web2
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,935 posts since
Aug 6, 2007
1. Re: Cracking the Entreprenur Code!!!! Crucial Keys Jun 27, 2008 5:37 PM
Cracking the Entreprenur Code. Good points

We at SCORE offer the following crucial keys

Plan Ahead.
People often ask me why bother with a business plan? Look at the
lottery as an example. You may get lucky and get the winning ticket,
but the odds are against you when you rely on random chance. I'm a risk
taker...but not that much, minimize the risk of going into business and
maximize your potential for success. Take the time to write a plan of
how you get from point A to point B. A plan gives you a clear future
focus and increases your chances of success.

The first rule of a start-up is put some of your own money in the
business. As the owner you must be willing to capitalize the business.
The second rule is put as little of your own money as possible in the
business. Prepare your plan and look for funding for your business from
multiple sources, which can include a business loan or business line of
credit.


Don't go it alone. Plan ahead now to build your team. Your team may
include a CPA and an attorney that you work with as needed. Add a
mentor from your industry and get a SCORE mentor to help you plan for
success. No one has all the answers. You get more ideas and information
by building a success, support team that can help you plan ahead.

Set up Systems.
The most basic system every business should have is a good financial
system. Ask yourself how am I going to generate enough income to
support myself and my family. Begin here. Put together a personal
budget, so you know what it costs you to live. Now, you can move on to
the business budget and sales planning, so you can see how many sales
you need to break even and make a profit. The start-up expense plan,
operating budget and your accounting software are vital to your
success.

Seek out Sales.
The daunting question is how do you go about seeking out your first
sale. Recognize that since you don't have a big ad budget to be seen by
everyone, you need to target a niche and get connected in your market
community, be it local, regional or national. You need other people
selling for you-not employees-goodwill referrals. Get out and talk to
as many people as you can. Join organizations that would have clients
for your product or service. Become a visible part of your market, and
then ask for the sale. You begin the sales process with people that you
know. Yes, it's okay to start with friends and family as your first
customers, and then broaden from there.

Aim for Growth.
The basic tenant of creating a company is that you own the company. You
are not just creating a job for yourself. It's less risk and less
investment to get a job. Building a business is creating a company that
is more than the job itself. Think about the future. How large do you
want the company to be in terms of sales, net profit and employees?
Your answer to each of these questions will influence how you grow.
There are varying costs and profits associated with growth. It's
important to make a deliberate choice early about how you want to grow
your company.

Leverage Opportunities.
Good luck. Good fortune. Good timing. All play a part in business. As a
business owner, be very clear about your core focus for the business
and how it serves clients. Your core business is what pays the bills.
Then, as an entrepreneur you are about opportunity. When you see a
potential opportunity or stroke of luck measure it against your core
business focus. Good fortune is great, when it matches your vision for
the business. Always consider if a good opportunity is the right fit
for your business. If something looks great, but it's not in sync with
your long-term plan and budget, think carefully before committing your
company's resources.

Take advantage of good opportunities that make sense for you long term.
A perfect example is McDonalds. Ray Krock started a small business that
became a large franchise network with a consistent product, consistent
systems and an ability to seize opportunities such as the Arch card and
offering healthy salads to meet the interests of today's consumers.

SCORE is FREE, LUCKIEST