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    1 Reply Latest reply on Jun 27, 2008 4:59 PM by rontowns25

    Cracking the Entreprenur Code!!!! Crucial Keys

    rontowns25 Adventurer

      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
        • Re: Cracking the Entreprenur Code!!!! Crucial Keys
          LUCKIEST Guide
          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