The use of the words Entrepreneur, Entrepreneurship, Entrepreneurism keep growing as more and more people strive to be entrepreneurs with their job creating ability. This was not always the case. Not so long ago, Entrepreneurs were described in such unflattering terms as shiftless, unfocused, shady, money-hungry, sharks, quick-buck artists, unreliable, shoot from-the-hip operators, and so on. There are many words and titles that have different meanings to different people. This can unwittingly hinder good communications and create misunderstandings. So, let’s define Entrepreneurship so we can all be on the same page. Read more »
Great Idea to WOW your Suppliers
When I blogged my earlier post on Suppliers, I received a great comment from Pierre Martell, the CEO of Martell Home Builders in Moncton, Canada, that I want to share with everyone. Their mission is to build customized homes in 99 days on budget. Their website is their primary selling tool. To accomplish this, they use a network of subcontractors. As a start up in a very competitive industry, Pierre quickly realized how critical the performance of his suppliers was to his success -- thus his 100% agreement with my supplier post. So to attract maximum supplier cooperation over his competitors, he came up with what I think is a simple but brilliant concept. I know from experience that the single best action you can take to be a great customer to a supplier is to PAY YOUR BILLS ON TIME. Read more »
Where Not to Look for Money — And Where You’re More Likely to Find It
Entrepreneurs can save time and angst by looking beyond banks and other mythical sources of startup capital. One of the major obstacles entrepreneurs face in starting a business is raising the money they need. It can be the most time-consuming, frustrating and disheartening factor in launching a new venture. Save yourself some energy and angst by not looking to sources that conventional wisdom would suggest as logical places to find startup capital. Instead, focus on more realistic prospects. Here is a list of places you shouldn't be looking for money, followed by where you're more likely to find it. Read more »
7 Ways to Get Good Word of Mouth
The most effective advertising a company can get is more difficult to achieve but much more effective and lasting than traditional media advertising. It is word of mouth advertising, and it is earned rather than purchased. It is your customers’ opinion of your product, which at times can be very vocal with praise or derision. Read more »
BLOCKBUSTER IDEAS NOT REQUIRED
The starting point for any new venture or product is the idea. What product or service will our business offer that will be a winner? A great many people can’t get past this idea phase. It seems to me that many of them stall out because they are waiting to hit upon some kind of revolutionary new idea - a concept of such power that it will appeal to everyone. They want bells to go off in their heads. They want brilliance. They want a blockbuster idea. Read more »
7 Tips on Barter for Small Business
Barter, an $8-12 billion dollar industry, is one of the businesses that flourishes in bad economies, as it offers entrepreneurs many opportunities to acquire things they need and want for no or little cash. Here are some of the things you should know about Barter, a great Bootstrapping activity. 1. It is the exchange of […] Read more »
DON’T BE BULLIED BY YOUR LAWYER
9 THOUGHTS IN DEALING WITH A LAWYER There are many occasions in the life of a Small Business where a lawyer is needed. . .a rental lease. . .a royalty contract. . .an employment contract. . .a business partnership. . .an investor, a lawsuit, etc. Small Businesses rarely have a full-time lawyer and staff, so […] Read more »
Entrepreneurs Love Risk?
This myth seems to emanate from the media portrayals of entrepreneurs, likening them to old gun slinging, sneering, arrogant cowboys just looking to find and attack risk. My experiences and those of most successful entrepreneurs I’ve met indicate the exact opposite: small business owners with their own money on the line look to minimize, avoid, […] Read more »
Listening Is Different Than Hearing
Why is it that in most business and social encounters the mouth is employed much more than your two ears? Many people think they are listening when they are just hearing. If your ears are healthy, hearing is an automatic anatomical response to sound in your vicinity. It takes no effort or skill. On […] Read more »
Curiosity – A Key Entrepreneurial Trait
Most of us will agree that creativity is a key element in a company’s growth and sustainability. This applies to small and large companies, start-ups, and service or product companies. Without creativity, you are susceptible to becoming a me-too company, which will lead to lower profit margins, loss of market share, and eventual demise in […] Read more »
10 Tips to Build Better Trust in your Business
Trust Builds Confidence The single most important thing you can do in starting and building a business is to get people to trust you. Trust needs to be earned and takes time, although you can lose it in a second. Telling people to trust you doesn’t cut it. In fact, when people I just […] Read more »
Rebounding from Setbacks-A Wow! Video
My definition of Entrepreneurship is “The recognition and pursuit of opportunity without regard to the resources you currently control, with confidence that you can succeed, with the flexibility to change course as necessary, and with the will to Rebound from Setbacks.” (This definition is primarily from Professor Howard Stevenson of Harvard Business School with some […] Read more »
Preparation Works in Business as in Sports
The sports media and coaching community consistently attribute the success of our sports stars to their dedication to preparing for their role on the playing field. Football quarterbacks, who besides their extreme physical routine, spend huge amounts of time seeing film of their next opponent and studying their game plans. Baseball pitchers study countless hours […] Read more »
No Can Become a Yes in Selling
Would you believe NO can get you a good Yes? Yes, it’s true; sometimes NO is the keyword for successful selling. In all negotiations and selling which falls into that category, you need to understand the other person’s needs, job responsibility, and goals. One of the major responsibilities of a buyer is to get the […] Read more »
A Letter to My Blog Subscribers
To: All Subscribers to my Bootstrapping 101 Blog From: Bob Reiss First, thank you for subscribing and reading my blogs. Second, I want to wish everyone a happy, healthy, and fulfilling New Year. When I started writing these blogs over 15 months ago, I was told by the Internet experts (of which I am […] Read more »
ENTREPRENEURS–TIME TO BE THANKFUL
Whether you’ve had a difficult year in this current environment or have been one of the fortunate ones and prospered, it would serve you well to pause and take stock of all the things you should be thankful for. Be thankful you are in your own business and your own boss. Millions of people aspire […] Read more »
HIRING AND FIRING—DIFFICULT TO DO
Your Growth Can Depend on It Most small business owners will agree the quality of the people they hire is critical and can help make or break their company. It however, is not an easy task to find and hire the right person, particularly if you have a limited budget. Here are some things […] Read more »
Outsourcing Turns Fixed Costs Into Variable Cost
Low monthly overhead could save your company during a cash crunch. A fixed cost is one that your business incurs whether or not it makes any sales. An example is rent: It has to be paid every month whether or not you’re generating any income, and it’s the same every month. A variable cost, by […] Read more »
FUNNY TAKE ON HOW ENTREPRENEURS ARE BORN
This past Saturday, November 6, Scott Adams the creator of Dilbert wrote an article for the Wall Street Journal and showed us why he is one of the iconic humorists of our time. His hilarious take on how Bad Management spawns new start-ups has much truth in it. I thought I should share this article […] Read more »
LISTENING INSTEAD OF HEARING
Why is it that in most business and social encounters the mouth is employed much more than your two ears? Many people think they are listening when they are just hearing. If your ears are healthy, hearing is an automatic anatomical response to sound in your vicinity. It takes no effort or skill. On […] Read more »