Entrepreneur Equation - by Carol Roth

I got this book from SCORE, and I recommend it for anyone considering starting their own business.  It clears away a number of myths regarding entrepreneurship.  It is a good complement to the E-Myth because it gives a set of criteria to consider before taking the leap into a small business.  The elements fo the equation include:
1. Your motivation for going into business
2. Your timing - current financial situation, experience, responsibilities, and network
3. Your personality - what do you like to do versus what is required to run a business
4. Your opportunity - is it really an opportunity, can you livere off it.
5. The risks and reqards
6. Other stuff

I have worked up a checklist using this criteria.  For a copy send me an email or visit http://www.b2bplanner.com/

You might be able to get a free copy from your local SCORE chapter, or get if from Amazon.

Find Attitude and Energy for Your Life Transition

I have found that opportunity comes in packages that I may not recognize at the time. I have also discovered that "Giving to Get" is more of a truism today than ever before.

This article is written to share some positive aspects of my personal experience in transition, which provided me an opportunity to get out of my box, think about what I want to do with my life and how I want to do it. Like many of you, I went to school, got a job, worked hard, and achieved financial success.  But what I did not do is think about what I found fulfilling in and outside of my work.  Looking back this was a mistake that I wish I had not made.  For that reason, this article applies to people who are working as well as those who are in a job transition, or who are retiring.

How Self Aware Are You?

One of the first things that I did in transition was to think about what I really liked to do as a way to decide what kind of work I would like to do that might be different than what I have done in the past, and which I would enjoy more.  I like working, I like working with people, and I like helping people.   So I looked around for ways to do this.

I signed up for a volunteer organization called SCORE, the Senior Core of Retired Executives.  This group is one of the largest business consulting organizations in the US, and its mission is to provide support to early stage businesses or people considering starting a business.  My experience and expertise has proved valuable to my clients, and I feel good about that. 

Based on my experience at SCORE, I realized that my involvement in SCORE is an example of how others can turn a job “transition” into an incredibly positive learning experience, while simultaneously creating some great networking opportunities.

Define Who you are to others:

• First of all SCORE is a central part of my elevator speech: it helps define who I am.
• It states what I am doing instead of saying I am “in Transition” or looking for a job. 
• It provides me with an identity in defining myself and my personal brand. 
• It shows that I am active, not waiting for a job to show up.
• And most important, it puts me in situations to meet a lot of people in the business community.

Keep Your Professional Skills Sharp:

SCORE also provides me with professional benefits that keep me sharp and relevant.

1. I am in a structured organization that has goals and objectives, and directed activities.  I am in a business environment functioning effectively to achieve results.
2. I am using my professional skills with demonstrable products and outputs.
3. I am learning new things and developing my skills in my profession.
4. I am improving my personal skills interacting with people in a business environment

Feel Good About Yourself:

Finally, SCORE is providing me with personal fulfillment doing something I feel is important, and which provides personal motivation.

I feel useful.

I have a place I have to go, a reason to get up and do something with purpose. 

I feel good. 

Helping other people makes me feel better about myself, and aware of my talents.

I feel appreciated.

My clients are grateful for my interest in their problems even if I can’t help them. 

I feel more in control.

I don’t HAVE to do anything I really don’t want to do.  I get to pick –

I feel grateful.

I better appreciate what I have in my life – family, talent, stability

How Does this Help Your Transition?

So what does this all mean to your transition efforts and how does it help?

You will feel more confident,

You will have more energy,

You will be more relevant in an organizational context.

You will network with people who value your contribution in a positive situation.

Finally, there are permanent jobs in most non-profit organizations.

Applicability to A Job Hunt:

IF you want this to be part of your job hunt, you need to do activities that contribute to your business skills and networking.  Specific examples of networking opportunities that have happened with SCORE include the following:  I make presentations explaining what SCORE is at meetings and workshops on business and planning. I talk to businessmen in numerous situation about what SCORE can do for them, or how they can support SCORE.  I have been referred to possible employers by SCORE members based on their familiarity with my work and personality.  I blog and start internet discussions about SCORE activities.  And finally, I have developed a marketing campaign for a training program that demonstrates my capabilities. 

Things to Watch Out For?

Like everything, there are two sides to this subject.  First of all you should be committed to the cause you are volunteering for. After all you are there to contribute your time and talent, and need to absolutely support the mission of the group.  There are also certain negatives in volunteering.   Volunteering can be a time sink.  I keep a time sheet to help me control the time I am spending on these activites.  It can also be frustrating for Type A people because the culture of volunteer groups may not match your personality. Organizations can also be inefficient, and low energy.  You may lose focus or be distracted in your job hunt.  You need to avoid activities that could interfere with your job hunt. 

What You Can Do:

This is only one example of what you can do by volunteering in an area you are personally motivated to participate in.  There are literally thousands of things you can do, and the following list of internet links provide you with resources to help you find an activity that appeals to you.  Areas to consider when volunteering are: professional or trade societies, spiritual or religious, animals, supporting kids, music, travel, politics, health care, and teaching.  There are organizations in all these areas desperate for management and professional support

This activity can open up your life in a very positive way, and I think you will find that it contributes to leading a fulfilling and balanced life even after your transition has ended. 

Summary of The E-Myth Revisited by Michael Gerber

The concept of balancing your functional roles as a small business owner is not a new one.

 Having the self-discipline to take time to apply vision/innovation, effective management, and systematic execution is the magic formula for success presented in this book.  Although this seems too  simple, the elegance of the concept is both powerful and easy to understand. 

In my mind the key is the discipline to JUST DO IT.  In an increasingly complex and busy world, focus on your critical areas of performance (doing the right things), is even more important.   Focus on simplifying everything to do with your business and focus on those activities which are most productive.

Although the subject is aimed at entrepreneurs, the ideas apply to everyone working in a business environment.  This book has reaffirmed my commitment in my work with private companies to make sure that they are thinking strategically about their business, and doing cost and time effective marketing and sales.    Exceptional execution requires systems that allow very efficient operations that meet the needs and wants of customers on a consistent basis.

There is no way you can execute effectively if you have not given serious thought to fundamental business issues: what your customers are buying (not what you are selling), who your customers are (demographics, buyer behavior and your "ideal customer"), and how you can beat the competition (avoid or neutralize competitive factors by uniquely differentiating your business).

By doing these things, you assume ownership of your business, and make it work for you.  The results will be higher growth, higher profitability, and less time and stress for you.



Volunteerism Website List of Lists

Links to websites offering Volunteer opportunities

http://www.volunteermatch.org/

A clearing house website to find volunteer opportunities.

http://uwvolcondayton.force.com/HOC__Browse_Organizations_Page

Dayton United Way website listing a variety local opportunities to volunteer

http://www.nationalservice.gov/

Website of The Corporation for National and Community Service Includes:AmericCorp, Americorp VISTA

Easy to find national volunteer service opportunities in your state.

http://www.pointsoflight.org/

Points of Light and Hands on Network site for (volunteer.org) a US wide database;multiple programs,resources andvolunteer centers.

http://www.aarp.org/about_aarp/community_service/  or www.aarp.org/giving-back/

Volunteer programs and activities with/through aarp.  A lot of “www.volunteermatch.org listings

www.score.org (Senior Corp of Retired Executives)

Retired executive mentors consult free with entrepreneurs to help research, launch and grow businesses.

http://www.escus.org/index.html

Not for profit consulting. Consulting volunteer opportunities for executives and professionals who have had senior level experience in business, government or nonprofits.

http://www.civicventures.org/

Civic Ventures dedicated to generating ideas and programs to help society.

www.peacecorps.gov/indexcfm

Website for the Peace Corp.

http://www.experiencecorps.org/index.cfm

Volunteering and larger urban areas.

http://www.globalvolunteers.org/

A private, non-profit (non-sectarian, and non-governmental) organization with short term volunteer global opportunities.

http://www.crossculturalsolutions.org/

Global volunteer opportunities.

http://www.idealist.org/

Global volunteer site; also contains global non-for-profit job opportunities.

http://foundationcenter.org/

Source of information on grant resources, grant writing.

http://www.networkforgood.org/

This site contains opportunities for volunteering; additional resources and donating to a charity information.

The Fastest, Easiest Planning System in Existance

I attended a seminar with the Center for Simplified Strategic Planning which presented a planning process for smaller companies which is FAST and EASY.  The whole process can be done in 1-2 months and only take 5 days. 
You won't believe how easy it is.
To learn more link to the following presentation:
http://www.b2bplanner.com/contact-us.html
Or contact me at arthelmstetter@b2bplanner.com

The Little Engines That Could - We Hope.

Everone is saying that small business will create the jobs we need to pull out of the recession, that it is
"The Little Engine of the economy That Could.

The function of businesses in society is to create value for that society by innovating technology, methods, exploiting resources or facilitating commerce.  Be improving the overall efficiency of the society value is created.  Value = the excess created above the cost to create.   It seems to me that the reason that large public corporations (LPCs) are not the businesses who will pull us out of the recession is that they have become ossified: slow to react, risk averse, whose primary goal is to protect the weath of the stockholders and management.  These characteristics stiffle innovation and therefore wealth creation. 

Consequently, we see mergers and acquisitions between LPCs, and the acquitionsof more dynamic smaller corporations, public or private, or companies owned by Venture Capitalists.  The latter are typically very smart people who have figured out they can make more by aggressively managing companies according to a business model specifically aimed at value creation.  Rather than being vultures, as some consider them, buying low and selling high, these organizations seem to be filling the need of LPCs for creativeity, entrepreurism, and innovation.  Effectively, this is what Warren Buffet has done, but he does not sell them, but he holds and controls them for the long term.  I think that he figured this out a long time ago, and although he sells shares, he definitely calls the shots at Bershire.

At the other end of the spectrum are private companies who reflect the personality of their owners who are typically entrepreneurs.  As is well know, these companies are more dynamic and creative, and more importantly more responsive to changing technologies, markets, or economic conditions.  As the statistics show, these are the engines of job growth that are hoped to pull us out of the current economy.  However, these companies do not have the same access to capital as do public corporations, and often are acquired by the Venture Capital guys, who use the talents of the management to continue to grow and innovate.  Limited capital often contrains these companies ability to achieve economies of scale, putting them at a disadvantage to the LPCs.  This in turn increases the burden of regulation, fees, and taxes on smaller private companies.  S

So if we really want the small company engine to pull the train, government needs to stop burdening these companies, and then passing $30 Billion bills to "give back" some of what they have taken away from these companies.  Did anyone in Washington ask the majority of small companies what they need done to thrive, or is this just another case of the paradigm in Washington to throw money at any and all problems?  (After taking a large cut to finance the elephant that is the Federal Payroll).

The reality is that market forces will find an equilibrium, which will be suboptimal in proportion to government constraints that interfere with the free market.  So the question I as is how can we, as intelligent citizens of society, customers, investors do to counter the forces working against a free market?  We can ignore the brands that LPCs have spent $billions on to create, and who source to cheap cost countries, and purchase from small local companies where possible.  We can also seek out small companies to invest in, owned by people that we know.  These companies are run by real people for real people, typically with values such as honesty, loyalty, and a strong work ethic. 

For my part, I am dedicating myself to using my many years of business experience to help small companies thrive by being a volunteer to various organizations, and offering consulting services.  This is what I am good at.  It's what I do.  So rather than retire and complain, or vote for someone in Washington and hope that they do the right thing, I am doing what I do best.  See what we are doing at http://www.b2bplanner.com/.

So what do you think?  What are you doing to support the little engine that could?  Let me know.