You Aren’t in Kansas Anymore, Dorothy: The Realities of Transitioning to an Entrepreneur
Corporate employees and small business owners may as well live on two different planets. Corporate employees work hard to meet the goals and objectives of their organizations just as small business owners do. But unlike small business owners, corporate employees never have to worry about making payroll or keeping the lights turned on. There’s no need to stress over aging accounts receivable because the corporate accounting department handles that. Bad press, a missed deadline or a failed project can certainly create turmoil and stress in the corporate world, but when it happens to a small business owner, it could mean the end of the road. Entrepreneurs don’t have a safety net. If they screw it up, there’s no one else to blame. In today’s economy, millions of corporate employees are getting the boot and a significant number of them are choosing to migrate to the world of small business without an appreciation for the chasm that exists. Stripped of their title, comfortable office, dependable salary and support systems, these corporate casualties are in for a crash landing. You aren’t in Kansas anymore. So let me share some quick survival tips. First, upon entry to the land of small business, remember people here speak a different language. No one cares what you used to do for Big Name Company. You’re on your own here, kid. It’s up to you to prove your value. Secondly, don’t make the mistake of spending lots of money on marketing materials, a web site and office space. Here in the small business world, bootstrapping is the key to success and we’ll be happy to share our resources to help you look big without spending big. We’re all about collaboration. As you get started, don’t get frustrated when you have to do it all yourself. In our world, no job is too small for the CEO. Your job description encompasses janitorial work, bookkeeping, sales, administrative tasks, mail-room duties and generally everything else. It’s overwhelming at first, but you’ll get used to it. You may be great at doing what you do, but that alone isn’t enough on this planet. To succeed, you must understand the basic principles of running a business too. There’s a huge difference between creating a job and building a business. A job generates revenue as long as you continue to work, but if you stop, so does the money. A business is bigger than you alone and it is sustainable without you. Finally, you only think you had ulcers in the corporate world. Running a small business requires you to work longer and harder than you’ve ever worked in your life. Plus, you’re adding the burden of putting at least part of your personal finances at risk. In the early stages of my company, I used to joke about loving my job so much, I paid to go to work every day. Once you’ve embraced the nuances of the small business world, I bet you’ll find it the best time of your life. It’s high risk and high reward, but I’d never trade it for the corporate world. Small business is the American...
read moreIs Your Small Business Easy Prey for a Cyber-Criminal?
It’s almost becoming an everyday occurrence — a major company being hacked. And if big companies are falling victims to cyber-criminals, what about small businesses? Small businesses are easy prey for these unscrupulous folks. Don’t think it won’t happen to you. For some excellent advice, I turned to personal security and identify theft expert, Robert Siciliano for advice. The Small Business Expert: Robert, first let’s talk about protecting your data in the event of a disaster. We’ve seen many small businesses have to close their doors because of a natural disaster, and yet if they’d protected their data, that might not have been the case. Siciliano: Being informed is what it’s all about, you know knowing the red flags to look for, knowing the signs, doing your homework, having systems in place and essentially having a contingency plan. You know the adage if you fail to plan, you plan to fail holds true with all things security. THE Small Business Expert: You mentioned a contingency plan. How do you go about creating one of those? Siciliano: Well, it boils down to determining risk. So if you look at the nature of your business and the risks that you might face, whether that’s from a disaster or theft whether, internally or externally. You look at all the different risks that you might face and then from there, you know, you put together a plan to mitigate those risks. That might involve going out and sourcing consultants that specialize in that or picking up a book or a manual — taking some type of a seminar and determining how to calculate those risks versus the reward and ultimately put together that plan of action so that if something was to go bad you would know how to respond step by step. THE Small Business Expert: Okay, let’s go back to the topic of cyber-security. When major brands are getting hit, how in the world can a small business protect itself? Siciliano: That goes back to that contingency plan, putting together a plan of action, bringing in the right professionals and then having the basics in place — having a firewall, having the right hardware and software. Again knowing what your risks are as far as the data is being protected. If you’re a retailer establishment or any type of a business that takes credit cards then you have to follow the payment card industry’s standards which means that generally — annually or bi-annually or semi-annually — you are going through processes in which your data or the security of that data is looked at externally, meaning that somebody is coming in through your network, through a firewall, they are going over your systems, looking for certain systems in place. It might also mean that somebody is coming inside your facilities and looking at your technology, making sure that everything is secure so that ultimately you fall under the guidelines of the payment card industry standards. You have penetration testers, these are ethical hackers, good guy hackers, they come in and look at your security and they determine what it is and what it isn’t and then they do what is necessary to ensure that your data is protected by seeking out certain vulnerabilities and then patching any of those vulnerabilities. So...
read moreOutrageous Success: How Small Tweaks Can Produce Big Results.
Join Susan in a city near you for an exclusive small business knowledge session hosted by AT&T. You’ll learn how to: * Create incremental enhancements at every level to break away from the competition. * Identify collaborative opportunities or new markets for growth. * Understand the importance of both people and technology for operational efficiency. Your local AT&T account team will be on hand to facilitate the discussion and show you how we can help meet your business needs. * Great savings on business solutions. * 25% discount on select accessories* * Prizes, refreshments, light fare and giveaways including Susan’s New York Times bestseller, “It’s Your Biz” book (available to registered seminar attendees while supplies last). The event is free, but it’s best to register in advance. Hope to see you in your hometown. Follow us on Twitter #OutrageousSuccess and join us on Facebook....
read moreReady for Your First Employee?
Small businesses usually start-off as a one-man show. When you are the owner you do everything from emptying the trash to collecting the cash. As your business grows, however, it can reach a point where the volume of work is overwhelming. That’s not a bad thing in terms of your business success, but it can cause you to become stressed out and burned out. There are only 24 hours in every day and there’s only so much one person can accomplish. Reaching this point in your entrepreneurial journey is a pivotal moment. It’s the proverbial fork in the road. The direction you choose will have a lasting impact on your business. You recognize the need for additional manpower to manage the business but the thought of committing to more overhead is scary. However, you also realize if you don’t add additional resources then you’ll stagnate at your current level of business. It’s a catch 22 in many respects. So how do you know what to do? When is the right time to hire your first employee? The answer: When the business is ready. When you are ready. And when adding employees is in strategic alignment with your vision for the business. First, review your business goals. If you desire to build a sustainable business enterprise, then it is going to take more than one set of hands to get you to that point. My theory about adding employees is what I call the MYTOP theory. MYTOP stands for multiply yourself through other people. Your first employee should be someone who complements your skill set so you can focus more of your time and energy on the things that you do well and add the most value to your business. So step number one before you hire anyone is to analyze your strengths and weaknesses. Next, remember to hire smart, not fast. Clearly identify your business needs. That means you need to write a job description. Yes, I realize this is tough because you’ve never had anyone work for you before so how do you really know what the job is going to entail. Now is the time to figure it out. It’s important for you to define your expectations so you can identify the right candidate. It’s also important for your employee. Without established expectations the chances of failure are great. Not to mention the frustration it can cause for both of you. Determine your salary range for the new position. Committing to a salary is the scary part. Recognize when you hire someone, in order to get the type of individual you need to help you grow your business, you may have to take a salary cut yourself. In fact, many entrepreneurs find they have to miss a paycheck here in and there in order to make sure their employees or paid. Are you ready to make that commitment? It’s another form of making a financial investment in your business. However, if you choose wisely the rewards are worth it because two people can accomplish more than one. Finally, avoid hiring family and friends. I would venture to say 90 percent of the time hiring a friend or a family members ends in a disaster. When things go awry, good, long-term friendships are destroyed and family gatherings tur...
read moreCould Your Small Biz Benefit From a Mentor? Enter the Pitney Bowes SmallBiz Mentorship Contest
Could you use a mentor to help you grow your small business? You could win one of the best in the business by entering the Pitney Bowes SmallBiz Mentorship Contest. (#PBSmallBiz) Two lucky winners will receive customized, one-on-one mentorship from one of two leading small business experts, Brian Moran and Marsha Collier, who have teamed up with Pitney Bowes to help you ignite your business. It’s simple to enter. All you need to do it “like” the Pitney Bowes Small Business Facebook page and then post why your company would benefit from a mentorship program. (Keep it under 200 words, please.) What You’ll Win: – Three one-hour consultations via phone or Skype between September 25 and November 20; – Review of your business plan and evaluation of key stress points; – Actionable recommendations and follow up; and – Final evaluation of progress and additional recommendations to help you find the success you imagined. You have until midnight, September 22, 2014 to enter. Winners will be selected 40% based on the number of ‘Likes’ on their post and 60% at the discretion of the Mentors and Pitney Bowes. Winners will be announced on our Facebook page on September 24. Every business can benefit from a good mentor. So what are you waiting for? Good luck!...
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