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Rules for Success
Many years ago, a friend/mentor gave me a sheet of paper with his 5 rules for success. I've kept that paper over the years and was inspired to create my own rules for success several years ago. It has changed over the years in small ways. The words have been shifted, but the overall meaning has remained the same. Each year I get the document out, dust it off and make an attempt to mentally refocus on it. Here it is:
Chris’
Rules for Success
- Never gamble with things you can’t afford to lose.
- Decide what’s really most important to you and never lose sight of it.
- Define the end result. Make a plan, prioritize and take action.
- Focus on accomplishing your goals and moving your plan forward, not completing tasks.
- How you think is everything. Always be positive, think success, beware of negative environments.
- Don’t do business with dishonest or unpleasant people.
- Surround yourself with the best people and professionals.
- Create value for others in every relationship.
- Never quit learning.
- Be honest and dependable, remember The Golden Rule.
What are your rules for success? If you don't have a list, maybe you should consider writing it down. I'm sure most of you have a mental list, but just haven't taken the time to write it down. Send me an email with your list. I'd love to know your thoughts.
Research Tricks
Whether we're talking about developing a business plan for your great idea, or a marketing plan to promote your business, we always start with research. I teach this in workshops, classes, and in one-on-one coaching and consulting. You always begin with research.
That entrepreneurs don't do this properly was brought to light several years ago when a coaching client responded to my inquiry about her experience in the niche restaurant business that she had eaten in plenty of restaurants and didn't need any more experience than that. Just last year a coaching client told me that he didn't need to do any research because he was starting a sporting goods store because we didn't have any in town. I really tried to polite, but just couldn't help busting out in laughter.
But here's the question, how do you do your research? For big companies that can afford to subscribe to services, databases, and hire their own research staff it's not a big worry. But how does a small company go about gathering all the appropriate information? I have some thoughts, but I'd like to here yours.
It's not the critic that counts
This is one of my favorite quotes of all times:
“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly; who errs and comes short again and again; because there is not effort without error and shortcomings; but who does actually strive to do the deed; who knows the great enthusiasm, the great devotion, who spends himself in a worthy cause, who at the best knows in the end the triumph of high achievement and who at the worst, if he fails, at least he fails while daring greatly. So that his place shall never be with those cold and timid souls who know neither victory nor defeat.” Theodore Roosevelt
I've used the quote used with leadership groups, volunteer organizations and recent graduates entering the world as a kick in the pants to get in the game, get involved. Finding your place in the world has a lot to do with finding your niche, finding that path that God has laid out for you and staying focused. It's also about getting involved, even if it's a little uncomfortable at first. Whether that means your job, a volunteer or civic group or your church (inside the building or out).
I find this quote to be very compelling. I don't think I need to recap it, it speaks for itself. What are you doing in the arena?
P.S. I was reminded of this quote by Jack Weinzierl in a Twitter post. He wrote an interesting blog post about the quote on his site JackWeinzierl.com, check it out. Thanks Jack!
Marketing Plan Template
I teamed up with local marketing wiz, Felica Sparks of Ad4! Group to write a book on marketing for small business. Marketing Plan Template: Writing Marketing Plans for Small Business. The Kindle version is now available at Amazon. Click on the link below to get your copy now. 
2011 Top States for Doing Business
Area Development magazine has issued its rank of states based on their survey of top location consultants. The consultants were asked to name their top-5 state choices in 12 site selection categories. The final ranking is:
- Texas
- Georgia
- Alabama
- South Carolina
- Indiana
- Louisiana
- North Carolina
- Tennessee
- Mississippi
- California
Pray for Noah
Since my bout with cancer, I am much more aware of cancer all around me. While surfing the web one evening I found this site: Pray For Noah. Noah is almost 4 years old and is a sweet boy. He is battling with brain cancer and has already suffered more than most adults could stand in a lifetime.
Check out Noah's site, get a bracelet, or make a donation. But please leave a comment of support and include Noah in your prayers.
Anyone who likes Curious George is a friend of mine.
Know what you don't want to sell
Most companies know what they want to sell. They create elaborate marketing strategies to promote their business and products or services. They spend enormous amounts of money to advertise.
I'm not saying that any of that is right or wrong. It really depends on the situation. But here's the real question: Do you know what you do NOT want to sell? Most companies have products and services that are offered, or are in the catalog, or listed on the website that they don't really want to sell. It may be for financial reasons. It may be for personnel reasons. It may be manufacturing efficiency related or even product component availability.
If you don't want to make the product or you don't make any money offering the service, why do it?
Do you need to offer the product or service due to competitive forces? Maybe you'd be better off not offering the product and referring customers to other manufacturers or service providers. I know, this sounds like the rantings of a crazy man, but maybe not. Carefully consider dropping those products and services from your offering. It may be a "we've always done it that way" kind of thing. If you rarely sell it and don't make any money off the product or service, perhaps you can just quit doing it. Can you buy it from your competitor and just get out of the market all together? Consider a manufacturing agreement with your competitor to buy the product from them and offer it for resell on those rare occasions when you actually need the product.
If a manufacturing agreement won't work in your situation, think of other options to buy or otherwise acquire the product or service. Maybe you'll find that your customer can use a different product just as well. Maybe, if you sit down and discuss the situation with the customer and find out what their real needs are, you'll come up with a different solution that better suits their needs and your bottom line.
Don't Be a Drop-out
We’re talking about some of the key questions entrepreneurs should ask before deciding to start a business. We’ve already discussed figuring out how much cash do you have to invest in your new business and how much cash you need to survive while you’re starting your business whether getting a different job or a part-time job might not accomplish you goals. In this post I’ll discuss whether going back to school would help you accomplish your goals rather than start a new business?
Would increasing your education provide you the income you desire?
Chris, why are you trying to talk us out of starting a business? One of my main goals in my professional life is to keep people from throwing away their life’s savings on a harebrained idea. You’re worked, by definition, all your life saving up that money so you can retire in a comfortable lifestyle. Don’t throw it away without knowing what your options are and looking at all those options for meeting your goals. For many people, starting a business will never help them reach their goals. I’ll say it again, unless you have a burning desire to start a business that just won’t go away, look at other options.
One option to consider is going back to school to upgrade your education so you can get a better job or qualify for a higher salary at your current job. How much does it cost to go back to college? What does it cost to go back to college? What sort of salary increase might you expect from an advanced degree? Compare that equation to the amount of money you’re going to have to invest in a new business and the expected profit over the same time frame.
Going back to school is a whole lot less risky than starting a business. Maybe getting an advanced degree will help you accomplish your goals.
Maybe You Should Just Get a Job
We’re talking about some of the key questions entrepreneurs should ask before deciding to start a business. We’ve already discussed figuring out how much cash do you have to invest in your new business and how much cash you need to survive while you’re starting your business. In this post I’ll discuss whether you’d be better off financially getting a different job than starting a business?
For many people, their dreams could be accomplished without having to start a business. Could you accomplish the same goals by getting a different job or trying for a promotion at your current place of employment? Would spending an extra couple of hours a week at work give you the advantage you need to get the promotion? That might be a better strategy and one that probably has significantly less risk.
This question really goes back to the question in a previous post, ‘why do you want to start a business?’ Well, why do you? If the answer is to create more family income, there may be an easier way to do it than starting a business. What about a part-time job on Saturday mornings? What about teaching a class in the evenings for a local community college? Do you have any special skills that will allow you to generate other cash for your family?
Unless you have a burning desire to start your own business, then try to figure out other options for generating income. For many people, starting a new business means taking a pay cut, not getting an increase.
ShoestringVenture.com
Thanks to the guys at Shoestring Venture blog for featuring my first book, Business Start-up 101: From Great Idea to Profit...Quick! Click on the logo below to go to their feature.
You can buy the book on Amazon by clicking on the link below. It's available in paperback and Kindle format and comes with handy downloadable templates to help you get started right away.
