Entrepreneur Zone

Radio Interview

I had a great time on Girlfriend We Gotta Talk, where Mary Foley & Suzie Galvez interviewed me about business ownership and franchising.  Take a listen today! 

Want to be happy? Consider self employment

Business ownership may not be the easiest career route, but it may be the happiest according to a recent study (WSJ article).  According to the study, control may be the leading contributor to that happiness.  While business owners have their own set of concerns, they know that they have control over the decisions, over their time and how they get to spend it.  Are you looking for more control in your career?  If so, now may be the time to explore your business ownership options.

Bernanke's Comments should be food for thought for would be entrepreneurs

Two weeks ago, Fed Chief Bernanke said the recession was likely over BUT  "...many people will still find that their job security and their employment status is not what they wish it was."  Read the full text of his comments here (they're very interesting).  The article goes on to say that "Some economists say it will take at least four years for the jobless rate to drop down to a more normal range of 5 percent. " 

So what does all this have to do with entrepreneurs?  I've been hearing some new terms and probably so have you: jobless recovery, accidental entrepreneur, forced entrepreneur.  In this job market, many people are becoming so frustrated that they are creating their own job...and maybe some others along the way.  Entrepreneurship might not have been on their minds when they first lost their job, but upon seeing their options in the job market (or lack thereof) they decided to take control for themselves.

If this sounds like you, just remember you don't want to fall into entrepreneurship haphazardly.  You want to focus on what you want to get out of being a business owner and then find or create options that will deliver those results.  Start with the end in mind...what results do you personally want to achieve?  What kind of lifestyle is important to you?  Then look for options that will help you to get those results.  There are plenty of stories on this blog about people who have done just that. 

The other thing the stories on this blog have in common is that all of these people figured out what results they were looking to achieve with the help of a coach.  If you're having trouble getting clear about your next step, maybe you need one to.  Its always free to talk to me (www.TheEsource.com/Rsmith), so maybe today's the day you take control over your future.

The Rules

I hear from people all the time that they don't want to be 'restricted' by the rules of a franchise.  Yes, there are rules, but they may not be exactly what you think.  Here's more details on my view of franchise 'rules': The Rules on CareerGuide101

Great Article

Here's a great article about a past client, Lisa Ritchie.  Check it out and look at the awesome new Richmond Grid Magazine while you're at it!  http://www.richmondgrid.com/index.asp?ID=29

The Entrepreneurial Climate: 2009 and Beyond

Here's an interesting article about franchising (and business ownership in general) in today's economic environment:  http://www.franchise.org/Franchise-Industry-News-Detail.aspx?id=46226

Warming Trend?

Like the weather, the news about the economy seems to be warming a bit...or is it just that we are all becoming immune to all the news?  In either event, I've come across a host of career help websites that I think can be useful (or at least interesting) to those in a career transition:

www.Careerzition.com:  Shorten your career transition.  Career support through resources guides, webinars and resume review; plus premium services like resume writing, cover letter writing, & mock interviews.

www.careerguide101.com:  Offers a wide variety of free career-related resources focused on working men and women, seeking to procure, manage, and or change their careers, as well as those looking at starting a business venture. 

www.careerealism.com: Because every job is temporary.  A blog with unique, interesting advice that could help readers find ways to achieve the success they desire.

And of course, if you find yourself in a career transition, don't forget to investigate the possibilities of business ownership...email me (Robin@e-sourceva.com) to schedule your initial complimentary consultation.

Click here to read about someone who did explore their options and found some rather attractive alternatives!

Small Business Lending New Site

I was just made aware of this interesting website that has lots of up to date information about small business lending.  Just wanted to pass it along: Coleman Publishing

SBA Recovery Act

The SBA has issued a FAQ sheet on the implementation of the Recovery Act policies.  You can click here for more details.   The highlights are that the SBA is:

-Raising the guarantee (remember the SBA doesn't actually loan money, the guarantee the loan for the bank.  They had been guaranteeing 80-85% of the loan value, they are raising that to 90%).

-Reducing/eliminating the fees to both the borrows and the lenders. 

They intention is that these moves will get money flowing again for small businesses.   I believe small business is what will help the economy to recover and getting money moving again is key.

No Gloom & Doom Here

I thought that you might enjoy the cover of this month’s Entrepreneur Magazine.  It captures a new spirit that I hope can be contagious and will lift us out of recession’s doom and gloom.

 

Here's a story about a couple who decided to create their own future and kick some you-know-what!

More great resources

Here's an interesting blog post with lots of additional resources and articles for entrepreneurs:

60+ Resources for Entrepreneurs to Step up and Take Charge

Thanks to http://twitter.com/copyblogger

Article: Safer Way to Start A Business

Here's an article about franchising:  http://www.huffingtonpost.com/rieva-lesonsky/the-safer-way-to-start-a_b_169903.html

With most rewards there are also challenges

I just saw this link on Twitter (thanks to http://twitter.com/SmallBizExpo) and thought I'd share it: Despite Challenges Business Owners would Start Again

It's an interesting article about a survey done of small business owners.  On any given day, a business owner may complain about the state of the economy, the customers that have unreasonable demands, the difficulties of finding and retaining good employees...the list goes on, but that seems to summarize the top complaints.  However, the statistics say that most business owners would do it all again.  Just goes to show that business ownership won't be a panacea for all of your issues, but can bring you the rewards you're looking for.

By the way you can find me on Twitter, too:  http://twitter.com/RobinASmith

Are you looking for your window?

It's hard to believe that January is almost over.  I know for some, 2009 hasn't started off on the best foot.  Lay offs, down sizings and unemployment numbers seem to top the headlines on a daily basis.  There are lots of resources and advice out there if you find yourself in this boat.  Here are a few that you might find interesting:

Laid Off in Financial Services? 11 Job Options to Consider  

Employee to Entrepreneur 

What to do If you Lose Your Job 

9 Things to Do If You Lose Your Job 

In all of these you'll see some general themes.  You know what they say about when a door closes, a window opens somewhere...if you're looking for it.  One of the themes is to reach outside your comfort zone and research some new possibilities, including business ownership.   Here's a story about a woman who had started down that path and decided she wanted some additional support.  To see how she found it, click here! 

Enjoy!

You have options, do you know what they are?

With all the doom and gloom in the news, you might be led to believe that there aren't any options available; career options, financial options, housing options, banking options...just pick one and you'll find all kinds of negativity out there.  There are always options, even if its just how you choose to view your own situation.  And the best way to be able to make a choice about how to view your situation is to get the facts for yourself.  Don't just take what the pundits are handing out; get the data for yourself with your own personal situation in mind.

Self employment is alive and well.  For many, this could be exactly the right time to examine this option to see if it is a viable alternative.  For an interesting take on self employment, check out this blog:  Getting Small Business,Views and recommendations on the transition from Corporate America to the world of Small Business.

Its hard to believe that the holiday season is upon us.  My wish for you is that you'll find that hope, possibilities, options and dreams are alive and well; you just have to take some time to know what you want.  Here's a story about a family who really knows what they want and are working to achieve it.

E-C-O-N-O-M-Y

E-C-O-N-O-M-Y.  Its becoming a 4-letter word these days.  I know you may be thinking that this can't possibly be a good time to explore the possibility of business ownership.  I actually think its the best time:  Many people believe that having a job is the most secure, stable career option for them.  I'm sure employees at big financial institutions like Lehman Brothers thought this was the case up until a couple of weeks ago.  So in a market of uncertainty, who can you count on if not yourself?  If you have an interest in business ownership, don't you owe it to yourself to at least understand what the alternatives are?

This story is about Jeff Nay, who did just that.  He was tired of letting a corporation set his path and he decided it was time to take a look at his goals.  I don't want to give away the punch line, but Jeff is now a franchisee with Sandler Training; they have a new book that you should check out:  Five Minutes with Vito.

Are you a 99 or a 1?

I was recently sent an excerpt from a book called Street Smart Franchising (you can find it in my new bookstore!).  This particular excerpt, which I'm including here (Download street20smartwhy20invest20in20a20franchise.pdf)  talks about how 99% of us will dream about making a change but won't ever do it...and the laundry list of rational reasons we use.  It goes on to talk about the 1% who will make a change and what makes them different from the rest.  While the excerpt is focused on franchising, I think it applies to anyone considering making a real change in their lives.  Read it for yourself and tell me what you think.

This story is about a man who is part of the 1%.  He saw himself being successful in a business he would never have considered if he hadn't looked past his initial conceptions and saw the business potential that the opportunity offered. 

The Entrepreneurial Cliff

The best way to fight fear is with facts.  I say this to my clients on a regular basis.  I don't care what the fear is, fear of heights to fear of failure, so often our brains create false evidence to support our fear.  I think that gathering the facts about a situation can help to formulate a plan of attack and figure out your next steps.  For more about fighting fear, check out this great article by Jim Rohn (author, professional speaker, business philosopher): Fighting Fear, 5 Fears Stopping Your Success:  http://www.geocities.com/d_medernach/articles/FightingFear.doc

 

This story is about a man who gave me a new phrase...'the entrepreneurial cliff'.  I think most people see it that way.  They talk about needing to be able to take a 'leap of faith'.  If you gather the facts though, it will often turn that leap into your next step toward your career dream.

Career Fulfilment in 3 (or is it 7) easy steps?

It's fairly common for clients to tell me they are tired of their current career and want more 'fulfillment'.  If you search the internet for information on career fulfillment, you'll find plenty of advice.  Most of it in the form of "3 Easy Steps to..." or "7 Pitfalls to...."  (Seems 3 and 7 are magic numbers for people who write advice columns...)  One step that almost all of these advice columns list is that you first need to understand yourself.  I couldn't agree more.  Fulfillment to one person might be sheer drudgery to another. 

When considering business ownership as a possible way to achieve that fulfillment, you have to look beyond the product or service.  It might be easy to be enamored with the product; when considering if the business will be fulfilling for you, you need to look at the role you'll be playing in the business as the owner and the results that the business will provide.  Here's the story of woman who did just that....and found an option that brings her fulfillment on multiple levels.

Good things come to those who wait?

"Things may come to those who wait, but only the things left by those who hustle."

- Abraham Lincoln

I often talk to people who want to be their own boss and are waiting for 'the right idea' to come along.  It might happen that way; it has for lots of people.  But if you're really serious about making a change, maybe the thing to do is go out and look for the idea as opposed to waiting for it to show up on your front doorstep.

This story is about someone who you would think wouldn't need my help.  She's been an entrepreneur for the majority of her career.  But she was ready for a change and tired of searching for a needle in a haystack.  She thought that using a methodical process might get her a little further... and it did.  She's certainly one of 'those who hustle.'

Possibilities

The Economy, with a capital E, seems to be the one of the topics on the top of everyone's mind these days.  Whether the issues are real or perceived remains to be seen, but in the meantime, I wanted to share some interesting information about the economic impact of franchises.  In a report issued on March 3rd, the International Franchise Association reported:

• The franchising sector of the economy expanded by over 18 percent from 2001 to 2005.   
• From 2001 to 2005, the franchising sector expanded at a faster pace than many other sectors of the U.S. economy.
• In particular from 2001 to 2005, the number of jobs, amount of payroll and economic impact of franchise business grew at faster rates than that of other businesses.

(Please let me know if you'd like a full copy of this report.)  There have also been numerous articles recently about the resiliency of franchises in a variety of economic times. 

So if you are wondering if this is the time for you to consider your options, read on.  Here's the story about a client who took the time to consider his options and found a new Possibility (with a capital P).

What are YOU waiting for?

I find that people are often looking for just the 'right' time to make a change: whether it be change their job, buy a new home or start a business.  As my mom always said "If everyone waited until the 'right' time to have children, the human population would cease to exist."  That mom of mine is a smart lady and I think the same is true about most kinds of change.  What is really going to change tomorrow or next month or next year to make the timing better? 

 

What changes in your life are you waiting for the 'right' time for?  What's really going to be different? 

Bright Shiny Object Syndrome

In order for those goals to happen, I think you have to know why they are important to you.  Its the why that'll keep you motivated. 

That's just one of the reasons why I cringe when someone asks me “What’s the hot new franchise?” I call this the "bright-shiny-object syndrome". So often people are initially attracted to a business that glitters for them, something that has that surface appeal.  I think you have to look at what do you want the business (or your career for that matter) to do for you:  what do you want to accomplish, what's important to you about business ownership/your career and why is it important.  Again, its the why that'll keep you motivated.

So here's the story of someone who definitely looked past the "bright-shiny-objects" to find something that will help him to achieve his goals.

Just remember, all that glitters isn't gold.

Stressed?

What are you most thankful for this year?  Or are you one of the many who is just so stressed out that its hard to even think about what you're thankful for.  Office politics and layoffs.  Too much work and fewer workers.  More responsibility and less upward mobility.   There are lots of reasons for today's employees to feel stressed.

I recently came across an interesting study conducted in 2005 by Bill Wilkerson, CEO of The Global Business and Economic Roundtable on Addiction and Mental Health.  He wanted to find out what was most stressful to employees so he conducted a survey and reported on the top 10 sources of stress in the workplace. (http://www.hillsorient.com/articles/2005/08/202.html)

The number one stressor?  Lack of control.  "Employees are highly stressed when they feel like they have no control over their participation or the outcome of their work."  I hear this from many of my clients.

Is it time for you to take control for yourself?

As they say "Stressed is desserts spelled backwards." So, let's skip the stress and go for the chocolate.

Limited Vision

Do you remember being a kid and wearing one of those scary masks at Halloween?  As a parent, those things scare me....not because of the ghoul on the mask, but from a safety perspective.   Your vision is pretty limited and you can only see what's directly in front of you, which to me seems like recipe for disaster.

 

I often find that people who are considering self employment have a similar issue: they have a limited vision of what their options are.  As a result they tend to look at things that are very similar to what they've done in the past or at options that just happen to be in their field of vision (maybe they saw an ad in the paper for a business for sale or walked into a store on a day when it was busy or had a friend that went into a similar business or...)  What people often fail to consider is what they want to accomplish by being self employed and understanding how a variety of options might help them to do that.   Do you know what you want to accomplish?  Spend some time thinking about that...first!

Looking past initial perceptions

We have a statistic that we often quote:  95% of our clients tell us that they discovered options they would not have considered on their own.  So often when people are thinking about career alternatives they look at options that are immediately appealing.  What makes something immediately appealing?  Most frequently its because they've done it before or they have a picture in their head about how that business would run.  And what about options they have never considered before? Well, the initial reaction might be based on a misconception.  Do you have misconceptions that are stopping you from reaching your goals?

Here's the story of someone who looked past his initial perceptions and saw possibilities.

Making a difference

I talk to lots of people about their motivation to make a change in their career and their desire to explore business ownership options.  One of the many recurring themes I hear is 'I'd like to make a difference'.  I've had more than one person tell me that their corporate job is 'robbing them of their soul' or that they are tired of feeling like just another 'cog in the wheel'. 

As an entrepreneur, there are several ways that you could make a difference:

• The most obvious is that the business itself could provide a product or service that you feel makes a difference in the community.  Today's story is an example of that.
• Another way to make a difference is by employing others.  Giving someone a job certainly will make a difference in their life.  Today's story is an example of that.
• The business could give you more time and resources to allow you to be engaged in the community through other activities.  Today's story is an example of that.
• I'm a believer in the old adage, 'Charity begins at home'.  Having more of yourself to give to your children is another way to make a difference.  And, you guessed it, today's story is an example of that, too.

Hope this story makes a difference in your day.

30 Reasons Employees Hate Their Managers

There's a new book out: 30 Reasons Employees Hate Their Managers, by Bruce L. Katcher with Adam Snyder (Published by AMACOM, the publishing arm of The American Management Association).  After perusing the table of contents, I'm pretty sure Mr. Katcher must have interviewed many of my clients.  The reasons range from "I'm afraid to speak up" to "There's no job security here".  Also, my personal favorite, Reason #29: "I Feel Trapped, I Wish I Could Go Out on My Own". 

You can check out a summary of the book at http://www.discoverysurveys.com/store/0005a.html.

Reasons 20 through 25 all fall under the heading "Employees feel Unappreciated".   One of the most common themes I hear in talking to individuals who are frustrated by their careers is that they'd like rewards commiserate with their efforts.  "If I'm going to work this hard, I want the rewards to come back to me and my family" is a phrase that I hear over and over again.  Does this sound like you?  Maybe its time to doing something about it.

Corporate Layoffs

The New York Times ran an interesting article recently about corporate layoffs, specifically one that's close to us here in Richmond, at Circuit City:  "...The company [Circuit City] fired 3,400 people, or about 8 percent of its work force, not because they were doing a bad job and not because the company was eliminating their positions. Instead, Circuit City executives said the workers were being paid too much and that the company would replace them with new employees who would earn less. It was an unusually clear window on the ruthlessness of corporate efficiency." (New York Times, David Leonhardt, Published: April 4, 2007).

Corporate layoffs are part of today's reality.  And unfortunately, there's little employees can do about it.  As this New York Times article points out, people are let go, fired, downsized, rightsized, redeployed, RIF'd (you know all of the euphemisms) even when they are doing their jobs and doing them well.   So what's an employee to do?

I think the answer is: Understand your options.  This way, if and when you find yourself in a position similar to these folks at Circuit City, you know you have options.  Options and choices empower you to create the life you're looking for.  Here's a story about a great family who looked at a corporate layoff as an opportunity to create the life they wanted.

Employee = renting?

Ever feel like you're constantly working hard and not reaping the benefits for yourself or your family?  Tired of seeing your hard work go to someone else's bottom line?  Feel like there's more you can do but your employer is putting limits on you?  These are complaints I hear on a regular basis. 

Being an employee is kind of like renting a home; it gives you shelter and comfort and meets many of your short term needs but it doesn't build toward anything.  When you move out of a rental home, your money stays with the owner.  When you leave a job, all of the hard work you put into it stays with the owner.  That can be pretty frustrating; particularly when you're in a sales capacity and can directly tie your efforts to the company's bottom line.

So here's a story about a woman who decided enough was enough; it was time for her to reap the benefits of her hard work and reach her own limitless potential.