Starting Wednesday Nights, I will start answering questions relevant to my experience as an Entrepreneur. This is an opportunity for new entrepreneurs to interact and learn from me and others in the group at the time. I will use the ooVoo platform to do this. There can only be 12 attendees at a time, so first come, first served. Depending on how things go, this may pursued me to start an online Radio show. If you'd like to login into this Live Video conference, visit ooVoo and download it to your respected computer operating system. Starting Next Wednesday 9pm Est.
Product based company vs service based company in a downsized market.
I've been an Entrepreneur since 2002. I was wet behind the ears with only a clue on what to do.
I've been around the marketplace well enough to pay attention to emerging trends and things to avoid while making business decisions.
I'm able to see saturation periods, stagnation in the utilization of various technology, and buying trends of the average consumer.
I saw signs of the recession coming way back in 2005, and by 2007 my assumptions were right.
I knew when gas prices would begin to rise and fall. I knew that google stock would more than triple it's value from the asking price of $53 on its initial public offering.
I knew that the film industry would continue to grow in Atlanta based on certain developments in technology and the surrounding area.
From years of self study on marketing and sales, I can tell you that providing both services and products will be your best bet if you want to raise your financial status during this era.
I would devote time nurturing 60% efforts towards products sells and 40% to the sell of services.
The product you choose to sells should be in an industry that's growing during this era.
When consulting with Engineer firms, monitoring related services were the first thing to go when budget cuts were needed.
The same would apply to any other setvice related industry. In most cases, companies will investigate their current talent pool or staff to determine which members could perform those service related task from in house.
If you are a small business owner, it's more important for you to manage your time wisely. Every seconds counts towards your bottom line. Finding the perfect balance between prospect, sells, and customer retention is vital for a full time small business success.
It Works Executive Distributor
Below you will find a segment of Michael V. Roberts (African American Mulit-millionaire Speaker) Book titled "Action has no Season". This is important information to share with new entrepreneurs who are pursuing their dreams of expanding their business in this new century.
Everyday is a race for people of Action. The successful entrepreneur is sprinting towards the fulfillment of their dreams. To compete in this race, you must not only have teammates, but you must learn to pass the baton to the next runner. If the baton is dropped or not cleanly passed, time will be lost, and your race will be over regardless of the first runner’s speed. The track coach may use a stopwatch in determining the speed of the team, but in business, you determine your success by other measurements. Achieving success requires flexibility by you and your associates. Historically, you were required to “stay the course,” but today, your course may undergo dramatic alterations with clear diversions and transformations from your original business plan or vision.
by Pree Dammond
In the Black community, it is common to hear other professionals recommend others not to mix business with pleasure or do business with family or friends. I have to say that I have changed my views on this cancerous thought process. Who better to handle business endeavors with than those that you can relate to and care about?
Tips when doing business with friends and family
1. Stop thinking free and start thinking productivity. Respect your friends business expertise and experience. It is OK to request discounts for services you are requesting but be mindful to not offend your friend or family member by wanting professional services for free.
2. Be fair, if you are able to barter products for services, make sure you have a concise idea of the cost for those services as they relate to the cost of bartering products.
3. Never take a business decision or a rejection as a personal offense. That decision could be what is best for both parties.
4. Keep it in writing. Business is business even when it's with friends and family. Terms and Conditions help both parties to remain focus on the purpose of a business agreement. I highly recommend that you draft a contract and keep it in write.
5. Remain positive without doubt that your friendships and family relationship will only be enhance and will not suffer from integrating your personal life with a business one. Thoughts become reality so remain positive.
6. Respect each others personal time. Handle your business request during appropriate business hours. Everyone needs time to just relax.
7. Teach others and share with them your success in having personal and business relationship with friends/family.
The 4 types of Entrepreneurs
in the Black American Communities.
by Pree Dammond
As a Life Coach and Business Consultant, I like to share information with groups that lead to personal and business growth. I read and experience a lot which brings me to conclusions that are worth sharing in attempts to heal a poorly damaged community. After a series of networking events that I’ve personally produced and host, I’ve come to presumptions that there are 4 types of Entrepreneurs in the Black American Community. Before going into them, I will define the classic definition of an Entrepreneur.
An Entrepreneur is “a person who organizes and manages a business, assuming the risk for the sake of the profit.” In short, an Entrepreneur is anyone of any age who takes the risk of losing money in attempts to make more money.
1. The Corporate Mind Entrepreneur:
This person operates on a foundation of standard business principles and procedures. This person does not cut corners or utilize many if not any loop holes to alter the nature flow of ideal business. This person is very meticulous to details and finds honor in generating capitol through fair business practice and corporate networks. This Entrepreneur tends to be drawn towards international business affairs, the acquisition of securities, implementation of new technology, the acquisition of government contracts, and corporate partnerships.
2. The Hustler Mind Entrepreneur:
Also known, as the Master of none Entrepreneur, tends to jump on board almost any project in attempts to secure profit and attain gain. This person is someone who may not know or understand the core ethics principle of business or fair business practices. This person doesn’t think of business longevity but only immediate gratification from the work put into a business endeavor. This type of entrepreneur will seldom become wealthy from his business endeavor. This entrepreneur is more likely to utilize any profits or gain to sustain his or her personal life.
3. The Creative Mind Entrepreneur:
This person is typically an artist of some sort who finds it very easy to create unique things. This person could possibly be a hobbyist but chooses to sale or make a profit from their creations, making them an Entrepreneur. An example of a Creative Mind Entrepreneur would be a Basket Weaver, or an Artistic Painter. To highlight someone specifically, Ta'Kisha N. Gatling from Atlanta Georgia, who titles herself as the Blingologist uses her creative mind to design amazing handbags and purses for trendy women abroad. You can learn more about Ta'Kisha by visiting her site.
Most Artists would prefer not to manage a business but would rather spend their time creating new products and new things. Many times, a Creative Mind Entrepreneur could benefit from hiring a consultant or business operations manager to run and manage the Marketing, Sales, and Advertisement of their business so that they could spend the rest of their time creating.
4. The Inventor Mind Entrepreneur:
Also known, as the tinkerer, tends to spend most of their time experimenting on new concepts that leads to inventing something innovative and edgy that simplifies the lives of others. An Example of an Inventor Mind would be William Hunter Dammond, who is notated as the Inventor of the switching mechanism that allows trains to change positions on Rail road tracks.
Most Inventor Mind Entrepreneurs spend a life time trying to invent and protect something unique and useful. They will only become rich or wealthy; if they are able to properly patent their ideas, market, and sale their new invention to the world. Bill Gates is a successful Inventor Mind Entrepreneur renowned for the invention of Microsoft and Windows based Computers. He helped to revolutionize the way computers communicate and energized the growth in the modern technology industry through simplifying the way we manipulate data. A few Inventor Mind Entrepreneurs turn to Late Night Infomercials as a means to market and sale their new inventions. It has been statistically proven that many inventor mind entrepreneur have become successful by effectively producing demonstration commercials that entice the public to buy their products.
There are several other types of Entrepreneurs; however I pick these top 4 as the most seen in the Black American communities.
Feel Free to share your comments and your links to your site if you are thinking of entrepreneurship or are in fact an Entrepreneur yourself.
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