Short courses for entrepreneurs

Perhaps people are confident to go after their passion to start a business because they have acquired enough experience to do so or their training and educational background provided them with the knowledge and skills to make it happen. Still, this does not mean that business owners already know everything. They need to constantly update themselves with the latest trends and upgrade their proficiencies to move their ventures forward.

One of EO’s core values is Thirst for Learning, which is something every entrepreneur must have to keep going in their journey towards their goals. EO itself has executive-education programs that provide members with added resources and learnings. Several schools, professional groups and online sites offer short courses that help advance an entrepreneur’s competences. Some of them can run for a few days or weeks.

The personal and professional development of business owners can also lead to the growth of their enterprise as they are able to execute strategic plans of action and accelerate the progress of their productivity. Entrepreneurs can still continue their education and gain more expertise in different areas that may impact their businesses. Topics may revolve around, but are not limited, to the specialties below.

Leadership and Management

Graphic artists may open a design agency, health gurus can start a fitness gym, and lawyers and accountants can establish a consultancy firm. Basically, anyone can create a company based on their passion and expertise. However, running a business takes more than just proficiency in their field of work. It requires strong leadership and management skills to steer the venture towards success.

An entrepreneur must be able to look at things short-term and long-term, large-scale and micro-perspective. They need to grasp the nitty-gritty parts of human resource and operations. Being able to adapt to change is a skill that can be developed over time. Business owners must be able to think creatively and act strategically in any given situation.  

There are many courses on entrepreneurship, leadership, business planning and management that are offered in academic institutions. They sharpen one’s mind to innovate, transform, manage risks, generate ideas and create breakthroughs in their business.

Finance

Not many business owners may be able to understand and know the financial aspect of an enterprise. Yet, it is important to be acquainted with cash flow as this is the lifeblood of a business. You may find short courses on entrepreneurial finance, principles of accounting, budget planning financial analysis, financial systems, taxation, asset management, auditing, and other investment and economics-related topics.

Marketing

Marketing is an aspect of business that entrepreneurs should be familiar with because it drives sales. However, marketing is a broad area to study. It encompasses branding, market research, advertising, public relations, events management and sales, including customer service. Business leaders can expand their understanding and know-how of promoting their brand, company, and products or services.

As the market evolves, business owners also have to stay attuned to the changes not only to conform to the demands of the times but also to introduce new ideas and cause disruption to the minds of customers.

Internet and digital space

A new trend in marketing that presents a new and wide-ranging arena is the digital space. Gone are the days when promoting and selling are done face-to-face or via traditional media. The advent of the internet and new media has created a whole different culture in pushing for one’s brand.

From blogging, web management, SEO, social media marketing, mobile applications, new software to online community management, the digital field is expanding by the minute and new information comes in by the second. Short courses on such topics can widen an entrepreneur’s comprehension of the digital age and how this can help grow their business.

Technology

New technological advancements happen across various industries, such as in food, hospitality, accounting, engineering, education and medicine, to name a few. Artificial intelligence is applied in communication, security, research, aeronautics and other fields of endeavour. Business owners can take special classes on technology courses that can be applied in their business.

Special Interests

To develop other aspects of your entrepreneurial self, you can also take short classes on public speaking, writing, languages and other special interests that can also add value to your organization.

The road of your entrepreneurial journey may be steep or filled with potholes. As long as you continue to improve yourself and pour the added knowledge you amass into your business, you can achieve the unimaginable. With more skills and competence, what you are able to attain in three years, you might be able to realise in a shorter time. Learning knows no age, so you can keep on acquiring expertise as you go along your journey.

The impact of user reviews on businesses

Consumers nowadays have the power to sway market opinion. Through review sites and social media networks, customers can make public their experiences with businesses they utilised. User reviews influence buying decisions because the market now looks into the assessment of those who have already availed of particular products or services before committing to a transaction. Thus, client ratings and testimonials provide customers with both a resource and a voice that can affect one’s company or brand.

The rise of online shopping and e-commerce sites, social media pages, rating forums, booking sites and blogs have allowed patrons to consolidate their opinions and evaluation of a service or product in platforms that can be viewed by the public. With more and more sectors bringing their businesses in the cyberspace, customer reviews are no longer confined in the food and hospitality industry. It also extends in fashion and beauty, internet, retail and other service providers. Popular online personalities exude certain authority when it comes to setting trends and directing the flow of public opinion.

Given the shift in the mindset of buyers, how can user reviews impact your business and how can you use it to your advantage? Rankings and recommendations can become a marketing tool to promote your venture and, at the same time, strengthen the customer service and client relations aspect of your business.

The effects of customer reviews on a brand

It can boost or lower sales. One apparent and immediate effect of customer reviews is reflected in the sales performance of the product or service in question. Several negative comments may lower the sales of your business while, on the other hand, good reviews can boost profits as they drive more sales. When users are contented with the service, there’s a tendency for them to buy more or avail of additional services. The trend may vary from day to day, so make sure that you consistently have positive feedback from your customers.

It can build or damage your brand image. For a company, big or small, image is everything. If bad reviews keep pouring in, people will believe that you offer poor products of services, which may be difficult to reverse. It can cause a huge dent on your image because your existing and prospective clients may lose their trust in you. However, if you get good ratings steadily, the general public will regard you as a dependable company. It will build your stature in the industry that even a single minor unfavourable remark may not cause too much ruckus to your enterprise.

It can attract or drive out customers. Another impact of customer reviews is that they can either draw new customers to you or deter them from patronising you, let alone consider you as among their choices. Existing clients that are satisfied can become your regulars and brand ambassadors. They become your mouthpiece to others, so an endorsement or criticism can create a ripple effect on your future clientele.

The things you should do to bring it to your advantage

Knowing that customer reviews may have a lasting consequence in your business, here are some of the various actions you can take to make sure you turn every review to your advantage.

Always improve your product or services. Consider every feedback as a way to develop your products and services and enhance your business. If you always aim at providing the best quality and highest standards you will have satisfied customers. A user review can only become compelling if it rings true. Treat each customer like a VIP, making sure you provide them with good value for their money and that you attend to their needs.

Monitor online to gather feedback and reviews. Constantly check your corporate website, social media accounts, blogs and booking or e-commerce sites where you have signed up, blogs. Set alerts in your search engines to notify you when there is a new post or article about your business. It helps when you pay attention to comments and let your customers know that you heard them.

Respond to negative feedback right away. Don’t be afraid of receiving a negative review. Some fear it so much that they delete it from their sites. But the public will know and it will only cause more irritation from complainants. Avoid being defensive in your answers. It’s even worse if you go on the offensive. The best approach is to respond to the adverse feedback right away. Clear any misunderstanding if there is one. An apology may often be needed. It is also a way for you to show others that you are doing something to address the concern and that you are continually improving your products or services. When the public sees that you care for each client, they are more likely to trust you rather than just putting out only the positive marks you got. 

Encourage satisfied customers to leave feedback. Irate customers are more likely to leave a review than those who do not have complaints because the former is charged with so much energy driven by anger that they will go out of their way to share their experience. Make sure you encourage satisfied clients to write their positive reviews. Some review sites may dissuade businesses to provide an incentive for favourable comments, so the best you can do is to remind them to write about their fulfilling experience for the benefit of other customers.

In the end, it all boils down to having good relations. It encompasses relationships with your staff, your sales team frontliners, suppliers, and clientele. Establish and maintain open communications with them and build on that. If you have enough resources available, be sure to have a dedicated person or department that will take care of customer relations. It pays when you tune your ears close to what your consumers have to say. In the end, it is up to you to take action or not. However, customer reviews can also aid you in coming up with informed decisions based on what is best for your company and the customers.

“How to Build Successful Families” Workshop with Warren Rustand

EO Melbourne members and their families had a fun engagement at the How to Build Successful Families Workshop with Warren Rustand. Out of the 80 participants, 33 were family guests or children of EO members. This workshop coincides with the chapter’s focus this year on family and in bringing those most important on the same journey.

The workshop revolved around the principles and values of how to create high performance, successful families. It included specific activities and techniques that could be used within a family to make it happier and more productive. 

Getting into the mind of shoppers

When you own a retail business, you need to constantly feel the pulse of the market. Trends come and go, and people’s tastes and choices shift from time to time. How do you drive sales and profit in an industry where things are fickle and everchanging?

While consumer preferences and priorities vary every now and then, there are certain factors that can draw buyers and sway them in their decision-making process. 

Cost and budget

One of the major consideration of shoppers is the cost of items if they are within the budget and provide value-for-money. Products on discount sale or with promotional gimmicks are more likely to sell out faster than regular ones. Some consumers do not mind paying a little bit of extra if they see that the product is of better quality than others. Evaluate your cost and compare them with the industry price if it is something that will drive shoppers to choose your product. Moreover, ensure that you produce quality goods and attach the price corresponding to its value.

Appeal to senses

Packaging that is visually pleasing to the eyes, with the use of attractive colours and design, can attract shoppers at first glance. What the brain retains are the visuals, then the words read, the sound or music and the smell. How the products are presented, especially when they are neat, orderly and packed right, may encourage consumers to purchase them. Some brands put a lot of thought and resources on the design of their products, packaging and visual elements to attract potential buyers.

Novelty

People are always on the lookout for something new. Even if you have bestseller goods, always think of ways to reinvent them and introduce fresh items. Make consumers be curious about you to the point that they will line up just to have a taste of your new offerings or services. With the same products, you can come up with events or new marketing schemes that can bring more customers to your business.

Public perception

Shelves that seem to be getting empty, long queues, and customer reviews. These are a few things that may sway consumers even at the last minute. Others would choose a brand with ethical consideration. Some would weigh the opinion of other shoppers when they decide the business they will patronise. Public relations, media and social networks often play a role in shaping public perception.

Ambience

The interiors of the shop, the spacing of shelves and furniture, and the arrangement of the products also affect how consumers view a brand. Allow your customers the space to breathe and put consideration on their comfort as well. Have a friendly staff that is ready to serve and assist them. Make your building, office, store, stall or shop welcoming to your clients.

Shopping experience

Regardless of how you are able to attract your customer at first instance if you are not able to meet or exceed their expectations, they’re more likely not to return and do another purchase. Capture your shoppers with the quality of your products, good customer service and exceptional overall shopping experience. Establish rapport with them and leave a strong positive impression that will stay with them for long. If fully satisfied, they will even share their good experience with others and act as your brand ambassadors.

The key is to have constant and open communication with your customers. Friendly and informal chats with them can give you a glimpse of the psychology of shoppers. A good relationship with your clientele is a strong foundation that can keep your business longer and push it faster toward your goals.

Sharpening the entrepreneurial mind through jigsaw puzzles

Puzzles are created to tickle the mind. Putting together pieces of jigsaw puzzles, especially the huge ones, can be both exciting and daunting. Finding the right one that fits a particular section is pleasurable, but not figuring out the correct positions can be frustrating. It is sometimes exasperating, yet it can hone your skills and sharpen your thinking.

There are few insights from solving jigsaw puzzles that you can apply to various aspects of life. Take a few lessons from it and bring it to your business and let your entrepreneurial abilities expand and grow.

Vision: A photo reference is important

Creators of jigsaw puzzles provide a picture of what the finished product looks like. It serves as a guide on how the pieces should go together.

As the founder of your venture, your vision for your business is an important guide to keep you on the right track. Put your vision into something concrete, such as a picture or representation, which can also be a reference and constant reminder to you, your staff and team members. Then build your plans and strategies around that vision.

Coherence: Every piece count  

No piece is less important than the other. Everything is needed to create a picture. They have to lock together to appear as a single entity.

Some entrepreneurs establish their business based on their hobbies or skills. An IT expert is more likely to start a technology-related business. Owning an enterprise entails more than just putting your talents into good use. There is a need to familiarise yourself with accounting, human resource, marketing, sales and other components that keep your venture running.

Hiring experts is the best way to drive it forward. However, you may not have the resources to put together a team during the initial stage. And even if you already have skilled staff members, you still need to oversee various aspects of your business to ensure they all work together in the same direction.

Strategy: Start with the edges

When all the pieces are messily mixed together, it may render you clueless as to where to start first. The best strategy is to assemble the boundaries to get clues on the next pieces.

A business leader looks for more efficient ways to reach his target at an accelerated rate. Start with your vision and then craft your plan on how to achieve it in a short time. A good strategy will save you the resources, time and effort. Break down your big goals into smaller ones and start with tasks that are easy and doable.

Experiment: Do trial and errors to find the right fit

A piece may look like the right one for a particular spot. But when you put it with the other pieces, it doesn’t fit at all. You have to try similar-looking pieces to know which one will truly fit.

In business, there are several hits and misses until you get the right solution to your problem. Trial-and-errors are often necessary for you to achieve success. Don’t be afraid to commit mistakes, although there’s nothing wrong with being cautious and calculating. Starting and growing a business requires taking risks, so be wise in making decisions that may affect you, your family or other people.

Teambuilding: Working together makes it faster

Working on a jigsaw puzzle may take time. Doing it with people you are comfortable with is a big help. It also makes the experience more enjoyable.

While having an extra hand doesn’t necessarily correspond to efficiency, working with people that share your vision, corporate culture, work ethics, passion and drive can ease some burdens. They can help you figure out things, carry out tasks and take care of your business.

Fun: Enjoy the process as well as the result

Solving jigsaw puzzles is a lot of fun. It can be a hobby, a collection or something you can play during parties or by yourself. The feeling of being able to put the last piece and complete the picture is very fulfilling.

It is a given that the entrepreneurial journey is filled with the proverbial potholes and humps. Challenges and hardships are constant in every business. Don’t forget to enjoy the experience and have fun while working towards your goals. And when you achieve success big or small, find time to celebrate.

Now, gather the remaining pieces of the puzzle and work towards completing the picture of your vision.

Nuggets of entrepreneurial wisdom from Harry Sanders

Work hard. Find your purpose. Step out of your comfort zone. These are the three main lessons that Harry Sanders, founder and director of StudioHawk, a Google Marketing Specialist SEO company, learned in his experience as a businessman. Harry established his company during his teens, and he found that the entrepreneurial journey is full of challenges. Yet, the hardships moulded and strengthened him to be what he has become today.

Resilience is the biggest factor that enabled him to move forward and continue on the journey. “I knew that it was a make-or-break situation, either I would find a way to make the business work or I was going to remain where I was. There was no fallback or backup plan. During the journey, however, I faltered many times, wondering what I was doing and even wanting to give up on it all. In the end, what got me through is the resilience to keep going when every part of my body wanted me to stop. I recovered by persevering and crushing it for the clients that I had, which generated mass referrals,” Harry recounted.

Three major lessons on the journey

The challenges and milestones that Harry faced since he decided to hit the entrepreneurial road have brought him many lessons that he will always carry in life. He shares three major learnings that he got out of his experience.

1. Hard work. Harry found that there is no substitute for hard work as there is no “get rich quick” formula to a successful entrepreneurial journey. One has to work hard and for a long time to reach one’s goals and take them further towards bigger goals.

2. A deeper purpose. “If you are in this just to make money or hoping to strike it big quickly, you will need to dig deeper to find your purpose. Mine was to provide opportunities to others. Find out why you do what you do other than for money,” Harry said. Most businesses are born out of a particular need, and their products and services provide solutions to such necessities.

3. Stepping up and stepping out. “Be uncomfortable. Step up. Do that speaking job. Do that thing that you’re not sure if you are ready for it. The most consistent success that I have seen has been when I stepped outside of my comfort zone,” he remarked. Becoming an entrepreneur is not just creating a product or making an idea into reality. It also calls one to become a leader, a motivator, a mentor, a marketer, a sales specialist, and so much more. Someone who wants to enter the entrepreneurial world must be ready to take in as many roles as possible to achieve his mission and goals.

Two core values to keep the business running

For Harry, he found that these couple of core values have done well for him in managing his business and facing the challenges of entrepreneurship.

1. Passion. When things get tough, passion is the fire that fuels one’s drive to brave the difficulties. According to Harry, “Always be passionate about what you do. If you are not passionate about it find out what makes you passionate and pivot accordingly.”

   He also advised that other tasks in the business that you do not have the expertise or drive to do, such as administrative work, should be delegated to other team members to maximise your time for the most efficient areas of the business.

2. Win-Wins. Coming up with solutions that are mutually beneficial to your business and your clients can contribute to the longevity of your venture. “Every relationship that we have, whether it be with a client or a partner, needs to be a win-win. Anything that isn't geared towards that will be temporary at best and can be detrimental to your reputation at worst. We also find ways to make sure that the other party benefits from anything that we do, something that was taught to me very early on in the business,” Harry imparted.

One goal of SEO

To demonstrate domain expertise and knowledge is the key goal of SEO, according to Harry. It is what gets brands to the top, not to put keywords on pages or acquire tons of backlinks.

He further states, “SEO is a simple thing that a lot of people make complex. Essentially you want to make sure that you have:

1. Strong technical SEO as how Google perceives the website and which issues it can see like broken links, poor structure, among many others;

2. A good backlink profile with strong, niche-relevant websites referring to you. For example, having a gym talk about your SEO business is not niche-relevant. So, even if it's from a massive gym brand, it will still not help;

3. Good search intent. Make sure that you are answering that query that users are looking for and that the answer is structured in an easily digestible way. This could be through your services pages, or often through a blog and content.”

Becoming part of EO Melbourne

The hardships of the entrepreneurial journey become bearable when you take it with like-minded individuals who can support you along the way. As an entrepreneur, Harry found many additional knowledge, insights and learnings in EO Melbourne.

“It's been a great experience, meeting up and connecting with other successful business owners. Understanding through the activities helps further things that we could be doing as a company to push the envelope and innovate,” he quipped. Harry may be young, and there are still more things ahead on his journey, yet he has acquired so much wisdom through the years. Even so, he continues to learn and develop himself to serve his business and clients in the best way he can.

Tips on identifying your market segment

Your product or service is not for everyone. It is not something that can cater to people across all ages, income levels, sectors or geographic areas. Even if you are producing a variety of items that can fill up a department store, it doesn’t mean you can sell to anyone. Trying to do so can result in wasting your time, effort and resources, which is not a strategic way to do business.

Certain ventures operate B2B (business-to-business) while others are B2C (business-to-consumer). Nevertheless, it is still necessary to profile the type of clients that are being targeted so that messages, activities and tactics are geared towards them. In a roomful of people, can you determine which ones will be attracted to your brand and will say yes to your offer?

People nowadays are getting more diverse as new interests, priorities and needs prop up as time goes by. It’s not enough to say that you are aiming for mothers. There are first-time moms, single moms, young mothers, moms with teenage kids, working moms, stay-at-home moms, aging moms, and many more. Go specific on the segments you are targeting, especially those that will give you the most ROI to your business.

Segmenting your target market will help you focus your marketing initiatives. While you welcome anyone who will avail of your product or service, your budget and endeavours can be poured towards groups that will likely patronise your brand. They are the segment that looks at your merchandise or offering as a solution to their problems and needs. But, who are they? How do you define the market segments to target? Here are a few tips.

Observe your current customers

Have a careful look at the kind of people that enter your store or office. Observe their buying habits, characteristics and behaviours. What are the commonalities among these individuals? Is there something similar that they share?

Gather data on their demographics and psychographics

Some companies give out feedback forms or conduct surveys. These are ways of getting data from your current and prospective clientele. Know their gender, age, location, income levels, occupation, marital status and other information. Learn about their hobbies, interests, lifestyle, preferences, values and beliefs. These details will help you understand better the segments that will likely patronise your brand.

Profile your customers or clients

Once you have all these observations and information with you, group them and profile them. Analyse the profile of the majority in your market segments. Your primary target may be middle-age working moms who love to take charge of things at work and at home. The secondary market may be young ambitious males who want to lead an independent life.

Engage and interact with them

Gathering information and profiling your market is not enough. You have to communicate and interact with them. Get into their psyche. What do they find most satisfying about your product or service? What makes them connect to your brand? Understand their needs and wants and how your business plays a part in helping them satisfy those necessities and desires.

Constantly update your database

There’s a saying that the only constant in this world is change. Your business may evolve over time. Your target market will get older or experience things in life that will alter their perspective, preferences or priorities. Update your database every now and then and review your market segment every time you gather at the drawing board to plot your marketing strategies.

Check your competition and industry

Also, take time to see the customer base of your direct competitors. Look at the entire industry and the market that they serve. How do you differ from one another? What makes your target market segments drawn to your competitors? What is your positioning in the industry compared to other players in the field?

Segmenting your target market groups also helps you refine your brand and imaging. It is also a major factor to consider as you grow your venture. More importantly, knowing more about them establishes rapport and strengthens the relationship with your clients and customers, something that is at the core of every business.

Taking a break without breaking your bank

Affordable vacations for entrepreneurs

Entrepreneurs need to take a breather every now and then. However, it doesn’t mean that because you own a business, you can splurge on your vacation. Frugality is a value that every entrepreneur should uphold, which means you go on a budget while making the most out of your holiday.

How do you do this? First, set how much you want to spend on this trip. Second, determine if this is something you want to do alone or with a partner, the whole family or a group. Then, identify the activities you want to do and choose the destination for your holiday. Note that you don’t have to travel far to enjoy your vacation. What you are looking for may just be a few miles away from home or work. The purpose of leaving your familiar environment is to allow yourself to take in new scenery and space that may bring a refreshing energy to your body, mind and spirit.

There are plenty of things to do, see and try for free or at reasonable costs. Yes, it is possible to take a break without breaking your bank. Below are some ideas to get you started on planning your affordable vacation.

Backpack to a new city

Take the simple and cheap route to your holiday break by exploring a new city like a local. Ditch the luxurious hotels and organised tours. Stay in an inn and let the map (and your feet) take you to some hidden attractions. By doing this, not only will you save money but you can also interact with common people. Who knows, you might be able to get some ideas for your business and learn more about your customers through meeting with people from different walks of life.

Volunteer and vacation

There is a way to enjoy a place where you satisfy your mind and body and, at the same time, give back to it, which can satisfy your soul and spirit. Help a community and channel your energies to volunteer activities where you get a change of environment while doing something worthwhile. There are several non-profits and charities that provide volunteer opportunities as well as a chance to stay in a community.

Attend an EO Global events or meet other entrepreneurs

Make your vacation a learning holiday. Attend events and activities of EO held in other cities or countries. Take in a new perspective from entrepreneurs from around the globe. Meet other business owners while you enjoy a different atmosphere in another place. It will be a great experience to have a break while surrounded by like-minded individuals.

Hike or camp in nature

Get close to nature, breathe in the fresh air, and stretch your muscles by doing some physical activities. It doesn’t have to be somewhere far. Look near your place where you can get away from the hustle and bustle of work and have some peace and quiet in nature’s bosom. You can bring a friend, your spouse or your kids to have some quality time to bond together.

Take a learning trip

Bring your family to museums, national parks, historic sites or factories and learn together. You can do research ahead of time and plan your itinerary to surprise the kids. Make sure to insert something that will also add value to you, both as a family man and an entrepreneur.

Have a staycation with the family

If you prefer to stay indoors and just spend time lounging on the bed for that much-needed rest, you can opt to have a change of surroundings by staying at an affordable resort or hotel. Choose one with facilities that can cater to your various needs, especially those of the children. You can also visit other family members or relatives and stay in their place.

Whatever plans you have or your preferred holiday in mind, remember that you need this break to recharge yourself and come back with more enthusiasm and energy for your enterprise. It is also a time for self-reflection and strengthening ties with your family, friends and loved ones. Most of all, a vacation takes your mind from the daily routine of work and allow you to bring in a new perspective in life and business.

Media Relations 101 for Your Business

Building your brand and establishing a positive image to your target audience takes time, resources and effort. One strategy is to engage with the press to help you get your message across and develop your reputation to the public. A feature about you or your business on broadcast or print media has a different effect compared to an advertisement that is usually for self-promotion. Having a reputable journalist talk or write about you positively cultivates trust among your prospects and customers.

The best approach to get the media to your good side is to hire a PR firm or publicist, which may require some budget. But if you are a startup with limited resources, you may do your media relations on your own.  Familiarise yourself first with a few terms to understand how media relations work.

Media list

Put together the media contacts that you believe can help bridge you to your target audience. Every news outlet has different shows or sections that can accommodate your story. Watch TV, listen to the radio, and read newspapers, magazines and online news portals. Get to know editors, station managers, reporters, columnists and people who work in the media. Research is vital in connecting with the media. Each company or person has a different style, preference or quirk when it comes to their work. Learn how to approach media people and know what clicks and ticks for them.

Media engagement

E-mailing your pitch or story idea may work for some but not for others. There are those that you have to meet in person so you can explain your proposal face to face. Constantly giving a pitch every time you contact the press may lead to media fatigue. At times, you can ask how you can be of help to them. A symbiotic relationship with the media is what you should try to achieve. Engage them on a professional and personal level with sincerity and within the bounds of integrity and respect.

Media kit

Prepare your materials and put them together in a media kit. It includes your business profile, brochures, a press release of your event or background of your campaign, and some photos. It is better to put your media kit in digital format as well so that it will be easy for the press to download and edit it for their use.

Messaging

While you want to share as many information as possible, focus on key messages in every story or press release that you want to share with the media. Identify at most three important messages that you want them to put out to the public. If it’s about a new product or service, allow your story to revolve around it. Get the facts straight and understand every angle of your story idea before you approach the media.

Pitch

Whether you’re doing it through e-mail, phone or face-to-face meeting, be cordial and straightforward when you make your pitch. It’s like selling the story to the media. Let them see the value of your idea to their audience to make them utilise it in their section or show.

Exclusives

You can work with a particular journalist for an in-depth exclusive interview. Explore possible collaboration with radio and TV shows as well. For example, you can give them a tour of your facilities or a demonstration of how to create or use your product. While you may grant several interviews to various media outlets, you can always pitch a different story angle, depending on their focus and preference.

Press release

A press release is an article that you write, which appears as a news item written by a third party, containing vital information about what you want to announce to the public through media distribution. These are given to press outlets to place in their publication. For broadcast media, video or audio releases may be provided. The releases should be well-written, produced and edited so that they are ready to use by the press.

Press conference

If you want to announce something in person to various media outlets at the same time, you can organise a press conference. It also allows the press to ask you questions. To maintain control of the discussion, stick to your messaging and focus on the topic that you are announcing.

Doing media relations on your own takes a lot of time and effort. However, if you do it right, the rewards can be immense and long-lasting. View the media as your partner and ally in bringing important news that can change lives.

Time management for entrepreneurs

Juggling different tasks in business, roles in your personal life, positions in your various associations and commitments in other interests can be tiresome. “Time is gold” rings true to every entrepreneur, which is why there is a need to manage it well. Otherwise, you’ll end up doing too many mundane things that may take up a lot of your time and energy.

The best way to approach the rigorous demands of running a business is to put a system in place that will allow you to organise your schedule and thoughts while reaping positive results. You may hear a lot of suggestions and advice on how to deal with effective time management, but we narrowed down five important tips that can help you structure your work with your other responsibilities.

Break down your goals into small tasks

Huge goals can be overwhelming at times. If you have several projects to finish, it is better to break them down into small tasks that you can check every day. Make these tasks very specific and time-bound so you can easily monitor their progress. Designate a few minutes to go over your checklist at the beginning and the end of the day.

Categorise tasks according to their urgency

Not everything is urgent. Organise your tasks according to priority so you can easily spot the things that you need to focus on and set aside other things at the bottom of your to-do list. Review your tasks and distinguish which ones that need your immediate attention and those that may be delegated to others or at another time. Use applications or software that can make your task and schedule easier to manage. Allow a few hours each day for emergency cases, but learn to sift through your appointments or undertakings to avoid getting your day swamped with too much work.

Set aside time for each role

In your business, you can allocate time for your different responsibilities, roles and departments. When you are home, centre your attention to your family and loved ones. Make a timetable for your other commitments as well. If you are involved in business groups like EO, have a day specially dedicated for this interest. What you’re trying to avoid here is overlooking obligations outside of work that you end up neglecting your other accountabilities.

Delegate to your team

You don’t have to do all the things by yourself. Learn to entrust tasks to your team members. Invest in skills training and professional development of your staff so that they can also exercise leadership capabilities. Schedule a regular meeting with them for them to know your directions and business style, which they can imbibe in their work.

Give yourself a break

As an entrepreneur, what sets you apart from office workers is your culpability over the many lives that depend on you. You cannot take care of your people if you do not take good care of yourself. Don’t overwork yourself. Instead, allow yourself some short breaks to relieve your mind and body from stress. Stretch your muscles, do small exercises, have a nap, walk to the pantry or nearest café for a cup of coffee, watch the scene outside your window or breathe in some fresh air. These breaks will give you an opportunity to recharge and re-organise yourself, especially when there are too many fires to put out or decisions to make.

Most of all, listen to your mind and body. When you’re tired, take a rest. Remember that there are only 24 hours in a day and seven days a week. Know your limitations. Go after quality over quantity of things done. If you need to let out stress, find like-minded individuals or mentors who can listen to you and help you sort things out. Once you’ve mastered your day and the tasks you need to do, you can get through the challenges with more confidence and determination.

All about social entrepreneurship

Social entrepreneurship has become a buzz word nowadays as individuals and groups incorporate social and environmental causes with business. This kind of set-up allows the venture to channel a portion of the profits to programs that create an impact on a community or sector of society.

The difference with not-for-profit organisations is that they raise funds through grants or other similar efforts to finance the activities and programs of the charity. With social entrepreneurship, the people behind the enterprise adopt a business model that makes the organisation less dependent on grants through sustainable means.

Some companies establish a social enterprise separate from their core business to keep things in check. If you are contemplating to start one or want to support such type of venture, there are various ideas on the kind of social enterprise that you can develop. First, find your passion and strength that will allow you to devote your time and energy to this cause for the long haul. Second, determine the need and how you can help fill the gaps. Third, find people who are equally passionate as you are to lend you a hand in your social enterprise, whether as partners or volunteers.

Familiarise yourself with different types of social entrepreneurship to know more what it’s all about.

Microfinance

Working as a bank, microfinance provides credit and loans to groups that do not have access to formal financial institutions. It has been seen as a solution to alleviating poverty by providing capital for small enterprises.

Cooperative

A cooperative is composed of members that manage and run their business through shares. They also get a percentage based on their patronage to their services. Cooperatives may come in the form of consumers cooperative, credit union or multi-purpose offerings.

Fairtrade

Local producers are protected in the global market through fairtrade conditions that allow small players to promote their products and services. They are given equal opportunities to market their goods to their target clientele.

Responsible tourism

Communities have found an opportunity from travellers and volunteers who come and enjoy their locality. They operate responsible tourism by allowing backpackers to participate in community building efforts in protecting the environment.

Social firm

Instead of products, a social firm offers services, such as employment opportunities, to those who are at a disadvantage in society. Those who do not have ready access to such privileges are given attention so that they can compete equally with others in the labour field.

There are many more kinds and methods of social entrepreneurship. Forerunners and organisers establish this type of business to make a difference in society and create a better place for present and future generations. Social entrepreneurship is doing business with a heart, combining a good cause with profit that will be channelled to addressing social issues.

Tips for effective customer service

Businesses acknowledge the fact that retaining existing customers is more cost-efficient than seeking new clientele constantly. Consumers may extend their loyalty to a brand if they feel valued by the company and receive the ample attention they need. The danger lies when you commit and does nothing to salvage the damage done because customers can easily shift to another brand.

Nowadays, the public can quickly access the information they need through modern technology, which means they are more knowledgeable. The staggering options available can take their interest away from your brand. To counter this, investing in good customer service will help your company establish a strong support channel. If you truly subscribe to the adage that “the customer comes first,” then it is but apt to put your money’s worth on what you deem as the most important in your business.

Create a strong customer service team

The first thing to set up is a formidable customer service team that can quickly address various client concerns in any given situation. Hire competent people and train them well so that they can respond to customer needs and queries in a fast and amicable manner. Treat your employees well and keep them happy so that their positivity can radiate to the clientele they deal with, whether on social media, over the phone, via e-mail or through the face-to-face encounter.

Engage with them during and after-sales

When dealing with clients before and during sales, make sure that they get the best experience there is that they will find the transaction memorable. Take time to reach out to them after sales, to see how they are finding the product or service or to greet them during special occasions. Customers appreciate it when you keep them in mind. If there are foreseeable problems, it is better to take a proactive stance and inform them in advance instead of waiting for them to complain.

Gather their profile and contact information

Don’t lose your client’s contact details and viable information. Have a secure database where you store their data, including the kind of product or service they availed from your business. Keeping a record of these details can help you see the preferences and transaction histories of your clientele. It also enables you to customise and personalise your communication with them according to the information stored. Be sure, however, to always update your database regularly.

Use multi-channels to reach out to customers

Know where your customers are and make your brand accessible on various channels. Often, one source of frustration for consumers is not knowing how to get in touch with a particular business. Present and target customers must be able to find you online and offline. When you communicate with your clients, utilise different platforms to make sure that you have sent your message across and is well-received by them.

Emphasise on speed and quality

Be agile in attending to the needs of your clients. Speed is one thing that they will find admirable in a company. Pair this with quality service, where you provide the best attention and address every situation with utmost care.

Go the extra mile

Kind gestures, big or small, can warm someone else’s heart. Take consideration for those who need extra care, such as the elderly. Be patient when dealing with irate customers. Don’t overpromise, but overdeliver. Always wear a smile. Don’t just go after the sales, rather, go after the relationship. Moreover, do things more than is expected of you.

Customer service is a role that must not be confined within only one department of your company. Every person in your organisation should breathe and live good customer relations. Everyone must take part in ensuring that clients have a positive experience with your brand so that they will continue to patronise your business and even draw others to your fold.

Different kinds of advertising media for your business

At any point in your business, you will need to turn to advertisements to build and strengthen your brand, boost your sales, and reach out to your customers and prospects. You need to employ them to get your message across a broader audience, especially those that are far and beyond your circle of friends and network.

But when one talks about advertising, it connotes paid space or air time. A business that wants to advertise has to set aside a budget for it. For this reason, you have to be strategic in the placement of your ads, the kind of medium to use, the location and the timing, if you want to get the best results out of your money’s worth.

There is a great benefit if you understand and study your target market well to know where they spend their time and resources the most. Remember, however, that there are millions of brands out there that are also competing for the same audience. Thus, your content and presentation must appeal to them and contain a huge value to sustain their interest and lead them to take action.

For small businesses, you may have limited resources to do advertising, which is why you have to carefully study the different media and see which ones can work for your brand.

• Websites – Widgets, web banners and pop-ups are a few examples of internet advertising. You can find this on websites or search engines, wherein it utilises search engine marketing, generating ads based on the visits and searches of users.

• Social media – Almost everyone is on social media. You’ll find creative ways of advertising in various platforms through sponsored posts, which appear as regular content. Facebook, YouTube, LinkedIn, Twitter, Instagram and other social networks allow brands to advertise on their platforms. The good thing about this is that it can go viral and can be shared or targeted.

• E-mail – Opt-in e-mail advertising is a way of sending promotions and new product announcements to a list of subscribers. Getting the permission of the recipients is important so that they will welcome any communication from you. The target recipient signs up a subscription form through a website, social network or face-to-face encounter.

• Text message – Through Short Message Service or SMS, you can send short promotional text messages to subscribers who sign up for such service. The length of the text is limited. The good thing is that there is a high probability that recipients will open and read your message.

• Mobile apps – The advent of mobile applications, many of them are available for free, also gave way to a new era in advertising. Game apps utilise ads to allow players to get to the next level or continue with the game without cost.

• Podcasts – Podcasts capture an audience that are busy individuals who thirst for learning. It incorporates web-based ads and audio ads.

• Billboards – Whether traditional or digital billboards, they have become a popular mode of advertising, especially in densely populated areas. While it can attract attention, especially during heavy traffic and rush hours, a moving audience may sometimes miss it. The challenge is to put interesting content that can be captured in a split second and pique the interest of motorists and passersby.

• Posters – The advantage of posters as an advertising tool is that you can put as much information as you can, such as mechanics for a promo or contest or instructions for an event or campaign. They can be placed in strategic areas and distributed to a wide range of establishments and locations.

• Banners – You can spot them at street posts along the sidewalks or inside buildings or malls. Banners are used to lure prospects to a store or call a hotline or contact number.

• Wraps and Automobiles – Buildings, posts and vehicles are utilised to carry brands through wraps and truck advertising. Wraps and mobile ads are huge enough to capture the attention of people in heavy traffic areas.

• Guerilla advertising – Street marketing, unconventional strategies and application of creative ways are among the types of guerrilla advertising to attract the interest of the public. It can often be interactive that allows the target audience to experience the ad. Some of these ads are those seen on benches and other items like grocery carts, mall floors, elevators and escalators.

• Blimps, giant balloons and skywriting – They utilise aerial space to get the attention of people. The downside is that they can only accommodate short messages and last for a brief period.

• Fliers – If you want to put a lot of information in an ad, a good way to do it is by giving out fliers. However, some recipients may not be interested in the content, and the fliers end up in garbage cans.

• Brochures – A brochure can have all the details about your business, product or services. You can even add a reply form that target customers can return. You can place your brochures in your place of work, bazaars or carry them with you.

• Magazine – Because there are different kinds of magazines catering to various interests, you can select the kind of publication where you can place your ad.  Such ads are usually very colourful and visually appealing.

• Newspaper – There are varied kinds of ads in newspapers. You can place your ad within the section that corresponds closely to your message or brand.

• Film – The good thing about film advertising is that you have a captured audience. You can either show a video before the movie or have your brand or product integrated within the script or scene.

• Television – Television is still a popular medium for advertising because it can reach many households. But with the emergence of digital ads, TV networks come up with more creative means to present their advertisers’ messages, such as embedding the ads within their programs.

• Radio – Radio ads have been in existence for many years. But with the challenges that modern technology poses to radio stations, they have to find other ways to widen their reach, such as airing their radio programs via the internet.

• Events – Audience can be very targeted for events. It provides an experience to its target market. Events give high talk-value as they can utilise social media or become a news content in TV, magazines, newspapers, blogs and vlogs.

To ensure that you choose the right vehicle for your brand and message, you may consult media planners that have carefully studied the effects and target audience of each medium. If budget is a constraint, you can conduct an informal survey among your clients and prospects which media appeal to them the most.

Creating an exit strategy for your business

A business plan often centres around plotting how to establish a venture and grow it past the startup stage. Not many may include an exit strategy in the plan, thinking that such an idea only applies when things turn south, such as a loss or bankruptcy. On the contrary, an exit strategy is employed not only during difficult situations but even during times when the business is faring well, which is the more commendable route.

Those who think long-term see an exit strategy as a succession plan or a way to grow the business or the entrepreneur. An exit strategy is a plan by the owner, investor or venture capitalist to leave a business and withdraw its involvement, particularly from a financial standpoint.

Reasons to exit a business

There are various reasons why an owner would exit from the business. Some of them may be personal intentions or may be due to economics. Such motives, although not all, may be any of the following:

• Health – Running a business may take a toll on one’s well-being physically, emotionally and mentally. It is not at all times that the entrepreneur is at the pink of health, and age or retirement is also inevitable.

• Family – Priorities change over time. One may prefer to spend more time with their families or may have to move to a different location or more pressing matters that require his attention.

• Financial disruptions – Internal and external factors always affect the security of the business. Mismanagement, fraud, legal battles, economic crisis, natural disaster – all these may suddenly turn the enterprise upside down.

• Change of interest – One’s focus or interest may evolve along the entrepreneurial journey. The owner or investor may find something more interesting to devote his time, resources and energy.

• Better opportunities – A better offer or opening for the owner may be a motivation to leave the business. Something more attractive and lucrative that may come along the way that can be too difficult to resist.

• Growth for the business – Often, the best direction to increase the capacity of the enterprise is to place it on the hands of someone who can handle such growth.

• Serial entrepreneur – Many entrepreneurs are good in establishing startups that they find fulfilment in creating ventures, making them grow and then transitioning the business to new owners.

Methods to exit a business

An entrepreneur or investor may look into different possibilities for exiting a business. Below are various options that you can review to choose the best approach to pass on the venture to a new owner or set of owners. Each has its pros and cons, so it is better to consult with experts rather than jumping into a decision that may bring more drawbacks than benefits to you and your investors. Keep in mind as well that the process of exiting does not happen overnight, and the transition may take longer than expected.

• Initial Public Offering (IPO) – making your business public means selling your stocks to anyone interested to be a shareholder. This option can bring in big returns and may enable you to return the capital of your investors. However, it may require several things, including satisfying stockholders, which means conditions must be good enough to attract buyers. Plus, one has to be ready for varying scenarios as the stock market may sometimes be volatile. Going public can become a huge success, but the risks are also high.

• Mergers and acquisitions (M&A) – a bigger company of similar interests or from the same industry may acquire your business or merge it to their current set-up. This method allows the acquiring company to enlarge its scope and offerings while, at the same time, provide the acquired company with the benefit of recouping its investments.

• Management buyouts – the people who best know your business inside-out are your executives and employees. They may be setting their eyes at owning the company, and the buyout will be an opportunity for them to have a bigger stake in the enterprise. It also allows for a smoother transition, which may be more amenable to your present partners and clientele.

• Family succession – if any of your family members is involved in the business or has their eye on the company, you can maintain your legacy by passing on your enterprise to them.

• Sell shares to partners – if the venture is owned by two or more individuals, there is the likelihood of selling your shares to any or all of the remaining business partners. It’s an easier path for the majority, but this is only applicable to ventures where it’s not a sole proprietorship.

• Sell to an individual or group – none within your internal environment may be interested in taking over the company. You can then look into a private individual or group of persons that may want to buy the enterprise.

If things are not going well and your exit strategy is your last resort, then you may consider liquidating your business or filing for bankruptcy. But you wouldn’t want to have a bleak end to all your efforts, that’s why it’s good to have an exit strategy prepared at a crucial point of your venture. Always be ready for the inevitable and take action before do not turn on your favour. So, think ahead and start drafting your exit strategies that will end in a win-win situation for everyone.

The role of middle management in an organisation

For a lack of a better term, middle management is the level in a corporate structure that bridges the senior executives and the junior ranks. While most startups may have a leaner configuration of staff members and flatter organisational chart, those that expand and increase their people may see the need to manage and put an order in their teams through units and layers.

Not many may subscribe to the school of thought of putting a tier between upper management and low-ranking associates. However, there are those who see the difference between supervising 5 to 10 people from overseeing 30 or more members. For those who are contemplating hiring managers to streamline functions and improve corporate performance, it’s time to take a closer look at the role middle managers should portray within an organisation.

Team leaders

As industries and the workforce evolve and develop through changing times, middle managers are more empowered to create, conceptualise and make decisions for the good of the organisation. Gone are the days when they are perceived only as a go-between that accepts and carries out directives from the higher-ups. Entrepreneurs can stay on top of their business if they have self-sufficient managers that can help them realise their vision and bring the entire team towards the goal.

Managers provide directions, cascade the corporate thrust, and pay attention to details, which may be too burdensome for the business owner if it were a flat organisational structure. Delegate your role to leaders who can uphold your aspirations and improve productivity. Such leaders can help correct errors, fill in gaps and tighten loose ends, which may occupy so much time and energy of business owners.

Relationship builders

Middle managers have closer interaction with frontline employees, which make their role as relationship builders crucial to the business. They have to be effective in communicating the vision and mission of the enterprise and translating the corporate culture to the day-to-day operations and activities of their team. Building cooperation and mutual trust between and among the senior management and the rank and file is one of the competencies managers should have that is significant to the growth and success of the company.

Accelerators and motivators

The advantage of having a middle management level in an organisation is that it loosens the bottleneck and ensures swift action to get things done. They have to be quick in solving problems and putting out fires, boosting the morale of the team, listening to the ideas and feedback of members, and accelerating growth to bring the venture closer to its destination at the shortest time possible. Managers provide the needed energy and force to thrust the business forward as they encourage their people and inspire them to carry out their functions effectively.

Strategists

One of the capabilities that middle managers should possess is breaking long-term goals to short-term targets and turning plans into actionable items using strategies that yield positive results. They know how to navigate through a situation, mapping out methods even with limited resources. Having efficient managers can help you put together pieces of the puzzle in a most creative way as they imbibe your vision and employ tactics to achieve it.

Probably, you may be in a situation where there is still no need to put a middle manager for now. If you get to the point where you have to fill this position in your structure, be sure to revisit the qualities and roles that your manager should uphold in your organisation.

The vital aspect of making middle management an effective tool for human resource and employee engagement is finding the best candidate that suits the role. A person who embodies the right corporate culture, ethics, values and skills will be beneficial to your business. The middle management tier will only work if you have the perfect person for the job who will aid you in bringing your venture and the whole team towards your goals.

Entrepreneurial lessons from wine-making

On special occasions or to cap the night on a relaxing mood, a glass of wine can add sparkle and colour to any scenario. Wine is also a symbol of luxury, which used to be the drink of the kings and the rich. It has a long history, recorded in ancient books and manuscripts. However, behind the glamour ascribed to wines is a tedious process where we can pick a few lessons that we can bring to the business space.

Imagine taking a sip of wine and absorbing the various insights and inspiration that go with it. From growing the grapes to manufacturing the wine to aging it and bottling it, the procedure entails lots of obstacles and complexities. Several factors may affect the taste and quality of the end product. It takes a lot of patience, hard work and diligence to be able to produce good wine, similar to how it is when you want to achieve your entrepreneurial goals.

Knowledge and hard work are valuable

A vineyard requires land, storage and equipment. It involves a huge investment of money, time and energy. Wine-making can be laborious, which is why passion and determination are needed to produce good wine. You have to know the right kind of grape species and how to grow them successfully. Different processes and blend can produce varied flavours of wine. A good understanding of wine will make you become a connoisseur that will earn the trust of wine lovers.

As an entrepreneur, constantly updating yourself of information about the industry and doing research on your target market are vital tools in decision-making. Knowledge and skills of various aspects of your business will give you a macro and micro point of view of your venture, which can help you easily spot an opportunity or threat.

Fostering good conditions for your product can yield positive results

Grapes can grow well in suitable conditions, which includes weather, rainfall, type of soil, and other elements. Other components, such as the manner of pressing, the mixture of yeast and other ingredients, the wood used for the barrel, the temperature of the storeroom, the period of aging the wine and the like, are necessary for wine-making. It is important to choose the appropriate spot for your vineyard and winery so that you can produce good quality wine.

Putting importance on corporate culture and providing a positive environment for your team can enhance the productivity of your people. Strategic location and proper tools and equipment will put an edge on your venture over your competitors. As to your clients and consumers, good customer service and relations, notwithstanding high-quality offerings, will be beneficial to nurturing loyalty among them.

Pressure can squeeze out the flavours of grapes

The grapes are crushed and pressed to remove the juice from the fruit. It is a necessary step to squeeze out the flavour from the grapes and make the wine more pleasant to drink. Old methods had wine-makers stomp on the grapes. Now, modern machines do this process of extraction.

The entrepreneurial journey is a roller-coaster ride that is full of challenges. Nonetheless, such experiences mould you to become a better person and entrepreneur. It brings you immense lessons that are more impactful than those you read from books or hear from other experts. When hardships come your way, embrace them and turn them into learning encounters that can develop you to become the best in your field.

Patience develops taste (and character)

The entire process of wine-making takes years. Waiting is inevitable. But it’s not passive waiting. The wine is fermented, filtered, clarified and placed in barrels or bottles for aging.

They say that wine improves with age, so the longer you stay in the entrepreneurial space, the more lessons you reap. There are areas where you can accelerate success, but there are parts of the journey that you cannot take a short cut. Patience and perseverance are key because the passage to success can be slow at times. Dedication to your craft is also instrumental in achieving the results you envision for your venture.

Indeed, wine-making and entrepreneurship are both difficult paths to take, which is a reason why you need to pop a bottle of this precious drink when the occasion calls for it. Wine also symbolises celebration, and commemorating successes, big or small, can motivate you to keep going until you reach your goals. Remember that a delectable wine did not happen overnight. The process may be arduous, long and tough. However, if you endure and persist through the hardships, the result can be vivacious and bright.

The leap from employee to entrepreneur

Entry to the entrepreneurial world may come from different points and in various forms. There are those who have started early because their hobby or interest has grown organically. Some may have arrived at this path because of family influence or connections. Others probably stumbled to it by accident or found their way there because of a great need. Then there are those that transition from a regular job towards self-employment.

The jump from working as an employee to starting your business is a treacherous trail before you get to the entrepreneurial highway. EO Melbourne members have shared their experience through featured articles in this blog. One must consider a lot of things before making this life-changing decision because there is a huge difference from being employed to becoming your own boss. Both have their pros and cons that one has to put a lot of thought into this big switch.

Working as an employee can limit your creativity, decision-making capacity, and freedom to make certain changes and introduce new ideas. You are bound by what people above you appoint you to do, working 8 or more hours a day to accomplish the tasks placed on your lap. However, you get to receive regular pay, a few days of vacation, and certain benefits as prescribed by the law.

When you start and own a business, you can inject your personality, style, vision and ideas into every part of the venture. There is more flexibility in working hours, vacations, executive decisions, organisational structure and corporate directions. If everything works out well, you can earn heaps than what you would receive as an office worker. On the flip side, the risk is too high as you need to invest your resources, time and effort to the enterprise. The responsibilities are greater because the success or failure of the business lies heavily on your shoulders.

If it is something you are contemplating of doing, you have to weigh a few things before you take the risky move. You may need to do an inventory of your skills, resources and connections if they are enough to help launch you towards the path of entrepreneurship.

Mindset

Do you have the proper frame of mind to handle a startup on your own? The pressure of a business owner is different from the pressure that a manager goes through in an organisation. Challenges and heartaches are aplenty in running a business, and nothing can fully prepare you from the hardships unless you experience them yourself. It’s not something you try on a whim. Determination and willpower will be your backbone for you not to waver on your resolve in taking the entrepreneurial journey.

Financial capacity

Are your resources enough to put up a business and sustain you when income is slow to come? Financial capital is needed to start a business. Even when you start operating, there is no guarantee that you will get a return of your investment immediately. There are instances when owners pay themselves last as they need to take care first of business expenses, wages and other bills. Alternative sources of income may be necessary while you are in the initial phase of your enterprise to sustain you while revenue is unsure or may be gradual.

Time

Can you devote time to establishing and running your business? Starting a business requires long hours and sleepless nights to conceptualise it, prepare the necessary documents, set up an office and get the essential materials and tools to get the venture off the ground. It is a bit tricky when you are employed. The regular paycheck you receive may be helpful while you build your business, but it may mean limited hours to spend on your undertaking as you still have to report to your 9 to 5 job.

Market research

Who are the people you want to target for your startup business? Have a clear idea of what your target market needs. You may need to ask around first to help you formulate your plan for your venture. Gather as much data as you can so that you can make an informed decision of taking a leap towards entrepreneurship or staying on the employment track.

Business plan

What type of business will you create? What will be the brand of your venture? How are you going to promote it to others? A business plan is something you have to think about if you are going to go to the other side of the fence. Contemplate on the product or service that you are going to offer. Take a closer look at your talents and capabilities as well as your interests. Ponder on strategies and define the steps you need to take to transition to running your business and making it grow.

Human resources

Is there a need for you to hire people? There are certain types of business where you can handle things by yourself during startup. But if your endeavour requires a team to operate, then you have to consider the kind of members you will need and where to find them. First, choose staff members who share the same values and mindset with you, then hire based on skills second. You also have to brush on your leadership and managerial skills as you need this to bring your business forward. If you do not have enough resources to pay for wages, consider getting help from family and friends to lend you an extra hand.

Network

Do you know people who can help you begin, maintain and grow your venture? You may need a mentor to show you the way or a set of friends and acquaintances that can introduce you to business opportunities. A network of like-minded individuals is helpful if you want to start your enterprise as you need new customers that you can hook to become loyal patrons.

Although it’s good not to rush your decision to take the entrepreneurial journey, it is also advisable not to delay it too long. The transition is crucial and can affect many people’s lives – yours and those around you. Bear in mind that you need as much support as you can to take the big leap. Better to walk with those who can build you up as a person and as an entrepreneur. Once you go down that road, do it with courage and persistence so that you get to your goal in a shorter time. The change may be painful and difficult, but if you are relentless and persevering, it will be all worth it.

Building self-confidence in entrepreneurs

Taking the entrepreneurial journey requires a lot of guts and courage because the path is full of difficulties and hardships. To be an entrepreneur means you’re ready to take risks, and becoming one is already an indication of confidence. But not at all times you may be brave enough to face various challenges. There are moments when fear and timidity set in, and it can cause you to crumble from the inside.

Self-confidence is an important quality of an entrepreneur in various stages of the journey from pre-inauguration to startup to growth to expansion. Business owners represent their company and lead their teams, which is why belief in one’s self is necessary to carry out these roles and make swift decisions.

A healthy dose of self-assurance is advantageous in attracting partners and customers, closing deals, transacting with suppliers, managing staff, and steering the company to the direction you want. If you are nervous, introverted, reserved or afraid, it’s never too late to build the self-confidence you need so that you can bring your business to a better and brighter place.

Reflect for self-awareness

One way to build that courage you need is to reflect on your qualities, both good and bad. Self-awareness will help you see your positive points as well as areas for improvement. Do not be discouraged by your weak areas, but see it as an opportunity for growth. Focus on your strong characteristics and see how you can use this to push your business forward.

Compliment and reward yourself

Never rely on external forces to make you feel good. Praises from others may make your heart flutter, but inner awareness of your positive traits can give you that boost of confidence to pursue things, regardless of the results. Pat yourself on the back and reward yourself for the wonderful job you have done. No one can make you feel any better other than yourself.

Work on your fears and weaknesses

Criticisms are part of life. Do not be afraid to fail. Otherwise, you’ll never try and take a risk. There may be people who will be disappointed when you do not meet their expectations. Never allow this to stop you or dampen your spirit. Instead, treat it as a learning experience where you can grow and improve yourself. If you are aware of your weaknesses and fears, work on it. Do you have stage fright? Expose yourself more through endeavours like public speaking.

Set goals outside of your comfort zone

Try something new. Expand your social boundaries. Do activities outside of your routine. Get out of your comfort zone and allow yourself to grow beyond what you have been used to do. Start with something that you have been interested in doing but never got around to trying it. Make a checklist of things you want to initiate and create a plan to ensure you implement them. Check every item you have accomplished, as it will help you feel good about yourself.

Join groups and clubs

Meeting various kinds of people can open your mind to different perspectives and ideas. It can also lead you to many opportunities and possibilities because you can learn from their experiences, especially those who have been on the entrepreneurial path ahead of you. Join business groups like EO Melbourne or clubs for your new hobby where you can interact with other entrepreneurs and skilled individuals. It will help you gain the confidence to face experts or those in position.

Attend learning events and expand your knowledge

When you acquire more knowledge and skills, you also increase your level of belief in yourself. Find a suitable method that can help you learn more expertise. You can attend learning events from EO Melbourne or similar setting, participate in seminars or conferences, or go back to school to study or obtain additional courses.

Find a mentor

It takes baby steps at the start of the entrepreneurial journey to keep moving. If you are afraid to take the big leap, you can get a mentor to guide you at the beginning so you will be able to walk confidently by yourself. There are various ways to find a mentor, which we have outlined in this article.

The best way to build self-confidence is to get out and acquire as much experience as possible. It may not happen overnight, but it will develop as you go along. The mind is the best tool to induce faith in one’s self. Appreciate yourself more and present that side to others. People will see your value through the value that you give yourself.

Ways of doing competitor’s analysis

Every business has competition. It’s a factor that you have to consider in making business decisions. Numbers may indicate that you have a positive bottom line, but you also have to check your portion in the market share. There may be an opportunity to increase your piece and get a bigger slice of the pie. How do you do it?

First, you need to gather information and take a look at the bigger picture to determine how you can grow your market segment. A competitor’s analysis is necessary to determine the other players in the industry so you can strategise how to position your business at a higher part of the pyramid.

Healthy competition is good. Having a strong competitor may indicate that the other business is doing something effective that appeals to your target market. Analysing them can bring you insights on how to improve your business.

Start your evaluation by listing down 5 to 10 businesses from your industry that pursues similar customers. If you have a store, include those within your vicinity or locale. You can create a matrix to profile your competitors, which may incorporate a SWOT (strength, weakness, opportunity, threat) analysis of each. Fill in the information through research and data-gathering. Here are some ways you can get data about businesses that offer the same products or services to your target clients.

Online search

A rich repository of information is the worldwide web. You can check your competitors’ websites and social media accounts and analyse their traffic, influence and engagement with their followers. There are websites that measure and compare online metrics of your brand and those of other players in your field. Other online sources are blogs and review sites where you can read the opinion of other people on various brands.

Media scanning

Browse through articles and features of your competitors and see how the media portray them. Review how frequent other businesses are showcased and evaluate the effect these stories are on their brand.

Industry reports

Annual reports and industry documents may reveal relevant data that can help you gauge your competitors’ standing and assess them with yours. These reports may include financial data, graphs and other metrics that you can use in your business.

Surveys, FGD and interviews

Either you hire a research company or do the market research yourself, talking directly to customers, suppliers and other stakeholders in the industry is a big help. Methods you can use are surveys, focused group discussion or interviews, whether formal or informal. You can determine the reputation of your competitors based on the responses and feedback of your interviewees. Talk to other experts in the industry, some of which may be within your circle or in groups like EO Melbourne.

Keen observation

Try the products and services of your competitors. Visit their stores and offices. Engage with their employees. Know the situation firsthand by witnessing how the target market patronises their offerings. Through this method, you will see the best practices of your competitors, as well as areas for improvement, which you can learn and apply in your business.

When you have gathered the information and made a comprehensive profile of your competitors, determine your positioning in the market. From there, strategise how you can bring your business towards the top. You may already be doing well right now, but don’t settle for good when you can aim to be the best in your industry.

Creating a winning presentation tool

Do you need to entice an investor, attract a client, talk in a seminar or persuade a partner to move forward with your business? In occasions like these, you might need to come up with a powerful presentation to drive your point and close a transaction fast and effectively.

While facing your audience is the most crucial part of the presentation, it all begins when you prepare your materials. Several tools are available to aid you in conveying your message, but the easiest and most common one is creating PowerPoint slides. Some people may not focus much on this, but it can make or break the business deal. Your presentation materials can capture the attention of your audience, allow you to deliver the points you want to put across and convince them to agree towards achieving your objectives.

How do you do that? A few pointers can help you put together a powerful presentation tool that can lead you to a resounding success.

Focus on your message

The meat of your presentation is your content. Work first on the copy and the message you want to impart before you think of the aesthetics. When you have perfected this part, everything will come into play. Don’t make your messages too wordy. Emphasise on the main ideas so that your audience won’t have information overload and get lost in the myriad of concepts and data.

Organise the flow

Even if you have great ideas and important facts to share, but if you do not arrange them in a cohesive flow, you will still lose your audience along the way. Know how to transition from one thought to another and learn how to build up your drift to the climax of your presentation. It’s like storytelling, where you have an impactful introduction, a substantial midpoint, a stimulating highlight, and a convincing ending.

Make it visually appealing

Once you have nailed your content and organisation of ideas, it’s time to turn into the visuals and how to make them appealing enough to attract and maintain the interest of your listeners. Remember that your design represents your brand, so you have to include the qualities of your company and reflect that to your presentation tool.

Use powerful images

Photos and images are more powerful than words. Those who are on the receiving end of your message can visualise your ideas better if you have pictures that can represent them. Be sure to use photographs that are of high quality and easy to understand. They have to be interesting enough so as not to bore your audience.

Less clutter, more impact

Don’t put too many visuals in one slide. The simpler, the better. Keep away from too much animation that can distract your viewers. If you put several graphics in one slide, the tendency is that your audience will lose focus on the main thought.

Cut down on words

Too many words can be a strain to the eyes. Your copy should not be heavy. Instead, include only key phrases that participants need to remember. Use bullet points to break down ideas.

Use the right colours and font

Avoid neon colours in your presentation tools. A dark background is good when you are using a projector. Contrast the shade of your text to your background so that they are readable. Make the fonts big enough for them to be readable to people at the back.

Be consistent with your format

Moreover, consistency is key. Your format and layout have to be coherent to make it more memorable. Changing from one design and arrangement to another can confuse your receiver. A consistent format can also strengthen the image of your brand.

With your tools at hand, practise your presentation so that you become more compelling in your delivery. Remember that your PowerPoint slides, videos or materials are only your aides in expressing your thoughts. In the end, how you articulate your ideas will enable you to achieve the objectives of your presentation.