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Hey, hey everyone. I know some of you may be wondering if you have what it takes to be an entrepreneur. Perhaps you think because you do not have a fancy office space, or ten thousand followers on Facebook or Instagram you may not be a tried and true entrepreneur. Perhaps you think you have nothing to trade or no value to give others in exchange for money. Well listen up. I have created my own definition of who an entrepreneur is. Listen and then answer the question for yourself. Are you an entrepreneur?
As promised I said this would be No Nonsense November where I will be giving you the real deal about entrepreneurship. It is important as a New Year approaches and you craft new goals that you be honest about your entrepreneurial journey. I know that when you scroll through your Facebook and Twitter feeds and longingly gaze at the images on Instagram of entrepreneurs who say they are making it big, raking in the dough, have no bills only wealth – you wonder, what is wrong with me?
The answer is NOTHING. The answer is that entrepreneurship is a journey and not an easy one at that. The myth of easy wealth through entrepreneurship is just that – it is a myth. No one posts the:
Failed projects where they didn’t make a dime or even lost money on an idea they swore was the best
The low bank balances, maxed out credit cards as they struggle to survive
The moments of despair when they wonder if they should have left their jobs or feel resigned to giving up on their side hustle
Entrepreneurship is not a savior. In fact, as an entrepreneurship educator one of the most pervasive myths is that entrepreneurs are rich – some are and some hope to be – but entrepreneurship looks different to everyone. Your job this No Nonsense November is to be honest about:
Your goals: If you want to be wealthy declare so. If you are happy being comfortable that is fine. If you only want work-life balance – that is what you want
Now that you are honest then you must set tasks to move you towards that goal. For instance – if your goal is to be wealthy then you must invest time and when you can money, into your business – be single minded
Accept that the journey to your goal is unpredictable, and not a straight path. The acceptance will allow you to emotionally manage your setbacks
It is time to get serious an adopt a No Nonsense and realistic attitude towards entrepreneurship.
I know that you have not heard from me in quite some time. I am like you, busy building my businesses and brand. What has been consuming my time though, is my diligent research for my Doctoral studies. It has been quite a balancing act – business and personal growth. It has been challenging. The good news though is that I have been learning so much in my Doctoral studies in Entrepreneurship that can help all of you and my coaching clients.
I have been creating – creating a webinar to help female entrepreneurs grow their businesses. My research shows that female businesses continue to under-perform for a number of reasons. The good news is that once you understand why, we can craft a strategy to grow your sales and profits. Although the research focuses on women – men whose businesses are not performing I encourage you to register for this webinar or share this post with a female entrepreneur you know.
Pre-register for this informative webinar that will transform the way that women run their businesses. The strategies are based on hundreds of hours of research and the review of more than 400 studies on female entrepreneurship worldwide for my Doctoral Studies in Entrepreneurship.
The webinar will:
Outline the top three reasons women entrepreneurs are not making big money in their businesses
Provide you with the TOP THREE most effective strategies to grow your sales and profits
Participants will receive a template to focus their actions to begin growing their sales immediately
The 90 minute recorded webinar will go live on October 27th, 2017 at 8 pm EST BUT if you register today you will receive an Early Bird Special Price of USD $20 until October 27th. The price doubles to USD $40 after October 27th, 2017.
I know I have been very busy and you have not heard from me in a while. However, I have been doing what I love – coaching entrepreneurs. I was privileged to have served as a coach for the PitchIt Caribbean 2017 edition sponsored by the World Bank. This time the event was held in my home country of St. Kitts. I had the enviable task of coaching six of the 25 Caribbean entrepreneurs with lead coach Sergio Escobar of Montreal, Canada. I was thrilled to note the innovation, willingness to embrace change, and to endure useful critique exhibited by these entrepreneurs.
If you are an entrepreneur considering entering a pitch competition, here are my top 5 tips for pitching successfully:
Develop a thick skin – pitch competitions, accelerators, and incubator programs generally have a mentorship or coaching component. Remember, listen to your coaches and mentors and do not take it personally when you are critiqued. Instead, clarify, learn, and modify. Businesses are not static entities and coaches and mentors have an objective lens coupled with experience with which to view your business. They are trying to help not hurt.
Ensure your business model is sound – if your business model is not sound then all assumptions and hypotheses will also be shaky. Understand the elements of your business model. Here is a previous post on the business model to assist. I also offer business model guidance.
Understand your market thoroughly – you should have an intimate knowledge of your competitors locally, regionally, and virtually. Drill down into your target market – is it a business or an individual consumer? This is important distinction as the strategies to reach your ideal customer will be dependent on these two categorizations.
What is your value – this is critical. Why would the customer choose you? What value are you providing that others are not? This is why someone would consider investing – and more importantly this is what creates revenue.
Validate – judges want to know what have you done in terms of customer discovery. Remember everything included in your business model is a hypothesis. You have decided that 14 to 18 year old girls will be your target market. What have you done to validate this theory? Have you had focus groups? Have you conducted a survey? Even better have you sold anything to them?
The biggest obstacle to goal achievement is a lack of productivity. Many of us believe that if we are busy we are productive. Newsflash – that is not necessarily so! The truth is if you are not working towards your goals efficiently AND ACHIEVING THEM. Sorry to say you are not productive. If you are not achieving your goals you are stuck in a life that is to small for the potential you have.
Join me for a FREE 90 minute Webinar on June 22nd at 7 PM EST as your first step towards POWERFUL PRODUCTIVITY. Can’t make it no problem. Register anyway and I will email you the webinar recording! Registration closes on June 20th.
I had the pleasure of being a speaker at a Transformational Fora Workshop. My topic #nurturingproductivity. I defined productivity as NOT being busy but instead making measurable steps towards the achievement of a goal. How can you be productive by giving undivided time and attention and an energy of intention to the goal. How can you be productive. Set a goal or two or three (max) and every day determine what tasks or actions you will take to meet these goals. All other work is busy work not productivity. So are you being productive?
So here are the steps:
Write down at MOST three clear goals. A clear goal should be concise, preferably measurable but definitely specific.
Review your goals daily.
Write down at MOST THREE tasks or actions you will complete that week or day to help you achieve those goal.
Repeat until goal achievement and bask in your productivity.