So...You Have An Idea?

Before I start I just want to say there are two types of entrepreneurs... "REAL" and "FAKE"...

Alright, This is a much needed/overdue post. Most of you know, I've been working on a new project lately called, TVDeck. But that is besides the point. As I've been working on the project...I've came across more "fake entrepreneurs". I get a ton of emails about "new venture partnerships"...whatever that means, of which I ignore almost all, if not all of. It's not because I'm ignorant or anything, it just doesn't make sense. Why? Here's why...

1) I would never partner up with a person I have "met" through Twitter. This doesn't mean I wouldn't ever do business with a person I met throught Twitter, but not until I at least meet the person face to face. It surprises me how people constantly try to pitch to me their thoughts, starting an email with- "I found you on Twitter"...I mean...really?

2) Why would I invest in someone's idea, when they are not an engineer (coder) or designer?

3) Business people really add no value to a startup...and that is not just my opinion, it's the opinion of many. Watch this presentation if you have not already, it has a wealth of info for startup entrepreneurs.

4) Besides my own involvement in someone else's "startup" or startup idea, often times I hear entrepreneurs say they don't want to put a dime up and invest anything, especially when they are not an engineer (coder) themselves!! -- Where in the world can you find (buy) or start a business without investing a nickel? Let me know as soon as you find out! And...why would an engineer work with you when you are bringing them an idea without compensating them? Business people (again) don't bring a lot to the table. I know A LOT of engineers who can present better than business people, among other things.

5) I'm not interested in hearing talk about some half baked idea. Seriously. I get way too many of these kinds of emails as well. "Hi- I'm _____ and I have a pitch for you!" No thanks. I'm not going to let you waste my money on your "lame" idea.

I could be more negative and add a ton of more points to what this whole "I'm an MBA with an idea for an internet company" theory, but that is unnecessary.

Regardless of being a business person, an engineer, or just a regular person, if an entrepreneur is serious about starting a company, don't talk. In my opinion, they should just act. And that means being serious too.

So what do you think? I know I kind of jumped across the board on this post...but please, tell me your thoughts!

And there is a saying I have:

"EITHER BRING CAPITAL OR SKILL TO THE TABLE, DON'T COME WITHOUT ONE OR THE OTHER!"

Creativity and Uniqueness = Success?

source: DNA11

A lot of crap is on the internet about creating a unique business or being creative with your business endeavors, but nobody wants to hear that, so I won't talk about it. Instead, I will talk about a company that many probably don't know about, but this company is bringing in millions ($) in revenues.

The company is DNA 11. I just recently heard about the company and thought I should share it with everyone that reads this blog. The company was highlighted by Forbes, as one of many secret million dollar businesses, but that isn't even the amazing part. The company basically started in an apartment, with the two founders working with tools at their disposal. DNA 11 takes a little cheek swab and makes it into a piece of art for its customers.

Now imagine starting a business like DNA 11, it was started for $2,000, reported by Forbes. Now a days people think it takes ten's of thousands or hundreds to start something that will give a million dollar; plus revenue stream. Which is not the case. People just need to focus on what hasn't been done, which can be done for relatively less than say starting the next social network...

I'm not one to preach about "getting off your butt and working towards your dream," but I am one to say that with a little creativity and passion, there's no reason that an average Joe can't find something to turn into a business. Take the sock guy for example. He is making millions selling socks to people.

But back to DNA 11, aside from the success of the business or how they started- think about the PROFITABILITY! Because after all- it's the bottom line that put's money in business owners pockets...or takes money away from them.

Aside from doing a little DNA work and printing costs, the little customer service involved, if any- it's all PROFIT! Look at their website- play around with prices and sizes and you will see what I am talking about. It's brilliant!

And the beauty is that there is internet involved. Maybe they didn't start on the internet, but instead in the real world, and then took their company online. Nonetheless, the internet has empowered them to take a leap and bring in the big bucks and supply personalized and unique artwork to the world!

The very bottom line is that I love what this company does and as soon as I find the right spot for my own DNA portrait, I'm probably going to get one for myself! (Of course the biggest one available) I thought about putting one in my room, so I could stare at my DNA pattern all the time.

So tell me- Do you have any crazy business ideas? Are you going to attempt to create a business out of something very different? I'm interested in hearing your thoughts on DNA 11, also. Please, share your opinions.

Study The Playing Field

Most of you that read this blog are entrepreneurs, some aspiring; some serial. Nonetheless whenever you are starting a new project, it is just that...a new project. It could fail, it could succeed. Do you ever do "market research" or spend a year or two just sinking your feet into the world of your project? Probably not. Entrepreneurs don't really do that. We just jump right into what we want to do, with some homework.

I'm not saying it is bad to do market research or it is good not to, but I will say that it is good to at least have a glimpse of what the industry has offered- or lack thereof; to other people. Whether you are starting a shoe company, an internet start-up, or anything else; there is a high chance you are not starting a company that is going to offer something totally new; something unheard of. Meaning that most entrepreneurs don't create the internet, they just make it more useful. So what exactly is "doing your homework?"

• Finding out what companies have ventured into the same space as you.
• Learning what they did. (Raised funding or not; location; staff; etc.)
• Did it work for them? If yes, it probably won't work for someone else trying to create a clone. If no, it probably still won't work for someone else. So "entrepreneur X" better have a different product in some way, regardless.
• How fast did the "REAL WORLD" catch on to the product(s) or service(s) offered. And no, the real world doesn't include one's siblings or friends, but could include one's grandparents.
• You can probably find out what every company in your industry did, but it is what they didn't do which is truly important.

That list can go on forever, but for times sake, I will keep it at that.

More often than not, each person that is creating a new company; reading this blog; is probably venturing into the internet space. I'll say this- it is easier to gather "dirt" or "information" on internet companies, than any other. Why? Consumers who use products or services that are on the internet, have tech skills, so they speak their mind in the same space. If someone has a bad experience with a company, they will blog about it, etc.

You can also find funding information and information about failed companies all over the internet. I would suggest that any entrepreneur that is looking to start an internet company, to first read the TechCrunch deadpool and learn what every company did wrong.

To sum things up, don't take "market research" for granted, but also it is smart to keep in mind if "entrepreneur X" is studying the market for 20 years, the product they are trying to develop will be obsolete by the time it comes to the real world.

The Story Behind Success

Particularly aspiring entrepreneurs, love to hear about how established and successful entrepreneurs did what they did. Unfortunately, things weren't always as the stories behind successful entrepreneurs tell them. A lot of the time, "rumors" are unleashed in such a way that more publicity is given- than should be received or just the fact that a business model is so good to be true, it is a viral phenomenon.

That said, I always listen about entrepreneurs trying to create a business off of another entrepreneurs story. In most cases, this will never work. Even if you sit down with Bill Gates, he might be completely transparent and tell you everything he did to start Microsoft and create it into a thriving business, but nobody can replicate the same success with the same product due to the following general factors:

1. Timing is different.
2. There is only one Bill Gates who conceived the concept behind Microsoft.
   
3. Small things happen which made the company successful, which even Bill Gates probably cannot even recall.
   
4. As time progresses, it takes more to filter through noise.
5. The staff cannot be replicated.

As far as timing goes, creating a software company when software is just evolving, gives the option to map the future of software. If a company like Microsoft would be created today, they would have to literally pave a road with a different future, than what is expected. So eventually, the concept would be totally new and it wouldn't be a replication of Microsoft anyways.

When looking at an any entrepreneur and trying to replicate their success, with the same products they offer, you have to keep in mind that you are not that person and you are you. Entrepreneurs can range from running a plumbing company to a law firm to even something related to health care. Talent turned into a business is what makes an entrepreneur, so not every entrepreneur can run every business. And even within a certain field, it is hard to match up to a different person's DNA- so to speak.

Everyone knows a business isn't created in one day- or night. That means that there are a lot of external factors that influence the success or failure of a business. Small things either contribute or take away from a business which can add up in a positive manner to take a company to the top or add up and bury a company. It isn't humanly possible to remember each and every move any entrepreneur makes, so there are things left out of stories behind successful entrepreneurs.

If I tried to create the next Microsoft, or even something smaller...the next Facebook, by myself (as those respective companies were created), it probably could never happen. The times when these companies were started, gave them leverage over introducing a new way of doing things. Building something and remodeling a look is different. If anyone tried to create the next Facebook, they would surely need a team of people behind the product, just to live up to consumer expectations; which is why it is more encouraged to create a new concept, instead of just reinventing the wheel. You won't be recognized for learning how to speak English, but if you created a new language, people will be amazed.

A major part of any business, new or old, is the people that run it. The staff behind a start-up company can be a great asset to the growth of a company, or be the cause of a company to fail. It is really difficult to put together a stellar team, nonetheless create a stellar team and replicate a business that already exists in the space.

To sum things up, I don't want to discourage or say that copy cat or me too businesses won't succeed; or even the fact that you can't replicate a successful entrepreneurs story, but I won't say that it is possible either. Creating a new concept is what gets people talking, if you are the 2nd person or company in a space, you will always be compared to the first.

The Difference Between An Entrepreneur and Serial Entrepreneur

Kind of like bootstrapping a start-up, a first time entrepreneur can actually be more beneficial and prone to success over a serial entrepreneur attempting to grow the same kind of business. First time entrepreneurs, undoubtedly, have a lot of hurdles to overcome, but they are usually more dedicated to their start-up business than a serial entrepreneur is. In many cases, a serial entrepreneur will be involved in existing businesses while they attempt to uplift a new one. This causes their attention to be diverted throughout all of their involvements, as to where a first time entrepreneur has just one business to focus on. For first time entrepreneurs, I would say the biggest task to achieve, is breaking the shell in their industry. Since they probably have no proof of prior experience, or no “connections,” they are forced to start from scratch and grow something out of nothing. A serial entrepreneur will probably have some cash to blow through, less time to give to a new business, and will probably hire other people to get the job “done,” rather than putting their own effort to finish something. I’m not saying that a serial entrepreneur has a tough time to grow a new business, but sometimes they are blinded by their own success, or just can’t see the reality of a new business.

Let me discuss a scenario for a web start-up. A first time entrepreneur trying to create a thriving web start-up will probably spend 23 out of 24 hours working, trying each and every way to grow their business. A serial entrepreneur will probably hire a bunch of people to do it for them, spending just a few hours looking over the results achieved, or lack thereof. While a first time entrepreneur might be inexperienced with starting a business on the web, leading to more time in the learning process, they will most probably know the ins and outs of what they are doing and where there ultimate goal for the business to be is. A serial entrepreneur might put a fixed amount of money up and see where the project goes and if it isn’t successful after a certain point; they will probably discard the whole concept. The problem is that serial entrepreneurs don’t feel forced or have as much pressure to really make a business grow. A first time entrepreneur is putting all of their efforts and time into making the business grow, so they really only have the option of it going in on direction- which is up.

Now let’s look at the downside of being a first time entrepreneur versus a serial entrepreneur. First time entrepreneurs face the difficult challenges of knowing almost nobody, requiring them to create a lot of “buzz” or “viral traffic” to their business. If a well known serial entrepreneur is behind a new venture, “buzz” is automatically created and eyeballs are attracted like a magnet. But at the end of the day, it doesn’t matter whether or not you have “buzz,” if your product is junk. It is as simple as that.

So what is the whole conclusion behind this? Easy- it doesn’t matter whether you are a serial entrepreneur, a first time entrepreneur, or don’t even consider yourself to be an entrepreneur. You need to:

1. Know your business
2. Know where you want to take it
3. Have a plan to take it there
4. And execute on the plan, with a lot of personal involvement

Creating a thriving business can usually only be done if one puts time into every action and sees it through. If doesn’t matter what someone has created in the past, because most of the time a new business will not depend on the success of one's old businesses.

An Entrepreneur's Intangible Property

Knowledge is intangible. Property is tangible. You can sell a company, but you can't sell your knowledge, skill set, or performance history- unless you are doing some kind of consulting gig, but no matter how much knowledge or skills you 'sell', at the end of the day, you still retain rights to them. I hear entrepreneurs all the time say that they want to build up their company and sell it for a multi-million dollar check, but what I don't hear very often is that they want to learn something of TRUE value along the way.

I stated above that 'performance history' stays with an entrepreneur. This means everything from public reputation, to credit history, to even cash flow of your company, if it is public and revenues are known openly. The video below shows how Noah Lehmann-Haupt, sold his first company, but never sold those skills. By learning and retaining the skills he had, he was able to create another profitable company; Gotham Dream Cars (an exotic car rental company). The bottom line is, you can create a great company the first time around by hiring the right people, but if you never extract their knowledge and learn from it, after you sell the company, chances are you won't be able to learn from those knowledgeable employees anymore, which could be a priceless asset.

[Video Here]

Business Operations And Grocery Shopping

I usually never go grocery shopping, but I had to go for some last minute things the other day, which led me to think it was a lot like being an entrepreneur and running a business. There were a few things I needed, but I ended up spending more time than I thought at the grocery store and bought more than I was originally going to get.

Here are my thoughts on the experience:

The list is just a list- When you are an entrepreneur, you write down your thoughts, but lets be honest, nothing usually plays out just like it is mapped. When you go shopping for groceries, the list is probably just 1/10 of what you end up getting in the end. Whether it is different sized products, different brands than you thought you would buy, or just additional products in general, the list isn't set in stone.

• The lesson: Learn to go with the flow and think on your feet, it plays out to be the most benefit to any entrepreneur.

The staff has to be knowledgeable- As an entrepreneur, you try to find the best people to work for you, sometimes that means going through a handful of people before you find the right team. In the grocery store, I asked one stock boy if he knew where something was, but he didn't. I asked another guy if he knew where that product was, he did.

• The lesson: Some staff members have more knowledge than others, but everyone should have a certain "par level" of knowledge. If they don't, should they really be representing your company?

Somethings just aren't available- Inventory is sometimes a big factor and sometimes not in a business, depending on what the business provides, but all businesses have to buy things, eventually. If an entrepreneur is running a shoe warehouse, chances are if a shoe isn't available, a customer might go elsewhere. If "Bob" is running a web-business and the server he ordered two days ago is delayed in shipment, can he do without? In the grocery store, I went to get something that wasn't available at that time, so I had to buy something else.

• The lesson: Plan ahead, if you are going to need to order something that is a vital part of your business. If there's no capital to order ahead, then just take your chances, I guess...

The checkout line- How often do you go to the grocery store and find that you are the only one in the checkout line? Luckily, I was the only one in the checkout line so my time wasn't wasted, but it's usually not the case. When an entrepreneur is running a business, dealing with outside companies to get things done, sometimes things don't get done as fast as they are supposed to.

• The lesson: Allot a fair amount of time to get things done, but have a backup plan if more time is needed and other work has to get done.

You never know who you'll meet- It has happened to me a few times; I am out and randomly I'll see someone I know- or know of. When I was grocery shopping I actually ended up seeing an old friend that I haven't talked to in awhile. Entrepreneurs are always looking to grow their network, but sometimes you have to compromise and grow your network in the least expected places. Now, in my case, I just saw a friend I knew, but other times, people actually make worthwhile business connections in the most ironic places.

• The lesson: Always be prepared to discuss what you are doing and your latest ventures. This doesn't mean that you have to give someone a pitch, so they invest. But sometimes you might score some business partnership from a simple handshake.

Can An Entrepreneur Take On A Large Corporation?

I'm always getting emails from entrepreneurs who are just starting out their first company and they always tell me their ideas, but many of them tag a question at the end similar to this- "...So that is my idea, but I think I might have a tough time competing with _______..." I always get so irritated when entrepreneurs think less of themselves just because they are starting or because they aren't a "big giant" and might not have as much capital to "toss out" with experimenting like a big company does. I usually respond like this: "If you don't think you have a great product, then who will use it? I don't think a big giant corporation will be a threat to your success in that case."

The response might be a little bit bitter, but it's true. Anytime an entrepreneur thinks they can't compete with a bigger competitor, it usually means that they truly don't believe in their product. Just to make a quick example here- Tesla Motors is definitely throwing a curve ball out there with their cars, obviously they aren't as big as GM, Ford, or any other giant automaker, but I know they are smarter. So what do big companies have: A lot of capital (or lack thereof, in the example), a big workforce, and no knowledge or desire.

A lot of large companies I work with have two major problems:

• A bunch of newly hired, "show-off" to my boss-type, egoistic and not desirable employees
• And second, a lot of bureaucracy.

The situation almost always plays out like this: When a major corporation wants to do something, they have to push around a bunch of paperwork, get a ton of people to sign on it, sit on the idea for a bit, then "test" the market in some random place where they can bury the whole concept if it fails, without letting word get out. And the people behind these ideas are usually playing it safe because they probably just got hired and don't want to construct a disaster, but at the same time want to show off and get ahead in the corporate food chain.

So what does this all have to do with you, as the entrepreneur and dynamic business you are trying to kick-start?

Chances are you have very few people working with you. And if you want to launch an idea, it won't take nearly as long enough as it would take a large company to do so. On the other hand, you might ask- what about burning through capital, for "test" and trial periods? To that, I ask, don't all entrepreneurs just launch their projects and wait for public feedback from their whole consumer base, instead of just some 1/2 baked launch in some test market? The correct answer: Yes.

Entrepreneurs shouldn't fear big companies because they aren't worried about screwing up publicly. If a new venture is launched and the public feedback shows something needs to be altered, it usually can be done, quickly. Instead of running away from the idea, an entrepreneur will face it and walk through to the end with the venture. A big company will bury it and never speak of it again.

Having a lot of control over what a business does, is just a small benefit of launching a project as an entrepreneur and comparing it to a large company launching the same project. A lot of entrepreneurs can take on large companies because after all, it is your hard work that is put into the business. When a company does something, how much of the staff actually cares about the success of the project, unless their bonus or paycheck is on the line?

(I'm not discarding all large corporations, but I've personally had experience with large companies who want to play it safe and in the box, instead of being innovative, adapting change and exploring new horizons. But even still- an entrepreneur has less bureaucracy to dodge through.)

My Lawyer, My Banker, My Accountant

My Lawyer, My Banker, My Accountant- by far the three most important people in my business life. They are the first three people on speed dial, on my office phone, but what makes them a vital part of what any entrepreneur does? Money comes in, it goes to the bank. The accountant analyzes every single number that is connected to an entrepreneur and their business. The lawyer minimizes trouble. Or handles issues that need to be screened.

First let me discuss about why it is good to invest in a strong law firm to back you up. In business law, there are way too many things to keep track of and laws are constantly changing, so it is virtually impossible to work without a lawyer for me. I personally believe lawyers cost less when they are working with you before you have a problem and they send you a big bill. Entrepreneurs are usually trying out a bunch of new ways to grow a business and it's just good to have a lawyer review what you are doing because it can save you from a big mess. Other times people are just looking to shut you down in any way they can, so it is better to have a lawyer deal with your issues, than you having to take on a big battle.

I keep my bankers extremely close. While any investor has their banker keeping an eye on their wealth, I believe they only keep a close eye on your wealth, when you keep a close relationship with them. Getting the best interest rates for money in the bank, helping invest funds, whatever it may be, your banker has to have an excellent relationship with you. In my opinion, I don't really think it matters whether you have a billion in the bank, or a dollar, stay close to the people who hold your money.

Out of the three, I probably communicate the most with my accountant. Lets face it, my lawyer "takes" my money, my banker "makes" me money, but my accountant saves me a lot of money. If anyone doesn't manage their numbers correctly, they can probably spending more than they should. If I made $100 and I spent $100, I'd be back in the same spot. With the knowledge of an experienced and smart accountant, it usually benefits most entrepreneurs save money.

Everything I just stated might be common sense. But I haven't gotten to the point yet. The MOST important thing is; the fact that everyone communicates with each other, probably more so than I communicate with each of them. I think the accounting firm probably is more connected with my law firm and my bankers than the bankers and law firm are with each other, but nonetheless, they all have to work together. If they didn't work together and communicate, I'd be doing a lot of unnecessary "middle-man" communication, which would be a waste of time.

How good do your "important three" work together?

Crafting "AWESOMENESS"

Every entrepreneur has their goals: making $10 million, $20, or $500. But I say, why would you cap your success off at a number? I just go for it all. By the time I "retire," I don't have a goal of how much money I want to have made, but I want to have made money in meaningful ways. A little while ago, I said on Twitter, "If I'm not providing an AWESOME product or experience, I'd rather not make money from it." I got a response from an entrepreneur saying, they "wouldn't care about what they provide, if they made 'bank' from it." Personally, I believe this is a bad way of doing business.

In the world, there are two types of businesspeople,

1. Greedy, Lazy, and "Gray Minded"
2. Greedy, Creative, and Worthwhile.

Some may disagree with me and say, there are entrepreneurs who are not greedy, but I beg to differ. If an entrepreneur isn't greedy, they wouldn't look out for their own interest or success. And which entrepreneur doesn't want to be successful? But any day, I would rather be working with entrepreneurs who are the second type over the first.

Most entrepreneurs who decide to ride the route of being greedy, lazy and gray minded, don't really do anything that pays off in their career. They are just for taking other people's ideas and concepts and replicating them. I'm not saying a copy cat business won't survive, but what has that entrepreneur achieved? Nothing really. Other times, rather than copying someone else's business ideas, they will just manipulate their business and just try to maximize sales without caring about anything else, then when the business runs out of juice, they will move on to the next "game." Again, what has this entrepreneur achieved? Nothing. More of these types of entrepreneurs exist on the web rather than in say- retail, because it is easy to replicate a website and try to rip off someone's ideas on the web. In retail, the upfront investment is just too great for people to try something like that.

Back to the point of crafting an "awesome" business; what truly defines "awesomeness" for me?

• A business who's products or services come with value.
• A business which will last for a long time to come.
• A business which can be positively recognized for what it is.
• There is no deceptive marketing used, just educating consumers about what is available, with honesty.
• Ultimate "awesomeness" is achieved when consumers can stand by the products offered.

I always tell entrepreneurs to discover the undiscovered, which will assist them in creating a brand for themselves, but a lot choose to rediscover what is already out there, just out of fear of failing. But if you rediscover something ordinary, what happens if you still fail?

Being creative and worthwhile comes out to be a positive business and sets up something to look back at. Making a quick buck or two, is just that. Come tomorrow, nobody, even entrepreneurs who seek this, will remember any value coming out of their business.

Peter Jones - Ten Rules For Entrepreneurial Brilliance

For those who do not know who Peter Jones is; he is a very successful entrepreneur from England. He has his hands in various businesses, but he started out by giving tennis lessons to people at the age of 16. His net worth as of 2008, according to Wikipedia, is about £157 million, which equals about $230,648,700 in today's market according to Google Finance.

What is interesting in his story is that, he lived a good life when he started out his business ventures, but then had to shut some down and give up his nice house and fancy cars and move back in with his parents. But that didn't stop him from starting over and building a media empire, among other things.

Take a look at Peter Jones and his ten rules for entrepreneurial Brilliance in the video below.




If you liked Peter's Mindset, you might also want to check out his website.

Passion Outstands Desire

I always get emails from entrepreneurs who want to "make millions," without doing what the are passionate about. They seem like they are willing to attempt to get into any industry that will give them a big paycheck, instead of getting into an industry they know and truly want to succeed in, even if they don't make as much money. Earlier today, I had a meeting, and I was listening to a few people discuss their thoughts on business growth, but the situation was- they kept debating what route they should take to increase sales, based on numbers and projections, without having any opinion of their own, since they weren't really passionate about the business itself. In my personal opinion, any entrepreneur who is passionate about their business, should be able to avoid costly mistakes than an entrepreneur who is just in it for the money.

A few other perks of being passionate, not just desirable:

More likely to stick around- We all know it happens, businesses are either forced to sell out or close down. There are many circumstances that cause this, but sometimes it is because the owner is just looking for a way out, since they don't have a real passion for the business. When an owner walks this route, they usually end up selling the business for lower than market value or just get so detached from the business that they end up closing the operations and losing their investment.

Avoid Mishaps- A lot of business owners make bad decisions which ends up costing the business, sometimes not in terms of dollars, but time. An entrepreneur who sets out to do a business for their passion, will have their own voice when it comes to making decisions and more often than not, will probably make the right decisions. An entrepreneur who sets out to do business for the money involved, won't have such strong decisions and could possibly make a lot of bad decisions, which end up costing time and money.

More likely to be on top- Everyone is able to tell the difference between fake and real, usually. So any entrepreneur who is faking their knowledge and passion for their business, will usually be left at the bottom of the barrel. Customers will be able to tell if a business is really the "king" of the industry and that will determine profitability among other things. For example, if an entrepreneur sets out to open a bakery because they love baking, they will probably be producing the best baked goods in town, leading to a premium customer experience. Chances are, when people are more willing to buy a product because of its premium quality, they won't mind paying more- which is where the money comes in.

Stay on top of the game- We all have hobbies and interests. And the things we are interested in the most, we are eager to learn about and keep up with the latest knowledge and trends in the field. For example, if a person is into technology, they will stay on top of the industry and know the ins and outs of each technology or product launched to the public. Now if that same person were to be doing business related to technology, their interest becomes their career, and having that career, they won't be trailing behind the leaders because they will share equal knowledge and commitment to their business.

Passion is the buyer- If you are passionate about an industry, you will probably be a consumer of the products available in the industry. Therefore, you know what you want to buy. For instance, If I am into TVs, I know what I want to see offered in the future. If I owned a company that manufactured and sold televisions, I would know what technology to research and implement in the products because that is what I would want to buy. Operations of a business and product or service offerings can only be premium if the consumers want the products.

As You Grow, Opportunities Shrink

If you take the simplest example from life, you will notice that as you get older, you face more challenges. The same thing goes with doing business, the more you expand, the more challenges you will face. Opportunities are truly unlimited when people start out with their first business, but as they grow that business and expand into other companies, entrepreneurs are limited on what they can and cannot do. I get numerous emails daily, asking me to participate in new projects people are starting, as much as some of them are appealing, I just don't have the time to invest in their start-ups.

When I started out with one business, it was the only thing I concentrated on. One of the biggest challenges that a business owner can face is, maintaining sales. Even in a good economy, it is tough to do. If you look at any "rich" person you know, you will probably think they have unlimited money to spend, but it isn't the case. In fact, I consider people will more businesses, having less to spend. In order to keep my the doors for all my locations open, I literally have to make thousands of dollars per day, starting from paying for the staff, paying for the products, rent, utilities, etc. But in some cases, some business owners have to close their doors, in which case they end up putting money back into the business. The bottom line is, the bigger you are, the more vulnerable you can be to face huge challenges.

I remember when I was a kid, there was nothing to worry about- as far as putting food on the table or anything like that; instead it was my parents job to think about that, so when I just started out my first business, on my own, it was pretty "fun" for me to make the little money I made, with not too many worries. Now, owning multiple businesses, it is sometimes stressful to keep everything going on the right track and stay profitable. Sure there are management teams that keep a close eye on things, but it is still the owners job to pay the bills at the end of the day. And after all those bills are paid, I still have to pay my own personal life bills, which add up.

So as much as I want to take interest and get involved with new business proposals, I am actually limited to "going after big fish," in order to pay for my expenses. When I was just starting out, there were no big bills for multiple businesses I had to pay, so I was just worried about taking care of that one business and keeping it profitable.

Now you may think that there is nothing wrong with going after only big opportunities, but it is actually extremely difficult to decide what to invest in and what not to. Just like the saying goes, the bigger the risk, the bigger the return. Fortunately, I've never lost big money with any business I have either invested in or personally owned, but it can always happen, and I always have to be prepared to have enough capital in order to pay the expenses- if unfortunately, I make the wrong investment one day.

On an end note, I want to add that the reality is, the bigger you are, the faster you drain when things go bad. I've had friends who have lost a lot of their money because virtually, when one business goes bad, it takes the profit from three in order to take care of that loss. Sometimes when more than one goes bad at the same time, it is very hard from losing everything, which I have seen happen to a few people.

Follow People In The Same Boat, Closer

We are all interested in what the world movers and shakers are doing, but sometimes it isn't good to follow their each and every move. Instead, I would say each person should be following people in the same boat as them because it is easier to see what strategies work and don't work that way. Don't get me wrong, following world leaders will teach you a few things, but you will probably benefit more from learning and associating with people who are involved with the same industry- furthermore, same level as you.

I get tons of emails asking if I can give some feedback on business plans, how I think people can reach their sales goals, etc. While I can give general advice, unless I have actual experience with the same kind of business, I go a step further and tell them they should be talking about the same thing with people who are involved in a similar business. For example, if I owned a designer shoe store, I wouldn't seek advice from Donald Trump. At a certain level I would be able to learn some tricks and trades of doing big business from Donald, but since he probably doesn't have experience selling designer shoes, I would rather seek feedback from someone that sells designer clothing, accessories, or the best one, designer shoes.

Finding someone who is in the same stage of the game is also crucial. If I am just starting to reach my goals with my business, I should be talking to someone who is doing the same, or have recently met their goals. If I try to learn from people who have been in the game for decades, I might miss a few things that are important to grow.

In the end, you should take feedback from everyone, but concentrate more with targeted feedback. People in your industry, who know the business, and are at a similar level in the game. I have seen it work whenever I am trying to grow a new business, in which I have little to no experience with. It doesn't even matter if you don't own your own business. For instance, a cardiologist could probably learn a bit more from a fellow cardiologist, than a neurologist. Details and specifics really matter when you are growing.

Volunteering Can Lead To A Paycheck

It's a well known saying that, "Actions speak louder than words," which holds true in the business world. I always like to see things get done rather than someone talking about getting them done or having the ability to do so. The video below shows that becoming a volunteer in your area of expertise could potentially land you a job. But even more than just getting a job, it can pertain to any aspect when you are seeking compensation. For example, if you are running a business and you give away your service or product and it is something that a customer wants, they will pay you for that same thing each time they need that product or service. On the other hand, if you had not volunteered to give away something, they probably wouldn't have used your product or service and would not come to you next time they want that particular item.

No matter what you are seeking (employment, a customers attention, etc.), if you are good at something, you need to prove it. Once you have proved your point, people will pay more attention to you.

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Investments Find Me

When I am usually looking to invest in something new, I'm not actually after one type of investment. For example, if I want to invest in a new business that someone is starting up on the web, I don't target it and go after it. Instead, I do my homework and map out potential routes that can play out if I invest in that particular business and then compare it to the other businesses in the industry. I've seen so many investors collapse -even if not collapse, get impacted greatly, by mistakes they make when investing in something blindly.

My thoughts when investing are open minded. I've found that when people get too obsessed with putting their money in one concept, they will do it at any cost. The main goal becomes making an investment, not looking at the potential ROI.

Investor blindsidedness can also result from jumping on the bandwagon. This used to happen all the time when the stock market was flying high. Just because someone's friend does well investing in a certain stock, the rest of their friends and family all invest in the same stock, without doing any research and never considering the risks. However, investing in the stock market is a little different than investing in a new venture because a stock won't come to you and say, "invest in me."

Keeping an eye open on the finish line rather than the entry point is a must when investing even the slightest amount of money in a company. This doesn't mean that you should never seek out what companies you want to invest in, but never choose to invest at any cost, just because you "have a feeling" it will give you "millions."

I will honestly add- all of the investments I've made so far, which were "passively" found, I've made the top return on and the ones I have actively sought out, are giving me moderate returns. I have also seen some of the best deals in real estate that come to me, instead of me out to seek a deal.

You Can Always Do Something

It is a very obvious fact that people are losing not only their jobs on a daily basis, but a lot of people are losing their homes and even worse- their lifestyles in general. Below is a video of Ken Karpman who went from making a top salary of $750,000 to $7.29/hour plus tip, as a pizza delivery man. The good thing is that Ken is able to face reality and still provide for his family, instead of being upset that he isn't able to keep up his lifestyle. You will see that the downturn all started after Ken decided to leave his job and run his own hedge fund. The success rate isn't always 100% for every entrepreneur and sometimes the worst can come, but some choose not to make it the "worst." Anyone who can sustain change, is someone who can move on with their life.

I believe, no matter what kind of life you live or have lived, you can always adjust and make the most of your current situation. This also goes hand in hand with the fact that Pride Shouldn't Be A Concern.

Pride Shouldn't Be A Concern

More often than you can probably deny, pride may have gotten in the way of your decision making in your life. The problem is, pride can often keep people from becoming moving on to the next level in their lives. As an entrepreneur, pride should rarely, if ever, be a concern when it comes to coming up with a plan and decision making. I can gladly say that I rarely take my "pride" into consideration when I am planning or executing my decisions.

You probably don't even have to go far to picture yourself favoring your pride over reality. Think of the current business you are in or who you are working for. Imaging that you are the owner of corporation "Y" and you have to do some work which is 3 or 4 ranks lower than your "job description." Any entrepreneur that says, "I would question whether or not I should assign someone else to do it," isn't considered an entrepreneur in my book. However, if you said, "I'd buckle down and get to it," I would side with you on that answer.

Most of you know that I own a lot of retail businesses, of which many are quick service restaurants. Believe it or not, if I had to work during a closing shift and clean up the restaurant, I would do it. I would sweep and mop the floor, just as I did before I came to own anything. There is no "dignity" or "superiority" that I worry about when it comes to doing things like these. It is just work. There's no difference between sitting in an office pushing papers around and doing work that involves labor.

Pride doesn't just influence people's business actions, but in their personal lives also. For instance, when I travel abroad, I usually have a chauffeur drive me around. But when it comes to opening the door for me, I don't believe in that. I can open my own door and close it after I sit in the car because it is the same as if the chauffeur would do it for me. On the other hand, I know people who wouldn't lift a finger to open their own doors, if they were driving around with a chauffeur. People tend to act the same way they do in business as they do in life and if you can't factor out your pride in either case, don't expect to climb the ladder to the top as fast as a person who is more practical.

Either way you view it, pride won't set you apart from the crowd, no matter how established or well to do you are. And just because you have done well, you shouldn't let that get in the way of your future goals an aspirations, since in the end, we are all humans and the same.

Consistency Goes Far

Consistency is a key element when trying to boost sales and retain an original customer base at the same time. A lot of business owners are into trying out new things in order to draw more attention to their businesses, but they forget that they already have a customer base that they need to keep intact. It is always okay to try out new things, but you should be delivering the same quality experience for people who already do business with you AT ALL TIMES. I can't begin to tell you how many stories I've heard where business owners do something out of the blue where not only does their original customer base not like the changes, but they don't gain new customers either, basically leading them to start from square one again, after spending money on changes.

What to keep in mind...

It is quite simple, if something works- in a marketing campaign, customer relations, whatever it is, keep at it. It doesn't take a rocket scientist to figure out that businesses who cater to a customers wants time after time, will stick around.

If you're selling cheeseburgers, sell them at the same quality you have been in the past, but add some goodness to them if you are trying something new. While you are "experimenting" you might want to offer the original ones to customers at the same time, so they don't get upset with the changes.

If you are running a business with multiple locations, make sure that the customers are offered the same products and services as they would receive at any one of your other locations. While the prices might differ slightly, the same experience can be achieved within the same brand.

Think about the paper boy...

If you get your paper delivered at 5 AM each morning, but at 8 AM the one morning, you might be a little upset. But if you are delivered the paper at 8 AM each morning and it comes early, why would you complain?

If you are planning to make changes with your business operations, try to make it so that people can't complain. Make it so that you can capitalize on the change and draw in more attention, but the attention you already have doesn't get lost in the process.

It can really apply anywhere...

You don't have to be running a business to deliver consistency. If you are working for someone else and you remain consistent throughout your work, chances are your boss will appreciate it and rely on you more so than your co-workers. Then when it comes time to promote someone from your team or give only one person a raise, who do you think will be at the top of your bosses list?

Build From The Ground Up

Many times, entrepreneurs often wish that they could start their venture out on the top, with all the publicity they can get and start competing with the giants in their industries. However, you might be able to hype up your business in order to get publicity, but it doesn't always end on a positive note. Even if you are an established entrepreneur, now a serial entrepreneur, there are limits that you should put on new business ventures because it might cause blindness when looking at overall growth.

Let me start off by saying, if you have contacts or other connections that you can use to uplift your start-up, you should probably use them and kick-start the venture. If you do use your connections, you have to be wise and measure growth from a detailed prospective afterwords though. Say I am getting tons of publicity for my new venture, then I see that profits are sky rocketing and the numbers are multiple folds of what I expected. Then I decide that I don't need to put as much effort into the new start-up as I thought I did, so I divert my attention to other projects. Unfortunately, all the hype that I was creating, was the cause of the sky rocketing revenues and now revenues are taking a major dip because I am not paying much attention to the venture. Entrepreneurs should always give 150% effort to all of their involvements, but sometimes situations where false growth is seen, can lead to a failure.

Another example of how it can be hurtful for entrepreneurs to start off big is when you have investors. Say you are getting all the attention you possibly can for your business and then you decide to expand, invest in more inventory, hire more staff and so on. This isn't bad, but since you didn't "build a business from ground up" you soon see a dip in sales. Now you are facing negative growth and you have to lay people off because you were staffing on "assumed" growth and it didn't happen. But now you have to answer to the investors who funded you. Most investors are picky about growth and HATE when there is a decline in growth. Don't get me wrong here- they hate it when a company isn't growing, but showing them growth and taking it away the next month, is like showing a kid ice cream and saying you cannot have it.

Now this doesn't go to say that you shouldn't draw attention to a new project, but what I am saying is that you shouldn't create false positives. Getting media attention and driving sales up is a good thing, but you should remain focused on the true numbers of the business. Letting a new project take a natural course in growth can be majorly beneficial in the long run. So don't be so desperate to take it to the top, as fast as you can. And also be aware of "false positives" and basing future growth and expansion of the company off of them.