‘To win without risk is to triumph without glory.’
– Pierre Corneille
Entrepreneurs are Jack of all trades and the goal is to become the master of all. With various aspects of a business, the important thing is to keep learning and reading. Here are a few tips and tricks:
Awesome tools for entrepreneurs. The most successful entrepreneurs have the best toys. It’s not a question of having the most expensive or the flashiest. It’s a question of having the most useful tools to build your business today. Here’s a super list of the tools that will make you most efficient. Do you have any to share?
Be sure you listen to your feedback. Brand consultant Isabelle Mercier Turcotte talks about one of the most important aspects of entrepreneurship. This is knowing how to react to feedback, including negative feedback, to get your customers to keep coming back. Another tip is getting beyond price with customers or clients.
Lessons in doing more with less. Entrepreneurs have elevated this to a near art form. In this particular post we look at saving space, a cost cutting measure that actually is beneficial in other important ways. Want to learn more about how sharing space with other entrepreneurs/businesses can benefit everyone?
Fallacies in entrepreneurship. There are many misunderstandings about entrepreneurship and how small businesses work out there. That may be fine for those not trying to start or run their own business. But for those of us involved in entrepreneurship, it would sure help to have a better idea of what’s going on. Here’s to separating fact from fiction. Enjoy!
Read more… smallbiztrends
This week’s LDP wine of the week is the Allesverloren Touriga Nacional 2009
Traditionally a port varietal, Allesverloren Touriga Nacional was aged in second and third fill barrels for 8 months. The wine has rich aromas of raisin and blackcurrant on the nose, and hints of vanilla and oak spice on the palate.
Read more… capelegends
Receiving good advice from anyone, is always much appreciated. Hearing it from an already successful business man, sometimes feels to have more merit. So here are some tips from a few people who’ve climbed the ladder:
There’s no such thing as a safe bet – just because a friend or a family member tells you about an investment, it doesn’t mean it is a good opportunity. If it was that good, they wouldn’t tell you about it and instead they would put in all their money. The only reason people tell you about investment opportunities is because they want to diversify due to the risk. (David Niu)
You don’t have to start a business to be successful – if you find a good business you can always buy it, grow it, and sell it for a good return. In many cases it is less risky to buy a business than to start it from scratch. (Ben Huh)
Just because you have money, it doesn’t mean you should blow it – there is no need for small companies or startups to waste money. You have to be scrappy at all times, such as subletting a 660 square foot office space at a good deal and squeezing 12 employees in there as well as a conference room. (Andy Liu)
If you want to keep making money you have to spend some on yourself – if you end up spending money on yourself, it will create a drive in you that will cause you to want to make more money. If you just keep on saving money, there isn’t much to motivate you to keep making more of it. (John Reese)
There is nothing wrong with being last in line – if you miss out on an opportunity, who cares, there are plenty more out there. See who else is involved and think things through carefully before you jump in and make a commitment. (Alex Algard)
Read more… quicksprout
This week’s LDP wine of the week is the Alto Cabernet Sauvignon 2008.
Sophisticated, big and powerful. Typical of the estate is the cedar and violet bouquet. The palate is infinitely elegant with a slight sweetness of ripe fruit. An aristocrat with excellent maturation potential.
Read more… capelegends
Here are a few leadership tips to help stay ahead of the game.
Forget yesterday’s breadwinner. Every product has a life span–don’t hang onto your Big Idea until it’s on life support. Don’t get attached to a product or way of doing business. Form an advisory committee with several trusted customers who will give you feedback on what your business is doing well and what needs to be improved. Then, act on their suggestions. Visit and read about competitors and successful businesses in other sectors to see how they’re growing and changing and get ideas that you can apply to your own products and services.
Check your ego at the door. Are you always the smartest person in the room? Then get the hell out of there. When an employee contradicts you or presents different ideas or solutions, listen and praise them for speaking their minds. Make it clear that no one is punished for ideas, whether they work out or not. Give credit, rewards, and recognition to employees who come up with new ideas. A financial incentive and public praise within the company can help them share in the glory of good solutions and inspire others to come forward. It’s essential for owners to meet with each employee one time, tell them their ideas are valued and invite them to offer suggestions to the company’s management.
Don’t be a control freak. Entrepreneurs often have a tough time delegating important responsibilities. The consequence is simple: Delegate or die. Hire smart, creative people and give them specific areas of responsibility. Resist the urge to micromanage–if the task or project was done well, let it stand even if it wasn’t done “your way.” New approaches might teach you a thing or two.
Never accept the status quo. ‘If it ain’t broke, don’t fix it’ is one of the stupidest things ever said in business. You’re telling your people to leave things alone until there is a problem instead of actively looking for improvement. Instead, train your managers to be open to new ideas at all times. If there is an environment of indifference in embracing ideas or rejecting them before they’ve even been heard, you are losing out on innovation opportunities.