If you can find or create an entrepreneurial enterprise inside (or alongside) a larger company, in addition to receiving significant managerial and operational responsibility, in many cases you can negotiate sharing in the financial success that you help to create. Do you tell your people what to do and then say: 'Before you do that, check with me first'? Financing a business requires knowledge of the laws governing the ways in which companies may raise money. Most companies you compete with probably provide good service, good quality, and good prices.
Make the Marketing department a happy place to work
In
many ways, writing
a business plan is an end in itself. So
you need to
choose a product or service which people instantly 'get', otherwise it is going to be an uphill ' and expensive ' battle. For
each piece of
equipment, add the purchase price, interest, maintenance, gas and oil, service, tires, repairs, insurance, storage, rent, and mobilization costs over the life of the item. Do
you know which
employee, salesperson, manager, supervisor, production worker, or installer makes you the most money?
Background information on Purchasing
Stock
prices and stock
market performance can fluctuate due to many factors, including macro-economic phenomena, interest rates, investor speculation, company performance, political events, and dividend payments. A
vision statement describes
what an organization seeks to become, or the ideal society to which the organization seeks to contribute. In
addition, your car,
equipment, fixtures, and company vehicles are liabilities and not assets because they don't create positive cash-flow, and actually cost money to maintain. Keep
it fun, challenging,
and interactive.
Create your own platform and build your own audience
Work
first, marketing and
sales second. Know
what else good
coaches do? They
are neutral; they
lead discussion and debate but not outcomes. A
board governs at
a strategic rather than day-to-day level.
Reinvest 50 percent of all profits back into Research and Development - you won't regret it
Successful
entrepreneurs don't do
the work. They
go for more
sales instead of better or more profitable sales. What
topics are you
most sensitive about? Being
a small-business owner
doesn't mean that you have to work 70 hours a week, make a six-figure income, or offer a unique product or service.
What are your fixed and variable costs?
This
means that you
need to get organized and install systems so your people can do what you want them to do on a consistent basis with little or no input. The
necessary skills and
capabilities to achieve this are required at both the individual level and organisational levels. Many
business owners complain
about working too many hours. What
are our top
three priorities'? I'll bet you'll get thirty-seven different answers!