Attention: Hopeless Over the Economy? - Some Borrowed Wisdom

If I were brash, I'd just say "go to the library or bookstore" and end this post right here.

But I won't.

Instead, I'll share a favorite poem from Napoleon Hill's The Law of Success. Mr. Hill himself didn't remember who wrote it but took no credit for it.

The Man Who Thinks He Can

If you think you are beaten, you are;

If you think you dare not, you don't;

If you like to win, but you think you can't,

It is almost certain you won't.

If you think you'll lose, you've lost;

For out of the world, we find

Success begins with a fellow's will

It's all in the state of the mind.

If you think you're outclassed, you are;

You've got to think high to rise;

You've got to be sure of yourself before

You can ever win the prize.

Life's battles don't always go

To the better or stronger man

But soon or late, the man who wins,

Is the man who thinks he can.

Yes, this economy is rough, and it's taken hope away from the people. My last post, "Going Into Business Out Of Necessity Is A Double-Edged Sword" came from an article in the Miami Herald.

When I went back to check the comments, I saw folks posting comments like:

• "This is the worst time to open a business!"
• "The banks aren't lending so where are you supposed to get start-up capital??"
• Other negativity...

There's no money to be made in negativity, it's just really easy to be negative. Go ahead, argue against that... I'll wait.

I want to point out why this is actually the BEST time to open a business:

Recently, a Facebook acquaintance of mine posted this famous quote by Zig Ziglar: "You can have all you want in life, if you just help enough other people get what they want." I wish there was a way to convey his cool Southern accent when he says it.

To expound, the best and most sustainable way to thrive in business is to solve others' problems.

This quote, though I don't know whom to credit for it, was born in better economic times: "Walk up to any stranger in the street and say "I know about your problem." You know what he'll say? ... 'Who told you?'"

In this economy, with folks experiencing SO many challenges, if you can help them overcome those challenges, YOU WIN BIG!!! And you can feel good doing it too.

"Doing well, by doing good."

As for banks not lending and having no capital to start up your business... I really ought to write a whole other post on this, but why make you wait?

You can start a business today with very little capital. In this day and age, you may already have everything you need at home to start your home office. If you're challenged, get educated on how to solve it from lots of different sources until you find what works for you, or ultimately create some new solution. Oh, and I'm not talking about going through formal education again.

Just talk to a successful entrepreneur or two that you know, or...

Just go to the library or the bookstore. And never stop learning.

Going Into Business Out Of Necessity Is A Double Edged Sword

This post inspired by the article in the Miami Herald, found here:

http://www.miamiherald.com/business/story/1110914.html

[The gist: About a year ago, a couple of newlyweds were laid off from their respective jobs and have decided to start their own graphic design firm. This trend is on the rise as the "jobless opt for entrepreneurship over job hunting."]

You've been pushed over the edge. Forced to leave your comfort zone. Entering a brave new world. What made it happen? NECESSITY.

For those who subscribe to the power of positive thinking, as I do, necessity is a blessing. We just have to be careful about how much of our activity is motivated by necessity, and in what ways.

I call necessity a double-edged sword because while it certainly gave you the push you needed to open your business, it will just as quickly close your doors. What do I mean? How convincing will you sound to a prospective client the moment he gives you an objection, and you say "c'mon, do me a favor; it'd really help me out, I need this to work..." Hmm?

It's just the wrong way to think about it. On the other hand, if you think in terms of why your prospective client really needs your business, you'll fare far better. And there's a caveat to that too - you can't assume everyone out there needs your business! You may have the greatest product, service, or offering in the world... but who needs it?

That's not meant to be a cynical statement, but a very insightful, instructive statement.

"Who is it that really needs me, right now?" is THE most important question you can ask. Figure that answer out and then go pursue their business. Oh, and if you think your product is for everyone, that's dangerous thinking too.

In the 7-step "Message Tuning Formula" I've created, I've outlined the proper way to approach this subject as step one, which is just ONE of my reasons I'm so excited to get it finished already! I know who'll benefit from it... but at the same time, as much as I'm anxious to bring the product to market because of how much others really need to gain that voice... I want to make sure that it's done right.

Twitter Pitches for Businesses?? I disagree!

In response to an article found on Business Week's website:
http://www.businessweek.com/smallbiz/content/jun2009/sb20090616_017396.htm

I respect the spirit of the article, but I have to disagree.

[The gist: there's power in brevity. People don't want to hear your life story. Using Twitter's 140 character rule to create a pitch can help you form that ideally short message.]

He's absolutely right in saying that people don't have time to listen to your life story, but time - like money - can be invested correctly or incorrectly. They may not sit there and listen to yours... but ask them about their life story and watch what happens.

The more time you're willing to correctly invest in a prospect, the more time you can expect from them as a client, in the form of a sustained relationship based on mutual appreciation.

The problem with a Twitter pitch is that you can't very effectively communicate uniqueness or value in 140 characters or about 20 words as Carmine Gallo suggests in his article. If you're familiar with the concept of a "Unique Selling Proposition" (or USP) you really *only* have room to be clever or gimmicky to establish "uniqueness" and most folks are resistant to gimmicks alone, especially now in this economy; establishing trust is just the price of entry!

This blog is relatively new, but is syndicated to Facebook and announced through Twitter... so, for the most part, you'll know that I'm passionate about the subject because crafting well formed, 30-seconds-or-less elevator pitches is my specialty, along with how to inject it into your marketing in whole or part. I do it using my own 7-step "Message Tuning Formula," which is an evolution of the USP. I have a specific name for this evolution (complete with shiny, new acronym! haha) but I'll talk about that all in depth when I release my coming product.

Now, there's a use for a short and simple tagline, but it's not to sell yourself... It's got a different and far more useful purpose! Don't worry. I'll cover this concept as well later...

No, No... Don't Get A Second Job, Mr. Entrepreneur!

This note was inspired by this article on the Wall Street Journal:
http://online.wsj.com/article/SB124510133735816437.html

In short, a few entrepreneurs have been showcased for taking on second jobs outside of their businesses.

The first problem is that these business owners think of themselves as commodities. What they ought to do is aggressively change their strategy and presentation of their services. They need to seek out people who RELY on their type of services, and then promise and deliver a better experience. For example, the gentleman who imports flowers from Chile could seek out a relationship with a wedding planner (preferably one who caters to more affluent families) so that the wedding planner could create a signature wedding experience available ONLY from that planner, and of course, with flowers available ONLY from that importer. Now you're not a commodity, you're the most sought after flower importer and wedding planner in the continental U.S. and can charge top dollar for your services.

A business' financials are a measure of how creatively its owners can solve problems, both its clients, and its own.

Lao Tzu, Robert Greenleaf, Dr. Stephen Covey, Oliver Bulfango, and I - on Leadership!

Special thanks to Oliver Bulfango for letting me post this thread.

Status Update: Oliver Bulfango “To lead people, walk beside them... As for the best leaders, the people do not notice their existence. The next best, the people honor and praise. The next, the people fear; and the next, the people hate... When the best leader's work is done the people say, 'We did it ourselves!'” ~Lao Tzu
7:28am · Comment · Unlike
You like this.

Zak K. at 8:07am June 11
And what is your take on this saying?

Marc R. Enriquez at 8:18am June 11
Lao Tzu was one of Robert Greenleaf's inspirations for what he coined "Servant Leadership" and is the basis for the British Army Officer Motto "Serve to Lead"

He references this passage by Lao Tzu from the Tao Te Ching:

The greatest leader forgets himself
And attends to the development of others.
Good leaders support excellent workers.
Great leaders support the bottom ten percent.
Great leaders know that
The diamond in the rough
Is always found “in the rough.”

Oliver Bulfango at 10:46am June 11
Well said Marc. I've read this that passage before. Now you're making me want to look for my book. ;p

Zak: A true leader does not lead for fame or for the sake of commanding. This leader should be among the people, of which is believed to be his/her peers, and work with them towards achieving the goal while teaching them in any way possible. The Marine Corps teaches, lead by example. Never ask anyone to do something that you wouldn't do yourself. So, in sum, when the leader and the society is complete with the goal, it was not the leader who completed it him/herself, it was everyone together.

In sum, a leader should lead with the people and not just "the people" with the leader's own self-interest. This is what makes a true leader. in my opinion.

Marc R. Enriquez at 11:14am June 11
This has provoked another thought... If you're familiar with The 7 Habits of Highly Effective People, Dr. Covey talks about the second habit, "Begin With The End In Mind" as the habit of Leadership... summarily, one should ensure that all actions he takes are in line with one's intended goal to be effective.

Really, this is more the concept of Personal Leadership, which one must master before they can lead others...

But when you tie in Lao Tzu, I imagine someone leading a group on an arduous journey up a mountain... but in keeping "the end in mind" he's not at the front... he's the one pushing the stragglers along.

An Employee's Salary Should Be An Investment For The Entrepreneur...

Thanks to Evelyn C. for allowing me to post this thread... I think it's a keeper. This one's for Thought Provoking Thursday. #thoughtProvokingThursday.

Status Update Evelyn C. doesn't know why people have to be so difficult and mean! HELLO PEOPLE IT'S YOUR JOB YOU GET PAID FOR IT, STOP ACTING LIKE YOU ARE DOING PEOPLE A FAVOR!!! 11:05am · Comment · Like

Giselle A. at 11:08am June 11
lol

Marc R. Enriquez at 11:23am June 11
Today's been a though provoking day, and excuse me for using your status as a place to rant... -=] Is this the employee's fault or the employer's? I'm not sure where you're talking about... but not everyone is meant for the jobs they play... and it's the employer's responsibility to spot the fakers or the outright misfits and let them go QUICKLY... they'd be doing that employee a favor because they'd probably be better off in a different type of work environment. That's my take as an entrepreneur.

Yasmine G. at 11:49am June 11
Ok wow. This is what I say. I get paid to advise you, if you don't like it then what can I do? I get paid to professionally help you with your assets and if ppl are rude I will too. I don't get paid by the customer I don't work for the customer I work with the customer. Point is = I work with you, not under you. So its not always employee's fault. Customers are asses too. What's going on with the world??

Evelyn C. at 11:57am June 11
to make it clear..i am not referring to MY PLACE OF EMPLOYMENT i am referring to all the customer service people in the world (ei: bank services, cell phone provider, etc) they should help ME!! My services pay their salaries..

Yasmine G. at 11:59am June 11
Ok. Not me. Yay!

Marc R. Enriquez at 12:12pm June 11
Again as an entrepreneur, who *has* to think about all possible opportunities to grow (especially in this emerging economy), it's those CSRs who are limiting that company's potential to grow, particularly from referrals... the NUMBER one greatest source of QUALITY clients.

I mean... you've just told the world how dissatisfied you are with someone's customer service - and they're lucky you haven't said who - which could limit any future new business. Mediocre customer service (just getting the job done) doesn't stimulate any referrals, because they're doing, as you said... what they were paid to do. But when a CSR is willing to go above and beyond what they're paid to do... they are part of the driving force that retains customers and stimulates referrals. I refer people to T-Mobile all the time, because they've never done anything less than impress me when I call. These are the folks who you pay even better to do the same job. It's an investment with a high return.

Steve C. at 3:07pm June 11
I could not agree more. Some people can really get on your nerves with that attitude and way of thinking. Fire the little ####ers. In todays ecomony there a handful of people who are capable and willing to do what it takes to do the job right and be nice about it.

Take Your Business And Go Home..?

Inspired by the Wall Street Journal article:
http://online.wsj.com/article/SB124390186519374643.html

Article in a nutshell: Because of the emerging economy, companies have been losing market share and some have been forced to pack things up and operate out of their homes.

In an economy such as this, it's commodity businesses that seem to get tossed around like unpaired socks as people rush to find the lowest priced business to satisfy them, or fall out of market in favor of necessities. This is telling of one of the two requirements to survival (in fact, thriving) in the new emerging economy: stop being a commodity business, which I'm sure many people will take as me telling them "stop selling what products you sell and get into a business that isn't a commodity;" but that's not what I'm saying at all.

To make the shift from commodity business owner to thriving entrepreneur, one must take the position of preferred source of, not a product or service - but a solution.

We don't purchase pens, we purchase the ability to write, and in many cases, we purchase the ability to write while having that soft cushy feeling in between our fingers.

We don't purchase books, we purchase the information inside them which will help us solve a problem or satisfy a curiosity, and again in many cases, we'd rather get the leather-bound collectors' edition with the gold embossed logo.

In both examples, it is the preferences and wants of the customer that are taken into consideration far more than the basic need of the customer, though it's still a requirement.

Blogging, For Fun And Profit

This one was inspired after reading The Wall Street Journal Article here:
http://online.wsj.com/article/SB124329313241952509.html

I didn't agree much with it...

Being a professional blogger can be EXTREMELY lucrative if done correctly. What you have to remember about blogs is that they are read because people care about what you say - and guaranteed, the number one way to get people interested in what you have to say is to talk about the very people you're trying to attract. If you can offer valuable information that will benefit your audience, and speak immediately in terms of your audience's benefit (re-read that part... it's the big concept), you'll build a large community of readers. Where most people believe the money is in blogging, then, is to build a huge readership and sell ad space; but most bloggers know that their readers are only there for good content and because of the relationship you've developed with them - and that for the most part, they avoid the ads... in fact, there have already been studies done that show not only do they avoid clicking, but their eyes don't even glance over them.

How then, do you monetize a blog? Build a following, maintain relationships based upon your valuable, beneficial information, and when you come across a product that would benefit your readers, become an affiliate of that product and post about it. If your readers trust you, they'll trust your recommendation, buy, and you'll make commissions. The larger your readership, the larger your potential commissions. Simple as that.

Getting Started, Starting Your Own Business

This was inspired after reading the following article on The Wall Street Journal:
http://online.wsj.com/article/SB10001424052970204475004574127134005990974.html

Starting a business without experience can be most difficult, particularly when any previous jobs you've held never fully gave you a grasp on the whole picture... all the responsibilities of ownership. It's fantastic that these folks got their start, but if they really want to do something different than having another "job in a business they just happen to own," they'll need to focus on ways of getting out of the business, or in other words, making it so that the business' success isn't reliant on their presence or direct input. Reading through this article I thought of quite a few ways that this is possible for each of the showcased businesses. Understanding this is just one of the core competencies that makes the difference between a business owner and a true entrepreneur.