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.
Showing posts with label entrepreneurship. Show all posts
Showing posts with label entrepreneurship. Show all posts
Sunday, June 21, 2009
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.
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.
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.
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
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.
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