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Learning From Your Business Mistakes

Tuesday, June 18th, 2013

Though small business owners don’t set out to fail at their ventures, most, if not all will at some time make mistakes that can affect their businesses drastically. The important thing is whether or not they learn from these mistakes.

The worst mistake you can make is forgetting that your customers ARE your business.

Make the purchasing process easy for your customers and the same goes for returns or correcting errors. If it’s too difficult your customers will give up and go elsewhere. Put yourself in their place and decide if your product or service is attractive to a large customer base. Ask yourself how you would like to be treated if you were your own customer.

Never under value your product or service.

Just as you are hungry for new business when you first start out, many consumers are particularly interested in new businesses. They are looking for better services, better offers and improvements on what have become mediocre or boring products. What can you do to make your offer stand out from the rest?

Use social media to get to know your customers, not just as a marketing tool.

Intelligent use of social media creates a bond and a level of trust. Use your mistakes and failures as an opportunity to learn and grow, to keep from remaining stagnant. There are growth stages throughout running a business and you will not always be moving forward and upward. Use these stages, the growth plateaus, to take stock of where you are now, how far you have come and where you would like to go. What you thought you wanted a year ago may have changed.

Know your gifts, talents and skills.

Some business owners don’t realize what they are good at. Those closest to you can be of the biggest help and advise you of what they see as your best abilities. What you’re good at is what will make you successful. Get help with the rest and position your business so it revolves around your unique talents. Knowing when you need help and not taking advantage of the talent of other employees is one of the biggest mistakes that small business owners make.

Also know your style, how you like to work and when you work best. Taking advantage of your strengths can be just what your business needs to outpace the competitors. You know yourself better than anyone else, so concentrate on what improves your productivity.

Always remain professional.

The life of a small business owner isn’t easy but as your brand grows and people get to know both your products and how you deal with the public, your business and your name will always be linked. Remember that how you react to adversity and/or complaints will also be noticed. How you choose to respond can make or break your business. Don’t forget word of mouth, some of your best customers will be referred to you by others and you can also miss out on new customers through bad publicity.

Keep learning.

Keep up with technology. The world of business is constantly changing. Take some time to enrol in online courses, free or otherwise. Keeping your finger on the pulse of small businesses, especially those which are local, and always increasing your knowledge will help you avoid most business errors and ensure that your business is around for a long time.

 

© Chris Draper, DemGen Inc 2013

Categories : Business Coaching, Entrepreneurial Lifestyle, Small Business
Comments (0)

Crowdfunding – Where Dollars and Dreams Meet

Friday, June 14th, 2013
Crowdfunding - Where Dollars and Dreams Meet

Crowdfunding – Where Dollars and Dreams Meet infographic by obizmedia.

Categories : Business Tools, Small Business, Starting a Business
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Take a cue from the past couple years, start investing in women

Thursday, June 13th, 2013

Starting a new business can be a daunting task, taking much time and effort to plan and execute properly. What can be equally as daunting is the decision to invest in an entrepreneur. If you ever thought about taking the investment plunge, might I suggest one thing: invest in women.

While it started out slow, the economy has seen a steady rise in the amount of women owned businesses, with as many as 8.3 million women owned businesses accounted for in the United States in 2012. In addition to that, a report from the Pew Research centre now shows that 40 per cent of mothers are the primary source of income for families. With those types of numbers, it’s no surprise that more and more organizations are looking to invest in and support women entrepreneurs.

One of these organizations is the 10,000 Women Initiative created by Goldman Sachs. This program is a five-year initiative meant to provide women entrepreneurs world wide with a business management education, so they are able to further themselves and their communities.

Another society is Lean In, created by the chief operating officer of Facebook, Sheryl Sandberg. The Lean In community strives to encourage women through an active and supportive community, as well as offers continued education through online lectures. Included within the Lean In community is the innovative “Circles” aspect, where small groups are able to meet monthly, similar to a brainstorming support group. The Lean In novel discusses topics that could hinder women in their path to success, such as dealing with ‘imposter syndrome’, completing ‘successful negotiations’, and even ‘how to make your partner a real partner.’

One of the biggest topics Lean In covers is ‘the myth of doing it all.’ Women in the work force are still under the guise that they must complete everything alone, and that it must be perfect. The founder of Women in Biz Network, Leigh Mitchell, believes that perfection can sometimes be a burden, and can cause people to put off doing things. As a female entrepreneur, that thought is constant, and understanding that help is there (within societies like Lean In) can be quite the relief.

The Lean In initiative has taken off exponentially in the last couple months. Other online publications have also been showcasing talented female entrepreneurs, and as a women myself, I hope the trend continues.

Entrepreneur.com has multiple stories about women entrepreneurs, including ‘2013s Entrepreneurial Women to Watch’, ‘Young Women Entrepreneurs Speak Out About Starting Up Today’, and ‘Facing Down Doubters and Empowering Others,’ by Ingrid Vandervelt, an extremely successful female entrepreneur in her own right.

If you’re still looking for sufficient examples of the benefits of successful females in the work world (besides our own Pamela Christie, co-founder of DemGen), the Globe and Mail published an interesting article about how employing equal amounts of men and women in a company can have benefits such as increasing Canada’s gross domestic product (GDP) by five per cent.

Now, having said all that, if you’re looking for an investment to become a part of I stand by my first suggestion: invest in women.

 

© Zoe Begopoulos, DemGen Inc 2013

Categories : Small Business, Starting a Business, Women Entrepreneurs
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Use Your Strengths to Ensure Success in Your Business

Tuesday, June 11th, 2013

Accomplishment = contentment. Those who have grown a business from infancy to success can attest to that fact and they will also tell you that it took every ounce of energy they had to get there. They learned to have faith in themselves, knowing that they could complete the necessary steps to accomplish their goal. What advice do they have for others?

Use your self motivation to take on extra work or even multiple jobs if that is what is needed. Sometimes working extra hard is healthy, it keeps your mind off troubles that you can’t do anything about at the present time and helps you to focus on what is important. Overcoming what seem like insurmountable obstacles gives you the confidence to take giant leaps forward in your business and reach goals that you thought were unattainable.

Sometimes gratitude needs to be directed toward inward. Never forget to appreciate yourself. Recognizing your abilities and strengths that you are especially good at is what got you this far in the first place.

Be conscious of where you spend your time. Using a time tracker for a week or two will show you where you waste precious minutes on the unimportant. Living a life of your own choosing, while being able to provide financially for yourself and your family, is not an opportunity that everyone has.

Reduce or eliminate distractions that keep you from working at your best. These could be demands from others, social events or just a noisy neighbourhood. Being able to concentrate on your work is of utmost importance if you wish to succeed. Running a business isn’t just about passion. If it was, more people would be doing it. Realizing that the hard work comes first and is the most important step means you’re way ahead of most small business owners. Many new business owners hire members of a virtual team to take care of any tasks that are getting in the way of getting ahead of their competitors.

Don’t get in the way of your own success by not taking care of your physical and emotional needs. It is up to you to decide whether or not you have the ability and the focus to do what needs to be done to balance out your life, one that includes your own business.

Keep in mind that in order to maintain your strength you also need to maintain a healthy body, both physically and emotionally. Don’t over schedule your life to the point of exhaustion. Productivity and relaxation go hand in hand to create physical well being and less stress. Prioritizing your day so the essentials come first (and this includes relaxation) makes for a balanced lifestyle and improved health. Mix up your day to include work and fun.

Include your social life in your schedule. Since some people need more time alone than others, this will vary from person to person. There are many who need a certain amount of solitude every day to be at their best and get stressed out when that time isn’t available.

Take advantage of the opportunities that running a business brings – the social contacts, the information about new businesses that may work well with yours and at the same time, identify those things which don’t work well for you and eliminate them if possible.

Identify your personal strengths: communication skills, good judgement, adaptability, integrity. Are you a good listener? Persuasive? Able to juggle multiple priorities? Take into consideration your leadership abilities, your excellent work ethic, positive outlook and well known integrity. Maybe you are great at negotiating, imaginative, innovative. These are all traits that a business owner needs to succeed.

The things in life worth having are rarely easy to attain. Self-discipline and the strength to make the right choices, and work hard for them, can be the way to happiness and contentment in running your own business.

© Chris Draper, DemGen Inc 2013

Categories : Entrepreneurial Lifestyle, Productivity, Small Business
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How to Improve Your Meetings

Friday, June 7th, 2013

How To Improve Your Meetings

How To Improve Your Meetings infographic

 

Categories : Entrepreneurial Lifestyle
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Working From Home? Stay Organized

Thursday, June 6th, 2013

working from home?  stay organizedMore and more professionals are cutting ties with the traditional office and clocking in from the comfort of their own homes. While the idea of working from home is music to many professionals’ ears, telecommuting isn’t as easy as it sounds. Fewer sources of motivation and abundant distractions can render productive professionals useless. A sound strategy can mean the difference between productive employee and couch potato.

Organize your home office, follow a schedule and take advantage of helpful tools to stay productive from home.

Limit Distractions

Create a separate place to work that is not in the middle of all the household confusion. Ideally, you will be able to create an office in the attic or basement away from the kids and the regular household activities. If you don’t have an attic or basement, consider a guest bedroom or turn your unused dining room or formal sitting room into an office, but make sure to install a door to keep out noise and other distractions. If you want to create the ultimate home office, consider converting a detached garage into your own private work space.

Schedule Your Day

Second, organize a schedule for the day. Depending on the type of work you complete at home, you should know approximately how many hours you will need to spend working. Set a schedule of when you will begin working, how long you will work, when you will take a break, and when you will finish for the day. Too often when people work at home, they actually spend more hours working than if they went to the office. Give yourself a specific amount of time to spend at the “office” and then leave work and return to your home and family activities.

Get Organized

Once you have the location of the office settled, begin to organize your documents and files. The easiest and most convenient way to virtually organize all of your files is through Google Drive, a cloud computing application that enables you to access documents anywhere you have an Internet connection. Google Drive also offers offline mode, according to Internetproviders.com, so users have access to documents even without Internet access. If you have a meeting downtown, get a call from a client while at the coffee shop, or go on vacation, your files are ready and waiting whenever you need them. Not only will Google Drive give you access to your files wherever you are, it is also an excellent way to back up important information in case your computer crashes.

A productive home office can make your job seem like a dream job. The flexibility and convenience of working at home is economical and environmentally friendly. Join the millions of other people who walk just a few steps and begin each day working in their home office.

Categories : Productivity, Small Business, Work/Life Balance
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How to Hire Your Business Dream Team

Wednesday, June 5th, 2013

Hiring a dream team to help your business grow is the best investment you can ever make.

As your business becomes successful, new opportunities tend to arise, and you soon start to realize there are better things you could be doing with your time to help further increase growth, sales and profits.

Whether you’re a solopreneur or have a team in place, it’s often necessary to bring on additional team members to support your growth.

The ability to successfully delegate tasks to a team you trust is always worth more than the cost of adding members to your team.  Hiring virtual on a per-project or hourly basis frees up your time to focus on essential revenue generating activities that only you can do.  It’s an investment that will reward you greatly in the long run.

What if you know you need more support, but don’t have the time to hire yourself?  There are companies like DemGen that are a one-stop-shop for pretty much any need and can also recruit staff on your behalf.

Regardless of the route you choose to take when hiring, the essential first step is to map out your entire list of priorities to determine what can be delegated and the skill sets required.

Begin by making a list of all your strategic priorities, initiatives and to dos in a spreadsheet.  Then make note of all of the tasks only you can do.  After that, indicate any tasks that can be delegated to existing team members.  Once these steps are completed, you will have a good sense of where the holes lie in your team.

The next step is to outline all of the essential skills required to fill those gaps.  Don’t edit yourself.  If you require specific skills or a certain personality type, don’t settle for anything less.

The better you can define exactly who and what you are looking for, the better chance you will have at finding them.  If you aren’t clear about your needs, you risk not being able to effectively communicate what you require and potentially hiring the wrong person.

If you follow the steps outlined above, putting together your dream team can be as easy as it was to assemble the 1992 US Olympic basketball team.

Happy hiring!

 

© Tamara Smith, DemGen Inc 2013

Categories : Business Experts, Small Business, Virtual Teams
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Meet Kickstarter: The New Way to Bring Creativity and Business Together

Tuesday, June 4th, 2013

The world of business is a place full of good choices and bad choices, successes and failures, and most often, risks. Being an entrepreneur can be an area of business that encounters it’s fair amount of successes and failures, but can thrive on calculated risk-taking. So, if you’re an entrepreneur looking for a) funding and b) the best way to encounter your first risk that could lead to a success or a failure, allow me introduce you to Kickstarter.

Kickstarter is a website dedicated to projects looking for audience related funding, instead of major investors. Essentially, Kickstarter projects are crowd-funded on an all or nothing basis, meaning you have a timeline set and if you don’t reach that your goal by the end of the timeline, you receive none of the money pledged to your project. People who begin a project on Kickstarter must follow a specific set of guidelines but, and this is a huge draw, Kickstarter will not assume any creative rights on the project. In other words, if you meet your goal, Kickstarter allows you all of the funds pledged to you as well as your creativity.

Entrepreneurs and do-it-yourselfers alike have been flocking to the campaign in hopes of getting their projects off the ground. Since it’s inception in 2009, Kickstarter has successfully helped for fund 42, 286 projects and amassed a total of 637 million dollars for projects. This has allowed Kickstarter to have a 43.96 per cent success rate, and please plenty of risk taking entrepreneurs.

Bonuses for people supporting these projects are “backer rewards” or perks that people get when they pledge money to the project. These rewards can be the extra oomph some people need to pledge money, because it makes the transaction less like a donation and more like an investment.

Now, just because you may not have heard of Kickstarter, don’t be surprised if you’ve heard about some Kickstarter funded projects. Kickstarter supports artists, filmmaker, authors, illustrators, inventors, and scientists, to name a few. In the past two years, Kickstarter helped fund 10% of the films shown at Sundance, launched the app Dark Sky that helps predict weather patterns, fund the extremely popular board game Cards Against Humanity, publish multiple books and graphic novels (notably reMind by Jason Brubaker, Hatter M by Frank Beddor and The Future of You! Creating Your Enduring Brand by Roz Usheroff), as well as fund two major motion pictures for the upcoming year (the Veronica Mars movie and Zach Braff’s sequel to Garden State.)

In the wake of the virtual world taking over, Kickstarter is another way to use the Internet to your best advantage. It’s not only beneficial to helping people create and build their businesses, but it also provides an amazing network of support. It could be the best risk you’ll ever take. Kickstarter is one of the better ways to step into the virtual world of business with a wide door for expansion.

 

© Zoe Begopoulos, DemGen Inc. 2013

Categories : Business Tools, Small Business, Starting a Business
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5 Reasons Top Talent Leave Their Jobs

Friday, May 31st, 2013

Thankfully, here at DemGen we don’t usually run into any of these problems. Many of our team members came to us and stayed with us for these very reasons.

5 Reasons Top Talent Leave Their Jobs

5 Reasons Top Talent Leave Their Jobs infographic

Categories : Entrepreneurial Lifestyle
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Work is Something You Do, Not Somewhere You Go

Thursday, May 30th, 2013

Virtual teams and the use of them, have become increasingly more popular with the growth of the Internet, but the idea in general can still be a blur to employers and employees. What does it mean to work with a virtual team? To set the record straight, virtual teams are not rows of robots pumping out paperwork, but regular people who enjoy working together virtually. This could mean a group of people in the same town or team members from different countries, who communicate through virtual pathways like e-mails, telephone, videoconferencing or websites.

Companies began introducing virtual teams into the work force mainly to provide flexibility among employees. Employees that preferred the lifestyle-driven scheduling approach to making a living are the main reason for this growth. Being a part of a team that doesn’t follow the basic 9am-5pm work day allows not only for great flexibility in hours, but also provides variety as well as options for applying specialized skills and knowledge. It allows companies to put together a successfully collaborative and creative team.

Being a part of and employing virtual teams can produce a lot of pros, with minimal cons. Aside from providing flexibility, virtual teams can also lower costs in certain areas (less company utility bills and eliminating certain office inventory) and cause green effects for the company (no more commuting.) If you’re part of a team that includes individuals from different countries, the time zone factor can be both a pro and a con. On one hand, you will have people working around the clock on projects, but it may become difficult to facilitate an online meeting that everyone can attend. Another downfall may be that, while you believe in everyone on the team, some people may be less motivated or focused than others. This can be hard to monitor when the team is not meeting face-to-face on a regular basis. For virtual teams, trust can only be measured by the reliability of each team member.  A major pro of working with remote teams is the chance to work with professionals you may not have been able to work with previously, which could create a collaborative team that is successful and creative.

So the question is not what is a virtual team, but instead, is a virtual team right for you or your employer? The trend of giving employees control over how, when and where they work, as well as the importance of flexible hours is growing exponentially in various services, and it might be about time you and your employer take the leap into the virtual world.

 

© Zoe Begopoulos, DemGen Inc 2013

Categories : Productivity, Small Business, Virtual Teams
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  • Learning From Your Business Mistakes
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