June 23, 2010
Inveterate entrepreneur, innovative problem solver, creator of piles of money are some of the tags that people have given me over the years (among other names as well!!) Who am I and why should you care? Why am I publishing this blog? Fair questions.
If you stick around, the answers will become apparent. The quick and easy response is I have years of experience starting up and growing businesses mixed in with corporate and non-profit management as well as a separate career as an agency and corporate recruiter. I want to share knowledge with those who want to learn how to start a business, those who are starting businesses, and those who have started businesses and want to grow them.
My intent is to post blogs 2-3 times a week, have some guest posts from other entrepreneurs to share best practices and practical knowledge. Although, sometimes the topics can be pretty dry, I will endeavor to sprinkle bits of humor throughout. I intend to keep my posts short and to the point to value your time. I will always welcome your comments and differing points of view as long as they add value.
(See my About page for my credentials)
Filed under News by on Jun 23rd, 2010. Comment. 
June 27, 2010
As I was looking to see what information is available on the internet concerning the topic of “What it takes to run your own business”, I came across many opinions written by folks that never started their own business and had nothing to back up their opinions. As I looked further, I found that there have been several studies done over the past 20 years that focus on that topic. Let’s look at an overview of these traits.
• Extraversion – This one is logical since the small business owner needs to raise money, sell products or services, present his vision to staff and family and promote. 
According to studies by Waller (1999) and Riemann, et al (1997), there is a probability of about 50% that this is a genetic factor.
• Openness to Experience – Also, a pretty logical trait. We have new challenges and must be able to solve complex issues on a daily basis. We need the ability to look at problems from many angles and choose the solution that is best. Studies by Loehlin (1992 and 1998) show a 50% probability that this is an inherited trait.
• Agreeable – This is a negative personality trait. According to Zhao and Seibert (2006), agreeable people are less likely to be successful, because they have less self-interest, are less likely to drive hard bargains and think in term of self preservation.
• Conscientiousness – This trait refers to perseverance, organization, and commitment to reach goals which are all necessary to succeed in any business.
• Emotional Stability – Absolutely necessary considering the exposure to stress. According to Zhao and Siebert (2006), people scoring low in this category tend to be neurotic, anxious, worried and insecure.
Researchers agree that to be successful you should have 4 of these traits, but not be too agreeable. Upcoming blogs will look at each trait and I will show you exactly how each one affects your success in practical terms. We will explore how each affects your ability to grow and succeed.
Filed under Start Up by on Jun 27th, 2010. Comment.
June 28, 2010
One of the toughest things to do for someone who is just starting a business is to raise or find money for startup or seed capital. This is especially true for the individual entrepreneur who has a great idea but needs money to help pay for equipment, marketing, staff and, perhaps, office space. On top of that, there has to be enough money to cover personal living expenses. Below are several ways to get the money you need to start. Some are pretty obvious, but I will list them anyway since I would like this to be as complete as possible. I will cover each topic in more detail in upcoming blogs. 
- Friends and Family – not the calling plan. If you have a great idea, share it with them. Offer to pay an above average interest rate for the use of their money with a payment plan. If they think you have the chance to succeed, they just may loan you the money.
- Credit Cards – not a great idea but good in a pinch if you need cash advances to cover your business or living expenses. Also, good for purchasing supplies.
- Purchase Order Loans – Get a solid order with a signed contract from a well established company and a bank may give you favorable terms to finance operating and/or manufacturing costs to deliver.
- Customer Money – I love this one. The customer pays cash up front and receives something valuable in return, such as a hefty discount.
- Factoring – need some cash flow and have some accounts? Sell your receivables to a factoring company. They will advance you a portion of the face value right away and collect from your customers.
- Equipment leasing – It should be fairly obvious that in order to protect cash flow, lease your office and other equipment to conserve capital.
- Microloans – a program of the Federal government run through localized non-profits that will loan you between $500 and $35,000 to start or expand your company. Not to be confused with SBA loans.
There are others that can be added to this list and I would welcome input from others on what they have done. I will explore each of these seven topics in detail and give you real examples of how they work over the next several weeks.
Filed under Finance by on Jun 28th, 2010. Comment.
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