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No More Buying Cookie Dough From Your Kids!

By: Genna Jenkin The Your Smart Money Moves Mom We’ve all been there. At some point during the school year your child brings home the dreaded fundraising envelope! Inside are all the materials you will need to ply friends and family to purchase vats of cookie dough, reams of wrapping paper or the never-ending magazine subscriptions. However since these unwanted items help in providing much-needed funds to your local schools the purchases are begrudgingly made. Can you imagine what a treat it would be to be able to provide those same funds to your youngster’s school not by buying something, but by getting rid of something you no longer need? This is the concept behind an amazing program conceived by Stacey Boyd. Since this entrepreneur and CEO of Schoola.com opened the cyber doors of her new idea, schoola.com/stitch, many parents throughout the country have signed up to make money for their schools by cleaning out their closets, specifically their children’s closets. ...

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Entrepreneur Series Lesson 10 – Passion, Persistence, and Perseverance

Lessons one through nine of my entrepreneur series were lessons extracted from my own business and other business owners across the country over the past twenty years.   Undoubtedly in your first year of business, you will make your fair share of mistakes like anyone starting a new venture.   There are so many valuable pieces of wisdom to learn as an entrepreneur, but here are my big three traits you must have to truly succeed in your business. Passion – Many business ventures people conjure up in their heads often revolve around the dreams of making a lot of money.  While building your wealth can be an outcome of a successful entrepreneurial pursuit, passion around your dreams is what will get you through the good times and the bad times.   When you get out of bed every day with emotions that are so compelling around what you are doing, it becomes easy to motivate others to get excited around that dream.    ...

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Entrepreneur Series – Lesson 9 – Execution

I remember growing my career in management with a large Fortune 500 company when my Executive Vice President told me something one day.   He said, “Ted, execution is the one thing that separates the good from the great.  Let me put it to you this way.   If you don’t execute, you’ll be executed.”   I guess it’s hard to forget that, but it still rings true in my mind today.   Some of the best leaders and managers in business don’t achieve peak results because they simply don’t execute the plan. If you like to read, I highly recommend that you pick up a book written by Larry Bossidy and Ram Charan called Execution.  There is a wealth of knowledge in this book about execution, and how to be very successful at getting things done.    Here are three mistakes new entrepreneurs make when it comes to execution. Changing the plan too often– One of the sayings I love is that focus beats ...

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Entrepreneur Series – Lesson 6 – Poor Staffing Decisions

One of the first things I heard when I got into management in my career is the phrase “you have to put the right talent on the bus”. While I understood its meaning, it took many years to realize how important hiring decisions are to grow an organization the right way. I also felt the pain of making poor hiring decisions, and how much time and productivity you can lose from just one bad hire. No entrepreneur lives in the panacea of having zero turnover as sometimes they might like to make it seem, but certainly making the right staffing decisions by putting people in the right roles can allow your start up venture to get off on the right foot. One of the critical questions to ask yourself early in your venture is what role do you (the CEO/owner) play in your firm. If I was to use a baseball analogy, what jobs are you going to be a ...

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Entrepreneur Series – Lesson 3 – Know Your Role As The Owner

As an entrepreneur starting a new business, you often have to wear the hat of cook, dishwasher, accountant, and general manager.   However, one of the biggest mistakes a young owner will make is not quickly clarify their role within the organization.   Far too often, new entrepreneurs will try to control every aspect of a new business which inevitably slows the growth of the organization.  In some cases, it can make hiring and training new people so difficult it can be destructive to the success of a company. One of things I recommend to new business owners is to draw a T chart with one axis being things you like to do and one access being tasks that you are good at.    What you should quickly try to figure out in the early stage of a new company is to list all of the items that you are good at and those tasks that you like to do.    After figuring out ...

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Entrepreneur Series | Lesson 2: Incorrectly Pricing Your Product Or Service

In the first year of a start up operation, there is a great focus of energy from the new business owner on client acquisition. Gaining new customers opens the floodgates for the generations of revenue to pay the bills of the business. However, one of the tough lessons learned by young owners is not thinking clearly though pricing out the services of your business correctly. Most new business owners tend to undervalue what they charge for their work and services in order to compensate for not being as established as their competitors. As long as you have a top notch customer service experience and offer a product or service that’s similar or better than a competitor, you shouldn’t devalue yourself. If you set this pattern up early with clients, it can be very difficult down the road to raise your prices with your initial customers. Here a few tips to determining if the price is right on your new product or ...

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Entrepreneur Series Lesson 1: Being Undercapitalized

It’s always exciting to think about the idea of having your own new start up. You hear about stories where entrepreneurs started with just $300 and a cardboard box and then turned their business into millions. In reality, having worked with many types of business owners, the first mistake made by most is simply not having enough capital or access to capital while growing your business. Undercapitalization really involves the language used when a person cannot sufficiently fund their business venture. An idea alone will not lead to business success. This lack of capitalization not only includes the initial outlay to get the business up and going, but really miscalculating the operating expenses in the business—especially in the first year of operation. Here are three smart things to be thinking about so your new entrepreneurial venture doesn’t fall short financially. Lines Of Credit. Whether it is a true banking relationship or you have set up an arrangement with family and friends, ...

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Entrepreneur Series Lesson 10 – Passion, Persistence, and Perseverance

Lessons one through nine of my entrepreneur series were lessons extracted from my own business and other business owners across the country over the past twenty years.   Undoubtedly in your first year of business, you will make your fair share of mistakes like anyone starting a new venture.   There are so many valuable pieces of wisdom to learn as an entrepreneur, but here are my big three traits you must have to truly succeed in your business. Passion – Many business ventures people conjure up in their heads often revolve around the dreams of making a lot of money.  While building your wealth can be an outcome of a successful entrepreneurial pursuit, passion around your dreams is what will get you through the good times and the bad times.   When you get out of bed every day with emotions that are so compelling around what you are doing, it becomes easy to motivate others to get excited around that dream.    ...

Read More →

Entrepreneur Series – Lesson 2 – Incorrectly Pricing Your Product Or Service

In the first year of a start up operation, there is a great focus of energy from the new business owner on client acquisition.   Gaining new customers opens the floodgates for the generation of revenue to pay the bills of the business.   However, one of the tough lessons learned by young owners is not thinking clearly though pricing out the services of your business correctly. Most new business owners tend to undervalue what they charge for their work and services in order to compensate for not being as established as their competitors. As long as you have a top notch customer service experience and offer a product or service that’s similar or better than a competitor, you shouldn’t devalue yourself.   If you set this pattern up early with clients, it can be very difficult down the road to raise your prices with your initial customers. Here a few tips to determining if the price is right on your new product ...

Read More →