Where are your assets? Do work and get paid once. Build an asset and get paid for as long as it lasts. A retailer or a restaurant owner might work 18 hours a day--but the landlord makes just as much money from that effort, often more. The cheeseburger gets paid for once, but the rent bill comes every month. Real estate is an obvious and simple form of asset. In 1928, my great grandfather traded his real estate assets for the sure thing of the stock market.
The biggest difference between the rental houses he owned and the worthless stocks he bought was that the houses paid rent every month, while the stocks offered merely the promise of a later payoff. Some of the assets you can build, not just buy: Your brand. Permission. Expertise. In just three words, then, there's the huge chasm between the trusted, experienced freelancer, the one you're happy to hear from when she has a new idea, and the newbie or the short-term maximizer. What you waiting for? Hard work vs. Long work. Long work is what the lawyer who bills 14 hours a day filling in forms does. Hard work is what the insightful litigator does when she synthesizes four disparate ideas and comes up with an argument that wins the case--in less than five minutes. Long work has a storied history. Farmers, hunters, factory workers... Always there was long work required to succeed. For generations, there was a huge benefit that came to those with the stamina and fortitude to do long work.
Hard work is frightening. I think it's worth noting that long work often sets the stage for hard work. It seems, though that no matter how much long work you do, you won't produce the benefits of hard work unless you are willing to leap. The Science of Productivity Breaks Down the Facts Behind the Best Ways to Get Things Done. Master the Art of the To-Do List by Understanding How They Fail.
Hi Janet, Thanks for your interesting piece. From a GTD perspective, having a long list isn't necessarily a cause for anxiety—in fact, one of the "promises" of GTD is relief from anxiety by getting all the open loops out of your head. That said, I know many folks for whom the promise is never fulfilled, even with strict adherence to GTD principles and practices. So, in that sense, I think you're on to something.
The most interesting part of the post for me was the statistics. All in all, though, I found that your stats didn't support your conclusion that to-do lists don't work. 78% of items completed within 24 hours of being listed and 59% of all items marked complete sounds pretty successful to me. Best wishes, Tara. Break the 5 Barriers to Starting a Business. Many cubicle workers hate their jobs and secretly wish to start a business. It’s the Dilbert environment with a overbearing boss watching every move and taking credit for good ideas that feeds the dream of entrepreneurship. If ever there was a better time to start your own business now would be it. Entrepreneurs today have access to a wealth of knowledge, a variety of support sources and reduced startup costs.
Break the 5 Barriers to Starting a Business No Money: Having enough money to start a business is claimed by many entrepreneur wannabees to thwarting their dreams. No Time: Working a full-time job, raising a family, and enjoying a weekend out is the common time-filled life when you work in cubeville. No Benefits: Let’s face it, stepping out of the corporate world without benefits can feel like walking a trapeze without a safety net. No Family Support: It’s difficult enough to give up the comforts of the corporate world to start a business. The pros and cons of starting a small business. Part 2 - Examples Demonstrating the Importance of Monitoring Your Business Activities.
The Importance of Aligning Your Business and Personal Goals. The Hartford media information for journalists and the press - News Releases - Despite Views On The Economy, Small Business Owners See Themselves As Largely Successful - The Hartford media information for journalists and the press. Cite slow economic growth, taxes and uncertainty with federal regulations as risks CEO McGee, speaking at Detroit Economic Club, calls for actions to spur small business growth and encourage hiring HARTFORD, Conn. --(BUSINESS WIRE)-- The Hartford 2012 Small Business Success Study, released today, reveals that one-third (33 percent) of small business owners are optimistic that the national economy will strengthen this year, down from more than half (61 percent) reported in the company’s spring 2012 study.
Despite their economic outlook, most small business owners believe their business is successful in 2012. Sixty-eight percent of owners stated they are moderately to extremely successful, largely consistent with 2011 results. The second annual study found that slow economic growth (67 percent), taxes (59 percent) and uncertainty with federal regulations (56 percent) are viewed as major risks by small business owners. “Small businesses are the foundation of the American economy. Small Biz Success - The Hartford. How to be Successful Working from Home! By Michele Miller So, youre interested in starting a home business? How can you make it happen? Many people only dream of working from home and dont think its really possible for them to do so.
Sometimes its the fear of failure that holds people back. Im here to tell you IT IS possible and you can make money and enjoy working form home, you just have to be willing to try. First of all, you have to have a business idea. Lets look at some legitimate home business ideas to begin with; lets get some ideas going here Web design, Graphic design, Internet marketing, Secretarial Service, Medical Transcriptionist, Home Parties, (theres lots of these around and you can definitely make good money if you stick with them), Pet Sitting, Errand Runner, Copywriter, Real Estate, Photographer, Caterer, Furniture Maker, Candle Making, Wedding Consultant, Computer Tuition, Music Lessons, Insurance Agent.
The trick with any home business is to ease your way into one. You need DISCIPLINE AND MOTIVATION. Five Steps To Lasting Business Success. By Wanda Loskot Everyone asks these days what does it take to succeed in business and many great articles have already been written on this subject. I can't resist adding my own simple formula for success. It works like a charm, guaranteed! 1. Love Your Customers I don't mean *like* - I mean really *love*.
There is a big difference between liking and loving, don't you agree? Of course it starts with developing the ability to love ourselves. 2. Let's face it - there are some people you don't want to see near you or your business, let alone have a loving relationship with them! Marketing skills are important not only to find a high NUMBER but also to find high QUALITY of buyers. Look for people who share your own values. Effective marketing will allow you to "skim the cream" and leave the whiners, complainers, psychos and other difficult people to your competition! 3. Sounds very basic - doesn't it? 4. BTW. 5. Isn't this all simple? Begin with The End in Mind. By Mark Munday In his book, The 7 Habits of Highly Successful People, Stephen Covey captures the essence of Strategic Thinking. It all boils down to being absolutely clear on what business outcome you really want.
Covey illustrates the concept with a visualization exercise. Imagine that, at the end of you life, you were able to listen in to what was being said at your funeral. What would you like to hear people say about you, as a father, a life partner, a colleague etc? Whatever it is you would like to hear, you are now in a position to start living the kind of life that will make it happen. That is a powerful concept and really good personal development advice.
It is generally accepted by the experts that the first thing you should do after starting a business, is to plan your exit strategy. Planning your exit strategy means having a clear idea of what you want your business to be when you move on from it. Whatever it is, you need to get clear on what outcome you are looking for.
8 Mistakes to Avoid When Starting a Business From Home. Entrepreneur. Creation or extraction of economic value Entrepreneurship is the creation or extraction of economic value.[1][2][3] With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones. An entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards.[4] The process of setting up a business is known as "entrepreneurship". The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
In the field of economics, the term entrepreneur is used for an entity which has the ability to translate inventions or technologies into products and services.[9] In this sense, entrepreneurship describes activities on the part of both established firms and new businesses. Perspectives on entrepreneurship[edit] Elements[edit] History[edit] Methods. What's an Entrepreneur? The Best Answer Ever. As an entrepreneur, you surely have an elevator pitch, the pithy 15-second synopsis of what your company does and why, and you can all but repeat it in your sleep. But until recently, I’d never seen a good elevator pitch for entrepreneurship itself—that is, what you do that all entrepreneurs do? Now I've seen it, and it comes from Harvard Business School, of all places. It was conceived 37 years ago by HBS professor Howard Stevenson. I came across it in the book Breakthrough Entrepreneurship (which I highly recommend) by entrepreneur and teacher Jon Burgstone and writer Bill Murphy, Jr.
Of Stevenson’s definition, Burgstone says, “people often need to say it out loud 50 or 100 times before they really understand what it means.” Here it is: Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled. I talked to Stevenson about his classic definition this weekend. Or, as Burgstone puts it: And that, folks, is what makes entrepreneurship so friggin' hard.
MICRO-MANAGEMENT. How Small Business Gets Started… and Keeps Running [INFOGRAPHIC] Why does someone become a small business owner? And once they become one, how do they spend their time? How does our newly mobile working environment play into that? In this infographic, we explore what tasks take up the most of a small business owner’s time and how they manage them, in and out of the office. Click the infographic below for an enlarged view. Infographic by Column Five Embed this infographic on your own site: <a href=" src=" alt="How Small Business Gets Started… and Keeps Running [INFOGRAPHIC]" border="0" /></a><br />via: <a href=" Small Business Gets Started… and Keeps Running [INFOGRAPHIC]</a>
5 Businesses You Can Start With Little or No Money. Even for the most passionate entrepreneurs, finding startup capital can be a huge issue to overcome. Businesses such as restaurants, retail stores, and manufacturing plants often require too much money for the average person to get their hands on. However, many other types of enterprises can be launched on the cheap.
Here are five businesses you can start with little or no money: 1. Cleaning service — Some of the highest-margin businesses involve performing tasks that others don’t want to do. Very few people enjoy cleaning and janitorial work, and they’re willing to pay to have someone else do it for them. You could launch a cleaning business with very little startup capital and scale your business into commercial or specialized markets. 2. 3. 4. 5. Regardless of the size of your business, registration, permits, and insurance should be factored in to your startup costs. Tim Parker is the owner of ECS, LLC, a company specializing in financial and small business content. "This is the best I can do" Free coffee, next exit. That's the most effective billboard one can imagine, particularly if it's typeset properly and if the coffee is good.
Most billboards aren't nearly as useful, because the wrong service is promoted, or, more likely, because someone saw all that space and worked hard to fill it up. The same thing is true of most websites. You know so well the why's and how's of what you built and how terrific it is, and the thought of using just a few words when a bunch will do is frightening indeed. No, your solution doesn't have to be simple or obvious. But the story about what it accomplishes does. The goal of a marketing interaction isn't to close the sale, any more than the goal of a first date is to get married. Simple, clear and actionable.
6 Books for the Well-Rounded Entrepreneur. Most entrepreneurs wear a variety of hats. Some wear every hat. That's why most entrepreneurs need to be very well rounded. Here are six books that at least partially cover the entrepreneurial gamut: starting a business, personal productivity, marketing, improving skills, operations--even health and fitness. Each will leave you feeling challenged, inspired, motivated, and ready to take your professional life to new heights. Starting and Sustaining a Business Part research, part science, and part introspection exercise, Heart, Smarts, Guts and Luck does help you understand your personality and decision-making traits--useful in itself--but more importantly is filled with cool insights and tips any entrepreneur can benefit from. One is the Three-Minute Rule, based on the premise that what your customers do in the three minutes just before and just after they use your product or service tells you a lot about their needs and how they actually use what you sell.
Personal Productivity Great. World's Simplest Management Secret. Management books have it all wrong. They all try to tell you how to manage "people. " It's impossible to manage "people"; it's only possible to manage individuals. And because individuals differ from one another, what works with one individual may not work with somebody else. Some individuals thrive on public praise; others feel uncomfortable when singled out.
Some individuals are all about the money; others thrive on challenging assignments. Some individuals need mentoring; others find advice to be grating. The trick is to manage individuals the way that THEY want to be managed, rather than the way that YOU'd prefer to be managed. The only way to do this is to ASK. In your first (or next) meeting with each direct report ask: How do you prefer to be managed? Listen (really listen) to the response and then, as far as you are able, adapt your coaching, motivation, compensation, and so forth to match that individual's needs. And you'll never get that out of a management book. Entrepreneurial Lessons from Your First Job. 11 Tips to Choose the Right Home Business. Start-up Ideas: Do One Thing & Do It Better Than Anyone Else. Working at Home: Is It Good for You and Your Staff? Four Advantages To Being A Female Entrepreneur. Action Trumps Everything - Succeeding in the new workplace (and life).
Who built your business model? How to build a massively valuable business using a more human approach! Small Business Radio on Real world tips for growing your small business with JJ Ramberg.