Entrepreneurial Mindset: Consultant’s Friend or Foe?

failureSometimes, no matter what you do, no matter what you try, it just doesn’t work, or work to the level it needs to in order to help turn around a failing business. Not all consulting opportunities leave us smiling even though we gave it our all… and then some.

It’s sad, but we must learn from the experience to be better, even just a little bit better for the next time, for the next person, the next client, the next entrepreneur.

Certainly, we must be better for the next opportunity if we are to make a difference. In the end, we must not second guess. Instead, reflect upon the experience and move forward. It does leave me with a question, Does having an entrepreneur’s mindset help or actually hinder being an effective consultant?

#reflection #entrepreneurship

Entrepreneurship: Ideas and the Courage (Nerve) to See Them Through

“I always thought you needed to be innovative, original, to be an entrepreneur. Now I have a different perception. Entrepreneurs are the ones that make things happen. (That) takes focus, diligence, discipline, flexibility and perseverance. They can take an innovative idea and make it impactful. … successful entrepreneurs are also ones who take challenges in stride, adapt and adjust plans to accommodate whatever problems do come up.”

Steve Blank launched the Lean Startup movement. His work has changed how startups are built, how entrepreneurship is taught and how existing companies and the U.S. government innovate.

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Entrepreneurs Who Create Startup Businesses Have to Be Crazy

People who start companies are, without a doubt, just a little bit crazy. And people who start more than one company? Deranged lunatics — all of them! Why? Because it’s insanely hard! You’re signing up for a ridiculous amount of work. Your startup journey will be the wildest ride of your life.

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poker or chessPoker or Chess?

Do you plan your business strategy like you’re playing chess or poker? But, before you answer, consider the following…

“Industry executives and analysts often mistakenly talk about strategy as if it were some kind of chess match. But in chess, you have just two opponents, each with identical resources, and with luck playing a minimal role. The real world is much more like a poker game, with multiple players trying to make the best of whatever hand fortune has dealt them. In industry, Bill Gates owns the table until someone proves otherwise.”

– Deep thoughts by David Moschella

Is Courage a Necessary Trait for Success?

dreams.jpg2We never really hear enough about courage. The courage to take a risk, to stretch limits, to push forward, to go beyond, to keep moving… to make things happen regardless of the challenges in front of us.

Think about the early-day pioneers crossing the Midwest when they first caught a glimpse of the Rocky Mountains and stared at them getting bigger and bigger as they approached over a few days. What unbelievable courage they must’ve had to continue not only towards the mountains, but up into them and through them, often having to go north or south for awhile to keep making progress forward, and despite the elements of weather and resulting hardships. They believed in their dreams and as a result of their relentless courage, their goals were achieved.

The Cowardly Lion’s Thoughts on Courage

lionIn his most famous song, the Lion muses on what it would be like if he had ​any courage (not realizing he already has plenty):

Cowardly Lion: [singing]
I’m afraid there’s no denyin’
I’m just a dandy-lion
A fate I don’t deserve
I’m sure I could show my prowess
Be a lion, not a mouse
If I only had the nerve.

 

Is Owning a Franchise in Your Future?

For many individuals that explore franchising as the next step in their career, as a way to control their own destiny or as a way to create a family business understanding the process can be quite overwhelming. Below are several articles by franchise experts that will help interested parties diligently navigate the process to help create a playing field that is best for them as opposed to seeing them aimlessly tiptoe through a minefield consisting of franchising’s good, bad and ugly.

If you’re thinking of becoming a franchisee, how should you prepare yourself?

franchise2Buying a franchise can be a great move for a would-be entrepreneur who doesn’t want to create a new business from scratch. In theory, franchisees acquire a model that already works on every level, from branding to pricing to marketing. A ready clientele eagerly spends on Dunkin’ Donuts, McDonald’s and 7-11. The market has tested the best recipes for glazed crullers, Egg McMuffins and the right combo of energy drinks to stock next to the register. But making a go as a successful franchisee can be a lot more complicated than simply finding an appealing brand and plunking down some cash. For a taste of what can go wrong, see Forbes’ piece about the problems at sandwich franchise Quiznos, which paid $206 million to settle a suit brought by franchisees who claimed the chain had oversold its markets and excessively marked up supplies.

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How to Buy A Franchise

Contrary to popular belief, the process of buying a franchise isn’t really difficult-but it is a process. I’ve found, (through working one-on-one with thousands of potential franchise owners) that it’s really important to tackle a major life decision like the purchase of a franchise business-or any type of business, in a very methodical way. (Even if you’re not a methodical person!)

But you need to realize that buying a franchise is a big deal. It could potentially be life-changing. That’s what you want, isn’t it?

After all, you probably wouldn’t be reading this if you wanted to just go out and find a new job -or keep the one you have.

With that in mind, kick off your shoes and grab your favorite beverage. In this article, Joel Libava, The Franchise King shows exactly how to buy a franchise.

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Why Owning A Franchise Business Is Good For Your Family

Many entrepreneurs choose to become small-business owners with an exit strategy of turning over the business to their children one day — a strategy that takes on more importance in an era where young people are struggling to find gainful employment. Children who begin working in the family business at a young age will typically start an ascension into management after college, with an eye on purchasing some or all of the family business as their parents head into retirement. Often, the parents will retain a percentage of the business as a revenue stream in retirement, adding an extra level of responsibility for the child as a steward of their parents’ nest egg.

Even if they don’t stay in the family business, studies show that parental entrepreneurship increases the probability of children’s entrepreneurship by about 60%. Children of entrepreneurial parents have already experienced many of the ebbs and flows of small-business ownership, which helps to mitigate their fears and raise their risk tolerance.

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Learning About Franchising

During research for Franchise Bible, 8th Edition, author, Rick Grossman found that the franchise industry had changed in many ways over the years. Technology has had the biggest impact by modifying buying behaviors. Not too many years ago, franchise buyers would find an opportunity in Entrepreneur magazine or by attending a franchise expo in-person. They would then go through the franchisor’s respective step-by-step process to qualify, purchase and launch their franchises. But today, buyers can find a plethora of information online about nearly any franchise they want to learn about. This has leveled the playing field for new innovative companies to compete favorably with the “big boys” in the marketplace.

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Are you ready to own your own franchise or expand your current franchise portfolio?