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Consumer v. Producer : Which are YOU? by @SBSLEducSoltns

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Stretching your Entrepreneurial Thinking

While entrepreneurs will always consume certain resources, no different from our staff, or other citizens,, we shouldn’t think through a consumer lens nor should we spend precious time being one. So, let’s shake things up!

 

While reading, please invest time to ask yourself some questions. As I often advise mentees, be reflective; forego being reflexive or reactive. The difference is profound.

 

The Consumer

Per Dictionary.com , … origin: 14th C [1375–1425] = “squanderer”

 

What a strong connotation! Do we really desire to have our business(es) associated with this definition, even if its meaning has evolved somewhat over the passage of time?!

 

Why are we ‘encouraged’ , compelled, or even shamed into consuming?

The answer is too complex to address in a blog post, yet, we are able to unravel some characteristics of a consumerist.

 

He/She/They …

 

  • Oft carry a considerable amount of consumer debt
  • Will be watching, listening to, or reading lots of content from the mass media*
  • Quite likely is a side-preneur still receiving a regular paycheck as a W-2’er
  • Fairly often feel uncomfortable discussing economics or talking about money/finances

& …

  • Might use words like ‘retail therapy’, be distressed** , and/or focused on material things

( inc. transactions to make more $ versus building business relationships. )

 

Click to Tweet

 

“Every man is a consumer, and ought to be a producer. He is by constitution expensive, and needs to be rich.”

 

— Ralph Waldo Emerson

 

Sign of a Consumerist

 

Self deception ( vid clip HERE ) is strong; maybe we know in the depths of our soul, by looking at our financial statements, or just in our gut that we are living a consumerist life while building our entrepreneurial venture/s, yet … we outwardly deny it, in our self-talk, our conversations with others, etc.

 

If you do this, you’re not alone. Some signals, both implicit & explicit to home in on & eventually course correct include:

 

  • Not paying off credit cards monthly
  • Driving in a vehicle that you don’t actually own
  • Expensive office space which raises your rates needlessly
  • Not leveraging the countless discount programs/apps/memberships available
  • Buying costly drinks or meals while at events

 

What’ll it Take … a ‘voice of courage’

Laying the groundwork for a major mindset shift will clearly impact all spheres of your business ‘being’ :  heart, mind, spirit/soul, & financial. Yet, it’s still January, and here’s hoping that you invested quality time and treasure creating and then taking action to live out these 2019 mantras, goals, or habit transformations instead.

 

If you’ve not yet carved a line item in your business blueprint for a mentor, a coach, or a niche consultant

( a good friend is ideal for the latter: Cherish Your World/Feng Shui Consultant ),  … now would be a great time!

 

A Producer’s Model

Defined here , with its synonyms including ‘builder’ & ‘creator’; which leads me to ask a few questions:

 

Don’t we all want to be known, in our branding, sales, & marketing, as these things?

Why would we knowingly choose its opposite?

 

Which characteristics might ID this type of business pro?

 

He/She/They …

 

  • Understand Y.D.I.L ***  when it comes to their finances/money ‘mind’.
  • Participate in social capital creating/expanding actions: Connecting others, serving in their communities, & building ‘roots & wings’ in their households.
  • Have eschewed a paycheck from a 3rd party & are sustaining on dollars earned through serving & solving.
  • Understand the value of time > money.  ( read previous post )

& …

  • Oft use words like legacy, leadership, leverage, significance, & value in everyday conversation.

 

Suggested Profiles

 

Brent Wehmeyer

 

Eric Kim

 

Producers Manifesto Poster

 

*** More on Y.D.I.L.

Y = You, Inc. [ ‘investing’ in your mind – trillion $+ ‘real estate’ ]

 

D = {consumer} debt [ pay off, or better yet, bypass proactively ]

 

I = Investments [ mainstream financial vehicles ]

 

L = Lifestyle [ far better to live below or right at par/your means ]

 

By committing to this informal, yet powerful acronym, my entire financial picture & level of consciousness, were shifted, bit by bit.

= I became a producer!

 

You can, too.

Starting, and perhaps expanding,  your business mustn’t originate from the scraps on your monetary table: It should be the main course, growing in parallel with your self-leadership as the “CEO” of You, Inc.

 

Value squared

Many thought leaders have previously opined on similar topic/s; I’m always pleased to cross reference their content & encourage readers in this community to learn more about them.

 

Their specialized knowledge, paired with mine, should generate lots of value for you, the reader.

 

The Producers Manifesto

Consumer v. Producer

Start Every Day as a Producer …

* Infographic – What is the ‘mass media’?

** https://www.mentalhelp.net/articles/types-of-stressors-eustress-vs-distress/

 

In short …

 

  • Know the clear differences b/w a consumer(ist) & a producer
  • Click to Tweet the Emerson quote: there’s a very elevated level of consciousness within it.
  • Invest time to click on the links provided to follow the bread crumb trail of wisdom
  • Connect with the suggested social media accounts & thank them for being producers 🙂
  • Paint yourself with a producer’s Picassian flair!  #BeAnExample
  • Y.D.I.L. is very insightful, yet very contrarian.

 

Thank YOU for reading!

7 Skills Women Need To Start A Business by @XLConsultingGro

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by Elaine Slatter | Featured Contributor

More than ever, women are deciding to strike out on their own and create their own future by starting their own enterprise.  There are only 7 skills women need to start a business, let’s examine what they are.

7  Skills Women Need To Start A Business

  • Are you determined?
  • Are you organized?
  • Do you have a passion?
  • Are you a leader?
  • Are you savvy with your finances?
  • Are you a decision maker?
  • Do you like people?

Determination

Being an entrepreneur is not for the faint of heart because the road can be long with a series of bumps along the way.  The average business does not last five years and staying in for the long haul can be intimidating.   Always taking steps to improve your business or pivot it in a different direction if it isn’t gaining traction are good signs that you have the determination to keep going when the going gets rough.

Do you have the grit to keep going even when roadblocks are put in your way and when only YOU believe in yourself?   Then you have that important ingredient called “determination”.

Organization

Chances are you have a busy life, so organization is key to starting and running a successful business. Organization starts with making sure you have a business plan before you go into business.  The plan, while probably out of date after the first few months in business, will help you find out, on paper, whether your business has a chance of success.   Without a business plan, you will not be able to get outside financing.

If you are organized and have done your homework you will be able to decide on the right business structure and proper business and tax registrations before you start out.   Most businesses start out as sole proprietors and incorporate once their business has gained momentum.  Check with an accountant to see which is the best business set up for you.

We are great believers of “the list”.   Make it last thing at night for your next day’s activities.  Tackle the hardest items when you have the most energy.   Prioritize the list by importance to your business and separate the ‘Must Do’s’ from the “Like to Do”.  Do the same for your personal life.  At the end of each week, look at your “list” and decide which items move on to your calendar for the following week.   Only move the items that you are going to take action on to your action list.  This is organization 101.  Don’t overextend yourself, if you do, you will get nothing done!

Passion

Passion for your business is very important, because passion is what will fuel you to continue when you hit speed bumps.  Look at different ways to re-ignite your passion when your energy for your projects has deserted you. Share your passion with others.  Your supporters will help you along when your passion is wavering and the going gets tough.

Leadership

As you grow your business, others will look at you for leadership.   There is a difference between being a ‘leader’ and being a bossy ‘boss’.    Strong leadership skills will enable you to build the right team for advancing your business and make your business a place where others will want to join you in your journey.   If you don’t have any leadership experience, you can either take a course or find a mentor who has leadership experience who can help guide you in developing leadership skills.

It’s important to find your own leadership style.  How do you do this?  Observe other leaders and learn from their good traits and leave the bad ones behind.  Be authentic, you can’t mimic other leaders you must find your own voice.  You are unique.

Financial Literacy

It’s tempting to skip this part because it isn’t the glamorous side of running a business.   Financial responsibility is important both in our personal and business lives.     When starting out your business, it’s wise to get your finances in order and to have sufficient cash flow for the first year.

An accountant is the first step to getting your books set up properly for your business structure.   There are many easy accounting packages to help you get organized, Fresh Books and Quick Books  by Intuit are two of the popular ones.  For more structured businesses, Sage Accounting is a good choice.

If you hate bookkeeping yourself, consider outsourcing. It isn’t an expensive monthly expenditure and can save you many valuable hours of work that can be spent growing your business.

Just as important as getting your bookkeeping done on a monthly basis, is reviewing your financials as quickly as possible every month, because the story of your business is in these results.     If you review on a regular basis, you will know from the numbers what is going on in your business.    Do you need more sales, or perhaps your expenses are too high?     If you don’t understand your profit and loss statement, get your accountant to explain all the line items.   The more confident you are understanding the financial aspect of your business the better equipped you will be to make financial decisions.

A Decision Maker

One of the biggest barriers to decision making is fear.  Fear of making a mistake, fear of taking a risk, fear not everyone will like your decision.    Our take on this is that every decision you make can be changed one way or another if it turns out to be the wrong decision.

The best way to mitigate the risk of making a wrong decision is to do your homework.    Weigh up all the pros and cons of the issue.   Seek out a second opinion on the course of action you are considering and then go with your own gut.   Some of the hardest decisions are around people. Should you hire a relative, when should you release a non-performing employee?   Taking the emotion out of the decision should help you make the right choice and remember it’s not personal, it’s business.    If you have to release an employee the caveat is to be professional, offer assistance in the transition and ensure the person understands they are a great person but not the right fit for your business.

Like People

Why is this important?    Because people buy from people they like and trust, no matter what your business. You may have all the technical skills in the world but unless people connect with you and your Company, you can easily fail. Building the trust factor takes time, there is not “instant” way to speed this up.  If you are authentic in building your business relationships, the recommendations and trust factor will follow.

Be relentless in your follow up.  Make it a rule to follow up on emails and phone calls within 24 hours.  Do not disappoint your customers by dragging your feet.  Even if the news you are about to deliver isn’t good, think about how you can mitigate the bad news by offering something that will make them forget what has happened.  It’s how you recover that’s important, both for repeat business and for referrals. Your customers want to know that you really care.

Building a network of people who you trust and who trust you will help you grow your business for the long term.    Some of these people may be willing to become your mentor and propel you to the next level.    Don’t be afraid to ask for help.

Summary

If some of these skills are missing, it isn’t too hard to acquire these by practicing them in whatever job you are currently doing.    If you really need help, there are all kinds of ways of to fill in your knowledge gaps.   A simple Google search will uncover all kinds of training on whatever aspect you consider to be your weakness.   Two great places to start are YouTube videos and Udemy.

For more formal training, try taking a MOOC. (Massive Open Online Course).Most of these are completely free and are university level courses. There are a few platforms for taking MOOC’s, one of the popular ones is Coursera.   For example if you want to explore the whole idea of entrepreneurship, try some of these courses from the University of Maryland.

And The Last Word….overcoming FEAR

Perhaps because women are more cautious by nature, there is a certain amount and anxiety and fear of starting a business.       But the truth is if you have mastered the seven skills it takes to start a business, then take that leap. If you have recently opened a business, why not share your thoughts with us?

Corporate America v. Entrepreneurship? Which path is Right for you? by @DrRKayGreen

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by Dr. R. Kay Green | Featured Contributor

…And we’re off! The New Year has officially begun and now its time to make some very important decisions in your professional life. Where do you see yourself in say 5, 10, 15, 20 years from now? Have you taken the time to analyze your current career? That is, where you are v. where you aspire to be.

While you have achieved some of the goals you set last year, are you still on the fence about your current profession? Have you considered leaving the corporate arena for entrepreneurship? Have you considered saying “Good-Bye” to entrepreneurship and “Hello” to Corporate America?

As we all know, some of us excel in corporate environments; while others excel in the entrepreneurial arena. Climbing the corporate ladder is not an easy task. On the corporate side, 70% of US workers do not feel engaged or inspired at their jobs and feel that they are not reaching their full potential (CBS News, 2013). This statistic indicates that 7 out of 10 employees are not “satisfied” with their current career in the corporate arena. Entrepreneurship is certainly not the easiest task either. On the entrepreneurial side, an entrepreneur’s life may be riddled with ambiguity, long hours, sacrifice, and setbacks (Forbes, 2013).

While there is no “perfect” environment, rather corporate or entrepreneurial, we must be honest with ourselves when selecting the path that works for us. In order to survive, in either arena, you must possess, or at a minimum, develop the relevant survival skills on a corporate or entrepreneurial level.

For many of us, our careers, whether corporate or entrepreneurial, imposes a chain-link effect on our personal lives as it relates to family, relationships, friends, social groups, etc. Selecting the right path for you cannot be taken lightly. Rather, this decision dictates your own personal fulfillment, pursuit of happiness, and overall satisfaction. Let’s consider the following seven questions to ask yourself as you analyze your profession and select the path that works for you:

  1.  Are you more focused on “Who do you know?” (Corporate) or “What you know?” (Entrepreneurial)
  2.  Do you step up when appropriate? (Corporate) or Do you step up at all times? (Entrepreneurial)
  3. Are you most concerned with achieving the Work-Life Balance? (Corporate) or Are you willing to sacrifice the Work-Life  Balance? (Entrepreneurial)
  4.  Are you Planning-oriented? (Corporate) or Are you Action-oriented? (Entrepreneurial)
  5.  Do you prefer External Motivation? (Corporate) or Do you prefer Internal Motivation? (Entrepreneurial)
  6.  Do Play the “Game”? (Corporate) or Do you Create the “Game”?
  7.  Are your more focused on doing your part? (Corporate) or Are you more focused on doing all parts? (Entrepreneurial)

If you selected most or all of the first choice for each question, chances are, the corporate arena is right for you. Oppositely, if you selected most or all of the second choice for each question; entrepreneurship maybe your niche. Corporate America or Entrepreneurship are both choices; that is, you have the right to choose which path serves your best interest.

Always remember, choosing your path, whether corporate or entrepreneurial, is not a popularity contest. It is instead, a life-long decision that has a significant effect on both your personal and professional lives. In brief, think logically, strategically, and choose your path wisely.

—————————————————————–

Marketing Expert – Dr. R. Kay Green from RKG Marketing Solutions Inc. from Atlanta, GA.

Dr. KayDr. R. Kay Green is the CEO/President of RKG Marketing Solutions Inc. With over 190,000+ Twitter followers, 35,000+ Facebook Likes, and the Top 1% LinkedIn profile designation, Dr. Kay, a self-motivated trailblazer, is the Quintessential “New-Age” Professional Woman, and PhD Marketing Pro. She earned a Doctorate of Business Administration in Marketing, and has completed PhD coursework in Leadership and Organization Change. She also holds a Master of Business Administration in Marketing and Management, a Bachelor of Business Administration in Marketing, and an Associate of Arts in Marketing Management.

She is affiliated with several prestigious universities and has instructed over 350 courses online. A popular speaker on Marketing and Business topics, Dr. Green is currently featured on Huffington Post, Black Enterprise, Black News, The Network Journal, Business Review USA, Digital Journal, College View, Business New Hampshire Magazine, Bay State Banner, Reader’s Circle, North Dallas Gazette, Harlem News, Top News Today, One News Page, NE Informer, Women in Business PR News, Consumer News Today, Women PR News, San Francisco Chronicle, Houston Chronicle, Chicago Daily Herald, The Miami Herald, and Book News Articles.

Twitter – Facebook – LinkedIn

Entrepreneur U: Schools for Start Ups [Infographic]

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Entrepreneur Schools
Source: GreatBusinessSchools.org

Entrepreneur U: Schools for Start Ups

 

entreprenuer_schools_900

 

American Timeline for Entrepreneurship in Colleges

1947 Management of New Enterprises, first MBA entrepreneurship course offered at Harvard.

1953 Entrepreneurship and Innovation offered at New York University

1954 Small Business Management, first MBA small business course offered at Stanford.

1967 First contemporary MBA entrepreneurship courses introduced at Stanford & New York Universities.

1970 First entrepreneurship center, the Caruth Institute of Owner-Managed Business, established at Southern Methodist University.

1975: 104 colleges/universities have entrepreneur courses in 1975. Grows to 315 by 1982, 590 by 1986, 1,400 by 1998

AND NOW:

16: percentage of 2011 graduates that started businesses. That’s up from 5 percent in the early 1990s

2013: More than 2,000, U.S. colleges and universities offer a course in entrepreneurship.

Top 5 Tips for Picking an Entrepreneurship MBA Program

The Entrepreneurship Community

Learn what the entrepreneurship community is like at each school you are considering. Find out what entrepreneurial clubs, startup incubators, events, and research institutes are available to MBA entrepreneurs.

Entrepreneurship Competitions

Research the entrepreneurship competitions held by each school. Entrepreneurship competitions allow you to present your business ideas to a panel of judges. Winners get a prize or seed money for their business.

The Entrepreneurship Faculty

Find out about the entrepreneurship faculty for the MBA programs you’re considering. How many members of the entrepreneurship faculty are also entrepreneurs or former entrepreneurs? What kinds of businesses have they formed?

The MBA Alumni Network

Learn about the MBA alumni. Not only will this show you if a school has a proven track record in helping MBA entrepreneurs grow their businesses, it will also give you an idea of the networking opportunities available for that program.

Entrepreneurship Internships and Projects

Find out what kinds of projects and internships each program requires. Hands-on experience is one of the most important parts of an MBA program, because it allows you to apply what you learn as you learn it.

See if the program allows you to conduct research or participate in a capstone project. Capstone projects are an opportunity to apply what you learned in a real-world business setting.

Top 5 Entrepreneurial Schools (Undergraduate)

1. Babson College, Arthur M. Blank Center for Entrepreneurship

Babson Park , MA

Tuition: $43,520

Percentage faculty who are entrepreneurs: 100%

Scholarships for entrepreneurship students: Yes

Scholarships money available: $30,000,000

Recent grads who started a business: 11%

Percentage still in business: 90%

Number of entrepreneurship organizations and clubs: 95

2. University of Houston, Wolff Center for Entrepreneurship

Houston, Texas

Tuition: $19,848

In-state tuition: $9,318

Percentage faculty who are entrepreneurs: 100%
Scholarships for entrepreneurship students: Yes
Scholarships money available: $95,000
Recent grads who started a business: 41%
Percentage still in business: 100%
Number of entrepreneurship organizations and clubs: 3

3. University of Southern California, Lloyd Grief Center for Entrepreneurial Studies

Los Angeles, CA

Tuition: $45,602

Percentage faculty who are entrepreneurs: 94%
Scholarships for entrepreneurship students: Yes
Scholarships money available: $17,000
Recent grads who started a business: 50%
Percentage still in business: 100%
Number of entrepreneurship organizations and clubs: 5

4. Syracuse University, Entrepreneurship and Emerging Enterprises

Syracuse, NY

Tuition: $38,970

Percentage faculty who are entrepreneurs: 100 %

Scholarships for entrepreneurship students: Yes
Scholarships money available: $2,622,750
Recent grads who started a business: 12 %
Percentage still in business: 100%
Number of entrepreneurship organizations and clubs: 5

5.Baylor, Baylor Entrepreneur Program

Waco, TX

Tuition: $32,574

Percentage faculty who are entrepreneurs: 100%
Scholarships for entrepreneurship students: Yes
Scholarships money available: $3,340,000
Recent grads who started a business: 67%
Percentage still in business: 75%
Number of entrepreneurship organizations and clubs: 6

Top Graduate Schools for Entrepreneurs

University of Michigan’s Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies
Babson College, Arthur M. Blank Center for Entrepreneurship
Harvard University’s Arthur Rock Center for Entrepreneurship
Rice University, Jones Graduate School Entrepreneurship Program
U. of Virginia

Top Online Schools for Entrepreneurs

Oklahoma State U.
U. of Florida
Washington State U.
Southern New Hampshire U.
Drexel University Online

Is it for You? 10 signs you might be an entrepreneur.

1. Hate the Status Quo: You are not someone who wants to just go through the motions or sit by idly. Nor do you like following the pack.

2. Easily Bored – You find yourself easily bored, and others start viewing you as a problem. But nothing is wrong with you except that you are bored with activities that aren’t up to your abilities and aren’t challenging. Think Bill Gates, who dropped out of college to become one of the richest men in the world.

3. Fired from Jobs – You’re too creative for your own good when it comes to working for others.

4. Labeled a Rebel – You have been described as a rebel and rule breaker and would defy gravity if you could.

5. Resist Authority – You have a lifelong record of resisting authority from your parents, teachers and bosses. You don’t go along with the agreed upon norms of the group or community you work and live in.

6. Ready to Improve Everything – You always see how you could do things better

7. Bad at Small Talk – You have difficulty making the kind of small talk that so many people get comfort from. This social pattern of relationship and rapport building seems like a waste of time to you and makes you uncomfortable.

8. Bullied – You may have been heavily criticized, picked on and even bullied as a child or teenager. This has caused you to be driven to excel and to prove to the world that you are a force to be reckoned with.

9. Obsessive – You may have been labeled obsessive/compulsive because when you get started on something you have difficulty letting go. All of the great entrepreneurs become completely immersed in their vision.

FACT: Howard Schultz stuck with Starbucks even when his family tried to persuade him not to.

10. Not Normal – Until you get used to the idea that you are in fact different from most people, it could prove to be a problem–or exactly the motivation you need to acknowledge the entrepreneur screaming to get out.

Still think you have it in you to be an entrepreneur? Here are some facts:

1. The average and median age of company founders when they started their current companies is 40.

2. 95.1 percent earn bachelor’s degrees, and 47 percent have more advanced degrees.

3. Less than 1 percent come from extremely rich or extremely poor backgrounds

4. The majority of the entrepreneurs are serial entrepreneurs.

The average number of businesses launched by respondents was approximately 2.3.

5.Entrepreneurs are usually better educated than their parents.

Most successful Entrepreneurs who went to college (they didn’t all graduate)

MarK Zuckerberg, Harvard. Facebook.
Bill Gates, Harvard, Microsoft
Michael Dell, U. of Texas, Dell Computers
Jerry Yang and David Filo, Yahoo
Larry Page and Sergey Brinn, Google
Steve Wozniak, U. of California, Berkeley

Sources:

http://www.thebestschools.org/blog/2013/08/30/20-online-programs-mba-entrepreneurship/
http://www.entrepreneur.com/article/224791#ixzz2hjzw6JDu
http://www.topmba.com/mba-programs/specializations/entrepreneurship/top-5-tips-picking-entrepreneurship-mba-program
http://www.quora.com/Entrepreneurship/What-is-the-best-major-to-pursue-in-college-if-your-goal-is-to-become-a-successful-entrepreneur
http://www.entrepreneur.com/topcolleges/undergrad/0.html
http://www.entrepreneur.com/topcolleges/grad/0.html
http://www.thebestschools.org/blog/2013/08/30/20-online-programs-mba-entrepreneurship/
http://onstartups.com/tabid/3339/bid/10561/12-Facts-About-Entrepreneurs-That-Will-Likely-Surprise-You.aspx
http://www.huffingtonpost.com/2011/06/27/the-10-most-successful-co_n_885319.html#s297894&title=Larry_Page_and
http://www.entrepreneur.com/article/225359