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How to have success in your new/small business


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How to have success in your new/small business

  1. 1. How to survive the big entrepreneurial lie Presented by: Reg Gupton, MBA Creative Growth Seminars 1919 14th, Suite 805 Boulder, CO 80302 [email_address] 800.418.0401
  2. 2. How did you decide to begin your business? <ul><li>An Entrepreneurial Seizure </li></ul><ul><ul><li>Doing technical work </li></ul></ul><ul><ul><li>Real good at it </li></ul></ul><ul><ul><li>For someone else. </li></ul></ul>
  3. 3. Fatal assumption <ul><li>If you understand the technical work of a business, you understand a business that does that technical work </li></ul><ul><li>The technical work of a business and a business that does that technical work are two totally different things! </li></ul>
  4. 4. <ul><li>The technician suffering from an Entrepreneurial Seizure turns the work he loves into a bad job. </li></ul>
  5. 5. Every small business owner is: <ul><li>The Entrepreneur </li></ul><ul><li>The Manager(a.k.a., The Boss) </li></ul><ul><li>The Technician </li></ul>
  6. 6. The Entrepreneur <ul><li>Lives in the future </li></ul><ul><li>The innovator, grand strategist </li></ul><ul><li>Creator of new markets </li></ul><ul><li>Extraordinary need for control </li></ul><ul><li>Supreme need for change </li></ul><ul><li>Rapidly outdistances those around him </li></ul><ul><li>Surrounded by the sound of dragging feet. </li></ul>
  7. 7. The Manager (a.k.a., The Boss) <ul><li>The pragmatist </li></ul><ul><li>Brings order, planning and </li></ul><ul><li>predictability </li></ul><ul><li>Lives in the past </li></ul><ul><li>Compulsively clings to the status quo </li></ul><ul><li>Sees problems everywhere </li></ul><ul><li>Builds a house and lives in it forever. </li></ul>
  8. 8. The Technician <ul><li>The ultimate doer </li></ul><ul><li>“ If I want it done, I have </li></ul><ul><li>to do it yourself” </li></ul><ul><li>Lives in the present </li></ul><ul><li>Happiest when working but </li></ul><ul><li>only on one thing at a time </li></ul><ul><li>Thinking isn’t work, it just gets in the way </li></ul><ul><li>Only interest - how to do it </li></ul><ul><li>Verges on stubborn </li></ul>
  9. 9. The typical small business owner <ul><li>10% Entrepreneur-Wakes with a vision </li></ul><ul><li>20% Manager-Screams “Oh no” </li></ul><ul><li>70% Technician-while the battle rages </li></ul>Goes into business for himself
  10. 10. Your Success Blueprint <ul><li>Describe what your company does </li></ul><ul><ul><li>What you sell </li></ul></ul><ul><ul><li>How you sell it </li></ul></ul><ul><ul><li>Who you sell it to </li></ul></ul><ul><li>What is your philosophy towards your customer </li></ul><ul><li>How have your methods of doing business changed since your started your company. </li></ul>
  11. 11. Your Success Blueprint <ul><li>What is your vision for your business </li></ul><ul><li>6 months </li></ul><ul><li>1 year </li></ul><ul><li>3-5 years </li></ul><ul><li>10 years </li></ul><ul><li>What is your biggest strength </li></ul><ul><li>What is your biggest weakness. </li></ul>
  12. 12. Your Success Blueprint <ul><li>Describe your ideal customer </li></ul><ul><li>What is the biggest customer complaint about your industry? </li></ul><ul><li>What are you doing about it? </li></ul><ul><li>What are you doing to catch up?. </li></ul>
  13. 13. Three phases of Business Growth <ul><li>Infancy </li></ul><ul><li>Adolescence </li></ul><ul><li>Maturity </li></ul>
  14. 14. Infancy <ul><li>The owner and the business are one and the same thing </li></ul><ul><li>You believe, there is no one like you </li></ul><ul><li>You are the best </li></ul><ul><li>You love and live it </li></ul><ul><li>Then you start falling behind </li></ul><ul><li>Infancy ends when the owner realizes that it can not go on like it has been. </li></ul>
  15. 15. If you are a technician <ul><li>It is complicated, frustrating and eventually </li></ul><ul><li>A Demeaning Job. </li></ul><ul><li>The purpose of going into business is to get free of a job so you can create jobs for others. </li></ul>
  16. 16. Adolescence <ul><li>Begins when you realize that you need some help </li></ul><ul><li>It is inevitable </li></ul><ul><li>What kind of help will you seek? </li></ul><ul><ul><li>Hire team </li></ul></ul><ul><ul><ul><li>full </li></ul></ul></ul><ul><ul><ul><li>part time </li></ul></ul></ul><ul><ul><li>Consultant </li></ul></ul><ul><li>Technical help </li></ul><ul><li>Management by Abdication. </li></ul>
  17. 17. Only three choices <ul><li>Get small again </li></ul><ul><li>Go for broke </li></ul><ul><li>Adolescent survival </li></ul><ul><ul><li>fighting day to day </li></ul></ul><ul><ul><li>same battles </li></ul></ul><ul><ul><li>same way </li></ul></ul><ul><ul><li>never change. </li></ul></ul>
  18. 18. Maturity <ul><li>The third phase </li></ul><ul><li>Start as Mature Companies </li></ul><ul><li>Totally different perspective </li></ul><ul><li>The Entrepreneurial </li></ul><ul><li>Perspective? </li></ul>
  19. 19. The Entrepreneurial Perspective <ul><li>Tom Watson </li></ul>
  20. 20. What is this perspective? <ul><li>How does it look? </li></ul><ul><li>How does it act? </li></ul><ul><li>How does it do what it is supposed to do? </li></ul><ul><li>How must the business work? </li></ul><ul><li>A system for producing outside results - for the customer </li></ul><ul><li>Begins with a picture the future. </li></ul>
  21. 21. The key questions <ul><li>Where do I wish to be? </li></ul><ul><li>When do I wish to be there? </li></ul><ul><li>How much capital will it take? </li></ul><ul><li>How many people, doing what work, and how? </li></ul><ul><li>What technology is required? </li></ul><ul><li>How large a space will be needed? When?. </li></ul>
  22. 22. Your most important asset <ul><li>Great, educated, discriminating, loyal customers </li></ul>
  23. 23. What are your current sources of business? <ul><li>Repeat </li></ul><ul><li>Referrals </li></ul><ul><li>Cold Calls </li></ul><ul><li>Media Ads </li></ul><ul><li>Past customer referrals </li></ul><ul><li>Web Site. </li></ul>
  24. 24. Your ideal customer?? <ul><li>Demographics </li></ul><ul><ul><li>who? </li></ul></ul><ul><li>Psychographics 1 </li></ul><ul><ul><li>why?. </li></ul></ul><ul><ul><li>1 The characteristics of an target audience based on its values, beliefs and attitudes. </li></ul></ul>
  25. 25. The Five Gates of Customer Selection <ul><li>1. Can you satisfy their basic business needs? (at a profit) </li></ul>2. Can you meet with the key decision maker? 3. Are they qualified? (really) 4. Are their time frame expectations real? 5. Do they have a similar value system?.
  26. 26. Your Most Fertile Field <ul><li>Current Clients/Customers </li></ul><ul><li>Past Clients/Customers </li></ul><ul><li>Friends/Acquaintances. </li></ul>
  27. 27. What is your USP? <ul><li>What makes you special in the marketplace? </li></ul><ul><li>What do you have that your competitors don’t - or can’t provide? </li></ul><ul><li>What is special about your products/service? </li></ul><ul><li>How or why is your delivery faster? </li></ul><ul><li>What makes your talents or management skills better?. </li></ul>
  28. 28. <ul><li>What is it about your service that sets you apart from your competition - specifically? </li></ul><ul><li>Why should anyone buy from you, rather than others in the marketplace?. </li></ul>What is your USP?
  29. 29. Be aware and afraid <ul><li>Most low price leaders go out of business while trying to provide high levels of service. </li></ul>
  30. 30. What is a system? <ul><li>A set of things, actions, ideas, and information that interact with each other, and in so doing, alter other systems. </li></ul>
  31. 31. The key is in the system! <ul><li>Hard systems </li></ul><ul><li>How to fill out forms </li></ul><ul><li>How operate to machines </li></ul><ul><li>Soft systems </li></ul><ul><li>Selling system </li></ul><ul><li>Information System. </li></ul>
  32. 32. Information System - calling <ul><li>How many calls were made </li></ul><ul><li>How many prospects were reached </li></ul><ul><li>How many appointments were scheduled </li></ul><ul><li>How many appointments were confirmed </li></ul><ul><li>How many appointments were held </li></ul><ul><li>How many needs analysis presentations were scheduled. </li></ul>
  33. 33. Information System - direct mail <ul><li>How many piece sent were made </li></ul><ul><li>How many calls received </li></ul><ul><li>How many appointments were scheduled </li></ul><ul><li>How many appointments were confirmed </li></ul><ul><li>How many appointments were held </li></ul><ul><li>How many needs analysis presentations were scheduled. </li></ul>
  34. 34. Selling system <ul><li>Scripting of the words </li></ul><ul><li>Creation of the collateral materials </li></ul><ul><li>Memorization of scripts or talking points </li></ul><ul><li>Delivery of script </li></ul><ul><li>Leave them alone. </li></ul>
  35. 35. Power Selling System <ul><li>Appointment presentation </li></ul><ul><li>Needs analysis presentation </li></ul><ul><li>Solutions presentation. </li></ul>
  36. 36. Your touchstones for the future <ul><li>Supplier/Vendor of Choice </li></ul><ul><li>Focus on actual source of business </li></ul><ul><li>Use of the web </li></ul><ul><ul><li>e commerce </li></ul></ul><ul><ul><li>build your list </li></ul></ul><ul><ul><li>sell something </li></ul></ul><ul><ul><li>on line brochure </li></ul></ul>
  37. 37. Your touchstones for the future <ul><li>Automate your business with a digital databases </li></ul><ul><li>Target Marketing </li></ul><ul><li>Computer literate - Web/e mail </li></ul><ul><li>Understand your customers </li></ul><ul><li>Value-added vs. price </li></ul><ul><li>Use Relationship Marketing/Selling </li></ul><ul><li>Form strategic alliances. </li></ul>
  38. 38. Reg’s Business Success Videos If you liked what you saw, subscribe to my channel @ Watch other videos at Email me @ [email_address] Follow me @ Find me @ Add me to your Linked in network
  39. 39. Help is at hand <ul><li>When you are ready to move forward and implement proven strategies that can help you utilize the techniques discussed, call 800.418.0401 for a business assessment before it is too late. </li></ul>