— Summary —
In this episode, I talk in-depth about the concept of mentorship, what to look for in a mentor, their types and whether all of them are equal.
There are no self-made men or women. There are people around them that helped and believed in them. All success is a team work. With mentorship, you allow someone who has already experienced the journey and understood the perspective to shrink your learning curve and avoid the mistakes they made.
— Summary —
Today I answer a frequent question—”Is the name of your business really that important?“
The short answer is YES. Your name is the first piece of branding that you are going to do. It is your first message to the world.
Here’ are the 5 things that come about from your name:
- Precept: It creates a legal identity and introduces the company to the marketplace.
- Position: The business name can portray your position in an industry or marketplace. It creates a visual impression.
- Personality: Your name can signify the kind of personality traits or reputation the business portrays.
- Product: Your name can also be something that you offer as a product. Be careful and think broader to have a name that will not limit you down the road.
- Preferences: The name can be driven from the market that you are specifically focusing on. It can be influenced by the past or who you are planning on serving.
— Summary —
In this episode, I touch on the 8 traits of successful businesses. These traits increase the chances of growth and success immensely.
The 8 traits of Successful Businesses
- Strategic Plan: You must have a formalized plan to build a business, access and connect with your market. When you have thought about its strategic execution, you have already developed ways to find alternatives and take on challenges. Analyze and exercise based on this strategic plan.
- Market-driven refinements to increase value of your existing products and services: Have a mechanism to listen to your market and know what they are telling you. Continually adjust things to increase the value exchange with customers ultimately raising the price and profits.
- Committed vs. interested: Be committed to the outcomes and do everything that is necessary to make them a reality. Put the time and effort required to move forward. Challenges will come and in order to get through it, we need to be committed.
- Clarity of Market and identity: Have clarity on your ideal and specific customer. You can’t just sell to everyone. Also, have clarity on what your business is about. Resources will be used properly when you know what you stand for.
- Constantly looking at the scoreboard: Measure the prime indicators of your business continuously. Analyze it and see whether it is taking you towards the right direction or not. It allows you to make proactive strategic decisions and shift courses as required.
- Mentors in Place: When people surround themselves with others who are able to elevate them while avoiding the potholes, they’re going in the right directors. Mentors and business coaches are those that can accelerate your success and you can lean on them for support.
- Aligned team and don’t control everything: Strategy is important but it’s secondary to culture. Develop a culture that aligns teams with proper values. Grant teams their freedom to learn from mistakes and build on it. Give them the openness to come to you with solutions.
- Rise above the daily details: Entrepreneurs should be able to look ahead and have the bigger vision for their business. They should get down to the details to make the vision come true; continually looking out for the next action to make everything better, efficient and convenient.
— Summary —
This is an episode featuring a question that is asked by many entrepreneurs.
The question is:
“What are the things that I look for that might give me an indication that a business is in trouble?”
There are 8 things to look for
- No Growth or Margin Squeeze: A business is in trouble if it doesn’t show trends in growth. The increase should not only be in revenue but also in profit. If it is lacking, the business can be considered to have a problem. We need to go back and evaluate what is causing it.
- Low Productivity: In business productivity is key either form an equipment, people or attitude perspective. We have to see how people treat customers, team members and each other. Challenges in having the right attitude means that we need to separate the people and understand the cause or dynamics at play.
- Loss of Market or Concentration: Profits will decline when there is erosion in market share and that is not a healthy sign. We need to look at the cause behind our customers leaving us. Another side of it is when concentrations occur. That is when a single customer or employee provides the maximum business.
- Unpaid Taxes: When businesses start to fail they stop paying their taxes. The taxing authorities will always be there to take their share in your business. The government will come after those taxes any way. So, it is better that you pay the bills.
- Eroding Capital: The business can’t be considered self-sustaining when assets continually shrink. It shows that the operations of the business are costing more than what is generated. Re-evaluate to keep everything at bay.
- Pricing Pressures: With competition there is bound to be pricing pressures. It is necessary to make us distinct from the competition by keeping ourselves state of the art and having a leading edge. Only then will we be able to have the desired margins.
- No Strategic Plan: A business should have a strategic plan. Think through the risks and benefits from all possible perspectives so that everything is analyzed strategically. Plan for the future and take actions.
- No Formal Measurement System: A challenge with businesses is measuring their performance regularly. It should be done to make adjustments for maintaining growth. Without formal measurement systems in place, a business cannot be steered towards the right direction.