Entrepreneurship

The Importance Of Giving And Taking In Small Business Startups

Leave a Comment

When I started my company, I was absolutely terrified of everything that could go wrong. I could already imagine huge bills for all kinds of services and a dozen lawsuits against me. Since I am not originally from this country and English is my second language, things looked even more difficult to me. What if I didn’t understand what certain laws meant and how would I know if I was breaking them?

I was torn between “taking the risk” or staying in the “safe zone”. In the scheme of things, this comparison becomes ridiculous because at any time you can get fired for doing what you don’t love so why not try doing what you do love.

With that thought, I started my journey into entrepreneurship. Being a newbie, I was naturally more inclined to take (take advice, take direction and, in general, take any help I could get). I have to say that I learned plenty by doing that, but not even close to what I have learned by giving. By sincerely giving.

You can tell by my business, RentBillow, that I am all about the sharing economy. The sharing of resources and the sharing of knowledge included. These are a few tips I have learned since launching my business that I would like to share, especially to new entrepreneurs and people in the media.

1. If you are thinking of starting your own business, try to find a startup to collaborate. You might not like the idea of not getting paid, but trust me, it will save you a lot of money and time once you make the decision to jump in.

2. Volunteer with local entrepreneur and startup events and associations. One mistake I made was not reaching out to local entrepreneurs right away. If I had met other local entrepreneurs beforehand, then asking them for help and advice after I started my own business would not have been so awkward. It’s really hard asking people for help when you don’t have a pre-existing relationship with them.

3. Be yourself. I have noticed that many entrepreneurs change for the worse as soon as they start a business. They become more serious and they stop doing things the way they had before. They don’t want to ruin their reputation as a serious owner, which is fine in a way, but remember to enjoy your pastimes. I personally continued being the same smart-alek on social media as I always was before. Why would I do this? Because if someday I become a known entrepreneur and I say something politically incorrect or offensive, people will say, “Oh yeah, she has always been like that.”

4. Never forget the people that helped you, the people that supported you, and the people that even listened to you whine about how broke you were and how your hair is falling out. These are the people that will keep your support alive.

5. If you are in the media, think about all the small fish in this humongous pond. I know it is more appealing to interview a unicorn entrepreneur, but your help can encourage an up and coming entrepreneur to be successful, and they absolutely will not forget you when they reach the level of success of billionaire entrepreneurs.

By: Anabella Watson – RentBillow

Sharing this story on Social Media? Use these hashtags! ‪#‎Startups‬ ‪#‎SMB‬ ‪#‎SMBAdvice‬

If you live in Cincinnati Vote no on Issue ONE!

Leave a Comment

Yes, yes, it all sounds so good and it cites the old and really true principle that in order to make money you have to spend money-all correct! But one interesting and disturbing fact remains-south west Ohio particularly the Cincinnati area lags very far behind in awards for this program. Don’t believe me? Take a look at this publication issued by the state of Ohio:

http://ohiothirdfrontier.com/Documents/RecentPublications/Third_Frontier_Annual_Report2009.pdf

Let me direct your attention to page 22 where the distribution by county is laid out in pie chart form. The Cincinnati area is woefully under represented in this important area. Frankly we should all get on the phone with our local state representative and he or she needs a good chewing out session. Aren’t these people supposed to work in our best interests? Frankly from these results it seems that either they are lazy or inept-neither is acceptable for a public servant!

Here is where you can contact your state representative to register your angst:

http://www.house.state.oh.us/index.php?option=com_displaymembers

I emailed mine today letting him know I am demanding a few more wins in this area or I will work to find someone who can bring back some dollars to our area, I implore you to do the same.

As for Issue 1, I can’t vote for it because of the funding inequity by county, and the simple fact that it addresses nothing for millions of Ohioans from ages 25-65 who remain unemployed or underemployed.

As for the driving point of this blog, I think we all need to make some chamber of commerce meetings and town hall events as small business people. The state swears up and down that taxes will not increase, and I am sure we all believe that one, right?

As for me, I can say with a lot of heart –Show me some money!!!

Looking for a GeoVison Security Camera System to help secure your small or medium business? Call www.CameraSecurityNow.com today at 877-422-1907 for a free phone consultation. Ask about the new Hybrid DVR/NVR surveillance solutions.

What not to tell a banker (or other financial institution)

Leave a Comment

The big day has finally arrived for your small business, and you are to meet with “financial people.” It hardly needs to be mentioned that this is probably one of the most important meetings you will ever attend. Of course the financial institution will have copious paper work for you to fill out and have verified by accountants and lawyers. These people (accountants and lawyers) are great assets and can help a great deal, but you as the business owner will have to carry the day. I have been in a great number of these meetings, and I have seen some of them go very well, but I have seen other business owners sink themselves. It was almost like they were piloting the Titanic and went looking for ice bergs! Here are some mistakes that you as a business owner do not want to make!

Do not lament your business situation! I had set up a meeting with a banker for an asset based loan. This owner had rolling stock and mineral rights as assets; these were very valuable and well secured assets. As soon as we were on the conference call, the owner went on to lament his business situation-how his competition had increased (going as far as to name off his competitors whose situation was so much better than his), how the last season was very poor and the outlook for the next season was much the same or maybe a little worse! I could not even walk out of the office before the bank was on the phone advising me that they wanted no part of this deal! The business owner was stunned when I told him the bank was not interested. I gave him some advice (again-I told him the same thing before the call) just tell the bank, “I need capital to meet rising competition and the changing business environment.”

A second idea is not to be overaggressive. I set up a meeting with a venture capital association. The owner was hard charging –maybe it was the many years in retail sales. He was ready to make a buying trip to Madagascar, but he had very little of his own money invested. I had set up a meeting with two of a Venture Capital company’s officers (it was a restaurant meeting), and one took an immediate dislike to owner, stuck the business owner with the check, and walked out. The other, the more analytical of the officers, patiently listened, courteously asked for the financials, but called me right after saying he had no interest in the deal. He didn’t think the owner was analytical enough to succeed. He said, “This guy is so aggressive he will go from hunter to hunted in a very short time!”

Lastly, don’t appear needy. If you are asking a rich relative for seed money, you might be able to appear with hat in hand asking for money, but for business dealings you have to sell your businesses success! It’s all right to be nervous, most financial people expect that you might be a little nervous. Business lenders lend money as a business, and they are concerned with two things-getting their money back (it’s their only commodity to sell), and making a profit. You as a business owner have to show them how they can participate in your businesses success.

Avoid these three pitfalls: lamentation, over aggression, and neediness, and you will go a long way in securing your companies first big loan package, and good luck!

Looking for a GeoVison Security Camera System to help secure your small or medium business? Call www.CameraSecurityNow.com today at 877-422-1907 for a free phone consultation. Ask about the new Hybrid DVR/NVR surveillance solutions.

Sales-Networking is King

Leave a Comment

Sales-Networking is King

Before I entered the world of corporate finance, I was a more than pretty fair salesman (I made the million dollar round table). I learned outside sales the hard way-I started hauling around copiers in Oklahoma City in the back of a Chevy Chevette hatchback-yippee! I learned the basics of “prospecting,” “cold calling,” “the demo” and “closing” the deal.”

The sales game has changed however, salespeople no longer go business to business-I remember one time on a Friday there were 5 different sales guys (I was one) going up a skyscraper from different copier companies. Building security rounded us all up, and threw us out about 3:30-we all shook hands and went to a bar down the street to tell war stories. Frankly, that bit of networking was the most positive thing any of us did all day.

Networking gets you by the gate keepers who frankly are a waste of your time. So how do you find a decision maker, Try trade societies or clubs, sometimes large entities (like school systems or business incubators) hold vendor meetings (complete with food) and many are free. As a factoring broker, I met some of my best banking contacts at chamber of commerce meetings. My line was simple, send me who you don’t want or can’t work with (known in banking as “not bankable”). I will factor them, and in 18 months to 2 years, I send them back to you. When I speak with any client that you send me, I will only speak about your bank and your bank products. This was a promise I am proud to say, I always kept. After a while, the bankers I interacted with knew they could trust me. It worked both ways, when I found a client that I was ready to “graduate.” I always kept those bankers who gave me leads in mind if they had the right banking products.

That way my network grew and so did sales leads. It’s easier and far more effective to meet a friend (networking contact) or perspective new friend (from networking contacts -giving you a “warm introduction”) than to be on the phone “prospecting.”

Looking for a GeoVison Security Camera System to help secure your small or medium business? Call www.CameraSecurityNow.com today at 877-422-1907 for a free phone consultation. Ask about the new Hybrid DVR/NVR surveillance solutions.

3 Mistakes Every Entrepreneur Must Avoid

Leave a Comment

It’s a new year. Time for making changes, starting over, and attempting to reach goals both new and old. Maybe you’ve decided to start exercising more or maybe you decided to go back to school. Or maybe you think you’re ready to take the big plunge and start your own business. After all, you’ve had that great idea in the back of your head for months, maybe even years and there are some small signs that the economy is improving.

Before you even decide to start your business, there are a few basic things you need to keep in mind. While you need to be confident in your idea, being too confident can become a problem. If something seems like it’s too good to be true, more likely than not, it is. Look over the list below and make sure you’re not falling into one of these traps before you so much as think about getting that big loan.

1. Sizing Up the Competition. You’ve come up with a brilliant idea and upon Googling it, you can’t seem to find any competition. This has got to be a future business-owner’s dream come true, right? Wrong. Every business has competition; it’s what makes the world go around. If you don’t think you’ll have competition, you’ll need to look further and if you still can’t seem to find any, well, there’s probably not a market for your idea.

2. Maybe it’s not so cool after all. If you find yourself in a position without any competition, maybe you need to rethink your idea. Just because you think it’s awesome, doesn’t necessarily mean it is. Or maybe it’s a neat idea, but it doesn’t necessarily translate into a big business venture. The easiest way to find out is to understand the market. Ask around, ask people what they think of your idea.

3. Marketing. Don’t assume your product is so great it’s gonna speak for itself. Successful marketing campaigns come by putting money and hard work into advertising your product. Once you’ve done the work, it’s possible word of your company will spread like wildfire, but that’s not going to happen if you don’t ignite the flame.

Read more about the mistake business owners make by visiting MSNBC’s Small Business section.

Small Business Survival Index 2009

Leave a Comment

Small Business Survival Index 2009

The Small Business and Entrepreneurship Council, a nonprofit, nonpartisan small business advocacy group that works to promote entrepreneurship, has released its Small Business Survival Index 2009, which ranks each of the 50 states according to their “climate for Entrepreneurship.” This is the 14th consecutive year the Council has done such a study.

According to the Council chief and author of the study, Raymond J. Keating, “It’s hard to find any good news at the national level for entrepreneurs, small business and their employees. The U.S. economy slipped into a recession in December 2007, with matters getting far worse late last year. Congress and the White House have not offered positive solutions to help the job-creating sector. In fact, most of their actions will hurt, not help, small businesses. But what about the states? The ‘Small Business Survival Index’ helps business owners and investors understand the public policy burdens placed on entrepreneurship and small business, with the states ranked accordingly.”

So why does this matter? According to Keating, politicians often talk a good game when it comes to small businesses but don’t follow up with action. The Small Business Survival Index shows what costs and trends affect entrepreneurship and small businesses. “These measures should matter to everyone because small businesses, of course, drive innovation, economic growth and job creation. If we want to get our economy back on a solid, robust growth track, then we need pro-entrepreneur policies at the federal, state and local levels,” he said in a press release.

The Small Business Survival Index basically shows which states are most friendly to small business in regard to public policy. This includes taxes, regulatory costs, government spending, health care, property rights, and energy cost among other things. In 2009, the study covered 36 major government-related costs that affect small businesses. South Dakota and Nevada came in at the top, while New Jersey and Washington D.C. rounded out the bottom.

Here is the list in its entirety:

  1. South Dakota
  2. Nevada
  3. Texas
  4. Wyoming
  5. Washington
  6. Florida
  7. South Carolina
  8. Colorado
  9. Alabama
  10. Virginia
  11. Ohio
  12. Alaska
  13. Tennessee
  14. Utah
  15. Indiana
  16. Arizona
  17. North Dakota
  18. Missouri
  19. Mississippi
  20. Georgia
  21. Oklahoma
  22. Kentucky
  23. Michigan
  24. Illinois
  25. Arkansas
  26. Kansas
  27. Pennsylvania
  28. New Mexico
  29. Louisiana
  30. Wisconsin
  31. Montana
  32. Idaho
  33. New Hampshire
  34. Nebraska
  35. Delaware
  36. West Virginia
  37. Maryland
  38. Oregon
  39. North Carolina
  40. Connecticut
  41. Iowa
  42. Hawaii
  43. Minnesota
  44. Massachusetts
  45. Rhode Island
  46. Maine
  47. Vermont
  48. New York
  49. California
  50. New Jersey
  51. Washington D. C.

You can view the entire report here: Small Business Survival Index 2009

Looking for a GeoVison Security Camera System to help secure your small or medium business? Call www.CameraSecurityNow.com today at 877-422-1907 for a free phone consultation. Ask about the new Hybrid DVR/NVR surveillance solutions.