Pop the Question. It Will Help Your Business (Opinion)

Valentine's Day is a perfect excuse for anyone to link his area of expertise to love and marriage. So today, I am writing to tell you why getting married will help you become a successful entrepreneur.

I have not developed any new insights about love, relationships or marriage. (My wife will readily attest to that.) I'm still just an entrepreneurship professor writing about how to be successful in running a small business. But in honor of Valentine's Day, I looked at what the entrepreneurship literature says about marriage. The message: Getting married is a good idea if you're an entrepreneur or want to run your own business. While there are certainly psychological reasons why being married can help entrepreneurs, I'm going to stick to the economic ones.

Being married will make it easier for you to start a business because you will have access to a spouse's money. Most new businesses can't raise much capital from external sources and have to rely on the founder's typically insufficient savings account. Research shows that such liquidity constraints block some people from pursuing their entrepreneurial dreams. But being able to tap a spouse's savings helps overcome this obstacle.

If a spouse has a job, people also are more willing to start a business and accept the inherent risks. If the business fails, there's always the spouse's paycheck to fall back on. Similarly, a spouse's health insurance can be very beneficial. Because most people have to give up employer coverage to start their own companies, marriage can fill the insurance gap and thus encourage entrepreneurship, as Rob Fairlie, professor of economics at the University of California at Santa Cruz, and colleagues found in their research.

Beyond encouraging people to start businesses, marriage also helps them succeed. Undercapitalization is a major reason small businesses don't perform well and fail. But married couples can invest more in their companies because they usually have access to more capital than singles. Higher levels of equity capital, in turn, make it easier to satisfy banks' debt-to-equity ratio requirements and get loans.

Being wed also gives an entrepreneur access to labor and advice, usually for much less than the market rate. Who other than a spouse is going to work for free? In addition, spouses are often motivated to work harder than employees because they want to maximize the profits of the business they have a direct stake in.

So today I am taking advantage of my one chance to play "Dear Abby" and offer romantic advice. If you're an entrepreneur or think you might want to become one, go out, buy a ring, get down on one knee and propose to the one you love. It will help you achieve your entrepreneurial dreams.

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How to Prevent Your Business From Ruining Your Personal Life

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For entrepreneurs and small business owners, long hours can take a toll on personal relationships, leaving your partner feeling taken for granted while you focus on growing your business.
“Partners will often say they knew what they were getting into but it’s really wearing them down,” says Rachel Sussman, a marriage and family therapist in New York City.
Your partner may feel alienated from you, taken advantage of, or overburdened with an unfair share of daily chores. “Those issues often come out in a fight as an explosion,” Sussman says.
To prevent resentment from building up in the first place, you need to communicate clearly and anticipate possible problems before they happen. “Entrepreneurs need to put the same amount of due diligence into their partnerships that they’re putting into their companies,” Sussman says.

These three simple techniques can help your relationship survive tough times without adding stress to your already busy life. Here’s how:

1. Talk through busy times before they happen. When you’re starting a business or running a company, working long hours will sometimes be unavoidable. “Discuss the impact that’s going to have on your partner and your life and try to come up with a solution together,” Sussman says.
During an especially busy time, you may need to hire help, rearrange schedules, or ask relatives for support. In many cases, simply acknowledging and appreciating your partner’s sacrifice may be all they need.

2. Involve your partner in your business. When work is especially time consuming or stressful, involving your partner can help him or her feel more invested in your business. “A mistake that a lot of people make is to shield their partners from their business problems,” Sussman says. “Most partners want to know what’s going on.”
Talk to your partner about the highs and lows of your workday when you come home. The more your partner understands about what you’re dealing with, the better they’ll be able to support you. Just remember to ask about your partner’s day too.

3. Make time for your partner in small ways. Even when you’re swamped at work, you need to find ways to show you appreciate your partner. “Relationships need to be fed,” Sussman says. “You can do that by carving out a little time in a creative way.”
Send a thoughtful text at lunchtime or phone home to say goodnight before your kids go to bed. If you don’t have time for date nights, plan creative quick dates together (like a picnic lunch or a 20 minute walk) and make the most of the time you have.

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Serial Entrepreneur Gurbaksh Chahal on Building an A-List Team

How to Build a Support Network

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As every business leader quickly finds, it's lonely at the top. With the burden of decisions and risks falling on your plate, you need a strong support network that can offer advice and understanding.
"When I started my first business, it was pretty lonely, like it is for most entrepreneurs," says Kevin Miles, a serial entrepreneur and founder of Avantras Consulting Group. Over time, he built a strong group of friends, peers, and mentors that supported him throughout his career and helped his businesses grow.
Building that network takes effort and energy. "You have to put value on building the network and commit the time," Miles says.
Here are five ideas that can help you strengthen your support network:

1. Be bold about reaching out. Especially when you're just starting out, you want to meet potential mentors one on one. To do that, look for experienced leaders you admire and ask them to join you for coffee or drinks. "I was surprised at first by how many people said yes," Miles says. "All I had to do was ask."
Show that you're serious about growing your business and be direct about how they can help you. "You both want to leave the meeting with a clear understanding of where it's going next," Miles says.

2. Host social events. There are plenty of local gatherings for entrepreneurs, but you can deepen your relationships by hosting one yourself.
Invite people in your network to a dinner or cocktail party and ask each person to bring someone you've never met. Not only will you get to know your peers much better, but your guests will remember that you helped them meet new people too.

3. Organize informal opportunities to talk shop. To build substantive relationships with others in your industry, gather an informal, intimate group to talk about issues in your business. Let them be a source of support and guidance.
For example, a group of tech professionals in New York City gathers monthly to share one lesson that each of them learned from a recent project. Not only can they give each other advice, they learn from each other's mistakes.

4. Give more than you ask to receive. As you build your support network, focus on what you have to offer, not what you have to gain. "You have to give to get," Miles says.
Be generous when others need introductions or advice and offer them your support. Pay for drinks after work and congratulate them for small wins. Your little signs of support will add up and make them much more generous with theirs.

5. Make time for old friends. The friends you've known for years are most likely to support you unconditionally, whether or not they have any expertise in your industry. But they need to see that you value the relationship--even when you're busy.
Carve out time every week to say hi, grab a drink, or watch a football game together. You don't have to commit a lot of time if you're overloaded, but you do have to give some work-free time if you want your friends to be there when you need them.

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How to Find Your Money Zen

Decrease Stress and Increase Efficiency In Dealing With Your Finances

image credit: TallyGal

Running your own business will undoubtedly include some stressful moments. And for many entrepreneurs, those anxious times are often associated with managing the business's finances. Here are some recommendations for things you can do to make your life as a business owner less stressful by becoming more efficient managing your finances.

About one in three business owners report that managing their finances causes them the most stress of all their various managerial duties, according to a recent survey of more than 400 business owners from TD Bank. Also, nearly half of business owners think they spend too much time managing their business's finances, according to the survey, which polled businesses with less than $5 million in annual revenue in the New York, Boston, Philadelphia and South Florida regions.

That isn't a surprise, since the biggest concerns of small-business owners right now have to do with finances, says Mary Kelly, an economist and leadership expert whose Dallas-based company Productive Leaders focuses on growing profits.

Business owners are worried about the possibility of having to pay higher taxes at the start of 2013 with the impending "fiscal cliff," they are worried about being in compliance with regulations, and they are worried about financial implications of health-care reform, says Kelly. Here are four recommendations for managing your finances that will help keep stress levels to a minimum:

1. Be sure you have a profit and loss statement. Known as a P&L statement, this document "tracks every penny that goes in and out of the business," says Kelly. If you have never had a P&L before, Kelly recommends starting out with the template she provides for free on her website. Most business owners don't keep their profit and loss statement up to date, if they have one at all, says Kelly.
More common is for entrepreneurs to scramble to get their P&L together at the end of the quarter, says Kelly. Keeping your P&L updated daily not only prevents you from having the last-minute scramble, it also helps you know exactly where you are financially at all times.

2. Know your "sweet spot." Growing your business is generally a good thing, but there comes a point at which if you grow too much, too quickly, you risk surpassing the demand for your product or service. At that point, your profits will begin to decrease. It's important to operate your business at this financial "sweet spot," where your profits are maximized, says Kelly.

Consider a deli that has a small number of tables and consistently has a line of customers out the door. They decide to expand into the newly vacated shop next door and suddenly they can't support the increase in costs of the expanded shop with the amount of business they can attract, says Kelly. "Many times people say, ‘Oh, my business is expanding.' Well, that may or may not be a good thing," she says.

3. Hire a tax strategist. Business owners always need to keep an eye on the horizons of expenses, but that can be hard in an election year, where so much could change depending on the results of the Nov. 6 election. For example, millions of small businesses are currently not in compliance with the forthcoming regulations as a part of the Obamacare health-care overhaul, says Kelly. To decrease your stress about uncertainties and increase your ability to handle these changes efficiently, seek out a tax strategist now, says Kelly. Don't wait until Nov. 7 when every other business owner also realizes they need help deciphering legislative changes.
If you haven't ever worked with a tax strategist before, it can seem daunting to figure out where to go to find a good one. Turn to your local business community, says Kelly. Reach out to your local chamber of commerce, your local Small Business Development Center or your local SCORE chapter.

4. Get your business plan in tip-top shape. "The deli guy wants to be in the deli, he doesn't want to be sitting there writing a business plan," says Kelly. But do it anyway. Make sure that you are clear on where you are going and what you are spending money on. "If you know your plan, then you can strategize for everything else," says Kelly.

What is your best tip for keeping your finances organized and your stress level down? Leave a comment below and let us know.

06.03 | | No comment yet

2 Aliran dalam Dunia Marketing

Dalam artikel ini saya akan buka rahasia tentang buku marketing revolution. Marketing Revolution adalah Street Smart (yang paling terpenting adalah dapat menghasilkan). Anda dapat memakai semua cara, yang paling terpenting adalah dapat menghasilkan dan dapat menguntungkan untuk Anda. Serta di dalam dunia marketing ada dua aliran, yaitu:

1. Aliran mengingatkan "Branding".

Aliran ini hanya mengingat saja. Penjualan tidak bisa diukur langsung. Jika penjualan tidak bisa diukur langsung bagaimana Anda bisa meningkatkan? Mungkin saja Anda meningkatkan dalam satu tahun sekali, dan itu dapat terjadi.

Tetapi proses marketing itu sangat lama sekali. Tidak bisa seperti itu, dalam marketing revolution itu harus cepat, jika mengeluarkan biaya marketing setahun sekali kemungkinan besar perusahaan tidak akan berjalan dengan cepat dan kemungkinan besar perusahaan itu tidak akan berkembang. Kesimpulannya perusahaan itu akan cepat mati.

Selain itu, dengan Anda menambahkan penawaran pada iklan Anda, maksudnya Anda tidak hanya Branding. Dengan begitu, orang yang melihat iklan Anda akan segera Take Action dengan iklan digital maupun secara offline yang dilihatnya.

Namun kebanyakan iklan yang beredar sekarang hanyalah melakukan yang namanya Branding, sehingga membuat orang hanya menilai iklan tersebut saja tanpa melakukan Take Action. Lain halnya dengan aliran Marketing Revolution, semua yang dilakukan harus dan mau tidak mau akan diperiksa, diaudit dan diukur. Jadi intinya adalah penjualan tidak bisa diukur secara langsung.

2. Aliran menawarkan "Direct Respons Marketing"

Menawarkan "Direct Respons Marketing". Problemnya dari advertising agency menurut pakar marketing yaitu mengukur biaya promosi, biaya iklannya, biaya marketingnya jika tidak termonitor, tidak diaudit, tidak diperiksa.

Tapi jika aliran Marketing Revolution, benar-benar cepat, Termonitor dalam keuangan tidak menunggu setahun sekali mengeluarkan biaya marketing. Jika menawarkan, Anda juga bisa memakai branding supaya bisa diukur.

Ada pepatah "Bisnis itu ada bukan karena Mr High Tech, Kantor, dan juga bukan karena produk Anda yang indah. Bukan juga masalah produk atau jasa, bisnis itu ada ketika Anda memberikan penawaran. Parawaran adalah, "Ini Untuk Itu".

Semoga bermanfaat.

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Gratis!!!

Apa yang ada di benak Anda jika melihat atau mendengar kalimat atau headline yang mengandung kata-kata "Gratis", "Free", "Cuma-Cuma", dan sejenisnya?

Setidaknya, apakah Anda tertarik membaca artikel ini karena salah satu penyebabnya berjudul "GRATIS"? Mungkin di antara Anda ada yang berpikir, "Apanya yang gratis ya?" atau "Mungkin saya bisa mendapatkan 'gratis'-nya setelah membaca" (meskipun belum tahu "gratis"-nya dalam bentuk apa atau berupa apa).

Bagi Anda yang menginginkan atau berharap ada sesuatu yang "gratis", saya akan memberikan kepada Anda ilmu marketing yang dahsyat, yaitu: "penawaran gratis".

Dari dulu hingga kini "gratis" atau "free" memang mempunyai daya tarik tersendiri. Contohnya, kalau kita klik mesin pencari di internet; akan ditemukan bukan hanya ratusan ribu, namun bisa sampai ratusan juta untuk kata "gratis", dan untuk "free" bisa sampai miliaran.

Mengapa orang atau konsumen suka "gratis" atau "free"? Salah satu alasannya mereka akan berpikir: "Toh, tidak ada salahnya untuk dicoba, kan mumpung lagi gratis”. Coba Anda ingat–ingat, kira–kira promosi "gratis" apa yang pernah Anda lihat, dengar atau alami? Dan bagaimana kesan Anda pertama kali?

Di bawah ini adalah contoh-contoh iklan "gratis" yang mungkin sering kita lihat atau dengar: Gratis biaya kirim untuk pemesanan. Gratis isi angin untuk motor atau mobil Anda. Gratis lap kaca mobil sambil isi bensin. Gratis parkir. Gratis tiket masuk. Gratis telepon. Gratis SMS. Gratis CD audio. Hingga "Mudik Gratis" dan sebagainya. Di internet mungkin Anda juga sering melihat: Gratis web hosting. Gratis e-book. Gratis download file atau aplikasi.Pasang iklan gratis.

Sedangkan di dunia properti mungkin pernah Anda lihat: Beli rumah gratis taman. Beli rumah gratis kolam renang, dan sebagainya. Saking banyaknya promosi yang menawarkan sesuai serba gratis, mungkin kita pernah bertanya, "Nanti kalau gratis bukannya rugi?” Dalam strategi pemasaran, harus selalu kita ingat bahwa: Meski gratis, harus dipastikan jangan sampai merugi. Meskipun hanya untung kecil, jangan rugi. Penawaran gratis yang memiliki prinsip: big value-low cost. Big value bagi konsumen atau pelanggan dan low cost-biaya murah bagi pebisnis.

Contoh: Gratis cek oli, gratis cek tekanan ban, dan seterusnya. Seharusnya ketika ada penawaran" gratis", semakin banyak orang yang berminat untuk mendapatkannya. Contohnya: operating system (OS) smartphone yang sedang seruserunya bertanding untuk memberikan berbagai aplikasi gratis. Di antaranya Android dan iOS yang telah berhasil memikat banyak pelanggan karena banyak tersedia aplikasi gratis dan menarik.

Dari situ ternyata akhirnya banyak yang terpikat pula untuk membeli aplikasi berbayar. Apakah mungkin ada penawaran "Beli helm, gratis motor"? Mungkin saja itu bisa terjadi karena ternyata syaratnya harus dengan membeli helmnya sekian ribu unit. Atau mungkin bukan ribuan, namun helmnya adalah helm eksklusif dengan harga yang premium. Sekali lagi, kalau Anda ingin membuat strategi "gratis"; tentunya juga harus dengan melakukan perhitungan yang tepat sehingga Anda tidak harus merugi.

Tes dan ukur merupakan hal yang mutlak. Jangan sampai sudah dipasang penawaran "gratis" selama berbulan-bulan, tetapi tetap saja sepi penjualan. Akhirnya, justru bisa membuat orang lain yang melihatnya atau yang lewat malah curiga; "Ini karena tidak laku, atau kualitasnya jelek, makanya terus-terusan gratis? Kok berbulan-bulan sudah ‘gratis’, tapi tetap saja sepi". Bagaimana strategi yang tepat agar penawaran “gratis”, tapi tetap efektif untuk peningkatan pemasaran Anda?

Dan apa yang harus dilakukan setelah banyak yang memberikan berbagai penawaran gratis? Termasuk dari para kompetitor Anda? Atau, mengapa Anda sudah memberikan berbagai penawaran "gratis", namun masih saja belum banyak orang yang meresponsnya, bahkan masih sepi-sepi saja dan tidak jauh berbeda dengan sebelumnya?

Tentu saja, di balik penawaran "gratis" ini ada beberapa cara atau tahapan yang harus dilakukan untuk bisa mengoptimalkan hasil penjualan secara keseluruhan.

05.57 | | No comment yet

2 Aliran dalam Dunia Marketing