The need to strike a balance in life between work and family is not lost on the entrepreneur.
The effort required to get a startup over the hump to profitability can take months or even years.
During this time, there is a very focused and intense effort to get the job done. But - it is also important that all affected family members are pulling in the same direction and know what the overall family objectives are. The "business" was always the "family business" even though Rose and the kids weren't materially involved in the day-to-day operations.
During my air freight forwarding days, we ran so lean that we couldn't get the billing done on a daily basis, therefore I would have to come in over the weekend to rate invoices and get them sent out to our customers. If I didn't get them out on time, it would effect our cash-flow - therefore it was imperative we billed timely and regularly.
Beside the long twelve to sixteen hour days during the week it was also not unusual for me to en...
Aspiring entrepreneurs often ask me for my opinion on their creative ideas, and there have been a few instances where I have been very impressed with the ingenuity and originality behind them. Too often is the case, however, when asked the following five questions, aspiring entrepreneurs are not prepared to answer the real rubber-meets-the-road questions about their business model, strategies and their target audience: the customer.
1. Who will be the customers that will use and buy this service or product? It is imperative to know who your target market is, or that a market even exists for your proposed idea. This can be tested through talking initially with trusted friends, family and professional peers, and further tested through market research and focus groups.
2. Who are the competitors of similar services or products? You need to know your competition; otherwise, you will be blindly entering into a business with insufficient knowledge of competitive threats. Your competition will...
I started my career in the U.S. Secret Service in 1989 and worked for 25 years before becoming an entrepreneur. I was initially assigned to the White House and after several transfers, ended up in the training division a few years prior to retirement. I was one of those people, scratching my chin, wondering what I was going to do after retiring from such an exciting, think on your feet, and fast paced career. What could possibly top this?
In the U.S. Secret Service I protected Presidents George H. W. Bush, Bill Clinton, George W. Bush and Barack Obama. I never realized how much my role in the U.S. Secret Service would prepare me to become a successful entrepreneur. PLANNING is key. When a President takes a trip, anywhere, there’s what is called “advance work” that is conducted prior to the trip. The Secret Service will send an Advance Team to scout every route and literally every step the President will take, down to his bathroom breaks. Everything is surveyed and researched then re...
It's so easy for people to be negative about someone else's dreams - especially those that don't have any.
Ask any entrepreneur and they will tell you that had they listened to all of those who gave them unsolicited advice about their business idea, startup or invention - they would have never taken the first step to get it off the ground.
The very minute you choose to be different, you will be treated differently. For the ambitious person who has the energy, drive, persistence and desire - anything is possible.
Unfortunately for many, those closest to them subscribe to the "Crab Theory" I detail in a chapter of my book, "Unemployable!".
You can safely put dozens of live crabs in a bucket with little worry any will escape as the very minute one pulls itself up by their claws to edge of the bucket, those beneath them will latch on to the crab reaching for freedom and bring them down off edge of escape.