Entrepreneur Advice Archives - Page 6 of 15

What Entrepreneur Means

14 May 2013May 14, 2013Eric

I have written many times that everyone is an entrepreneur (risk taker). The size and scope varies from person to person. The place where it happens can be different too.

I was in a conversation with a CEO yesterday about how we've moved to a place where if you don't see yourself as an entrepreneur, you'll be left behind. This is tough work. Many, I know, haven't accepted that we no longer live in an industrial age. Accept is the right word to look at here.

I've been an entrepreneur for 6 years. And as I think about that conversation yesterday, I realize that entrepreneurism did something I didn't expect when I started the conscious journey.

Entrepreneurism reintroduced Eric Pennington to Eric Pennington. Regardless of how much money I make, how many people experience what I offer or whether applause comes in waves, the reintroduction is a difference-maker.

We Don’t Need Anymore Actors

13 April 2013April 13, 2013Eric

I'm doing more and more everyday to keep things real with everyone I encounter. This is significant because I'm a recovering actor.

We don't need anymore actors.

Keeping things real now is not such a chore for me now. Occasionally, I'll have an adviser alert me if my writing or speaking is sounding too "corportese" or "suit-like." Nothing against the corporate soldiers, it's just people have enough of that coming at them already.

Maybe it's just too terrifying for some to be who they are. Like the child at recess who feels awkward about asking to join in the game, due to the rejection of the herd previously. Or the adult sitting in the team meeting feeling embarrassed because their boss personally made them an example of what is frowned upon. If I had the ability, I would be right by their sides telling them:

"It's not you! There's nothing wrong with you."

The difficulty in keeping things real is becoming almost epidemic in my country. I mean, let's face it, many worship actors, entertainers, showmen, and celebrities. The lines of what is real and what is not have been blurred. I can understand why you might find it difficult to be who you really are.

The following is a question that came to me about 10 years ago. It stopped me cold when it landed in my ears, went to my mind and settled in my heart:

"Eric, are you really Eric or are you a representative of him?"

We don't need anymore actors. The problems we face, and will face, tell me we're going to need those who are real. People who are humble, wise and unafraid. The actors are only thinking of themselves. Believe me I know from personal experience. They really are not interested in you, just what is yours.

If you find yourself in the actor's camp today, you can look at me as an example of how one person can change. It's worth it.

The Week That Was

16 March 2013March 16, 2013Eric

This past week was definitely the week that was. It started with a call from my mom needing to be taken to a emergency care facility. It turned out to be nothing major, but I'll confess I saw ghosts. Ghosts from four years ago, when my deceased father was making seemingly "no big deal" visits to the ER.

As I'm sitting the waiting area for my mom, my wife calls and tells me company has filed Chapter 7 bankruptcy and the entire company shutdown. To add measure to this, no severance, ho healthcare (the company disbanded the group health plan prior to entering the bankruptcy), no job.

Ok, I was a little disappointed!

The irony is on two fronts for me:

I went though a similar experience in mid-December of last year. One of my entrepreneur pursuits was negatively impacted when a contract was terminated without warning. Again, game over! I have since regained footing with a local tech startup. You're probably thinking; "why take on more risk?" Part of my DNA.
I have experienced sudden change/loss in such a way that when I got my wife's news, it didn't cause me to drive off the road. I think the magical formula set in after my second goodbye encounter with corporate America. I am thankful for this and it has made me a better man, husband and dad.

Just so you know, we're (my family and I) are taking a hit from this situation. Don't want you thinking I'm Superman. There are things we've got to figure out and adjust to. Here's a few of the issues we're working through:

Thankfully, my wife got 2 job offers (in writing) in a matter of 48 hours. She'll be starting a new venture in the next week or so. The drawback is around healthcare. I've got to go without insurance for approx. 90 days, until the benefits kick-in again. As someone with Type I diabetes, I'm not thrilled, but I was able to secure coverage for my wife and kids during this interim period.
Change. Enough said.
Getting back money owed from a poster child organization for why sociopaths should only live in North Korea.

Stay tuned.

5 Questions with Joe Messinger of Capstone Wealth Partners

28 February 2013February 28, 2013Eric

The following is an interview I did with Joe Messinger of Capstone Wealth Partners. I wanted Joe's take on some financial stuff that was on my mind and probably yours too.

Why should someone consider engaging with a
financial advisor?

There
are 3 main reasons why people typically decide it is time to work with a
financial advisor 1. They take very little interest in financial matters and
they are intimidated by money 2. Their personal financial situation has become
more complex than they are comfortable with and they know
they are missing opportunities and 3. TIME!!! This is the biggest reason to
consider working with a financial advisor.
You simply don’t have time to stay up to date on all of the aspects of
your personal financial plan, and it is much more valuable to delegate those
matters to someone else that you trust to consolidate, coordinate and simplify
your financial life. Pay someone else to
worry about your financial matters so you can spend your TIME doing what you
are best at, and doing the things you love to do with the people you love to do
them with.

What are a few of the most common financial
mistakes people make with their money?

They wing it. People don’t
plan to fail, they fail to plan. A good financial plan should act as a guiding
document to help you make smart choices with your money so you can achieve YOUR
goals for the reasons that are important to you. An Easy exercise for planning retirement is
to ask yourself 3 questions; By when would I like to retire? What amount of net spendable money do I need
each month to fund a comfortable retirement?
Now that I am there, what are 3 words that describe what I am thinking
and how I am feeling now that I am there?

They procrastinate – everyone today knows they should be saving to fund
retirement and/or college. Don’t
wait! Get empowered and take action
now.

They don’t seek advice when they know they
need it. It is hard to know who to trust, so make sure
to ask people that you trust who they work with and if they are loyal to them. If things sound to good to be true, they
probably are. Use your spider man sense!

They don’t pay attention to interest rates. An interest rate
is simply a lender telling you how much you need to pay them to use their money
for a period of time. Obtaining a lower
interest rate on your mortgage for example could mean tens of thousands of
dollars over the life of the loan, and increase your current cash flow at the
same time.

They don’t think it through. People often
times get in over their heads with a payment, or run a massive amount of credit
card debt. If they just thought it
through and asked themselves “Can I really afford this? Do I really NEED
this?” they would be much better
off. Buy with your brain, not your
heart.

It seems like we’ve got some major fiscal
hurdles (higher taxes, inflationary pressures, market ups and downs, etc.) in
front of us here in the U.S., what are some ways to protect and preserve the
money we make?

So many
families today are living paycheck to paycheck.
One of the most important things you can do is set aside 6 months of
your house hold expenses in an emergency cash reserves account. FYI – the family vacation to Florida is not
an emergency! When times are good is the
best time to plan for the uncertainty that will indefinitely come. Another important thing is to make sure that
you are properly insured in case the unthinkable happens. Work with a professional to determine the
proper amount and type of insurance for you and your family. The market will always have ups and downs and
the most important thing with investing is to make sure that you are in a
diversified portfolio that is appropriate for your age and time horizon. Understand the risks associated with
investing and don’t let emotions drive your decisions for long term
investing.

Saving and paying for college is getting a
lot of attention right now. What are some practical things a person can do to
brighten up this part of their financial picture?

The
cost of a 4 year education at a state school has doubled in the last 10 years,
and the costs continue to rise. There
are 2 parts of the equation; 1. Saving
for College and 2. Paying for college

Every little bit helps in saving for college. I would recommend that you start saving at
least something into a 529 college savings plan, even if it is $25 a
month. Also, ask grandparents to
contribute to the plan. Perhaps instead
of giving the kids money to blow, ask them to split it 50/50. Half they can see them enjoy now, and half
can go to help fund college. As far as paying for college understand that
there are a lot of ways to pay for college.
Work to create a proactive plan, not
a reactive plan to pay for college.
Before you even apply to colleges, predetermine your Expected Family Contribution (EFC) as
determined by the Free Application for
Federal Student Aid (FAFSA). Also, determine
your family’s college funding philosophy; How much of college will you pay for,
for each child. For example “we are
committed to paying for up to 50% of what an in state school would cost
regardless where you go to college” or
“we will pay for $10,000 per year for each of our kids”. Federal Financial aid, Education Tax
incentives, Private Scholarships, scholarships and grants from the colleges and
universities, and student loans will likely all contribute to paying for
college. It is an elaborate process with
a lot of moving parts, so start early and be an informed buyer of a college
education.

Do you have a strategy you recommend for
people that may have never put a dime into a mutual fund or a 401K?

START! Get educated on your options and go. If you work at a company with a 401(k) or
other retirement plan, that is a great place to start. Request a meeting with a representative from
the plan so that you are aware of your options.
Many retirement plans now have what is called a target date fund option. These funds are a great way to get
started. They essentially ask when you
plan to retire, and professional money managers do all of the heavy lifting to
select a portfolio of investments that is appropriate for you based on your
time horizon and your risk profile. These types of funds are also available in
self-directed Individual Retirement Accounts (IRA). If you are looking for one on one help, ask
people that you trust if they work with an advisor that they are loyal to. Don’t be afraid to meet with 2 or 3 advisors
to find one that is a good fit for you.

Joe Messinger began his financial planning
career in 2001, and worked with industry-leading financial services firms. His successes as a financial advisor lead him
to senior leadership roles where he had an opportunity to coach and mentor some
of the top financial advisors in the country.
After nearly a decade of working for some of the largest firms in the
industry, Joe concluded; “The only way to deliver truly comprehensive,
unbiased advice with no conflicts of interest is to operate as an independent
fee only Registered Investment Advisor.” In 2009 Joe co-founded Capstone Wealth
Partners to do just that

The Time Issue

26 February 2013February 26, 2013Eric

Time doesn't fly by and we don't have a "time issue." Time has been moving at the same pace as it always has and your time issue is more than likely an excuse.

As I write, I must plead guilty. Many times I've written those worn out cliches of:

Time goes by so quickly
Life is brief
Don't blink

I could go on, but I've slowly been coming to an awakening.

The reason we in America (maybe in other parts of the world too) feel like time goes so fast, is we are always:

Chasing after something
Wanting something
Afraid of losing something
Getting involved in something
Worrying about something

That group above will make you feel like your driving a high performance car on the Audubon-in all waking hours. Why not find your moment instead? Why not take the road less travelled? Why not take a risk and say no?

Being in the moment is not a worn out statement. I wish it were, then it might be an indicator that we've stopped the madness. Being in the moment is essential and everyone can do it, if they want. The scary part is many will wait to the end before they realize how much time they've burned.

America is in trouble for a number of reasons. Our abuse of time in the pursuit of "all of the above" is insuring a troublesome outcome. I'm convinced there is a desire, but as in many things, desire is not enough. I've moved to the place where I purposely, every day, find my moment. I have to.

Find your moment and turn around.

5 Easy Ways for Small Businesses to Cut Costs

22 February 2013February 22, 2013Eric

Every penny counts, so get lean and mean.

Every small business owner knows that costs are easier to
control than revenue—and that’s especially important for startups, who can run
up quite a bill while they’re waiting for things to take off. Here are a few
ways you can boost profits and power through lean times, no matter what niche
you serve.

1. Think used

Depending on the type of business you operate, you might be
able to incorporate used items into your office or store to save money. Light
fixtures, furniture, art, desks, computers and more can all be had for
significantly less than retail if you do some Craigslist hunting. Don’t be
afraid to repurpose industrial equipment that local companies might want to throw
away, as it comes cheap and you get that cool ‘industrial’ design
to your business. Be sure to test used electronics before purchasing—but a
little extra time can save you a lot of money, particularly in the beginning
when it matters most.

2. Move to the
cloud

How much are you spending on printing out and distributing
office memos? How often do you upgrade your version of Office or the Adobe
Master Collection? Google offers great ways for companies to share ideas and
create documents for free with their Google Docs collection. Adobe and many of
software distributors offer low cost cloud-based services that require a very
low monthly fee which can save you from having to spend hundreds on upgrades
every year. Cloud storage solutions are also becoming more affordable and
reliable; Google Drive, Drop Box and Microsoft all have
great solutions which are all cheaper than buying multiple hard drives.

3. Be energy efficient

You don’t need to be moving into a new space to enjoy the
savings from implementing energy efficient devices into your office. Start by
considering new lighting solutions like CFL’s LED’s or even energy efficient
tungsten bulbs. Unblock windows and utilize skylights if available. Not only do
windows help save on lighting costs all that natural light can help make your
employees happier. Instead of turning on the heater for the whole office,
invest in some energy efficient electric heaters
for the areas where it gets coldest. Hook up all electronics to smart power
strips that automatically shut off all power once the day is over and everyone
is gone.

4. Shop around

Let your office supply vendors know that you will be
shopping around to find the best deals and prices on the products you use the
most. Then do it. Online retailers like Amazon and Wal-Mart
offer great prices on bulk items and often will ship free to your store or
office. If you really like your vendors, offer them the option to price match or
to offer you other services to make up the difference in cost. Do this with
your internet, cable/satellite, and phone services yearly to ensure you’re
receiving the best rates available in your area.

5. Rethink your location

Are you absolutely sure your location is best suited to your
needs? Restaurants and some stores might be hard-pressed to move elsewhere, but
you should still consider the cost benefits especially if you have a loyal
clientele willing to go to another location. While you’re at it, you should
consider allowing as many of your employees as possible to telecommute. By
doing this and utilizing free Google services like Google Voice/Talk, Docs and
Drive you can reduce the amount of space you need in an office, how much energy
you have to pay for, and how much you have to spend on electronics.

Aimee Watts is a staff
writer for Mobile Moo. She has spent
ten years telecommuting full-time, and loves spreading tips and advice for
fellow work-at-home parents. She loves gadgets, new ideas, and skiing with her
two favorite people: her husband and teenage son. They live in Evergreen,
Colorado.

The Price of Fame

21 February 2013February 21, 2013Eric

The price of fame could be summed up in the following statement:

Everybody loves you when your famous…not really. It's just that many flock to whatever is the "new. This too shall pass."

In many parts of the world, being or getting famous is not difficult to do. If you strike certain notes you may even take off like a rocket. You can thank social media for this.

The reality is fame is a cost of doing what you do. It should never be a pursuit. If it is a pursuit then more than likely you're looking for something or some people to fill you up. The end of this road is often addiction.

In some of the roles I've played, I garnered much applause. The inevitable end always led to an empty auditoruim. It really felt quite embarassing. Think of unrequited love here. Thankfully, I found solid ground getting over it. I've learned the importance of just creating the best work you can.

Everything else is mostly distraction.

Learning How to Get Shot

25 January 2013January 25, 2013Eric

Note: I'm conscious of all the talk around guns in the U.S. As you will see, guns in this post are used as a metaphor.

Learning how to get shot has been one of the best things to ever happen to me.

I was chatting with an entrepreneur a couple of weeks ago and we got into the subject of failed ventures/experiments. I told him that after a few failures, you begin to learn how to try again with better information and understanding. We agreed and smiled as if we both were remembering the "one" that should have gotten traction.

He went onto tell me about a conference he attended, where he met a man in the training business. He was no ordinary trainer. This man trained soldiers in multiple areas, but the one that leaped out at me was the area of combat. Specifically, teaching soldiers how to get shot. Teaching them how to get shot? How about not getting shot?

Here's the deal. This entrepreneur was a part of the British Special Forces and had been shot multiple times in the line of duty. Where things happen lightening quick, you can understand the importance of this art. He retold the story of how he was wounded, but the very interesting part was around how humans respond to trauma.

When harmed we go into shock.

Going into shock hinders our ability to heal and keep going. This entrepreneur teaches soldiers how to keep going if for some reason they're shot. The mission doesn't end because of a wound. The mission continues and should. See the connection? Like soldiers, we need to keep going.

As our conversation came to a close I reviewed my own history and I thought about how many times I've been "shot." Many times, as many of you know. I felt good. Not because I enjoyed the failed experiment or that wanted to see if I could take the hit, but because these events have shaped me and prepared me for what's to come-good and bad. This is truly when life is like Hebrew (have to read it backwards to understand it).

Who Are You Marketing To?

4 January 2013January 4, 2013Eric

I've been at this entrepreneur (risk-taker) thing for awhile-even before I knew it consciously. The learning never stops. I had a couple of great conversations today around marketing and the target of those intentions. Driving away from those conversations, I thought about who I'm marketing to. Maybe the question is appropriate for you as well.

Who are you marketing to?

My intentions with marketing may be different than you. Are you marketing yourself to a prospective employer type? Are you marketing yourself to a prospective client? Regardless, it pays to know. I know you may now be thinking I deserve the big "duh." Stick with me.

In the early days of Epic Living I put significant time into knowing who my target audience was. It was a noble effort, but it lacked the sobering understanding needed in the final analysis. Quite frankly, this lack of sobering understanding tripped me up. In other words, failure upon failure. Here's what I discovered some time ago:

I'm not marketing to me.

This reality is crucial. No matter how excited I was about a product or service or how much I thought what I was offering would change the world, I was a poor example of who would buy and follow. The deception lies in a belief that my excitement and applause represented the "whole" needed to sustain my ideas. The dirty little secret is often I didn't want to hear that my "great" idea was only interesting to a few. Ouch!

My friend, Craig Lerner of Involve, always follows my announcement of a new idea with a question. The question, so what? Yep, so what. So what if it does this, does that, saves starving children, and on and on. He's not trying to shoot my dream down, he's putting me through the sobering understanding thing. He has helped me immensely, even when I didn't want to hear it. You need a Craig Lerner.

So where does that leave us? Here are some key take-aways to consider, and remember, this is based on my experience.

Does anyone really care enough about what you offer to keep coming back? Yea, I know you may be a master closer, but after you let go of the vice grip, are they really a fan?
Is what you offer sustainable, solve a problem and have real demand? Sustainable in that it can be reproduced and used repeatedly. Solving a problem speaks for itself. Demand is that essential "it" quality that makes people pay a premium. Not because you sold them, but because there's true value present.
Is it simple? Most people (customers, employers, partners, etc.) have compressed attention spans and don't want to spend minutes trying to figure things out.
Have you real data to support what you do? Real data is not data you spin in-order to get a result you desperately want.
Are willing to set your hopes and dreams aside so that the integrity can emerge? I respect leaders who know that certain ideas stink or need another time and space to work. This is difficult, very difficult.

5 Questions with John Baldoni, Author of The Leader’s Pocket Guide

19 December 2012December 19, 2012Eric

The Leader's Pocket Guide

I had the pleasure of doing this interview with leadership expert, John Baldoni, who is the author of the new book The Leader's Pocket Guide a few weeks ago. I've always admired his wisdom and energy. Enjoy!

In
your book you note the importance of what people think, but in a way that
builds a solid reputation. What’s at stake in doing this?

Thinking
is good because it points us in the right direction. But when it comes to
leadership, action counts. Leaders put their thinking into gear when they lead
by example.

How
important is critical thinking to the growth of a leader?

Leaders
must often choose between two good alternatives. Critical thinking teaches
leaders how to balance alternatives as well as to put things into context.

What
role does hubris or arrogance play in hindering a leader from impacting their
organization in a positive way?

Hubris,
a Greek word, is the condition by which a leader is blind to his or her faults
and often leads to living in a bubble, surrounded by yes people. This is never
a good thing.

One
of the last tips in the book mentions the importance of finding interests
outside of work. What keeps leaders from doing this?

Time.
time. time… Anyone in a leadership position needs to recharge themselves. A
hobby, a trip or close associations with family and friends can do this.

In your mind, what
organizations are doing the best job of developing and growing leaders?

Rather
than focus on names of companies I focus on the many capable leaders in
organizations large and small who are making a positive difference in the lives
of their customers, employees and customers. They are legion.

JOHN BALDONI, president of Baldoni Consulting LLC, is an internationally recognized executive coach, speaker, and author. In 2011, Leadership Gurus International ranked John No. 11 on its list of the world’s top 30 leadership experts. He is a regular online contributor to CBS MoneyWatch, Inc, and Harvard Business Review.