How To DOMINATE Your Market Online!
February 15th, 2010 · Entrepreneur, Marketing Tips, Strategy
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How To Have Great Ideas
June 11th, 2009 · Entrepreneur, Marketing Tips
Want to have great ideas? You could try waiting to see if they pop into your head someday, and they honestly might. However, if you want a more systematic method you can use today, here it is in three simple steps:
1. Get knowledge in the area in which you want the ideas.
2. Use idea-generating techniques.
3. Choose the best ideas from the results.
Great Ideas Start With Knowledge
You wouldn’t expect to come up with a new theory of relativity if you had no knowledge in physics or mathematics. You need some degree of knowledge in the area in which you want new ideas. For truly great ideas, it helps to have a great deal of knowledge.
To create a new transportation device, for example, you would want general knowledge in that field, as well as more specific knowledge. This might include knowing a little about all the current modes of transportation. You might add to that a list of things that have been tried and failed, and a list of all the things that people want in their transportation.
Great Ideas From Techniques
Ideas and inventions start in the mind, and the mind follows certain patterns and rules. This is why tools such as problem solving techniques and other idea generating techniques work so well. Consider the “concept combination” technique, for example. Tell your mind that you need a useful combination of a plane and a motorcycle, and it will search until it finds it. This mind took twenty seconds to imagine wings that expand out at high speed from a motorcycle, allowing it to glide right off the edge of a cliff.
The technique of redefining problems in many ways can open whole new areas to explore. Redefining “inexpensive homes” as “ways to help people afford homes” has lead to all sorts of new financing methods that have made it easier to buy a home even as prices have risen. If “better job” becomes “better way to make money” you open a whole range of possibilities. There are dozens of great idea generating techniques to choose from, each with it’s own advantage.
Many Ideas To Choose From
The more ideas you come up with, the more likely you are to find good ones to work with. This is why you should learn the systematic ways to produce new concepts. Finally, if “great” means “important” to you, you need to work in important areas. There’s nothing wrong with inventing a better clothes hanger, but if you want to change the world, start working on new ways to save the environment, ways to end hunger, new political processes that avert wars and other great ideas.
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Entrepreneurial Failure – Get Used To It
June 11th, 2009 · Entrepreneur, Strategy
To be a successful entrepreneur you are going to have to learn to deal with failure. There is no way around it. Thomas Edison tried over ten thousand different experiments before he finally demonstrated the first incandescent light bulb on October 21, 1879. Bill Gates’ first company, Traf-O-Data, was a failure. Michael Jordan was once quoted as saying: “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot; And missed. I’ve failed over and over again in my life. And that is why I succeed.”
In my short stint as an entrepreneur I’ve failed more times than I can count. I have also had my share of success, but it’s not even close to equal. The failures far outweigh the successes, and I’m sure I have a lot more failure ahead of me. I’m OK with that because I know that as soon as I stop failing, I have stopped trying to innovate. It’s the nature of the business of being an entrepreneur, and of success in general.
If it were easy, everyone would do it. It is naive to think that every good idea that you have will result in a successful business venture. I have yet to hear an entrepreneur say “every single idea I come up with seems to work.” More likely, you hear something like “I failed at my first five businesses before this one took off.”
Think about that for a second. Five businesses. Sometimes the number is three, sometimes it’s 20, but the important point is that most entrepreneurs don’t hit a home-run with their first company. It really does amaze me – how many people have the stones to fail five times and still start a sixth business? You have to be supremely confident and treat those previous five times as a learning experience for the sixth. And if number six fails, you have to do the same and move on to number seven.
In my opinion, the most important thing is how you deal with failure. Once you accept that it’s inevitable, you are able to learn from your mistakes and move on. It’s easy to let the failure consume you – not so much because you are pessimistic, but more so because it is hard to see something that you poured your heart and soul into be ignored or rejected. As soon as possible you need to come to the realization that your business is what they are ignoring or rejecting, NOT you. The sooner you do that, the sooner you can objectively analyze why you failed and learn the things necessary for improvement in the future.
Failure isn’t easy and is extremely frustrating, but it’s a necessary part of success. Don’t believe me? Ask Thomas Edison, Bill Gates or Michael Jordan! Ok, asking Thomas Edison might be a little tough, but you get the idea 
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Business Systems – Not Just For Big Business
June 8th, 2009 · Uncategorized
When I mention business systems to you, what comes to mind? Do you think of an IBM mainframe computer sitting in a big room in the middle of your building? Do you think of expensive, highly specialized software? That’s what many small business owners imagine. And they think it’s not for them. If that’s what you think, you’re only half right.
Half right because expensive, highly specialized software is probably not for you. Half wrong because good business systems most definitely are. A business system isn’t hardware or software. It’s the way that you do any part of your business. It’s how you do things. You are using systems all the time, you just may not be using them efficiently.
I regularly urge business owners to get everything they know about their business out of their head and onto paper. I’m urging you now to do the same with your systems. Start writing out how you do things in your business. At a minimum, write out how you treat your customers or clients, how your paperwork for each sale flows, how your production systems work, how you market to clients, and how you do your bookkeeping.
Do this in detail. For each area, make a very detailed description of every step in the process. Include what you do and why you do it. Include the subtle parts that make your company uniquely you. Include the parts that you are proud of. Include the tricks that make it efficient. Include what you tried that didn’t work and explain why. Each system should become a very rich, highly detailed system. Why so much detail?
Because this is the beginning of being able to consistently deliver results. And the beginning of being able to consistently deliver results even when you aren’t around. Documented (written) systems make delegating much more manageable. Delegating is one of the keys to success in growing your business while still having a life.
Maybe you don’t want a bigger business. Maybe you want to keep yours small. Still, wouldn’t it be nice to be able to go on a long vacation and turn the keys over to someone else to run and make money for you while you are gone? Without systems, that wouldn’t be remotely possible. With systems almost anything is. Now, does that sound like something that should only be for big business? I think not.
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