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How to Raise Capital In Today’s Economic Climate

Saturday, August 22nd, 2009

Many people ask me if it’s possible to raise capital in the traditional sense these days.  Everyone knows and understands that lending practices have tightened and many VC firms have gently (and occasionally not so gently) refused to accept any more submissions.  But is it impossible to raise capital? Of course not, it’s just even harder now.  That’s not to say that raising capital has ever been easy, it has always been a challenging process.  If it was an easy process, there wouldn’t be companies charging money to hunt down investors and business coaches priming you for your journey ahead.  www.Ethos360.com will do both of these things.  Keep this in mind, no one can ever guarantee that you will get funding.  It’s an impossible to guarantee, and illegal to make any such claims.

What do investors want to see from you?  It’s certainly not 30 pages of a long winded business plan, especially if it’s a poorly written one.  It’s not an unsolicited phone call from you to take 45 minutes of their time while you wax poetic about your business or idea.  The same logic that says to keep your resume short is the same logic you should take to approach investors with your business.  There are a number of questions that investors need answered, and any entrepreneur answering them must now be in even more concise, with verified details supporting your business claims.  Some of these questions might surprise you, particularly if you’re not well prepared to face investors. 

1.       What is your business pitch? In one sentence.

This sounds easy enough, but too many capital seekers wind up grasping for an answer to this.  What is it that you do exactly? Why is it exceptional?

2.        What is your competitive advantage?

So you built a mouse-trap.  How is it better than other mouse-traps? How do you intend to overtake the current mouse-trap on the market right now?

3.        Define your market.

Who are you selling to? This basically asks you who your customers are, who they will be in the future, how big this pool of customers is, and whether or not this pool will grow in the future.  You will need to be able to elaborate on your answer.

This is list not exhaustive, there are many more questions regarding your marketing and sales strategy that need to be answered, preferably in less than a few sentences. 

In order to better position yourself to get funding, you need to take your feet and put them in the shoes of your audience.  Many entrepreneurs wind up deeply entrenched in the details of their business, they forget that the audience isn’t psychic, or willing to fill in the blanks themselves. Don’t make it hard for them to get these answers.  Investors generally are not willing to pull answers out of you; the onus is on you to give them what they want and need to hear, preferably quickly and in a straight forward manner. 

These questions are just a small tip of the basic questions that investors need answers to.  Consider taking the time to answer these types of questions as the better you know your own business, the easier it becomes to explain it to someone that you’d like as a funding source.  We can open the door for you, but you need to take the initiative to step through prepared and ready to take on the tough questions.

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The Holy Trinity Of Business Mentoring And Coaching

Sunday, August 16th, 2009

Whenever I’m discussing my philosophies on the purpose of hiring a mentor service, I sometimes notice an elephant in the room that no one wants to address:  Just what the heck IS a mentor anyway?  Sometimes it slips my mind that there isn’t a clear definition of what these types of services are for in business.  My own personal definition of a mentor is pretty much the norm for the business world, but should probably be reviewed, regardless. 

I’ve always felt that a mentor is not there to buy, sell or negotiate. A mentor provides a service. In essence, mentoring is simply helping someone else play their cards right and become successful in their home business or other endeavor.  They’re not there to do anything for you, but rather listen and advise you based on their own experiences.  Give a man a fish and he’ll eat for a day.  Teach a man to fish, etc, etc. 

So that’s my definition of a mentor and it’s important to note that this brand of mentoring has been a business practice for awhile now.  Ask any person involved in a successful business and they’ll admit that using a mentor was a standard business practice for them at some point.

Something I’ve noticed that people don’t keep in mind about mentors is that benefit in this arrangement to them is the experience, not the monetary reward.  When you’re working in the capacity as a business mentoring advisor, you’re there to share what you’ve learned in the trade, but also to try to learn a few more nuggets along the way. After all, what good is information and experience if you don’t share it with someone who needs a mentor down the line?

There is a “holy trinity” to being a successful a mentor.  You’ve got to think in terms of a trainer, a financial expert, and a technical advisor if you want to help someone start their business. 

Personal Trainer

You’re there to motivate them and keep them focused on their goals for success.  They’re going to become discouraged and they’re going to need to be built up by someone that isn’t just placating them.  You’re there to keep them meeting their own personal best so that they can push through every failure and not be enamored with every minor success.

Financial Advisor

You’re there to rein them in when they may get a “pie-in-the-sky” financial scenario that isn’t feasible.  It’s extremely simple to think that the right office or a large staff of employees or a brand new delivery van with all of the trimmings will be the best tools for their business.  Maybe these items will be, but making sound financial decisions with an objective voice of reason works a lot better than going with your first gut instinct.  

Technical Advisor

You’re there to get them the tools to start and grow their business in the best possible fashion whether that’s incorporation documents or the best tools for search engine optimization.  You’ll find out that it’s not a matter of the client being ignorant, but uninformed about what’s available to them in terms of resources and options.  Being a helpful, knowledgeable, and quick with a recommendation should a need present itself will make you an asset. 

You’ll wear many hats in this type of job, but these are the three that matter most.

Why go through this all on your own?  Why make the same mistakes that have already been made by others?  Find an experienced person that knows the three aspects to successful mentoring. Find someone who can help you on the road to success by giving you the benefit of their experience. At Ethos 360 (www.Ethos360.com) your mentor’s hindsight becomes your foresight.

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The Importance Of A Business Mentor For An Entrepreneur

Sunday, July 5th, 2009

When you first start your business everything can be quite confusing. Having an experienced mentor guide you can make the difference between a successful venture and a failed endeavor. There are many pitfalls and problems that are difficult to work out on your own.

At first you’ll have many questions, such as, choosing the right business for you. How to get started? How to get the edge on your competitors? How to really make money and escape that 9-5 job? These are just a few of the confusing questions that face the beginner. If you try to begin without help, you are setting yourself up for failure. Very few can succeed in business without someone to help you and steer you in the right direction along with providing proper motivation. You are indeed like a ship without a captain when you try to start a business alone.

Here are a few common mistakes made by first time entrepreneurs when they first start a business.

1. Starting a business without knowing who you should be marketing to and how to do it effectively. Without knowing how to target your market you can spend hours of wasted time and a lot of wasted dollars.

2. Getting into the wrong business, with too much competition and not enough demand. If you do not get into a specialized market with high demand and less supply you are setting yourself up for failure and you will never make a decent living. Investigate your industry segment very carefully.

3. Believing that a free program will make you money, these are some of the biggest scams on the Internet. There is nothing “free” in this world. Hard work is going to be required to make your business successful.

4. Joining one business opportunity failing after a month and then joining another and another. This is how many beginners loose tons of money and valuable time. Create your own business opportunity and corner your own market.

5. Thinking that money can be made in a short time with no work, this is another pitfall too many first time entrepreneurs fall into when trying to start a business.

Wouldn’t it be nice to have some personal guidance, somebody who can work with you one on one? Show you how to start right and save you all that time and money. Somebody who can help you “cut a pathway through the trees.” This is where a mentor will help you.

There are very few true mentoring courses or programs, where you can really get one on one help. Usually, most people purchase an online course or e-book and then have to work out the rest. However a good one on one mentoring program is different. When you decide to purchase a membership in a mentorship program you will get one on one help for your questions and any problems you may have. As you progress through the program your mentor will coach you on any problems you may have and show you how to overcome them. One of the main reasons for new small businesses failing is lack of guidance and knowledge. There is just too much to know and do without someone to help you.

You can see how a mentoring program works and the obvious advantages, compared to trying to work out everything yourself. I speak from experience. When I first started my business, I had no idea what to do and where to go, until I finally stumbled upon a mentor program that was right for me. After that there was no looking back, I cannot say that I did not make mistakes or come up with problems, but they were nothing that my mentor could not guide me through.

A one on one mentor program is your gateway to success. Unlock the business potential within you, and see how you can achieve what you never thought possible, with the help of individual business coaching. For more information about mentoring programs visit www.Ethos360.com. Experience the satisfaction of starting and building a truly successful business with help and guidance from a mentor.

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Ten Tips For Entrepreneurs To Maximize Your Mentor Relationship

Sunday, July 5th, 2009

Finding a great mentor is one of the best ways to learn, to get feedback, and to take your start-up or small business to the next level. Here are ten tips for making the most of your mentoring relationships.

Tip #1

Self-assess. Ask yourself, “What skills do I need to get where I want to go?” Don’t be afraid to ask for help. We all need help and can’t be the best at everything.

Tip #2

Identify your learning goals. Put them in writing and execute.

Tip #3

Decide together how the mentoring relationship will work – frequency and type of contact. Create time and space for the relationship to blossom.

Tip #4

Commit the time. Don’t give up if the chemistry doesn’t feel right at the first meeting. Meet a minimum of once per month. Touch base regularly – by e-mail, phone, in person. Make regular contact a priority.

Tip #5

Take time to build trust and communication. Get to know each other on a personal level. Discuss your backgrounds, interests, career histories, and perspectives of your organizations.

Tip #6

Keep confidences. Nothing kills trust in a mentoring relationship faster than a breach of confidence. Both parties need to openness that only a trusting relationship can provide.

Tip #7

Be sensitive to cultural and gender differences. Do a little homework. And listen. You learn a lot more by not talking and truly listening to what someone has to say.

Tip #8

Understand and plan for the phases of a mentoring relationship. Build in time for evaluation and closure. Accomplish your goals. Do not quit.

Tip #9

This is about learning, whether you’re a protégé or a mentor. Keep a journal or document progression of the relationship.

Tip #10

You don’t need a single mentor who you keep throughout your career. What you need is a mind-set that allows you to learn from those around you, no matter who they are.

In summary, to get ahead, create your own multitalented “board of advisors.” Surround yourself with people who are better and smarter than you at specific tasks. Learn to listen and most importantly be humble by checking your ego at the door. For more information about working with a mentor visit www.Ethos360.com.

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Entrepreneurs Can Still Thrive Online Despite the Economic Downturn

Wednesday, June 24th, 2009

Remember- Fortunes are built during the bad times and cashed in during the good. If you think a recession is a bad time to start a business, think again. An entrepreneur is adaptable and is always looking for opportunities. There are many logical reasons why this is a good time to start your own online venture. Your capital maybe limited and you feel the pressure of a recession that looks like it’s not going away anytime soon so let’s get serious and look at your options.

An online business, done correctly, can be your ticket to not merely surviving tough times but thriving. They can actually provide more income than a regular 9 to 5 job allowing you to escape being a wage slave or if you’re a little older and that early retirement may have to wait a few more years this may be perfect for you.

Think about it. Now more than ever, people and companies are more conscious of their spending habits and are turning to the internet to save cash and get value for their hard earned money. This doesn’t mean that any online business will make you rich. You’ll still need to learn how to set yourself apart from the competition and determine ways to streamline your operations just like any other business.

One huge plus, especially if your 401k has taken a beating and there’s no equity in your home to borrow against an online businesses normally doesn’t need as much start-up capital compared to a traditional brick-and-mortar business, but usually requires a steep learning curve. If your currently unemployed this should present no problem but if you are hanging onto your job it might take a little longer to get up to speed. There are no shortcuts and like any business, certain skills are required to make it worth your time.

Just like any other entrepreneurial endeavor a half hearted attempt at being an online entrepreneur will get you nowhere. Before you decide to delve into this avenue of business, consider how much time you can devote to your online business. Also consider what type of business suits you best. Your personality and skill set are great tools to use in making this assessment. Look deep within yourself. Take a long hard, objective look. Keep in mind you’ll be putting a whole lot of time and effort into the new venture.

Eventually, you’ll have to decide which online business is best for you and for most people that usually means deciding which business will generate the most income.

Now let’s take a quick look at some of the top online business opportunities that await you online…

Blogging – A blog (short for web log) is a website maintained by an individual with content (text, pictures, art, videos, music, podcasts, etc). Consider it your particular take on anything and everything. Be warned. The internet is already supersaturated with blogs, so if you’re thinking of adding another, try to do some sort of business blog to help attract interested advertisers. A well constructed, well written, popular blog can attract advertisers or become part of an affiliate marketing network.

Affiliate Marketing – Basically, affiliate marketing is a marketing technique where revenue sharing occurs between advertisers/merchants and online publishers (you). Choose a search engine optimization friendly domain name, and create a website around it. Add content, drive traffic to it, and look for merchants with affiliate programs or try joining an affiliate marketing network that will link your site to related merchant sites. Create more websites. This is probably the most labor-intensive and technical online business opportunity out there but there’s considerable income for those with the technical skills to make it worth their efforts.

Online Auction / E-commerce- One man’s trash is another man’s treasure, especially in the online marketplace. You might begin by auctioning personal items online from your attic or garage. When you’ve depleted these items, you may want to sell merchandise that you have obtained cheaply from local sources, for example, to interested buyers from around the world. You could also manufacture your own uniquely marketable items like handcrafted jewelry and other arts and crafts projects. Then again, be sure you stand out from the crowd because, as many people have discovered, there are a LOT of people selling the same type of products and merchandise online.

VA (Virtual Assistant) – As more companies downsize, support services begin to shift from the real world to the virtual world. Providing administrative and business support to other business owners might not make you rich but it might be worth doing if you’re unemployed or a stay at home parent.

Freelance Services- Provide professional services like copywriting, web design, photography and illustration. These jobs are truly skill based. Therefore, learn and exceed in the necessary skills to attract and maintain your client base. An impressive portfolio will take you much farther than an impressive resume in this line of online business. So be sure to make your published work speak volumes about your skills. This online business requires a considerable amount of talent and knowledge to make it feasible as a significant source of income.

Financial Solutions Marketing and Training – Of all the online business opportunities available, the most lucrative and most rewarding appears to be that involved with internet marketing and financial education and wealth management. This business allows one to make a substantial amount of money, and allows one to teach other people how to make money. Helping other people achieve their fondest dreams of obtaining a wealthy lifestyle can be a truly rewarding experience in more ways than one. You too can learn to create wealth by using the right mindset, the proper tools and a fair amount of initiative.

In summary, do some soul searching and prepare yourself to make a big commitment. Don’t do it “half-way”; go the distance and give it your best shot possible. Whether you succeed or fail you always know you did your best and that’s what counts. If you require additional professional guidance you may want to review the mentoring and business coaching services of Ethos Mentor (www.ethos360.com).

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