Want help to start or grow your business? Call 503-501-2444 for a free consultation. Ethos Cleantech

Posts Tagged ‘mentor’

« Older Entries

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.

Tags: , , , , , , , , ,
Posted in business coaching, mentoring | No Comments »

How To Start A Business For Under $5000

Tuesday, August 11th, 2009

In today’s economic environment, individuals with entrepreneurial mindsets are exploring new ideas for businesses that will not only survive in a recession, but will also thrive. The key to starting a new business is maximizing its resources while remaining lean in operations. Let’s face it: most people do not have $100,000 sitting in their pockets. So, how is it possible, then, to start a business with a minimal amount of capital? The good news is that there are literally hundreds of business concepts that can be created with less than $5,000 in start-up costs.

Businesses under $1,000

Yes, believe it or not, it is possible to start a business under $1,000. According to BusinessTown.com, there are 82 business categories that do not require more than $1,000 in start-up fees. For example, to become a Merchandise Demonstrator, start-up costs are estimated between $500 and $1,000.  However, earnings can rest between $20,000 and $35,000 per year. This business requires a person who has garnered a network of business contacts to demonstrate products for one or more specific companies at trade shows and seminars. This business can be learned first by handing out samples at grocery stores, which typically pays up to $50 per day. By beginning here, the person has a launching point from which to establish relationships with larger corporations, with the ultimate goal of merchandising their products. Other examples of inexpensive businesses under $1,000 entail Lawn Care Services, Toy Cleaning and Repairing Services, Reminder Services, Professional Organizers, Motor Vehicle Transportation, and Roommate Referral Services.

Businesses between $1,000 and $5,000

The good news is that there are literally hundreds of business concepts that can be created with $5,000 or less. As reported by the aforementioned online source, 136 businesses cost between $1,000 and $5,000 in start-up fees. Most of these concepts only require a phone, desk, and a few other tools such as a list of established contacts and a passionate drive to build a steady pipeline. Some of the more interesting businesses that stood out include a Resume Service Provider, a Mobile Hair Salon, a Meeting Planner, a Mover, a Window Washing Service, a Vending Machine Owner, Flower and Tree Cutting and Trimming Services, and Speechwriting Services. Now, these are only eight of the 136 businesses listed, but are businesses that may appeal to a larger number of entrepreneurs, than the more concentrated, niche-targeted businesses such as an Adoption Search Service firm. 

The antiquated notion that a business cannot be started without a large lump sum of money is no longer the reality. Many businesses today have flourished based off of lean operations and low start-up costs. Today’s world does not require every type of business to begin its first day in operations out of a 10-story office building with leather couches and a glitzy waiting room. Companies can start out of one’s home and see immediate results. Entrepreneurial expert Bonny Alpo, who has owned her own copywriting service since 2005, reports that the least expensive business concepts revolve around pet care, home care, and delivery and moving services.

There’s no excuse for not being able to start your own small business either as a full time effort or start off part-time until it grows. Contact Ethos 360 (http://www.ethos360.com/contact) for additional assistance and business coaching.

Tags: , , , , , , , , , , , , ,
Posted in business start-up | No Comments »

How A Business Mentor Works With An Entrepreneur

Thursday, July 23rd, 2009

My mother used to remind me that all relationships take time.  Friendships, marriages, and even business relationships all require a little TLC and room to grow so that they can find their way to success.  This is especially true for a business mentor relationship.

If you’re smart in your selection, the right business mentor will not only gain you an advisor but also a confidant and friend.  The best type of mentor relationship is one grounded in the personal connection that the entrepreneur and the mentor can forge.  My favorite anonymous quote happens to be, “Mentor: Someone whose hindsight can become your foresight” and I can’t begin to tell you how perfect a philosophy this is for the relationship.

It doesn’t just have to pertain to business, though.  The mentor needs to build personal interest as well as trust.  While they’re not going to be your therapist or your significant other, the type of dynamic that you want to maintain with them should enjoy commitment and consistency as well as communication.  This is sometimes done best through finding common interests so that the dialogue can flow freely and that a strong rapport can be built.  Qualified mentors should be interested in you as a person as well as a business person.  By having a dialogue that allows them to know you as an individual they’ll be able to make the working relationship less intense.  The right business mentor knows that the client is human and makes them feel human. This is one of the underlying philosophies ingrained into the mentors at Ethos 360. (www.Ethos360.com).

An established rapport can contribute to building a solid mentoring relationship that a business mentor will need to set to develop a consistent pattern of communication early on. This is because frequency of contact is highly important.  Communication breakdowns occur when a tone or consistency that one side is used to is suddenly changed with no explanation.  Ask anyone in a relationship what it’s like to suddenly be unable to get in touch with your girlfriend on the usual date night or when your husband is suddenly distant and uninterested in your thoughts.  Your business mentor should discuss updates on the items they recommended in previous talks and always maintain at least the minimum of interest and enthusiasm established.

Remember that the right mentor strives for three C’s: Commitment, consistency, and communication and that these three C’s are reciprocal.  The entrepreneur will also need to maintain these points so that the relationship can be mutually rewarding.

I’ll leave you with another of my favorite quotes about being a mentor from an unlikely, but worthy source.

“People ask what gives me the authority to give advice. I say, first of all, I don’t give advice. Dr. Phil gives advice. Mr. T helps people. I motivate them, I inspire them, I give them hope, and I plant the seed so they can feel good about themselves.”

-Mr. T

Truer words have never been spoken.

Tags: , , , , , , , , , ,
Posted in mentoring | No Comments »

Women In Small Business- The New Leaders

Sunday, July 19th, 2009

Currently, women outpace men in new businesses about 2 to 3. Of this statistic, Latina women in particular are entering entrepreneurial ranks full speed ahead, outpacing every other demographic group.

With these key points in mind, why are women losing ground in the venture capital pool? Less than four percent of venture-backed companies are headed by women. That’s the lowest in ten years.

I’m going to repeat that again: Four. Percent.

Even more depressing is that it’s not looking much better for angel investors. Only ten percent of angel money goes to businesses headed by women. A little better, but not by much.

It’s not that the money wasn’t there at the time of these studies. On the contrary, there were billions in investment dollars available in new venture capital funds and new angel groups sitting around waiting to go out. The current status of these monies is probably a little less readily available which would depressingly make the above statistics shrink even more.

So how come women weren’t getting their fair share? What is keeping us from getting our turn at bat?

The simple answer is that venture capital and angel investment firms are run by men. Anyone who didn’t see that coming, raise your hand.

So the obvious question becomes, “what can we do about it?” It’s been this way since before suffrage and while there isn’t a magical solution, there are some real steps that women can take to make their companies a success.

Bootstrap the Company: Of the companies still standing, well over 90% them are still financed by the owners or “bootstrapped.” It doesn’t matter who’s running it whether it be male or female, this is still the best way to finance a company. If you can’t get it off the ground with your own money, then it won’t make sense to someone to join you in the endeavor to help grow the business. Hire a mentor/business coach with experience launching start-ups. The money saved in avoiding key mistakes alone would more than make up for the cost of such a service. Visit www.Ethos360.com to review their offerings

Incorporate: If you take your business seriously, others are more likely to do so too. Companies such as www.LegalZoom.com can offer up helpful solutions if you’re not sure how to incorporate your business.

Create a Strong Management Team: I usually advise people to look at what is missing from their own list of skills and experience. If you see something missing in your resume that can be filled by an advisor you know or a colleague looking to work with you, add them to your Management Team. A strong and diverse Management Team can show that not only are you staffed with professionals, but that you all bring something different to the table that is important for success. There’s a great website called www.PartnerUp.com that helps entrepreneurs such as you find these connections.

Build a Strong and Competent Business Plan: Remember that the business plan exists to outline the whole project, not just the numbers and the idea. The challenge to you as the entrepreneur is to present the whole package to a prospect and be able to defend every aspect. The idea and the numbers will always be what trip you up, but the management team and the strategies that you will use to meet your financial projections are just as important. Know the plan inside and out and be able to speak without looking at it as a reference.

Network, Network, Network: This will become your least favorite word to hear and say within the first year of start-up. It’s important to remember that you must do this action like your life depends on it since the continued success of your business may well depend on the contacts you manage to make.

Create a Clean and Commanding Presence on the Internet: Just becomes the dot.com bubble burst is no reason to dismiss the importance of a strong web presence. Companies, such as, www.GreenLeafImaging.com will help you define brand identity along with establish and manage your web presence. It has fast become the first place that the modern consumer goes to discover information about you. You not only need to build a strong and functional information page but also strive to keep your reputation clean on the internet. Message boards and blogs can just as easily decimate you as help you if you manage to incur the wrath of disgruntled clients.

Go Straight to the Corporations: Many large corporations have venture capital arms with the sole purpose of identifying and promoting technologies in their fields. Begin research and due diligence by exploring www.TheFunded.com. This might be a way to get in should you have a viable venture that may be company specific and can bypass the usual forms of financing to get off the ground. You may run the risk of losing certain rights to your idea, though, so be cautious.
Promote Your Business Before You Open: Depending on your venture, a little pre-publicity and buzz can bring the attention interested finance people in your area. Start that interest and then strive to maintain it by following through on what you’re promoting in the outset.

Don’t Shy Away from “Women’s Businesses”: Don’t get defensive about taking on a business that is considered a “women’s business”. Salons, patisseries, dress shops, etc. are all extremely viable business models run by women and for women. It’s admirable to want to do something different but if it’s not broken, then why not at least consider it?

We’re all looking down the barrel of the economic gun right now and it’s even harder today to get a business off of the ground, but don’t let that be what gets you discouraged about starting your business. Remember that we are women with just as much ability and drive as any man who goes and seeks capital or investment. This might just be our time to get ahead.

Food for thought: Did you know that about eighty percent of the venture capital funded businesses fail? Without a doubt, the businesses begun by women have a much better chance of success than that.

Tags: , , , , , , , , , ,
Posted in women in business | No Comments »

How To Sell More In A Down Market – The Leadership Secrets To Dynamite Sales Results

Wednesday, July 15th, 2009

Accepting the basic premise of How to Sell More in a Down Market is vital for success in selling more in a down market. The premise is for you to “take a leadership approach to your sales responsibilities”.

This leadership approach is straightforward and practical. It has six elements.

1. Accept full accountability for your results
2. Adopt leadership attributes for success
3. Become inspired and motivated
4. Become a personal productivity champion
5. Learn to plan like a leader
6. Take responsibility in further developing your leadership and sales professional skills

Although a number of leadership elements comprise an exceptional leader, How to Sell More in a Down Market focuses on each of the elements of leadership mentioned above to help you improve your sales results.

Accepting Accountability

Sales volumes are at record lows; you’ve never sold so little, and your commission checks have never been so small. You need to sell more, and you need to make more money … and you need it now!

Is it possible that:

* Previous good markets turned you into an order taker, and you forgot how to sell?
* You’ve worked your trap line for years, and it’s finally dried up?
* You’ve convinced yourself that there is no business to get?
* You just aren’t trying anything new to get new business?
* Your selling skills are a little rusty?
* You are talking too much and not listening for opportunities?
* You just don’t know what to do about it?

If you are not selling as much as you’d like or if you’re not making as much as you’d like, don’t blame it on the markets, competition or others. It’s time to forget the excuses and begin to accept accountability for any shortfall in sales volume or your paycheck.

Leaders are always accountable for results. If you are going to manage your sales responsibility as if it is your own business, you need to accept full accountability for the results.

Becoming a Personal Productivity Champion

As a sales professional, how is your time management, or as I like to refer to time management, how is your personal productivity?

It is essential for leaders of organizations to master the art of personal productivity. Yes, just like selling, personal productivity is an art form. A CEO who leads a worldwide organization cannot afford to waste a single minute when trying to profitably grow their business.

There are as many different ways to be personally productive as there are CEO’s. However, I think few leaders will argue with these five “big picture” items as the solution to being productive in their responsibilities.

* 1. Plan – you have to plan your business and your time. Without planning factors such as where you are going, how you’re getting there, when you’re getting there, who is helping you get there, what you need to get there and why you want to get there, you will likely fall short of your goals in both good and bad markets.

* 2. Evaluate your progress – you have to take the time to evaluate how you are doing and make adjustments to your plan if necessary. This prevents you from wasting time on tasks that aren’t working in both good and bad markets.

* 3. Organize – leaders need to be personally organized, so they can organize their team to execute the plan. You know without organization you will be less effective in getting results in both good and bad markets.

* 4. Prioritize – leaders have a great number of things to do and decisions to make. Without properly prioritizing, they can waste their resources focusing on the wrong areas in both good and bad markets.

* 5. Schedule – leaders schedule their day, week, month and year. Their daily schedule is set like television programming; you know what’s on at what time and the only way that will change is if there is an earth-shattering development that needs to be communicated.

Get and Stay Motivated

Self motivation is an important ingredient to the successful sales professional regardless of the current market place. When the market is down, it is even more critical to create a self-motivating environment.

If you still are having a difficult time finding passion in the down market, here are a few suggestions for you to consider:

* Stop listening to the depressing news on talk radio and the 24-hour television news channels.
* Create a list of things that make you happy, and keep a copy with you wherever you go.
* Keep a photo of something that makes you smile near your side.
* Before you get in your car in the morning, walk around the yard and smell the roses.
* Find a mentor-someone you can talk to who will keep you on a positive track.
* Don’t hang around people who aren’t fun and exciting to be around. Find upbeat, positive, forward-looking people with whom to surround yourself.
* Find your favorite motivational quotes, write them on index cards, and keep them with you to read anytime you feel a need.
* Turn on some music, and dance like no one is watching* Phone someone you haven’t talked to for a long time, and make them smile. I guarantee you’ll feel good about it too.
* Write down what you’re thankful for.
* Make one more sales call; don’t give up; think positive* Get some exercise to clear the mind and rejuvenate.

Plan Like a Leader

Leaders spend a large portion of their time creating plans, implementing plans, measuring/monitoring plan performance and adjusting their plans.

In this section, we will cover the element of planning your business-your sales responsibility.

The components of a sales responsibility plan I recommend include:

* A mission statement,
* A SWOT analysis,
* A set of objectives that help you achieve your mission,
* Tactics or action plans to achieve your goals.

To develop a mission statement, here are the steps I typically recommend you process through:

Step 1: Brain Storming – Either sit down with a blank piece of paper, a white board, sticky notes or a flip chart paper, and start writing your values; your attributes; what you do; what you want to do; where you are; your strengths; what your customers like about you;, your company’s products, services and systems; and any other relevant issues specific and unique to you or your sales responsibility.

Step 2: Identify – Begin to identify key words that are actionable and unique, and separate those from the others. Group the others into obvious categories such as “products,” “services” etc.

Step 3: Form – Using the actionable and unique words, with one eye on the other word groups, begin to form a collection of different brief mission statements.

Step 4: Decide and Finalize – Using the process of elimination, select your favorite and tweak it if necessary; your mission statement is now finished.

As mentioned before, this is a process. It doesn’t and shouldn’t happen in an hour. It also helps to involve others to ensure you benefit from different perspectives. To demonstrate my point-with over 15 year’s experience, I relied on a Mentor/business coach to help me finalize the mission statement for my business. She asked me a few questions that triggered a spark of inspiration and BOOM, a direction was set. Visit www.ethos360.com so we can show you how to do the same.

Self Development

For some reason, many companies elect to slow down, minimize or entirely eliminate the expense associated with training and developing their people when there is a down market.

Most sales professionals don’t typically set time aside for self development. They’re usually too busy looking after customers or solving problems. You may have an individual development plan, but is it really aggressive enough to help you sell more in a down market?

Although there is this wealth of knowledge available to you online, there is also a wealth of knowledge available to you within your own company.

* Start with product knowledge. When was the last time you went through your company’s manufacturing plant to get a detailed understanding of how the products you are selling are made?

* If there was a product knowledge test today, would you pass? Maybe you passed years ago, but would you pass today?

* Do you have a mentor within your company? You should because there is a wealth of knowledge and experience from which to benefit.

* Ask your boss or mentor to role play a realistic scenario of your choice. Upon completion, review with him/her. Question and ask feedback on your strengths and weaknesses throughout the situation.

* Re-vamp your value proposition statement delivery.

* Create a series of elevator speeches to answer basic questions like: 1. What you do for your company. and 2. Why someone should buy from you.

Closing thought;

Successful implementation of the six elements of leadership should help you sell more in a down market, and when the markets return – and they will albeit at a level less than the recent glory years – you will have developed some new habits to contribute to your continued success.

You will also experience leadership thinking, behaving and performing, which will elevate your career if you desire a management or leadership position in your organization.

Tags: , , , , , , , , ,
Posted in sales and selling | No Comments »

« Older Entries