Posted by Emily Brooks
According to Reader's Digest Magazines recent article 5 Secrets of Self-Made Millionaires, the #1 secret of these people? They set their sights on where they're going.
What? Knowing where you're going?
Sounds stupid, yes? Is it?
Would you drive to a desination in a city you've not been to before without a map? Without your GPS? Without an address as an end point? Probably not.
Yet, most business people will drive their companies without their maps, without a clear idea of what the end address is supposed to look like, without an indication of which roads are freeways, highways, dirt paths . . . .
Yeah, but I've got a business plan!!! Right?
Really? That 2-page description of an idea? THAT's your business plan?
Who are your competitors? How much will your expenses be 4 months from now? What is your labor/goods efficiency ratio? Who is your target customer? The answer isn't "everyone, of course!" What does your primary customer look like? How old are they? Gender? Education levels? Generation? How many similar widgets did these people buy last year? In exact dollars, please. How many hours do you want to work each day? What income do you need? How are you going to triple your investment in this business each quarter? Outline your exact strategy and prove your assumptions, please.
You have all of that written in 2 pages? Your business plan, if done properly, will be more than 50-100 pages and will dictate every decision you make for the next year.
Why would anybody in their right mind give YOU money?
That is the ultimate question, yes? Why would a paying customer give their money to you? An investor? Your neighbors?
People approach me often about business planning or help strategizing for their businesses. Many balk at the amount of time it takes to successfully study and create your money making machine. Why such dedication? Our Entrepreneurial Training Programs force you to answer all of those questions, plus many more. We help you avoid the most common of the Top 10 Business Plan Mistakes and the most unspoken Mistakes of Business Plans . We make sure that you have one helluva shot to succeed - and have proven it on paper - not leaving you hoping that by next year you might just make it.
You'd be surprised at how many people say "Writing a business plan is a serious dedication? Golly, I was kind of hoping to open for business this weekend."
You don't get off of a couch and run a marathon. You train for it.
Investors AND your customers know immediately if you have trained for your business or if you're just another one of those 2-pager guys hoping to make a buck.
And nonprofits? You had better have your business plan too. Committees and Advisory Councils are cute tools to give the illusion of "having your act together" (only rarely are they actually effective and useful - bravo to those who have nurtured one of those committees!) and they make you look good on paper with the illusion of community support. But funders are getting smarter. You had better have your Business and Strategic plans in place. You'd be surprised at how many nonprofits say "We don't need a business plan, we apply for grants."
For-profit or Non-profit . . . . . the business world knows if you've cut corners, skipped your training, bypassed the hard work required to be successful.
Are you, or aren't you really that serious?
The top 6 reasons why businesses fail?
- Lack of a well thought-out business plan
- Bad location
- Expanding too quickly
- Inability to adapt to a changing marketplace
- Underestimating competitors
- Poor execution
- Bad management
- Insufficient marketing or promotion
- Failure to keep overhead costs low
- Inadequate funding
Statistically, about 83% of small, start-up companies just open for business and then wonder if they're doing the right thing later. One out of ten will survive. Yes, that is 1-in-10. Speculation of these numbers is that small entrepreneurs just really aren't' totally dedicated or serious.
Some theorize that in most new business attempts, the entrepreneur never leaves their day job, or they create a back-up plan, or they have a job lined up in case the new business fails. In these cases, failure IS an option, as the entrepreneur has a safety net to fall back on. In cases where failure is NOT an option, and the entrepreneur depends on the new business to provide food, shelter and clothing, the business has a greater chance of succeeding.
Posted by Emily Brooks
I wasn't quite sure to shake my head in dismay or fall over with side-splitting laughter when watching the Celebrity Apprentice this week!
I'm sure that you remember that Rod Blagojevich was the sixteenth governor in the United States, and the first Illinois governor, to be impeached in 2009. While he had been under investigation by the Federal Bureau of Investigation since 2005 for corruption, it was his "selling" of Obama's open senate seat to the highest bidder that made Rod a famous household name.
But enough of the past! Now, Rod Blagojevich is reinventing his identity as the biggest buffoon in reality TV on the Celebrity Apprentice! He's a viewership GOLDMINE, and Trump is no fool! You had better believe I'll tune in again!!!!
But stepping away from purely unadulterated and comical Sunday entertainment, there are 3 very serious business lessons we need to take home as we guffaw at Blago - our new favorite reality TV goober.
Lesson #1: If you can't, don't!
Watching Rod try to help his team was frightening. This brief moment in time will officially and forever reign as Computer Illiteracy Gate!
If you can't do something get out of the way before you slow down efficiency, bog down the system, hurt your team, waste time and rack up extra expense to cover your ineptitude. Stop everything that you're doing and learn it, or perhaps you need to get back out there and get a new job.
According to Blago, "When you have nearly 60 thousand people work for you, they do all of the work for you. I never had to learn it." COP OUT! I wonder how many thousands of dollars Illinois tax payers spent every month for the additional staff and support Rod needed because he chose - and deliberately continues to choose to this day - to be technologically illiterate. You'd have thought that with the opportunity to go on Trump's reality TV show, Rod would have said to himself "Golly gee, we have to know how to use a computer, or a camera, or a cell phone, or a digital alarm clock on the show. I had better learn that." Uh huh. You'd have thunk.
Lesson #2: Master it first, THEN delegate!
Blago's immediate pass-the-buck response to his lack of computer skills spoke unintentional volumes about his skills as a business man.
There are some really important management techniques to delegating responsibility for a part of a business organization's roles or tasks. But before you even consider delegating or outsourcing, you must first be the MASTER every element of what you'd like someone else to help you with.
Do not outsource or delegate the needs of your business the same way you would hire a plumber. You don't necessarily need to understand how a vent pipe works to hire someone to fix your toilet - and there are millions of people out there who could do that for you. Having said, if you know a little something about plumbing you're probably going to be able to hire the best expert more quickly and save yourself both time and money in the long run.
Servicing your entrepreneurial business needs are not as simple as hiring someone else to fix your toilet.
For example, don't hire someone to launch a Social Media campaign if you don't know the industry best practices for utilizing social media to grow your business. Most businesses can figure out how log onto Twitter and create a free account, and yet most don't understand how to use Twitter for brand awareness.
Without a MASTERY FIRST - DELEGATE SECOND approach to business, how can you know if you're hiring the right person? How will you know if you're investment is working? How can you set goals? Measure results? Adapt your strategy? If you can't answer these questions, you're throwing your money away.
Your business can only grow as your own knowledge base grows. Invest in Entrepreneurial Training Programs, scan the web for the free webinars, white papers, and other training opportunities available.
Lesson #3: There is no such thing as ENTITLEMENT.
If you want something, EARN IT. In business, you pay to play. You pay with your time, your self-invesment, and your dedication to learning, growing, and operational mastery. Yet Blagojevich believes that that rule doesn't apply to him. "They're not willing to give me anything except appreciation, so f*** them." Who's the joke on, sweetie?
It appears as if Rod hasn't learned from any of his business mistakes from the past. Perhaps Sharon Osbourne is right. "They pulled him out of the oven too soon. He wasn't properly formed."
If that is NOT what you want people to say about your company, perhaps you had better take these business lessons to heart. Learn from Blago!
Posted by Emily Brooks
Looking to build a commercial kitchen? OR Just looking to find one?
Emily Brooks and the Edibles Advocate Alliance is pleased to announce its newest educational program for community & government leaders and farmers & producers.
Download the Class Informational
Establishing a Shared-Use Commercial Kitchen is our Entrepreneurial Training Program that details the planning, design and budgetary considerations for developing, sharing, and using an FDA approved, multi-tenant commercial kitchen.
The Shared-Use Commercial Kitchen Entrepreneurial Training Course covers the necessary requirements to establish a successful FDA-approved kitchen.
This class is for individuals, government or community leaders, farmers, and/or producers who want to create a commercial kitchen - and covers everything from laws, to safety standards, to equipment, to budgeting, to funding, to creating revenue streams by partnering/selling to others who wish to rent or use your kitchen.
In addition to the base curriculum, we'll also discuss topics relevant to your area:
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outreach to farmers and kitchen end-users
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public-private business models and how to approach public entities as an entrepreneur
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market research and determining the best location and size for your shared-use commercial kitchen
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examples of five revenue streams from different points in the kitchen
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pricing strategies and fundraising
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an introduction to specific health and licensing laws in your region
This is an individually-customized course that will be held over 3 conference calls.
This is a highly intensive class. When we're done, you will leave with the tools and knowledge to get right to work.
CLASS DATES: YOU set the schedule!
TIMES & LOCATIONS: Directly determined by YOU!
REGISTRATION: You must register by filling out the form and submitting your payment through our secure website.
COST: $350
Please don't hesitate to contact us if you have any questions!
Posted by Emily Brooks
In the last two years, our economy has shed over 7.2 million jobs. Many of these jobs are being lost PERMANENTLY - not permanently in the sense that Job X just isn't available, but PERMANENTLY because Job X no longer exists. New jobs will arise, but as The Wall Street Journal points out, it is anyone's guess what those jobs will be. The only guess The Labor Department has is that perhaps health care will be a bright spot in the future accounting for the millions of baby boomers that will flood the medical system. A guess, at best. Who's to say how the botched attempts at heatlh care reform will influence our economy via jobs and employment for the next 20 years.
So what? We're all supposed to become nurses?
Too, there is something different with this recession. We're forced into a very sudden job adjustment rather than the gradual reactionary period we've faced in the past. So what? We were all supposed to have received our nurses training 4 years ago - before the 2007 great economic guillotine drop?
Despite your thoughts about how that might sound facetious, the answer is actually YES.
When in doubt, learn something new. Something, anything! Subscribe for free podcasts or free online courses. Go back to school. Read new books. Investing in human capital - YOU'RE capital - will float you to the top of the pile when new, never before seen jobs arise on the scene.
Don't have time, you say? Sorry to hear that. The reality is you can spend a few extra hours a week investing in your own education, or you can spend a few more months on the bread lines. Pick one.
I personally want to be in the front of the line when the next, brand new job opportunities are created. In fact, I want to be so well informed that I can create my own damn job. Even British newspapers refer to the American Economy as Steinbeck's Grapes of Wrath.
The only standard rule of this current economy is Darwinian Theory.
Posted by Emily Brooks
Julia Child has been called one of the most beloved figures in twentieth-century American culture. She had a source of inner power that the food industry has spent millions trying to replicate. People trusted Julia Child. She was a rare celebrity who never fell from grace.
There are EIGHT entrepreneurial lessons that can be taken from Julia's life as it is every entrepreneur's dream to accomplish what she did: to single-handedly change the world and make it a better place, while finding one's own happiness in the process.
Lesson # 1 Do What You Are - Refuse To Fit The Stereotypical Mold
At 6'2" with a nasally voice that could summon lost ships at sea, a contagious sense of humor, and a bluntness that made many shudder, Julia did not fit the typical mold of a diminutive, nonopined housewife. She spent nearly 50 years on television and has remained in our memories alongside Lucille Ball, Steve Allen, and Milton Berle. She allowed herself to make mistakes and laughed alongside with us as she did so. She swam against the tide, didn't fit any existing "pretty girl" categories, refused to invent a palatable character through which to placate us, staged no formal stunts, and proceeded to use her media time to hold true to herself and her mission - to teach.
Lesson # 2 Fail Gracefully, but Never Make The Same Mistake Twice
For all of Julia's endless, obsessive study of her craft, she clearly understood that failure might still have a horrible way of occasionally seizing control. Chin held high, Julia said "I don't believe in these women who are always apologizing for their food. If it is vile, the cook must just grin and bear it, with no word of excuse. Never apologize." The other side of that coin, when failures graced her table and her life, the harder she worked. It's safe to say that she never made the same mistake twice.
Lesson # 3 Learn, Study. Study, learn, and Study Again.
Julia Child was a detailed perfectionist. She spent long hours in the kitchen under hard labor, writing page after page of instructions. She tested and retested, often remaking the same dish 10 times or more in one day. Cooking was Julia's passion. It lit a fire in her soul, but she didn't just rest on those laurels. She mastered her own skill set to keep that fire burning. "Life is hard & earnest," she scribbled. "Most pains - most results. If you know what doing - half battle is won." And she is right! There are too many books and articles on how to do things quickly, and very few on how to do things right.
Lesson # 4 Climb Obstacles and Master Doubt
It took Julia Child nearly 10 years to write and publish Mastering the Art of French Cooking. She suffered through multiple publishing houses, defended her stance (against current popular trends towards convenience foods) that American cooks actually want to learn to do what chefs do, in their own kitchens. Her first draft of Mastering, which only included 2 chapters to that point on poultry and sauces, exceeded over 800 pages. The book was rejected outright. "I am deeply depressed, gnawed by doubts, and feel that all our hard work may just lay a big rotten egg."
While doubts come, Julia also was wise enough to let them go again. She trimmed her recipes, abandoned her plans to write a gigantic treatise to French cooking and, capitulating to Americans need for speed, decided to "prepare a short and snappy book directed to the somewhat sophisticated housewife-chauffeur. Everything would be simpler, but nothing humdrum." The new manuscript ran about 300 pages, requiring another year and a half of hard labor, another agonizing round of finding a publisher, and Mastering the Art of French Cooking was finally published in October of 1961.
Lesson # 5 Trust Thyself And Thine Own Expertise
When Mastering was finally published in 1961, it sold only about 16,000 copies. Knopf, the book's publisher didn't really want to invest in advertising, and wasn't particularly interested in pushing sales. "Our publishers really are about as unbusinesslike as any I have encountered," Julia fumed. Quit? NO. Julia and her co-author Simca, created and funded their own media tour. In its second year, 65 thousand books had gone out; orders were coming in faster than the book could be printed. Twelve years later in 1974, Mastering appeared on the New York Times list of the century's best-selling cookbooks, with 1.3 million copies sold. And more than half a century after publication, Julia's book still sells more than 20,000 copies per year.
Lesson # 6 Tend Your Image Carefully
Julia tended her public image with great care. The only photographs allowed to be used were the ones taken by her husband Paul. She believed that commercial endorsements were demeaning, and that they tarnished one's reputation. She held her stance firm on that point, and kept her name free of commercial taint throughout her career. She closely guarded her privacy, and vigilantly controlled her media exposure.
Lesson # 7 "Bon courage!" Be of Good Courage!
Julia's sign off to the famous flopped-potato-cake show is wise advice not only to home cooks but all entrepreneurs. Julia held her personal beliefs in line with her craft and her mission. Whether you agree with her opinions or not, she believed in herself and, knew her path, and stuck to her guns.
Lesson # 8 Support All Of Those Around You
Julia Child generously supported the career aspirations of every gifted cook who came her way, regardless of her prejudices. Why? Because it was the art of cooking itself that was important, and she simply would not allow any prejudice, not even her own, to rob the world of a good chef. Julia fostered and encouraged her cooking competitors. In doing so, she single-handedly launched a new generation of "wacky, off-the-wall" newcomers, like Alice Waters, who in turn have shaped the American culinary landscape in their own way.
Julia Child has much to teach entrepreneurs. She followed one simple dogma: To Thine Own Self Be True. In doing so she forged a career path that made her personal life both happy and fulfilled, and she nurtured her competitors without threat to her own brand. Julia Child found what made HER happy. Her tools and the product she sold were perfectly cut onions, the right wrist angle for lacing caramel, and copper pots with singed bottoms.
When Julia Child died and our country mourned, it was clear that we never remembered anything about veal Prince Orloff. What we do remember is that Julia taught us that determination is what really matters, that skill is the only shortcut anyone in any situation will ever need, and that any task that takes a long time is probably worth it.
She used the skill of perfectly measuring the temperature of roasted duck to teach us something more important: cuisine as an art form, available to everybody as a joyful endeavor of love.