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The Power of Peers

25 August, 2010

Contributed by David Cumming, the CEO of Hannon Hill Corporation, located in Atlanta, Georgia.

As entrepreneurs, we’re always so busy forging new relationships with partners and clients that we tend to forget one of the most priceless opportunities: peer-to-peer networking. There is a wealth of knowledge within the entrepreneurial community, and all it takes is a one-on-one meeting to realize that all of the business answers we seek could potentially come from our peers. I came to this realization some time ago, and have since made it a point to proactively involve myself in the lives of fellow entrepreneurs.

How do I do this? It’s simple: I invite them to lunch.

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Categories: general

Tags: advice biggest challenges bold business career david cumming entrepreneur entrepreneurship major trend networking peer power of peers

Moving Up in an Economic Downturn

24 August, 2010

 Contributed by Rick Valentine, the president of Latitude Destination Properties.

As an entrepreneur, I manage a real estate development company. In 2006, I entered a joint venture partnership on a Costa Rican real estate project called “Tranquilo.” Because the project location was the most beautiful piece of land I had ever seen, I quickly became emotionally and financially attracted to the project and its success.

Throughout the partnership, I took on all the responsibilities of sales and marketing. Unfortunately, my development partner could not fulfill his obligations and was unsuccessful in obtaining the required building permits on schedule. As a result, we had to return all deposits received and cancel all contracts. I had spent more than $700,000, and lost all of it!

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Categories: general

Tags: advice bold business career costa rica entrepreneur entrepreneurship finance money real estate recession rick valentine tips

Top Entrepreneurial News of the Day

24 August, 2010
  • Credit Unions to the Rescue? | Entrepreneur.com: Find out how this old-school alternative to traditional banks could be the answer to your credit-crunch blues.
  • The US Anti-Business Epidemic | Forbes.com:Ever since business groups such as the Chamber of Commerce and the Business Roundtable started attacking the president’s policies for throttling their ability to produce, political commentators have been asking: “Is Obama anti-business?”
  • America’s 10 Most Dangerous Jobs | CNNMoney.com: The American workplace is safer than ever despite some recent job-related disasters, such as the West Virginia coal mining explosion and the Gulf oil-rig catastrophe.
  • Apple TV Rumors: You and Your Grandmother Will Never Watch TV the Same Way Again| FastCompany.com: The rumors spin ever faster about Apple’s iTV device–it’ll apparently change everything, including how we communicate with remote family members, and now there’s some evidence that Apple is prepping its in-store employees for “something big.”

Categories: general

14 Secrets to My Success

23 August, 2010

Contributed by Jon Carder, the CEO and Chief Mojo of MojoPages.com.

  1. Never give up. Throughout my career I have missed payrolls, been behind on payments for every one of my credit cards and, at one point, had amassed more than $12,000 in overdraft fees at $20 each.
  2. Befriend well-networked people. Become close to well-networked people, and suddenly you will gain access to well-developed networks. I found my CFO, two key advisors and a primary investor from one well-networked lawyer. Return the favor and do whatever you can to help these people— a one-sided relationship won’t last.
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Categories: general

Tags: 14 tips advice bold business career coaching entrepreneur entrepreneurship jon carder small business success tips

Top Entrepreneurial News of the Day

23 August, 2010
  • Seth’s Blog: Monitoring Your Internal Monologue: How people make decisions can either be apparent to them or not. Seth Godin describes successful entrepreneurs who just know things, and those who actively search inside themselves to figure out why they made a decision.
  • Chile Wants to Borrow US Entrepreneurs for $40,000 – Maureen Farrell – Scaling Up | Forbes: The Chilean government would like 25 US entrepreneurs to come and set up shop in Chile. They will pay them US$40,000 for six months, and the entrepreneurs will be given a year-long visa if they decide to stay longer. What’s the catch? The Chilean government wants the entrepreneurs to attend local networking events. The incubator process in the long run could help Chile nurture it’s own entrepreneur community.
  • Lujiazui Breakfast: News and Views about China’s Stocks (Aug. 23) – Russell Flannery – China Wealth | Forbes: Even though the 2010 net profit for the first six months increased by 6.7 percent, foreign companies are still pressuring the Chinese government to improve their investment climate. In China, investors are worried about a double-dip recession. The Chinese government may tell real estate companies to bring idle land to the market, but the majority are hesitating.
  • 10 Awesome Tools for Business Owners and Startups | BusinessBlogs Hub: Online tools are available, but sometimes hard to find. These are 10 online resources that will help you do your work. 1. Notixtech.com 2. idesignyourlogo.com 3. EmailMeForm.com 4. Moo.com 5. FreshBooks.com 6.Flowtown 7. IdeaPaint.com 8. Websticker.com 9. Shipwire.com 10. Call Recorder for Skype by Ecamm.

Categories: general

Tags: 10 online resources for your business business chile chinese government double-dip recession entrepreneurship forbes.com seth godin small business successful business

The 10 Commandments of Business Growth

20 August, 2010

Contributed by Mark Graham, the president of Right Sleeve Marketing, Inc.

As an entrepreneur, I’ve always been interested to know how Goldman Sachs grew from a mid-tier firm to a global powerhouse over the course of a few decades. I’ve been reading Charles Ellis’s “The Partnership: The Making of Goldman Sachs,” a book that sheds a lot of light on growth management.

Admittedly, I have very little connection to the investment banking industry these days, nor do I endorse the shenanigans of modern-day Wall Street. However, what I have found interesting about this book are some of the timeless business principles that can be applied to almost any enterprise, regardless of industry or company size.

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Categories: general

Tags: 10 commandments bold business business growth business principles career entrepreneur entrepreneurship goldman sachs growth

Top Entrepreneurial News of the Day

20 August, 2010
  • Seth’s Blog: Finding inspiration instead of it finding you: Ever been unable to think of an idea? Seth Godin’s solution is to train your interesting and creative ideas to show up when you need them. Through simple activities, like writing a blog post every day, you can train your ideas to work on your time.
  • Turning Whisky Into Biofuel – Forbes.com: Whisky is the next potential biofuel. Whisky (Scottish-English), when it has gone bad, produces two things: pot ale and draff. Pot ale and draff can then be combined chemically to create a biofuel. “The biofuel, called butanol,” explains Robin Shreeves, “gives 30 percent more power output than ethanol.”
  • Four Ways to Catch Up on Your Retirement Savings: Haven’t been saving enough? Here are some tips to get back up to speed.
  • Credit Unions to the Rescue?: If your credit card company or bank is changing their policies to inhibit you, your next step may be credit unions. Credit unions usually have lower rates because they “exist for the benefit of their members.” This can be attributed to their tight lending standards.

Categories: general

Tags: biofuel entrepreneur entrepreneur.com finance forbes.com inspiration money retirement saving seth godin whiskey

Top Entrepreneurial News of the Day

19 August, 2010
  • Green Data Center Market to More Than Triple Over Next Five Years | FastCompany.com: Looking to get into the sustainable technology arena? Consider investing in the green data center market, which is projected to increase from $3.82 billion in the U.S. today to $13.81 billion in 2015.
  • Four Tips for Social Media Marketing | Inc.com: Real-world examples of employing the best tactics to engage, enthrall and expand your customer base online (without looking like a jerk).
  • Make Your Business Card Stand Out | Forbes: Don Crowther thinks you should put your picture on your business card. Not only that, but he wants you to include a mini-résumé, your Twitter handle and some sort of special offer that entices each recipient to get in touch.
  • How to Be Your Own Lobbyist | Entrepreneur.com: What would you do if you heard about a city proposal to ban downtown parking– right in front of your store? Or if you got wind of a new state restaurant tax that could force your café to shut down? You have more power to fight back than you think.

Categories: general

When the Worst-Case Scenario Actually Happens

19 August, 2010

Contributed by Adam Robinson, the Chief Hireologist at Hireology, located in Chicago, Illinois.

I started my business in 2004. By the middle of 2007, sales had grown to $4M a year. I had 21 employees, a great culture, and was a leader in the industry. I had my sights set on the Inc. 500.

Being an upstart business-outsourcing company means that you have a small number of customers who generate a huge percentage of your revenue. In my case, I had two clients on multi-year agreements, which together made up 75 percent of my company’s business. Furthermore, running an outsourcing firm is incredibly capital-intensive. Combine a cash-tight business model with 300 percent growth, and I was one late-paying customer away from coming unglued.

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Categories: general

Tags: adam robinson advice bold business entrepreneur entrepreneurship hireology tips

To Build a Leadership Team, Shut Up and Listen

18 August, 2010

Contributed by Joyce Lasecke, the president of Fredrickson Communications, Inc., which is located in Minneapolis, Minnesota.

Building a leadership team had been the most rewarding and frustrating challenge I’ve taken on in my business. It’s rewarding to hear my own words coming from the mouth of a director, and it’s frustrating to watch a director slowly work through an issue for which I can so clearly see a resolution. To get to the rewarding moments, I have had to experience a lot of frustrating ones. Fortunately, the rewards have lately outpaced the frustrations. How did this happen? I figured out that I need to shut up and listen.

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Categories: general

Tags: advice bold business career entrepreneur entrepreneurship leadership tips

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