Overcoming the 6 Biggest Fears of Business Ownership

1. Sailing the Ship Alone 
 
I'm sure you have seen the Honest cleaning products in recent commercials, but did you know Jessica Alba, famous actress, founded it? During the 2015 Forbes Women Summit Jessica commented on how people saw her as only being capable of acting or endorsing products, not creating them when she commented, "It took three and a half years of condescending nods and pats on the back of 'good luck,' or 'go back to endorsing things' or 'go do a perfume'." Had she decided to rely on any fear-based assumptions that she wouldn't be successful because of non-support, she probably wouldn't now own a billion dollar company. What she did do was seek out business people and manufacturers that could help make her dream come true.

2. Not Being At the Master Level 

Whether you think you're not good enough at your craft to start your business, or that your product or service isn't at the professional level of others in your line of work undermines your goal of business ownership. Start small with your best item and improve upon it over time while continuing to introduce new items or services. All start-ups experience learning curves. Progression leads to perfection, most businesses don't start at the top.

3. Not Knowing Where to Start 

There are so many people that want their own business but just don't know where to start. They look at others successes and feel defeated before they begin. Instead, follow those you admire who are doing what it is you want to do. Read up on them. Research their beginnings or better yet, reach out directly via Twitter, Facebook or see if they will do a Skype interview.

4. Fear of Failing 

We all fail, but the key is getting back up and dusting your self off. It took Thomas Edison 1,000 unsuccessful tries to invent the light bulb, but he pressed on and didn't give up. He's been quoted as saying, "I didn't fail 1,000 times. The light bulb was an invention with 1,000 steps." "Great success is built on failure, frustration, even catastrophe." What tenacity, what great faith he possessed!

5. Not Attracting Enough Loyal Customers 

It's common to think, "What if people don't buy my product or value my service?"
Being in business for your self is a risk, but seasoned business owners wouldn't have it any other way. Keeping a job is a risk. Focus on delivering exactly what you are promising and overtime the customers will come.

6. Not Having Enough, or Running Out of Money 

I'm willing to bet that almost everyone would be a business owner if all it took were to walk into the bank and say, "Show me the money," and the banker hands you a check for $100,000 and no terms for the payback. But, it doesn't work like that and entrepreneurs oftentimes use their own savings or depend on friends and family members to finance their business ventures. Losing a close friend or family member's money can be scarier than defaulting on a bank loan. If personal investment loss is stopping you from starting your business, consider alternative funding, like business credit cards. The application and qualification process is less stringent from traditional banking, and you can get a funding estimate within 24 hours of applying.

In Conclusion 

Being an entrepreneur isn't just for the courageous. It's for those who are willing to embrace their fears and work through them. Knowing that obstacles lie up ahead, but victory, aka the sweet spot, is just a round the corner on the road to success.

Access the link below for further information on getting business credit:

https://mwcc.wufoo.com/forms/janine-herrera-prequalification-form/

Article Source: https://EzineArticles.com/expert/Janine_Herrera/2328775

Everything You Need to Know Before Starting a Pressure Washing Business

Are you fascinated by the idea of starting a pressure washing trade? You must have perhaps heard that pressure washing is a decent and worthwhile business, low investment and easy to start - and that's what must have inspired your decision. Decent? Well, it is, but when it comes to providing quality services - the business is not just about purchasing and installing a pressure washer. In fact, there's much, much more to the pressure washing business. Before you actually make the buying decision for a washing kit - there are a few questions you should ask yourself.

What if you lose interest in pressure cleaning?

What if you failed to survive amidst competition?

How will you get a license, insurance, and customers?

Learn the trick of the trade

Before you go on to invest money in a power cleaning business, try your hands on power cleaning, and not just cleaning - but cleaning like a professional. Analyze yourself during that trial run - does power washing keeps you interested? If it doesn't then obviously, no point taking things further. But if you do, then master the art like a [pro to ensure you clean the objects without harming your surroundings like tiny plants, flying debris, etc.

How to learn power washing

While there are volumes of how-to guides and videos readily available to help you learn the ropes, the best is to practice it over and over again. You can rent or borrow a pressure washer from somebody for a week or two and start practicing on house siding, boat, car, fence, drive, tile patio, or on just about anything that can be cleaned with jet water. Though this exercise won't turn you into a pressure washing pro overnight, it will for the least offer you a platform to build things up and launch from there. Keep a note of your mistakes and rectify them gradually.

Calculating profit

Ever wonder why the majority of startups are software/digital companies? That's because they need very less investment upfront. As a business thumb rule, (Profit) = (Money in - Money out). For a service-based startup like pressure washing, you need a significant amount of investment upfront. Therefore, you need to think about the following points in order to assess Profit scope for your business.

Money Out 
 
The expense of running a startup power washing business can be broadly categorized as below:
• Power washing kit, including surface cleaner, nozzles, pressure washer, chemicals and trailer or something similar
• Business permit, contractor license and insurance costs
• Advertisement and user acquisition costs (Pamphlets, ads, flyers etc.)
• Transportation cost for power washing kit (truck, van, cab, etc.)
• Ongoing marketing, fuel and maintenance costs

Money in (Revenue)

Set your price tag for cleaning by keeping in mind two important factors
1. The cost should be significantly high than your investment for you to make profit
2. It should be significantly low or equal to that being offered by your competitors to stay in business
Make your call: Add remove any expense you think necessary and calculate the profit you can make based on the formula given above. If it makes the profit, get on with it, else you'll need to devise a plan to cut down investments.
3. Keep things legal
Before starting up a pressure washing business, it is highly imperative for you to get a relevant business license, insurance, and permits since they can save you from running bankrupt in case something goes wrong and you end up hurting someone or damaging private property.
Depending upon your location and jurisdiction, the legal formalities may vary: you can reach out to your region's clerk office for details. However, in general, you will need to obtain:
• Business document
• License
• Bond
• Sales tax registration
• Contractor permit
• Environmental permit
4. Insurance
Insurance is a critical part of this business which you should take sincerely and get all documents registered with utmost liability and sincerity.
• Liability insurance which covers damages you may induce while cleaning
• Workers compensation cover for injuries to you or your employees while practicing on the job
• Equipment insurance covers damages and theft
Why invest in expensive equipment
Business, service business, in particular, is more about perception than just quality. It's human psychology, customer buy what they see! Here're a few points to highlight the use of industry-grade equipment:
• When you put in wealth in something, it shows what it means to you, it reflects your seriousness, trust, and professionalism, too
• Branded equipment and carry truck are long-term free marketing
• Industrial tools last long and need less maintenance cost
How to entice customers
Well, there's no clear-cut formula to get customers flowing into your doorsteps, while you may for sure start with door-to-door marketing - if that goes fine by you. Other marketing approaches and conventional methods to market your services and fetch customers are listed below:
• Newspapers and local listing ads
• Word of the mouth
• Appointing salesperson, if you have the budget
• Flyers and pamphlets
• Broadcasting ads

Once you're off to a good start, make sure you provide professional and standards-based service to facilitate word of the mouth marketing at no cost. Look to retain customers, as it is far more profitable than investing on marketing processes for new leads - keep a balance and good luck!

Article Source: https://EzineArticles.com/expert/Fakrul_Islam/2325787

How To Start A Sportswear Brand

The Complete Guide To Starting A Sportswear Brand 
 
Do you want to start up a sportswear brand? Do you have some great design ideas or a cool new apparel concept? Can't you find the styles you are looking for? The time could be now for you to start up that brand you have been thinking of. But where do you start? How do you go about to make it all happen?

If you want to set up your own clothing brand, then this article is for you. We'll give you an overview of the steps involved in starting your own business, and information that you have to think about.

Starting Up

Step 1. Idea & Customer Need. 

It all starts with an idea. Maybe you can't find the clothes you are looking for, or you have a strong design opinion that you want to show the world. You are better off if you can connect your idea to a customer need. If you strongly believe in your idea, you should go ahead and make it happen.

Step 2. Market Scan. 

You have a great idea for sure. The question is: is it unique? Perform a thorough market scan. Search the web, visit shops and read relevant magazines. You want your brand to stand out in the competition and find your target niche. If some other brand already has your idea, you will always be number two.

Step 3. Business Plan. 

It can be great to have a business plan if you want to bring other people on board, e.g. investors or partners. But primarily, the business plan is there for you. It forces you to ask yourself those tough questions and look at your business venture from different angles. The business plan is a living document that will change and evolve over time, usually things don't go exactly according to the initial picture in your head.

Step 4. Branding. 

Put a lot of time and thought into your brand identity. There are many brands out there so you need to make yours stands out. Create brand awareness and loyalty that connects your customers to your label. It is important that your brand ties together with your actual products.

Step 5. Money.

Nothing is free. Nor to create a sportswear brand. In your business plan you have made an initial budget and you have an estimate of how much it will cost you to set it up. How will you finance it? Can family or friends help you? There are special start-up loans as well as investors to turn to. Going to an investor early on means giving away more of your company. But maybe that's the best way to get it started and make your dream a reality?

Step 6. Entrepreneurship. 

Running your own business isn't a 9 to 5 job. It is not the hours you spend in the office that matters. What matters is what you produce. You are your own boss and you need to make it all happen. You will live and breathe your brand, working 24/7. All people have great ideas. The differentiator is that the entrepreneur makes them happen. It will require you to put in the work and follow through on your dream. Are you cut out for this or not? Is it really what you want?

Step 7. Team. 

As mentioned in step 6, setting up your brand will require a lot of blood, sweat and tears. Can you do it all by yourself? Even if you can, is that the most efficient way to do it? Make sure to liaise yourself with talented and driven people that can help you out where you fall short. If you are a designer find a good business partner, and if you are a business person find a good designer. No one can do it all and you shouldn't either.

Step 8. Define The Collection. 
 
Leaving the start-up phase behind you, it's now time to start the product development, the process of making your garments. The first step here is to define your collection. Focus on your brand identity, your vision, and the products you wish to create. Make sure your collection is clear and has cohesion.

Step 9. Design. 

You have structured and defined your collection and the designer can start sketching. Get back to the inspiration and the brand image, and the customer you want to have. The styles should fit in with the vision and identity of your brand. The designer needs to make great tech packs so you can carry on with your product development.

Step 10. Sourcing. 

Sourcing means finding factories, materials, and accessories. Materials is a science by itself. If you know your price points, performance requirement, and quality level, it will help you narrow down your search for the right materials. Accessories can be cords, zippers, pullers etc that you want to include in your garments. Then you need to find a factory that suits your needs, can produce your styles, and believe in your concept.

Step 11. Pricing. 

In the start-up phase you had a first look at the costs and the prices for your styles and production. Now when the collection is defined, you have sourced materials and found factories, and hence production costs, you need to check your pricing again. Does it add up? Will it be profitable? Review all the posts in your budget and see how you can recalibrate it. In the end you want to live and work, doing what you love. You don't want it to be an expensive hoppy that you poor money into.

Step 12. Pattern & Prototype. 

This is a very crucial part. Even though you have great designs on paper, you need to transform them into garments that look and feel the way you want. Based on the tech packs you need to find a good pattern maker, which isn't easy. The pattern is made in your wanted sample size and will later be graded to fit several sizes. With the pattern you will start making your prototypes. In between every prototype you will measure, fit, and adjust the pattern to improve your garment. Typically you will need 2-3 prototypes per style before you have a sample ready to show/sell.

Step 13. Production. 
 
Once you have arrived at your final prototype (sales man sample), you can start planning the bulk production. Discuss this with your factory as early as you can. They need to plan in your production in their schedule. They of course need to know how big your production will be, the number or styles and sizes per style. We suggest you write an agreement with the manufacturer stating delivery times and quality requirements.

Step 14. Shipping. 
 
You have the bulk production ready and need to get your fantastic garments to your customers. Depending on your sales strategy you can have one or more customers. There can be shops, end-users, and wholesalers. Take a look at your logistics, negotiate with transportation partners, and plan how you will repackage the goods to suit your designated customer.

Step 15. Marketing. 
 
Let the world know your brand's story. Marketing is your products, your meetings, your communication, and everything you do in you business. Be honest in everything you do, let the customers understand why you do it, and what your brand is about. You want to get your message out. Tell the world about your products and what differentiates them from the competitors.

Step 16. Sales. 
 
It doesn't matter if you have the best products in the world with the best story, if no-one buys them. In the end it all comes down to sales. You want your garments to sell, so you can reinvest and develop your collection and keep doing what you love. If you work with retailers, the traditional way is to show at trade fair and to take your collection in garment bags and visit the shops. This way you end up having multiple mini presentations and demonstrations of your awesome collection. Not all buyer are open to new things, so don't get discouraged when it gets tough. Believe in your brand and keep going.

Step 17. Order. 

The manufacturer usually has minimum quantity requirements for producing your garment. This should at least be your selling target. Sell, sell, sell, and collect your orders to meet those minimums. At the same time, keep track of your minimum requirements for materials. How much fabrics are on each roll that you buy? You don't want to buy too much fabric that in the end turns into left over. A good recommendation is to only produce the garments you have orders on. Don't stock up, unless you have an online business, and therefor need your own stock.

Step 18. Customer Service. 

Take care of your customers. You make your garments so that your customers can have them for their intended need. Don't disappoint them, put yourself in their shoes and just see how you can help them. How will you handle complaints, returns, delays? Talk to your customers, put your ego aside, and use the information to make even better products in the future.

Visit Sportswear Inc. at http://www.thesportswearinc.com to learn more about starting a sportswear brand.

Article Source: https://EzineArticles.com/expert/Klas_Kristiansson/2347487

Three Major Sources Of Funding Startups

Are you a new entrepreneur? Do you need ideas as to how to get funds for your new business? Here are a few basic ideas which almost all entrepreneurs use to grow their business.

Bootstrapping

The best way to build a company is without the help of any financer. And it is possible also. Bootstrapping basically means building of a company with the blend some of personal savings and borrowed cash from family and friends. Some of the clever founders get back a huge amount of their money by starting their company in countries where the living cost is comparatively low like Chile or Vietnam. Also, with the help of government grants they are able to grow easily until the returns start rolling in. A few crowdfunding platforms encourage cash donations from the public in exchange to early access to company's products. This has made it easier for the founders to get capital without giving up a valuable equity.

Equity Funding

If bootstrapping is not a likely option for the founders, then they can craft a stake in the company for investment purpose. Whereas risking wealthy firms are best for startups that require lot of cash and aim to grow quickly. Not to forget there are quite a lot of other equity options for organizers with diverse business ideas. New founders must try and get their company into an accelerator. They have a two-three month program which is basically designed to aid new startups to work through the initial phases of the development. This program also helps you to find possible investors at the end of the program. Accelerators have also launched a few success stories, whose organizers have received some funding and valuable guidance from some of the skilled entrepreneurs in return for a 7% to 10% stake in their businesses.

Debt Funding

It is not advisable for a young startup to go to debt funding in its early stage. It must be something of a last option. But in some cases, a small amount of cash is required at the earliest. In these cases it makes sense for the company to take out steady, old loan and spare the trouble of finding an investor. In such cases, it is advisable to check if the business is eligible for any government-aided loans. Such loans usually have promising rate of interests and malleable repayment plans.

Thus, irrespective of the route an entrepreneur chooses to go down for financial aid, it is important that he/she takes time to wisely consider the goals of the startup and how the funding strategy adopted will help them achieve it.

You can get an inheritance funding company to help you out. Read more!

Article Source: https://EzineArticles.com/expert/Rajesh_B_Sanghvi/1284637

Being Your Own Boss: 5 Benefits To Being Your Own Boss

Having an employer is nice and there are plenty of benefits to that. However, being your own boss is awesome and there are hundreds of benefits to it! I'm going to go over 5 of those benefits within this article, explaining why so many people strive to see a day where they are their own boss, calling the shots and sending the money around. Being your own boss, however, is certainly not for everyone! Be sure to figure out what you want to do in life before jumping right into something.

1. Massive Progression - I, personally, have no interest in doing something for the rest of my life without a wide room of growth and promotion. If I am going to be employed, I want to have the ability to be the Chief Financial Officer in a few years. When you are your own boss, you can do exactly that starting with Day One.

2. Full Control - When you are your own boss, you call the shots! Deadlines, of course, do still exist! However, if you don't want to complete those deadlines, you technically don't have to. There is absolutely nobody to tell you what to do or how to do it. You could take an entire week of work off and not have to stress about it. However, if you are wanting to be successful and make a good income from being your own boss, you'll need to take the bull by the horns and get some quality work done!

3. Flexibility - Does working a basic 9 to 5 not for work you? I don't blame you! Being your own boss allows you to make your own schedule. If working first shift on Monday and third shift on Tuesday works for you, so be it! If you'll be starting your first shift work-day two hours late, who cares? You have the ability and power to make a decision wisely in regards to your own schedule and how you get things done!

4. Enjoyment - In a world of debts and bills, we can't accept not having a job. Therefore, sometimes we accept a job that we don't want to do. We may even accept a job in which we downright hate! With being your own boss, you are able to choose what you do and that means you will be able to do something you actually enjoy! You are able to do something you wake up every morning ready and excited to do! You are able to go into work with a smile on your face, money in your wallet, and ready to make it happen!

5. Big Bucks! - If you are your own boss or wanting to be your own boss, you likely want a work environment with freedom or you want the "big bucks"! Being employed provides you with a "safe" income, however, the income isn't really that safe when you could get fired at any moment. Being your own boss allows you to be more risky, which means you have the potential to make a huge amount of money in a little amount of time. The amount of money you earn, is entirely up to you.
Being your own boss doesn't have to remain a dream! You can get this done and be successful, anybody can! It all is going to depend on what you want and how badly you want it. If you want to enjoy any of the benefits listed above, understand that it will require work, you will have to deal with the daily problems every boss to ever exist has gone through! Take a look at the rewards and make sure being your own boss is something you are able to do or even want to do!

"Discover How To Make $1,500 Per Week Starting Today!"
http://dustinahalemarketing.tumblr.com/
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Article Source: https://EzineArticles.com/expert/Dustin_A_Hale/2133901

What Is Vendor Reconciliation? Know the Detailed Automated Process

For an entrepreneur, the biggest form of cash outflow is a payment made to vendors. To deal with such a huge amount of monetary payments in a systematic manner, it is best that reconciliation of vendor statements is done. If you are asking "what is vendor reconciliation?" it is time that apart from reconciling your accounts on a regular basis, there are other areas you should be concerned.

Within the supply chain, late processing of invoices can be a major issue. This not only leads to late payment and lag in the chain, but certain discrepancies may arise as well. It is to prevent these that reconciling vendor statements are important.

"If cash flow is sanity, revenue is termed as vanity; CASH is surely the king!"

What is vendor reconciliation?

The document availed from the account of a vendor stating unpaid voices at a particular period is known as vendor statement. It has certain unclear aspects within it as payments and credit notes. The concept of reconciliation implies, matching of invoices and other documents from the vendor's side to that of your own.

Why should vendor statements be reconciled?

Once the query what is vendor reconciliation, the other point that surfaces are why should these statements be reconciled? Well, to answer that, noting certain points is important.

· The first notable point is ensuring of early settlement of monetary issues. Therefore, vendors will not have to wait for months to get payments and
therefore trade can be carried on in the same manner.

· Those vendors who have not reported and having discrepancies in their account can be easily determined. This will save the company from future losses.

· It will prevent any manner of duplicate payment (in case, your vendor's pricing master data is wrong) and thereby validate balance sheet of the company.

· This system at the very end helps in identifying those issues that are disturbing both your systems: yours and your vendor's. By presenting a detailed report, vendor queries will be solved and your control over your vendor ill increase.

Given such a scenario, taking help from an automated process will be a better option. Therefore, the system in this case to assist you is SAP, an automated process to keep track of vendor reconciliation statements. Clearly, vendor reconciliation now has an added advantage of using automated process to deal with it.

How is SAP useful in dealing with vendor reconciliation process?

Standard SAP does not allow functions to reconcile statements. Therefore a specially developed BEST software is integrated into this module. This has additional reports and screens along with certification as per German standards. While buying, it is imperative that you keep track of organizations that are professionals in selling this SAP software.

· This automated SAP process saves finance by avoiding interfaces that are presented by vendor master. So, all credits and discounts are added on at the same time, saving money.

· There is an option to balance SAP payment to reconciliation, therefore in case, a specific vendor lacks enough information to provide that ideal reconciliation report, a user cockpit present allows reprocessing of such information.

· Not only creditor document but the whole procurement chain can be matched in this SAP format. This includes those goods which do not have an invoice/those invoices that are in process in VIM tools.

Have you got an answer to what is vendor reconciliation? Well, make sure that you get certain add-on tools in this automated process to enhance these statements. A visit to the professional is a must!

John Andrews is the author of this article on what is vendor reconciliation.

Article Source: https://EzineArticles.com/expert/John_Andrews/2396475

Non-Profit Does Not Mean No Money

There is a big misconception with first time business owners and entrepreneurs about non-profit businesses. Many first time business start-up owners think that they would rather start a for-profit over a non-profit because they want to make money. The thought is that they do not want to start a non-profit because they (incorrectly) think that non-profits cannot make money.

The fact is that there are more streams of revenue in a non-profit organization than a for-profit business. Although not all types of businesses are eligible for the non-profit tax-exempt status, there are some types of businesses that can easily be formed as a for-profit or non-profit. Perhaps the best example is a child day-care center. Regardless the type of business entity the child day care center can charge the same rates and fees for the same services. The staff can receive the same rate of pay and benefits. The same profits (surplus) can be gained.

In addition to generating the same revenue through the sale of products and services the 501c3 non-profit can receive tax-exempt donations from fund raising, in-kind donations of products and labor (volunteers), endowments, and grant funding. The 501c3 tax-exempt organizations are also exempt from paying federal income tax, federal unemployment taxes (FUIT), and in some states, sales tax.

Non-profit organizations can purchase capital assets such as property, buildings, and investments. Non-profit organizations can pay employees benefits, insurance, and retirement plans. Non-profits can pay for additional employee benefits and perks as long as they generate enough revenue to do so.

Non-profit organizations do have a limit as to the amount of revenue they can receive in a tax year. The limit is three times the amount of their estimated budget for that year. For example, if a non-profits budget was $500,000 for the next tax year they could legally generate up to $1.5 million before adjusting their budget and reporting.

A couple of examples of excellent non-profits and their ability to generate revenue are: the Girl Scouts of America (501c3) which sells cookies, and the NFL (National Football League, a 501c6) which is a kind of membership association of privately owned for-profit businesses.

These organizations generate hundreds of millions of dollars in revenue each year through their business efforts.

There is a special application process required to be submitted to the IRS for a business to become recognized as a 501c3 tax-exempt corporation. This application packet commonly consists of eight documents.

American Grant Writers Association
http://www.agwa.us

Article Source: https://EzineArticles.com/expert/John_Porter/2296801

Benefits Of Being Wealthy - Check Out These Amazing Benefits

It is great to be wealthy. In fact, the pursuit of wealth can be a noble initiative. You can do a lot of things if you have the necessary wealth. Being wealthy is a great advantage. Let's examine some of the things that come with being wealthy.

• One of the biggest advantages of being wealthy is that you can have the best comforts in life. Practically everything in the world is available in return for money. Being wealthy enables you to have the best houses to live in.

• You are able to provide the best education for your children. Some of the best schools and colleges in the world are exclusive for the wealthy people. Studying in such schools has its own advantages.

• You can visit every place on the earth. Visiting exotic places can help broaden your vision and expose you to many cultures in the world. Experiencing them can be a great education for your children.

• Being wealthy, it is natural that you would end up having similar friends and acquaintances. This can help you to forge better relations with them and multiply your wealth.

• You have the advantage of buying in bulk at the best stores in the world. You also have the advantage of investing in a wide range of securities.

• You can do your share of philanthropy by donating a part of your wealth to charitable organizations and medical institutes. This can help the poor and underprivileged people have decent educational and medical facilities.

• One of the noblest initiatives can be taking up the educational responsibilities of poor children. There are people in the world who have the talent but not the means to pursue higher education. You can pitch in with your contribution.

There are hundreds of things that you can do if you have the necessary wealth with you.

Here is the next thing for you to do!

You must develop some skills in order to be a successful entrepreneur. Certain skills include;

1. The skill of being discipline because many start up businesses require around 2 years of hard work before a proper return on investment is made.

2. The skill of being a closer. A closer is someone who is good at closing deals or transactions. In order to be a good closer, you must educate yourself of how to talk to clients.

3. The skill of being ambitious. You will have to have a certain level of drive to be a successful businessperson.

For more free information on how you can experience all the benefits of being wealthy and becoming your own boss, go to Your Free Report

Article Source: https://EzineArticles.com/expert/Marc-Eddy_Drouinaud_Jr/2289154

Excavation Entrepreneur

Startup lessons from a patient archaeologist

The two words, 'excavation' and 'entrepreneur,' are most likely to conjure up a construction site with giant yellow excavators. But if you were talking about Stuart Wilson you would be wrong.

Lost Medieval City Beneath the Sod

Stuart Wilson, 37, is a graduate archaeologist-and entrepreneur, though he might not classify himself as such. He was a toll collector when he invested in his passion: archaeological excavation. He followed a conviction that he was on the trail of a long lost major medieval city in Trellech, Wales.

Whereas he might have put a deposit on a home, or bought a sports car, he actually bought a 4.6 acre field-for £32,000 (about $40,000 at current exchange rates). He used his life savings and took out a bank loan to cover the cost. His mother, Barbara, said at the time, "Ah well, if you don't find anything, it'll make a nice picnic site." So he had a risk mitigation plan right from the start!

This field was where he was pretty sure part of the lost city lay, buried beneath the farmland. He was sure enough of his passion that he gave up his job in the toll booth and settled in to demonstrate that his passion was about something real-and important, through digging up the site.

Without formal backers for his enterprise, he invested heavily of his time and energy, and precious little else, except an army of probably as many as 1,000 volunteers from across Europe as well as the locality, over the last eleven years.

The volunteers included archaeology students, who paid a small fee ($61 a day) to participate, as well as people from the surrounding areas. He also raised funds by selling T-shirts and other small scale revenue producing efforts. So convinced was Stuart, that he gave up his full-time job and worked shifts at a betting shop to help fund the project.

A Hidden Manor House

One of the major finds has been the remains of a large medieval manor house. But many other buildings, artifacts and whole streets have been unearthed. Stuart believes that there is much more that will see the light of day.

He was amazed to find that walls were fully intact, and floors, a well, drains, road surfaces, cobbled pavements, entrances, and now a fireplace with a chimney and a courtyard have all been found. Though they have unearthed parts of a street, know where many more exist, since they are still used as roads or tracks.

But now, following massive world-wide media attention, he envisions permanent on-site dig structures, an interpretive centre and recreations of Trellech buildings. His persistence is now paying off and he is dreaming much bigger. What in entrepreneurial terms one might call scaling. Part of the scaling might include a takeover-of more land, surrounding his own plot, since it holds but a fraction of the sprawling lost city.

Entrepreneurial Characteristics

From my own 50 years of living, observing and writing about entrepreneurship, I have come to distill seven characteristics that will almost certainly be present in a person who creates a new venture of any kind. Such a person:

1. is predisposed to action-"I could have done that, but... ", you've heard many people say something similar, they never do;
2. enjoys investigating & innovating- comments on the idea like, "it'll never be worth it, because... " incite finding a solution;
3. experiences learning as a way of life-rather than shutting up shop and sticking to the known;
4. tolerates ambiguity-and allows creativity to resolve it, often coming up with innovative solutions to problems;
5. is a (controlled) risk-taker-will always consider how to deal with the downside;
6. is able to put vision into practice-the passion has to have an expression in reality;
7. while remaining very much in the present-to deal with the unexpected rather than being floored by it.

Stuart manifests most of these characteristics and his venture is now maturing. He comments that, "As a result of buying the field, my parents had many years of servitude." In the case of almost any new venture, friends and family tend to be its best and most patient backers. In Stuart's case this has certainly been the case, though he has now moved out of home, to a toilet block he converted to a home in the local town of Chepstow.

Stuart also suggested that, "When you are a small fish in a big pond, then bigger fish tend to ignore you, leaving you alone." However, his time of swimming in a 'Blue Ocean' where there are few predators, is now ending-as he is discovering.

He knows that he's beginning to swim in a 'Red Ocean,' where a lot of blood is spilled, as competitors fight for prey. His solution like many entrepreneurs faced with that situation, is to become "a much bigger fish to make them think twice about attempting to take a bite."

Financial Bootstrapping: The Stuart Wilson Example

Much that is written about entrepreneurship assumes that significant amounts of capital are needed. However, the reverse is true for about 99 per cent of new ventures started on a wing and a prayer. Stuart bootstrapped his venture big time. He cobbled together enough revenue and muscle to persist in his endeavor-a bootstrapper par excellence.

It is a particularly interesting example of bootstrapping, in that he did not set up a business, or even a nonprofit to achieve his ends. His venture is an example of something that is happening ever more frequently-and especially in the hands of creative individuals like Stuart, who don't find that any conventional kind of organization meets their needs, and may not even think that they need a legal structure to change the world, anyway.

Of course, there are many instances in which it becomes necessary to have a formal legal entity. Stuart is now faced with choices that he did not need to confront at the outset. Two things have happened as a result of his efforts. First, he is beginning to gain traction, as the startup jargon calls it. The venture capitalists might call traction 'evidence of market demand,' and in Stuart's case, it is the sheer numbers of people that have become involved with his dig, as a consequence of its revealed importance.

The second thing that has happened, is the notoriety he has been receiving from the world's press and television media. That kind of public attention has followed disruptive startups in many sectors. When they can no longer contain their success, predators start showing an interest. There have been numerous instances of that happening. One of the more spectacular recent examples was the behemoth Walmart's acquisition of jet.com-the online retailer.

In the case of the Lost City of Trellech, it is not buyers who may be circling the site, but government bodies or professional associations who may consider that such an important archaeological site cannot be left to what they may consider a maverick, despite his professional degree.

Potential Predator Poses a Problem

Right now, Cadw, the historic monuments arm of the Welsh Government threaten to 'schedule' his site. Stuart refuses to accept that they should take control, just as a business founder might fend off a takeover suitor. He has been assured by current officials that things would stay as they are, with him running the show. But he is savvy enough to know that officials come and go, just like management in an acquiring company.

Wanting to reach an accommodation, Stuart has offered to form a Heritage Partnership Agreement with Cadw, so that they can work together, without him losing control. But he's not leaving it there. He is about to write an open letter to the Welsh Government to bolster public opinion in his favor.

It is not surprising that he has started this one-man lobbying effort, since he now has plans to turn the site into an public attraction. Stuart has submitted plans for an archaeological research centre and camp site to Monmouthshire County Council, signaling the dig site as "a valuable community asset that supports local tourism, hotels and pubs." To ram the point home, he adds that it's also, "an important archaeological site as well as a training and educational facility."

Now that's scaling, business or otherwise, and Trellech, the Lost City of Wales would inspire any aspiring entrepreneur who lacks big bucks, but dreams big.

Note: Stuart's dad, Alan, applied for a job in total quality in our company. At his group interview, he demonstrated the quality process by baking a loaf of bread before our eyes in the office, portable oven and all. He got the job and worked with us for several years. Clearly, creativity runs in the family.

William Keyser, a veteran entrepreneur, is Managing Director of Venture Founders LLC: How To Start a Business. Startup Owl offers a wealth of free information and advice to would-be and early stage entrepreneurs.

Will is a veteran entrepreneur with VC experience and he is committed to help business startups to: clarify their business purpose; sharpen their business model; better their business plan; speed their market entry; offer customer value; finance their business right; grow their business strongly; survive their business challenges-more effectively than they might do on their own.

Will taught strategy and entrepreneurship on an MBA program for 7 years and his book, Founders Are Storytellers is available from his website.

Article Source: https://EzineArticles.com/expert/William_Keyser/56299

Lessons Learned From Business Failures

It's been a little while since the last article due to taking on a project that I never should have taken, but nonetheless was great for maturing me both professionally and personally. I thus give much appreciation to the entity that gave me the opportunity to grow in these ways although things did not work out for the long-term. While reflecting on my time on this project and the lessons learned from experiencing stress in some pretty interesting scenarios, I thought about the multiple failed attempts at business ownership that I've experienced and was ultimately motivated to share some lessons learned from them.

$$$ should not Be a Primary Motivator
Up front, I will cede the point that $$$ is a vital factor in any business endeavor and without it or a lack of it from poor management will lead to business failure and personal loss to some degree. In saying this, I would strongly state that your business motivation should not come from $$$ because you will miss one of the true foundations of any successful business: focus on keeping the customers satisfied and offer products / services that help customers solve problems and enjoy life optimally. Instead of being inward focused in terms of generating revenue and cash flow, you should become other's focused and be motivated by the solutions and joy your products / services give to your customers.

It's Not About Maximizing Every Opportunity; It's About the Context of the Opportunity
Here's my point here: all opportunity is not your opportunity. You should learn and discipline yourself to undertake opportunities in which you understand the context. Webster's Dictionary defines "context" simply as environment or setting. In other words, before jumping into business endeavors that look and sound great on the surface, take the time to 'tear apart' or 'stress test' it. Not to get too saddled down into analysis, dig in enough into the opportunity to know (if possible) the highest of the highs and the lowest of the lows. Take the time to understand the setting and especially its connection to where you are both professionally and personally. Don't be a rabbit chasing many trails, instead be like the tortoise and move with purpose and a committed determination to finish what you start.

Listen To But Be Not Motivated By Group Think
This one is truly colossal and to me the most important. We are by nature drawn and influenced by the company we keep, listen to, or follow. It's no different in business. True, we need others especially those who have gone before us and accomplished feats we only wish to attain to. What we forget most though is that we all take different roads to reach the end. One person's walk will more than likely be different than the next person's and that's OK. Some of the best lessons I've learned about business have been when I've ventured off the path of group think, not because I'm a rebel, but because I reacted and responded to circumstances as only I could or essentially because of the way I'm wired.

I encourage those who operate businesses or who desire to operate a business to embrace the journey and take action to serve customers in an 'other's' perspective and create / offer products / services that solve problems and help others enjoy life more.

jerichobizfinance.com is an online platform that specializes in providing expert level advice and guidance to the micro entrepreneur in the areas of accounting / finance, operations, management, sales and marketing, human resources, and lending in order to help grow your business and maximize your cash flow

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Article Source: https://EzineArticles.com/expert/Pierre_Pinkerton/1809337