Entrepreneurial Basics

Entrepreneur Coaching

2006-02-07T09:38:00.000-08:00

I have been struggling to get my own websites up and running. I know how to market a website and I know how to do some solid search engine optimization. What I have been lacking is the ability to put it all together and create my own site. I lack the technical skills to create a website. I know a lot of people that are successfully creating pages and generating extra revenue everyday. I finally I let go of my pride and have begun to seek assistance and mentoring. Every professional has a coach. We all need coaches to realize our full potential. I have also been seeking out others that inspire me to be a better entrepreneur. Working from home having your own schedule is a great way to live. Make it happen. Create a support team that can teach you every thing you need to know.

Entrepreneurial Branding

2006-02-02T11:01:00.000-08:00

I have been reading the book The 22 Immutable Laws of Branding by Al Ries and Laura Ries. I have found it to be very insightful and straight forward. I appreciate the concise language and simple examples. I don't allocate a lot of time to reading everyday so when I find a book that is informative and straight forward I recommend it. There is no fluff. I learned that branding is vital. It often supersedes quality and simple marketing. We buy brands not necessarily quality. Being the leader in a new category is the best way to launch your company into the 50% category of market share. Entrepreneurs can use this principle powerfully. Think about what new category your business venture will fit under and then feed it to the media. It will turn into a PR party. Millions of dollars in free advertising. The news loves things that are new. Set your brand up as the first of it's kind and then as the leader. Entrepreneurs must learn how to leverage branding in order to run a company into high market shares.

Entrepreneur Time management

2006-01-24T10:43:00.000-08:00

I believe that one of the greatest challenges faced by entrepreneurs is using time effectively. I have started logging my hours into excel and have been surprised at how little I was accomplishing. I have read Steven R Covey's First Things First and Brain Tracy's Focal Point which both really made an impact on my time usage. I have been keeping track of my time in 30 min intervals. This will help me see how my time is being used and in some cases wasted. Entrepreneurship comes with a lot of freedom but successful entrepreneurs will closely watch how they are spending their time. I know that by planning out our day in 30 minute intervals will allow you to live a more full life and dedicate more time to what is effective and what is truly important. Entrepreneurs need to learn to manage their time. Good Luck.

Success in Entrepreneurship and Life

2006-01-19T09:57:00.000-08:00

Recently I have been pondering on what makes a person successful. What do I consider success to be. As an entrepreneur our businesses are reflections of us, strengthen and weaknesses. As I look at my life I can see that the same things that hold me back in life our the same things that retard the growth of my businesses. Entrepreneurs must be willing to look at themselves and analyze what they need to change. I for example don't communicate as much as I need to in order to receive the help and support I need to succeed. Every entrepreneur needs to improve themselves and their business will improver as well. I highly recommend that everyone read The "E-Myth Revisited" if you haven't had the opportunity.

Entrepreneur Support

2006-01-17T09:51:00.000-08:00

If you swim alone, no one will be there to save you when you start to drown. I find that as I pursue entrepreneurship I let my pride keep me from opening up to those around me that could be a great support and life line. Every entrepreneur needs to write a list of people that can act as mentors or a board of directors. I have wasted hours trying to figure out how to upload my database for a new website when I could just have called a colleague with expertise in that and resolved my problem in minutes. A key to succeeding is finding people to assist and champion your cause. We need to tame the independent spirit and remember to find support from many people.

Entrepreneur Opportunity

2006-01-16T11:10:00.000-08:00

This last week I attended the Affiliate Marketing Summit in Las Vegas. It was an interesting experience. As an entrepreneur I see great opportunity in this young industry to make good money working part-time from home. Right now many publishers rely on google ads or a one stop shop like cj to find ads to display. The future is in industry specific affiliate programs that deal only with a certain industry. For example auto loans. A site that only hosts and caters to the needs of auto loan merchants would excel. I believe that ambitious entrepreneurs could do really well in this category.

Entrepreneur Dream

2006-01-12T20:31:00.000-08:00

Entrepreneurs are dreamers. Entrepreneurs dream of a better life. Entrepreneurs believe that more is possible. I dream that my life can be better than it is now. Many people dream but are unwilling to take the necessary steps to realize that dream. Sir William
Osler puts it this way: " To know just what has to be done- then to do it- comprises the whole philosophy of practical life." As a young entrepreneur I need to develop a stronger entrepreneurial spirit to push me to act. It is the "act", the doing, that creates successful entrepreneurs. I have dreams and I will be a successful entrepreneur.

Christmas Message

2005-12-20T16:28:00.000-08:00

This Christmas, mend a quarrel. Seek out a forgotten friend. Dismiss suspicion and replace it with trust. Write a letter. Give a soft answer. Encourage youth. Manifest your loyalty in word and deed. Keep a promise. Forgo a grudge. Forgive an enemy. Apologize. Try to understand. Examine your demands on others. Think first of someone else. Be kind.Be gentle. Laugh a little more.
"Express your gratitude. Welcome a stranger. Gladden the heart of a child. Take pleasure in the beauty and wonder of the earth. Speak your love and then speak it again...Christmas is a celebration and there is no celebration that compares with the realization of the true meaning of Christmas--with a sudden stirring of the heart that has extended itself unselfishly in the things that matter most.

President Howard W. Hunter
Frist Presidnecy Devotional
December 1994

Entrepreneur In Training Update

2005-12-14T18:10:00.000-08:00

WritingUp.com is one of the current projects I am working on. This is a great opportunity for me to learn how to run a good adword campaign. This has been a little trickier than I anticipated. I found Google Chump to Champ to be very helpful. I had a lunch meeting with John Keller a successful adword champ. He recommends that you make one adgroup for each keyword. The bold text in the ad is the best way to get clicks. You also have great control of each ad group. If one needs to be paused you can do it without effecting other valuable keywords within that group. Every internet entrepreneur needs to be proficient in pay per click advertising. I am on my way to adword greatness.

Entrepreneur Time

2005-12-10T16:12:00.000-08:00

I successfully left the traditional labor force 2 months ago. Not having a "regular" job has been a change for me. I'm used to having a very rigid schedule to live by. As I look back on the time I have spent pursuing entrepreneurial endeavors I can see that my time has not been as well organized and focus as it could be. Entrepreneurs live in the clouds but need to work in the mud. I have decided to log my hours in a spreadsheet to be able to better control my time usage. I tend to get distracted. Having daily objectives and weekly goals will help entrepreneurs live their dream life. More is possible if we work for it. I also have made a goal to organize my rss feeds. Every entrepreneur needs to stay up with changes in the world.

Friends and Business

2005-12-07T15:35:00.000-08:00

Recently I partnered with my best friend of 12 years in a new venture. Our first concern was our friendship and making sure that it wasn't distributed by our new business. While we have had problems mainly due to the fact that we are so much a like and have the same weaknesses things work well. We decided to start separate ventures and diversify and give smaller equity to the other. Being able to trust your partner completely is so important. I recommend that anyone going into business with family or friends first document partner arrangements. Second remember you are friends and don't be selfish! Entrepreneurs should focus on improving the lives of others. Understand that business is business and don't expect personal favors but appreciate them if they come.

One Minute Millionaire

2005-12-05T15:26:00.000-08:00

I have started to read a well know book entitled the One Minute Millionaire, by Mark Victor Hansen and Robert G. Allen. I haven't read that much of it yet but, it has already made an impact on me. I have never realized that making money, meaning the process of its accumulation can have an enormous positive influence on the world. Entrepreneurs can create companies that promote honesty, integrity, hardwork. Companies that fairly reward employees and one which gives back to the community. What a great time to be involved in entrepreneurship. The world needs good men to actively cause change and support traditional values and morals.

Entrepreneur Lockdown

2005-12-01T23:50:00.000-08:00

Entrepreneur productivity is a very important topic. I am currently working on a website to promote myspace users. It seems at time my work can be unfocused and slow. I believe that every entrepreneur must keep track of how they use their time. Keep track of what you are accomplishing. I pratice something I call "lockdown". During "lockdown" I don't answer my phone, read no emails-no distractions. I strategize, review goals, and work. This is a coveted time where I really accomplish things and make progress. I have found this time very refreshing.

Viral Micro Economics

2005-11-30T12:31:00.000-08:00

I study sociology and business at Brigham Young University. These are my passions. I love to understand how societies form and function. I also, love to understand how successful entrepreneurs think and act. Lately, with several of my associates I have discussed the combination of socially minded entrepreneurs sponsoring poor business men in poor countries in a competition format. By this I mean that each entrepreneur or investor would select a businessman in a poor country to fund and mentor. At the end of the year we would compare the results and a large charitable donation will be donated in honor of the winner. The competition and personal interaction of this idea would create a lot of curiosity and support.

Importance of Friends

2005-11-29T12:43:00.000-08:00

I love the limitless possibilities of being an entrepreneur. I love how each day is full of opportunities to expand your understanding and challenge yourself to grow. I have so much to learn. I have a roommate Peter Maughan. He is agreat example of entrepreneurial ambition. The man works all the time. He will soon launch a dating advice website called datingfunk.com. I know it will do well. It is amazing to think of what an individual is capable of accomplishing. I think it is important to surround yourself with motivated people that are going somewhere. Peter inspires and challenges me to learn more and improve. I hope that we all can be so forunate to have great friends that push us to succeed. Thanks Pete

Entrepreneur Law

2005-11-18T13:38:00.000-08:00

After having formed my frist LLC and having struggled with copyrights I know recognize the need of getting a firm understandign of law. Scott Allen wrote a breif descrpiton of how to form an LLC. Check it out if you have questions. Entrepreneurs need to be willing to pay lawyers to ensure that everything is gone correctly. I would recommend that you look for partners with good law conections.

WritingUp Work At Home Opportunity

2005-11-16T13:33:00.000-08:00

WritingUp.com is a new website that is providing a lot of part time entrepreneurs get a taste of money making on the internet. CEO John Jonas has created a system to promote other peoples blogs increasing exposure and maximizing profit through google adsense. I have been working with this company doing so ad campaigns. I think it is important the everyone look for mentors and people that can teach you their expertise. John has helped me believe in the reality of entrepreneurial living. Learn how to make your blog work for you. writingup.com

Entrepreneur Vision

2005-11-15T14:16:00.000-08:00

A company doesn't out grow the vision and plan of the entrepreneur. A mission statement will help drive the company to achieve and guide crucial strategy decisions. Entrepreneurs must continually update and analyze the companies progress and destination. It is important to see the limits we have. Don't be afraid to bring in more experienced team members that are smarter than you. This will allow you to improve and surpass what you thought was possible. Team building is vital to grow a company.

Entrepreneur Devotion

2005-11-14T13:31:00.000-08:00

Religious devotion requires constant deliberate attention to grow and fully develop. To stay true to your principles and values one must continually actively seek out influences to support those values and perspectives. Daily study and mediation is required. Entrepreneurs to be successful most demonstrate that same devotion. Time each day must be dedicated to developing skills of communication, and other business related items. Entrepreneur need to study their markets and economy everyday. When entrepreneurs fully immerse themselves in devoted study of entrepreneurship the mind is opened to new possibilities and opportunities. I have chosen to dedicated a predetermined amount of time each day to improve my entrepreneurial mind.

Entrepreneur Priorities

2005-11-08T11:49:00.000-08:00

I have been reading Brian Tracey's Focal Point. It is a must read for every entrepreneur. While working on my startup company I often find myself staying up very late and feeling really busy but not being very productive. Brain recommends that we review the tasks we do and mark the ones that are the most important. After having your list of the most important mark an "x" by the most important task. Focus on this task and become better at it. Next, systematically move down the list improving each task. You will find that 20% of your activities deliver 80% of your results. As you get better at those 20% you will increase your results and enjoy more free time. Every entrepreneur has a hard time balancing their life. By using this method you can increase output and decrease time working.

Entrepreneur Team Building

2005-11-02T11:20:00.000-08:00

I came a across a great article in the Inc. 500 magazine today (Nov. 05). Dealing with diversity-Innovation doesn't happen without a diverse work force. As an entrepreneur in Utah I don't get a very big dose of diversity. I have noticed that most of my partners and associates are more a like than not. We tend to gravitate to those who are like us. We need to look for talent that may not be in circle of influence or comfort. Working with others that are different can bring incredible innovation. If you have noticed you are in a runt and stagnate look in different places for people to come approach your problem.

Fully Engaged Entrepreneur

2005-10-30T01:53:00.000-08:00

I love working for myself. It is amazing how great it feels to work hard and create something. Long hours and late nights spent working away are invigorating and a pleasure. Entrepreneurs aren't afraid of work. They don't waste life watching the clock at work or being spaced out for eight hours. Entrepreneurs are fully engaged in what they do and are living very moment of their life in a proactive go for it all way. I love being an entrepreneur.

Entrepreneur Dreamer Jeffrey Swartz

2005-10-27T12:42:00.000-07:00

Entrepreneur Jeffrey Swartz is the CEO of Timberland, he is also challenging the business world. I found an article in Fast Company(nov. 05 p81) which really touched me that talks about Jeffrey Swartz's mission. What he is trying to do is use resources, energy, and profits of a publicly traded company to combat social ills, help the environment, and improve the conditions for laborers around the globe. This corporate entrepreneur is proving that doing good and doing well are actually reinforcing. I believe that we can all do so much good in this world. An entrepreneur is a proactive person that creates and improves whatever he touches- touch society. Make this world a better place for others. Think creatively about how to incorporate your power and business save to improve societies problems. I know that working on a cause will brig energy and life into your companies.

Entrepreneur In Training

2005-10-23T21:21:00.000-07:00

As a young entrepreneur I'm experiencing the growing pains that come with adjusting to the entrepreneur lifestyle. I recently quit my job and started working on a few projects and businesses. I really love it. The uncertainty makes me very anxious though. It is hard to stay balanced with school, family, friends, and running start-ups. I stayed up working until six in the morning several times this last week. It is such a thrill. I've realized that you need to thoroughly examine a business opportunity before blindly rushing in to find it isn't plausible. USE YOUR PASSION TO FUEL YOU TO SUCCESS BUT DON'T LET IT BLINDLY LEAD YOU INTO A DEADEND.

Internet Marketing for Entrepreneurs

2005-10-20T00:20:00.000-07:00

Dave Bateman from DearElder.com and propertysolutions.com lectured in our BYU internet marketing class. It was a great experience. He commented that all successful entrepreneurs are marketers at heart. An entrepreneur must know how to get attention and sell his product/service. Emails are a great way to retain customers. Remember it's cheaper to hold on to customers than to go get new ones.
Four Basic Email Marketing Steps

Get as much information from your visitor as possible.
Use good traffic monitoring tools. (omniture.com)
Email customers quality content and advertisments.
Be viral. Look for ideas that will spread themselves like moives.

Entrepreneur Dave Watson

2005-10-18T13:59:00.000-07:00

I was privileged to have lunch with Dave Watson, owner of 30 Sonic DriveIn, and owner of Superior Construction in Tennessee. He is a great example of a successful entrepreneur. He started by buying a Sonic DriveIn that had gone under and at the time was a liquor store.
He accredited most of his success to have a great franchiser and giving ownership. There is no better way to build loyal workers that can be trusted than to give them a piece of the action. As a small business owner by not trying to hoard all ownership he created a system that allowed him to grow his business. That wouldn't of happened if he didn't give equity. That's the entrepreneur tip of the day: Build a team by dividing up equity.

Idea vs Opportunity

2005-10-17T19:26:00.000-07:00

One of the biggest challenges entrepreneurs face is focus. I constantly write down new ideas in a notebook I carry with me. As this list grows the attention I pay to each lessens. How can you tell if you have a good idea or a good opportunity? First you must identify your market. Are they willing to buy? Does your product fullfill an unmet need? Are there barriers to entry? These questions help us identify an idea worth pursuing. Implementation may be off even when you have a great idea. Empirically analyze your business plan and be realistic about the finanicals. One of the most important aspect of selecting an idea to convert into an opportunity is passion. Steve Jobs always asks himself if it were my last day alive would I want to be doing what I'm doing. If the answers is yes than keep working on it. We won't allow ourselves to fail when we are passionate about what we are doing.

Entrepreneur Internet Tips from John Bresee

2005-10-13T22:28:00.000-07:00

John Bresee is the owner of backcountry.com, an amazing outdoor supply store. His advice is to get a good partner. Know your weaknesses. He showed me his rule list.
Entrepreneur Rules

Web analytics/network effect
network is the application
build a system
no inventory
no employees
digital products
any subscription model
customers create your content
customers should market your site
no offline marketing until every internet dollar has been maximized

Entrepreneur Domain Name Tips

2005-10-10T16:27:00.000-07:00

This is great information from internet entrepreneur John Jonas.
1. Keywords matter. Have keyword on your domain.
2. Only buy ".com" .net,.biz,us are not favored by search engines.
3. Don't be clever. Spell words correctly and no dashes.

John also taught me about Search Engine Optimization. The summary is; use exact keywords, for domain, title, use a combination of bold, underlined, italics on keywords throughout the page. Surround keywords with text. Also include keywords in meta tags and meta text. The title of your page is 90% of the time used as your description. Remember internet entrepreneurs that in keywords content is king!

Mark Twain's Entrepreneur Quote

2005-10-10T16:22:00.000-07:00

"Why not go out on a limb? That's where the fruit is." Mark Twain
I feel that life is an experiment and that we shouldn't be afraid to test ourselves. To be proactive in our lives we need to take risks. We need to conquer our fears. We need to go out on the limb.

SEO keywords

2005-09-26T21:43:00.000-07:00

I am currently enrolled in an Internet Marketing Class by Paul Allen for myfamily.com fame. It is a great class. We currently are working on a project for search engine optimization. I need to choose five keywords/phrase that I feel I where could get a top ranking on google. Justin Bergener and Andy Payne are launching competingrealtors.com later this month. For my project I chose to help them. The First step is to find what words people are searching for. Overture.com is an amazing tool that no internet business owner can afford to ignore. Your competition isn't. At this site you can see how many times people have searched for particular words. After choosing several words go to google and see what the top five sites are. Then use the google toolbar to check the backlinks. Google ranks sites based impart on the quality and less on the number of links you have. Ideally we are looking for words that are searched for a lot but have weak page ranking and links. Some of the words I am looking at deal directly with realtor commissions. It is also important to check up on the current bid prices (also a free tool form overture.com) The keyword phrase realtor commission had 1896 searches last month. The top 5 sites are:
lib.store.vip.sc5.yahoo.com/lib/buyself/commission.htm
buyazforeclosures.com
instasellshome.com
marginalrevenue.com
housejeanie.com
realestatejournal.com

lib.store.vip.sc5.yahoo.com/lib/buyself/commission.htm This site uses the word commission 5 times on the landing page and the word realtor 14 times at the time it was crawled. This name of heading and the page are very important to improve seo. You should match as much of the text to keywords as possible without destroying the content of the site.
Top bid price is: .65
Google toolbar is not very friendly with firefox. I don't have google toolbar on this machine so I'm not going to check the back links yet.

Entrepreneur Quote

2005-09-26T21:20:00.000-07:00

I have not failed. I've just found 10,000 ways that won't work.- Thomas Edison

Entrepreneur vitamins or aspirin

2005-09-21T19:37:00.000-07:00

As I have mentioned in the past staying informed crucial for an entrepreneur. We thrive on opportunities. Entrepreneurs must stay current on changes in politics, business, technology and even up coming trends in music and art. To assist my entrepreneurial spirit I enrolled in an internet marketing class taught by Paul Allen for myfamily.com and infobaseventures.com. He is a great example. He has the entrepreneurial hunger for information. He has tons of google alerts and spends time every day to make sure he is up on what is going on in the world. It is that practice that puts an entrepreneur in a position to see past the approaching waves of change and spot the opportunity as it rises and are able to ride on the wave instead of be submerged by it. I recently read an article on startupjunkies.org. When looking at opportunity it is important to understand if what you are selling is a vitamin or an aspirin. A vitamin is the feel good product/service purchased after essential spending is done. An aspirin is the must have product/service that eliminates or reduces pain. When looking at opportunities look for those that are aspirin. There is much more potential in those arenas. The best way to diagnosis an opportunity is to have first hand experience. Find out what problems industries and having and what frustrations they have. Brian Buetler of Alianza used his experience with frustrated mexican businesses owner to create his remarkable company. I currently find myself in this area of diagnosis. Looking for a need that can be better met. By networking and getting know professional in a wide variety of industries you can gain a lot of valuable information. I know that as I stay up to date opportunities will present them selves. The world will always want more aspirin.

Ten Important Pay-Per-Click guidelines

2005-09-17T11:54:00.001-07:00

1. The most important thing you can do is to educate yourself on what pay per click advertising is and talk to people who are successfully implementing it in their marketing strategy. Time must be devoted to continual learning and looking towards the fututure.

2. Use overture and wordtracker to find out what key words/ key phrases are being used that related to your company and industry.

3. Bid on the right key words and make sure you bid on a lot of them. Serious Internet users type 3 to 5 words when searching. Take that into consideration and don't forget misspellings and plurals.

4. Ideally, your ad should be in the top 3, but never below the 10th position. This has to be balanced, however, by the return on investment of the campaign. If you sell a product that produces a $10 dollar profit per sale, you probably can't afford to pay $.90 per click. If your site converts 1 visitor out of every 100 into a sale, you will spend $90 for every sale. Obviously, that is going to work out very well. The one caveat to this situation is a business with recurring revenue. http://www.magnet4web.com/

5. To know how much to bid for a top position, you have to have an idea of your expected conversion rate and the gross profit margin of your product. Let say that you sell computer books at a gross profit of $4 per book, and your conversion rate is 3% (meaning that 3 out of 100 people who click on your link actually buy a book). Under this assumption, if 100 people clicked on your link, you would sell three books, making a total gross profit of $12. This means that, to break even, each click must be worth $0.12. If you bid less than $0.12 per click, you make money. If you bid more, you lose money.

6. Don't get in a bidding war. Know what your conversion rate is an what kind of ROI you are looking for. Don't be over zealous and kill your profits because you are competing.

7.Determine beforehand exactly how much you can afford to spend per week or per month. Be disciplined and stick to it. You should always try to avoid going in to debt unless it is absolutely necessary. http://choosetoprosper.com/Gibson-pay-per-click.html
8. Always do your research before pursuing Pay Per Click and know when to pull the plug.

9. For popular keywords bid for a lower position. Top and bottom ads are clicked more than the middle. Just get on the first page.http://www.powerhomebiz.com/vol26/payperclick.htm

10. Write a good ad. It needs to attract potential customers that are serious about purchasing. Get their attention. Use words like free and new.

Lecture notes of Mitch Huhem

2005-09-13T19:08:00.000-07:00

I was privileged today to hear from Mitch Huhem. He shared with us some great insights and great experiences. We talked about the importance of motivation. We need to find out what we really want. What is so important to us that we will do anything to realize our goal. Find a motivation that is bigger than your fears. Mitch recommended that we write down that motivation and hold on to it. It will drive us beyond our fears and send us leaping out of our comfort zones. Brian Tracey also recommended Mitch to rewrite his goals daily. It will remind us what we are trying to accomplish with our lives. Focus is crucial for continual progress. Mr. Huhem also shared that ownership is never given. This simple advice will help us avoid a lot of problems with partners and family. It must be earned or purchased. No matter how successful we are we will never obtain happiness if we can't obtain financial freedom. That is the point of being an entrepreneur to achieve happiness, to become what we want and to see the world as a place of our construction. We have to learn to focus on asset accumulation. Control your spending and get to the point were you are leaving off your investments. If you want greater income invest more. My favorite quote was "Live a few years of your life like most people won't to be able to live like most people can't". Mitch also shared with the class the importance of doing. Don't worry so much on the how but on the do. Too many of us was time looking for the golden moment when what we really need to do is get started. Do it. I know that is my weakness. I need to start and get to work. We can do greater things than what we are currently doing.

Opportunity Recognition

2005-09-12T07:50:00.000-07:00

FastCompany's September issue highlights the importance of opportunity recognition. This is essential for any successful entrepreneur. Personally the most thrilling part of entrepreneurship is finding opportunities and recognizing trends. Staying current is vital. Company leadership comes from a person who is in touch not only with current events but one who understands the impact those events will have on the world. Take time to learn, time to read, time to study, and time to talk with experienced people. Love knowledge and constantly add to it. To lead a company into maturity and to keep it their one must have his head above the trees and be looking at the future with a discerning eye.