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Top 5 Spring Cleaning Tips for Entrepreneurs

Written by Turner Haden on . Posted in Be An Entrepreneur

Spring cleaning should include more than just vacuuming the floors and dusting the blinds.  It should be an all-around lifestyle assessment, especially for your own small business or startup.  So here are a few tips for you entrepreneurs to do your spring cleaning the right way and prepare for the busy summer season:

  1. Organize documents

Your desktop or laptop computer is a busy, crowded and congested place—do not make it any more difficult to navigate through your own documents.  Take a few hours out of your workday or weekend and properly organize your Word, Excel and other folders you are constantly saving.  Folders should not only be separated based on content, but by also by date.  Over months and years, folders can become confusing, as bi-annual and annual reports add up and are multiplied in the same storage place.  You’ll thank yourself later for dedicating a few hours now!   

  1. Sort emails

As an entrepreneur, you are probably sending and receiving more emails than most people can grasp, let alone handle on a daily basis.  Make this task easier on yourself by sorting through and cleaning out your email platform.  Go back and delete emails that are no longer relevant, and if necessary, create side folders for placing certain documents.  You don’t want to have old, unrelated emails in your inbox, as they take up precious space and make it more difficult to search for a specific email you had received.

  1. Revise résumé and portfolio

You should always be trying to sell yourself.  To do so, you need to make yourself stand out as much as possible.  One step to this process is continually updating your résumé and portfolio.  While it’s fresh in your mind, document your projects and work history because it’s what you will use in order to entice new clients.  Keep in mind that your résumé and portfolio should not include all of the work you’ve ever done—just the best work or most notable accomplishments.   

  1. Check expenses

Are you spending as efficiently as possible?  Don’t waste money by not double-checking where your money is going.  As an entrepreneur, you are most likely subscribed to online publications and databases.  Make sure that you are using them if you are paying for them!  Entrepreneurs should hold themselves to a higher standard when it comes to proper spending, after all, they are in charge of their entire business and its success.

  1. Keep getting your name out there

With new forms of social media and communication constantly popping up, make sure that you utilize these services, especially the free ones.  Clients are looking for businesses that are on top of all the latest trends, and the more ways to get your company name out into the business world, the better.  Also, on these social media and company profiles, continue updating your information, photos, projects, statistics and achievements.  Each click onto your profile is an opportunity to attain more business!

Now that the spring season is here, sit out on your patio, enjoy the nice weather and follow these tips to make you and your company or startup more profitable.  There’s no time like springtime! 

Top 7 Tips for Training a Powerful Startup Sales Team

Written by Alex Gamble on . Posted in Start a Business

In many ways, a sales team is the backbone of any startup. A sales associate's voice is the first a person may hear from a company, so it's vital that the team leader build a strong army of salespeople. If your sales team isn't strong, your startup won’t be strong, and the customers, the stakeholders, and the bottom line will suffer. We've compiled a list of the top seven ways to build a strong sales team, and whether you're building a team for the first time as an entrepreneur or as a seasoned professional, these tips can always be found helpful.

1. Clarity, clarity, clarity

While assembling a sales team, it's important to remember that no one is a mind reader. If you have a protocol, outline it. Specificity is key when it comes to creating a successful culture. Ambiguity about expectations is often one of the key factors leading to team weakness. Clear communication of all company standards sets a strong sense of team accountability. Lack of clarity often leads to a breakdown of work ethic. Clear expectations, on the other hand, inspire teams to feel empowered and rise to meet challenges.

2. Shift the perspective

Creating a sales team can be stressful. This stress can cause many entrepreneurs to see the team as a liability to their own position. It is much healthier for all parties involved to approach your team as an investment in the company. A strong startup sales team creates beneficial outcomes for all stakeholders, whether it's clients or board members. Training a strong sales team takes not just an awareness of what's needed in the present, but also how fulfilling present needs will create future growth.

3. Embrace your dark side

Before setting loose your sales team to conquer the world, it's important to provide a reciprocal shadow period. A reciprocal shadow period is two-fold.

First, allow your sales team to shadow seasoned pros. This means following each and every aspect of important tasks, having them take notes, and then debriefing at the end of the shadowing period.

Second, the new team members should be shadowed by the seasoned pros, with the pros taking notes as well. At the end of the shadow period, all notes can be compared with an open-ended, positive conversation about the learning process. It is vitally important that this shadow period is approached as a positive learning experience and not an evaluation of skill so that honest mistakes can be made, corrected, and everyone moves on quickly and painlessly.

4. Empower your team

A powerful sales team isn't trained. Training is for pets. A powerful sales team is taught – taught to think, taught to assess, taught to discern. The training approach is necessary to a point, while team members are learning the ins and outs of the startup company rules and rituals. After a point, however, more thought-provoking approaches need to take place. Foster engaging conversations about effective sales practice. Facilitate thought-provoking question and answer sessions. A powerful sales team is a collective of individuals who know how to think on their feet, respond with aplomb to rapidly changing circumstances, and anticipate what's coming next. Teaching a team to think is one of the most effective ways to ensure success.

5. Role play

If you want to create an engaging lesson for your sales team, try acting out potential scenarios that could arise. Take past experiences and have team members act them out. Not only does this give your team a testing ground for how to approach problematic circumstances, it also provides a humorous way to deal with serious issues. At the end of the day, everyone walks away with gained knowledge.

6. Be who you want the team to be

As a CEO, team leader, or entrepreneur, it’s important to set an example for a new sales team. Teaching best practices is only one part, and can only go so far. It is important to remember that the environment you provide and the attitude you give off is more important than the words spoken. If you're teaching about organization but your notes are all written on napkins, your sales team will pick up on the dissonance and internalize that you don't really mean what you say. This can create a toxic culture of surface level niceties which are never followed up with action. You must be everything you want your team to be, and impart those qualities onto them not just with words but with action and demeanor.

7. Have fun with it

Ensure that your team understands that the learning process, while working toward the goal of being a powerful force, is indeed a process. Create an environment that portrays your startup’s culture and cultivates collaboration and creative thinking. As long as everyone on your startup team is there for the joy of it (and to make some money), your team will be successful.

Training a powerful sales team can be an arduous task, but a sales team is integral to the success of any startup company. Quality training is an investment toward the future that will pay off for years to come.

How to Obtain a Small Business Loan for Your Startup

Written by Shelby Livingston on . Posted in Get Funding

We all know money doesn’t grow on trees. This reality becomes especially clear when you’re an entrepreneur. Most startups need a little push to get them on their feet. That’s where small business loans come in. How do you get one? We’re here to help you through the process with a few tips. Read on and cross your fingers—you may receive a small business loan for your startup! 

Small Business Loan Application Process

Fortunately for you, small business loans usually have less restrictive requirements than other types of loans. It’s crucial to find out if your business qualifies for a small business loan in the first place (you can do so here). But there is still hard work ahead and you will need extensive documentation. While every lender is different, the most important part of the process is the loan application. According to the Small Business Administration (SBA), you will need the following:

Executive Summary

This is a simple statement of who you are, your business background, the nature of your business, the amount of the loan you are requesting, terms of repayment, how the finds will be used and how you will repay the lender.

Business Profile

  • Type of business
  • Location
  • Product or service
  • Brief history
  • Annual sales
  • Number of employees
  • Proposed future operation
  • Competition
  • Customers
  • Suppliers
  • Date of information

Management Experience

Provide résumés of all key players in the business.

Loan Request and Loan Repayment

A loan request is a description of how the loan will be used including purpose, amount and type of loan. A loan repayment states how the loan will be repaid and how long it will take to repay it. Cash-flow schedules and budgets should be included.

Collateral

A list of real property or assets that will be held as collateral.

Personal Financial Statements

Business Financial Statements

Proposed Business

Include a pro-forma balance sheet to show future profitability.

Projections

Show future projections for at least a year or until positive cash flow can be shown. Include reasons for your estimates and how the numbers compare to the industry standards.

Tips to Remember

  • Know your business inside and out! Many tricky questions will be asked. Impress the lenders and show them your business will succeed.
  • Be confident! If you’re not confident in your business, why should they be?
  • Practice, practice, practice! Make sure your message is polished and flub-free. Review Your Elevator Pitch: 7 Must-Have’s.

If funding has discouraged you from growing your startup, small business loans can help! All you need is some patience (hundreds of filled-out forms worth) and hard work. With the funding you need, you’re one step closer to your startup goals!

 

10 Productivity Apps for the Savvy Entrepreneur

Written by Shelby Livingston on . Posted in Be An Entrepreneur

Do you find the apps on your smartphone or tablet...distracting?  It happens to the best of us!  There’s Instagram, AngryBirds, Pinterest and of course, Facebook.  How could these fun and flashy apps not be a total distraction?  And when you take the DNA of a typical entrepreneur into account (you know, the ADD-driven, “bright and shiny object” types), it becomes quite obvious: when it comes to productivity, entrepreneurs need all the help they can get.  To help you solve all of your productivity issues, we’ve compiled a list of the top 10 productivity apps out there. Now, stop playing Words With Friends and get to work!

 Pocket: Free

Perfect for articles that you want to read, but don’t have the time right then. Just “pocket” the document and read it later. Pocket works for videos, articles, pictures...whatever interests you! Once it’s in pocket, you don’t even need an internet connection to view it. Talk about simple!

 Peak Meetings: $9.99

This app has been called “…the best business app by far” by many review sites out there. So why not give it a try? Peak Meetings helps to streamline your meetings so they’re more productive and efficient. Upload all the files for you meeting so they’re all in one place. Say goodbye to the old snooze-fest meetings and hello to Peak Meetings.

 Dragon Dictation: Free

Have you ever driven home and realized you forgot to send an email? Now you don’t have to worry. Dragon Dictation is an easy-to-use voice recognition app...and it actually understands you! It’s even 5 times faster than typing on a keyboard. Send those emails on-the-go and join the mobile revolution with Dragon Dictation. 

Documents To Go: $9.99

Need to get a hold of Microsoft Office files right away? You can utilize the whole Office Suite right on your smartphone with Documents To Go. Need to make a quick PowerPoint on your way to the meeting? You can do it easily with this easy app! Now there’s no excuse to be unprepared.

 GoodReader: $4.99

Reading and editing all of your PDF files is a breeze with GoodReader! And don’t worry about size limits; this app can read books and manuals easily, too. GoodReader also allows you to add virtual sticky notes—and even freehand drawings—to documents.

Blogsy: $4.99

Although this app is only for iPad users, it’s so cool, we wanted to include it! Blogsy allows you to easily add pictures to any blog with drag and drop capabilities. It’s compatible with Wordpress, Blogger, and many more blogging sites. No coding required!

Priority Matrix: $3.99

Priority Matrix is basically a high-tech to-do list...and way more eco-friendly than the post-it system! Divide your tasks into 4 different categories; do now, start planning, high distraction tasks and uncategorized. This is the easiest tool to help you balance work and life.

GoPayment: Free

This app by Intuit makes it possible to accept credit card payments with your phone or tablet. It’s free to download, but you have to pay for each credit card swipe. This makes collecting money with a small business easier than ever!

iThoughtsHD: $9.99

This app is perfect for when you have so much going on in your brain that you just need to write it down. This is a virtual mind-mapping tool that helps you to brainstorm, plan projects, make lists and more. This is a must-have app for on-the-go entrepreneurs!  It’s organization at its finest. 

Shoeboxed Receipt Tracker and Receipt Reader: Free

Save time on accounting and bookkeeping with Shoeboxed. This app makes organizing receipts simple. Just snap a picture of the receipts and Shoeboxed will organize them. It only takes seconds to generate and email expense reports. Who needs an accountant? Not you!

There truly is always “an app for that”. With these personalized business apps, you’ll never feel lost without your laptop again! Now go forth and conquer the world with smartphone in hand!

 

 

5 Tricks to Making Your Workspace Distraction-Free

Written by Shelby Livingston on . Posted in Work Wherever

Have you ever been in the middle of a great dream and been awakened abruptly? It’s very similar to when you’re interrupted while you’re “in the zone” at work, isn’t it?  Technology, open office space and coworking atmospheres are great, but sometimes they can distract you or keep you from what you should really be doing—working.

We understand how important it is for entrepreneurs to stay productive, so we’ve come up with the top 5 ways to make your workspace distraction-free. So, log out of Twitter and get to reading!

Wear Headphones

You can use headphones to listen to music or white noise—you can even use them to block out background noises. According to a study published in Environment and Behavior, excessive noise is one of the biggest complaints of an open office design. Headphones can solve this prevalent problem. And hey, if you’re wearing headphones, people are less likely to bother you!

Hide Your Phone

Constant text messages, personal phone calls and notifications from Words With Friends are just a few possible distracting scenarios. Smartphones are the main ingredient in the recipe for distraction. Stop the insanity—put your phone in a drawer and don’t check it until your work day is over (or maybe until lunchtime). It’s amazing how much more you’ll accomplish!

Take Five

Most people think the key to success is working 12-hour days and skipping breaks all together. This thought process is flawed. When you’re constantly working, you lose focus. Research led by University of Illinois psychology professor Alejandro Lleras, proves that brief diversions throughout your work can improve your focus. And a recent study, presented at The Academy of Management, suggests your breaks should consist of browsing the Internet. Sounds like a win-win to us!

Close Your Email

When you see you have a new email, you’re compelled to read it and respond—thus distracting you from working. Set aside times during the day to check your email and close it during the remaining hours. A French company, Atos, has experienced this email debacle. Atos decided to ban all internal email because employees loss of productivity. Email should improve productivity—don’t let it make your life harder!

Download Some Help

If you’re still struggling to get rid of distractions, enlist the help of technology—hey, that’s what it’s here for!  Download these helpful distraction-free tools and get workin’!

We all know how annoying it is to be distracted while we’re “in the zone”. Don’t get bogged down by distraction! Start integrating these 5 tips into your work regimen, and see how much more you’ll accomplish! 

How Going Green Can Save You Some Green

Written by Shelby Livingston on . Posted in Create Your Dream

We all know businesses are supposed to help the environment, give back to the community and be all-around good citizens—but how? And why? Corporate Social Responsibility (CSR) is a tricky topic for most executives, especially for those in a small business or startup. What should your company do to enhance its image?

You’re in luck because we’ve got some CSR information just for the entrepreneur, small business owner or CEO! So read up and start giving back and going green!

What is CSR?

Corporate Social Responsibility can be defined in a variety of ways, but most agree it’s more than just volunteering or philanthropy. CSR is about going above and beyond the “minimum requirements”. It’s more about considering all of the stakeholders (anyone impacted by business decisions) in day-to-day business activities. Many companies that engage in CSR are actively introducing products that are safe and reliable for the consumer and are implementing fair policies for its employees. Does it seem like a lot to handle? We can help!

Why is CSR important?

Companies that have been around the longest are the ones that have been engaged in CSR. Think about General Electric and IBM. GE has introduced ecomagination, an environmentally friendly initiative, and IBM has substantially decreased its energy use (and saved money while doing it). According to Burson-Marsteller, 55% of people are more likely to choose a product that supports a cause when choosing between similar products. And 70% of people are willing to pay a premium for these products from socially responsible companies. CSR can save you money while building up your image and clientele.

How do you Implement CSR?

Corporate culture starts at the top. A culture of social responsibility is necessary for any competitive company in today’s society. In a recent study done by the Journal of International Business Studies, two different aspects were identified in executives’ decision-making. You can either stress economic factors—profit, cost control and market share—or you can stress constituents—employees, environmentalists and the community. The research found that when executives stressed the constituent groups, they were considered to be inspirational. This caused employees to exert extra effort and resulted in better performance. So, be passionate and chances are, people will listen to you.

Corporate Social Responsibility is huge factor in consumer perception. Establish trust within your employees and customers and you’ll be one step closer to a socially responsible company. It can be as easy as looking out for your employees, or implementing a green office initiative. Every small step matters!

From Idea to Dollars: The 7 Steps You Need to Know

Written by Sara Heins on . Posted in Start a Business

Like many entrepreneurs, you may have a great idea, but aren’t quite sure how to turn it into cash.  Going from idea to dollars is one of the most magical, yet trickiest parts of entrepreneurship—and it’s often the point at which many entrepreneurs fail.  To ease entrepreneurs into this process, the Inventor’s Club of Kansas City has identified the seven steps of idea development.  If any of these steps seem overwhelming, you can typically hire an entrepreneurial expert or startup resource to help you along the way. 

1.  Validation

Every idea should start with simple research.  Does the idea exist already? What is the competition like?  These basic questions will prevent you from wasting time down the line.

2.  Evaluating

Now that you’ve determined that you have a unique idea, does it solve a problem that consumers will pay for?  You may have a great idea, but if no one is willing to give up their money for it, you’ll be out of time and money very quickly.

3.  Searching

Search the United States Patent and Trademark Office to ensure a patent for your idea isn’t already in existence or what similar patents are out there. Make sure to set your idea apart from the rest!

4.  Funding

You don’t need to be a millionaire to get into the entrepreneurship world, but you do need cash.  There are a few options out there that provide some serious cash, like angel investors and venture capitalists.  Or you can even join an accelerator program like Think Big’s to help you out while you learn the ins and outs of the entrepreneurial world. You’ll have to give up some control of your company depending on what your investors contribute, but the capital will be worth it!

5.  Prototyping

How do you get a 3D prototype of your idea? Find a company that fits your prototyping needs. You’ll save more money by doing as much as you can on your own, such as the prerequisite drawings to hand in to the prototype company. If making computerized sketches doesn’t happen to be in your skill set, there are people out there that can help, though!

6.  Patenting

What are the steps needed to protect your idea? What kind of idea have you got? A utility (use), design (aesthetic) or plant (yes…the photosynthesizing kind) patent?  You can file for a patent with the United States Patent and Trademark Office. It’s always a good idea to talk to a legal expert at a patent law office, especially with something as sensitive as a patent application. 

7.  Marketing

The last step in making a profit is determining your marketing strategy – whether it be guerrilla,  inbound or traditional marketing and advertising strategies. If Marketing 101 wasn’t part of your college curriculum, you can contract marketing and advertising services as well!

It takes more than a great idea to build a profitable business.  Fill in the gaps with the 7 steps mentioned above, and don’t forget to sprinkle in some hard work, dedication and maybe a little sweat, too.   

Is an MBA Worth It?

Written by Sara Heins on . Posted in Be An Entrepreneur

So you’ve got a killer idea for a business, but you don’t have an MBA. Do you hold off on your startup plans or take a hint from Nike and just do it?  This debate has been going on for years.  Do you really need an MBA to become successful or can you skip this long process and still make it in the startup world? We’re here to answer that question. 

Do you have the money?

For starters, an MBA on average will set you back more than $60,000/year for tuition if you’re at it full-time (plus all of the lost income from not working!). Will going back to school be worth paying off those loans later or should you be saving the money to put in your startup?

If you have the money, do you have the time?

Let’s say you just won it big in the lottery and have $60,000/year to spare on school.  Even if you enroll, a lot will happen in the two years you’re focusing on your studies.  Today’s world is incredibly fast-paced.  Certain apps, like Hanging with Friends, can go from instant popularity to being completely forgotten within months.  Seize an opportunity while you’ve got the idea; don’t wait to go to school because by the time you get out, it may be irrelevant. 

Instead, try the path that’s more designed for how fast society moves these days.  The startup accelerator process is a great place to start.  Look into programs offered by companies like TechStars or Think Big Partners.  You’ll learn more entrepreneurial skills faster (in about three months!), all while being paired with investors and actively working toward your startup goals.

If you have the time, do you have the need?

MBA’s are great for CEOs and financial types—after all, they receive well-rounded business education and may make some great connections via networking with a new degree. But when it comes down to it, MBA programs often prepare students for the corporate world—and not necessarily for startups.

The world of an entrepreneur is a whole different animal.  You’ll learn more by just getting out there and doing it than from any professor.  You’ll have epic failures, but if you’ve got the entrepreneurial spirit, you’ll bounce back quickly and be better than ever!  And if you ever need any outside knowledge along your startup journey (and we’re sure you will!), you can usually learn what you need to from a book, another resource, a startup accelerator or your mentor. Even paying an hourly lawyer’s fee may seem a tad expensive, but it’s nowhere near what you’ll be paying in student loans!

No one’s saying MBA’s are useless—if you want to be the CEO of a Fortune 500 company, having a master’s degree may come in handy.  But with entrepreneurship, it comes down to book smarts versus street smarts—and entrepreneurs will benefit more from the real world experience.

Life in the Fast Lane: Top 5 Reasons to Join a Startup Accelerator

Written by Mariah Rittell on . Posted in Start a Business

Ever since startup accelerator programs have begun popping up around the world, skeptics have been curious: are startup accelerators a waste of time?  Are they worth it?  Do they really benefit the startups that take the plunge? 

Maybe those skeptics haven’t seen the success rates from top accelerator programs such as TechStars, Y Combinator and LaunchBox.  Startups around the globe are becoming more successful at a faster rate because of startup accelerators (or even through business incubators). 

Startup accelerators can help entrepreneurs get capital, resources and even teach you how to execute your business and marketing plan. But a startup accelerator is so much more than just that.  Let’s explore the five reasons you and your business idea should undergo the startup accelerator process:

1.  Mentors

Accelerators happen to have some of the best mentors in the industry.  These mentors are there to give insight into the creation of a successful company. Not only do mentors have experience, but they can also provide advice in the worlds of accounting, legal assistance, and even some office space!  Remember: some of the best advice you can get in the startup world is from people who have been there, done that.  Mentors are the perfect guides to answer any entrepreneurial questions that may be festering. 

2.  Elevate Your Elevator Pitch

Joining an accelerator program will give you the chance to perfect your elevator pitch. A perfect pitch is crucial in getting customers as well as investors to understand what you’re offering and it may help them buy into your proposition. 

3.  Resources and Relationships

While attending accelerator classes, you will have the opportunity to surround yourself by other startups, giving you a great amount of resources right at your fingertips. Maybe you need help with the technical side of your business but you just don’t know how to approach it. One of the tech startups in the program may be able to help you out.  In turn, you could assist them in your area of expertise. The relationships you make through accelerators will ultimately become meaningful networking relationships once the program is over.

4.  Capital

Every new startup needs quite a few bucks to begin its trek toward success.  An accelerator will aid you in getting investors and might even invest itself in your company.  Be sure to research each accelerator and learn about its funding and capital opportunities—some may be better than others! 

5.  Exposure

An accelerator program will help a startup get noticed by a lot of different media networks. This exposure will encourage connections within the area of business you want to be related to.  The more exposure you get, the better chance you have of being found by investors!

Joining an accelerator program is an exciting opportunity with many great advantages. But be sure to act fast!  Accelerators often must sift through thousands of applications—and openings are swept up quickly. Join a startup accelerator; it’s a decision you won’t regret!