Entrepreneurs Need to Think Big

Any entrepreneur is a person, by definition, that takes a risk in the business world. So why should you be any different? Think BIG!

What exactly does “think big” mean? Thinking big means that you take into consideration any and all ideas that you feel are too hard, too expensive, too time consuming, or are out of your reach. Why limit yourself by things that you think are easy to obtain? If a project or investment is easy to obtain, this usually translates into a small amount of risk. If a project or investment has only a small amount of risk attached to it, this usually means that the reward will also be small. As an entrepreneur, you should challenge yourself to take a risk and to consider all possibilities regardless of intensity or degree of impossibility.

Keep in mind that thinking big and acting on those thoughts are two very different things. When I tell you to think big, the point is to prevent you from limiting your options before you have even considered the possibilities, advantages, or chance of success. This does not mean that you should blindly follow an idea merely because it is a “big” idea.

Thinking big means accepting all ideas and working through the details until you reach a decision as to your course of action or inaction, if that is the case. Think big, reach for the stars, dream about the impossible, but follow your intuitions, education, and instincts as to a course of action to pursue.

Is it Possible to Define Entrepreneurial Spirit?

Entrepreneurial spirit is the motivation used to better yourself and/or others on your quest to achieve “success.” As far as the definition game goes, I believe that “success” is much harder to define and even harder to obtain that is entrepreneurial spirit.

Put simply, entrepreneurial spirit is motivation. Motivation to do what? That is a question that you have to answer. Nobody can tell you that you are an entrepreneur. Nobody can say, follow these steps and you’re an entrepreneur. Unlike traditional college programs, one cannot major in “entrepreneurialism.” You can take classes on the subject, but for the most part, a Business degree is as close as universities get to offering a major in entrepreneurialism. The point is, you have to find your own reason for choosing the path you chose, and then be responsible for maintaining the passion necessary to complete your quest.

A professor once told me, “an entrepreneur has only three characteristics, Passion, Passion, and Ego.” It was the first two characteristics (passion and passion) that really made me think. Two-thirds of being and maintaining yourself as an entrepreneur is having the passion to be an entrepreneur; having the passion to pursue the entrepreneurial dream; having the passion to think of an idea and see it through to fruition; just simply having the passion to do.

Only you can light the fire to pursue your dreams. School, experience, specialty courses, degrees, and the what not are all just tools to help prepare you for the journey. But, what good are these tools if you do not have the passion to use them? Talking is not action, and many would be entrepreneurs make this fatal mistake. If you want to do something, take action!

I have a friend who became very successful in the real estate business. He came from a similar educational and financial background as me, yet he has already achieved what I currently working toward. We were sitting down one day having coffee and I asked him, “How did you get the financing for your first real estate purchase?” He said, “If you want to get financing, go out and get it. That is what I did.”

My friend did not know anybody special. He did not have rich family members or any other type of monetary connection that I did not. His ace in the hole, his sole source of revenue was his passion. He had the passion to go out and get what he wanted. I am sorry to say that he had more passion than me or else I would have been in the same boat. However, all is not lost. I learned from our little conversation and am better off because of it.

Find your passion; find your “entrepreneurial spirit” and success will follow.

Tips on Developing a Reputation as a Ubiquitous Businessperson

Ubiquitous is defined as "being or seeming to be everywhere at the same time." How does this help a businessperson's reputation? To be described as ubiquitous means that you can be in more than one place at once. It means that you can handle more than one situation at a time. Put simply, it means that you are a multitasker.

Is being able to multitask a good trait to possess? I believe it is. Being able to effectively complete more than one task at a time helps with efficiency. Efficiency equates to cost savings. Cost savings equate to higher profits. Higher profits equates to more money! Do you see a winning formula here?

Now back to the question at hand; how do you develop a reputation of being a multitasker? First, you have to know your limits. There are many characteristics that will help you in the business world, and you do not have to possess all of them to be successful. Develop the characteristics that play to your strengths. Do not try to bite off more than you can chew just because you want to show your ability to handle multiple tasks. Business partners, investors, and customers will be more concerned will quality than quantity. It makes more sense to do a great job on one project than a mediocre job on three projects. The reason this is true is because even though three jobs were "completed," they will probably have to be redone because of lack of quality. Having to redo things costs money and effectively negates the cost saving purpose of multitasking.

Second, if you evaluate your situation and think you can effectively handle more than one task at a time, try your hand at more responsibility. Start small and take on one additional, small task. For example, if your current project is in real estate investment and your task is to find financing, but you feel that financing will not be a hard project to effectively complete, you may want to take on another small project, such as finding renters (if you are going to hold the real estate).

Last, do not try to do everything yourself. This point is similar to my first point except for one difference. My first point was, do not multitask for the sake of multitasking. This third point is, once you have started multitasking and found that you can successfully do it, do not use this success as a motive to do everything. Nobody can do everything, and if you attempt to, two possibilities will result: (1) you will get "burned out" and not be able to effectively perform any task; or (2) you will not be able to complete all the tasks and some aspect of your project will "fall through."

Having the ability to multitask will be beneficial to your future success, however, only do so within your limits. Remember, effectively completing one task is better than partially completing multiple tasks. The whole point of multitasking is cost saving, and this only works if projects do not have to be redone. Be ubiquitous, but not irrational, and your reputation will develop accordingly.

Ways to Effectively Distribute Business Cards

Let us assume that you already have received your brand new business cards. Chances are you spent money to get them. Why then would you waste that money by ineffectively distributing business cards?

Before we begin, you will want to make sure that your business card contains your full name, your company name, you position/occupation in the company, and any and all contact information (including your company address, office phone number, cellular phone number, fax machine number, and e-mail address). You might want to refrain from giving your home phone number unless you run a home based business. If you have a beeper, give this number also. The point is that you want to make it very easy for your client to contact you whenever he/she needs to, during working hours.

Additionally, you want to keep your business card clean-looking and to the point. The point of a business card is to give some very brief information about your position and contact numbers. Now is not the time to present your entire life story. I have seen some people put their company mission statement, product lines, company motto, etc, on their business cards. I think this is overkill. At most, I would include (if relevant) a company logo and any education or experience you have that would make you more credible. This does not mean that you place your resume on your card; this means that you put the appropriate educational distinctions after your name (for example, M.B.A., M.E., B.A, B.S., J.D., M.D. Broker, Broker-Salesperson, Salesperson, etc) and/or a quick one-liner about your experience (for example, “helping people acquire wealth for over ten years”).

First and most importantly, ALWAYS have some of your business cards on you. Having anywhere between 10 to 15 business cards with you at any given time would be ideal. Many times people will ask for a business card and you may not have one to give. This is a lost opportunity! If you just give the potential contact a phone number, chances are, he/she is going to forget what and who the phone number is for. However, if a business card was given, there can be no mistake as to who the number belongs.

Second, put a stack of business cards on your desk. When you meet potential clients, it is nice and beneficial to give them a card. This way, if that person wants to recommend you to another, they will have a business card to give to that person. Additionally, your client will have a means of information should they need to contact you for any reason.

What if you do not have an office where clients come to meet you? What if you run a home based business? This problem is easily solved. When you go and meet the client, give them a card attached to any presentation, contract, agreement, and/or document that pertains to the meeting. (The preceding sentence also applies to people that have a traditional office where clients come to meet. Just make sure that you do not drown your clients with business cards. One or two is fine. Do not attach a business card to every document you produce for them).

What if you never meet the clients with who you do business? In this case, some sort of communication has to take place. How else would you two have gotten into contact? In this case, it is most likely that e-mail is used and, therefore, you can put business card-like information beneath your signature line. It has the same effect as a traditional business card and better yet, it is free!

Third, networking events are a great place to exchange business cards with others. Just make sure you do not blindly throw your cards at people without making a true contact. Handing cards to people you never talk to are not going to help your cause.

Last, place your business cards in local shops that allow you to do so. Many local coffee shops, juices bars, restaurants, pubs, bars, and “mom and pop” stores allow people to place their business cards on a bulletin board and/or on the restaurant tables under a piece of glass which serves as the table “cloth.” This is a good way to create ties with the local small businesses and with the local community. A word a caution; this is probably going to be the least effective method for generating business. Many people do not go into a coffee shop looking for a anything other than a cup of coffee, therefore, do not expect much business to come directly from this method. That being said, if a person does become your client from one of your cards placed in local businesses, and that client ends up loving you, that little card that stays pinned up at those shops, probably indefinitely, will generate much positive word of mouth advertising. This in turn creates lots of business for you.

Self-esteem and the Business World

Self-esteem is important no matter the avenue of life involved. If you do not have self-esteem about general aspects of your life, possessing self-esteem in the business world is not important. You first have to possess self-esteem generally if you want the same to apply in a business setting.

Let us assume that you possess much self-esteem and that you are an outgoing person. Both of these characteristic traits will be greatly beneficial to you. However, it is easy to get discouraged if you are not careful. You have to have “thick skin” in the business world if you want to achieve greatness.

Many people advocate the “dog eat dog” ideal of business. Competition is going to be rampant during your entrepreneurial journey, however, how you deal with the competition or how it affects your self-esteem is going to determine whether you will survive as an entrepreneur.

Rolling with the punches is part of this business. I am not advocating that you not be competitive. Competitiveness is an essential element, however, when the competitive streak leads to unethical tactics or the untruthful damaging of a personal reputation, you need to step back and evaluate your actions. The truth is, these actions may happen to you. How you deal with such an event (by means of your self-esteem) will be pivotal to your success.

First and foremost, you have to stay calm. This can be easier said than done when faced with a situation as described above, however, maintaining your calm will help you think rationally. Rational thinking will help prevent your doing some action that you will later regret.

Second, fix the problem. If you have received negative feedback or are experiencing confrontational problems from co-workers or other similarly situated people, fixing the problem can be your best bet. This will require talking to the culprit. Do not confront because this could cause an unnecessary tension. Instead, explain the problem to the other and see if you two can come to an amicable solution.

Last, assess how you handled the situation. Your self-esteem about your abilities runs simultaneous with your abilities themselves. Learn to control your environment, and your self-esteem and you will do fine on your entrepreneurial journey.