Thank you for the introduction.  This could be one of the most powerful groups @ LinkedIN and we look forward to new members.  Part of the slowness in group momentum as been and holidays but another strong part is the time it takes to manage a group like this.  There are many great members and look forward to a great year. 

 

Let me start off a new conversation and some “Ideas” for Entrepreneurs and the new year:

 

• First and most importantly, spend at least ONE HOUR A DAY devoted to strategic work. Strategic work is any work related to planning, tracking, or managing the operation of the business. You need to make this a daily practice and it must take priority over everything else. If you develop this habit, you'll begin to change the way you see their business. If you don't, you probably won't change, or it will take a lot longer to make the shift.
• Try doing something different at least once a week. Whether it's a new way of training employees, a new way of interacting with customers, a new way of producing the product or service, a new way of answering the phone, or even something as simple as a new way of dealing with incoming mail, trying something new helps you exercise your entrepreneurial "muscles." You need to take a stab at it even if you don't have all of the answers or aren't sure how it will work. It does not have to be perfect. Waiting for perfection is just an excuse to not try anything new! Just try it, and observe it closely to see what works and what doesn't work. You can make adjustments as you go based on what you learn.
• As soon as possible, start looking for ways to delegate technical work to others. Make a list of what kind of technical work you want to delegate, decide which position (not person!) is most appropriate to delegate to, and create a timeline and a plan to hand it over.
• Take away employees', customers', and family's permission to interrupt whenever they feel like it. Few strategies will have a greater impact on your productivity! Have employees get in the habit of prioritizing their "crisis" and develop a proposed solution to the issue before they come to you. Only events that require immediate attention are worth an interruption. If the situation does not require immediate attention, the employees must find another way of communicating with you. E-mail, voicemail, adding it to the agenda of the next scheduled meeting, or putting it in a report are all preferable to interrupting you. Make someone else in the business the point of contact for your customers. Change your cell phone number and don't give the new one to your customers. Instruct your employees not to give out the new number to ANYONE. Instruct your family to limit calls to you during the workday. Let your voicemail pick up the calls that do come in. You can listen to your messages and return them in batches a couple of times a day, instead of dealing with every perceived "crisis" in the moment.
• Once a week, review your Strategic Objective and create a plan to do some work to generate observable, quantifiable progress toward that Strategic Objective.

Making these habits a daily practice takes time and effort, but they will have significant benefits for you and your business. These habits allow you the space you need to think about how to do business differently. And doing business differently than you've been doing it is absolutely essential to you getting what you want from your business and from your life!

Thomas Ramsdell

ONEKO Internet Entrepreneurs Moderator  

 

 

 

Hey Guys,

Great to be a part of this splendid forum!
I am second year MBA student at HKUST in Hong Kong and Haas at UC
Berkeley.

I am currently in Berkeley and will be heading to HK on the 7th.
Feel free to get in touch with me, I would love to meet you guys if
you happen to be in Berkeley or plan to come down to HK :-)

cheers,
Arun.

Linked-in Profile:
https://www.linkedin.com/e/fps/1896947/

I have always believed it to be exactly what it is frequently defined as which is “A person who organizes, operates, and assumes the risk for a business venture.”  Sweet and simple.  The only thing I would add is “The person with everything to gain, and everything to lose.”

 

I would like to increase the activity in the group by encouraging everyone (new and old members alike) to introduce themselves. (feel free to plug a little... ;-) )

Also, I would like to know from all of you what you think an entrepreneur is.  I believe that the word is passed around to freely and others believe when they start their own business there are now entrepreneurs. 

What does it take to be a entrepreneur and what does entrepreneurship mean to you?

Thomas
OIE   

 

Thomas Ramsdell CEO / Founder ONEKO Internet Success Solutions 6822-22nd Avenue North Suite 194 St. Petersburg, Florida 33710 USA		Work: 727-471-0700 Fax: 240-337-2256 Email: linkedin@... IM: onekosuccess (AIM)  Professional Profile Join ONEKO Internet Entrepreneurs @ LinkedIn	We don't just make websites, We make websites successful!
See who we know in common		Want a signature like this?

 

 

Then we are in agreement. That said, please do not confuse McDonalds with 7-eleven.  A typical 7-eleven does only about 1.2M in total sales with pre-tax net to the owner in the 3-6% range.  McDonalds does not make burgers, they make millionaires.

 

 

 

 

All good points I am just saying there are plenty of franchises out there that sell jobs and there are exceptions to every rule but a system based business like Fedex, McDonalds, Subway, Disney, all systems.  McDonalds (not the empire just the corner restaurant) does 2M a year in cash flow  with a 17% pre tax profit, with high school kids you can't get to clean their rooms and a 300% a year turnover in personnel. The owner has to understand the business but does not have to be there.

 

I have worked in plenty of my businesses (mostly businesses I have bought not build) 1 as a placeholder and 2 to better understand the business I just bought and its clientele.  But my model makes that "placeholder" very short lived.

 

 As far as your statement: Bottom line is I do not think the business must exclude me. Your right.  But it should.

 

I love the line about dieing in the biz... That's an attention getter!!

 

Thomas

 

From: ONEKOInternetEntrepreneurs@yahoogroups.com [mailto:ONEKOInternetEntrepreneurs@yahoogroups.com] On Behalf Of Stuart Phillips
Sent: Tuesday, July 26, 2005 4:27 PM
To: ONEKOInternetEntrepreneurs@yahoogroups.com
Subject: FW: [ONEKOInternetEntrepreneurs] Re: Welcome to OIE... I'm Thomas, Your host REPLY

I am not sure that I agree with the basic premise that I can not be part of the company. That would only be true if one of two conditions existed; If I was irreplaceable or if the economics of replacing me did not return a sufficient ROI.

 

Let me give you a real life example. 7-Eleven stores are built on the owner/operator concept.  The owner works at least one full shift if not more and the average owner doing that yields well south of $75,000 annually.  This is one of the reasons they do not sell for a lot of money and are popular among cultures where the whole family works in the business. They then draw several of the salaries to yield a reasonable family income. My brother many years ago invest 70-80 hours a week in his to afford to buy additional locations. He now owns five and spends ZERO hours per week in any of them.  What he did, which I think is contrary to your ideas, is build value in a placeholder position which he filled until he could replace himself with sufficient economics to pay himself in absentia.

 

A business I sold a decade ago was built on my back as the person responsible for sales. I built a client based that bought FROM me. However, I was able to bring a buyer in and transition those clients to the buyer. 

Bottom line is I do not think the business must exclude me.

 

But back to the question of exit strategy.  I approach the concept in a similar fashion. My question is: In a perfect world, what would you like to see happen? If that answer does not get to some exit idea I ask the second question: So you want to die in the business?  That will always get my client to thinking exit strategies. 

 

Hope this is helpful.

 

 

This is a great discussion point, for me. Thanks for starting this as
it is very germane for me, in my current thought processes. I'll
comment in post items below ...

"Thomas Ramsdell" <groups@o...> wrote:
> GREAT start Stuart,
> 
> Let's expand on Exit strategies.  You are right, NOBODY EVER (ok...
> some) thinks about what they are going to do with their company
> (the one that they build accidentally).  Product is such a small
> part of business.

Interesting point, yet I am puzzled and hung up on the "accidentally"
part. What about those that enter is _knowing_ what they are trying to
build. Isn't then the inverse true - product is a significant part of
business?

I posit that if you enter with the exit in mind, and a product in
hand, you are more likely to succeed. Am I smokin' da ganja here?  :)

>  When I consult for people (especially internet people) I ask them
> "What do YOU want out of life?".  Then build a business that is
> capable of reaching those goals.  Most people want freedom.  You
> know what?  They quit their 40 hour a week job and go into business
> working 80 hours a week.

Ha, I like that! you want freedom, DON'T START A COMPANY.  :)  Yes, I
am sure the giant sucking sound pulls everyone in - an that I submit
is because you have a deep love for the success of your endeavor. No
wrong there, just a significant sacrifice that needs to be accepted.

I know you weren't leaving that out, I just wanted to verbalize the point.

> now specifically exit.  IF you have to be a part of your business
> for it to run you will NEVER sell it.  Nobody wants to buy a job.

Are you talking about _you_ are a part of the product? I think you are
saying if I am the "lawn mower" and want to sell my company, I am
selling me ... is that sorta the distinction you are making? If so, I
agree with you 100%. If we are discussing your involvement to make it
work, I think I'd take a different stand ... but I believe I get your
point.

> Bottom line: If you want to exit your business you had better not
> enter it in the first place.

Uh, I think this one confuses me. Maybe you meant to use a negative
there? I first read this as, "if you don't want to exit your business
you had better not enter it...". But I think you might be saying
something different. I could use a little more clarification on this
one point - thanks.

> Then you need to ask yourself "What companies will want to buy my
> finished business?"  Make a list of them.  Find out how they
> valuate business for acquisition? and build a business that they
> WANT to buy.  A business that expands a market for them, gives them
> a new product line, something.

I like that, good sound points. Thanks.

> There are 2 ways to do business. 1 is to create a product and then
> sell it to a target market.  This is hard because there are already
> products there, people are stubborn and not generally willing to
> change.

Are you sure? What if the target market is unaware of the niche you'd
be attempting to carve out of the pie? Granted that is a much more
dangerous approach, but the returns are humongous.

> The Second (and my preferred) is to pitch an industry, run focus
> groups and determine what the industry needs from the people who
> are in it.  Do pre-sales and then go and develop the product they
> need.  now you have a product and a market that already agreed to
> use it.

Very expensive to have the above. It is sound as well, I just expect
to need more investment involvement for this approach to be affective.
Am I wrong in that assertion? I'm not sure, so, don't read a combative
tone there - I'm really asking for your opinions out there ... k? Thanks.

> You need to have a defined business lifecycle designed to exit at
> the end. I tell people;  "If you don't sell your business, you
> bought it!" and is it worth the price your paying for it.

I like that ... good statement and words to live by.

So, I am participating in my 7th startup. I have seen quite a few exit
strategies in my day. I am in no way an expert, but as a person in the
wings, I wondered, "What are they thinking here?" It has been somewhat
frustrating at a few - the exit was a mess.

When I build mine, I do not want to get caught up in the maelstrom
that is an unclear exit. I think that your exit does truly define what
happens to you, and your company.

But, do we really need to focus on "our own exit"? Wouldn't the
definition of the company and its exit be a better place to start?
Wouldn't starting there be a more effective vision builder and driver
toward a more successful end? I mean, if you are just trying to
fulfill a dictum driven into you from "B School", is that the way to
go? (i mean that in the sense that to really put your B School
training to good use, you gotta start a few companies).

None of my statements are fact, or poke at your positions. I am trying
to illicit more discussion, 'cause I don't really know for myself.
And, the day I start a company for real, I already have some
influences that are outlined above. I want to be sure that it may be
true I am doing something "differently" - but maybe I will score a
success, who's to know?

The climate these days is much different than the "vending machine
churn" of the DOT.COM era.

Thanks for listening and providing an open forum!


Steve
(closet company starter)
=-------------------------------------=
https://www.linkedin.com/e/fpf/258827
=-------------------------------------=

 

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Checked by AVG Anti-Virus.
Version: 7.0.338 / Virus Database: 267.9.5/58 - Release Date: 7/25/2005

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No virus found in this outgoing message.
Checked by AVG Anti-Virus.
Version: 7.0.338 / Virus Database: 267.9.5/58 - Release Date: 7/25/2005

I am not sure that I agree with the basic premise that I can not be part of the company. That would only be true if one of two conditions existed; If I was irreplaceable or if the economics of replacing me did not return a sufficient ROI.

 

Let me give you a real life example. 7-Eleven stores are built on the owner/operator concept.  The owner works at least one full shift if not more and the average owner doing that yields well south of $75,000 annually.  This is one of the reasons they do not sell for a lot of money and are popular among cultures where the whole family works in the business. They then draw several of the salaries to yield a reasonable family income. My brother many years ago invest 70-80 hours a week in his to afford to buy additional locations. He now owns five and spends ZERO hours per week in any of them.  What he did, which I think is contrary to your ideas, is build value in a placeholder position which he filled until he could replace himself with sufficient economics to pay himself in absentia.

 

A business I sold a decade ago was built on my back as the person responsible for sales. I built a client based that bought FROM me. However, I was able to bring a buyer in and transition those clients to the buyer. 

Bottom line is I do not think the business must exclude me.

 

But back to the question of exit strategy.  I approach the concept in a similar fashion. My question is: In a perfect world, what would you like to see happen? If that answer does not get to some exit idea I ask the second question: So you want to die in the business?  That will always get my client to thinking exit strategies. 

 

Hope this is helpful.

 

 

This is a great discussion point, for me. Thanks for starting this as
it is very germane for me, in my current thought processes. I'll
comment in post items below ...

"Thomas Ramsdell" <groups@o...> wrote:
> GREAT start Stuart,
> 
> Let's expand on Exit strategies.  You are right, NOBODY EVER (ok...
> some) thinks about what they are going to do with their company
> (the one that they build accidentally).  Product is such a small
> part of business.

Interesting point, yet I am puzzled and hung up on the "accidentally"
part. What about those that enter is _knowing_ what they are trying to
build. Isn't then the inverse true - product is a significant part of
business?

I posit that if you enter with the exit in mind, and a product in
hand, you are more likely to succeed. Am I smokin' da ganja here?  :)

>  When I consult for people (especially internet people) I ask them
> "What do YOU want out of life?".  Then build a business that is
> capable of reaching those goals.  Most people want freedom.  You
> know what?  They quit their 40 hour a week job and go into business
> working 80 hours a week.

Ha, I like that! you want freedom, DON'T START A COMPANY.  :)  Yes, I
am sure the giant sucking sound pulls everyone in - an that I submit
is because you have a deep love for the success of your endeavor. No
wrong there, just a significant sacrifice that needs to be accepted.

I know you weren't leaving that out, I just wanted to verbalize the point.

> now specifically exit.  IF you have to be a part of your business
> for it to run you will NEVER sell it.  Nobody wants to buy a job.

Are you talking about _you_ are a part of the product? I think you are
saying if I am the "lawn mower" and want to sell my company, I am
selling me ... is that sorta the distinction you are making? If so, I
agree with you 100%. If we are discussing your involvement to make it
work, I think I'd take a different stand ... but I believe I get your
point.

> Bottom line: If you want to exit your business you had better not
> enter it in the first place.

Uh, I think this one confuses me. Maybe you meant to use a negative
there? I first read this as, "if you don't want to exit your business
you had better not enter it...". But I think you might be saying
something different. I could use a little more clarification on this
one point - thanks.

> Then you need to ask yourself "What companies will want to buy my
> finished business?"  Make a list of them.  Find out how they
> valuate business for acquisition? and build a business that they
> WANT to buy.  A business that expands a market for them, gives them
> a new product line, something.

I like that, good sound points. Thanks.

> There are 2 ways to do business. 1 is to create a product and then
> sell it to a target market.  This is hard because there are already
> products there, people are stubborn and not generally willing to
> change.

Are you sure? What if the target market is unaware of the niche you'd
be attempting to carve out of the pie? Granted that is a much more
dangerous approach, but the returns are humongous.

> The Second (and my preferred) is to pitch an industry, run focus
> groups and determine what the industry needs from the people who
> are in it.  Do pre-sales and then go and develop the product they
> need.  now you have a product and a market that already agreed to
> use it.

Very expensive to have the above. It is sound as well, I just expect
to need more investment involvement for this approach to be affective.
Am I wrong in that assertion? I'm not sure, so, don't read a combative
tone there - I'm really asking for your opinions out there ... k? Thanks.

> You need to have a defined business lifecycle designed to exit at
> the end. I tell people;  "If you don't sell your business, you
> bought it!" and is it worth the price your paying for it.

I like that ... good statement and words to live by.

So, I am participating in my 7th startup. I have seen quite a few exit
strategies in my day. I am in no way an expert, but as a person in the
wings, I wondered, "What are they thinking here?" It has been somewhat
frustrating at a few - the exit was a mess.

When I build mine, I do not want to get caught up in the maelstrom
that is an unclear exit. I think that your exit does truly define what
happens to you, and your company.

But, do we really need to focus on "our own exit"? Wouldn't the
definition of the company and its exit be a better place to start?
Wouldn't starting there be a more effective vision builder and driver
toward a more successful end? I mean, if you are just trying to
fulfill a dictum driven into you from "B School", is that the way to
go? (i mean that in the sense that to really put your B School
training to good use, you gotta start a few companies).

None of my statements are fact, or poke at your positions. I am trying
to illicit more discussion, 'cause I don't really know for myself.
And, the day I start a company for real, I already have some
influences that are outlined above. I want to be sure that it may be
true I am doing something "differently" - but maybe I will score a
success, who's to know?

The climate these days is much different than the "vending machine
churn" of the DOT.COM era.

Thanks for listening and providing an open forum!


Steve
(closet company starter)
=-------------------------------------=
https://www.linkedin.com/e/fpf/258827
=-------------------------------------=

I am not sure that I agree with the basic premise that I can not be part of the company. That would only be true if one of two conditions existed; If I was irreplaceable or if the economics of replacing me did not return a sufficient ROI.

 

Let me give you a real life example. 7-Eleven stores are built on the owner/operator concept.  The owner works at least one full shift if not more and the average owner doing that yields well south of $75,000 annually.  This is one of the reasons they do not sell for a lot of money and are popular among cultures where the whole family works in the business. They then draw several of the salaries to yield a reasonable family income. My brother many years ago invest 70-80 hours a week in his to afford to buy additional locations. He now owns five and spends ZERO hours per week in any of them.  What he did, which I think is contrary to your ideas, is build value in a placeholder position which he filled until he could replace himself with sufficient economics to pay himself in absentia.

 

A business I sold a decade ago was built on my back as the person responsible for sales. I built a client based that bought FROM me. However, I was able to bring a buyer in and transition those clients to the buyer. 

Bottom line is I do not think the business must exclude me.

 

But back to the question of exit strategy.  I approach the concept in a similar fashion. My question is: In a perfect world, what would you like to see happen? If that answer does not get to some exit idea I ask the second question: So you want to die in the business?  That will always get my client to thinking exit strategies. 

 

Hope this is helpful.

 

 

This is a great discussion point, for me. Thanks for starting this as
it is very germane for me, in my current thought processes. I'll
comment in post items below ...

"Thomas Ramsdell" <groups@o...> wrote:
> GREAT start Stuart,
> 
> Let's expand on Exit strategies.  You are right, NOBODY EVER (ok...
> some) thinks about what they are going to do with their company
> (the one that they build accidentally).  Product is such a small
> part of business.

Interesting point, yet I am puzzled and hung up on the "accidentally"
part. What about those that enter is _knowing_ what they are trying to
build. Isn't then the inverse true - product is a significant part of
business?

I posit that if you enter with the exit in mind, and a product in
hand, you are more likely to succeed. Am I smokin' da ganja here?  :)

>  When I consult for people (especially internet people) I ask them
> "What do YOU want out of life?".  Then build a business that is
> capable of reaching those goals.  Most people want freedom.  You
> know what?  They quit their 40 hour a week job and go into business
> working 80 hours a week.

Ha, I like that! you want freedom, DON'T START A COMPANY.  :)  Yes, I
am sure the giant sucking sound pulls everyone in - an that I submit
is because you have a deep love for the success of your endeavor. No
wrong there, just a significant sacrifice that needs to be accepted.

I know you weren't leaving that out, I just wanted to verbalize the point.

> now specifically exit.  IF you have to be a part of your business
> for it to run you will NEVER sell it.  Nobody wants to buy a job.

Are you talking about _you_ are a part of the product? I think you are
saying if I am the "lawn mower" and want to sell my company, I am
selling me ... is that sorta the distinction you are making? If so, I
agree with you 100%. If we are discussing your involvement to make it
work, I think I'd take a different stand ... but I believe I get your
point.

> Bottom line: If you want to exit your business you had better not
> enter it in the first place.

Uh, I think this one confuses me. Maybe you meant to use a negative
there? I first read this as, "if you don't want to exit your business
you had better not enter it...". But I think you might be saying
something different. I could use a little more clarification on this
one point - thanks.

> Then you need to ask yourself "What companies will want to buy my
> finished business?"  Make a list of them.  Find out how they
> valuate business for acquisition? and build a business that they
> WANT to buy.  A business that expands a market for them, gives them
> a new product line, something.

I like that, good sound points. Thanks.

> There are 2 ways to do business. 1 is to create a product and then
> sell it to a target market.  This is hard because there are already
> products there, people are stubborn and not generally willing to
> change.

Are you sure? What if the target market is unaware of the niche you'd
be attempting to carve out of the pie? Granted that is a much more
dangerous approach, but the returns are humongous.

> The Second (and my preferred) is to pitch an industry, run focus
> groups and determine what the industry needs from the people who
> are in it.  Do pre-sales and then go and develop the product they
> need.  now you have a product and a market that already agreed to
> use it.

Very expensive to have the above. It is sound as well, I just expect
to need more investment involvement for this approach to be affective.
Am I wrong in that assertion? I'm not sure, so, don't read a combative
tone there - I'm really asking for your opinions out there ... k? Thanks.

> You need to have a defined business lifecycle designed to exit at
> the end. I tell people;  "If you don't sell your business, you
> bought it!" and is it worth the price your paying for it.

I like that ... good statement and words to live by.

So, I am participating in my 7th startup. I have seen quite a few exit
strategies in my day. I am in no way an expert, but as a person in the
wings, I wondered, "What are they thinking here?" It has been somewhat
frustrating at a few - the exit was a mess.

When I build mine, I do not want to get caught up in the maelstrom
that is an unclear exit. I think that your exit does truly define what
happens to you, and your company.

But, do we really need to focus on "our own exit"? Wouldn't the
definition of the company and its exit be a better place to start?
Wouldn't starting there be a more effective vision builder and driver
toward a more successful end? I mean, if you are just trying to
fulfill a dictum driven into you from "B School", is that the way to
go? (i mean that in the sense that to really put your B School
training to good use, you gotta start a few companies).

None of my statements are fact, or poke at your positions. I am trying
to illicit more discussion, 'cause I don't really know for myself.
And, the day I start a company for real, I already have some
influences that are outlined above. I want to be sure that it may be
true I am doing something "differently" - but maybe I will score a
success, who's to know?

The climate these days is much different than the "vending machine
churn" of the DOT.COM era.

Thanks for listening and providing an open forum!


Steve
(closet company starter)
=-------------------------------------=
https://www.linkedin.com/e/fpf/258827
=-------------------------------------=