Small Life Lessons from a Serial Entrepreneur YOUR GUIDE TO BECOMING A SUCCESSFUL ENTREPRENEUR

Transcription

1 Small Life Lessons from a Serial Entrepreneur YOUR GUIDE TO BECOMING A SUCCESSFUL ENTREPRENEUR

2 Your mind never stops thinking of ideas What could you make better? What would help others? What would make the world a better place? Or at least my corner of the world?

3 Always seeing a new idea/new possibilities A gift- the ability to help others see their vision and help them to realize their dream Started 7 businesses over 18 years Current and most passionate project to date is OnlineMedsource

4 The inspiration for OnlineMedsource came from being my parents caregiver until each passed First caring for my mother- 5 months Next my father- 10 years of care Realizing that today there are 50 million caregivers in the United States alone Every 3 seconds a Baby Boomer turns 65 Who here is or has been a caregiver?

5 FIRST- I built this business based upon what doctors needed not what I thought they should have We interviewed over 200 practices from the doctor to the janitor and asked them all the same thing Why don t you want to go electronic? (paperless) Why do you think you should? What 10 things should it have to keep you from going kicking and screaming?

6 I have had bankers tell me that they have spoken to thousands of business owners before but NEVER one did what we did Ask the customer what do they want? What do they need?

7 Vision is the art of seeing things invisible - Jonathan Swift You must love your idea, be passionate about it Know you are the ONLY one to carry it through Believe you will do your very best, second to none & know in your heart it s the right thing to do You must be certain that your idea makes a positive difference in the world Never build a business solely for the sake of money

8 Remember, there are a few things in your life that you regret doing and a lot more you regret not doing put your goals and dreams into action and don t look back and say, if only

9 Don t be dependent on someone s expertise in order to run your business Passion MIGHT make up for the fact that you cannot do what is required to make your business happen The best scenario is for you to be able to handle the primary function of the business yourself

10 Nothing beats a GREAT; no, make that a spectacular, business plan Your Business Plan is NOT an exercise in futility, it s your roadmap and should written as such Once you have your idea and your business plan in place remember this Nothing great was ever achieved without enthusiasm

11 Plan to work long hard hours for the first few years. Yes- Years. Your business is a commitment, if you don t plan to commit, don t even begin. You can make money or excuses, however you can t make both.

12 Learn from past mistakes and get help! Get a great business coach, this was the single best move I ve ever made in my entire business career. A true business coach will help you to see the necessary steps to build a solid foundation, grow the business then allow you to work ON the business instead of IN the business. It s an investment worth 10 times the cost

13 Your idea is very personal, People won t always get it and may not be the least bit supportive, much less enthusiastic Remember- The visionary disciplines himself to see the world always as if he had only just seen it for the first time - Colin Wilson

14 If possible, start in a Business Incubators Rent Lease All Inclusive Tax benefits Get investors Remember you are the first investor so Get a business coach Get a team of business people, whether it is a board of directors, advisory committee, or just smart business friends, This is one of the most important steps you can take

15 + Do your research; be sure your idea is not only good but a viable business with true marketing capabilities Don t think that a good idea will be enough The more effort you put into research and documentation, the more likely you will have investors interested in working with you Follow your business plan Check your plan every 6 months, adjust accordingly The business plan is your road map and is an organic document

16 + Always look for ways to improve Improve your product or service Delivery of your product or service Pricing Cost cutting without diminishing quality Quality control Marketing Public relations YOURSELF

17 Document every step & every process Allows anyone coming aboard to step right into the position without missing a beat Also helps when having to perform tasks that are infrequent, monthly, quarterly, annually If you will document as you go, it takes little time & saves you countless hours, dollars & headaches

18 Investment dollars would have taken us further faster It is easier to succeed with a good business plan A more precise hiring process eliminates headaches and heartaches I would diligently grow my business from beginning to end

19 Who had heard of Murphy s Law? Once you have completed your research and finished your business plan you will need to do the following Double the cost Triple the time Then hope that was enough

20 What is my goal with this business? a) Is it to make a living, or even a good living? b) Make a difference in the world or at least my little corner of the world? c) Is it to someday sell this business or leave it for my heirs? If your answer to is C is to one day sell the businessthat will dictate every decision from day one

21 Building a business with the intent to sell it changes how you build that business This does not mean short-timing it You want a business that can run without you, one that does not center around you

22 A final thought- When all reason is gone, and the facts are against you, it is true passion that drives you on to succeed against all odds- Agi Lurtz Questions?