Category: Business
The power of one cent
What is the power of one cent?
To answer this question, imagine that one cent doubles every day. As shown in the table, one cent after 9 days can buy you a coffee at $2.56. One cent, after 20 days, can buy a car at $5,242.88. One cent after 30 days can buy your dream that is worth $5 Million dollars. AND, you keep it to the following day, you will become a double-digit millionaires. One cent will be a $1,374,389,534.72 on day 38 and will be $5,497,558,138.88 on day 40.
Then what?
The model above presents the strength of a network. I focus my effort to recruit my team and double double every day, or a week or a month. I can reach a powerful result and I have the passion and dedication to do it for 30 days.
The model is also applicable to sales, if I can double my sales every day, I can reach amazing business size after 30 cycles.
The cycle can be one week, one month, or even one year.
Just keep it doubling and do not rush and have the passion to be a billionaire starting with one cent.
John D. Rockefeller who is the world’s richest man and the first American worth more than a billion dollars, controlling 90% of all oil in the United States at his peak. said “I would rather earn 1% off a 100 people’s efforts than 100% of my own efforts.”
DOs and DONTs in networking events
Networking is the process of fishing for new customers or new order within a focused crowd. The effective networking will result into $$$! Yes: we network to make money, not to have fun. Yes: we network to make money, not to know more people. Yes: we network to make money, not to spend time.
The 4 DONTs of effective networking are
- Do not start with your name or business name
Starting with your name and your business will frame you in the audience mind to the basic service of what you do. It will immediately create a barrier between you and the audience.
When you say: “Hi, I am Joe and I am accountant”
It automatically generates a barrier between you and the audience. In the mindset of the audience, it will be one of these messages
“Oh, one more accountant in the crowd.”
“Oh, another one of them”
“Oh, I hate these guys, they do not do a good job”
All of these messages are toxic to your networking goals
- Do not wear the company shirt
Wearing a company shirt frames you within the company image. It would be reflect on the ability of connecting with the crowd. In my own experience, having a shirt of an elite service with extremely high reputation was not a good idea. The message in the head of the audience were
“Another guy from this company that charges premium?”
“I just got a call from this company last week, please not again.”
It automatically position you in a frame that impact the acceptance to your message.
- Do not have your logo
Having a logo frames you in what your company do and not how better or effective than your competitors. It is the type of barrier that you do not want. You shall focus of how better is your service or product than others. The message shall be “How do you outstand against others and why you are better. NOT what do you do.
- Do not talk about your business
Do say what your business is doing, or the nature of your service. Focus on the values that your provide to the different clients. Focus on why your customer will come to you and how do you stand against the crowd.
The 4 Do’s of effective networking are
- Do ask an engagement question
An engagement question is the best approach to qualify your crowd. You shall be able to adjust your message to your crowd. If you the first question does not qualify the crowd, Ask a second question but there is NO THIRD. If you can not qualify the crowd, think about another question for next time.
- Do say a pain-hitting paragraph
A pain-hitting paragraph is a simple statement that characterizes the pain that your business is addressing. Identifying the pain immediately creates a link to the audience and you will get their ears for few minutes. Three – four statements conquer in the audience mind that you know and feel their pain. The audience perceives you are like them, and people like to buy from people like them, who they like.
- Do say what is your solution to the pain
After the pain-hitting paragraph pause for a moment, so the audience can digest what said. Then, say HOW you solve the pain, WHY your service is better, and the reasons they should use your service and not others.
- Do say how to access your solution
At the end you shall say how the audience can connect to your service, such as access a website. You must leave a contact information with an action so the audience can connect to you. Or simply, say “your name, I will be more than happy to assist you.”
The five toxic ingredients to your business success
The five toxic ingredients to your business success are the top 5 elements that existed in your business and you should be able to watch or fix.
Ingredient #5 Miss guided arrow.
The miss guided arrow results of not having a vivid vision for your business. There is no actionable plan for everyday activities.
It always results from the lack of execution plan towards a Target.
Ingredient #4 Ineffective networking:
Networking is the number method to get prospects and convert them into clients. Goal number one of networking is making $ through selling more. You hang around the wrong crowd.
Ingredient #3 Bad follow up:
Follow up is the most effective way to either sell more or adjust your business to sell more. Businesses usually overlook following up with their current client and then Fail to follow up with your current customers to bring new prospects.
Ingredient #2: Wrong focus:
Businesses (either production or service or consultation) have three main sections or areas:
1- Production: which which is the process of fulfil your clients request. The process of producing the final product to deliver to your clients.
2- Operation: which is the process of producing what you sell. it is how to run your business.
3- Sales and Marketing: which is the process of getting news orders, client or customers.
We always Focus on the wrong part of the business. The area which we feel better happy and within out zone of comfort.
#1 You:
Your biggest challenge in your business is “You”.
You are stubborn, you do not accept advices, you repeat the same mistake.
You are not open to change when it is not working.
If you would like to discuss this post, please email me badawy@badawy.ca
20 Questions to ask Before Starting a business
So you’ve got what it takes to be an entrepreneur? Now, ask yourself these 20 questions to make sure you’re thinking about the right key business decisions:
- Why am I starting a business?
- What kind of business do I want?
- Who is my ideal customer?
- What products or services will my business provide?
- Am I prepared to spend the time and money needed to get my business started?
- What differentiates my business idea and the products or services I will provide from others in the market?
- Where will my business be located?
- How many employees will I need?
- What types of suppliers do I need?
- How much money do I need to get started?
- Will I need to get a loan?
- How soon will it take before my products or services are available?
- How long do I have until I start making a profit?
- Who is my competition?
- How will I price my product compared to my competition?
- How will I set up the legal structure of my business?
- What taxes do I need to pay?
- What kind of insurance do I need?
- How will I manage my business?
- How will I advertise my business?
10 steps must do, to start your business
Starting a business is exciting—but also demanding. This how to start a business guide addresses some of the most common startup steps to ensure that your company is ready for success.
Prepare a business plan and materials
1. An important first step is preparing a business plan to define your business, products and services, and outline your goals, operating procedures and competition. If your company needs funding from a traditional loan or venture capitalists, a business plan will be required. Make sure your plan includes a marketing approach, so people are aware of what you’re selling and how to find you.
2. Create a business logo, cards and stationery. These items establish your company’s identity and help potential customers find and remember you.
Meet legal requirements
3. Of course, incorporating your business or forming a company with a province or state is important because it protects your personal assets from business debts and liabilities. Other benefits of forming a corporation are tax advantages and greater credibility with customers, vendors and business partners.
4. Select an accountant and attorney. Many small business owners seek advice from accountants and attorneys. As you search for an accountant and attorney, get referrals from friends or family, and look for professionals who have worked with other small business owners or companies in your specific industry.
5. Get necessary tax identification numbers, licenses and permits. A federal tax registration is required for corporations that will have employees. Also keep in mind that most businesses need licenses and/or permits to operate—in your city, municipality, county and/or state.
6. Insure your business and investigate other requirements. Some industries have specific insurance requirements. Discuss your needs with your insurance agent to get the right type and amount of insurance. Remember to look into any other government tax and insurance requirements that might apply to your business, particularly if you have employees. For example:
Unemployment insurance
Workers’ compensation
Federal tax
Self-employment tax
Payroll tax requirements
Sales and use tax
Prepare yourself financially
7. It is crucial to separate business finances from personal ones, so open a business bank account. Most banks require company details, such as formation date, business type, and owner names and addresses. If your business is not incorporated, most banks will require a DBA (doing business as or fictitious business name). Contact your bank about requirements prior to opening an account.
8. Arrange your business accounting and apply for loans. You may want to use an accountant, or handle finances yourself with a small business accounting solution. Either way, properly account for all business disbursements, payments received, invoices, accounts receivable/accounts payable, etc. And if you don’t have enough capital to start a business, this is also the time to seek funding from banks or through Small Business Administration (SBA) loan programs.
9. Establish a business line of credit. This will help reduce the number of times your company prepays for purchased products and services. It also helps establish a strong credit history, which is helpful for vendor and supplier relationships. Getting a Dun & Bradstreet (D&B) DUNS (or D-U-N-S) number for your business is advisable, as it is often used to check business creditworthiness.
10. Ready your workspace. For home-based businesses, ensure you are meeting city zoning requirements for your area. For non home-based businesses, you’ll likely need to lease office space. Don’t forget to purchase or lease furniture and office equipment to get your business up and running.
Build in Canada Innovation Program (BCIP) – 55% success rate in testing innovation
Government of Canada committed to supporting innovation in Canada’s business sector by launching the Canadian Innovation Commercialization Program (CICP) as a pilot program. Budget 2012 committed to make the pilot program permanent and add a military procurement component. The permanent program is known as the Build in Canada Innovation Program (BCIP).
Build in Canada Innovation Program (BCIP) helps companies bridge the pre-commercialization gap by procuring and testing late stage innovative goods and services within the federal government before taking them to market by:
- Awarding contracts to entrepreneurs with pre-commercial innovations through an open, transparent, competitive and fair procurement process.
- Testing and providing feedback to these entrepreneurs on the performance of their goods or services.
- Providing innovators with the opportunity to enter the marketplace with a successful application of their new goods and services.
- Providing information on how to do business with the Government of Canada.
The BCIP targets innovations in the following priority areas:
Standard Component
Environment
Safety and security
Health
Enabling technologies
Military Component
Command & Support
Cyber-Security
Protecting the Soldier
Arctic and Maritime Security
In-Service Support
Training Systems
The BCIP is managed by Public Works and Government Services Canada (PWGSC), and implemented by the Office of Small and Medium Enterprises (OSME). OSME advocates on behalf of small and medium enterprises in federal procurement. The government also organizes and/or participates in regional events and trade shows (see Event Calendar) so that Canadian businesses can showcase their innovative concepts to federal representatives.
Five Call for Proposals were published, the first was on 2010-10-05 and closed on 2010-11-16; and the fifth was published on 2014-06-19 and closed on 2014-09-17.
Out of these process over fife years the following reported 55% innovations has been tested. as of the reported information of August 11, 2015.
the details is as follows:
120 Project Awarded
87 Technologies available for testing
17 bid expired
6 has been withdrawn
for the list of the projects visit this page on buyandsell.gc.ca
if you like to discuss this post shout me an email. badawy@badawy.ca
Is Entrepreneurship For You?
Starting your own business can be an exciting and rewarding experience. It can offer numerous advantages such as being your own boss, setting your own schedule and making a living doing something you enjoy. But, becoming a successful entrepreneur requires thorough planning, creativity and hard work.
Consider whether you have the following characteristics and skills commonly associated with successful entrepreneurs:
- Comfortable with taking risks: Being your own boss also means you’re the one making tough decisions. Entrepreneurship involves uncertainty. Do you avoid uncertainty in life at all costs? If yes, then entrepreneurship may not be the best fit for you. Do you enjoy the thrill of taking calculated risks? Then read on.
- Independent: Entrepreneurs have to make a lot of decisions on their own. If you find you can trust your instincts — and you’re not afraid of rejection every now and then — you could be on your way to being an entrepreneur.
- Persuasive: You may have the greatest idea in the world, but if you cannot persuade customers, employees and potential lenders or partners, you may find entrepreneurship to be challenging. If you enjoy public speaking, engage new people with ease and find you make compelling arguments grounded in facts, it’s likely you’re poised to make your idea succeed.
- Able to negotiate: As a small business owner, you will need to negotiate everything from leases to contract terms to rates. Polished negotiation skills will help you save money and keep your business running smoothly.
- Creative: Are you able to think of new ideas? Can you imagine new ways to solve problems? Entrepreneurs must be able to think creatively. If you have insights on how to take advantage of new opportunities, entrepreneurship may be a good fit.
- Supported by others: Before you start a business, it’s important to have a strong support system in place. You’ll be forced to make many important decisions, especially in the first months of opening your business. If you do not have a support network of people to help you, consider finding a business mentor. A business mentor is someone who is experienced, successful and willing to provide advice and guidance. Read the Steps to Finding a Mentor article for help on finding and working with a mentor.
Still think you have what it takes to be an entrepreneur and start a new business? Great! Now ask yourself these 20 questions to help ensure you’ve thought about the right financial and business details.
How to Make Your Business Plan Stand Out ?
One of the first steps to business planning is determining your target market and why they would want to buy from you.
For example, is the market you serve the best one for your product or service? Are the benefits of dealing with your business clear and are they aligned with customer needs? If you’re unsure about the answers to any of these questions, take a step back and revisit the foundation of your business plan.
The following tips can help you clarify what your business has to offer, identify the right target market for it and build a niche for yourself.
Be Clear About What You Have to Offer
Ask yourself: Beyond basic products or services, what are you really selling? Consider this example: Your town probably has several restaurants all selling one fundamental product—food. But each is targeted at a different need or clientele.
One might be a drive-thru fast food restaurant, perhaps another sells pizza in a rustic Italian kitchen, and maybe there’s a fine dining seafood restaurant that specializes in wood-grilled fare. All these restaurants sell meals, but they sell them to targeted clientele looking for the unique qualities each has to offer. What they are really selling is a combination of product, value, ambience and brand experience.
When starting a business, be sure to understand what makes your business unique. What needs does your product or service fulfill? What benefits and differentiators will help your business stand out from the crowd?
Don’t Become a Jack of All Trades-Learn to Strategize
It’s important to clearly define what you’re selling. You do not want to become a jack-of-all trades and master of none because this can have a negative impact on business growth. As a smaller business, it’s often a better strategy to divide your products or services into manageable market niches. Small operations can then offer specialized goods and services that are attractive to a specific group of prospective buyers.
Identify Your Niche
Creating a niche for your business is essential to success. Often, business owners can identify a niche based on their own market knowledge, but it can also be helpful to conduct a market survey with potential customers to uncover untapped needs. During your research process, identify the following:
Which areas your competitors are already well-established
Which areas are being ignored by your competitors
Potential opportunities for your business
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