Gary Whitehill | Stop At Nothing. Achieve Everything

Authentic Creation Manifesto: How Entrepreneurs Express True Love

Gary Whitehill — Mon, 09 Jul 2012 21:59:17 +0000

“Being in love is a complete submittal to fully understanding, experiencing, and becoming that higher sense of self and purpose.”

Recently I have been through a few tough moments and thought it would be a good idea to take some time for a self-reflection excursion. To this point, my life has been incredible in every way I could have imagined – or so I thought.

During this time I realized something every aspiring or current entrepreneur should know. It wasn’t an ‘ah-ha’ moment or even a spark of genius that popped into my head, but a viewpoint honed through a culmination of years and years of lessons learned. When I realized this new notion, I was lifted into a whole new level of understanding of the world and why we each do what we do, as well as how important it is to be fully ‘in tune’ with the understanding of self – also known as an ‘actualized self.’

UNCOVERING NEW SELF

Until recently, this new notion simply hadn’t revealed itself because (like most ‘too busy’ business owners) I rarely take time to reflect upon life and the correlations and truths unearthed as a byproduct of my experiences.

As I sat back overlooking the serene countryside from a hammock, alongside peaceful chirping of birds and waves from a lake crashing at my feet, I realized what years of building great companies and relationships had taught me in just five simple words: true love fosters authentic creation.

Whether it is an existing or new idea or relationship, at the root of our genetic makeup lies an abundant force driving each of us to create meaningful purpose in this world and discover our true selves.

One can argue what ‘great’ means, but to me it is having learned something of practical value – lesson(s) to leverage going forward in the journey called life. Length of time in a relationship or how much money a company makes I believe (in the context of authentic creation) are linear barometers in understanding what ‘great’ means because life experiences dictate interpretation. Life is complex, sometimes tethered and sometimes disaggregated, and no two lives can, will, or should ever be the same. Thus, what is important to me might not be important to you, or vice versa.

THE BEST OF YOUR OWN SELF

A second enlightening tidbit also came – true love is meant to help uncover the best of your own self.

There are three things which individuals overlook in their quest toward true love:

Knowing exactly what to look for: be able to articulate what you need, from whom, and why.
Understanding life is not about doing everything yourself (not even close): a singular mindset on the world will only take you so far.
Believing in what you deserve: stop making excuses, living a sedentary lifestyle, or settling for someone or something because it’s ‘easier that way’ or ‘too hard’ otherwise.

Everyone should realize:

the world is at our fingertips (literally) and we all deserve better than #3
constantly being open to revising #1 is imperative
having the gusto to relinquish full control is the only way #2 can be resolved.

The point: anything worth living for is not easy; the hardship is what makes the journey toward that person or idea even more special. Stretch boundaries. Buck the trend. Laugh in the face of sadness. Love like there is no tomorrow. Be free and enjoy all the life can offer. Follow your heart…. all in an effort to realize your full potential.

Being in love, whether it’s an idea/vision that you’re insanely passionate about or a person who fulfills your every hope and desire, means you’ll experience the gift of a secure and complimentary framework throughout your life. This will compel you to let your guard down and take chances, which is what life is all about, including how to: fully appreciate, embrace, experience, and give without regret.

AUTHENTIC CREATION: A PHYSICAL MANIFESTATION OF LOVE

Finally, the culmination of what I realized while sitting on the hammock was this: true unwavering love creates an authentic and tangible manifestation of itself.

What does that mean?

When it comes to a loving relationship, this means creating a family through the birth of a child. There is nothing more beautiful than being immersed in the intangible (love) in an effort to create the tangible (another person).

On the flip side, throughout this post the word ‘idea’ was chosen instead of ‘company’ when talking about love. Why? Because an idea that truly resonates at the core of our being has the opportunity to become a scalable, meaningful company that individuals around the globe can become a part of in a meaningful way. There are countless examples of this; Zappos is one of the more recent.

EMPOWERMENT

One central point to this manifesto: entrepreneurs we are truly blessed more than any other profession in the world.

Why?

Because entrepreneurs have the ability, through their own authentic love, to do something even more powerful than create a life or build a company – we have the opportunity to empower others to authentically create.

In my opinion, there is no greater way to express true love than by creating someone or something that empowers others around the world to love authentically in a way that is meaningful to them.

Customer Service: Your Best Friend or an Unimaginable Nightmare

Gary Whitehill — Thu, 21 Apr 2011 16:20:12 +0000

We’ve all experienced bad service from time to time. Usually, we do nothing, but sometimes, we complain. We might even write a letter to the newspaper. Most of the time though, you’re complaining to a giant conglomerate, and your one little complaint is a little like a mosquito biting a dinosaur.

However, if you’re an entrepreneur and you have a start-up, one little complaint can be a very, very bad thing for you – both personally and professionally.

Let’s take a look at how you can leverage customer service as the corner stone of your company, as well as how it can sink you faster than the Titanic.

The Best Case Scenario

Since it’s always better to err on the side of optimism, let’s imagine that your company is a paragon of customer service. Everyone who deals with you winds up walking away with a smile on their faces, knowing that one day, they’d like to do business with you again. This technique can be honed by understanding sales triggers, which I have written about previously.

But it doesn’t end there. The next time one of their friends, family members or co-workers says ‘Gee, I need an X widget,’ that previous customer jumps right in, telling them where to find you. When that person walks away happy, they tell their friends and family, and pretty soon, you have a loyal customer base, who want to deal with you, because they trust you. This is the Rule of 13 – whether your customer services was good or bad, the customer will eventually tell 13 people. The more emotionally engaging customer service program you have, the likelier they are going to 1) Tell more than 13 people 2) Tell them sooner rather than later.

As an entrepreneur, you should know that the single best way to build your company is through word of mouth – leveraging the personality credibility and network of your customers.

The bottom line? The customer may not always be right, but they are your most important advertising tool.

During my time at Nordstrom I would have customers call looking for a specific shoe. Usually I wasn’t sure if we had stock, so I would normally take their name and number and promise to call them right back. I cannot tell you how many times I heard “Wow….. you really checked? You are the first person in months who I’ve actually called and who’d even bothered to follow through. Thank you.” Even if they didn’t buy that time, guess who they asked for when they came to the store next time? Guess who just acquired a loyal customer in a matter of minutes? Exactly.

The Worst Case Scenario

Of course, every coin has a flip side. Let’s say you’re just starting your company. You have a few clients, but you’re not particularly focused on making them happy. Instead, you just want their money.

The first time someone walks away feeling cheated ignored or otherwise mistreated, you’re in for a big surprise. Because just like the power of word of mouth can work for you…… it can also work (powerfully) against you.

Now, you might be thinking that there are plenty of fish in the sea. You’d be right. But what happens if that person happens to write for a local paper, publish a blog, or know competitors in the industry? What if they know someone who works for, or even owns, one of your biggest corporate clients? That one unhappy client can snowball rapidly, eating away at your customer base and your profits like termites on wood.

Before you know it, you’re so busy fending off bad press and ‘fires’ that you hardly have time to focus on your company. A good example of this is when Wikileaks first launched – minimizing public embarrassment because the focus of many Fortune 500 companies – at a very expensive cost to shareholders. Not an ideal situation by any stretch of the imagination, is it?

Compromise Is Key

Of course, there’s the old saying ‘you can’t please all of the people all of the time.’ You also can’t be a complete marshmallow, who gives in to every small complaint. You’d be out of business before you know it with that strategy.

What you need to do when dealing with less than happy clients is aim for compromise. Come to a solution that leaves both of you satisfied, if not entirely happy. Be reasonable, listen to their requests, and keep them in the loop. Premium customer service creates scalable brand equity for your business – which translates to steady profit margins regardless of the economy.

The truth is, most people are not entirely unreasonable. If you explain something to them, and help them understand why fixing their problem is taking so long, and the proactive steps you’re taking, they’ll appreciate such thorough communication. They’ll also tend to give you the benefit of the doubt and longer leash going forward.

Look To Yourself

Any business owner is also a consumer. We all buy things every day, whether it’s products or services. We also sometimes have complaints. How those complaints are handled makes all the difference whether we continue to deal with a particular company.

So, when you find that your customers aren’t happy about something, put yourself in their shoes. Would you be happy if the roles were reversed? If not, what would you want done to rectify the situation?

By handling unhappy clients this way, and doing your very best to offer the best quality service you can, before and after a sale, you can be ensure that even unhappy clients are likely to become loyal followers of your company.

One bad apple can spoil the tree – don’t let that outcome even be an option after all the hard work you’ve invested into your company.

The Entrepreneur Roller Coaster: How Failure Leads to Success

Gary Whitehill — Wed, 06 Apr 2011 15:28:38 +0000

Many of us dream of one day starting a company and successfully scaling the venture into a market leading position over a certain duration of time.

But for most that have this dream, they stop dead in their tracks even before giving themselves an opportunity to put their pen to paper. This is because there is a cultural mentality here in America that has been ingrained within each of us- fear of failure.

Our society structures education and thought around consequences, instead of possibility.

In school we’re taught to be ‘perfect’ – to get good grades and memorize the total of 12×12 – because this is supposedly what success looks like. In the world of entrepreneurship, this couldn’t be farther from the truth.

Realize that failure is not the end of anything – it’s an important journey as an entrepreneur, and it’s also just the beginning of your learning and growth.

Think of failure as a speed bump on the sometimes rocky road toward success. There are very few ‘hockey stick’ companies in this world. Most companies face a plethora of trials and tribulations at every step of their growth.

If you don’t believe me, then just take a look at the stories of some of the biggest successes around, and how they failed their way into becoming legends:

R. H. Macy

Let’s start right here in the New York community, with the founder of the world famous Macy’s department store chain.

No one would argue that they are a huge success, would they? Except the department store chain was not R.H. Macy’s first attempt at business…..or his second.

R.H. Macy founded SEVEN other failed companies before he finally found success in New York.

Thomas Edison

World renowned for having invented the light bulb and founding General Electric, everyone knows the success of Thomas Edison.

But guess what – he did not strike it lucky the first time round – not even close. In fact, it took Edison no less than ONE THOUSAND attempts before he finally succeeded in perfecting the light bulb.

Henry Ford

Ford may be one of the world’s biggest motor corporations, and the first to have commercial success with car production, but Henry Ford certainly didn’t succeed the first time round either.

Henry tried, and failed, FIVE times to start other companies before he finally started what is still one of the world’s biggest motor companies.

Walt Disney

Walt Disney’s visions have given us fantastic movies, created theme parks that put most others around the world to shame, and a legacy that continues to this day.

Once again, Disney wasn’t always a huge success though. In fact, before he founded the start-up that would one day become the Disney empire, Walt Disney was fired from a newspaper job.

The reason? The editor did not think he had any imagination.

Everyone Fails

The harsh reality in life is that hardly anyone gets it right on their first attempt.

Abraham Lincoln failed in the army, in business and even in politics before he became one of America’s most famous presidents. Scientists like Sigmund Freud and Charles Darwin faced ridicule before they found fame. Western Union turned down an offer from Bell Telephone to buy them out, because they could not see the project being a success.

Each legend featured above eventually proved their critics wrong, and that’s exactly what successful entrepreneurs do – they accept criticism, realize that failure is inevitable, but (in the face of adversity) keep going anyway.

Everyone fails sometime in their lives – it’s what you do with that failure that makes all the difference.

What Do They Have In Common?

At first glance, this motley crew of entrepreneurs don’t seem to have much in common. Macy founded one of the world’s greatest department stores, Edison brought his own dreams to life, Ford took other people’s inventions and made them a commercial success, and Walt Disney captured the imagination of children and adults around the world.

The one thing these entrepreneurs did have in common though was the belief that one day, somehow, they would succeed. Instead of letting failure, being broke, and even the ridicule of others stand in their way, each entrepreneur embraced their setback as a learning experience. They knew that every failure brought them one step closer to success.

Failure Can Help You

Whether you’re trying to get a company off the ground in a competitive market like New York City or out in the middle of nowhere in Montana, there’s a lesson in this for you.

The lesson is that failure is a great learning tool – it’s the start of something even better.

There’s a world of possibility out there, and giving up is not an option. And if you do think giving up is an option, go back to your 9-5 job, because that’s the mentality at a desk job.

Samuel Beckett once said: “Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better.”

Remember – as long as you keep trying, one day, you’ll succeed.
It’s only when you quit that you truly fail.

Want a Best Friend? Learn to Brand Yourself & Your Business

Gary Whitehill — Thu, 10 Feb 2011 17:10:38 +0000

In our consumer driven, flat and hyper-competitive world, there are plenty of companies out there supplying every possible kind of product/service to a market hungry for more. However, while it is true that most of these companies will profit accordingly, it is the ones that create a brand, and develop a loyal group of clients, that will catapult their revenues toward the upper echelon of the bell curve.

In a tough market, where competition is stiff and resources are scarce, building a brand presence means the difference between doing five figures, and a business that crushes it with a seven or eight figure top line. For early to mid-stage entrepreneurs, establishing a strong brand presence (as soon as possible) is imperative.

Selling the Brand

Building a memorable brand can be just as important as building the business itself. Just look at some of the mega brands out there. For instance, everyone knows the presence of large golden arches indicate the location of a McDonalds restaurant. Need more evidence? Without questioning, we accept that the:

Swoosh symbol only adorns Nike products
Apple on a product means it is from Apple
Badge on a BMW elicits an unmistakable driving experience

The reason we all know this is because the companies behind these brands have gone out of their way to make them universally recognizable – investing tens of millions of dollars per year to stay top of mind. There comes a time, too, when those companies stop selling their product(s) and leave a target market to be inundated with options. Why is this important? Because it is often brand loyalty that keeps consumers engaged and can be transcended vertically and horizontally, i.e. brand credibility is scalable.

Building the Brand

Having a brand and selling products/services based on that brand is important, but how does the average entrepreneur tap into that, and begin building their own brand? Simple.

Consider the yellow taxi cab. It is instantly recognizable, and somewhat of a symbol of New York City. No one needs to be told. Why? Because everyone knows that a big yellow car, driving through the city, is a cab.

In the quest to build a brand, entrepreneurs must do the same thing – create a recognizable symbol and train consumers to associate that symbol with a top quality product/service. This could be a logo, corporate colors, a tag line or any combination of the latter. Make it short, sweet and easy to remember, and most importantly, back it up with great service.

Branding Means Not Having to Compete On Price

Another big plus for branding, particularly entrepreneurs operating in a big city environment, if done correctly – you don’t have to compete on price alone.

Consider a company like Starbucks. No one would say their coffee is the cheapest out there, but they have built a global brand, with a loyal customer base, who knows that their coffee is consistently good. That means higher profit margins, and an easier business to build and maintain.

Because of the high cost of living, New York entrepreneurs and others like them ( in major centers around the world) have the double headache of making enough money to survive, and to grow their business. By starting with a recognizable brand from day one, and building an idea that clients buy into, an entrepreneur can pivot around that double headache and start making more money, sooner.

Move….NOW!

Whether you are an entrepreneur in New York or from anywhere else on the globe, if you want to start building a brand, you are going to need help asap. Of course, you probably don’t have the resources on hand that many of the companies aforementioned do, so here are a few ideas:

Find a freelance graphic designer to help you design a logo for your business. Do not do this yourself – it can be tricky getting it right, and since your logo is one of the core elements of your brand, hire a professional.
Trawl the internet for branding advice. There are plenty of free sites out there that will give you information about how build a successful brand. Also, look at how some of the most famous brands out there got started and leverage that as inspiration.

When you are just starting out it is easy to feel like a very small fish in a very big pond. Make sure branding is first and foremost in your consumer engagement plan as you build and scale your business. After all, the only reason Santa wears a red and white suit is because Coca-Cola decided to brand him.

The Insightful Entrepreneur: Personality Dictates Success

Gary Whitehill — Wed, 26 Jan 2011 17:59:52 +0000

When it comes to entrepreneurship, it’s worth noting that not all founders are created equal.

Why does this matter? Because the type of entrepreneur you are dictates a plethora of different business variables, such as your management style. Personality characteristics and traits have a direct and impactful effect on the achievement potential of an entrepreneur over the course of their career.

What makes the difference? The overwhelming differentiator between those who catapult themselves forward and those who continue to drag their feet is simple: deciding to take some of the below into account when making fundamental business decisions (or not). Those who do will play toward their strengths and outsource their weaknesses to others much smarter than themselves in a particular area of expertise. Those who do not – good luck.

The below details several types of entrepreneurs, alongside the pros and cons associated with each particular personality style. Figure out which personality you are and learn how to leverage those characteristics to your advantage.

The Gung Ho Enthusiast

This entrepreneur has an enviably enthusiastic attitude about their company. The trouble is, they also have unrealistic expectations and believe their new business will become the best thing since sliced bread overnight. That very rarely happens.

Keep the enthusiasm – it is what keeps many entrepreneurs going when things get tough. However, be a little more realistic. It’s better to have lower expectations, and exceed them, than to aim too high, and miss your goals.

The Passionate One

These entrepreneurs are driven by one thing and one thing only – a passion for their business and/or industry. While they may be the best in the business at what they do, they usually lack business acumen, or even the inclination to prioritize and tackle imperative tasks (especially at scale) such as administration and finances.

Passion is important– it will make going to work feel like anything but a job. However, business does require you to do the tasks you do not like to do from time to time. Aim for a healthy balance and you will be just fine.

The Business Veteran

Business veterans are older entrepreneurs (50+ yrs) who have been around the block a time or three. While they have the skills and knowledge to make a business work, they shy away from technology and other modern approaches to business. That can mean a significant up-tick in the amount of intensive labor needed versus integration of simple, new and innovative solutions.

Leveraging decades of business knowledge to build a company is what makes ‘gray hairs’ so prized in organizations at any stage. Just make sure to combine lessons learned with innovative and up-to-date time saving methods and technologies. If you’re not comfortable with doing so, hire a team that is, and while you take care of the business, let them take care of the tech integration.

The Lone Wolf

This entrepreneur tries to do everything, and be everything to everyone, all by themselves. While it’s great to know every aspect of your business inside and out, no man is an island, as they say. If you try to sustain the lone wolf approach for too long, you’re heading one way: burnout.

If you can’t afford to hire staff to help you full-time, find people or companies you can outsource some of your work load. This is especially true for mundane tasks – after all, time is money, isn’t it?

The Ideas Guy

Another type of entrepreneur is someone who is brilliant at developing new ideas, but not so great during integration. Either the idea never makes it off the drawing board, or it fizzles out along the way, because this personality lacks the appropriate skill set to both envision and implement.

Ideas are the lifeblood of entrepreneurship. If you are not too great at taking them from concept to product, enlist a partner who is able to do so. A well balanced team, made up of an idea person and a ‘doer’ is the entrepreneurial dream team.

The Philanthropist

This entrepreneur usually spots a need for a certain industry in their community or elsewhere, or they find a way to help communities by starting a small business of some kind.

While helping people is a worthwhile cause, the first goal of any entrepreneur is to have a profitable business. Do not let your need to help others cloud your business sense. Find a balance between helping others and growing your business – this way you can achieve all of your goals.

What Kind of Entrepreneur Are You?

I am sure there are plenty of folks out there who could add a few types of entrepreneurs to this list. Nevertheless, the fact remains that all entrepreneurs have strengths and weaknesses. How an entrepreneur decides to leverage those strengths and weaknesses (and keep them top of mind) will determine how successful they are over the course of their career.

If you haven’t seen a description that suits your entrepreneurial style on this list, then why not sit down with a piece of paper and list the areas where you are strong, alongside what needs work? Then, develop ideas to get around those weaknesses, and capitalize on strengths. Essentially, do a SWOT analysis on yourself – strengths, weaknesses, opportunities, threats.

Each and every one of us has the potential to succeed as an entrepreneur. Being honest about what you can and cannot do is the first step toward accomplishment. So figure out where you excel, where you may need a little help, and then go out there and crush it.

The Mental Devil is Real – Learn to Embrace Your Inner Critic

Gary Whitehill — Tue, 11 Jan 2011 18:45:35 +0000

Becoming an entrepreneur is a funny business, isn’t it?

Everyone tells you that you need to be determined, to follow your heart in spite of the odds, and if you encompass passion for the idea, success will follow. Yet, then those same folks will turn around and advise you to pay attention to your inner critic.

The truth is, this is just one of many challenges faced by entrepreneurs in their quest to find the right balance that ultimately brings success. Below details why you, the looney entrepreneur, must pay attention to the little voice of reason in your head (yes, the one that really does talk to you) – sometimes.

What Your Inner Critic is Telling You

No matter how determined you are as an entrepreneur, and how ‘gung ho’ you are about making it against the odds, there will be times when a little voice in the very back of your mind (the lizard brain) will try to tell you that something is wrong. It is well known that many successful entrepreneurs and executives suffer from what’s known as the inner critic- our inner voice that has our best interest at heart.

Usually, it’s either when something does not feel quite right – a new business deal, a partnership or an expansion that you aren’t quite ready for. It is your mind trying to override blind enthusiasm, and remind you that great entrepreneurs take calculated risks – they don’t rush blindly into disaster.

Another time most entrepreneurs start noticing their inner critic acting up is when they have done something that is not quite up to the standard they expect from themselves. This is particularly important when it is something you have done for a client – after all, you want your clients to be happy, right?

The point – if your inner critic is telling you that something is not right, listen!

Tapping Into Your Inner Critic – An Exercise in Objectivity

No one likes being told they are wrong – least of all, the entrepreneur. Of course, you left the safe world of employment to be your own boss, so that you never needed to be criticized again, didn’t you? However, as an entrepreneur, you will need to exercise objectivity, and weigh your own desires and feelings against the good of the company. Here’s how:

Pay attention to what your inner critic is telling you. You can only act on problems if you admit they exist.
Sit down when you have a quiet moment, and write the problem down on a piece of paper.
List the pros and cons of not acting on the issue. Consider the cost of not rectifying the problem and what it will do to your reputation. List everything that can go wrong if you don’t take action. Usually, you will find that the only pros will be saving time and money, in the short-term. If you want to be a success as an entrepreneur, you need to think long-term.
List possible solutions to the problem. Write down as many as come to mind within 5 minutes.
Decide on a solution and execute.

Being an entrepreneur is a freeing experience – it frees us from having to answer to anyone for our actions – or the lack thereof. However, it also means that you need to learn self discipline, and to make tough decisions on your own. That is where listening to that inner critic comes in. All great entrepreneurs do, and if you want to be one of them, it’s an imperative skill to learn.

You Don’t Have to Do it Alone

The good news is that while becoming an entrepreneur, building a company is sometimes a lonely and friendless endeavor, but finding ways to deal with issues that your inner critic raises does not have to be.

When you start to notice something weighing on your mind, speak to someone. It could be your spouse, your parents or your mentor. You do not have to ask for advice, or even comment, but sometimes, just saying the challenge out loud can help you to decide what to do.

Make no mistake however, in business, as with life, doing nothing is almost always worse than doing the wrong thing. As long as you take action and do something, you start the momentum needed to keep going, and will eventually fix the problem. When you ignore it, or hope it will go away, it will almost always does not go away and will only have a compounding (and disastrous) effect.

The Bottom Line

Just as you have that burning feeling in your gut that your big idea WILL be a huge success, and that if you just follow your dreams, they will all be attainable, you need to realize that the same is true of the negative.

When something does not feel right, it is usually not, and you need to be prepared to tackle the bad, as well as the good. The sooner you do, the sooner you can put it behind you and move on toward what you are passionate about, and ultimately drives you – building the very best business you can.

Further insight from a few additional trusted sources:

Seth Godin
Wall Street Journal

Recommended book (which I have read many times over):

“Embracing Your Inner Critic” by Hal Stone

Bootstrapping is NOT Easy: Obtaining Profitability & Scalability

Gary Whitehill — Mon, 27 Dec 2010 20:20:16 +0000

When an entrepreneur starts their business, chances are, especially if they are bootstrapping, there is a continual focus on getting started and grinding through the first year or two. This is when most small businesses fold - more than 50% in year one and 95% within five years.

The first goal with any business, as it should be, is to bootstrap the company into profitability. Most of the profit in those initial years must be reinvested right back into operations to keep the company running, nurturing its ever-growing market share and ensuring the company grows from infancy into a substantial and viable product/service.

A savvy entrepreneur puts every single fiber of themselves into their start-up. But even in the face of such dedication, chances are the company will reach a plateau – the point at which there are only two choices – stay small, or lever the business up and grow. It may seem impossible when first embarking on the bootstrapping adventure, but that point actually comes a lot sooner than one would think. Below is a quick guide on how to transcend from a bootstrapped operation to profitability and the ultimate goal – scalability, without ripping your hair out in the process.

Set Realistic Short, Medium and Long-Term Goals

Too many entrepreneurs shy away from bootstrapping. They obsess over the big, expensive long-term goal stuck in their head. As a byproduct, many entrepreneurs unfortunately miss the short and medium-term opportunities right in front of their faces.

Want to own a boutique, a restaurant, or some other type of asset intensive upstart business? Great. But also realize, due to the immediate and high fixed asset costs necessary, it is unlikely (especially bootstrapping), those businesses can be scaled appropriately right away. So in the near term, a savvy entrepreneur would be well served to start off by designing and manufacturing clothing to sell at a local flea market. This begins their entrance into the market and serves as a significantly cheaper gateway toward establishing building brand credibility and relevance in the marketplace.

Start Small

The key to bootstrapping, as most successful entrepreneurs will advise, is to find a way to start working on that big dream right now. This means scaling down and finding a near term idea which can be launched with little or no capital and provides the flexibility needed for saving up a war chest of funds.

While it is useful to start working on that big dream early on and honing out a niche to bootstrap toward, it is not essential. Simply start doing something that turns a profit and save a portion of those profits to utilize toward bankrolling your big dream. There is something out there everyone can do to make money – just make the effort to look hard enough. Find that something, and get started! What are you waiting for?

Start With Services

It is a known fact among entrepreneur communities around the world that there is an exponential decrease in barrier to entry (resulting from low startup costs) for service-oriented businesses. The reason is simple: service businesses require less overhead (storage space, equipment, etc). For example, if your entrepreneurial dream is to one day open a pet store, get started by walking dogs – there’s no outlay, you will be selling your time and establishing/building brand credibility in the marketplace.

Leverage Entrepreneur Resources

When most first-time entrepreneurs think about starting a business the only resource they pay attention to is obtaining funding – a very myopic focus. Rest assured there are plenty of other resources to leverage. For instance, throughout the country there are agencies that help entrepreneurs develop business plans, lend office space and lease equipment at very low rates.

Each cost saving option provides a bootstrapping entrepreneur that means to hold on to as much of their most precious resource as possible – cash. Right now, especially in this economy, cash is king.

Mingle With Peers

Bootstrapping can be a lonely business. I know because I have spent those countless hours trying to figure out how to make everything happen on a shoestring budget. The good news is that you are not alone.

Find out when entrepreneur meet-ups and networking sessions are happening in your area. These types of events place like-minded individuals together – those just like you – folks who are crazy enough to bootstrap their business dream into reality.

Entrepreneur meet-ups not only offer a chance to mingle with like-minded folks who understand the trials, tribulations and successes you are going through, but they can also offer valuable business leads. If just one person whom you meet knows someone that may be interested in your business, then it was a worthwhile investment in terms of time and effort.

Plan for Growth

Last but not least, once on the path from small-time bootstrapping entrepreneur to rockstar scalable business owner – make sure to plan for growth. For instance, it is easy to start a successful business baking muffins in your own kitchen. But there’s going to come a time when demand will outstrip the businesses ability to supply. At that point you are going to be forced to invest additional resources (primarily cash) into the business.

Make sure a plan is in place that budgets for this investment in infrastructure. Doing so is the only way the business will scale, because at a finite point, it is imperative for the long-term viability of the business to invest in growth through increases in production, employees and/or larger office space.

Do not wait until the last minute, plan now and plan often while still in the early stages of bootstrapping, so that when the times comes, you are ready, willing and able to implement and execute immediately. After all, as they say ‘those who fail to plan, plan to fail.’

Think You’re Special: Here’s a Reality Check

Gary Whitehill — Sat, 09 Oct 2010 19:52:53 +0000

There is a trait among entrepreneurs that people both love and hate at the same time – their optimism.

Let’s face it, taking the leap from security into the unknown must be backed by a healthy dose of optimism. If that wasn’t the case, most people wouldn’t do it, would they? No one would start a business if they weren’t completely convinced deep down in their gut that they were sure to succeed.

However, if you want to build a strategic plan, access funding through angel investment or venture capital, and deal with those first few tough years, you need to temper your enthusiasm with a healthy dose of reality.

The Best Case Scenario Trap

My sister is someone who loves making lists. She estimates all of her earnings for one month and the full year, and calculates the figure she expects to earn. The trouble is, in her ‘perfect’ model she works on the assumption of working with the maximum number of clients for every Monday through Friday of the month – a best case scenario. Then she makes an even bigger mistake – and one that many entrepreneurs make too – she bases her cash flow on her projections.

Of course, when life and business intrudes on reality, the ‘perfect’ model she created becomes increasingly less accurate, leaving her disappointed, frustrated and stressed.

It’s a mistake that many entrepreneurs make. They base all their projections on the very best possible scenarios, not taking into account the everyday hassles that make a ‘perfect’ model an impossible goal to achieve.

Being Overly Optimistic Pushes Funders Away

Of course, it’s not just your own cash flow and planning that being overly optimistic puts at risk – it also can scare off potential funders.

As an entrepreneur, you probably already know that if you are trying to woo investors, whether they’re venture capitalists or angel investors, you’re going to have to construct a business plan and slide deck. Overestimating earnings and underestimating costs is very likely to be one of the reasons why potential funders don’t take you seriously.

Faced with a business plan jam packed with overly optimistic figures, potential funders are likely to think that you are at best naive, and that’s not a trait any investor wants to see in an entrepreneur they are considering funding.

Learn to Temper Your Enthusiasm

You know that your latest invention, XYZ Widget, is going to be the best thing since sliced bread?
You are convinced of your die hard entrepreneurial spirit, and that your business is going to take off and break-even in record time?

The above are both very important mindsets to encompass – you’re going to need that enthusiasm as you build your business.

However, instead of basing your projections, calculations and plans on everything going right 100% of the time, why not just 50%? That way, you’re likely to plan better, spend less, and achieve your targets. Heck, you might even beat them. What could be a better motivator than beating your targets?

The smart entrepreneur lives by the old mantra: hope for the best, plan for the worst. Aim low and be realistic -“ you’ll most likely meet and exceed your goals. Aim too high -and you’re likely to fall short.

A Last Word on Reality – You Don’t Know Half as Much as You Think You Do

Unrealistic financial projections are one failing aspect in an entrepreneurs business plan. Another, which is exponentially more detrimental in both the short and long-term for an entrepreneur’s business -believing you know it all.

You may understand every aspect the business you’re planning to start inside and out – which you should in the first place. But even if you’ve worked in the field for decades, you’ve never tried to run a company at the same time, have you?

The business of business (and success as an entrepreneur) depends on much more than just being an expert in a particular field. You will need to learn new skills, acquire knowledge and face situations you’ve never imagined – all without the security blanket you once had in the corporate world. You will need to engage the sales process, plan your finances and keep a close eye on the nuts and bolts of your business as it begins to scale – undoubtedly a steep learning curve.

Whether you’re a new or current business owner, the humble approach would be to realize you do not know everything. In reality, embracing the fact that there’s always an opportunity for you to learn is a far better idea. Take advice from entrepreneurs who’ve been in business for years and are successful.

Listen when potential funders reject your ideas – there are always valuable lessons to be learned in their criticism. Pay attention when clients complain – they’re the back bone of your business.

While you don’t have to relinquish the passion and enthusiasm for your business, you must realize that while it’s an exciting world, entrepreneurship is also very tough – if it wasn’t, everyone would do it. Being realistic and keeping your feet solidly on the ground will help you deal with the daily grind, and allow you to take any potential disappointments in stride.

Once you learn to be realistic and take both big and small challenges in stride, you just might reach those lofty goals and faraway dreams after all. Even if you don’t though, you’re still more than likely as a result of your realistic outlook, to do pretty darn well.

The Entrepreneurs Guide to Reality

Gary Whitehill — Thu, 02 Sep 2010 17:47:56 +0000

Coming Back Down to Earth

There is a trait among entrepreneurs that people both love and hate at the same time – their optimism.

The Best Case Scenario Trap

My sister is someone who loves making lists. She estimates all of her earnings for one month and the full year, and calculates the figure she expects to earn. The trouble is, in her “perfect” model she works on the assumption of working with the maximum number of clients for every Monday through Friday of the month – a best case scenario. Then she makes an even bigger mistake – and one that many entrepreneurs make too – she bases her cash flow on her projections.

Of course, when life and business intrudes on reality, the “perfect” model she created becomes increasingly less accurate, leaving her disappointed, frustrated and stressed.

It’s a mistake that many entrepreneurs make. They base all their projections on the very best possible scenarios, not taking into account the everyday hassles that make a “perfect” model an impossible goal to achieve.

Being Overly Optimistic Pushes Funders Away

Of course, it’s not just your own cash flow and planning that being overly optimistic puts at risk – it also can scare off potential funders.

Faced with a business plan jam packed with overly optimistic figures, potential funders are likely to think that you are at best naïve, and that’s not a trait any investor wants to see in an entrepreneur they are considering funding.

Learning to Temper Your Enthusiasm

You know that your latest invention, XYZ Widget, is going to be the best thing since sliced bread?
You are convinced of your die hard entrepreneurial spirit, and that your business is going to take off and break-even in record time?

The above are both very important mindsets to encompass – you’re going to need that enthusiasm as you build your business.

The smart entrepreneur lives by the old mantra: hope for the best, plan for the worst. Aim low and be realistic – you’ll most likely meet and exceed your goals. Aim too high -and you’re likely to fall short.

A Last Word on Reality – You Don’t Know Half as Much as You Think You Do

Sales Magic is Bogus: How the Game is Won

Gary Whitehill — Thu, 19 Aug 2010 19:28:24 +0000

The best sales associates, regardless of industry or length of sales cycle, are always cognizant of one reality when they begin their sales journey: time at their job is finite unless they continually meet their sales targets.

It’s worth reading previous posts in this series before continuing:

Leverage every sales presentation. It’s an opportunity to:

1) Engage the customer

2) Learn as much as possible

3) Have fun

You are not just selling, but actually performing market research. The best way to do so is by engaging your customer while also having fun in the process. Lighten up, have fun and smile – because if you’re uptight your customer will be too and engaging them will be significantly more difficult.

Once you’ve compiled enough transactional data through your research, construct a strategic plan for approaching the sales battlefield. Build a framework to excel within – plot milestones, deliverables, awards sought, etc. Post this plan everywhere – on your desk and fridge, by your bedside, in the bathroom, and in your car. Give yourself a subconscious boost by constantly reminding yourself what your goals are and the journey you’ll have to embrace to get there.

A very valuable insight to also remind yourself of, on a daily basis, is that each customer is unique. Most think sales is simply about pattern recognition. This is true to some extent, it serves well as a pre-qualifying mechanism for leads, but that is about it. So what is after that?

Sales triggers are cues and emotions your target customer provides before, during and after the presentation which make all the difference in the world as your business scales. For example, in my specific instance, there were six triggers (in order of importance) I would seek out from each customer:

1) Does Ms. Jones have a ring on her finger?

If there’s a ring on her finger it more than likely equates to a higher amount of disposable income. To this day I still look at a woman’s hand instinctively when meeting her for the first time.

However, I never paid attention to the size of the ring. This is a mistake and bad assumption/qualifier for likelihood of purchase. Why? There are people in this world who would rather own a $250K diamond ring instead of a beautiful home because flashing a large ring elicits eliteness, and for some reason, that’s more important to them.

Lesson: Don’t judge a book by its cover. If you do, in the aggregate, you will lose out.

2) Is Ms. Jones with her husband?

Mr. Jones could care less about what Ms. Jones is doing – he hates shopping. As a salesman it was my job not just to make Ms. Jones feel comfortable and special during the presentation, but it was also important to engage Mr. Jones. If his ego isn’t rubbed, more than likely he’ll get bored and leave – taking Ms. Jones (and the potential sale) away with him.

Lesson: Go into the transaction engaged and understand every possible dynamic that may be in play, including the unexpected.

3) Does Ms. Jones have children with her?

Most people are absolutely flabbergasted that I would actually seek out children who were looking to purchase a $45 sneaker versus Ms. Jones who sought a $350 designer shoe. If I could, I would drop absolutely everything to help a kid – no matter the day, time or how busy I was. Why?

99.99999% of associates simply saw the child as an annoying and needy brat – viewing the sale through the narrow short-term lens of what it was at that exact moment. It’s imperative to understand that you must always look past the short-term sale. Of course the child might only have a $45 sneaker, but guess what? That child is also a direct line to an instantaneous emotional connection with his/her parents. To connect the dots, anytime I saw a child wanting to try on a shoe I would jump at the chance because more than likely that child’s mother was also looking at shoes as well. Furthermore, the child’s parents are the ones paying as well – and they remember who takes care of their “baby.”

As an example, the above is exactly how I was able to gain the long-term business of the most sought after customers at Nordstrom – who were never once was loyal to just one sales associate. Why? Because for 10 years they witnessed how associate after associate would treat her daughters – like needy brats. Time and time again the narrow-minded sales associates at my store would ignore the daughters and seek out the customer with five shoes in their hand.

Well one day, the daughters ran into me and we had a great time talking about all of their sneakers and how they were for a new indoor soccer league their parents had signed them up for. The mother graciously thanked me for helping her daughters – and then proceeded to buy more then $1K in shoes that day (in addition to the $600 her daughters bought).

Following the encounter, the mother and her daughters would only buy shoes when I was on the floor working and was able to help them all. They appreciated my sincerity and service, which eventually accounted for more then 3% of my total career sales (roughly $18,000).

Lesson: Don’t think short-term or linearly. Look at the big picture and how a situation can be leveraged to create an instantaneous emotional connection.

4) What are the shoes Ms. Jones is currently wearing?

Is Ms. Jones already a “high roller” in the shoe department? Is she wearing a $100 pair of shoes or a $400 pair of shoes? At those price points, we’d be approaching two very different consumers – with unique and very distinctive mental purchasing frameworks.

Ms. Jones ($400) would be an already established trendsetter. She knows what she wants – the newest and most flashy. Approach the sale as if the shoe has been selling like hot cakes and that there are just a few left. In addition, there is more than ample room for matching her shoes with additional upsell items – belt, scarf, purse, dress, etc.

Ms. Jones ($100) knows what she wants as well – something functional.

In this scenario, regardless of the shoe price she chooses from the stands around the floor, it’s important to understand (and tailor the conversation toward) the plight of Ms. Jones – is she looking to upgrade to something more comfortable, is she looking for an informed opinion on look, or is her #1 priority comfort?

Lesson: Once again, don’t judge a book by its cover – give the customer an opportunity to communicate their plight with you. Then decide the correct course.

5) Engaging in Conversation with Ms. Jones

As soon as possible, begin prodding into the true intended purpose of the shoe. Is the shoe being used for an important or formal gathering, or is it something that will most likely collect dust? Ms. Jones likes to talk – ask her questions and get her interested not just in a purchase, but also in you.

It’s important to obtain this information as soon as possible. It is a direct precursor to the importance of #6, and your goal – a sale!

Lesson: Grab the bull by the horns and direct the conversation. When you’re in control, it’s significantly easier to direct a customer toward provoking sales questions

6) How in depth was the conversation with Ms. Jones?

Simply stated: DO NOT sell Ms. Jones the shoe. Instead, build an authentic emotional connection with her. Show her that you are a genuine and compassionate person – sell her on your personality (multi-dimensional & scalable) instead of a shoe (linear & a piece of leather).

Overall Lesson:

Want to know the real secret to sales?!?!?! Is it NOT about selling. Yes, you read that right.

If you’re selling – your business will invariably encounter significant scalability challenges. Sales is about one thing: customer service. Treat your customers like gold, engage them, don’t make assumptions, and in aggregate, they will do the same for you.