Find Your Niche - It's Easier Than You Think
Rule number one when starting any business is to find a Niche market, right? Wrong, you don't need to invent the next gadget craze to make it in the business world. All you need to do is identify a service or product that already exists and make it better. You don't even need to look far for proof of this concept, just look at: Google was not the first search engine on the block, instead they took an existing product and improved it, they continue to do this with Google Docs, maps and more. Donald Trump was not the first property developer, instead he used his construction skills acquired while growing up and applied his own flare. Steve Jobs at Apple didn't invent the first MP3 player, they took an existing product and made it better.
How to Prototype an Idea Or Invention
How to prototype an idea or invention Each idea is different and the best approach to prototyping depends on the specifics of the idea. However there are some basic principles that can help. The first question to ask is: "What is the prototype for?" Presentation to interested parties When presenting your idea to an investor or company representative it might not actually be necessary to have a prototype. It is often possible to convey the idea or invention to an interested party using a graphic presentation. The idea should be designed, ideally using computer aided design, and then images of the product laid out on presentation boards. It is probably best to get a professional product designer to complete the design work and show how the product looks and what it does.
Secret Ingredient to Successful Entrepreneurs
Famous successful entrepreneurs like Ty Coughlin of the Reverse Funnel System, Mary Kay Ash of Mary Kay Cosmetics, and Mike Dillard of Magnetic Sponsoring, all have a common factor... They all started with nothing. Ty was a frustrated construction worker and network marketer going nowhere fast in a long line of MLMs. Mary Kay lived in a man's world as a single mother of three and constantly losing out on promotions to the men who she had trained herself. Mike Dillard was waiting tables at local restaurants to make ends meet. Each one of them worked countless hours into developing their businesses. But aside from that, what kept them going had enabled them to overcome odds and build highly successful businesses.
Writing Your Coffee Shop Business Plan is Worth Beans!
If you fail to plan, you plan to fail. Simple, short and to the point. People ask quite often of the importance of a business plan when starting a coffee shop. My response is always a statistic: Most businesses fail within the first year due to lack of planning but coffee shops have a higher failure rate due to their nature. If you don't have anything to plan your course by, how can you move forward? Any business vision is blurry without a written plan. Your plan takes time to write now, but it's designed to help you avoid costly mistakes later. The true value of creating a business plan for your endeavor is not the finished product, but in the process of writing it.
Coffee Shop Start Up - Not Another One!
First of all, let me start off by saying congratulations! You have decided on starting a coffee shop. Welcome to the wonderful world of specialty coffee! Before you start your own coffee shop, in order to gain ultimate success you will need to find an under served area (under served by this industry, I mean! ) to open your shop in. This will be your best option. You don't have to be the only coffee shop in any given radius, however. If there are other shops in the area, determine if the people of your target area are in need of another coffee shop. Using Starbucks to your advantage can actually gain you success: do you think they would open a store in a poor or unfeasible area?
How Much is Your Job Costing You?
This may seem like an odd question, but have you ever figured out how much it is really costing you to work for someone else? Think about it... There's the time you commute, gas, stress, the wear and tear on your vehicle, lunches out, work clothes, business suites, child care, traffic tolls, maybe even traffic tickets... You get the picture! It is expensive to have a job in more ways than just mentioned. Other than just the dollars... what else is it costing you? Your health? Your sanity? Your family? Your Time? There's some more food for thought! How many times have you worked that highly stressful 12 hour day? After a week of that, have you gotten much sleep?
Looking at Entrepreneurship and the Next Generation
I recently read an article about some wealthy heirs and recent millionaires who have and what they teach their children. I found it interesting, that contrary to popular belief of those in financially smaller income brackets, that there is some really great, responsible, parenting going on inside their elite circle. Although these children are heirs to great wealth, they are not handed a "silver spoon". One of these great parents, teaches his children entrepreneurship and family cooperation to get those things they desire. No allowance is given at all. They take out the trash, make their own beds, put away their own laundry and help with yard work, to name a few of the basic chores, and its all taught and viewed as family cooperation.
The 3 Hour Work Day!
How many hours does the average employee work? Any guesses? Believe it or not, but it is just over 8 hours a day! At least according to the US consensus it is. Now, most people that I know are working 8-12 hour days, on salary. We know that employers don't like paying overtime, so hourly paid employees work less than those on salary. I experienced that when I was on salary as an employee. When in there do you have time to go to the park with your kids, or watch their school play or athletic events? Will you ever get to see you children walk for the first time or say "Dadda?" When is there any time for improvement? When do you find time to relax, have fun, and enjoy the things that mean the most to you?
Part Two Of A Two Part Series - Business Plan Essentials - Debt Or Equity Funding?
A thorough business plan will be required in order to obtain financing or funding from venture capitalists or angel investors (An angel investor generally wants less control of your company and a slower return on investment). There will actually be a different twist in preparing the plan depending upon applying for a loan versus selling to investors. Lenders (debt financing) generally want to ensure that you have the collateral to cover the loan in case of default; company growth is actually secondary. If using the plan to present to lenders, make sure to include the following: Amount of Loan How funds will be used What this will accomplish - how will it grow the business Requested repayment terms Collateral offered, and a list of existing liens against collateral Venture Capitalists are actually seeking to become a part of your organization;
Is Europe Handing New Space to US Entrepreneurs?
During the press event at the Google Lunar X PRIZE Team Summit held May 20-21 at the International Space University in Strasbourg, France, a journalist commented on the prevalence of American teams and asked, "Where are the European teams?" A European Commissioner recently provided one very powerful answer to that question. On page 3 (News Briefs) of this week's issue of Space News, you will find "Astrium Space Plane Fails To Draw Interest." At the time of the announcement, I found nobody who believed this would ever fly, primarily because of Astrium's projected cost to develop the vehicle (app. US$1.5B). Not surprising, since Astrium's overhead costs are more like those of Boeing than SpaceX Corp.