At a recent Chamber of Commerce conference that involved 300 chamber organizations of all sizes from the states of Missouri, Arkansas, Kansas & Oklahoma, one of our presenters spoke highly of the book The E-Myth Revisited by Michael Gerber. Mick Fleming, President of the American Chamber of Commerce Executives, said it was a pertinent book for our small businesses and entrepreneurs as well as our own organizations.
The E-Myth, or Entrepreneurial Myth, states that most new businesses are not started by entrepreneurs who set out to build a strong business but by technicians who enjoy the hands-on work themselves. Because of the natural bias, most business owners focus on working IN their business when really they should be working ON their business.
There is, however, a simple and effective way to offset the E-Myth tendency. Instead of looking at the business as a one-off operation, the owner should consider the business to be a prototype for a large number of franchises that will be added at a later date. By adopting that mindset, the business owner will not only participate in the business as the technician but will also act as a manager by putting systems and controls in place as well as an enterpreneur who has a vision of how the business can create sustainable added-value for key stakeholders.
A business that is built and managed by someone who combines the approach of the technician, the manager and the entrepreneur will have a far greater chance of future success than one guided by someone thinking like a technician alone.
For those who would like to explore the E-Myth concept further, check out their blog at www.e-myth.com/blog/
............................................................................................................We encourage your comments. Be sure to read the Bloggers' Guidelines posted in the footer of this blog. Especially see item 6 regarding anonymous accounts & postings. Thanks for joining the discussion!
Thursday, May 26, 2011
Wednesday, May 11, 2011
From a Consumer's Perspective
We have all heard the charges that Wal-Mart has become the symbol for American society. I do not buy this (pun intended). While I admit that monolithic discount stores have a strong hold on the American consumer, they have always shared the market with the multitudes of small businesses that line our streets. I know that the average wallet contributes just as much too small retail and service oriented shops as it does to large retailers and nationwide service chains.
As a fairly typical average consumer, I thought that I would share my and my wallet’s perspective as to where I shop and why. I fit into several different target markets -- mid-thirties, female, homeowner, and some disposable income to spend. I love a bargain and try to stretch my dollar as much as the next person, but I am also willing to spend a little bit more money to stay closer to home, have great service, find unique items, and support locally owned businesses. So what is it specifically that draws customers like me to seek out small businesses?
Location. I am not just talking about what is close to home. Most of us spend at least eight hours a day at work. With our time being stretched thinner and thinner, we are all looking for ways to make our life easier. If I can schedule an eye doctor’s appointment or drop off my grandmother’s pearls at the locally owned jewelry store down the street from my office I will. Lunch breaks are not a break for most of us anymore; they are a time to run errands, make appointments and try to eat a few hundred calories in between. Having a great little business down the street from my house also makes my life easier. I can drive by it on the way home or make a quick shot up on the weekend. Who wants to spend all that time in the car traveling to the closest shopping Mecca and fighting the traffic to buy a simple graduation present? Having something that I can walk to, bike to or just drive a few blocks is a much better way to spend my Saturday afternoon.
Size. I may have been born in Texas, but I do not follow the “bigger is always better” creed. Don’t get me wrong, I can spend hours going through the racks at Marshalls or wandering the isles of Lowes, but generally I have a limited amount of time. Inside a smaller store I don’t get lost wandering the endless maze of isles. I don’t stand in line for 30 minutes buying impulse packs of gum and magazines. Sometimes I think we forget how quaint and welcoming smaller places can be.
Service. Great service goes a long way. While I have received great service at large scale chains and stores, I generally love the more personalized service that I get from my small store that knows me by name. There is something to be said for being greeted by your first name when you walk in the door. Small businesses have a great advantage in one-on-one customer service interactions. Receiving personalized service and flexibility from smaller service based businesses creates repeat customers and a strong referral network.
Unique & Local Products. One thing I love about smaller shops is their ability to bring in unique and often times locally made goods. When it comes to dressing, decorating and gift giving nothing makes you feel better than knowing that you have something that no one else will. Supporting local craftsman and artists is important to me. I won't lie; I have taken full advantage of the bragging rights that it lends itself to also!
There are many more reasons --some tangible and some abstract -- that compel me to open my wallet to small businesses. Yes, large retailers and service providers are vital and thriving entities in our society, but our communities are made up of all businesses, small, medium and large. How sad would we be if all of our beloved small business shops and services closed their doors?
Submitted by Angela Brincefield.......................We encourage your comments. Be sure to read the Bloggers' Guidelines posted in the footer of this blog. Especially see item 6 regarding anonymous accounts & postings. Thanks for joining the discussion!
As a fairly typical average consumer, I thought that I would share my and my wallet’s perspective as to where I shop and why. I fit into several different target markets -- mid-thirties, female, homeowner, and some disposable income to spend. I love a bargain and try to stretch my dollar as much as the next person, but I am also willing to spend a little bit more money to stay closer to home, have great service, find unique items, and support locally owned businesses. So what is it specifically that draws customers like me to seek out small businesses?
Location. I am not just talking about what is close to home. Most of us spend at least eight hours a day at work. With our time being stretched thinner and thinner, we are all looking for ways to make our life easier. If I can schedule an eye doctor’s appointment or drop off my grandmother’s pearls at the locally owned jewelry store down the street from my office I will. Lunch breaks are not a break for most of us anymore; they are a time to run errands, make appointments and try to eat a few hundred calories in between. Having a great little business down the street from my house also makes my life easier. I can drive by it on the way home or make a quick shot up on the weekend. Who wants to spend all that time in the car traveling to the closest shopping Mecca and fighting the traffic to buy a simple graduation present? Having something that I can walk to, bike to or just drive a few blocks is a much better way to spend my Saturday afternoon.
Size. I may have been born in Texas, but I do not follow the “bigger is always better” creed. Don’t get me wrong, I can spend hours going through the racks at Marshalls or wandering the isles of Lowes, but generally I have a limited amount of time. Inside a smaller store I don’t get lost wandering the endless maze of isles. I don’t stand in line for 30 minutes buying impulse packs of gum and magazines. Sometimes I think we forget how quaint and welcoming smaller places can be.
Service. Great service goes a long way. While I have received great service at large scale chains and stores, I generally love the more personalized service that I get from my small store that knows me by name. There is something to be said for being greeted by your first name when you walk in the door. Small businesses have a great advantage in one-on-one customer service interactions. Receiving personalized service and flexibility from smaller service based businesses creates repeat customers and a strong referral network.
Unique & Local Products. One thing I love about smaller shops is their ability to bring in unique and often times locally made goods. When it comes to dressing, decorating and gift giving nothing makes you feel better than knowing that you have something that no one else will. Supporting local craftsman and artists is important to me. I won't lie; I have taken full advantage of the bragging rights that it lends itself to also!
There are many more reasons --some tangible and some abstract -- that compel me to open my wallet to small businesses. Yes, large retailers and service providers are vital and thriving entities in our society, but our communities are made up of all businesses, small, medium and large. How sad would we be if all of our beloved small business shops and services closed their doors?
Submitted by Angela Brincefield.......................We encourage your comments. Be sure to read the Bloggers' Guidelines posted in the footer of this blog. Especially see item 6 regarding anonymous accounts & postings. Thanks for joining the discussion!
Tuesday, May 10, 2011
What's In a Name?
Everything. Naming a business is one of the most crucial decisions you will have to make. The name is more than just signage and a business card. It tells who you are, what you do, and differentiates you from your competitors. Your business name becomes your business identity, and you want to be sure that your business is presented accurately and without too much effort.
An article written by Phil Davis on Entrepreneur.com details how important an effective name is to a business. “Naming a business is a lot like laying the cornerstone of a building. Once it's in place, the entire foundation and structure is aligned to that original stone. If it's off, even just a bit, the rest of the building is off, and the misalignment becomes amplified. So if you have that gnawing sense that choosing a name for your new business is vitally important, you're right.” (http://www.entrepreneur.com/startingabusiness/startupbasics/namingyourbusiness/article76958.html)
Expert opinions bounce between abstract names and immediate descriptive names. Abstract names have worked amazingly well for companies like Monster.com and Yahoo. But at the same time, their marketing and branding campaigns helped gain them name recognition. Some prefer that the consumer be able to instantly recognize what it is that your business does by its name. It is all a matter of personal preference and what you want to be able to build your business identity and brand around. In an article written on April 28, 2011 for Businesszoom.com, Kevin Grames outlines the five helpful tips below for choosing a name.
(http://biznesszoom.com/is-your-business-name-important/ )
Don’t be afraid to enlist help from employees, friends, family and even clients. There are many companies that also provide professional assistance in coming up with business names and branding strategies. Having three to five back-up choices is also a good plan. Be sure to check with the secretary of state’s website to ensure that your desired business name is not already in use; you do not want to get caught up in trademark infringement. Another important aspect of a name to consider is the domain name. Company websites are an essential part of business today. Don’t be afraid to be witty and creative! But do remember to write it down, spell it out, and make sure that it cannot be confused with something else. While we all want our company name to be known, we don’t want it known because it was sexually suggestive or sounded like a curse word when spoken too fast.
Submitted by Angela Brincefield...........................................................We encourage your comments. Be sure to read the Bloggers' Guidelines posted in the footer of this blog. Especially see item 6 regarding anonymous accounts & postings. Thanks for joining the discussion!
An article written by Phil Davis on Entrepreneur.com details how important an effective name is to a business. “Naming a business is a lot like laying the cornerstone of a building. Once it's in place, the entire foundation and structure is aligned to that original stone. If it's off, even just a bit, the rest of the building is off, and the misalignment becomes amplified. So if you have that gnawing sense that choosing a name for your new business is vitally important, you're right.” (http://www.entrepreneur.com/startingabusiness/startupbasics/namingyourbusiness/article76958.html)
Expert opinions bounce between abstract names and immediate descriptive names. Abstract names have worked amazingly well for companies like Monster.com and Yahoo. But at the same time, their marketing and branding campaigns helped gain them name recognition. Some prefer that the consumer be able to instantly recognize what it is that your business does by its name. It is all a matter of personal preference and what you want to be able to build your business identity and brand around. In an article written on April 28, 2011 for Businesszoom.com, Kevin Grames outlines the five helpful tips below for choosing a name.
(http://biznesszoom.com/is-your-business-name-important/ )
• The name should appeal to you and your potential customers. Remember it is more important that you attract business then it is that you think your name is cool.
• Your business name should be comforting to customers. Most consumers do business based on an emotional attachment. If you tap into these emotions your business may grow quickly.
• Stay away from long and confusing names. They can be hard to remember and pronounce and consumers tend to shy away from them.
• Do not use names that only you understand or know the meaning behind them. They only tend to confuse customers and do not normally convey what your business is about.
• Finally do not use “Inc” after your name if you are not actually incorporated.
Don’t be afraid to enlist help from employees, friends, family and even clients. There are many companies that also provide professional assistance in coming up with business names and branding strategies. Having three to five back-up choices is also a good plan. Be sure to check with the secretary of state’s website to ensure that your desired business name is not already in use; you do not want to get caught up in trademark infringement. Another important aspect of a name to consider is the domain name. Company websites are an essential part of business today. Don’t be afraid to be witty and creative! But do remember to write it down, spell it out, and make sure that it cannot be confused with something else. While we all want our company name to be known, we don’t want it known because it was sexually suggestive or sounded like a curse word when spoken too fast.
Submitted by Angela Brincefield...........................................................We encourage your comments. Be sure to read the Bloggers' Guidelines posted in the footer of this blog. Especially see item 6 regarding anonymous accounts & postings. Thanks for joining the discussion!
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