Showing posts with label entrepreneurship. Show all posts
Showing posts with label entrepreneurship. Show all posts

Wednesday, September 04, 2013

Entrepreneurs are Hot! What's that about?

Enjoy this video of a radio broadcast from Business in Motion on 93.3 cfmu. Host George Torok talks about entrepreneurs and entrepreneurship.

What is an entrepreneur?
What motivates them?
Are you an entrepreneur?
What can you learn from them?


Enjoy this special program on Business in Motion




Entrepreneurs on BIM radio from George Torok on Vimeo.


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Monday, August 12, 2013

Richard Branson: Business Stripped Bare



Richard Branson Business Stripped Bare book review




Book Review


I enjoyed reading this book by Richard Branson and I will read it again. Because Branson is a simple guy, the book was an easy read. Quick and easy to understand. So, I’m not re-reading it because I didn’t understand it - I will re-read it because it is inspiring.

Richard Branson is founder and head of the multi-billion dollar Virgin Group which includes over 300 companies. This book reads like an intimate journal of Richard Branson’s musings and anecdotes. It feels like you are chatting with Richard over a tea or beer. You’ll discover insights into his visions, fears, values, failures, triumphs and advice. It’s a worthwhile read.

These excerpts offer the insights from the book that resonated most with me:

On Entrepreneurship
 
You have to protect against the downside.

We all need to be aware that small, lean, entrepreneurial businesses are now the future of business.

I had never been interested in business. I’ve been interested in creating things.

Ethics aren’t just important in business. They are the whole point of business. We’re in business to make things. And when you decide what to make, that is an ethical decision.

We carefully research the Achilles heels of different global industries and only when we feel we can potentially turn an industry on its head, and fulfill our key roles as the consumers’ champion do we move in on it.

On Branding

Publicity is absolutely critical. You have to get your brand out and about particularly if you’re a consumer-oriented brand. You have to be willing to use yourself as well as your advertising budget to get your brand on the map. A good PR story is infinitely more effective than a full page advert and a damn sight cheaper.

For any business building a consumer brand, speaking to journalists is part of the deal.

There was little purpose in becoming the largest brand in the world. It was much more valuable to become the most respected.

If you don’t define what the brand stands for the competition will.

On Success

What you’re bad at actually doesn’t interest people, and it certainly shouldn’t interest you. However accomplished you become in life, the things you are bad at will always outnumber the things you are good at. So don’t let your limits knock your self-confidence. Push them to one side and push yourself to your strengths.

….

All of these selected excerpts offer revealing insights into the mind of Richard Branson and powerful advice for business success.

That last piece of advice on success is worth rereading.


Order the book from Amazon here: Business Stripped Bare by Richard Branson


George Torok Host of Business in Motion Business Speaker Listen to Business in Motion audio PodCasts On iTunes Business in Motion on Facebook Share/Save/Bookmark

Tuesday, April 16, 2013

Innovation is Not The Answer


Innovation is not the holy grail of business success that many gurus claim it is.

“We went from zero to 2 Billion and we never had an original idea.”
Jim Estill, speaking at TEDx Times Square

Jim Estill built his first business on two unoriginal ideas – courtesy and strong work ethic.

He later started another business during his last year in university by accident. He built that business to one with $2 billion in sales. Along the way he didn’t innovate. He simply learned and copied from others. His point is that it’s not the ideas that matter it’s all in the implementation.

Action counts.

Coupled closely with that action is the speed of action. Urgency is more important than perfection. You can probably talk about successful companies and individuals who are far from perfect. They didn’t let the lack of perfection stop them from acting.

Although Jim didn’t mention it in this talk, one of his mantras is “Fail fast, fail often and fail cheap”.

Don’t worry about the possibility of bruises and scrapped knees get on the bike and ride it.

Enjoy the video below. Jim’s presentation starts about six minutes in and it’s only about seven minutes long.






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Tuesday, December 11, 2012

Top 10 Tips for Aspiring Entrepreneurs

From Richard Branson and the folks at Virgin Media

Deciding to put your money where your mouth is can be daunting at the best of times but when you’re considering life as an entrepreneur, it can be even more so. That’s why we’ve put together our top 10 tips for aspiring entrepreneurs.

1. Get started

The difference between an entrepreneur and a would-be entrepreneur is daring. In lots of ways, becoming an entrepreneur and starting out on your own is a scary proposition but it doesn’t have to be so ‘either/or’. Lots of successful entrepreneurs started their own business whilst working another job to pay the bills. There’s no shame in starting slowly. Just start.

2. Admit you don’t know

When you’re first starting out, it may be tempting to pretend you know everything. There’ll always be an element of ‘fake it ‘til you make it’ when it comes to things like confidence but when it comes down to knowledge that’ll help you make the most of your business, you need to know for sure. Good entrepreneurs have enquiring minds and they never stop learning or asking questions. You’ll be amazed by how many people hide behind jargon to make something sound more complicated than it actually is.

3. Keep things simple

Once you know the jargon, it’s easy to forget that other people may not. Communicating in jargon works well in specialised environments and can earn you professional respect but you better be really sure that you know what you’re talking about. Misusing jargon can lead to confusion, frustration and costly mistakes. If in doubt, keep it simple. Don’t forget that even the most senior, influential people may be nodding their heads throughout your entire pitch whilst thinking that they could really do with a Google translation of what you’re saying.

Read the rest of these ten tips at Virgin Media Pioneers

All ten are solid tips. I believe that the most important ones are tip one and tip ten. In fact, tip ten is the real litmus test of an entpreneur.





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Friday, December 07, 2012

Richard Branson on How to Start an Airline

In this TV interview in Egypt, Richard Branson, talks about the importance of branding. He also reveals why and how he started Virgin Air.

His brash take-charge action demonstrates the trait of successful entrepreneurs. They act to fix things because they believe in a better way to get things done.



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Thursday, November 29, 2012

Do You Have a Black Book?


Keep a Mysterious Black Book - And improve your sales effectiveness! 

Guest Post from Jim Domanski


Call this a 'throwback' idea or tip but if you're serious about a career in sales and you want to continue to improve your selling skills and abilities (and subsequently) earn more, then keep a black book.

What's a Black Book?

A black book is literally a bound book of some sort or another (see some popular choices below) that you use to record virtually anything. It is a single and central repository of everything that is or could be important or significant to you.

9  Good Reasons to Keep a Black Book

1. Black books keep you more organized. Instead of having sheets here and there, notebooks here and there, smart phone notes here and there, your black book is the one place for everything. This means you can find everything you need. Use it for brief client notes, selling tips, ideas on prospecting, brain storming sessions on marketing, to do lists, doodling (yes, doodling), sales meeting notes, quotes (see the list below for more ideas). Everything and anything you might want to refer to or remember. It will save you time, frustration and hassle.

2. Black books keep you focused. You can record important things like your goals and objectives. You can use your book to create a daily "To Do" list. Note your priorities. Your book will keep you on task.

3. Black books keep you motivated. Use your black book to record your 'victories' or to list your dreams. Use them to record your results. Jot down inspirational quotes. Cut out pictures of what you'd like to buy or places you'd like to visit or scenes that inspire you. Tape them inside. Refer to them. Remind yourself of what you've achieved and what still lies ahead. Note your 'losses 'and 'defeats.' Jot down why you might have lost a sale. What did you learn from the experience? Were you prepared enough? Do you need to brush up on a skill? Should you be working on your product knowledge? You'll find it quite rewarding when you take personal responsibility.

5. Black books make you more creative. When a good idea pops into your head, capture it in your black book. Immediately. Craft some notes while the idea is still sizzling away. Go back to the idea later and expand on it. In this manner, you'll never lose the thread. (You can use your black book to "mind map" your ideas. Mind mapping is a way to more effectively tap into the creative, right side of your brain. Check the internet for Joyce Wycoff's book called "Mindmapping." It will literally change your life.)

6. Black books make you look...well...smart. This may not be a big deal for you but when you go into a meeting with your black book under your arm you immediately set yourself apart from the crowd. Look around. Half the people won't even be equipped with a pen or a pencil. People who count (bosses, executives, owners and the like) take note of someone who comes prepared. It elevates your status.

7.  Black books become your sales encyclopedia.  When you read or hear a good sales tip, jot it down or cut it out and paste it in your book.  If you listen to a speaker and you like what he or she says, put it in the book.  When you learn a new technique, grab a pen and write it out.  This simple act will help you retain the information better.  More importantly, you can go back and review your notes every month and remember those sales tidbits your forgot.  

8.  Black books make you mysterious.  Well...not really... but people will take notice and the WILL ask you about it.  Then you can show them how valuable it is. Pass the word. Do a good deed. All that stuff.  In any event, it's kind of fun because others get intrigued by it. 

9.  Black books create a legacy. I have black books dating from the late 1980's. Every now and then I haul out one or two. I see how I have progressed and matured. I sometimes see where I have regressed. Here and there are some really hare-brained ideas. But there are also some interesting insights. In any case, it gives me a sense of personal development and growth. I suspect it will do the same for you.

Use your black book to:

Here is a summary list of things you record in your black book. But don't feel constrained. Use it however you see fit.
  •    List your sales victories
  •    Stimulate thoughts and ideas
  •    Record your yearly sales goals and objectives
  •    Record your daily goals and objectives
  •    Make notes about your clients
  •    Take meeting notes
  •    Take notes while on the telephone
  •    Impress your boss with your thoroughness
  •    Tape in articles of interests on sales ...or whatever
  •    Paste in pictures that inspire
  •    Write compelling quotes
  •    List "lessons learned" from your mistakes
  •    Jot down "Top 10 Lists" ( e.g., Top 10 fiction best books, best movies, best restaurants, best business books, best web sites etc.)
  •    Create daily to do lists
  •    Doodle and draw
  •    Jot down dreams and ideas
  •    Note your achievements
  •    Draft proposals
  •    Write down quotes ("Never, ever quit," "L'audace, l'audace, toujours l'audace!" etc.)
  •    List strategies to develop new customers
  •    List ways to develop your relationship with existing clients
  •    Jot phone numbers and messages
  •    Note questions or issues
  •    Rate restaurants that you visited
  •    Insights and observations on anything
  •  Recipes (All Purpose BBQ rub)
  •  ... you get the picture, right?
  •  
Choosing Black Books

First off, black books don't have to be black. Color doesn't matter. It's what's contained inside.

Next, go to any bookstore and you'll see ever-growing displays of "Moleskin" books that are leather or cloth bound. More expensive, they tend to have a 'neat' look. People like Ernest Hemingway used them, so you'd be in good company. They come in different sizes and themes. Piccadilly make a less expensive version and it's just as effective. Check them out on line.

I have gone to art stores and purchased blank sketch books. These books are sturdy rugged things, and they give you lots of space to write, sketch, and map out your ideas.

But you don't have to get fancy. Your black book can be an inexpensive wire bound notebook that you can get almost anywhere for a few bucks. Doesn't matter. Whatever you like; an expression of yourself.

Keep a black book for your business
Black books or 'journals' are nothing new by any stretch of the imagination. Caesar had one (it was in a scroll format, of course). Napoleon had one too. Most professional golfers keep a version of a black book. Most great figures had a black book of one sort or another. I'll bet a lot of sales gurus have them as well.

Can your Smart Phone be a Black Book?

No. First off, it lacks the panache. (Look that word up). More importantly, they are not particularly good for extensive notes. Use your phone as a memo pad, not black book.

Invest in yourself today and you'll find yourself in good company.


Jim Domanski is president of Teleconcepts Consulting and works with companies and individuals who struggle to use the telephone more effectively to market and sell their products and services. Visit his web site at www.telesalesmaster.com or call 613 591 1998.



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Tuesday, November 06, 2012

7 Reasons You Can't Be an Entrepreneur with Bad Credit


Bad Credit on Entrepreneurs
The hardest thing about being an entrepreneur is getting people to latch on to your business idea. As great as it may be, when it comes to finding financing and investors, you need much more than a great idea to get others to put their own money into your project. This becomes much more difficult if you, yourself, are not in good financial standing personally. We all have mistakes looming in our financial records, but, if your credit score is dangerously low, you may not be able to start a new business anytime soon. Here are some reasons why:

1. It will be difficult to find investors.
Investors don't just want to look at your business plan; they want to look at the whole picture. Anyone who is considering investing a major amount of money into your idea will desire as much information about your financial background as possible. If you can't take care of your own finances, how can you be expected to manage a business? You will need an extraordinarily brilliant business concept to make up for bad credit, if you want to secure an investor.

2. Your co-signers might be dried out.
If you've had credit issues in the past, there is a good chance you also had to go to friends and family for loans. It's difficult to find yourself out of cash suddenly, and most of us with poor credit scores have had to go through some sort of financial downturn in order to get there. But, when it comes time to now start your business, you will need to finance some of the expenses. If you have bad credit, and the people in your life are reluctant to continue supporting you financially, you could be out of luck.

3. You look like a risk to banks.
This is a big one. Even if you do get investors, there is a good chance you will need to take out some form of small business loan from a bank. Entrepreneurs with bad credit are turned away from banks on a daily basis. You can't expect your case to be much different.

4. Securing small business credit cards will be difficult.
There are plenty of credit cards that can be granted on the spot, even with bad credit. The only problem with them is they typically have hidden fees and crazy-high interest rates. If you want to secure a legitimate business credit card, then you may have trouble taking out more credit if you are already maxed out on some cards or lacking in upstanding credit in other ways.

5. Financing business equipment will be more expensive.
No matter what you need to do to run your business, you will probably need to purchase some amount of equipment. From trucks to printers to baking supplies, there is no end to the expenses that come with daily business operations.

6. You will need extra resources for down payments.
Even if you do secure financing for business items, credit cards, or loans, there is a very high possibility that you will have to pay much more up front than you can afford. A substantial down payment is often required of borrowers with low credit scores, so if your credit is bad, this is another area where you will have to cough up some extra cash.

7. You may not get the office space you need.
Another important part of running a business is having a space to do it in. Just as you may have problems securing loans and lines of credit, you could have equally trying times getting someone to rent you a space to work. Property managers want to make sure they are taking on residents who are financially responsible and have very few late pays on their records.

---------------------------
Stella Walker is a writer for Creditscore.net and an avid researcher of credit and insurance news. She is especially passionate about protecting consumers from credit card scam and providing information about good credit standing.




George Torok Host of Business in Motion Business Speaker
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Wednesday, October 17, 2012

Choose To Be Happy


Guest Post by WAYNE VANWYCK

“Most folks are about as happy as they make up their minds to be.” ~  Abraham Lincoln
 
When my daughter was about nine and preparing for school, she stomped her feet angrily and declared, “I hate static cling!” I laughed out loud, struck by the absurdity of this disgruntled pronouncement and I gave her a hug, “Static cling doesn’t care if you hate it. Being upset and angry at static cling will in no way change how it behaves. There is no use being upset. The question is, what can you do about it?”
Getting angry at something you can do nothing about is a waste of time and energy. It just makes you look foolish. The real question is; what can you do about it.
For years, in our programs, we’ve been teaching that if you don’t like something, you only have three reasonable choices:
  1. Do everything in your power to change it.
  2. Accept it the way it is.
  3. Remove yourself from the situation.
However, although it makes little or no sense, many people choose a fourth response - they complain.
There are several common statements that slip into the conversation of the average salesperson:
  • I hate traffic jams
  • I hate technology
  • I hate this lousy weather
  • I hate this recession
Like static cling, these are conditions over which you have little or no control. Traffic, technology, and weather don’t care if you like them or not. Consider whether you can do anything to change what is irritating you. If not, accept it or remove yourself, because complaining is negative and demoralizing to you and the people with whom you share your grumblings.
Of course, there are circumstances over which you can exercise some control:
  • I hate making cold calls
  • I hate being stood up on an appointment
  • I hate asking for referrals
It doesn’t matter if you like them or not! Can you do anything to change the situation? If you hate doing what’s required to be a successful salesperson, perhaps you’re in the wrong job. Change.
If you don’t like being stood up on appointments and it happens frequently, ask yourself what you’re doing that may be causing this. Are the appointments firm or tentative? Are you confirming them before you go? If you’re driving a long distance to this appointment, are you preparing a back-up plan, perhaps arranging alternatives if the appointment is a bust? Do everything you can to change the situation.
With allowances for clinical depression, most of us can choose whether to be happy or angry, satisfied or dissatisfied. We can observe the same situation through a different lens and interpret it to make us either happy or miserable. If you want to be happy, make up your mind to be happy. Why would you choose otherwise?





Choose to be Happy - Guest Post by Wayne Vanwyck of The Achievement Centre

George Torok Host of Business in Motion Business Speaker
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Thursday, September 27, 2012

Creative Problem Solving: The Two Step Principle

Creative Problem Solving starts by understanding and following the principle of differed judgement.

Enjoy this video from Creativity Catalyst, George Torok, as he talks about the DNA of creative problem solving.



George Torok Host of Business in Motion Business Speaker
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Monday, September 10, 2012

Time Management for Entrepreneurs


By Harold Taylor 

Time management for entrepreneurs involves more than simply trying to increase productivity through the better use of time. You must first determine what it is you want to accomplish, set specific goals, draw up guidelines, and avoid the countless temptations to stray from your original intent. To do this you will need a mission statement, annual goals and personal time policies.

Develop a mission statement.
A mission statement will give direction to your business and personal life. It will keep you focused on your reason for being in business and keep you from getting sidetracked by all the opportunities that are unrelated to your chosen profession. You can be good at a lot of things, but greatness requires focus. My advice is to choose an area of specialty, write a mission or vision statement, and set long-range and annual goals that are compatible with that mission.

Record your mission statement in the front of your planner where you will see it every time you open your planner to record an appointment or activity.  You might even put it on the front cover. It should be short and simple, such as “To help others succeed in business through better time management skills.”  

Set goals 
Limit your goals to five or six per year at any one time. This forces you to focus on the valuable few rather than jumping from one goal to another based on the whims of the moment. Too many goals are distracting.  You can always add new ones to the list as the others are completed. Write them in the front of your planner or in a special category of your To Do List on your Blackberry or other PDA.  They should be portable, so don’t limit them to a list on your desktop planner unless you spend your life in front of the computer. Assign deadline dates. One goal might be “To complete a book on Procrastination by July 30th.” Another might be “To have a fully operational website by October 15th.” Make sure these deadlines are realistic. Work backwards. If you want to complete a task by the end of the year, and it takes an estimated 100 hours to complete it, how many hours each week would you have to schedule in your planner in order to meet that deadline?  If the answer is 10 hours, based on your current level of activity that might be unrealistic. So change the deadline date. Once you have a workable plan, be sure to block off appointments with yourself to actually do the work. 

The goals that you write should all help to further your mission. In the example above, developing a time management workshop by April 30th would help; but purchasing a cabin cruiser by June 15th would not. However if your mission were to live in luxury for the rest of your life, the goal would be compatible.

Develop personal time policies
Personal time policies are guidelines that will help you make tough decisions regarding the budgeting of your time. Business policies are used in organizations to help employees make decisions on their own. Examples of business policies might be the customer is always right or we will not be undersold. Similarly, from a personal standpoint, it helps to have a set of personal time policies or value statements. These policies may be different for different individuals and may include statements such as:

  • I will not compromise my beliefs, values or personal mission. 
  • I will not become an activity packrat; for every new activity I take on, one of equal time-value must be subtracted. 
  • I will have as much respect for my own time as I have for other peoples' time. 
  • Decisions or choices affecting my family will be discussed in advance with my family. 
  • I will not be coerced into changing my priorities; they will be changed only if my heart is in it. 

Policies such as these simply serve as guidelines when making decisions that affect your use of time. Personal time policies also help you to maintain balance in your life. You must also schedule personal and family activities into your planner as well.

Time planning for entrepreneurs involves a thoughtful consideration of why your company exists, what it is you want to accomplish through it, and how you plan to get there. Then any time efficiencies you practice will not be in vain. 





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Tuesday, August 21, 2012

Execution Businesses


Business details execution

Some businesses have such barriers to entry and such competitive advantage that they can still thrive even with poor execution. Companies that have patents, government regulation, rocket science(very tough intellectual property to copy) , massive development costs to get into the business, high capital cost, high market share etc.

EMJ was an execution business. It was simply not that hard for anyone to get a product line to distribute. Over time we were able to grow to create barriers to entry with things like size, having the "good" lines, and having market share within a niche but in the end, it was always still an execution business.

It can be fatal for an entrepreneur not to realize that their business is an execution business. Ask - is it really that tough for someone to copy what we do? If the answer is no then follow these steps for success:

9 Ways to Thrive in an Execution Business

1 - Be frugal. Frugal does not mean cheap, it means getting appropriate value for money spent. Spend on function, not on show.

2 - Focus on process. The key is to create replicable steps that can be repeated time after time. As an early entrepreneur, often this means trying it yourself. Time how long it takes to make 10 calls. Track which message gets the most meetings. Refine and learn.

3 - Test everything. Fail Often, Fail Fast, Fail Cheap. This is a continuation of Focus on Process.

4 - Look for areas of minor competitive advantage. Really that is what execution businesses are all about. Although they may lack the monopoly or defacto monopoly characteristics of other businesses, they can have minor advantages in many different small areas. If I look at why EMJ was a success, it was not one thing, it was a number of tiny things.

5 - Know your numbers. By nature, execution businesses have small margins for error. Competition ensures that there are few "high profit" opportunities. So knowing what areas make and lose money and knowing true costs is essential.

6 - Look for niches. Often execution businesses can develop competencies within a specific expertise. Within a niche, it is easier to be the expert - less to study, less people with your focus. It is also easier to figure out ways to thrive and customize your company to address only those specific things the niche needs.

7 - Work hard. We worked long and hard year after year. My work ethic was a competitive advantage.

8 - Take full responsibility. It does not matter if the economy is good or bad, if China is selling for X, if the US$ is trading at Y, or "the VP sales cannot sell well enough" or any other "condition". Those are just conditions. We live with them and figure out how to be profitable. There are no excuses - if we fail, we are the ones that did not execute well so we need to change our product, our approach, our tactics and anything else.

9 - Study and practice time management. I think that is why I ended up writing a book on time management. This is really an extension of Be Frugal. Time is the biggest cost so get the best value from it possible.

---------------------------
I'm impressed and inspired by the practical and powerful advise Jim continues to offer of how to build your business success.

Learn more about Jim Estill at his CEO Blog - Time Leadership

George Torok Host of Business in Motion Business Speaker
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Tuesday, July 31, 2012

Make The Tough Decision: Keep or Sell?




“Two roads diverged in a wood and I –
I took the one less travelled by.
And that has made all the difference.”
Robert Frost

If you’re a baby boomer business owner (BBBO) you face a difficult decision. You’ve grown a business, probably from scratch, and now you may need to decide whether to sell your “baby” or keep running it.
Whichever road you choose, there will be significant consequences. You may be thinking, “I don’t really need to decide right now. I can put it off.”
Perhaps as you stand at the fork in the road your first answer is to stay there, at the fork, for a few more years. But, standing there may become quite crowded. There are millions of BBBOs right there with you, milling around, regarding each other with puzzled looks on their faces, all pondering the same question. “Keep it or sell it?”
Seven reasons to decide now:
  1. A decision is a precursor to action. Once a decision is made, you begin to move intuitively. Actions lead to results.
  2. A decision, once communicated, initiates actions in those around you. As soon as you pick a path, your family, employees, customers and suppliers will pick up on your certainty and commitment and follow your lead.
  3. A decision unclutters your mind. You stop waffling and begin formulating ideas and plans.
  4. A decision coupled with a commitment sends a message “to the universe” that is picked up and acted upon. Goethe said it best: … "the moment one definitely commits oneself, then Providence moves too."
  5. When a decision is made, you can set goals such as selling the business for a certain price or getting the business to run successfully with or without your presence in the office. Clear goals enable you to develop plans and strategies to make them happen.
  6. A decision signals your stakeholders that you are in charge. You’ve thoughtfully considered the options, weighed the pros and cons, done your research and come to a decision that is right for you and right for your business.
  7. A decision shows courage and leadership.
Sell it or keep it. It’s a tough decision that resides solely with you. You can get input, ideas, suggestions and support, but ultimately you, the BBBO, are required to make it. It’s your responsibility.

http://www.tac-focus.com/focus-areas/succession-transition-planning


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