4 OOPS factors to avoid

Avoiding problems are much easier than correcting them!



Bad things happen to good people for many reasons.  Individuals are different and some are great to interact with while others should be avoided.  Development of a business takes lots of time, money, and energy.  Developing a great reputation is important to the success of the business.  Association with others can affect your reputation.  There are those that bring complexity to your company and those that enhance and improve the business.  Great care is required to ensure you are always dealing with those that improve your business.

Likewise, certain business parameters are critical to success.  Some chose to avoid seeking the correct characteristics, while others focus on them with great care.  Business is a mix of skill, execution, association, and desire.  Making money requires careful selection of the right business models and people.  It is easy to walk into traps.  The following are a few OOPS factors to avoid.

 

1.      Investor:  An investor that seems to mean well but never executes or follows through on promises is someone to avoid.  Occasionally such actions are egregious and bring shame to other organizations.  For example, an investor promising to provide funds for a competition award places the organizers in a bad light when failing to follow through.  Failing to make good on promised introductions to other investors increases concerns about the individual.  When this investor exhibits the trend with companies in other states, one can only assume this investor is a person to run from!

 

2.      Profit:  No matter how many times the business model suggests the revenues are not sufficient to become a real business, some entrepreneurs seem to continue to develop the enterprise as a business.  They never explore ways to expand the revenue model and get caught in the trap of building and spending with minimal chance of making any real money.  Lifestyle businesses are great, but at least try to break even.  Stay away from business concepts where there may be insufficient revenues!

 

3.      Personnel:  Building a business requires having great people.  Sometimes the selection misses the mark.  There is a difference between missing the mark and hiring a disaster.  A CFO in personal bankruptcy or a CEO sued for improper actions increases the chances of a death spiral for your company.  Select those you associate with very carefully!

 

4.      Organization:  Some are great organizers and planners and others are not.  Failure to plan and execute properly on a business is a great way to fail.  The ability to plan is critical in business.  Whether you are the one responsible or someone else is in charge, ensure that you plan and develop contingencies! Run the business to succeed.

Taffy Williams is on Twitter by @twilli2861.  Email questions to twilli2861@aol.com. More is available via his company  website ,  photo website, or “LIKE” ColonialTDC on Facebook.  You can also find him in the group Startup  Group on Linkedin. Other articles are in the Charlotte,NC- small business section of Examiner.com.

Insights with Taffy Williams interview 3 by Nerd Stalker

In this interview with Nerd Stalker's, Greg C. Viloria, discussions centered around two articles: 5 Ideas that may facilitate creating a startup business & 3 Levels of influence can change the world .  More background is provided to help you achieve a better understanding of key points described in these two articles.

You can follow Greg on Twitter via @SocialGreg , Nerdstalker can be found at @nerdstalker

Taffy Williams is on Twitter by @twilli2861.  Email questions to twilli2861@aol.com. More is available via his company  website ,  photo website, or “LIKE” ColonialTDC on Facebook.  You can also find him in the group Startup  Group on Linkedin. Other articles are in the Charlotte,NC- small business section of Examiner.com.

3 Words that can prevent feelings of guilt

What will your tomorrow look like?

Have you ever decided to wait until tomorrow to do something important?  Perhaps it was completing a task at work or having a difficult discussion with an employee.  Maybe, you put off a visit to a loved one thinking it will wait until the next day.  It is easy to put things off especially when we are tired or have something else we need to do.

Procrastination is one reason we put things off because the task can be done later.  Conflicts in scheduling is another reason we put things off because we are not able to be in two places at the same time.  Confrontational issues are very easy to put off because we hate negative interactions.  Many reasons exist for delaying action but results are always the same; we choose to wait until later.

Over the last few weeks with the loss of two very dear family members, it became clear that sometimes tomorrow never comes.  The sudden loss of those we love and hold so dear makes us sad.  Then the thoughts arise that perhaps we could have spent more time visiting, called a few more times, or said I love you a few more times. 

Putting things off is a common trait of many people.  We know things change and tomorrow will never come for some, but we still find it difficult to believe it will happen to us.  We put off many tasks; some important others not so important. 

Business is time sensitive and completion of key activities requires completion of tasks in a timely manner.  Investors perceive missing deadlines and completion of stated goals as a failure of management.  The impact on the business can be devastating especially with public companies where shareholders can sell their shares.  Business partners may elect to adopt a less interactive posture if they feel you are not meeting their needs rapidly enough.

There are many reasons to wait until tomorrow.  There is one great reason that you should not wait;   sometimes tomorrow never comes!  Businesses die just like people.  Failure to act rapidly enough can increase the chances of failure.  Waiting may result in the failure of your telling someone you love him or her.  It can also prevent you from ever having that long needed conversation that will never take place.  In the end, there may be a tomorrow, but not for you even if you are the survivor.  The point is if there is something you are putting off, “DO IT TODAY!”  Why live with regret?

 

Taffy Williams is on Twitter by @twilli2861.  Email questions to twilli2861@aol.com. More is available via his company  website ,  photo website, or “LIKE” ColonialTDC on Facebook.  You can also find him in the group Startup  Group on Linkedin. Other articles are in the Charlotte,NC- small business section of Examiner.com.

5 Ideas that may facilitate creating a startup business

Every company was created by someone.  You can make one too!

Successful businesses deliver goods and services that people want or need.  People or businesses interested in the goods and services are the market.  The market must be willing to pay for the goods and services on a continuing basis for the business to have a sustainable model.  This sounds simple, but too often entrepreneurs creating a startup do not have this concept properly developed.  The key to creating a successful business is to find a niche product or service and evaluate the market.  The evaluation of the market should include determination of a desire to buy the product and pay the price requested. 

Finding a business idea is another matter.  Sometimes businesses concept discoveries occur by serendipity while at other times thoughtful innovation and creativity lead to the business idea.  If you are an entrepreneur wishing to create a business, consider one of the following paths that may facilitate identification of a novel business idea for a startup.

Solve problems:   One great business model is to identify real problems and create solutions for those problems.  The general population may not recognize the problem. Good marketing teaches the public about the problem and your company provides the solution to the problem.  People did not need personal computers or smart phones until marketing of products showed how they fit needs of the market.  The market had to be educated that cholesterol was a problem before the launch of statins.  The concept of identifying problems and solving them is a great way to direct a business toward profitability.

Fulfill desires:  Many people love to have the latest and greatest new device.  They want new places to go for dining or recreation.  They want to be healthy and have better nutrition.  Catering a business to fit the desires of a target market provides an avenue for a new business.  Creating a business that delivers the products or services in a unique or superior manner works well for many entrepreneurs.  Try to  survey the market segment about your offering and use the information to improve the business model. 

Meet needs: People have every day desires and needs.  They must eat and drink to survive.  They require clothing and warm dry places to live.  Obvious business areas are renewable energy, medical devices and drugs, improved foods and services.  Businesses need goods and services as well.  They may wish to outsource areas of work or require production of materials.  They need maintenance and improvements just like individuals.  Identifying those needs and developing business ideas to meet the needs help generate a business idea.

Improve something:  Some products are improved or recreated constantly.  The TV you are watching is most likely a flat screen, your pone is a smart device, your computer is faster and lighter, all these are examples of improving existing products.  Cosmetics are constantly improved or changed.  Some product areas have modifications with new products launched every 1-1.5 years.  Your ability to deliver or improve on existing goods may be a great concept for a business.

Create new stuff: One business model most exciting to innovative and creative people is taking a new invention to market.  The invention may be his or her creation or it may be a creation licensed from someone else.  Discovery research always has interesting new concepts with product opportunities.  It is critical to evaluate the market to ensure interest in the discovery, but the business model is one that has worked for many.

 Taffy Williams is on Twitter by @twilli2861.  Email questions to twilli2861@aol.com. More is available via his company  website ,  photo  website, or “LIKE” ColonialTDC on Facebook.  You can also find him in the group Startup  Group on Linkedin. Other articles are in the Charlotte, NC- small business section of Examiner.com.

Your reputation precedes you

Want to come work with me?

Entrepreneurs work hard to create businesses and make money in the process.  Their personal traits are part of the business evaluated by others.  Being stingy or ugly to employees is something that eventually gets around.  Treating tentative providers poorly has the same tendency for negative recognition. People REMEMBER bad treatment and eventually your treatment of others comes back to haunt you!

Success is a great neutralizing event.  People treated like dirt tend to minimize the bad and remember the good once they make lots of money.  The problem is that a limited number of startups achieve sufficient success for this to occur.  In addition, the word may spread before the company becomes successful. This means that people will remember the bad treatment and your reputation suffers.  Worse yet, contractors and future employees may shy away from working with you because the reputation becomes public knowledge.

Adopting a solid business acumen and persona does not mean you must act like an ASS!  Careful thought and treatment of others has a value.  People will work harder and spread your praises when they believe you are the type that everyone enjoys being around and working with.  There is no need to give away free money and ignore achieving great deals in your negotiations, but do it with care and thought.  People recognize that business requires maximizing profits, but they resent dealing with poor business skills and lack of understanding.  In addition, they dislike poor treatment.

The sad part is that some people never recognize that they are in the disliked camp.  They never realize or do not care that people are resistant to work with them.  The company develops and gradually faces limitations attracting the kind of staff and contractors they most need to be successful.  In addition, the investor pool will eventually get feedback from outside.  This can create a different set of issues for the business.

There are many reasons to be a solid business professional and run a tight ship.  You have an obligation to keep costs down and ensure solid performance.  In doing so, try to remember that you may lose creditability by going too far and being obnoxious, cheap, or uninformed. 

 

Taffy Williams is on Twitter by @twilli2861.  Email questions to twilli2861@aol.com. More is available via his company  website ,  photo  website, or “LIKE” ColonialTDC on Facebook.  You can also find him in the group Startup  Group on Linkedin. Other articles are in the Charlotte, NC- small business section of Examiner.com.

 

Multiple paths lead to solutions of business and research problems



More than one path usually exists.  Find the one that best fits your business needs!



 

 

Business and research are places where products discoveries occur during attempts to solve problems and make improvements.  It is rare that the discovery process has a singular path; meaning that more than one route leads to the accomplishment of key goals.  If path limitations exist, they arise because of attitudes, knowledge, and skills of the individuals involved.  People see problems differently and backgrounds influence the directions and view of the problems; e.g., is the “glass half full or half empty?” Attitude and knowledge are sure to influence your direction and problem resolution.

It is important to understand the problem from different perspectives to achieve a resolution more useful to a larger group.  Better understanding arises from quality market assessments.  Small or large group studies can lead to a better understanding.  One may also gain information via networking discussions among the right group of individuals.  The ability to identify key issues and consolidate them into goals requiring resolution drives the determination of the best set of characteristics to address. 

Why is this important?  Products that do not fit the best set of desired goals are less interesting to the target market.  Understanding of the market needs influence whether customers buy once and go away, or return to buy frequently.  Good research will determine if the product is even interesting to the target market.  Understanding of key issues and problems assist creation of great products.  Proper delineation of the product characteristics are critical to tasking the development team in the discovery process.  Better definition of the ideal product and intended use enhance the ability of the team to address and create the right products for the target market.

Many problems have multiple solution paths leading to multiple products, but only a limited subset of these may be of interest to your market.  The article “Build it and they will come is not a business plan” described the importance of product creation for the target market.  Business and research require extensive effort to understand the issues and devise proper solutions and desirable products.  In your planning stages, try to incorporate a few of the key considerations:  1) Will the customers like the product? 2) Will they return to buy again? 3) Does the product provide right quality and value?  4) Does it fit their need and solve a problem they have?  These are just a few of the areas to consider. 

Remember, that companies that do not have repeat business or interested customers will find their business a tougher thing to build.  So, start out in the right direction and find the path that is a bit easier to travel.

 

Taffy Williams is on Twitter by @twilli2861.  Email questions to twilli2861@aol.com. More is available via his company  website ,  photo  website, or “LIKE” ColonialTDC on Facebook.  You can also find him in the group Startup  Group on Linkedin. Other articles are in the Charlotte, NC- small business section of Examiner.com.

Second interview of Taffy Williams by Greg Viloria of the Nerd Stalker

Everyone has a slant!  Listen to mine in the interview on Nerd Stalker.

 

In a second interview by Greg Viloria, the Taffy Williams provided "slant" on startups, leadership and business creation: Nerd Stalker ( @nerdstalker ) calls the segment Startup Blog Insights. The goal is to obtain in-depth thoughts about topics covered in Startup Blog. This interview covered two articles published in the examiner.com: “5 Key considerations while creating a startup " and "8 Hats Entrepreneurs Often Wear."

The full interview is available on Nerd Stalker:   http://www.nerdstalker.com/2013/04/startup-blog-insights-building-your.html  

 

“Key Ingredients for Your Startup

 

"If you are not thinking about how you plan to structure this organization and how this person is buying into the business...structure is important at the onset"

 

"I worked for the government for 14 years and one of the things that was a hot button for me what was when I asked someone to do somethings would refuse to do something because it was not in their job description..(in a startup).your job is to do whatever it takes to make it successful"

 

"if you do the wrong thing at the wrong time it only takes one wrong move to demotivate your people for months"”

 

The two articles point to the areas of planning and willingness to perform in a startup.  Planning is critical before starting.  Learning to modify the plans as the business progresses is equally important.  The ability to serve in multiple ways contributes to getting all tasks completed and demonstrating leadership to the team.

It was a pleasure speaking with Greg in this second interview and I look forward to future discussions.  The added information provides more insight into these articles.

Taffy Williams is on Twitter by @twilli2861.  Email questions to twilli2861@aol.com. More is available via his company  website ,  photo  website, or “LIKE” ColonialTDC on Facebook.  You can also find him in the group Startup  Group on Linkedin. Other articles are in the Charlotte, NC- small business section of Examiner.com.