February 2017

From Coach Michael's Blog:

Are You an Entrepreneur?

My wife and I took our grandson to see "School Of Rock" on Broadway recently and there was one line in the show that struck a chord with me: "Not everyone is cut out to be a rock star, but if you are, then you've got to go for it."

What struck me about that line is how it directly relates to business and my coaching practice: "Not everyone is cut out to be an entrepreneur, but if you are, then you've got to go for it."

In my mind, there are two types of entrepreneurs:


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How Successful Entrepreneurs Solve Problems

The Wall Street Journal has had several articles about entrepreneurs, particularly how they often underestimate the problems they end up facing.  "Even the most realistic entrepreneur underestimates the difficulties in building a business," one article said.
So true.  And it’s a good thing that the WSJ is pointing it out.  Were it not for our inability (or not knowing what we don't know) to fully assess the difficulty of establishing a new business, we might never try to launch one at all.  The same thing might be said about starting a family.
Here's how a few successful entrepreneurs overcame the problems they initially failed to recognize:

  • Having a clear strategy
According to the WSJ, a design group in St. Louis is building its customer base by sticking to its "gold standard" of providing only in-depth, high-end, intensively researched design work, despite the demand for cheaper services. They’re still going strong today, even having weathered the 2008 recession.
  • Plan your business as soon as possible
Many businesses grow organically until they are so far down the road that problems become insurmountable.
  • Being and remaining flexible
There is only one situation in which successful entrepreneurs will abandon a strategy: when customers won't buy it.  You've got to resist the temptation to be everything for everyone…but when the thing you are doing isn't desired by anyone, change plans.
  • Maintaining a realistic view
In making plans, successful businesspeople are honest with themselves and conservative in their expectations.
  • Behaving ethically
"Bad behavior has a way of catching up with a business," one article stated.
  • Having a robust network
Accomplished entrepreneurs have impressive “Rolodexes” and turn to them in times of need.
  • Maintaining a constant internet presence.
Services such as Hootsuite, Buffer, Constant Contact, and MailChimp make it easy to keep your customers apprised of new products and services. In fact, they are so user-friendly that even those who are technophobes can take advantage of them.
  • Being able to deal with technology
Technology changes daily. To keep up with it, research how others in your industry are using it.  
  • Having a passion for the job
If you don’t truly love what you do, it will show. Passion is contagious.

And that's worth thinking about.




If you would like to discuss this topic, or any other business related question, please call me at 516-801-6452.

Upcoming Events:
(Please click on the event name for event details and to register)

A Free Business Success Seminar
Monday, February 13, 2017 8:30am to 10:30am
2 CPE Credits for CPAs who attend


Good to Great
A Free Business Success Seminar
Wednesday, March 15, 2017 12:00pm - 2:30 pm
2 CPE Credits for CPAs who attend


About Coach Michael

-Shortening Your Timeline to Success-

As a business coach, I work with business owners or  executives with profit and loss responsibility and their teams to improve their effectiveness.  I help my clients identify their business blind-spots via a number of methods. Once identified, we work together to eliminate the effects of the blind-spots. This results in accelerated progress toward my client's primary goals.  Simply put, I help my clients earn more and work less. 
Unlike typical consultants, as a coach, I stand side-by-side with my clients and hold them accountable to their goals.  I push them when necessary, occasionally cheer-lead and make sure they celebrate their wins as they occur.
As an ActionCOACH franchisee I am able to assist my clients in getting spectacular results by combining my 40+ years of entrepreneurial experience with the collective business experience of my more than 1,000 colleagues in 64 countries around the world and the extensive ActionCOACH intellectual property of proven business strategies, methods and analysis tools.
This is a true 1+1+1=5 formula for success
I help my clients and their businesses go from good to GREAT.

Phone: (516) 801-6452

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