entrepreneur

From Entrepreneurial Management to Professional Management

Posted by the7stages on August 29, 2013
Uncategorized / No Comments

Becoming an entrepreneur is a dream. An entrepreneur has big ideas, with this dream comes the need for a lot of dedication, hard work and luck to turn that dream into a successful business. I t can quickly become a nightmare if the management structure is not established to manage the growth of your business.
The time commitment for managing the business will soon become too much of a burden for the Founder to handle. There are two management ‘jobs’ that need to be addressed. Managing the core operations (order fulfillment, and all other activities related to deliverable), and non-core operations (support, administration, sales and marketing, strategic planning, HR, compliance and finance) When transitioning from an entrepreneurial management to professional management, we are typically speaking of non-core operations. Entrepreneurs are very typically savvy at the core operations, so the first place to begin contemplating Professional Management is in the non-core operational side of the business. Cost structure, problem solving, strategy, operational and contingency planning along with detailed oriented goals are a few of many bullet points you will need to think of. At some point during the entrepreneurial management stage, the company will need to grow and mature, this is when the Founder will need to face a decision – should this company remain as-is (an entrepreneurial dream) or continue to the next step; how to manage the company.
As an entrepreneur you will need to contemplate if you should step back and hand over “the wheels” (company) to experienced managerial professionals or should you as the Founder stay and attempt to implement a structured management style. Once your business has grown to the point that your time is spread thin, and the non-core management activities are being neglected (or not performing as they should be), it is time to make that decision.
So how do you make this change? – And what could be some of the challenges that the entrepreneurial manager (that would be you…?) will face?:
1. Change in leadership style. Management is the talent of getting things done through OTHER people, resources and skills. Therefore, your professional manager needs to possess these attributes. Also, you will need to allow the manager to express their own personal style so they can be effective in their job. The manager will most likely have a style that is not exactly the same as yours. Bite your tongue and let them do their job! (No micro-managing here).

2. In-house or outsource? Hiring a professional manager as an employee is a good option if you have the financial resources to take on the financial responsibilities of an employee (payroll taxes, health benefits, vacation time, etc.). Figure 1.5 their gross salary as your financial commitment. Outsourcing to a firm that provides such professional management is also a viable way to secure the professional management services you require, without the overheads that a salaried employee would require.

3. Professional management will be cash flow and profit oriented. They will oversee the sales and marketing functions so you can focus on delivering an even higher quality product or service to your customers

Transitioning is a big (and necessary step). This is a decision that should not be taken lightly. Please contact us a CarlGould@CMTmentors.com, and receive an analysis for what type of management would work best for you.

Carl Gould is a business strategist, and growth expert. He has written 5 books in the area of creating business success, and is the co-host of the weekly radio program, ‘Quit and Get Rich’ (www.gteamradio.com). Carl and his team of experts advise companies and organizations to grow to the next level. What is the next level for you?

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Hot to design your Ideal lifestyle?

Posted by Carl Gould on December 03, 2010
business, entrepreneur / No Comments

Here is my interview on How to Use Your business to Design Your Ideal Lifestyle…Enjoy!

Owen: Are you an Entrepreneur who has had recent success designing your ideal lifestyle and
are now living the way you desire as a result of your business?

Carl: It’s important to define what ‘ideal’ is. For me, it is having more command of my time and
being able to use my business as a vehicle to support myself financially and have the time for
my personal and family desires. Over ten years ago, I was stuck in a business that gave me very
little time and very little satisfaction, frankly the business ran me. I always dreamed that my
work would allow me to “be paid to play all around the world”. I other words, I would have an
international clientele and I would visit them just enough (but not too much) to enjoy the travel
and see new parts of the world. That dream has played out well as I get to travel to Australia,
South Africa, Europe, UK and throughout North America on an annual basis.

I designed my business so that I could work with my clientele remotely (phone, video chat, etc).
This provides me tremendous flexibility while at home as well This way, I can be flexible with
my calendar and be in attendance for my children’s’ activities. I have always placed a high value
on family and am a regular fixture at family functions.

For me, this is ‘ideal’. Having command of my time is the ultimate for me!

Owen: What are 3 to 5 challenges that you have faced during the process of designing your ideal
lifestyle?

Carl:

1. Travel means being away from family. I had to (and still continue to) manage my
calendar very closely to make sure that my travel is productive AND I am not away for
long stretches of time. Even thought I think I may be doing well, anytime away from the
children seems like a long time to them.

2. Keeping regular routines: simple rituals like going to the gym, completing routine
household projects, attending classes, or scheduling a specific activity for the same day
of the week can be nearly impossible. I have to make sure that I begin each week with a
plan for how I am going to make both my personal and professional commitments.

3. Resistance from others: very few other people are interested in or want to hear about
me achieving balance in life. Ideal lifestyle is a moving target and a difficult balance
to strike. Since many people don’t have it, there reaction is, shall we say, ‘less than
positive’.

Owen: How you were able to change things around in your business to now be in control?

Carl: I realize that I was not as good as I could be in anything when I wasn’t happy in what I was
doing. I felt I HAD to make the change. Here is what I did…

1. I acquired the credentials necessary to pursue a career in coaching and consulting. This
meant taking classes and seminars in addition to my regular work schedule. Once I felt
I was ready, I began signing clients that I could manage while easing out of my other
business (construction).

2. I fired my old business. I was miserable doing construction full time so I slowly stopped

accepting construction projects so that I could devote more time to coaching and
consulting.
3. Did enough of both, consulting and construction, to pay the bills while in transition to full
time consulting.

4. I became a better planner and ‘prioritizer’ of my time. I employed strategic planning and
outcome-based time management strategies in order to make sure that I was being more
pro-active with my time as opposed to re-active.

5. I got much better at saying NO. There have been a number of projects that I could have
immersed myself in that I have turned down. In the past I would have taken them and
then regretted it later.

Owen: What steps would you advise our audience to take to follow your success?

Carl:

1. Commit some time to sit down and decide what you want the next 5 years of your life to
be about. Create a list of all the things you would like to do, be, have over this time.

2. Then, one at a time, schedule each one into your calendar (even if you are not sure how
you will accomplish it). For example, if you always wanted to go back to school but
weren’t sure how you would manage it, call the school, find the class and register for
it. Put the reoccurring appointment in your calendar and then use your considerable
creativity to figure out a way to follow through on that class.

3. Determine what you need to start saying ‘NO’ to. If you don’t respect your time, why
should anyone else?

4. Make a list that are MOST important to you and schedule them into your calendar first;
leaving the low priority items to last. This is not procrastination, this is prioritization.

5. Share your vision with other, especially those that will be affected the most. Telling
your family and friends of your plans will at least alert them to your pursuits and you can
collectively develop a plan to achieve them. While there will be some push back initially,
you will find that those around you will respect you for your pursuits.

Your ideal lifestyle is within your grasp and is closer than you think. It does take some initial
work in the beginning and it is all worth it. Go for it!

“Carl L Gould is the President and Chief DISCoverY Officer CMT International, LLC
(www.CarlGould.com), the farthest-reaching business mentoring organization in the world.
Carl’s unique approach to executive coaching, business mentoring and performance training
helps his clients achieve results worldwide. His latest book, The 7 Stages of Small Business
Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and
business owners a step-by-step formula to taking their businesses to the next level”

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Personalizing your Franchise

Posted by Carl Gould on December 01, 2010
Franchise, business, entrepreneur, marketing / No Comments

Folks, this is a great topic that I was interviewed on. Please see my responses below on how to
put your personal imprint on your franchise location.

OK, so you’ve made the decision to purchase a franchise. Congratulations – you’re an
entrepreneur! But, the rub is that you’d like to show off some of your own skills in running a
business rather than just follow the game plan from the national office. What options do you
have?

CLG-While purchasing a franchise gives you a ‘business in a box’, there is still part of you that
is an outside of the box thinker. The franchise box you purchased will give you the technical
training and direction to run your location. You’ll receive how to manuals, templates, software,
branding which gets you up and running almost immediately. There is , however, going to be this
burning desire inside you to exercise some personalize initiative and judgment when it comes to
running your location(s).There are a number of options available to you where you can exercise
some flexibility while maintaining the integrity of the business system you purchased:

1. Building Your Personal Brand – Reserve www.yourname.com and build a website
around …YOU. Using a logging platform like Wordpress® or Blogspot® allows you to
build an easy-to-use website and it allows you to post videos, photos, articles in blogs.
Tell us about yourself, your history, your social circles, your educational background and
anything else you would like the world to know about you. By building your personal
brand, you will begin creating a deeper relationship with your customers and that will
build more loyalty to your franchise location.

2. Cross-Markets to Your Customer List – Find out what other products and services your
customers would enjoy learning about. One franchise owner I know who owned a fitness
center ran instructional classes, clinics, and small parties (cosmetics, cutlery, home
goods, etc) for the membership and it was very well received.

3. Get Involved in Your Community – Either sponsor a locally-based charitable event or
use your location as a drop off or a solicitation spot (i.e., the Girl Scouts selling cookies
outside your door). Being visible at community events not only raises awareness about
your franchise it also builds your individual band equity and put s you a more desirable
light. In other words they will think you are a brilliant business person!

I’m looking for some great practical tips and advice from franchise owners and franchisees
about how entrepreneurs can put their personalized imprint on their business without crossing the
line.

CLG –

1. Decorate – One franchise owner allowed local artist to display their art on the walls of
their franchise location.

2. A Theme for all Seasons – Go all out in decorating for the various holiday seasons. A
local hair salon had all of their stylists dress in costume for Halloween. It was awesome!
Scary, but awesome…J

3. A long time ago I worked for a franchise that held one of my most memorable job
positions. My boss had the brilliant idea to purchase character mascot costumes (Kermit
the Frog, Big Bird, etc) I stood out on the curb of a major highway and waved to the
oncoming traffic for hours on end. It worked great as people honked their horns, would
stop and have photos taken and would also pull in and come into the store.
Let me, too, what common mistakes franchisees make along these lines so we can help others out
there avoid doing the same.

CLG – Common Mistakes…

1. Replacing the franchisors product with your own. – Avoid the temptation to run your
side business inside your location. That is a major no-no.

2. Not following the system. – Since entrepreneurs are outside-the-box thinkers they are
often tempted to rewrite the operations manual and do things their own way. This is a
recipe for disaster. Use your entrepreneur creativity to enhance the franchise system not
replace it.

3. Being invisible. – Some franchise owners think that by buying a franchise, they never
have to show their face again. This is a mistake. You are still a business owner and your
staff, your customers and your community needs to see you. You are not Houdini, you
are a business owner. Don’t escape and disappear.

“Carl L Gould is the President and Chief DISCoverY Officer CMT International, LLC
(www.CarlGould.com), the farthest-reaching business mentoring organization in the world.
Carl’s unique approach to executive coaching, business mentoring and performance training
helps his clients achieve results worldwide. His latest book, The 7 Stages of Small Business
Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and
business owners a step-by-step formula to taking their businesses to the next level”

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The Power of a Master Mind Group

Posted by Carl Gould on September 21, 2010
business / No Comments

The mastermind group started with the High Council of King Arthur’s Roundtable. Later popularized as the mastermind concept in the Napoleon Hill’s Book, Think and Grow Rich. The idea is that a collection of minds working towards an objective is more effective than anyone person working alone. This concept has proven successful and continues to be a very strong model for person and business growth.

Are you a business owner who belongs to a mastermind group?

CLG: Yes, I actually belong to two mastermind groups. I joined these groups for a variety of reasons. Since business owners make up only one in fifteen people, it is often difficult to have any dedicated time with one other business owner, let alone a group of them.  I enjoy the camaraderie of like minded individuals. I joined mostly for the social interaction. As a business coach, I also facilitate mastermind groups and I am the person that business owners come to for help. So where do I turn to? As a person who offers guidance and advice on a regular basis, it is refreshing to be able to take advice and be more of a participant as opposed to the facilitator. The two groups I belong to are The Winner’s Circle (TWC) and Entrepreneur’s Organization (EO).TWC meets 3x/yr and comes with an annual fee of $25,000; and EO meets monthly and costs approximately $3,000 per year. The major benefits are receiving feedback from other entrepreneurs and business owners, the networking, deal brokering, social interaction and just letting loose!

What are the drawbacks?

CLG: Not enough time together. Because we meet so infrequently, there are more ideas, conversations, and connections that need to be made than the time allows.

What have I specifically achieved because my participation in mastermind groups?

CLG: first and foremost, the friendships and relationships that I have created. I have made some great friends that will last long beyond my membership and participation in any group. New clients. I have expanded my business and generated new customers because of the high quality referrals that I have received. I have also discovered new and better ways to run my business by sharing Best Practices with other colleagues.

I would highly recommend looking into joining a mastermind group to take your personal and professional life to the next level. I can’t say enough about TWC(www.thewinnerscircleinc.com) and EO (www.eonetwork.org). Look into both of these organizations and I hope you find them as rewarding as I have.

Carl L Gould is the president and Chief DISCoverY Officer CMT International, LLC (www.CarlGould.com), the farthest-reaching business mentoring organization in the world. Carl’s unique approach to executive coaching, business mentoring and performance training helps his clients achieve results worldwide.  His upcoming book, The 7 Stages of Small Business Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and business owners a step-by-step formula to taking their businesses to the next level.

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7 Stage Success with Carl L Gould #43

Posted by Carl Gould on August 01, 2010
7 Stage Success with Carl L Gould, Video Blog / No Comments
This entry is part 10 of 50 in the series 7 Stage Success

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Exclus1ve Books, ‘7 Stages’ Book Launch in Melrose Arch, Johannesburg: The ‘7 Stages’ arrives in South Africa! Carl speaks to an enthusiastic group of ‘Fanatics’ on the night of the World Cup semifinal match between Netherlands and Uruguay. Over the trumpeting of vuvuzelas, Carl explains why coaching is so important to business owner’s success. Carl also gives his impressions of South Africa, and the impact hosting the World Cup has had on South Africa’s image.

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7 Stage Success with Carl L Gould #41

Posted by Carl Gould on July 29, 2010
7 Stage Success with Carl L Gould, Video Blog / No Comments
This entry is part 6 of 50 in the series 7 Stage Success

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Carl Gould interviewed for Entrepreneur Magazine: Carl discusses what small businesses can do to survive AND thrive in this economy. Why this economy is different and what you can do about it. Carl Gould in South Africa to launch his latest book, “The 7 Stages of Small Business Success”. The South African market is hungry for Executive Coaches, solid business mentors, and the guidance to take their businesses to the next level.

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The Paradox of Opportunity

Posted by Carl Gould on July 29, 2010
7 Stage Success with Carl L Gould / No Comments

As I travelled through South Africa, I was reminded of an story I heard when I was giving a sales training. The topic was ‘focus’. In other words, do you focus on the problem or on the opportunity? The story goes something like this…

A sales representative from a shoe manufacturer was tasked with traveling to Africa to investigate whether or not that market was work pursuing. Upon arriving, the sales representative quickly noticed that most of the population didn’t wear any shoes. He concluded his investigation boarded his return flight and returned to headquarters, proclaiming, “There is no opportunity there, everyone is barefoot.”

A sales representative from a DIFFERENT shoe manufacturer was also sent to the same region with the same mission…”Does a market exist for us to pursue?” Upon arrival, this sales representative also noticed the barefoot tendencies of the natives. He immediately rang the home office, nearly hysterical with excitement, “Come down right away! There is a HUGE opportunity here, everyone is barefoot!”

While driving towards Cape Town, I noticed a very poor village made up of rows and rows of single-room, corrugated steel homes.  Little or no running water, poor if non-existent sewage systems. It seemed as though some of the homes had electrical service. Most of the homes had dirt floors. Upon the first inspection, one would think, “There is no opportunity here.” Yet if you took a second look, you would notice that on top of a number of the homes were satellite dishes; and many of the villages were walking around talking on theirmobile phones!

Clearly, these are living conditions that need to improve. There is no doubt of that. And yet, in the middle of the poorest of villages are state-of-art technologies.

As a business advisors, I spoke to South African entrepreneurs about their paradox. During my book launch, I was asked repeatedly about what steps can be taken to start a business or grow a business in these economic conditions. If you focus on the poverty, living conditions and unemployment, you will see no market nor opportunity. You’re creativity will be limited. If you focus on the needs of the consumer, what they would truly value, and how to create an amazing experience for them – you’ll begin to realize there is great opportunity for you. 

Don’t allow the negativity of the press, the news, and naysayers derail you from your mission of making a product; find a willing buyer; and delivering on your promise. There is opportunity at every doorstop. And if you don’t see it there, look up on the roof!

Carl L Gould is the president and Chief DISCoverY Officer CMT international, LLC (www.CMTmentors.com), the farthest-reaching business mentoring organization in the world. Carl’s unique approach to executive coaching, business mentoring and performance training helps his clients achieve results worldwide.  His upcoming book, The 7 Stages of Small Business Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and business owners a step-by-step formula to taking their businesses to the next level.

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When to hire Admin support

Posted by Carl Gould on June 11, 2010
7 Stage Success with Carl L Gould, News Articles / No Comments

You don’t wait. The moment you have the urge to launch a business in any way, shape, or form, you make a very specific hire. You hire a bookkeeper. If you are an entrepreneur, like most, you are afflicted with unorganized-itis. There is only one treatment for this disease, there is no cure. You need a daily dose of bookkeeping/organization in order to stay afloat. If resources are short, hire part-time, half-time or even barter services. The time is now! If you do not have a bookkeeper, you are already late to the party, hire one immediately.

Carl L Gould is the president and Chief DISCoverY Officer CMT International, LLC (www.CarlGould.com), the farthest-reaching business mentoring organization in the world. Carl’s unique approach to executive coaching, business mentoring and performance training helps his clients achieve results worldwide.  His upcoming book, The 7 Stages of Small Business Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and business owners a step-by-step formula to taking their businesses to the next level.

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single vs. married business ownership

Posted by Carl Gould on May 31, 2010
7 Stage Success with Carl L Gould, News Articles / No Comments

Hey Folks, 

I came across my answers to a print interview I gave regarding single vs. married business ownership. These are the complete answers. I thought you’d enjoy them… 

Q: As a small business owner, do you believe that either being married with children makes a difference in their success?

CLG – Yes, definitely.  Being married and having children in many ways has increased my chances of success. When I started my first business, I was single. I got the sense that customers felt that, as a single person, I wasn’t quite as rooted so therefore my business might not be stable or ‘in it for the long haul’. Once I got married, and then when I began having children I seemed to be more on par with my customers who were also mostly married with children.  I was able to increase my fee structure and command better terms and conditions with less negotiation of my prices. I think my customers had a perception of me of greater stability and so they thought my business was more stable and trustworthy also.  

Q: Family-men-or-women entrepreneurs, what are the biggest challenges & benefits of running a business, specifically related to being married with children?

A:Benefits:

1. Teaching entrepreneurship to your children. Since owning and running a business does spill into your personal life, it gives you a great opportunity to involve your family in the business.  They get to learn hands-on the art and science of entrepreneurship.

2. You build a legacy. Your children can follow in your footsteps in the business you are running now; or in a business they start for themselves.

3. You can foster and nurture the entrepreneurial spirit within your family. Whether or not anyone else in your family decides to start a business, the entrepreneurial spirit within them can still grow.  i.e. They may pursue a managerial position, they might travel the world, get involved in a charitable organization or get behind a cause. It gives them a chance to step up and make them a leader regardless of title.

4. My business allows flexibility in my schedule so that I can be present and participate in my children’s activities. If there is an activity during the day at school, I can, in most cases, arrange my schedule to be there.

5. Travel: My business takes me to places around the country and around the world and I get to bring my family with me. 

6. Exposure: Being in business exposes you to a variety of experiences and opportunities. Your family gets to choose which would be the right path for them.  

Challenges:

  1. Managing time: The blessing and the curse of running a business is that I as the business owner create the structure of my time.  In a job your schedule and structure is given to you. One of the biggest challenges is maintaining discipline is to constantly and ruthlessly manage your time. Early in my career I lacked discipline and consistently and I, my business, and my family all suffered.  Now, I am very disciplined and ruthless with time management and, as a result, I, my business, and my family have all benefited.
  2. Being present: It is easy to allow your personal life to spill into work and vice versa. When I am with my family it is important that I BE with my family and not thinking about work.  When I am at work, it’s important that I focus on the task at hand and not allow personal challenges to affect my work. I work hard at compartmentalizing my work and my personal life so that I can be as present as possible wherever I am at the time or whomever I am with; I make them feel most important by giving them my undivided attention.

Prioritizing:   As I am dictating these responses, Brigitte, my assistant is thinking “What is this guy kidding, he is horrible with time! We set appointments that he doesn’t make and his calendar changes hour by hour.” The reason for that is I am constantly prioritizing and reprioritizing my time so that I am making the highest and best use of my time at any given moment.   It is a delicate balance and I fall down sometimes, but I have to focus on, as Steven Covey would say, focus on the ‘Big Rocks’ constantly. Since I am responsible for business development in my company, I find myself in ‘Prioritization mode’ most of the time. 

Regards,

Carl Gould

Chief DISCoverY Officer

The Global Leader in Business Mentoring

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New Book Release!

Posted by Carl Gould on May 06, 2010
Announcement / No Comments

FOR IMMEDIATE RELEASE
Contact:
Carl L. Gould
6H Haycock Ave POB 233
Riverdale, NJ 07457
Phone: 973-248-6958
Fax: 973-858-0221
www.CarlGould.com
Admin@CarlGould.com

Carl L. Gould releases new book;
The 7 Stages of Small Business Success: From Startup to 7 Figures in Three Years or Less
Riverdale, NJ — May 5, 2010 — “Get ready to throw out all your other business books on growing your business successfully. This is truly an excellent book.”, writes Jennifer Segerius, the CEO of Segerius Consulting in her review of the book on Amazon.com.

Traditional advice on what it takes to successfully launch, grow or turnaround a business in this new economy will not serve you. What you need are the strategies that successful companies are using around the world to survive and thrive in this most volatile of economic times.
No newcomer to the entrepreneurial scene, Carl Gould has overseen the launch and development of over 4,000 businesses in just the last eight years alone. Gould has de-constructed his consulting and coaching methods and presented them in a step-by-step process to show you how you can take any idea and turn it into a million dollar business.
According to Gould, “The personality of the business will mirror the personality of its owner.” Every business has a winning personality hidden in it. It is my job to bring out the business’ winning personality. Because of an owners’ “mood swings”, most businesses experience feast or famine. Thankfully, there is no correlation between personality and performance. In other words, ANY personality style can be successful in business. “This book shows you how to play to your strengths while covering your blind spots in order to reach your maximum potential.”. If answered correctly, it can save both defendants and plaintiffs from mental anguish and ill-advised pursuit of a defense or lawsuit.” The book is available on Amazon® or directly from the author at www.The7StagesOfSmallBusinessSuccess.com.
Gould serves on the advisory board of national and international organizations. He has written books, book chapters, articles and has appeared on radio and television teaching entrepreneurs how to achieve their full potential. Mr. Gould offers a free initial consultation to discuss the needs of your business and how you can step up to the next level. He can be reached at 973-248-6958
For information: www.CarlGould.com or
Contact: Admin@CarlGould.com
Phone: 973-248-6958

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