Browse Tag by Business
Entrepreneurship

The 3 Simple And Unchanging Rules Of Business

Earlier today, I was reading the book – “Chicken Soup for the Entrepreneur’s Soul”. I found an inspirational story of Marc Allen in that, he founded a publishing firm – Whatever publishing from the kitchen of a small apartment in Oakland, California. He started this publishing firm with a show string budget and today his publishing firm is one of the most successful independent publishers in the US. Marc changed the firms name to New World Library in the 1980’s.

From his experience, Marc claims that success in business is really very simple. He states that there are certain essential rules of business that have been unchanged for centuries. Here I share the 3 things in business that you need to have together to create success in my words (as shared by Marc Allen):

Product/Service is the key:

Marc Allen claims that the simple secret to a successful business is giving the best product or service you can. And ideally, it should be something that you love to do. Do not settle for less.

Marketing and Sales:

 It is essential to find some way to market your service or product. Marc suggests a multi-pronged strategy and that there are a huge number of different ways to sell your product or service. Try something – anything – and if that doesn’t work, try something else. Try something that has proved effective in the past and then try something that has never been done. The key is to keep trying and sooner or later you will stumble upon something that works.

Financial Controls:

This is the third unchanging rule of business. Marc sugggests that you have to have the same kind of controls in your business as you have in your personal life. You have to spend less than you earn, or you head into debt. In a business, keep your expenses as low as possible, and get to the point as soon as you can where your income exceeds your expenses.

Marc Allen indeed talks about business in the most simplistic way. He concluded his inspiring story by saying that in spite, of our strengths and weaknesses we can all create the life of our dreams.

Entrepreneurship

Quick Sprout: Business Isn’t Fun

I was recently browsing through the Quick Sprout blog maintained by Neil Patel and there was this headline that caught my attention – Business isn’t fun. In the post, Neil talks about how business is not really something a person should get into if he intends to have fun. Now this post was pretty myth-busting because I really believed that business and entrepreneurship is something that was “having fun along the journey” stuff. This belief in me was further motivated by blogs and other entrepreneurs. Neil had something radically different to say.

So in the post Neil said that the following were the points why business isn’t fun:

  1. Business is stressful with all the hiring, firing, payrolls and finally figuring out to make money out of it.
  2. There are no fixed hours. No, not in the good way that you can sleep all morning if you want. But in the way that if you that it is possible that there are sleepless nights and long days with work hours that are unfair for a horse.
  3. The third point he touched upon was Job security. Well, no doubt about that it is definitely freaky to know that your next month is uncertain and so is the month after that. Considering the business failure rates are highest in the first two years.
  4. Your life will be complicated. No second thoughts in that.
  5. Even if you are making a lot of money, you will not find to spend it. Also a replacement will hardly be as efficient as you.

And frankly I was pretty much disillusioned at how right he was. Coming back to the point, the post was really educational. It was the harsh reality of an entrepreneur. The point especially where he says that even if you make money, you won’t find time to spend it was quite right.

In conclusion, Neil stated that the post was not intended to stop anyone from beginning their business. Instead it was rather a insight for people who wanted to start a business to have fun.

My thought from the post was that no doubt the above points are all true. But it really depends on the mind frame of a person whether or not he/she enjoys the entrepreneurial journey. What are your views on what Neil says about business? Let me know below.

Entrepreneurship

The 5 Best Tech Tools To Accelerate Your Business

Technology makes our life easier. Entrepreneurs can make their life easier as well as more efficient with the best tech tools mentioned in this post. These are powerful open source softwares that can help you complete your job more quickly and with greater accuracy.

Here are the 5 best free tech tools to accelerate your business:

Google Apps:

Google Apps is a group of applications that offers collaboration and communication tools for businesses. In other sense, they have a host of applications that allow you to share documents in real time. Also, you optimize the storage space offered at Gmail. Google Apps can help save you a lot of IT costs, it is worth spending some time on it to understand what it can really do for you.

Also, if you’re still trying to convince your coworkers of the benefits of Google Apps, or maybe just to explain Google Apps to your mom, share this video with them.

SugarCRM:

The SugarCRM software is not an application that helps you manage only employees or customers. CRM is powerful because it encompasses not only employees, but partners and customers as well. It is also very useful for managing task and updating calendars. FYI, this is the same software that is used by companies such as Coca-Cola.

Evernote:

Evernote can become like a Pandora’s box for you. Store absolutely anything from ideas, pictures, text note, web page – anything at all! Everything you capture is automatically processed, indexed, and made searchable for your comfort. Best part is that Evernote is accessible on any platform – Windows, iPhone, Android, desktop or tablet. A very useful tech tool for business.

phpBMS:

phpBMS is a Business Management Software (BMS). It is a system that is capable of creating and printing sales orders, tracking clients and prospects, fulfilling accounts receivable needs, and printing detailed sales and purchasing reports. phpBMS is a true open source since it is completely free.

onSIP:

VoIP delivers professional features typically found on the phone systems of much larger companies but with lower costs and simplified management. A simple portal interface makes it easy for you to add extensions, configure call-forwarding rules, create call groups and more. For companies with local and 800 numbers in foreign countries, OnSIP’s Inbound Bridge service lets callers use phone menus, transfer calls, put callers on hold, etc.

These are some really powerful technology tools that will help you manage productivity, accounting, customer service, employee management etc. Basically, all the major aspects of the business. Hope you found it useful!