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  • Entrepreneurs: Heed the Warnings, We Always Get Them

    Entrepreneurs: Heed the Warnings, We Always Get Them

    Have you ever had that feeling that danger is approaching and if you don’t do something NOW the inevitable will happen. I like to say that we always and I mean ALWAYS get warnings in life and business.

    A friend came by to visit last night and informed me that she is going to have to move back to a city she left seven months ago to make her life and job situation better. 

    Move Past the Past

    She didn’t plan and things happened that she did not anticipate. I personally think she is waiting for something that she used to have that is gone forever in the music industry but she won’t admit it.

    She could be an entrepreneur but everyone doesn’t have the courage or the stamina. It’s so easy for people like me to say… take ANY job. Clean toilets etc, whatever you have to do to keep money coming in but that’s how I see things because I am a survivor but she is struggling.

    Saving for a Rainy Day

    Standing on the train tracks, time is running out, and she is not moving to make the changes she desperately needs to make. Did she see this train coming… sure she did, we all do, especially when we have not worked in quite a while.

    She has a kid and I asked her if she has applied for welfare.. (her ex is unemployed, too) she admitted yes, she applied just this past week. She’s been out of work for almost 2 years though, depending on her family to help her financially.

    There are certain things I know for sure now that I’ve been in business for years. One thing is you have to motivate yourself. It’s a constant hustle, you have to create a product that’s undeniable and valuable to clients, and you cannot be a one-trick pony.

    If I was not an entrepreneur right now, I don’t know what I would do but I would do something. Understand that you can never give up or give in because it’s slow.

    Avoid the Negative, Remain Focused

    Turn the nightly news OFF and stop using the “Everybody is hurting” excuse because everybody is NOT hurting, and there is comfort in that negativity.

    That’s certainly not to say things don’t slow down but when it is slow, always remember how you feel when you have those GOOD weeks.

    I just had a great week. Unexpected accounts came in from nowhere… you know what I mean. Don’t be so hard on yourself or your circumstances.

    If one thing is not working, try something else or try what other people are not trying. If you TRULY feel paralyzed, and it’s been going on for a while, it’s time to make a DRASTIC change.

    That could mean a move to another city, a trial separation, a career change, or eliminating whatever it is that’s stressing you out.

  • ENTREPRENEURS: On the Tracks, Train Coming but You’re Paralyzed

    Have you ever had that feeling? I have. It’s a warning that danger is approaching and if you don’t do something NOW the inevitable will happen. I like to say that we always and I mean ALWAYS get warnings in life and business. A friend came by to visit last night and informed me that she is going to have to move back to a city she left 7 months ago to make her life and job situation better.  She didn’t plan and things happened that she did not anticipate. I personally think she is waiting for something that she used to have that is gone forever in the music industry but she won’t admit it.

    She could be an entrepreneur but everyone doesn’t have the courage or the stamina. It’s so easy for people like me to say… take ANY job. Clean toilets etc, whatever you have to do to keep money coming in but that’show I see things because I am a survivor but she is struggling. Standing on the train tracks, time is running out and she is not moving to make the changes she desperately needs to make. Did she see this train coming… sure she did, we all do, especially when we have not worked in quite a while. She has a kid and I asked her if she has applied for welfare.. (her ex is unemployed too) she admitted yes, she has applied just this past week. She’s been out of work for almost 2 years though depending on her family to help her financially.

    There are certain things I know for sure now that I’ve been in business for years. One thing is you have to motivate yourself, it’s a constant hustle, you have to create a product that’s undeniable and valuable to clients and you cannot be a one-trick pony. If I was not an entrepreneur right now, I don’t know what I would do but I would do something. Understand that you can never give up or give in because it’s slow. Turn the nightly news OFF and stop using the “Everybody is hurting” excuse, because everybody is NOT hurting and there is comfort in that negativity. That’s certainly not to say things don’t slow down but when it is slow, always remember how you feel when you have those GOOD weeks. I just had a great week. Unexpected accounts came in from nowhere… you know what I mean. Don’t be so hard on yourself or your circumstances. If one thing is not working try something else or try what other people are not trying. If you TRULY feel paralyzed and it’s been going on for a while, it’s time to make a DRASTIC change. That could mean a move to another city, a trial separation, a career change or eliminating whatever it is that’s stressing you out. Good luck
    Kevin

  • Entrepreneurs: Shut up and Listen When you Get the Chance

    ENTREPRENEURS: Shut up and Listen When you Get the Chance

    Entrepreneurs: We Don’t Know Everything But Can Learn More When we Listen. Small Business Advice Can Come from Anywhere

    I don’t care what kind of business you have if you don’t present it, yourself and/or your documents right, you are almost destined to fail. I learned my greatest lessons from doing business with people in New York. I like to call it “Being NYP” that stands for “New York Prepared.” That means whatever you present, it better be undeniable. In New York, most business people will not give you a 2nd chance if you submit something sub-par.

    Small Business Advice Can Come from Anywhere

    They will toss it and not respond to you, for the most part, EVER AGAIN. The first line of presentation is your idea. Even if it’s a good one and you are lucky enough to get a pro to advise you for free, TAKE THE ADVICE and don’t make excuses. I prefer to get advice from currently working pros. It just seems they have their finger on the pulse and they are not teaching because they cannot actually DO. This is the reason that many companies don’t like to hire older workers. Many of us are insulted when someone younger (or otherwise) tells us that we are doing something (that we have been doing for years) wrong. Or that there is a new way to do it.

    Just the other day a gentleman called me with an idea he had for a magazine. He was all over the place. I kept asking him if he had a business plan, you really don’t nee a FULL plan, something I will talk about later but I asked him if he had mapped out anything. Before he could answer that question he was making excuses telling me why he didn’t need one. Mind you, he’s calling ME for advice.  I also asked him about startup capital. He kept skirting around the questions. I asked him about investors and he didn’t trust anyone. As he went on and on about how he was going to get his business off the ground and getting his team in place, I lost interest and unbeknownst to him, I knew he had already failed.

    Small Business Advice Can Come from Anywhere

    It sounded like he was confused…. and if he sounds that way to me, how will he handle the business and how will he sound to anyone else that he presents this idea to? He made several common mistakes potential business owners make. They are as follows:

    • Refused to listen to or even act like he was interested in hearing the advice of a pro based on my experience in already DOING what he is trying to do.
    • Shot down every idea I had for him to get his venture off the ground because he already has it all mapped out.  (Why is he talking to me?)
    • Expressed his lack of trust for everyone which makes me wonder if he trusts me OR can HE be trusted.
    • He already knows it all so I already know this is going to be a difficult situation to work in and usually the way you start out is the best indicator of how you will end up. If he won’t listen to me now, he never will.

    This is his idea, he doesn’t trust anyone, he wants it done a certain way, he needs my help and/or advice FOR FREE and he has no money? This, mind you, for something that it has taken me almost 15 years to learn. If you put yourself in my shoes, even for two minutes, you can see how this is not going to work for me. What is the chance that you think I will advise someone like this? If you guessed never, you are the winner! What are the chances of me taking his call again? Slim to none. This is just a waste of my time.

    Another example: I asked a good friend to write a couple of paragraphs for me for a story. He’s been writing for about 3 decades so he feels, and rightfully so, that he is a professional, HOWEVER, in the entertainment industry, we are driven by yout so someone who may have been a great writer 15 years ago might be IS considered dated today. As an older actor once told me when I was looking for a house to buy and I was looking at his home… “fame is fleeting.” He was right, especially in this industry, but all is not lost if you are an older vet if you are trying to run a young-end business. You have to be willing to depend on the insight of the younger team. At any rate, this gentleman is in his late 50s and I asked him to write a couple of paragraphs about a rap group. I told him I would pay him $150.00. Truth is, I was wrong, I was really doing him a favor and I knew he needed the money. I could have easily gotten a younger person to write it for free.

    Small Business Advice Can Come from Anywhere

    He was absolutely INSULTED. He and his wife felt I should double the pay. Then he went down his list of previous accomplishments and read me the riot act. I told him never mind and got an intern to do it. I will take some responsibility for that because I should have never approached him about it. Nevertheless, I continued to hear about it for months to come. Finally, one day he called me and told me he was working with a rap producer on some songs. I had to pause and look at my cell phone. Did I just hear this right? I am not one to crush a person’s dreams but I’m thinking, you are almost 60 and you are trying to produce rap songs? I knew that he was having a mid-life (industry) crisis. He knew the industry was done with him and he was desperate.  I could only imagine the 30 to 40-year-old record execs laughing their heads off when he called meetings with them to hear what he was working on. I told him to go in as the manager and not as a producer and he didn’t listen to me. He used his industry tenure to call meetings and they were granted based on his experience. Needless to say, he dug himself in a very deep hole as the same record execs refuse to take his calls now. He called me to complain about it and I said nothing.

    To make matters worse….He told me that he needed some “beats” from this 18-year-old kid and he offered him $50.00 for it and the kid laughed. This “kid” is already established and my friend didn’t’ understand why the kid refused to accept his offer when I explained to him this kid was getting thousands from the labels and artists he admitted it was all he could afford and he felt it was all the gig was worth. I then reminded him of our exchange months before and told him that he did the same thing to this LEGITIMATE kid that he said I did to him. He agreed and the issue was never brought up again.

    Bottom line, there are those times when we should simply shut up and listen as black entrepreneurs. As we are managing so many tasks it’s easy for us to actually believe that we have all the answers… but we don’t.

    Wishing you the Best in your business

    Kevin Ross

    blogwallet.com/

  • ENTREPRENEURS: Shut up and Listen When you Get the Chance

    I don’t care what kind of business you have if you don’t present it, yourself and/or your documents right, you are almost DESTINED to fail. I learned my greatest lessons from doing business with people in New York. I like to call it “Being NYP” that stands for “New York Prepared.” That means whatever you present, it better be undeniable. In New York, most business people will not give you a 2nd chance if you submit something sub-par. They will toss it and not respond to you, for the most part, EVER AGAIN. The first line of presentation is your idea. Even if it’s a good one and you are lucky enough to get a pro to advise you for free, TAKE THE ADVICE and don’t make excuses. I prefer to get advice from currently working pros. It just seems they have their finger on the pulse and they are not teaching because they cannot actually DO. This is the reason that many companies don’t like to hire older workers. Many of us are insulted when someone younger (or otherwise) tells us that we are doing something (that we have been doing for years) wrong. Or that there is a new way to do it.

    Just the other day a gentleman called me with an idea he had for a magazine. He was all over the place. I kept asking him if he had a business plan, you really don’t nee a FULL plan, something I will talk about later but I asked him if he had mapped out anything. Before he could answer that question he was making excuses telling me why he didn’t need one. Mind you, he’s calling ME for advice.  I also asked him about start up capitol. He kept skirting around the questions. I asked him about investors and he didn’t trust anyone. As he went on and on about how he was going to get his business off the ground and getting his team in place, I lost interest and unbeknownst to him, I knew he had already failed.

    It sounded like he was confused…. and if he sounds that way to me, how will he handle the business and how will he sound to anyone else that he presents this idea to? He made several common mistakes potential business owners make. They are as follows:

    • Refused to listen to or even act like he was interested in hearing the advice of a pro based on my experience in already DOING what he is trying to do.
    • Shot down every idea I had for him to get his venture off the ground because he already has it all mapped out.  (Why is he talking to me?)
    • Expressed his lack of trust for everyone which makes me wonder if he trusts me OR can HE be trusted.
    • He already knows it all so I already know this is going to be a difficult situation to work in and usually the way you start out is the best indicator of how you will end up. If he won’t listen to me now, he never will.

    This is his idea, he doesn’t trust anyone, he wants it done a certain way, he needs my help and/or advice FOR FREE and he has no money? This, mind you, for something that it has taken me almost 15 years to learn.. If you put yourself in my shoes, even for two minutes, you can see how this is not going to work for me. What is the chance that you think I will advise someone like this? If you guessed never, you are the winner! What are the chances of me taking his call again? Slim to none. This is just a waste of my time.

    Another example: I asked a good friend to write a couple of paragraphs for me for a story. He’s been writing for about 3 decades so he feels, and rightfully so, that he is a professional, HOWEVER, in the entertainment industry, we are driven by youth, so someone who may have been a great writer 15 years ago might be IS considered dated today. As an older actor once told me when I was looking for a house to buy and I was looking at his home… “fame is fleeting.” He was right, especially in this industry, but all is not lost if you are an older vet if you are trying to run a young-end business. You have to be willing to depend on the insight of the younger team. At any rate, this gentleman is in his late 50s and I asked him to write a couple of paragraphs about a rap group. I told him I would pay him $150.00. Truth is, I was wrong, I was really doing him a favor and I knew he needed the money. I could have easily gotten a younger person to write it for free.

    He was absolutely INSULTED. He and his wife felt I should double the pay. Then he went down his list of previous accomplishments and read me the riot act. I told him never mind and got an intern to do it. I will take some responsibility for that because I should have never approached him about it. Nevertheless, I continued to hear about it for months to come. Finally, one day he called me and told me he was working with a rap producer on some songs. I had to pause and look at my cell phone. Did I just hear this right? I am not one to crush a person’s dreams but I’m thinking, you are almost 60 and you are trying to produce rap songs? I knew that he was having a mid life (industry) crisis. He knew the industry was done with him and he was desperate.  I could only imagine the 30 to 40 year old record execs laughing their heads off when he called meetings with them to hear what he was working on. I told him to go in as the manager and not as a producer and he didn’t listen to me. He used his industry tenure to call meetings and they were granted based on his experience. Needless to say, he dug himself in a very deep hole as the same record execs refuse to take his calls now. He called me to complain about it and I said nothing.

    To make matters worse….He told me that he needed some “beats” from this 18 year old kid and he offered him $50.00 for it and the kid laughed. This “kid” is already established and my friend didnt’ understand why the kid refused to accept his offer, when I explained to him this kid was getting thousands from the labels and artists he admitted it was all he could afford and he felt it was all the gig was worth. I then reminded him of our exchange months before and told him that he did the same thing to this LEGITIMATE kid that he said I did to him. He agreed and the issue was never brought up again.

    Bottom line, there are those times when we should simply shut up and listen as entrepreneurs. As we are managing so many tasks it’s easy for us to actually believe that we have all the answers… but we don’t.

    Wishing you the Best in your Business

    Kevin Ross

    biztipper.com

  • Beware of the False Potential Customer…

    Wasting-Time

    We have all seen and dealt with potential customers who truly waste our time. Truth be told, they usually catch us with our guard down when times are hard for us. What is a False Potential Customer? Here are some clues:

    1. They want to talk to you but their questions are above and beyond information that you should be providing.

    Minolta DSC
    Minolta DSC

    They ask you questions like, how many people are in your database or can you provide them with numbers of previous clients. This may not seem like a huge request but it depends on how established your business is. See if they ask you these questions as well… The best way to eliminate this is to always be on the run. When they call, tell them you are about to go into a meeting but you have a minute so that they can get to the point.

    2. They ask you to evaluate or review their product..

    free

    BIG NO, this is the BIGGEST sign of a false customer. If you are a consultant then they need to pay for your expert opinion. Who has time to do this? This could be a trick for these people to take your advice and leave you in the dust while they use the information that you gave them to do the work themselves.  They may even be smart enough to brag about how much they love what you do first. I call this “Dangling the Carrot.” It’s an effort for you to think you are may get their business if you help them. Don’t fall for it. Tell them you will be glad to evaluate their product once the account is established.

    3. They ask you for references on competitors.

    shrug-362x224

    Do you see this train coming? Most people will tell you never say anything bad about your competition but in this case it may bite you in the ass. This person is letting you know they are not loyal to your services. This is a great warning. If you say good things about your competitor, it may give them the deal. I play coy in these situations. I act like I just don’t know. Why are you asking me about my competition anyway? Don’t fall for this.

    4. They tell you they have to get back to you after they meet with the other partners..

    Wasting-Time

    You can eliminate this problem IMMEDIATELY by letting your first question be “Do you have budget available now?” If you are not talking to the person who has control of the purse strings you are wasting your time. If they tell you they don’t have their budget ready yet.. kindly tell them to call you when they do. “Why don’t we talk when you’re ready to do a campaign so that I can advise you better?”

    5. They string you along

    Minolta DSC
    Minolta DSC

    If you have an established business and your customers are aware of it, when they call you, they should be ready to do business. Not waste your time. When they say things like, “I will get back to you” chances are they won’t but even if they do (which is rare) don’t wait for the call or pursue it. If they are serious and they have budget they will reach out to you.

    Wishing you the best in business

    Kevin Ross

  • Small business Tip: Want to increase your earnings

    starting a business

    To all the black entrepreneurs… I know the first thing most people think is WHAT? It’s already hard enough to make ends meet with the money I’m making now. Trust me, I understand but let me give you a piece of advice that I learned a LONG time ago. When you give… you get back and a lot of times MANY times more than you gave. The trick is not to do it with the INTENTION of getting something back but give it because you want to help someone else.

    I had an experience I’d like to tell you about back in 2005. I was at the lowest point in my financial life. I was literally dead broke. I had stopped working in the Music Industry and switched to Real Estate and as we all know, the real estate market collapsed.  I was literally down to my last $10.00 and I went to church that Sunday. My intention was to get breakfast atMrs. Winners after church and my original intention was to just to go because I really felt I needed divine intervention.

    It was right before Thanksgiving and the service was almost over when the minister requested that each man give $10.00 so that a family can eat for Thanksgiving. One of the most cherished childhood memories I have growing up in Buffalo, N.Y. was Thanksgiving.  That statement took me back and I realized, I had to do it. I didn’t need Mrs. Winners anyway. It was all I had but I gave it and left Church that day. Once again, it was my last money and I was totally broke. The VERY next morning… I got a call from a woman and her husband that were thinking about renting from me when I had a house for rent several months before. She told me that she and her husband were ready to buy a house and had been approved for a loan, it was a great start to a great week especially since I had no money and no prospects for money. To make a long story short, we found a house and it took 13 weeks to close and I was physically ill from the stress of the whole event… but I got a commission check on the 13th week for guess what….. $10,000 even. I KNEW where that came from and every other time I give I get the same thing to happen.

    If you want to grow your business, give something back. I make a habit of donating to certain sites if I get something out of it when I see a paypal donate button. However you want to give you can do it too but if you look at major celebrities and their massive successes just about all of them make massive donations to various charities.

    Kevin Ross

  • Should you Negotiate your Prices?

    Should you Negotiate your Prices?This is a tough question. Some say no, never negotiate your prices and I was once told by a woman never discount your prices because clients will never see the value of your product. I agree wholeheartedly with her but that was before we had this huge economic problem. If you are really tight on cash and the sale could mean the difference between your cell phone being on or off this month, then YES offer a one time discount but to ensure that you can go back up on your prices later you might want to embellish your situation a bit by using the following excuses:

    1. I just had a client cancel at the last minute and I have this inventory I have to move, I’ll give it to you at a 25% discount.
    2. I have extra inventory this month. I can give you a 25% discount if you can pay within 3 days.
    3. We’re having a special this month for our regular clients (or new clients) 25% off the first

    purchase.
    4. If I’m late on my mortgage again the bank is going to foreclose, PLEASE buy some product from me! (OK, I’m kidding on that one but it’s not like many of us have not been there as Entrepreneurs)

    You MUST make it a win/win situation. Never make it totally to their advantage or totally to yours.

    When you offer a discount there are several things to consider:

    • The client may never respect his old price again and may be offended if you go back up
    • Word may get out that you are giving major discounts and new potential clients may already have a price point that they will pay for your services before you call.
    • Do you really want to be known as the service that’s “Cheap” or just lower your standard prices all around and be known as “Economical”
    • Do you respect what you do and how hard you work less than you do your earnings?
    • Will you be able to make a living and pay employee(s) if you lower your prices permanently?
    • How many other people do what you do who could compete with your clients for business?
    • Who are you approaching to do business with you… Corporations or everyday Joes and Janes?
    • Are you underselling your services in the first place?
    • How is your business self-esteem
    • Could you establish more higher-end clients?

    These are very tough questions to answer but once again, we are in a recession and few people can turn business down. It all depends on where you are financially and if you can afford the loss. There is nothing worse than turning down a deal cause it doesn’t pay enough then 2 weeks later practically begging that same client to change his or her mind.

    Best in Business

    Kevin Ross

    Here’s to your business..

    Kevin Ross

  • Entrepreneur: Knowing When to Close Shop

    I just saw a longtime friend be forced out of his business. He basically lost everything and had to even move back to his hometown to live with his parents. He told me that he is humiliated.

    At one time he was very successful but a change in the economy and for what he was doing brought a whole new set of challenges before him. Could he have saved the business? Sure he could have but his ego wouldn’t let him. He considered himself an expert in his field and refused to listen to others. In addition, he failed to pay attention to changing trends, the fact that he was getting older in a youthful business and that he was losing touch as he failed to surround himself with the right people in his business. He went from a hugely successful business to barely keeping his head above water to drowning and watching the eminent death of the business he had built from the ground up. He literally broke down in tears.

    As entrepreneurs, we can only do so much and we don’t have all the answers. We have our strengths and we have our weaknesses but we are not Supermen/women, fortune tellers or money trees. The first sign of a failing business (yes, even in this economy) is a cash flow problem. People will say, isn’t that EVERYONE’S problem? No, it’s actually not and we need to stop comparing our businesses to everyone else and limiting ourselves to what we assume is the norm. Why can’t we have a business that does NOT have a cash flow problem? There are several businesses that don’t worry about paying bills and/or making payroll. There are owners who take extravagant vacations and there are owners who are not begging for business. You would be amazed at how they are often very frugal (that’s another post) but it’s certainly very possible. While this can’t be all of us it’s certainly achievable (depending on what you do and how valuable customers perceive you and/or your product). The first and most important step is we must always think BIGGER and understand we don’t always just have 1 passion. That’s what makes us “Entrepreneurs” and the very reason that we don’t work for others. We have the ability to create our own destinies. Notice I said “Destinies” as in the plural form.

    I have to admit, It was very difficult to see a man so broken. He is depressed and he feels like a failure. I can sympathize with him because I have been there too. Many of us look at our business like a relationship. We nurture it and watch it grow and if it dies on us it’s no different than losing a valuable relationship with someone. It goes back to the “train-on-the-tracks-and-paralyzed” theory I was talking about in another post. There are those times when business has its ups and downs. Of course we want the ups to remain for the longest period of time but unfortunately, outside factors beyond our control can take precedent often preventing that from happening. What do you do when the down periods last TOO long or appear to be lasting longer than usual? You have to evaluate the business, how you feel about it, the economy of the business, trends and where you are as far as your passion to do it.

    An entrepreneur certainly can experience wonderful highs but those lows can also make quite an impression on us. We are MARRIED to what we do as entrepreneurs and if your relationship with your business has soured it’s time to do one of two things: Morph it or Divorce it. Sometimes we are behind the trends and so busy with the day to day that we are missing something. Perhaps our business has lost its appeal to us and it has now become a “job.” One that, like most people who work for someone else, we don’t look forward to doing everyday. For an entrprenuer that’s a double whammy because we can change our situation. To run a business that we don’t like doing is a recipe for disaster.

    I can tell you I have experienced that true passion in my business or rolling out of bed with a huge smile on my face and I’ve also experienced that low of sleeping an extra hour or more to AVOID running my business. It’s the greatest of feelings to do what you love doing, getting paid for it and you own it. The old saying is true: Do what you LOVE and the money will come.” I have never heard anyone say “Do what you HATE and the money will come” (laugh). I read a very interesting story of a man in black enterprise who was an attorney, mostly because his parents wanted him to be one. He was successful but he hated doing it. He wanted to bake cakes. When he told friends about this some laughed but people who sampled the cakes he made thought it was a great idea. He left his attorney job and has one of the most successful cake businesses on the east coast. Another attorney, I was reading about in the LA Times left his corporate job to use an old beat up church as a place to create counseling and to show interest in at-risk youth bound for gangs. He went from cushy corporate job to mopping smelly urinals and sweeping up huge dead rats to build and achieve the business for his passion and he LOVES it. What is your passion…. NOW? Is it the same as it was a few years ago. Do you look forward to running your business? Is it taking it’s toll on you? Just know that if you started and succeeded at one business, you already have the tools to do it again. Don’t wait until you are completely discouraged because you are so burnt out on what you are doing, save that energy to light the flame under your next venture. Nothing ventured nothing gained. Use your down/free time to make the necessary moves to start your new business and look forward to the day when you can (for the first time or once again) leap out of bed with the greatest smile on your face ready to face a great business day with customers coming to YOU for your services in droves. it IS possible!
    Wishing you the best in Business