Here's why simply having a plan to grow your business is not enough — and what you need to do to turn your plan into a reality.

If you're familiar with the Antoine de Saint-Exupéry saying: "A goal without a plan is just a wish," you've probably only heard the TL;DR version. Here is the full version:

A dream written down with a date becomes a goal. A goal broken down into steps becomes a plan. A plan backed by action makes your dreams come true.
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This is why your plan isn't going to be enough. A plan in itself is just a piece of paper or a bunch of 0s and 1s that make up words. Luckily, I have had experience with failing and succeeding in business (more of the latter), and these are the five things I focus on to turn my plans into realities.

1. Focus

Focusing on one primary goal per quarter is crucial. As much as we like to brag that we can multitask, we can't. When was the last time you saw a population that throws 10 balls in the air and catch them before they hit the ground? Exactly. A much better skill is learning how to take all the tasks at hand and realizing which one will have the most impact.

2. Transparency

More specifically, internal company transparency. Does your team understand the finances of the company? Do they understand what a burn rate is and that revenue doesn't mean you are profitable? Internal company transparency means educating your team on how a business works and bringing them into the inner circle that used to be reserved for leadership only. If you add stock options on top of that, you can trigger an ownership mindset that makes your team your partner.

3. Accountability

Now that your team has become your partner in success (and failure), they need to be held to a different standard, and being accountable is key. There may be 3-10 people responsible for a priority (remember, only one per quarter) but there is one person at the helm, or what I call the champions, that makes sure everyone does what they need to do. This person needs to understand something, though. They aren't "the boss." A lot of times when someone is given this type of responsibility, they believe that they can just shout orders and they only take credit when they succeed and blame others for "not listening" when they fail. That isn't the case. Accountability goes both ways.

4. Hiring

This is probably the hardest part of the process. Your company is only as good as your weakest employee. When you are small (under 50 employees), you don't have the luxury of hand-holding — you either find a team that learns quickly or one that is already experienced. Once again, I suggest the latter. You will thank me later. Understand that salary will be your biggest investment and you should treat it just like that — an investment.

Hire fast and fire quick, especially if you are smaller. Yes, I know this is not the usual battle cry ("Hire slow..."), but you have to realize a day in the life of a small, growing business is like a month for an established one. You need to trust your gut or trust someone else's when hiring. I also strongly suggest you set expectations with new hires to understand they are in a trial period and that they need to step up. This may seem harsh, but as you grow, you can be a little more lenient and mentor with a softer touch.

5. Stay healthy

It's important to stay healthy financially, physically and mentally. Create an environment that endorses the importance of all three. Physical and financial are usually easier concepts to grasp and fix (I said easier, not easy), but mental is a tough nut to crack. Just saying there is an open-door policy is great and must be said, but sometimes that isn't enough. Keep in mind that the time you spend doing one thing — for example, focusing on revenue — usually prevents you from focusing on your employees' well-being. Finding the balance is sometimes not worth the effort when you are smaller but should definitely be on the table as you grow and can afford to implement a mental health check system.

Did you notice a trend here about plans? There was only one point that spoke directly to taking action, and the rest was to help others be effective at their duties — which has always made me think about Antoine's quote. I always wanted to add the following to it.

But remember, a dream is nothing without someone to appreciate it with you

Without your team running smoothly, a plan can't take action. And if you really want to make it big, you aren't going to do it yourself. Don't you agree?



Source: https://www.entrepreneur.com/

When I came up with my product idea, I immediately wondered if it was also a business opportunity. Here are a few ways to know for sure.

​Although ideas and opportunities have been used interchangeably, they are not the same. Ideas are unproven concepts, and opportunities are proven concepts that have value. An idea is not always an opportunity. According to IGI Global, only about 6% of ideas become a commercial success. A good idea has to be an improvement of a current product or something new in the market. Turning an idea into an opportunity is not an easy task — trust me, I know. It takes a lot of time, patience, perseverance, resources, diligence and hard work. Most importantly, it takes confidence and fully believing in what you're doing. You have to be able to convey to your target audience that your idea would be of great value to them. Here are a few ways you can identify if a business idea can become a business opportunity:

Does your idea solve a problem?

My Alahta hairbrush pouch was created out of a need. It wasn't a "what money-making idea can I come up with?" type of situation. I needed a pouch or case that I could store my hairbrush or comb in while inside my purse or travel luggage. I wanted something that would protect the interior from stray hairs, keep my hair accessories free of dust and dirt and also provide organization. When I'm organized, I function better. My product idea adds value, solves a problem and fulfills a need.

Is there a gap in the marketplace regarding your idea?

The product I was searching for could not be something made to fit a specific shape and size hairbrush or comb, it should be flexible enough to accommodate the different shapes and sizes of hairbrushes and combs I owned. As I searched for this product in stores and online and couldn't find it, I thought of the idea to create my own and saw this idea as an opportunity. I felt that I couldn't be the only one needing this product. I'm sure some of my target audience needed this product but didn't realize they needed it.

The uniqueness of this product, the durability and the added colors and prints would be a great investment for the customer. I did three different surveys to see if anyone besides me would be interested in this idea. I conducted the surveys with strangers because I wanted people who be more honest than not. The prototype I used for the survey was a solid red color. A few of the surveyors advised that I should do prints and more colors. I explained that I planned to have different colors and some prints and that the sample they saw was for survey purposes only. It excited me that they were involved enough to offer advice. The consensus was that males and females liked my idea and were interested, so I moved forward with taking the next step in trying to turn my idea into an opportunity because there was a gap in the marketplace for this product.

Will people pay for your idea?

Simply put, without customers, there is no business opportunity. You must find out if people would actually be willing to pay for your product idea and determine if there is any demand for it. Beyond that, it's also important to determine how much people would be willing to pay for your product.

Research your competitor

While trying to determine if there was a gap in the market for my product idea, I also searched for potential competitors and looked into the products they offered. I wanted to make sure that my product was unique and would provide more value than my competitors' products. I was pleased to find that my competitors didn't have a product that would compete with mine. Finding this out built up my confidence, and I was excited to get started because I wanted to share my product idea with as many potential customers as I could reach.

I've had the pleasure of sharing my story as to why I created this product, not only on my website but also in person when I've gone to beauty salons to pitch my product. It makes me even more proud of the times I've been told by strangers that my product was a smart idea. Although what I've shared in this article is not the holy grail for determining if your idea can become a business opportunity or not, it is a great starting point. It's normal to be concerned that no one or not enough people will think as much of your idea as you do.

If you fear failing, you're not alone. Don't allow that to stop you, and don't be afraid to test the waters — but be careful and logical in doing so. Based on my personal experience on my journey, I suggest you do thorough research, don't make knee-jerk decisions, ask for feedback, be consistent, build a team, have everyone sign an NDA, practice self-care regularly, and find a mentor. You can't do it all alone. Don't allow the obstacles that I'm sure you will face to intimidate you. Keep at it, and turn that idea into a success.



Source: ​https://www.entrepreneur.com/

Many people dream of becoming entrepreneurs, but not everyone knows how to get there. What steps should you take? What skills should you learn? The path to entrepreneurship is rarely easy, but getting started on the right foot can help you succeed along the way.

For those ready to take the leap into business ownership, leveraging your downtime will be key to making progress toward your goal. To help, nine members of Young Entrepreneur Council share their insights with aspiring entrepreneurs and explain what they should be doing in their downtime now to prepare to start their entrepreneurial journeys.

Young Entrepreneur Council members share how aspiring entrepreneurs can get ready for business ownership.

1. Educate Yourself On Business Finance

One of the most important things anyone who wants to be an entrepreneur should do is learn about business finance. If you can’t understand your company’s finances, you’re asking for trouble. What is cash flow and why is it so important? How do you track it? How do you create a budget? What is a chart of accounts and why do you need one? Successful entrepreneurs can answer all of these questions. - Jonathan Prichard, MattressInsider.com

2. Learn A High-Income Skill

One of the most important things an aspiring entrepreneur can do in their downtime is learn a high-income skill. This could be something like coding, copywriting, marketing or selling. If you can learn how to code, for example, you can create a website. If you know how to sell, you can close more deals and bring in more customers. It will pay off in the long run. - Abhijeet Kaldate, Astra WordPress Theme

3. Connect With Other Experts

Network, network, network. Connecting with other experts in your industry who are willing to share their experiences can be extremely beneficial as you lay the foundation for your business and navigate the challenges along the way. Other professionals in your space can also be a great resource if you plan to outsource and are seeking vendor recommendations. - Samuel Saxton, ConsumerRating.org

4. Let Go Of Perfectionism

Ditch perfectionism; that would be my advice to aspiring entrepreneurs. Research is the key to ensuring the success of your startup, so you should definitely prepare. However, you have to consider the fact that you won't know if a particular idea will work unless you put it into action. If you think you're ready, just go for it. Don't get into the unnecessary nitty-gritty. Just do it. - Stephanie Wells, Formidable Forms

5. Find A Mentor

One of the best things aspiring entrepreneurs can do in their downtime is find a mentor. A mentor can provide guidance, advice and support as you work to achieve your goals. Having someone who has already been through the entrepreneurial process can be invaluable in helping you avoid pitfalls and achieve success. - Sujay Pawar, CartFlows

6. Create A Test Website

If you hope to start a business of your own one day, I recommend creating a test website. You can use this to experiment with different images, texts, fonts, layouts and more. This will help you hone your skills, which will make it easier to figure out what type of company you want to start. Once you know what you want to do, you'll have the skills and tools to build something great. - John Turner, SeedProd LLC

7. Read Books By Entrepreneurs

Read books by people who have already done it. Not only will you pick up incredibly valuable tips and tricks, but you will also gain insight and knowledge on things that may end up saving you an incredible amount of time in lessons learned. - Mary Harcourt, CosmoGlo

8. Develop A Sense Of Responsibility

The greatest skills to develop as an aspiring entrepreneur are radical responsibility and a servant mentality. Entrepreneurs are problem-solvers. When you or anyone around you encounters a challenge or problem, act as if you're responsible for the resolution. It's not about taking responsibility for what happened; it's about taking full responsibility for everything that happens next. - Shane Levinson, Carpets of Arizona

9. Write A Business Plan

The one thing I would suggest working on in your downtime is a business plan. A business plan is often overlooked until someone, like a bank, asks for it. Yet, it's the most important part of your business because it acts as the game plan for operating it. A business plan is also generally required for loans and desired by potential investors. - Baruch Labunski, Rank Secure



Source: https://www.forbes.com

For many entrepreneurs, experience can have a major impact on the way they conduct business. Whether it’s changing a marketing strategy after an unexpected failure or pivoting a product after getting more acquainted with their target audience’s needs, leaders must constantly evolve alongside their businesses if they’re to succeed long term. This can also mean changing the way they interact with their customers, their employees and their peers on a regular basis.
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As business leaders themselves, these 10 members of Young Entrepreneur Council have evolved in their own ways over the course of their careers. Here, they each share how becoming a more experienced leader has changed the way they speak to others and what impact this has had on their business overall.

1. I Treat Every Interaction As A Learning Opportunity

I've become conscious that every interaction is an opportunity to help people learn something new. I don't mean that a leader should preach constantly but rather give instructions and explain things so that it leads to a good understanding. This way of speaking has helped everyone understand the purpose of the business and their roles, and this leads to less confusion and better performance. - Blair Williams, MemberPress

2. I Take A More Interactive Approach

Humility is an admirable trait in leadership, so I use a more interactive communication style with others. I've found that people are more likely to listen and be receptive to my ideas when there's give and take in the communication. This change has positively impacted my ability to lead effectively, as there's better work collaboration and respectful relationships. - Tonika Bruce, Lead Nicely, Inc.

3. I Regularly Offer Recognition

I regularly give specific recognition for individual team members' strengths and the actions they took that exemplified those strengths. Additionally, by setting this example, I'm helping to foster a culture where the members of the team are encouraged to publicly recognize each other's strengths and show appreciation when people go above and beyond. - Christina Drake, Willa's Oat Milks

4. I Ensure Clarity Before Moving Forward

I’ve learned not to assume that people understand what I’m saying. Now, I ask questions and ensure my employees don’t just understand but are also on board with what I’ve said. Miscommunication and misunderstanding can create delays and added expenses as well as frustration and stress. When I’m clear and get buy-in at the beginning, outcomes improve. - Jonathan Prichard, MattressInsider.com

5. I Tailor My Communication To The Other Party

As I gained experience, I learned to tailor my approach to the person or group I'm addressing. The same information may have a different impact on someone based on their needs, level of knowledge and position (customer, team member, IT expert, salesperson or others). Before I speak, I consider what the other person needs and will best understand. - Kalin Kassabov, ProTexting

6. I Use 'We' Instead Of 'I'

I have learned to use “we” when describing all things—positive and negative. We are a team, and we function as a complete unit. There is no such thing as “I” asked you to get this done and “you” did not complete it. It’s more like, “We had a target to complete, but we did not get it finished on time. How can we correct this?” Speaking this way shows that we are on the same team and need to work together to accomplish goals. - Mary Harcourt, CosmoGlo

7. I Treat Others How I Want To Be Treated

Timeless values like treating others the way you wish to be treated become amplified when you're communicating as a leader. It's still possible to sound authoritative while letting the people who are giving you their time have dignity, even in the middle of a disagreement. The dividends this pays are a culture of loyalty and a sound, clear mind. - Tyler Bray, TK Trailer Parts

8. I Exchange More Feedback

I've started to exchange more feedback with my colleagues, employees and customers. While maintaining a balance of listening and giving advice, I've found that this has had a positive impact on my relationships with them, as it allows me to better understand their needs and concerns, and has helped to build trust. - Abhijeet Kaldate, Astra WordPress Theme

9. I'm More Direct, Candid And Concise

One thing I've changed about the way I speak to others is that I'm more direct, candid and concise. This has helped me get my point across in a more effective way. I have found that people are more receptive to my thoughts and ideas when they are being communicated in a clear and concise manner. - Kristin Kimberly Marquet, Marquet Media, LLC

10. I Speak Less And Listen More

My experience has taught me to be a better listener. So, I prefer to speak less and listen more to what others have to say. This has had a huge impact. When you listen to others, they feel valued and experience a sense of belonging, whether they’re colleagues, employees or customers. Being a good listener helps you earn trust, build rapport and acknowledge lasting relationships. - Jared Atchison, WPForms



Source: Forbes.com
Image: COURTESY OF THE INDIVIDUAL MEMBERS