The Practical CEO

  Top Five Reasons to Establish Business Credit   Too Many business owners are using their personal credit to finance the launch, expansion or growth of their business. A majority of business owners have no idea what business is or how to establish it. By following a few simple steps any business owner can establish business credit, therefore, separating their personal credit from their business credit. When business owners use a personal credit card to pay for business expenses, the debt of the business reports back to their personal credit reports which lowers their scores because their business debts hurt their personal debt to income ratio. To help prevent business owners from damaging their personal credit, every business owner should follow the simple steps of establishing business credit. By establishing business credit the debt of the business will report to the business credit file and not the personal credit file. Establishing business credit will also help t...

  What Is Your Definition Of Success?   "Success isn't a result of spontaneous combustion. You must set yourself on fire." ~Arnold H. Glasow This really is a great quote. Not only is it interesting but also inspiring. One of the truths that I find most frustrating as a teacher and a coach is that many people believe that success, in whatever field of endeavor they are currently striving for, is rather like winning the lottery. In fact, it certainly seems from the evidence that they in fact believe that success is even more random because they aren't even buying a ticket. They are simply passively waiting. If you listen to people talk you won't hear many people voicing this opinion of success but look around you and watch what people are actually doing--or rather not doing--and you will quickly see what I mean. Many people want things--they want to be rich, they want to be at the top of their profession, they want a successful marriage, they want to rai...

  Thinking Outside The Box   When innovators talk about thinking outside the box, they mean coming up with creative ways to solve problems - new ways to look at things. How do they do it? How can you do it too? We first have to ask what the "box" is. Then we can look at how to get outside of it.   The "box" is the normal way of doing things and looking at things. It is the assumption that almost everyone involved is making. The best way to start thinking out of the box then, is to identify and challenge all the assumptions that make up thinking inside the box.   One of the major liquor brands was faltering years ago, and they couldn't seem to boost their sales. Promotions, lowering the price, getting better shelf placement - these were the "in the box" solutions. Then someone challenged the assumptions, by asking "What if we stopped the promotions and just raised the price?" The price was raised as an experiment, and sales soon do...

  Think Like an Entrepreneur My biggest problem in becoming self-employed was me.   In order to BE a self-employed person I had to start thinking like one. I found myself reverting to that nine-to-five mentality.   If I wasn’t accomplishing a task every hour, then I must not really be working.     Sometimes a self-employed person has to make decisions about their business.   Sometimes they are just thinking about a solution to a problem. Sometimes you just have to quiet your mind so new ideas can come. Just because you’re not pounding away at the typewriter every minute doesn’t mean you’re not working.   I’ve also learned that it’s okay NOT to answer the phone every time it rings.   That’s what voicemail is for, and the same goes for email.   At my nine-to-five job I would leave the email program open all day and answer each one as it arrived.   It took me a while to realize it’s okay to only check email several times a d...

  Top 7 Mastery Principles To Building A $1,000,000+ Enterprise     Are you aware of the most powerful asset in your business? Your single most important business asset is your MIND ... more specifically, your mindset.   Your business only grows as quickly as you, your mind and your thinking do. If you want to create a $1,000,000+ business, you must think like a $1,000,000+ business owner. You must in your mind’s eye already BE a $1,000,000 business owner.   The seven mindset principles below are crucial to building a $1,000,000+ business. Print this list, and refer to it often. Devoting as little as 15-30 minutes per day to shifting your mindset is THE single best investment in building your $1,000,000+ enterprise.   THE PRINCIPLE OF TRANSCENDENT PURPOSE   Great companies and great business leaders do great things that leave a lasting legacy and make this world a better place for you and me. Such leaders create CAUSES, no...

  Top Five Reasons to Establish Business Credit   Too Many business owners are using their personal credit to finance the launch, expansion or growth of their business. A majority of business owners have no idea what business is or how to establish it. By following a few simple steps any business owner can establish business credit, therefore, separating their personal credit from their business credit.   When business owners use a personal credit card to pay for business expenses, the debt of the business reports back to their personal credit reports which lowers their scores because their business debts hurt their personal debt to income ratio.   To help prevent business owners from damaging their personal credit, every business owner should follow the simple steps of establishing business credit. By establishing business credit the debt of the business will report to the business credit file and not the personal credit file. Establishing business credi...

  What Does It Take To Be An Entrepreneur?     Over the years countless institutes and individuals have asked the million dollar question. What makes an entrepreneur an entrepreneur? What traits or characteristics are inherent to a successful entrepreneur and is one born with those traits? There’s great news! Successful entrepreneurs are born every day!   Some people believe an entrepreneur is born while others believe an entrepreneur can be taught. Some believe an entrepreneur is like an artist - either you have it or you don’t. Some see entrepreneurs as leaders that are focused, disciplined, competitive, and charismatic, while others see them as huge risk takers. And all of these analogies are right to some degree.   It’s true all successful entrepreneurs share a few qualities and skills that allow them to be successful. These inherent qualities can be taught; but they often seem to be an inherent driving force that sends individuals down the pat...

  What is a Niche Market?   You are interested in starting a home-based business. You also want to use the Internet for your work-at-home idea. However, you are not sure if you can make money online. To make matters worse, you are confused about what home-based business opportunity to pursue.   If this sounds like you, rest assured that money can be made online with a home-based business. You don’t need to study for years until you can reap rewards. There are sound business concepts that have been taught and proven to be true by some of the most highly successful marketers in the world. What is the top sound principle that will ensure your success? It is choosing the right niche market.   You might be wondering what a niche is. A niche is simply a group of people with similar interests and needs. They are very passionate about their topic of interest. Think of a small pond packed with starving fish and you have the bait specific to their needs; they will ...

  What it Takes to Succeed in Business!   Business is tough in today’s world! Most small businesses go bankrupt or are closed abruptly in the first five years. Over the course of the next five years many of the remainders also “pack up” shop and lock their doors. Why do so many businesses fail? The reasons lie in three main spheres. Those spheres of influence can be labeled personal, customer, and operations.   The Personal Sphere deals with the owner’s personal motivation to start a business. For example, if an owner wants to start their own business, but isn’t willing to make the sacrifices necessary to make it thrive, then they are at a disadvantage when compared to other motivated businesspeople. When a business starts for the first time often it doesn’t have a lot of money. Owners are required to sacrifice time, money, and happiness to succeed. If you can’t do that, it is unlikely that such a business will flourish. Many times owners thought they could ha...

  What Not To Do With Your Leads   Anyone that works in sales knows just how important it is to have lead sources to keep your pipeline filled. But it is not only how we obtain the leads that is important, it’s what we do with them once we get them.   One of the most critical mistakes a salesperson can make once they receive a lead, is not acting on it immediately. I once worked with a guy who belonged to a networking group, the sole purpose of his joining this group was to receive leads. This group wasn’t cheap either, it cost him $500.00 annually to be a member. He would come back from his weekly meeting with a lead in his hand and pin it to the bulletin board above his desk, and there it would stay until he noticed it a few days later.   In sales, and it does not matter what you are selling, every day is critical! At any moment, your competitor can call your customer and walk away with the business.   Another common mistake I have witnessed co...

  What Really Makes You Tick?  10 Questions You Should Ask Yourself: A Preparation To Self-Improvement Self-improvement: improvement of one's condition through one's own efforts. I often see myself as somewhat content with my life the way things are, but of course it's hard to think of anything else when there are real issues to be discussed. Still I aspire for something deeper and more meaningful. So we're all pelted with problems. Honestly it shouldn't even bother or even hinder us from becoming all we ought to be. Aspirations as kids should continue to live within us, even though it would be short-lived or as long as we could hold on to the dream. They say you can't teach an old dog new tricks… or can they? What do I really want?   The question of the ages. So many things you want to do with your life and so little time to even go about during the day. Finding something that you are good at can help realize that small step towards improvemen...

  Where Businesses Fall Short   No Vision- Successful businesses have a clear vision or picture of their business purpose and mission.   Your vision serves as a roadmap to help you see where you are today in relation to where you want to be tomorrow.   Your business plan serves as the mechanism that will help you to bridge the gap.   When you don't have a clear vision as to why you're in business or where you intend to take your business, it's like taking a road trip without a map.   When you don't know where you're going, you'll waste a lot of time, money, and energy trying to find the right road leading to your destination.   A well-defined vision will help you stay focused and on track.   No Niche- One of the most common reasons for business failure stems from having a poorly defined niche.   A niche can refer to a target market or to an area of specializati...

  Who's the Boss: 9 Ways to Start Taking Control   Take Good Care of Yourself- It's much easier to be positive when you are eating well, exercising, and getting enough rest.   Remind Yourself of the Things You Are Grateful For- Stresses and challenges don't seem quite as bad when you are constantly reminding yourself of the things that are right in life. Taking just 60 seconds a day to stop and appreciate the good things will make a huge difference.   Look for the Proof Instead of Making Assumptions- A fear of not being liked or accepted sometimes leads us to assume that we know what others are thinking, but our fears are usually not reality. If you have a fear that a friend or family member's bad mood is due to something you did, or that your co-workers are secretly gossiping about you when you turn your back, speak up and ask them. Don't waste time worrying that you did something wrong...

  Why Bother Building A Brand? At a conference not long ago, a graphic designer from Sydney and I sat down at a table where people were exchanging business cards. I looked at his logo, and he studied the name on my card.   "I know that logo. We've been in touch in the past," I said.   "That's right. I know your name," he said.   Although we weren't able to pinpoint when or why we'd exchanged mail previously, we guessed it had been at least five years back. Neither one of us has an extraordinary memory. Rather, he had created a distinctive visual identity for his design services, and I had devoted effort to linking my name with creative marketing.   For at least five years his look and my reputation had lurked in the other's memory banks, while thousands or hundreds of thousands of other business identities had come and gone without leaving a significant trace. Why? Memorability. It illustrates a key element of successful branding. ...