Your Role in History as an Entrepreneur

IMAGINE YOUR

LEARNING ORGANIZATION

Adapted from the book 30 DAYS TO THE NEW ECONOMY by Peggy Salvatore

The rapid acquisition and deployment of knowledge means that all organizations that plan to survive also have a process for knowledge acquisition, retention, management, and transfer in their business plan. Forward thinking organizations today consider themselves learning organizations.

As an entrepreneur in the New Economy, even though you may be small, your responsibility is to not only know what is going on but to contribute to the body of knowledge.

• Remember: All the Internet Joe’s around the globe are learning and building this ship together so sharing what you’ve learned and what you are developing (without, of course, revealing trade secrets like product ingredients and proportions or your intended branding or marketing approach) is part of that responsibility and defines in part your value as a member of the global business community.

There are TWO PARTS to this knowledge acquisition and sharing. One is the internal knowledge of your individual product or service and the second part is the external learning about the infrastructure you are building either deliberately or inadvertently by participating in the New Economy.

PART ONE: Internal knowledge

Whether you are operating alone, with a handful of close team members or a cast of 100s, you need to store and transfer knowledge about product development, marketing, deployment and all other aspects of your business to assure continuity.

When you’ve built a global community of customers, they will have questions and need support. Codify, iterate, revise, update, repeat. Consider yourself in a constant state of beta.

• Remember: We said that one of the advantages Internet Joe has is the ability to be agile and nimble. This requires a state of continuous learning which is a mindset of quality improvement. Because you aren’t taking a large organization with you, when you learn something new, as an Internet entrepreneur you are able to capitalize on that information and pivot instantaneously.

PART TWO: External knowledge

The intimate relationship you develop with your customers through their personal communication devices is the basis of your ongoing learning. You are learning what works, what they like about your product and service, what needs improvement and when you haven’t hit the mark.

Your systems and connections are creating the need for the kind and amount of infrastructure required to build the New Economy. When you share what you need and what you’ve learned about commerce with others in the online business community, the network grows.

What we know changes every minute!

. . . and what you do with it will be different

than what someone else does with it . . . So consider

recording it . . . sharing it.  That process puts the next

step on the ladder within reach for all by raising

the net worth (and the stakes) for all players.

# # #

C’mon back TOMORROW 10/7 for Day 22 —

“Financing Your Business” isn’t like car dealership

or retail mattress and furniture “Financing”!

# # #

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———-

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

# # #

Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

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Your Role In History As An Entrepreneur

I M A G I N E

I N V E N T O R Y  &  D E L I V E R Y

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

In tandem with global manufacturing, let’s take a closer look at how to store and move physical products in the New Economy.

If you live where grasses are plentiful, you live in a grass hut. People have always adapted to local resources. In the New Economy, efficient and successful communities will rely on this same strategy but with a difference.

As was pointed out yesterday (while we imagined manufacturing), many products will be able to be assembled closer to their markets because 3D printing of finished products and parts will make that possible. Also, robotic manufacturing makes it possible to locate production facilities in places without consideration of the availability of many prepared workers. Obviously, local manufacturing reduces the need to move finished products closer to the customers.

Local sourcing raw materials

Our knowledge grows about our environment every day, and we find more uses for things around us.

Materials, for example, can be manufactured using chemical and biological processes. During the period of 20th Century industrialization, synthetic materials were developed and –suddenly– clothing manufacturers didn’t necessarily need wool or cotton to make clothing, though “real” materials were usually considered luxurious. The same is happening in the 21st Century with biological substances such as food and medicines (moving from chemically-based to biologically-based).

Knowledge in the new frontier will find ways to transform available local resources into necessary materials which should reduce the demand to transport and store raw materials.

The more we learn about chemistry and biology, the more possibilities we have to use the basic structures that compose

a pineapple, for example, into materials to manufacture other products needed locally.

About energy and transportation

When requirements to transport people and materials are reduced, this necessarily results in less requisite shipping vessels and fuel. In this scenario, energy needs to be produced and consumed locally to support local raw material development and product manufacture. This lends itself to less portable and more available sources of fuel – sources like solar and wind.

Internet Joe is thinking about the future, and the future doesn’t resemble the present. That translates to mean there are a lot of limiting factors in the present, such as finite (non-renewable, transportable) fuel, that are NOT part of fueling the New Economy. What limiting factors will impact, or are impacting, your business pursuits?

# # #

What are you making the most of to move your business forward?
C’mon back TOMORROW for Day 22 —
GOT LEARNING?. . .

# # #

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With Hal and Peggy’s wealth of business coaching experience, you’ll learn how YOU match up with what successful entrepreneurs are thinking and doing RIGHT NOW. Get ideas you never imagined. Gain the traction you need within 2 hours — not days or weeks or months. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details, to explain your business pursuit focus and to reserve your seat! $99 total for 2 hours. Satisfaction Guaranteed.

———-

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

# # #

Hal@Businessworks.US      Peggy@Businessworks.US

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Your Role In History As An Entrepreneur

IMAGINE   M A N U F A C T U R I N G

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

The flexibility of the global markets – everywhere, everyone, all the time – means products and services can be delivered from your place of business on the Internet to the customer’s location in the same way.

VIRTUAL products (e.g., software, books, music):

already a natural medium.

PHYSICAL products: now becoming a natural medium.

3D printing allows many kinds of products and parts to be assembled on site by downloading software to build products by the customer. Customers only need the material to create the products on location.

One of the issues with matching mass production to local markets has been transportation and warehousing of raw materials and finished products. 3D production eliminates, or will soon eliminate, one or more of these transfers for a wide range of product-based businesses.

Efficient production puts factories near the source of raw materials which could be halfway around the globe from your market. With global markets, raw material processing happens near the source of materials which are then delivered to where products are produced at the customer site.

Throughout history, efficiencies have grown markets.

This development is no different.

While assembling products onsite requires only the transfer of raw materials to the customer location, the expansion of markets grows the number of end users.

Economic development happens more rapidly in areas that now need mainly an Internet connection and a reliable source of power to become a viable market for your products – both virtual and physical.

The limiting factors remain the availability of power and water. The new entrepreneurs believe those problems can be solved, and they are actively seeking answers.

As noted earlier in this series, we are very early in the New Economy and are still building the infrastructure so much of the opportunity is building the virtual roads and rails into the future.

Even in situations where finished products are mass produced and need to be transported, robotics simplifies production. Robotics reduces the number of humans needed to assemble products and, consequently, also the number who need to be trained as assemblers, as programmers, and as equipment calibration specialists.

Local education and workforce availability is

not a major factor in locating a factory today.

Since line-driven powered machinery was invented, workers have revolted against automation fearing for their jobs. However, in each instance, the quality of peoples’ lives have improved, as well as the quality of products produced, and people’s time is collectively –presumably, for those outplaced– freed for higher level pursuits.

The promise of manufacturing in the New Economy turns on how you view progress. You’re likely to have one of two views of the world:

• View 1: You believe advances solve problems, make solutions available to more people, and raise all of humanity in waves.
• View 2: You believe knowledge is finite, all that can be known is already known, and we can’t solve our problems because our known resources do not meet everyone’s needs.
  

Entrepreneurs (Especially INTERNET entrepreneurs)

in the New Economy hold fast to View 1.

They believe that what lies beyond the known frontier

is the place where advances for humanity lie.

Internet Joe senses what is there and moves toward it

because he knows problems=opportunities,

and he knows it’s his choice.

# # #

Where does the past still control the present in your business pursuits?

C’mon back TOMORROW 10/6 for Day 21 —

 Imagine INVENTORY and DELIVERY. . .

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With Hal and Peggy’s wealth of business coaching experience, you’ll learn how YOU match up with what successful entrepreneurs are thinking and doing RIGHT NOW. Get ideas you never imagined. Gain the traction you need within 2 hours — not days or weeks or months. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details, to explain your business pursuit focus and to reserve your seat! $99 total for 2 hours. Satisfaction Guaranteed.

———-

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

# # #

Hal@Businessworks.US      Peggy@Businessworks.US

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Your Role In History As An Entrepreneur

I M A G I N E     S A L E S $ $

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

Organizations frequently couple sales with marketing, and we’ll do that here, too. When you’ve defined your markets, you have the basis of a sales program. When your market is global, your sales program can actually be UNcoupled to some extent.

As noted yesterday in “Imagine Marketing,” your customers are connected to you by a personal communication device that delivers content which is highly individualized. Your sales strategy needs to be the same.

For example, if you are selling a weight loss system, you aren’t reaching a single imagined customer concerned about his or her weight with standardized sales material content. You reach an individual with personalized content. You can deliver emails customized with the name of prospects by leveraging the power of email lists.

(We’ll explore the mechanics of this in the next book.)

You can also individualize your approach using your website with a “click here for patients”, “click here for physicians”, “click here for caregivers” approach to sales. As your potential customers “click here”, they can further individualize their search for your products and services by drilling down into your website.

It is possible to individualize your approach to customers for a very low cost per touch using email and websites.

As discussed in earlier posts in this 30-Day series, this is where Internet Joe holds an advantage over large corporations as an entrepreneur. By leveraging social media platforms such as Twitter, Facebook, Pinterest and Instagram, your product automatically has viral potential. Internet Joe makes personal connections with people around the globe and they are all potential customers.

With a few power users among your followers,

you can get exposure to 250,000 people . . .

which very quickly expands to millions.

 On a planet with already 3 billion Internet-connected individuals, you have tapped into only a small fraction of potential customers and already have exceeded a 20th Century salesperson’s wildest fantasies.

Bricks and mortar . . . Uber-ized* and Bnb’d**

Even if your business is based on live customer interactions, such as with a restaurant or hair salon, your bricks and mortar enterprise needs an Internet presence to exist. If someone visits your town and looks for pizza, they will search for restaurants online and your business needs to be there. As a plumber, you may not think you are an Internet Joe, but online presence still makes the difference between survival and massive opportunity.

• *Think of the online/chargecard-based Uber* (private driver car service) business model . . . for drivers plugged into the system, Uber provides income previously only possible with the reach of the old “looking for a ride to California” bulletin board postings.
• **Consider the online/chargecard-based Air Bnb** (temporary home rentals) business model . . . for homeowners plugged into the system, Air Bnb provides income previously only possible for local realtors.

Sellers can be anybody with an Internet connection, but Internet Joe is a true entrepreneurial businessman leveraging the power of the Internet to grow sales opportunities with the immense power of global markets.

# # #

C’mon back MONDAY 10/5 for Day 20 —

Do you believe humanity’s advances solve humanity’s problems . . . OR

that problems are not solvable because all that can be

known doesn’t meet everyone’s needs?

# # #

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With Hal and Peggy’s wealth of business coaching experience, you’ll learn how YOU match up with what successful entrepreneurs are thinking and doing RIGHT NOW. Get ideas you never imagined. Gain the traction you need within 2 hours — not days or weeks or months. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details, to explain your business pursuit focus and to reserve your seat! $99 total for 2 hours. Satisfaction Guaranteed.

———-

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

# # #

Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!

Your Role In History As An Entrepreneur

Side note: In editing Peggy’s book chapters for blog adaptation, I’ve found her style to be surprisingly (for an economist leadership expert, itself, to me, an oxymoron) engaging. Today’s topic, however, encompasses the object of my business teething and career so I feel compelled to spotlight a bit of the professionalism of marketing. Factoids (such as the components of marketing and the distinction between creating and stimulating desire, for example) are seldom addressed or positive-ized in economic treatises or website meanderings. Thank you. Enjoy the journey! Hal

Imagine Marketing

One of the great advances of the 20th Century was the development of the field of marketing. As industrialists were able to mass produce clothing, cars, homes and candy bars, they sought a method or methods to promote those things to a public who may not have known that they needed or wanted them.

Psychology and sociology combined with imperatives to maximize business profitability and the science of markets was born. Where markets existed, they were maximized. Where markets did not exist, they were created. Yet marketing is not a creator of society wants and needs. It is simply a reflection of society–a mirror of what already exists.

You know you need a home but you probably didn’t know you need or want a certain type or brand of kitchen appliance or configuration of closets until marketers educated you about the differences in price, performance, design, function, impressions, and longevity.

You know you need a car to get to work, but marketers let you know which models and styles were available so you could choose those that would best serve your practical functional and budget needs as well as those that best meet the conscious or unconscious emotional wants you most closely identify with (e.g., power, status, sex appeal, safety/service focus, family/parental focus, environmental/energy focus, etc.).

Marketing attaches meaning to the products and services we consume. Think of marketing as a big umbrella over a broad spectrum of marketing functions, which include sales, advertising, branding, pricing, packaging, promotion, merchandising, public relations (news releases, events, media communications), and more. Marketing also raises life necessities to luxury levels for a price.

Marketing does not create desire because humans already possess desire. Marketers stimulate desires that already exist. Marketing sometimes prompts us to purchase or consider purchasing products and services we didn’t know we needed or wanted until subliminal interests are created for them, and our desires are stimulated.

By the mid-20th Century, mass production meant that businesses could create enough products to satisfy the desires of mass markets. Mass communication through a mix of limited channels (using television, radio, magazines, direct mail, and outdoor and transit billboards) standardized desire for mass produced products.

The Internet changed the whole world of marketing. The Internet is a personal communication device. What comes through my computer is as different as what comes through yours as we are. No two computers deliver the same content because the content is a reflection of the fingerprint of the user. One user accesses religious content, another pornography, and yet a third spends most of her or his time surfing the net for the best price on handbags, shoes, or on hunting and fishing equipment and gear.

How do you market to EACH individual on his or her personal communication device?

Like finance, we’re rewriting the discipline of marketing while we’re practicing business in the New Economy.

As an Internet entrepreneur, you find your markets by searching for people who are interested in buying what you are selling. You contact them through social media using list serves, groups, email blasts and subscriptions, blogs and connectivity/referral platforms . . . following where each thread leads. When you pull on a thread, it will lead to a tapestry of related interest groups. As a business person, the end of each thread is a potential customer.

The hardest job of Internet Joe is to refine his product or service to meet the needs of a specifically defined target market within the potential of a global customer base. Expect that it could take time to refine your approach. You will go through several iterations before you hit on exactly what specific flavor of what you offer appeals to which specific individuals.

In the New Economy, your customers are in New Zealand and Newfoundland. Get to your keyboard and go find them.

# # #

C’mon back tomorrow 10/2 for Day 19 —

It’s all about SALES, SALES, SALES, and more SALES.

# # #

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With Hal and Peggy’s wealth of business coaching experience, you’ll learn how YOU match up with what successful entrepreneurs are thinking and doing RIGHT NOW. Get ideas you never imagined. Gain the traction you need within 2 hours — not days or weeks or months. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details, to explain your business pursuit focus and to reserve your seat! $99 total for 2 hours. Satisfaction Guaranteed.

———-

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

# # #

Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!

Your Role In History As An Entrepreneur

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

Imagine Finance

Financing in the New Economy has two radical differentiators from the old days. One is the way in which you attract investors and the second is how much it actually costs to start up your Internet business.

Direct Access to Investors
Remember the good old days (say the first decade of the 21st Century) when prospective entrepreneurs seeking funding would schlep their slide decks into a startup incubator and make presentations to veteran investor gatekeepers who doled out wisdom about business plans, management teams and boards of directors?

• Gone? Not quite. Still the #1 startup funding path? No longer!

With crowdsourcing and crowdfunding ideas like Kickstarter and IndieGoGo, you can fund your idea by throwing it out to the Internet and letting the investors come to you. You can raise a little money taking donations and small sums from interested Internet friends and advocates, or you can raise serious millions using more structured funding mechanisms that require investors to meet certain criteria.

• For an entrepreneur in the New Economy, this simply means that Internet Joe can bypass more traditional and restrictive funding mechanisms and go straight to the public. Or combine them both and aim for Shark Tank!

Startup Investment is Minimal
As an entrepreneur in the New Economy, Internet Joe has nearly limitless and cheap/free resources at his fingertips – those fingertips tapping on the keyboard. You can start up a business idea with minimal capital. And you can get world-class advice for the price of an Internet connection.

• I will explore some of these resources in greater detail in the next book, but for now suffice to know that there are brilliant people sharing their startup knowledge for nothin’. The saying “you get what you pay for” does not hold in this case.
• This rich vein of Internet resources is the exception that proves the rule. In fact, the incredible free startup advice and business acumen, market research and tools to reach a global market cost close to no money at all. Remember the more you chase money, the less time and energy is available to make your business work!

In his program, Product Launch Formula, Jeff Walker shares the secret that you can actually sell products that you haven’t yet developed. You sell the product then develop or produce it in response to buyers. The only catch–the big asterisk–is that you better know what you are doing so you can deliver when the time comes. Selling lamps? You’d better be able to produce them when the orders come rolling in.

• The idea is not sleazy; it’s actually excellent business advice that has been around for decades: Develop your prototypes and first generation iterations of products and services in cooperation with your customers.
• By designing products as you sell them, you are developing products the marketplace actually wants and needs.

Transactions: Global, virtual, no boundaries
A favorite New Economy guru is Ray Kurzweil, the innovative genius who wrote the seminal work regarding all things future, The Singularity is Near. In his 2005 epic work, he straightened out my main misconception about the global economy. I had been stuck in the idea that all money and value is tied to concrete productivity. I was just plain wrong.

• Kurzweil perceived that the value of the Internet changed the definition of value. Money has changed because it is now a fluid concept based on the nearly limitless possibilities of the global computer mind which creates exponential relationships that expand past our individual ability to make connections.
• Given that premise, he predicted the Dow Jones Industrial Average (DJIA) would triple in ten years. In 2005, it stood at a then-unprecedented 10,000 and, to some, was wildly over-valued–the stock market tripling seemed ludicrous.
• Then in 2008, the global economy crashed and bubbles like the real estate market burst. Also, the dry bulk index hit an all-time low, indicating that global shipping crashed. What did the DJIA do in response? It rose, and continues to rise.

Traditionalists scratch their heads. But futurists just sit back and wait because they know that the measure of value has changed and the DJIA reflects latent value as the economy rearranges itself. In 2015, the DJIA stood at 18,000 and traditional watchers shook their heads saying it continued to be overvalued.

For those who are stuck in the worlds of the dry bulk index and the movement of tangibles in the market, the stock market ascent appears to be smoke and mirrors. When I read Kurzweil I understood, finally, that my attachment to things like physical products and national monetary systems were outdated.

Finance in the New Economy is global and virtual, but it doesn’t mean it isn’t real. Quite the opposite. The inherent value in the instantaneous transmission of knowledge and the ability to transact with anyone, anywhere, anytime has reinvented the basis of the financial system.

As Internet Joe builds his business on this very solid foundation of the virtual New Economy, he is plugging into nearly limitless abundance.

The new rules of finance have yet to be solidified. Entrepreneurs are writing them AS they build the New Economy.

# # #

C’mon back TOMORROW 10/1 for Day 18.
YOU think great MARKETING that works is simply pulled out of a hat?

# # #

S P E C I A L    A N N O U N C E M E N T

Sign up NOW for NOVEMBER 29th (Sunday Night after Thanksgiving)

LIMITED SEATING COACHING WEBINAR:

“ENTREPRENEURS ARE AGENTS OF CHANGE . . . Accelerating Your Business”

Get fresh, informed, proven insights geared specifically to your business market, your biggest problems, your biggest opportunities.

With Hal and Peggy’s wealth of business coaching experience, you’ll learn how YOU match up with what successful entrepreneurs are thinking and doing RIGHT NOW. Get ideas you never imagined. Gain the traction you need within 2 hours — not days or weeks or months. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details, to explain your business pursuit focus and to reserve your seat! $99 total for 2 hours. Satisfaction Guaranteed.

———-

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

# # #

Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!

Your Role In History As An Entrepreneur

 Imagine Leadership

and Management

The traditional organizational chart is a construct left over from Alfred Sloan’s leadership at General Motors in the early 20th Century. That, my friends, is 100 years ago.

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

In the 1980s, the hierarchical organizational chart was challenged by enterprises that found products were better built when workers had ownership of their production. The philosophy of pushing decision making down to the employee flattened the organizational chart somewhat and relationships became “matrixed.” In other words, people sometimes had multiple layers of reporting and responsibility as well as accountability and all those layers were spread throughout the organization.

The shift away from top-down thinking has been gradual. It paved the way for entrepreneurs in the New Economy to be comfortable spreading responsibility, accountability and rewards across the organization — based on performance, not role.

Leadership and management in the New Economy is about vision— and goal-setting.

It’s about being able to get out in front of the parade with a baton while respecting the fact that without a parade, Internet Joe is leading no one.

And here is where the distinction between leadership and management takes a leap.

True leadership isn’t conferred as much as it is earned.

True leaders are people who others follow, in fact emulate, for their innate qualities. This harkens back to our first and most important quality of leadership, and that is integrity. People naturally follow someone they trust; they know they will wind up somewhere worth going. That requires a bit of a track record.

Management skills can be learned. Management is about the ability to align and assign resources to achieve goals. Managers don’t require the kinds of rigorous traits of a true leader but they do require consistency, persistence and organization.

Managers don’t need to be leaders.

But great leaders get nowhere without great management of resources. If an entrepreneur is not a great organizer, it is critical she or he hires one.

A great idea, even with enthusiastic followers, goes nowhere without someone to arrange the resources in straight lines, all headed in the same direction.

Leadership and management don’t have to be embodied in the same individual. They do, however, need to be together at all times for efficient allocation of resources. An entrepreneur in the New Economy needs efficient organizational alignment with wise distribution of responsibility and accountability — even though your business map will not resemble, even remotely, Alfred Sloan’s hierarchical organizational chart at GM.

A successful Entrepreneurial Leader today

is not at the top of her or his organization.

He or she is in the lead, and that is a very different position.

# # #

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

 # # #

Hal@Businessworks.US     

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!

Your Role In History As An Entrepreneur

K N O W L E D G E

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

Knowledge, confidence and a sense of adventure are the entrepreneurial trifecta. One or two makes someone a great employee but a successful entrepreneur needs all three.

Imagine confidence and a sense of adventure without knowledge – you have a risk taker who has no context and who won’t win the respect of employees and customers. There is a place in your startup for this person – perhaps cleaning windows on the 100th floor – but not at the helm.

What about knowledge and confidence without a sense of adventure – you have a good researcher and expert who won’t step out of her or his comfort zone. There is a place in your organization for this person in the lab, but not at the helm.

Imagine knowledge and a sense of adventure without confidence – you have a risk taker who will step out but is unable to follow through. There is a place for this person in your startup, perhaps as the pitch person, but not at the helm.

An entrepreneur in the New Economy enters the global marketplace with a certain set of knowledge and skills to support his or her confidence and sense of adventure. That knowledge is the ticket to entry in the global entrepreneurial sweepstakes.

A successful entrepreneur in the New Economy has a learning mindset because the environment is always in motion. Remember our discussion earlier about the pace of knowledge and the rapid acquisition of data: 90% of what we know we have learned in the last two years.

What Internet Joe knows may have been true yesterday. However, with the rapid expanse of knowledge and data collection, that truth may be different today. In fact, if you are starting a new business, there is a pretty good chance you can assume you are operating with outdated information even as you develop your products and services.

In a fully interconnected, 24/7 marketplace,

knowledge isn’t static. It’s fluid.

And it includes knowing your SELF.

A business in the New Economy is a learning organization and that requires a learning CEO. The leader sets the example. There is an old saying that “leaders are readers.” More accurately, leaders are learners. As situations materialize and unfold, leaders can process what is happening and adjust their product, service or approach based on constantly changing data.

The world is always in beta and successful entrepreneurs practice agility. Think permanent beta and constant learning, and you have the essence of knowledge in the New Economy.

# # #
C’mon back TOMORROW 9/29 for Day 16.
ARE  YOU cut out to be a leader or a manager?

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S P E C I A L    A N N O U N C E M E N T

Sign up NOW for NOVEMBER 29th (Sunday Night after Thanksgiving)

LIMITED SEATING COACHING WEBINAR:

“ENTREPRENEURS ARE AGENTS OF CHANGE . . . Accelerating Your Business”

Get fresh, informed, proven insights geared specifically to your business market, your biggest problems, your biggest opportunities.

With Hal and Peggy’s wealth of business coaching experience, you’ll learn how YOU match up with what successful entrepreneurs are thinking and doing RIGHT NOW. Get ideas you never imagined. Gain the traction you need within 2 hours — not days or weeks or months. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details, to explain your business pursuit focus and to reserve your seat! $99 total for 2 hours. Satisfaction Guaranteed.

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For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

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Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!

Your Role In History As An Entrepreneur

C O N F I D E N C E

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

Confidence has two meanings.

In relation to business, we think about the assurance of self. Self-assurance means one believes in oneself enough to trust their decisions. They take measured risks and can make hard decisions because self-assured people believe they have the capacity to act correctly.

The second definition of confidence is to hold something close and keep it in secret. When I tell you something in confidence, I trust that you will not broadcast it. The term “con man” in the vernacular means someone who pulls tricks someone else. But it derives from the term “confidence man” or one who acts in secret.

It requires both types of confidence to run today’s entrepreneurial business in the New Economy.

First and foremost, entrepreneurs in the New Economy need the self-assurance to operate in the global environment, make assessments and act quickly. After all, the universe loves speed and the spoils go to the person able to grab opportunities as they arise. Even more accurately, the spoils go to the entrepreneur who grabs opportunities just before they arrive . . . to the entrepreneur who trusts herself.

He sees markets that don’t yet exist or envisions ways to serve existing markets in ways that others do not see. The ability to act on unrealized markets and opportunities ahead of their manifestation requires much self-assurance.

And importantly, spreading self-assurance is the mark of a true leader. It requires only a consistent and mindful effort to use inspiring language in daily electronic, telephone, and in-person conversations. Go here for a starter list!

The second definition of confidence, the ability to hold things closely and quietly, also plays an important role in entrepreneurial success. All of the advantages of the global market on the Internet everywhere, always and everything, also mean that the opportunities that are not yet realized are also evident for anyone who has eyes to see.

For someone who imagines the possibilities, it is important to hold your vision close to your inside team long enough to realize it but briefly enough to bring it into full realization before someone else does.

Quick, quiet, assured. These are among the most confident and most meaningful behaviors of the new entrepreneur at the top of his or her game.

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C’mon back MONDAY 9/28 for Day 15 —

DO YOU REALLY KNOW ENOUGH TO MAKE IT ALL WORK?

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SPECIAL ANNOUNCEMENT

Sign up NOW for NOVEMBER 29th (Sunday Night after Thanksgiving for 2 hours) $99 LIMITED SEATING COACHING WEBINAR: “Accelerating Your Business Growth and Development.”

Get fresh, informed, proven insights geared specifically to your business market, your biggest problems, your biggest opportunities.

With Hal and Peggy’s wealth of business coaching experience, you’ll learn what successful entrepreneurs need to be thinking and doing NOW. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details and to reserve your seat!

———-
For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

 # # #

Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!

Your Role In History As An Entrepreneur

A D V E N T U R E S O M E N E S S

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

Entrepreneurship is not for the faint of heart. Actually, leadership of any sort is not for the weak-kneed, and taking this trip into the new frontier requires stamina and hard work. Risk-taking is at the core of starting a business and putting your time, resources and reputation on the line. To move forward taking resources and reputation along for the ride certainly requires an adventuresome spirit.

A Master Key to successful business

is to take calculated risks.

Taking calculated (reasonable) risks means both your experience and your instincts kick in when you make a decision. Like Indiana Jones when he stepped off the cliff into thin air, entrepreneurs have an instinct–a sixth sense–that when they take that footstep into the sky, a footbridge will appear.

Internet Joe [See DAY 5, DAY 6, and DAY 9 in this series of posts] understands the difference between adventuresomeness and foolhardiness.

He is adventurous. He is willing to spend enormous amounts of time and money (often investor money) to initiate and implement his creative vision. He is building a business and making promises to customers that he will be there to deliver on his promises. He is also promising employees they can count on him and that it is safe to bet some of their life and livelihood participating in his vision.

Internet Joe is not careless, though.

He is backed by a good (though probably not “formal”) business plan . . . it may just be scribbled on the back of an envelope! But he will for sure have at least a professional grounding in what he is doing.

As I mentioned earlier in this blog-adaption series, Internet Joe probably landed on his own after a stint at a major corporation. He has a finely-honed sense of quality and what it takes to build his vision. The adventure is taking on both planned and unforeseen opportunities to execute it in a whole new way — serve new markets, create products and services, and uncover new revenue streams where none existed.

If he has venture capital or crowdsourced income, people have already vetted his credentials. So the risk may have a stronger likelihood of an upside for investors than backing a relative unknown venture or creator, but working with other people’s money invested because they believe in someone or the idea puts stress on entrepreneur shoulders.

Regardless of whether a venture is investor-backed or self-funded, it is critical to regularly step back from the idea workbench to execute good judgment and seek the advice of close associates moving forward. Successful business development always reduces itself to being an authentic boss!

In either case, at the core, Internet Joe is taking some risk. Many ventures are well-vetted by professional investors, many people build businesses based on solid skills, and yet the annals of business are littered with failures within the first two years. More than half fail in the first five years according to the Bureau of Labor Statistics . . . and this is likely understated.

Soooooooo, “The Force” may “be with you,” but the odds are not, and your success is clearly not guaranteed . . . at least the first time around.

BEST BET: Pepper your adventuresomeness with

calculated, educated, realistic, well-advised

moves to increase your chances for success.

But don’t let all that practical good sense dampen your adventuresome spirit. Hey! Who knows where you’ll end up?

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C’mon back TOMORROW 9/25 for Day 14 —

ARE YOU CONFIDENT ENOUGH TO MAKE IT ALL WORK?

# # #

SPECIAL ANNOUNCEMENT

Sign up NOW for NOVEMBER 29th (Sunday Night after Thanksgiving for 2 hours) $99 LIMITED SEATING COACHING WEBINAR: “Accelerating Your Business Growth and Development.”

Get fresh, informed, proven insights geared specifically to your business market, your biggest problems, your biggest opportunities.

With Hal and Peggy’s wealth of business coaching experience, you’ll learn what successful entrepreneurs need to be thinking and doing NOW. Simply call 931.854.0474 Central Time: 11AM to 4PM Monday-Friday for details and to reserve your seat!

———-
For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

 # # #

Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

Thanks for your visit and make today a GREAT day for someone!