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Apart from the gruelling task of managing employees by viewing them as individuals, entrepreneurs must adopt the most effective small business management styles. Appropriate management styles contribute to an organization’s growth and development. The right style promises to solve the problems in the organization, enhance employee satisfaction, and increase productivity.
But which is that management style that will ensure that these returns are guaranteed?
There are three primary management styles you have to choose from. Let’s talk about the pros and cons of each. (more…)
Your small business growth and success depends on your business strategy. How well you have planned from creating to growing. Doing business requires a lot of hard work but it does not seem tiring because you love the work that comes along, but there comes a stage where your business is working fine but is not growing.
Do you want your business to grow but you are confused as from where to start?
You can avoid all those things by doing planning each and every phase of the business beforehand. Of course, you cannot plan everything, there can be some unforeseen situations that will demand a different managing strategy. By having a concrete plan for your business, situations like these will not derail your plans for growth and success. (more…)
Mаrk Cubаn is one of America’s most widely-known entrepreneurs. He hаѕ an аnѕwеr to thе world’s есоnоmiс ѕtimuluѕ рlаn. He also wants to hеlр by hеlрing реорlе tо think more entrepreneurial аnd оffеrѕ some small business ideas fоr ѕtаrtuр buѕinеѕѕеѕ.
He iѕ оn the right trасk. Thе ѕрirit оf thе еntrерrеnеur аnd thе рiоnееr is thе driving fоrсе behind whаt it is tо bе аn Amеriсаn. It iѕ part оf оur hеritаgе. Hiѕ plan iѕ worth lооking аt fоr those who hаvе аn idеа for a buѕinеѕѕ or аlrеаdу have a business and whо need invеѕtmеnt сарitаl tо fund it. (more…)
Steve Jobs, the founder of Apple, is one of the most successful entrepreneurs the world has ever seen. He is also a good role model and source of small business ideas for young entrepreneurs who are thinking of building a startup.
Regardless of whether you are running a small business or a large one, the rules to small business success remain the same. Entrepreneurs can always follow Steve Job’s methodologies and ways to get success in their startups. Let’s have a look at those fundamental principles that made Steve Jobs successful: (more…)
TV can provide great entertainment. However, not everything we see on our television sets is broadcasted for entertainment purposes.
There are certain TV shows that are made to be informative and create awareness among people. You can see various shows promoting health activities or information oriented shows. One such show is “The Profit” that is telecasted on CNBC. The show is presented by Marcus Lemonis and it teaches the budding and entrepreneurs to upscale their business and widen the scope of profit.
As divisive as it may have been, the latest United States presidential election in the United States taught us a lot.
Not only do we know who the next president will be, but we now also have some great small business ideas and insights to glean from the campaigns. Regardless of your political affiliation, or whether or not you even liked either major candidate, there are plenty of takeaways from this memorable event.
Here are just a few lessons relevant to small business owners and entrepreneurs: (more…)
Starting, managing and growing a small business requires quite a bit of listening. Small business owners need to listen to customers, spot trends, solicit input from employees, and watch for regulatory and financial warning signs along the way to small business growth. Entrepreneurs without the ability to recognize these inputs and synthesize them into their strategic and day-do-day decision making often ultimately fail.
At the same time, there are times when it is important for small business owners to disregard inputs they hear from various sources. After all, there is a difference between detractors and non-believers versus those that are providing constructive feedback on how to make your small business more successful.
Here are three important scenarios where listening can be less helpful and more of a liability: (more…)
It’s not often that a reality show can provide meaningful small business lessons for entrepreneurs and business owners. There is one exception to this rule.
In addition to the antics of Donald Trump and celebrities as diverse as Flavor Flav, Gilbert Gottfried, and Donald Trump, several years of the TV show Celebrity Apprentice have brought many lessons for small business owners and entrepreneurs. Even though the show is well-scripted and staged for a reality show, it still provides several takeaways that we can apply to our small businesses: (more…)
One of the primary challenges of entrepreneurship is the fact that small business owners need to possess so many skills and wear so many hats in order to realize sustained small business growth. On the one hand, they are required to be the visionaries for their new business or startup, while at the same time they are required to be a detail-oriented executor who can rally his or her organization to get things done effectively.
This is one of the key reasons why so few entrepreneurs are successful at the various stages of small business growth, beginning with the startup phase all the way through sustained growth and, if things go well, becoming a large organization. While entrepreneurs such as Bill Gates and Mark Zuckerberg provide case studies of those that can adjust and make the transitions through the various phases of growth, the reality is that most small business owners don’t have the personality types, skills sets, or interest in doing so.
Regardless of which phase your startup or small business may be in, there are a number of key roles that you need to fill as a small business owner. The skills and focus required for each of these roles are varied, which is just one reason why managing a small business can be so difficult.
According to the book The E-Myth Revisited by Michael Gerber, there are three key roles that small business owners must fill on a day-to-day basis: (more…)
Innovation. Creativity. Delegation. Empowerment. Flat organizational structures. These are just some of the management styles that most academics, journalists, and the Small Business Administration will tell you are “right” for small businesses, startups, and even large organizations.
These management styles all sound great. After all, who wouldn’t want to work at a place where there is unlimited creativity, bosses don’t get in the way, and you’re allowed to make every decision for yourself?
However, small business management isn’t quite that simple – especially if you plan to grow or scale your business with any success. In fact, these flavor-of-the-month management styles are often times the worst possible formula for certain situations.
Before we get into that discussion, though, it is helpful to first understand the two primary general management styles available to small business owners: (more…)
Managing employees is a stressful part of managing a small business. In fact, our ongoing survey of small business owners reveals that hiring, firing, and managing employees is one of the hardest parts of managing your small business growth.
When you stop to think about it, though, it’s no surprise that employees can introduce a great deal of unpredictability and stress into a small business – especially those first few employees that are hired. After all, when an entrepreneur starts a business, he or she is typically the one that does it all. They perfect the way they want to see things done over time. Hiring employees, on the other hand, often means more inconsistency in how work is done, misaligned expectations and goals, and in some extreme cases, downright neglect and damage to the business as you are trying to manage small business growth.
With this backdrop in mind, it’s no wonder that so many entrepreneurs elect to remain on-man “solopreneur” shops without employees. While this may help alleviate some of the concerns outlined above, however, this approach is less likely to deliver long-term wealth and earnings when compared to companies that grow beyond their owner and founder. The good news is that there are other answers to help navigate these pitfalls.
Below are five things that will help you more effectively manage the various nuances of hiring and managing employees: (more…)
We as entrepreneurs often think and talk about ways to achieve our small business growth goals through creative products and services, effective marketing tactics, and other creative endeavors. However, we often don’t spend enough time or effort determining how we’ll build our operations to scale for the growth that we expect to see.
Building your small business operations in a scalable way is a critical component of building a successful business – and a big risk for those that don’t address it. In fact, while many often assume that running out of cash is a key risk factor for entrepreneurial ventures, it is inefficient, inconsistent, and non-scalable operations that are more likely to cause you to burn through cash faster than you otherwise would. (more…)
The Small Business Administration is one of the first resources that come to mind for many small business owners looking for guidance or help. And for good reason, since the promise of government-backed loans and free advice sounds like a pretty good deal.
Having run multiple startups and grown them to become multi-million dollar entities, however, I can tell you that the guidance provided by the SBA just barely scratches the surface of what business owners and entrepreneurs need to know to be successful. To add insult to injury, most small businesses are denied SBA loans, and according to data published earlier this month, the SBA is continuing to cut back on their government-backed loans to small businesses. In other words, the SBA means well, but the resources they provide leave much to be desired.
So how are small business owners and aspiring entrepreneurs like us supposed to carry on? The good news is that there is a wealth of information and lessons to be learned from entrepreneurs that have actually been in the trenches and run their own businesses. Below are five things that the SBA was never able to teach me, but are critical lessons for any entrepreneur: (more…)
As small business owners and entrepreneurs, finding practical and real-world advice can be very challenging. Especially when it comes to effectively managing small business growth, good advice from experienced entrepreneurs can be hard to come by.
We just released a new white paper that attempts to provide guidance, tips, and lessons to small business owners and startups looking to take their businesses to another level. In this paper, we cover a number of important topics, including:
- What to expect when starting and growing a small business
- How to find advice that the Small Business Administration and most small business training courses typically don’t provide
- PItfalls and lessons from actual entrepreneurs
- The most effective small business marketing tactics to increase growth and revenue
- Other effective growth strategies
As the optimistic, positive-thinking entrepreneur types, we typically like to think about the upside of being small business owners. However, there are often struggles and landmines along the way – and plenty of small business failures – that often get overlooked in our culture of glorifying the seemingly “nothing but success” stories of the Mark Zuckerbergs and Bill Gates of the world.
What many don’t realize, though, is that most entrepreneurs struggle immensely at some point along the way. Even for those that are fortunate enough to become successful, the entire journey can be a long grind. Despite this fact, most popular business publications, training courses, and Small Business Administration recommendations don’t prepare entrepreneurs and small business owners for the difficult scenarios to expect.
Based on my own challenges and failures – combined with what I’ve seen countless other entrepreneurs struggle with – small business owners make a number of common mistakes along the way. I certainly have, having unintentionally run one of my companies into the ground, only to recover and grow the company to heights that I had never seen before.
Below are several things that I learned in my rise, fall, and rise again cycle as an entrepreneur: (more…)
In this brief video, we outline three important components of small business growth:
- Developing a viable product or service
- Marketing and selling that product or service
- Scaling a company to meet demand for that product or service
Unfortunately, too many small businesses and entrepreneurs struggle with the #3 component. (more…)
For most of us, starting a company is the epitome of the American Dream. By fusing our passions, visions, and identified opportunities in the marketplace, starting a small business is the culmination of years of hard work and dedication.
However, running a small business can also be gut wrenching and downright scary at times. Cashflow, economic turmoil, employee issues, and a host of other variables – often perceived to be outside of our control – all threaten to undermine the fun and rewards of starting a company. According to the US Small Business Administration (SBA) and other sources, most small businesses fail in their first one to two years of operation.
But having your eyes wide open to these various risks is the best way to overcome them. Below are five of the scariest aspects of running and managing a small business: (more…)
I’ve founded, managed, and consulted to small businesses in all shapes and sizes over the years. One common item that entrepreneurs struggle with is how to maintain the same drive and sense of urgency that the entrepreneur and business owner has. After all, we poured blood, sweat and tears into our businesses and risked it all to pursue that dream, so surely our employees will share our same sense of focus and discipline as our business becomes more successful, right?
Unfortunately, that’s usually not the case. To add insult to injury, most small business training courses and Small Business Administration workshops won’t cover this important topic. Here are a few reasons why it’s not common to see 100% alignment between you as the entrepreneur and your employees: (more…)