[Think Like An Entrepreneur Thursday] Ep 25 - Three Areas To Implement Processes

See the full transcript here:

It's Thursday, which means we're thinking like entrepreneurs, and today I want to talk about key processes that you need to start implementing probably yesterday into your business. Hey. It's Erin Smith, and welcome to another episode of Think Like an Entrepreneur Thursday, where we discuss the mindset shift of going from an employee to an entrepreneur. Today, I want to talk about processes. Now, I've done another episode on this where we talked about, you know, why you need processes and how they will set you free, but today I want to specifically cover three areas of your business where you really need to start thinking about implementing processes so much soon rather than later.

Processes are really important for several reasons. First of all, as a business owner, you've got to scale. Unless you're a lifestyle business and you want to be a one man show and you're totally cool with that, which hopefully you're not, because I'll be honest, the stress...

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[Think Like An Entrepreneur Thursday] Ep - 23 The One Answer You Must Know About Your Business

There are so many business owners who get in business for love of what they do.  They get excited about what they can do, and they love the idea of owning their own business.

I've run into this problem too many times, that when it's time to dig deep into the answer of one simple question, too many business owners stumble over the answer.  They get caught up in all the wonderful thing their business does, or why they're passionate about what they do.  And sure, your customer may like these things, but in the grand scheme of things, it doesn't matter.

So what does matter?

Well, it's one answer to one very simple question.  When you know the answer to this, business life becomes a lot easier.

What's the question?

You must be able to answer what problem your business solves.  That's all that matters.  It's what your business should do.  It must solve a problem, and if you're not sure exactly what problem it solves, you need to sit back and become...

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[Think Like An Entrepreneur Thursday] Ep. 22 - Hiring Contractors & Service Providers

Hiring contractors and service providers is a crucial step in your business. There are some great people in every industry. However, just like all services, there are some shady characters out there.

Don't leave yourself up to chance when it comes to getting the work done the right way. In this video I talk about what questions you have the right to ask, how to begin the relationship, and what you should expect for an ongoing basis.

First, and foremost, your gut is always, always, always right.  Did I mention, it's always right?  When something isn't sitting right with you, then don't keep pushing through with it.  You should be excited about hiring someone to do your work, not nervous.  They should be communicating with you and letting you know what they're doing.  Just recently, I was in a situation where a red flag went off when this person was going silent on me for days at a time.  She was selling a house for me, and the first thought that...

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[Think Like An Entrepreneur Thursday] Ep. 21 - Goal Setting for the New Year

It's that time of year when it's a clean slate, and goals are ready to get set.  However, lurking around that corner are some nice, bright, shiny objects that are just waiting to tempt you as a business owner.

What I've discovered after several years of doing this, is that the gross part of business is inevitable.  The part that's hard.  The part where you feel momentum will never come.  The part where you question what in the world you're doing, and why you even began on this journey.  What happens so many times is that the shiny objects become very tempting to follow.  After all, shiny doesn't usually equal hard.  However, what we don't realize is that after the shiny comes the hard stuff behind it.

So to get yourself straight for 2017, I have two simple questions to ask yourself before you make any decision.  First, you need to really focus on the why of what you're doing in the first place.   How does this align with your life?...

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[Think Like An Entrepreneur Thursday] Ep. 20 Business Plans, Do You Need One?

When starting a business, I get asked all the time if you need a business plan.  I can tell you the answer is definitely yes. However, there is an answer of ‘it depends’ depending on how big that business plan should be.  

Here are some key metrics that you need to have down before you start any business.

It's important to understand that any plan you put together is a moving document.  When you begin, you’re going to make some predictions and projections.  No matter how much you think you know up front, there are going to be some things you miss. You will need to go back and change as you build.  Always go back and see where you’re on track and where you might be missing the mark.

Now, for business plans, the depth of the business plan will depend on what you need.  If you’re going in front of investors or banks, you need to be detailed.  The more outside money that’s required, the more detail...

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[Think Like An Entrepreneur Thursday] Ep. 19 Why Starting a Business Isn't Enough

What typically happens is that people get really excited about a product or service they want to create.  They prove the concept and people are telling them how amazing the product or service is.  

Once they release the item, they feel like the product or service is going to carry them.  Unfortunately, that’s just not the case.  The true measure of success in your business will be around who actually knows about your product or service (and who buys it).  It doesn’t matter how awesome it is.  If no one actually knows about it, it won’t succeed.  "Starting" is the beginning, you need to market it.

Many get tripped up on the thought of marketing because they tell themselves they’re not great at sales or really don’t understand the marketing game.  

It’s crucial that you create a plan of attack while you’re creating your business of how you’re going to market it.  It’s just like content....

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[Think Like An Entrepreneur Thursday] Ep. 18 The Entrepreneur Work Life Balance

Many times when you’re starting a business, the business will consume you.  And if you’re in the position where this is a side hustle, you’ll find yourself with very little time with your loved ones.  It’s important that you create some sort of balance, so you don’t have a successful business with no one left supporting you.  It’s also important that you spend too much time with your family, that you really don’t get the momentum you need to get your business rolling.

I’ve been on both sides of this as I lost a marriage to a business.  I had a super successful business, but no marriage left once it hit the level I had been working towards.  

I now have a business with a spouse, along with two kids.  It’s been crucial that I’ve found balance where my two kids know I’m around, and that I have a healthy relationship with JJ.  

Here are a few tips and tricks to make sure you...

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[Think Like An Entrepreneur Thursday] Ep. 17 No, The Customer Isn't Always Right

If you’re entering entrepreneurship, you’ve probably heard 1,000 times that the customer is always right.  

Here’s why I think this is wrong:

Although I know your customers are the ones who actually make your business money, it is your employees who will help drive the success of your company.  They are usually the ones taking care of the customers, so you need to make sure you take care of them.

Granted, understand I’m not saying the employee is always right.  Of course, you need to be careful of those toxic ones in your company.

When I started my first business, I made sure that money wasn’t everything for me.  I had come from a position in Corporate America where they didn’t care about us or the situation they were putting us in. They just needed to make a dime.  I vowed that I would never put my employees in a bad situation just so I could make a dime.

As the owner of a company, your employees should know that you...

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[Think Like An Entrepreneur Thursday] Ep. 16 Learning to Be Thankful

Happy Thanksgiving!

Today is a great day to talk about an important concept of being thankful as an entrepreneur.

So many times we’re focused on the end goal, which is very important.  However, along the way we forget to celebrate the little things.  I’m probably one of the worst at actually looking back and celebrating the small victories.  I suffer from the ‘now what’ mentality.

If we never take that time to celebrate how far we’ve come or acknowledge the small victories in our business, we will burn out.  Sure you may not be as far as you hoped, however, you’ve probably learned a lot and have come a long way in that time.

One of the things I talk about is to write down the questions you don’t know the answers to when you first start out. If you’ve been putting time every day aside for your business, I would bet a ton of money, that if you went back to those questions, you would be amazed...

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[Think Like An Entrepreneur Thursday] Ep. 14 The Power of Upleveling

This is a concept I have learned to deal with in this business.  I have found it to make a massive difference in my business.

As human beings, we love comfort.  We love to put ourselves in positions where we know the answers. We know we’re not going to be challenged. Lastly, we know there will be no surprises.

However, I would look at it this way.  

"Do you really want to be the high school quarterback who never wants to go beyond his glory days?"

Many entrepreneurs want to be at a certain level, but they put themselves in the uncomfortable positions to get there. Here’s a great way to measure this.  When you’re at events or find yourself surrounded by certain people, ask yourself "Are you usually the smartest and the most well-connected person in the room, or is it the opposite?"

I’ve learned that instead of hanging out with people where I knew I was ahead of the game, for ego strokes, to make myself constantly uncomfortable.  I...

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