I ran into a girl while Wake Boarding yesterday that I hadn’t seen since High School. We got chatting about the usual things like what we’d been up to over the years, what we were doing now and where we were heading in life. We also touched on topics like the state of the economy & the employment market, job security and photography.

As it turns out she is now a very talented Graphic Designer. Information I wish I had 12 months ago!

But it was something she said to me that startled me a little, something I haven’t been able to stop thinking about since.

While talking about how I started Coolybar in 2007 and quit my job to work for myself, she stopped me as if in awe, and said “That’s really great! But wasn’t it risky?”…… “I mean, most people wouldn’t dream of it (starting their own business) because it’s so much trouble & hard work. What if you didn’t make any money?”

At the time this left me feeling a little dumb-founded and I simply brushed the comment aside by saying something along the lines of “Yeah well, I love that sort of thing, I love the challenge.” and left it at that. But what really got to me was not really what she said but how she arrived at that comment in the first place.

I was shocked. I didn’t take offense to anything she had said but I simply could not understand why someone would not want to challenge themselves, strive for their best and aim to make a difference in the world. I had never viewed what I was doing in the way that she had. Business, self development and entrepreneurship is my life, it’s what I do, it’s what I’ve always done, I don’t know any different. So to hear a completely different take on my life and how I go about it was some what mind-boggling.

Why do you think this was?

• Is this showing my ignorance for the 9-5 lifestyle I do my best to avoid?
• Is it because I tend to interact with people like myself most of the time who share common interests?
• Or, is it because I’ve never known anything other than to push myself to tackle new & exciting challenges and follow my own set of rules?

Yes, everybody goes about their lives in different ways, with different priorities and end goals. However I’m not sure I will ever understand why some people choose to move through life with no particular passion to achieve as high as they possibly can in their work, home and personal lives.

Never be afraid to do something new. Remember, amateurs built the ark; professionals built the titanic.

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If we haven’t met before, I’d love to meet you! You can find out a little bit about me here and get in contact with me here. Are you on Twitter? You can follow me here: @mikeboyd

This is a great post by Carlo at StartupLaunchr that I just had to share…

What kind of business should I start?”

Most aspiring entrepreneurs ask this very question during the beginning of their journey into business. If you are like most people, the idea of starting your own business probably involves a restaurant franchise, a coffee shop, or a retail store of some sorts (such as selling clothes or books). Or, if you’re a little more in-tune with the times, you’ll be thinking of starting a technology company of some sorts and hoping to secure some venture capital funding.

There is absolutely nothing wrong with these types of businesses. However, if you’re a first-time entrepreneur (and likely, you are if you’re asking this question) these businesses are a bad idea to start with. They are very risky, take a lot of start-up capital, and you’ll most likely end up doing 12-hour work days, 7 days a week. Even more so, you are betting your most important resources (time and money) on an unproven strategy.

Instead, I challenge you to think of your first business as a pet project of some sort. Something that you are passionate about, and don’t mind spending a little bit of money here and there. You’ll never “fail” — you’re simply learning.

And to maximize your chances of success with your business, here are 6 rules you should follow when you’re launching a new business.

You should solve a certain problem for a certain group of people.

Instead of thinking about business ideas, successful entrepreneurs think about problem-solving for a select group. Look to answer the question, “how can I solve THAT problem?” when brainstorming for business ideas. People are more inclined to buy when they’re in a state of looking for a solution to their problem. It’s much easier to sell the cure instead of the prevention.

Preferably, you should be a member of that particular group to TRULY know what solutions you can offer them. After all, you can’t REALLY know what sort of problems pregnant women have if you’ve never been pregnant yourself, can you?

You should be able to test the demand for your product prior to launch.

Do not create a product and hope to create a demand for it once it’s done. Ideally, you should be able to launch a dry-test before you spend valuable time and resources developing the product. Set up a salespage and launch an AdWords campaign and see how many people “purchase” your product. Don’t take their credit card information of course; simply say you are sold out and will contact them once you’re fully stocked again. Additionally, you can also list the item on eBay and pull down the listing in the last minute.

You should be able to get it up and running as quickly or as cheap as possible.

You don’t have the capital, nor the resources, to build the next PSP or iPod just yet. If you attempt to build something that huge and this is your first time going into business, your chances for failure is very, very high. Once your dry test proves successful, you should be able to quickly capitalize on the demand even if that means starting out with half a product (half a product, NOT a half-ass product). It’s perfectly acceptable to start small for now, and get bigger as you progress.

You should be able to outsource a bulk of the work.

Not being able to outsource is a common syndrome for would-be entrepreneurs. They insist on doing it all themselves, then burn themselves out in the process. Don’t be cheap, and outsource activities. Think about this as a wise investment for your business. There are plenty of entrepreneurs who have launched entire businesses on the Internet by outsourcing everything, even product creation.

You shouldn’t be working on trivial things when you can save days or weeks of work by simply paying someone else to do it. So if web design or programming isn’t your strong suit, find someone on Elance who can do it cheaply. Focus your efforts on marketing and selling your product.

You should never buy anything that isn’t required until you’re making a profit.

Did you know that you only have to double a dollar 20 times before you turn it into a million? Take $1 and double that to end up with $2. Double that to end up with $4. Double that to end up with $8… By step 20, you would’ve made over a million dollars.

Of course, that’s easier said than done. The lesson here is to take the profits you’ve earned and reinvest it back into the business. Until you’re making a profit, do not spend on unnecessary things like coffee mugs with your logo on it, new desks, office rent, etc. Before you buy anything, first ask yourself this question: will the business crumble tomorrow if I don’t get this right now? If not, put it in the backburner and move on.

You should be able to scale the business.

This is perhaps the most important rule of them all. After all, you’re starting a business, not getting a job. The end goal for your company should be that it functions without your presence. Your business should function in the same way whether you’re selling 10 or 10,000 products. Be the police officer on the side of the road who steps in when needed, instead of a toll booth which all cars need to pass through.

Ready to leave your job behind and become your own boss?

It takes a certain kind of person to make it through the first few years. To help you along, we’ve culled the best tips from our own years of experience in running our own businesses.

• 1. Don’t work for less than you can afford to, but do offer a discount to customers or clients who sign contracts with you
• 2. Find people who will refer jobs to you. If they send you nightmare jobs, make sure they’re balanced out with rewarding (profitable!) ones.
• 3. Surround yourself with supportive people and don’t be discouraged by anyone. If your idea is good and you’re determined to stick with it through the first few difficult years, your chances of success are great.
• 4. Be flexible in your thinking. Prepare to change the way you work, the products you use and the services you offer, in order to meet the demands of your customers.
• 5. Admit your mistakes, correct them and carry on.(For example, if you purchase a piece of equipment that does not meet your expectations, send it back, sell it or exchange it!)
• 6. Develop a good relationship with your bank manager and creditors. Show a genuine interest in solving problems. Pay as much as you can afford to, to everyone to whom you owe money.
• 7. Get trained! You’ll be spending a lot of time doing things that have nothing to do with your area of expertise, like bookkeeping, marketing, and IT support!
• 8. Avoid isolation. Even if you work closely with your clients, you won’t be part of a gang anymore. Develop your own network of entrepreneurs that you see regularly and bounce ideas off. Ideally they’ll allow you to vent your anger and share your successes.
• 9. Separate your work and personal life. Set your working hours and stick to a strict timetable. When you’re not available to clients, leave a message on your answer machine letting them know when they can expect a reply from you. Let them know how to reach you in an emergency.
• 10. Plan some ‘thinking time’ into every day. If you pack your diary with back-to-back activities, your business will never grow.
• 11. Plan time to do something you enjoy at least a few times a week - recharge your batteries!
• 12. Write a business plan so you’re clear about what you’re doing, and update it every year.
• 13. Develop an excellent telephone manner and react quickly to any complaints or problems.
• 14. Confirm orders personally and immediately, especially those you receive on email.
• 15. Never lose sight of the big picture – look for innovative, little-explored directions in which to take your business.
• 16. When you find someone cleverer than you, employ them!
• 17. Solicit advice from people who know, for example, other entrepreneurs and reputable small business advisers – the DTI offers lots of information and support for new businesses.
• 18. Don’t enter a business or a venture that you know nothing about. You’ll be running to catch up for the rest of your business life.
• 19. Have an existing, loyal customer base and start locally.
• 20. Be aware that you will get through any initial investment quickly, so ensure you are covered financially until at least the end of the second year.
• 21. Focus on a specific goal and work at it until it’s achieved
• 22. Never worry about how to get things done when you are first developing your idea.Money and resources will come together once you have set your goals and begun to work at them.
• 23. Make quality in every aspect of your business your primary focus and aim. If it isn’t, you will eventually go out of business.
• 24. Use the Internet. Use email. Build a website (if you aren’t familiar with websites, try HTML for Dummies), send out email newsletters, buy online banner advertisements and register your site with all the major search engines.
• 25. Delegate. You might have to hire a good PA, lawyer, or marketing professional to ensure you’ll be profitable in the future.

source: ivillage.co.uk

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An interesting production I stumbled across from the Y.E.S.:

The Young Entrepreneur Society - Movie Trailer from Bernard Bonomo on Vimeo.

Twice successive ‘Employer of the Year’…

As the economic honeymoon that Australia has enjoyed over recent years slowly bows its departure - what can we learn from the best in each industry to stay afloat? Let’s take a look at Motivation and how it can greatly benefit and grow organisational behaviour.

Increasing fuel costs have impacted travel costs, and terrorist threats have made long-distance travel a less attractive option to a security wary public. The advent of internet booking services also means that traditional travel agencies have had to fight to stay competitive.

However, in such a hostile environment, the fight for market share isn’t won simply by providing the cheapest travel option possible to consumers. According to Flight Centre, the human factor in the transaction is also a critical part of any success strategy. So, Flight Centre is an employer that offers its staff a range of incentives, rewards and opportunities.

Pay for performance is a critical part of the packages offered to employees. According to the Flight Centre website, ‘No one works on a flat salary here and we truly believe “What gets rewarded gets done.” Staff have access to training opportunities through the company’s internal leadership development program. In Australia, more formal credentials can be acquired through Flight Centre’s relationship with the William James School of Business. Staff can complete what the company regards as an internationally recognised Bachelor of Masters degree in Management, within 18-24 months while working full time.

In both 2002 and 2003, Flight Centre was named Australia’s ‘Best Employer of the Year‘ and received a highly commended mention in 2004.

So, what can we learn from this in micro, small and medium enterprises? Can we build a greater team around us from the motivation techniques Flight Centre have employed?

Yes, it is simple - but mighty effective. Appreciate your help, appreciate your team and reward when reward is due.