Technology: How do you use it?

Technology: How do you use it?

This is a subject I have grown to become extremely passionate about over the last 3 to 5 years, particularly since the acceleration of online higher education, social media, smartphones/TVs, and the efficiency of applications such as Skype, Blackboard, IM, video/music streaming, etc.  You truly can run a global operation from the comfort of you own home, if you have mastered technology and all of its functions and nuances.  Granted many of us are not there (yet), and maybe running an entire globalized operation from your living room is a bit of a stretch - but the point is, one could if they had the means and a trusted team of, tech-savvy, highly intelligent, efficient, and productive individuals.  Again, a lot easier said than done.  So where do you stand on technology and how it is used in our everyday lives?  For me there are two general and basic categories: Distraction and Entertainment and to Perform Tasks Efficiently, and, quite simply, Make Things Easier.  Let's break it down.

Distractions and Entertainment:

Yes, technology is great, that goes without saying.   Think about it, we all have the power to do anything we want at anytime in the palm of our hands; some of us actually have it in the palm of our hands 24/7!  This is true, I personally know people like this.  It has even come to the point where our devices are the most important material thing to us, right underneath food, clothes and shelter, maybe you know someone that places it above food - it's possible.  How many of you (yes, I'm guilty of this as well) have been in your car, hopefully at a stop light, and decided it was a good idea to send a text, check your email, Twitter or Facebook feed?  I'd be willing to guess it is above 80-90%.  I can't tell you how often I see people doing this while actually trying to drive.  All this serves as a huge distraction.  How about when you are out with friends, at work, on a date, or just hanging at home with your kids and/or pets and you are glued to your smartphone, tablet, or laptop, and your kid, dog, or significant other wants attention?  This happens to all of us whether we are doing it consciously or subconsciously, really we are not trying to be unresponsive or unaware of our surroundings - it's almost as if some of can't help but be drawn to technology.  We are constantly being distracted by something (I just checked Facebook about 3 times while writing this post), and most of the time it is something of minimal or no importance.  That email could have waited, that tweet could been posted later, you've already seen the YouTube video, etc.  I've even seen people walk into stop signs, tree branches, or me while walking their dogs, all because they had their eyes glued to their phones.

My question to everyone out there is, do we really need to constantly be distracted by technology or is it there to serve a greater purpose?  I'd argue the latter, undoubtedly.  That is not to say, there is a time and a place for entertainment and other forms of uninformative articles, or social media posts, because there most certainly is, it just does't have to be 24/7.  Think about it, humans have managed hundreds of thousands of years without advanced technology, yet today most of us can't put it down for a few minutes let alone an hour or two.

Perform Tasks Efficiently and Make (everyday) Things Easier:

On to what I believe the best use of technology is: to perform tasks efficiently and make things easier.  I for one love technology and consider myself a tech-savvy individual.  I really can't imagine life without it.  Now, with the use of technology everyone has access to a vast ocean of information all at the click of a button, can manage all their financial accounts in one app, connect with associates, friends, and family across the globe in an instant (by video), streamline manufacturing processes, work autonomously; heck it can even parallel park your car for you, not to mention the fact that "getting lost" is now taboo.  There are countless other reasons for the use of technology and the benefits received, which I will not go into as you know what they are.  In business, technology has endless possibilities.  A small one man operation now has the potential to reach as many consumers/customers as an established multi-national.  That to me is mind-blowing.

Once one has harnessed the true purpose of technology, to perform tasks efficiently and make (everyday) things easier, your life could become more simplified.  That said, if one let's technology take control or someone doesn't fully grasp the powers of having a device or devices that, 30 years ago, would have costed millions of dollars and took up a room the size of your apartment, then life suddenly becomes more hectic and out of control.  How many times have you heard people say, "I'm so busy"?  Well, I'd put some money on it (although I don't have much), if they took advantage of the technology that we are so fortunate to have access to, harness and understand its powers, your life would begin to simplify.  Maybe, I am reaching a bit, but I feel it has worked for me.  How do YOU use technology?

If you agree or disagree, or are attached to your devices 24/7, I'd love to hear your comments.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Cheers,

ModernManTellsAll

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Business: Do you follow up?

The all important FOLLOW UP.

Throughout my career I have seen many missed opportunities and lost relationships by not initiating a follow up email or call/text.  On the other hand, I have landed sales, clients, and job opportunities by taking the initiative and following up.  If you think about it, it is such an easy thing to do yet many of us do not take the time to follow up with a potential client, sale, or job opportunity.  We usually will make excuses, like we're too busy or it is the other person's responsibility to take action, after all we did our job, right?  Well, I'm here to tell you to take the initiative and be the one to follow up, you won't be disappointed, as many times that client, associate, hiring manager, etc., is thinking the same thing, and is awaiting your follow up note or phone call.

To me following up is one of the most important business and life decisions one can make.  If you're a salesmen or entrepreneur or anyone for that matter, you must be proactive in all that you do, and be ready at all times to take advantage of opportunities as they come, because you never know when the next one will arise.  This is especially important in today's fast-paced modern world, where we are all connected every hour of the day, following up can make or break that sale or business opportunity.

I have been on both ends of this, as I have been a hiring manager, and have hired people based on the fact that the candidate took the initiative and sent a brief, thoughtful follow up email, stating there interest and thanking me for taking the time out of my busy day to meet with them.  I was more than likely contemplating hiring them anyway, but had gotten busy and put it off.  Further, I have been on the other side as a salesmen, entrepreneur, and independent business and marketing consultant, where I've met with potential clients where everything seemed to have gone well; they liked me and the service/product I was offering, but then a week goes by, and then another, and heard nothing back.  I would then fire a brief follow up note, text, or phone call only to find out the potential sale or client had gotten busy and forgot to schedule another meeting or purchase the product/service, but was still very interested.  That said, I have also followed up a week or two later only to find out they purchased the product/service from another company or went with someone else's services.  Could I have landed the sale/job?  Maybe, if I was proactive and followed up sooner and shown my interest in working with them.  Who knows, that other company or person might have done so in a timely manner and happened to be in the right place at the right time - after all, out of sight out of mind.  Granted, maybe the other company/person might have had a product/service that more matched the clients needs, and I wouldn't have made the sale anyway, these things do happen.

All of the above scenarios could possibly be true, but the moral of the story is, it doesn't hurt to follow up in a timely and thoughtful manner, regardless of the outcome.  After all, it is just good practice to take the initiative and be proactive in all that you do, as you never know what the other person/client is up to or thinking.  I coach all of my clients, personnel, business associates, family and friends to make sure they follow up.  You always want to leave a positive impression with all people that you meet, whether it is personally and professionally.  In today's world, everybody is busy, and even though a follow up takes only minutes, most people won't do it or forget to, and by you taking the initiative you will standout amongst the others, and who knows, land that client/job, or at the very least expand your network and something may come up down the road.  Do yourself and business a favor, and always follow up!

As always, I'd love to hear your comments on this topic, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Cheers,

ModernManTellsAll

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Marketing Strategy: How to standout amongst the clutter

How to standout amongst the clutter...a question every Marketing Manager and company is, or should be asking themselves.

To start let's first explain what I mean by "clutter".  Clutter is the saturation of content, posts, pictures,  video, TV commercials, billboard ads, etc., crowding our social media pages, train stations, streets and sidewalks, etc.  Just think about all of the posts and ads on your personal Facebook page, Twitter account, LinkedIn page, etc., which may only have a couple hundred people or a couple of thousand (if you're a social butterfly and/or great networker), either way those numbers are unsubstantial when you look at the grand scheme of things.  But even still, there is no way to possibly read and click on all the posts.  For one, everyone is extremely busy managing their own lives, and for two some of the posts/content is not worth looking into any further, let alone engaging in meaningful conversation.

So what can you do as a Marketing Manager or a company that is dealing with hundreds of thousands or even millions of potential clients/consumers.

Choose your social media platforms wisely.  With so many options out there to engage in and communicate your brand, a company/marketing manager must define which platforms will provide the highest ROI and maximize available resources, no matter how limited.  A great way to do this would be to access and analyze the direct competitors (particularly the leaders) - see which platforms they are using, chances are the same will work for you, or some combination of.  Secondly, the company/marketing manager should determine which platforms they and their team are most comfortable and familiar with using.  The last thing you want to do is work with a platform where no one has experience, or where your target market has limited use.  If you do some research on major brands and industries you will see, for the most part, they will use the exact same platforms, give or take one or two.  For example, the car industry will use Twitter, Facebook, and YouTube.

Know your audience.  Everyone is enamored with numbers.  I have 10,000 followers or 100,000 Facebook likes.  That's great, who are these people?  How did you get them?  Are they turning into customers?  Are they sharing and commenting on your posts/content?  The point is, you can have all the followers in the world, but if they are not in line with your brand, your message, and/or product/service, you mind as well have zero.

Content is King.  Yea, we've all heard this countless times, of course uploading and posting content is a must for your brand to gain awareness, penetrate markets, and in the end bring in revenues.  But the question is, what kind of content is going to engage your audience to the point where they want to click on your posts, share, like, engage, and ultimately buy into what your brand is about. This is where it is important to post visually stimulating content (e.g. pictures, videos, etc.), these can be original content (if you can this would be ideal), or even stock photos, free google pictures, a trending YouTube Video, etc., as long as you are clear of copyright infringement any and all of the above will work just fine.  Just make sure the content is in-line with the brand, and portrays what the culture is like, what the company appreciates and values,  educational, has something to do with the industry and product line, etc.

Engage your audience as much as possible.  Some of you have heard of the 80/20 rule in marketing, where 20% of your marketing messages produce 80% of your campaign results, which may very well be true.  But I'm here to tell you this rule also applies to the amount of time a Marketing Manager, and their team, should be allocated towards engagement.  The more we engage the audience the higher the probability that the campaign will build loyal followers/customers, and ultimately become successful.  Now these percentages are by no means set in stone, as a Marketing Manager should constantly be tracking and analyzing results, and should adjust accordingly - maybe try a 70/30 rule, whatever works for you.  The point is, social media has made marketing personal, it's almost as if we have gone back in time (so to speak), to a time pre-television, pre-intertnet era, where human interaction was essential for a brand to sell a product/service.  Social media has a very human element to it, granted there are some robots trolling Twitter and Facebook; however, for the most part, there is a real human being on the other end.  Always try and remember that.

Commit.  Ah, the dreaded word for some of us, but yes, you MUST commit to a well-defined integrated marketing strategy.  Gaining brand awareness and market penetration is something that takes a lot of time, particularly if you are a new startup or small and growing business.  As stated above, the internet and social media is cluttered with content - everywhere we look we are inundated with adverts, business associates, family and friends, heck everyone on LinkedIn has the ability to blog now with a direct, built-in audience.  In the web 2.0 world we now live in, everything grows exponentially - meaning once you get a 100 followers, the next 100 will not be as hard, and once you hit a 1000, the next 1000 happens that much quicker, as long as you commit to the marketing plan and strategy.  That said the opposite is true as well.  If you only commit to the integrated marketing plan/strategy for a short amount of time it is going to be that much harder to build that audience back up - attention spans are extremely short and once you lose or start to lose an audience action must be taken immediately or you risk being forgotten (e.g. JC Penny).

As always, I'd love to hear your comments on this topic, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Cheers,

ModernManTellsAll

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Relationships: Job hunting is a lot like dating

I'm sure many people have experienced the loss of a job or a breakup in a relationship, and if you really think about it the two are very similar.  I will be explaining this mainly from the male perspective, as that is all I know, being a male my entire life.  That is not say there are some similarities from the female perspective, however, I can't speak as an expert on such a subject (maybe some female commenters can elaborate).

OK, now that we have that out of the way let's get started.  Job hunting is a lot like dating in the sense that there are two sides to the story, coupled with the fact that there is rejection and mutual acceptance.  A job search can be agonizing for many, as can be dating, particularly in large cities where competition is fierce and viable options/positions are few and far between.  Furthermore, many of the job descriptions require qualifications that no real human can possibly have (10 years experience, MBA, know how to code a website, 7 feet tall, $20/hr, etc.), just as TV and movies cloud the judgement of the qualities/qualifications real men and women have.

In the dating world women are (typically) the final decision makers as are the hiring managers in the job world.   Have you ever gone on an interview and thought to yourself, I just knocked that out of the park; the conversation was balanced and flowing, etc.  You felt you were on the same page as the interviewer, you both were even having a few laughs sharing like experiences professionally and personally. All you had to do was wait for that phone call/email letting you know you got the job - only to have it never happen.  You follow up, "just to check in", and no response...?

This same phenomena happens in the dating world, particularly with men.  You went on a date or two with this smoking hot girl, the conversation was flowing, the two of you were laughing and having a great time, you have this in the bag no doubt.  As a (young) man, we always jump ahead and think we landed the perfect girl friend and the rest will be history.  Well, as we know this is not always the case.  We actually have no idea what the other person (the female) is thinking, or what other options/candidates the female has waiting in the wings.   It is a fact that a good looking woman gets hit on an average of 8 to 10 times a day, that's 70 times a week and over 3,000 attempts a year!  That is a lot of competition, therefore one must stand-out.

The same can be said for the high-value, highly sought after jobs.  As a hiring manager, I know from experience that just by posting a job ad on Craigslist will bring in over 100 resumes in a week.  So the question is, how do you stand-out from the competition? 

This is a tricky question, because as I stated earlier the decision power is in the hands of the female/hiring manager.  I guess the answer to both (as in life) would be to put your best foot forward at all times, keep growing professionally and personally, don't think ahead - stay present, learn from your mistakes, and don't stop searching until you have a definite answer.

As always, I'd love to hear your comments on this topic, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Ciao,

ModernManTellsAll

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Business Strategy: Innovate

Innovation.  What do you think of when you hear the word innovation or innovate?  By definition innovation means a new device, idea, or method.  However, I, like many others, would say: Innovation, in business terms, is something that is tied to creating a new product, which is different from anything else on the market.  The iPhone, for example, would be an innovative product.  It changed the way we (humans) communicate with one another and interact with technology.  Everyone now has instant access to any information they desire, hundreds of thousands of applications that can perform any task and/or can "socialize" with a person(s) of their choice whenever and wherever they like.  This would be considered a radical innovation.

Innovation is most commonly tied to tech-based companies such as Apple, Google, Microsoft, Twitter, Samsung, Netflix, Amazon, etc.  Top 40 most innovative companies in 2014.  Companies that are driving how the consumer engages in their day-to-day lives.  Think of all the innovative products these companies have brought to the market in just the last 5 or 10 years.  Everything from iPhone, iPads, Google Glass, Samsung Smart Watch, Smart TV's, Nest, etc., and who knows what the next product will be.  The truth is technology, the way we know it today, is just in its infancy and will only become more advanced and integrated into our lives as time goes bye.

The above are all undoubtedly innovative companies and products, but does innovation only apply to these major companies or just in technology?  I'd argue most definitely not.  There are many other ways to innovate across all business units, and it does not apply only to a product or service.  Innovation can occur or be applied to anything from customer service, marketing techniques, business models, company culture, or overall strategy.

Customer Service is something all companies offering a service or a product engage in, no matter what the industry.  A company dealing in B2B or B2C must offer some form of customer service otherwise they would be unable to retain customers or garner new ones.  Take for example Time Warner's new customer service model - the one-hour service windows.  We all know the hassle of the four-hour service window and how inconvenient they can be.  In the past if you had a service inquiry you would get a time between 9am and 12pm or 1pm and 4 pm, and many times the technician would show up late or worse not at all.  This has caused a dramatic decline in their customer retention.  Well, to rectify this Time Warner has launched the one-hour campaign.  While this is only an incremental innovation it still is considered innovative.  Another example would be the banking industry.  I recently went out to inquire and compare small business bank accounts and found that the big three (Chase, Bank of America, and Wells Fargo) offer vastly different options, most of which are differentiated by monetary and customer service (incremental innovations).

Marketing techniques can also be innovative, and most of the successful brands have utilized this to capture market share and disrupt industries.  Think about all the advertisements we see on a day-to-basis.  Some studies have that number at anywhere from 250 to 3000 per day, depending on age group and where one lives.  This is astounding.  It makes one think how can a human brain digest and retain this mass inundation of advertisements?  Well, I'd argue it can't.   So how can a brand create a campaign that actually sticks in our minds and eventually persuades us to make a purchase - through innovative marketing techniques!  A brand that comes to mind (that is not considered a major global brand) is the Dollar Shave Club with their innovative and memorable ad campaign and video.  Although they did not recreate the wheel so to speak, they did use an innovative approach with a serious yet tounge-and-cheek style video, which intern caused the video to go viral and gain brand recognition.

Business Models, or how the firm plans on making money, is yet another way a company can innovate to gain a competitive advantage.  This to me is the most effective way to compete in a highly competitive globalized market place.  Not everyone has an idea nor the funds to create and implement a radically innovative product, however, if one can develop and implement an innovative business model they would have a fighting chance - even if they are offering the exact same product or service as the competition.  An example of this, again outside of the obvious major corporations, would be in my previous industry.  I worked in the music industry for over 6 years, and as we all know, the music industry is one of the most competitive and most effected by the advent of the internet, therefore competition is fierce with saturation on all fronts.  So how does one enter the market place and cause other, more established competitors, to notice?  By having an innovative business model.  There are a few that come to mind: one being Jingle Punks and the other Music Dealers.  Both of these companies entered the industry in 2008 and are now two of the most recognized in the industry.  What was their innovative business model you ask?  Well, they implemented a 50/50 business model where the artist splits the gross revenues 50/50 with the company.  Granted this is not a sustainable business model for any business in any industry; however, it enabled them to build their catalogs with above average content quickly - thus enabling their competitive advantage when marketing to and courting clients.

Company Culture is something that has been misunderstood and underestimated in the past, however, has made a rapid resurgence - becoming one of the most important factors for a business to succeed, garner market share, and attract top-level talent.  By definition company culture is the values and behaviors that contribute to the unique social and psychological environment of an organization. Many companies use minor incremental (sometimes radical) innovations in their company culture as a competitive advantage and to court and retain talent. A company that comes to mind is Zappos. They are known for their innovative cultural design which empowers all employees, encourages change and personal growth, creates a fun, light and positive environment, has an open horizontal structure, and has a list of core values that all employees adhere to. Their CEO Tony Hsieh has even written a book based on the importance of company culture called Delivering Happiness. Checkout their core values here.

Overall Strategy is something that all company's must consider, preferably prior to launching into the market, and should be monitored constantly and adapted as necessary.  By definition strategy is the quest to gain and sustain a competitive advantage.  Sounds simple enough, right?  Well, you'd be surprised how many companies (small and large) are lacking an overall strategy and are just "winging it" day by day.  A strategy is not just "let's make money".  It is the managers theories about how to gain and sustain a competitive advantage; How a company differentiates itself; What to and not to do, etc.  Furthermore, strategy is a combination of all of the aforementioned topics, and an innovative strategy is what separates a company from the competition.  A good and obvious real world example of this would be Google.  Google is by far the most dominate search engine with over 68% of the overall market share.  This is despite competition from Yahoo!, Microsoft Bing, and the Chinese search engine Baidu.  How can Google maintain such a dominant position in an industry where billions of people use the service on a day-to-day basis?  Innovative overall strategy!

As mentioned above, we are now operating in a highly competitive global economy and innovation is considered the most critical aspect of business moving forward.  It is no longer just a buzz-word, it is essential across all business units and industries.  If you're standing still, you're falling behind exponentially.


As always, I'd love to hear your comments on this topic, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

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Lifestyle: So much to learn, so little time

I can remember growing up and not even thinking twice about how important it is to learn and be educated. My primary focus was on playing sports and enjoying time with friends - that was the most important thing.  Throughout grade school and high school I basically coasted along, going through the motions and getting mostly B's with a few C's and A's, mostly without much effort outside of the classroom.  This mind-set didn't change much, maybe even declined as I graduated high school and went to junior college at Harper and ECC.  I barley went to class and had no desire to learn anything new.  You could say I thought I knew it all as most teenagers assume - at least the males.  I pretty much spent most of the time partying with friends and enjoying life, without even a clue as to what I wanted to do.

Moving on to my decision to go to a four year college in 2000.  I felt I had to do something as I, and the majority of the people I was hanging with, really had no direction - and drifting through life.  So I had a self-realization, so to speak, and went through (mentally) what it is I really like to do, outside of playing sports.   I came up with two paths - both of which would enable me to move out of the mid-west and to the west.  It came down to culinary school and film/audio school.  Well, I chose to go to film/audio school at Columbia College Chicago.  This is where things started to change for me mentally, as the subject matter and teachers at Columbia were intriguing, engaging, and informative.  Although I had been more engaged than ever, I was still only giving about 75% effort towards learning, homework, and classroom participation.  This could be attributed to just growing up and realizing how the world actually works or just slow to adhere to authority.  Needless to say I graduated with a 3.0 average (not bad) and made the move to Los Angeles shortly after.

Not to lose sight of what this post is about, as it's not about me per-se but it gives a real life example to compare to; it's the fact that there is so much to learn and so little time.  The amount of information out there that we now have instant access to is mind-boggling to say the least.  This phenomena really hadn't occurred to me until recently.  Learning is actually addictive, and the personal growth one can achieve through this access to information can be exponential.  I say exponential meaning once your mind is trained to obtain and process information and you break through the misconception that you know everything and/or are content with who you are and what you know, the craving to learn overcomes and drives you.

Take for example my recent studies at Northeastern University where I obtained my MBA.  The amount of information and knowledge I gained just by dedicating myself to learning the material has been a life changer for me.  I like to describe it as a mental evolutionary leap.  It was the first time I actually gave 100% effort towards school or any learning for that matter.  Now, I can essentially talk business and economics with anyone, from Fortune 500 execs to Professors to regular people.  To be honest, it has gotten to the point where I'd rather sit down and read a book or watch an educational documentary, or a TEDTalk than some mindless television show or movie.  I've even contemplated going for a PHD, if it did not cost an absurd amount of money of course.

The point is, once you realize the importance of education and the value of being informed, the more you want to know and obtain, and the less time you want to waste on meaningless content - it's an addiction just like cigarettes or alcohol.  Further, the more educated one is the more freedom one has and the less chance one has of being controlled by fear.  Couple all that with the fact that life is short, even if you live to 90, that is only a blink of an eye in the broad scope of life on earth.

We are living in the information age, and now have access to everything and anything at the push of a button or by typing a few keywords in a Google search.  Many of the top universities are now offering their courses online to anyone interested, granted you will not get credit or a diploma; however you will gain the knowledge which can be applied to your daily life and career.

Learn as much as you can while you can - you will not regret it - and no one can ever take what you've learned away from you. You can lose material things, family and friends, but what knowledge you have that is yours (outside of a mental disease or injury).  In my opinion the most important thing to living is consuming information and growing as a man and as a human.  And then passing that education/knowledge down to others willing to listen and learn.

As always, I'd love to hear your comments on this topic, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Cheers,

ModernManTellsAll

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Entrepreneur: Most valuable asset

Being an Entrepreneur or a small business owner is not for everyone, nor is it an easy thing to do.  If you ask 100 people what they would like to do with their lives, as far as who to work for/with (if they had a choice), over 75% would say for themselves.  Well, as we all know the majority of people do not become entrepreneurs or small business owners, although the numbers are higher than they've ever been due to economic reasons and the advancements of technology, which have made it easier and more affordable than ever to start and grow a business (if you have a well-defined plan and understand how business works).  According to Forbes, nearly 13% of American adults are involved in startups in 2012 (record high), and nearly 400 million entrepreneurs world-wide (54 countries).  These numbers are great news for the future of the global economy, not to mention the fact that entrepreneurs are ranked as some of the happiest people on the earth.  Do keep in mind that there is a difference between a small business owner and an entrepreneur, just because you work for yourself does not mean you are an entrepreneur.  That is another topic for a separate blog post.

So with that in mind, let's continue on to the topic of this blog post, "Most Valuable Asset".  What I'm saying here is: What is the most valuable asset to an entrepreneur or a small business owner, other than the obvious, capital, of course.  First, let's breakdown a typical scenario that virtually every entrepreneur or small business owner is in, or has been in at one point in time.  Typically a small business or entrepreneurial startup has access to limited resources, including people.  Most of the day-to-day operational duties would be/are handled by the owner or owner(s), with very little time to do anything else.  An entrepreneur or small business owner will work 6/7 days a week and any where from 12 to 18 hours a day.  Some of you just made a face as if your stomach just dropped, yes, this is true and necessary for the business to thrive and grow into a mature entity.  However, no need to feel sorry for these risk takers, as the long hours are typically well worth it for the sole reason that entrepreneurs usually love what they do and would rather be doing nothing else but running their business.

Now that we have a general overview of what it's like to be an entrepreneur/small business owner, what is their most valuable asset (other than capital)?  As stated above, an entrepreneurial enterprise typically will have limited access to resources, particularly people/employees, which brings me to the point I am trying to make, people are your most valuable asset.  And it's not just people in general, it's high quality people; people that understand what it's like to run a small business or startup - "go-getters" as they say.  It's not like a corporate gig where you work in one department and have one or two basic job duties and you work 9 to 5.  No, a typical employee at a startup will easily have five or more duties on a day-to-day basis.  Much of the time these duties will range from low-level intern/entry level type work, data entry, coffee, research, answer phones, etc.; to executing business / marketing plans, financial forecasting, business development, operations management, ordering supplies, traveling, etc., on top of working 12 - 16 hour days.  Sound fun?  Well, if so I'd recommend finding a startup or starting your own business.

My point here is this, not just anyone can fill these positions.  As an entrepreneur or small business owner, you are only as strong as your support (team) staff, whether it be 1 or 2 people or 5 or 6, you need high quality, motivated, intelligent, tech-savvy, diverse, individuals.  People that can multitask and add valuable input everyday, all day.  People that can think outside of the box and create new operational processes or marketing techniques and implement them on the fly.  This is your most valuable asset (people), so you better make sure they are appreciated and taken care of - even before your own needs are met, because once you lose a good one it is extremely hard to replace them - not to mention the loss in productivity, capital, and potential revenue over time.

As always, I'd love to hear your comments on this topic, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Cheers,

ModernManTellsAll

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