What is small business entrepreneurship

What is small business entrepreneurship?

What is small business entrepreneurship? This is an extremely popular question and surprisingly very little directly answers this question online.  I, the one and only Ed Pisani Jr., will be attempting to walk you down the slippery sloop of the answering this question.

So what is Small Business Entrepreneurship?

Well, simply put the purpose most small business entrepreneurs get started is because of ‘Innovation’.  The innovative mind of an entrepreneur drives him or her. The possibly of fast, steady, or higher earning potential and/or profit drives the entrepreneur.  Most entrepreneurial ventures aren’t just concerned with making money, but they are risking a lot of time and effort to try to make more. As a small business compared to a big one, the entrepreneur has the ability to make rapid changes and adjustments to grow the business. From being able to create new and simpler business processes internally to shaking up a market by introducing an innovative product, service, or feature. They want to become the most recognized small business to be seen as ‘the next big thing’.

A small business entrepreneur is determined to create such a strong brand from the quality of service and/or quality of it’s products. At the heart of a small business entrepreneurial venture is the desire to win and not only win but we win on the owner’s terms. Therefore, the idea of winning comes from a great idea or reinventing a particular concept.

small business entreprenuershipWhat does the small business entrepreneurship look like?

Well, he or she is a leader, a team-builder or maybe a lone wolf.  They are most certainly a capitalist with a highly motivated mindset.  Some can be viewed as influential while others are known for being visionaries. Typically, the small business entrepreneurship mindset is based on seeing a desired outcome and working tirelessly it and towards overall success that awaits them that no one else can see. A Small Business Entrepreneur is a risk taker because it takes guts to step away from a salary career and go it alone.  It takes guts to grow a business from nothing not knowing if it may fail due to health reasons, family reasons, or financial reasons. The small business entrepreneur stays focused and keeps people motivated while also holding them accountable.

A lot of times, he or she is experienced and specialized in a particular industry. They are driven to build a team of loyal employees that see and understand entrepreneurial venture’s core mission. They push their team to constantly improve the small business processes. Always urging them to find new ways to do their work. They look for more efficient and profitable avenues to develop more unique products and/or service offerings. As a small business entrepreneur, some may also have a sense of friendly competition while others are very intense while in an competitive arena. But, all of them are always on the lookout for new ways to improve themselves and/or their business.

What is small business entrepreneurship by Ed Pisani Jr.

The management style or strategy of the small business entrepreneur is high risk with a lot of long-term planning.  The small business entrepreneur looks at putting money into the business as an investment with the proper return on investment to seen in the future.  Some small business entrepreneurs expect a return on investment very quickly and they are the most demanding to see their seed money be made by back very quickly.   Don’t be fooled just because a business has a small revenue stream that it isn’t being run correctly.  In all likelihood, the small business is simply being overseen with an individual who is trying to limit any losses while attempting to develop an idea, service, or product under extreme uncertainty. No matter the size of the company – the small business entrepreneur is always planning for the worst case scenario as well as the best case one too.

The office environment at a small business is generally fast-paced and sometimes competitive but each situation is unique to the owner’s personality style. Most business owners looking to grow, are not interested in excuses, busy work, or time wasters. They are often first to point out smart time management tactics and prioritization to deliver the desired results. The offices can look super kind or very cluttered again based on the lead entrepreneur. Some successful small business entrepreneurs thrive on collaboration and discussion of their team. Many days they will encourage business conversation revolving around promoting the business, decreasing waste, and most of all promoting productivity.

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What is an entrepreneur’s small business setup?

Most times, the small business is privately owned and operated. Some are setup as a DBA or doing business as for the sole owner; while others are more official in nature.  These entities are the LLC, Incorporation, and so on. Most small businesses are actually micro in size, with a small number of employees and relatively low volume of sales versus a multi million dollar entity. The term small, micro, medium, or large business is based on sales, profits, and employees, which determines the level generally given by others of the entrepreneur business. But beware, the entrepreneur is and will act like the Fortune 500 CEO. His or her decisions will equal to the battle tested business veteran.  Those who underestimate the small business entrepreneur may do so at their own peril.

What is small business entrepreneurship?

So back to the original question What is small business entrepreneurship? Are you what many would call a small business entrepreneur?

  1. You currently run a business from your home, garage, or very small rented office space
  2. You’re a member of your Chamber of Commerce or Rotary Club
  3. You have a family business passed down through generations but is not over 500 employees strong / under $500,000 in net revenue
  4. You work 100 percent (or 150 percent) at your small business (it’s your full-time job)
  5. You sell or manufacture a product.
  6. You provide a service for people or other businesses
  7. The idea of failure doesn’t scare you…too much.
  8. You use social media to market your business…and either do it yourself or subcontract it out to another small business
  9. You tend to do all the work and have trouble delegating
  10. You delegate a lot of work to others to look into new revenue opportunities
  11. You have started more than one business (successfully or not).

Do you want to more about this topic – well I have put a list of books you can read.  Click the link and enjoy seeing if you have what it takes to become the best you – you can be!

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Know Your Clients!

Ed Pisani Jr

Know Your Clients!

An Ed Pisani Jr. Insight: Know your clients (customers / donors / etc.) and who they are.
Here are 4 good things to consider when selling to someone…
First, Take time to describe your prospective buyer.  No seriously, open your business plan and look at the written marketing plan(s).  Review the targeted buyers, what is their niche markets, where do they live, what is their household income, why your product or service is a value to them, and how they are most likely to wanting or needing from your product or service.  Look at your strategies that will help you to connect to them (i.e. with business cards, banners, predefined slogans, direct mailers, newspaper ads, maybe AdWords or some form viral/organic marketing)
Second, Revisit and determine ‘why’ they should buy your product or service.  Take time to have training sessions or detailed informal conversation(s) with your sales team on this subject.  More and more young people getting into professional careers are looking to understand ‘why’ they need to do or say something.  This is critically important to explain the reasoning and purpose to help your sales team buy-in the ‘why’ and get your valued client/donor to give you money.  You already know how great your product or service is, but make certain your team is passionate about communicating it correctly. Plus, remember to try to determine what will be new, different, or special to keep your clients/donors coming back for more.
Third, Listen, Listen and Listen Some More!  Sales people and business leaders have huge egos and love to hear themselves talk.  But, the best and most savvy business veterans, always know when to listen to the buyer(s).  By listening to your prospective buyer(s) – you can learn what their motivation is. (Why do they want to talk to you?  Do they need an immediate solution or are they simply on a fact finding mission?  Do all they care about is an affordable price or did they have a bad experience somewhere else?)  It is smart to listen to them and establish a relationship, so you can better inspire them to invest in your product or service – over and over again.

Lastly, create defined advantages of your product or service to your prospective buyers.  Let me give you some good examples to think about:

The Boy Scouts offer a great service.  What you may ask?  Well by delivering character education to young people by using outdoor experiences.  Their ‘Defined Advantage’ is using camping trips to teach boys how to become good citizens.

Let’s look at another organization, Apple offers a good product – the iphone. The iphone by Apple gives the user a unique and personal phone/email/web experience daily.  Their ‘Defined Advantage’ is the average consumer can start their iphone with their fingerprint.

Finally, did you know, the creator of NyQuil couldn’t originally correct the drowsiness side effect. So, the company made it a ‘Defined Advantage’ by selling it as a bedtime cold medicine. It became the largest selling cold medicine on the market. Just because your product is good doesn’t mean it will sell. Your prospective buyers need to see the ‘defined advantage’ of your valuable product or service.

Call me for help with your marketing, advertising, SEO, branding, and planning needs at 407-416-1515

Mission and Vision Statements – What is a good one?

Mission and Vision Statements – What is a good one?

Let’s talk about Mission and Vision Statements , over the years, I have been able to help new businesses and charities start up. Again and again it seems that the most important topic in the mind of a startup owner(s) is the mission statement.  Most new entities feel that is the first thing they need create. It is like they are thinking – “I need a slogan, mission, and vision or people will not see me as a ‘real business’.”  Well to be honest, the mission is central to the business but on a day one, the most important goal is to define the business’s profitability and internal processes.  Once that is layed out, it is better to circle around and tie it all together with a simple statement. But I disgress, back when I was active in a new startup chamber of commerce, I was active in the organizing/admin/operations committee. At that time, a few of us were have a lively conversation about mission/vision statements. With a lot of opinions shared of course, the friendly argument on what is a good mission and vision statement is an ongoing one…
So I decided to write on my blog about the subject – is it better for a mission and vision statement to be shorter or longer?  

Here are a few little known facts about the average length of each:1 – Nationally average mission statement is about 15 words long not including brand positioning components.

2 – Nationally average vision statement is about 14 words long not including brand related components.

So what is a branding component when used in a mission statement? 

Well, that is straight forward, it is the official business name or in some cases it’s nickname. Plus wording like: “The mission(or vision) of ……” But a well crafted brand related positioning statements generally include but isn’t limited to the following:

1 – A basic description of it’s target audience

2 – A basic goals/reasons for reaching and engaging it’s target audience

3 – What makes it different and special – in some cases more competitive

Okay, longer is better – right?

Maybe not – the best mission and vision statements should be concise, easy to understand, and of course easy to remember as well.

Okay, shorter is better – right?

Well, maybe not – when the statements become to short it could mislead or confuse someone (i.e. the client) about what you do.

Okay, so what’s the answer when it comes to a good mission or vision statement?

Here is my final thought – the best mission statement serves as the foundation of the organization that easily understood by the general public and the best vision statement clearly serves to enhance the mission with an artistic or a literal wording on why the organization should be deemed relevant.  Either way just smile because you as the owner or the organization’s board of directors (i.e. you pluralized) have the final say on the subject. (as long as you feel confident and you are making money – just keep smiling)

Want more insights on this subject?  Call me for a consultation about this topic or visit my business’s website: i4advertisingagency.com