In one of my past posts, I wrote about the importance and necessity for entrepreneurs to create a Business Accountability Group (BAG) http://yourstartupstory.com/?p=204 Trust me, this group will become your life line and your flotation device when the strong tides come in.

Many folks have asked me to guide them through the process of beginning their own BAG.  Below are group guidelines and questions that will help you and your partners stay on task and motivated.

• Your group should be composed of no more than four individuals.
• Meetings should last 45 minutes to one hour.
• The person answering the questions gets all of the attention and absolutely NO interruptions.  Should you have questions or concerns, jot them down and chat about it at the end of the BAG.
• It’s important that you “actively” listen.  It is up to you to help keep your partner accountable.

B A G ~ Weekly Questions

1) What business practices helped me to meet my goals this week?

Networking groups

Internet (face book, LinkedIn, etc.)

Email/phone

2) What books/articles did I read that related to my work and helped me to grow?

3) When was I most aware that I was “on track” and focused on achieving my goals?

4) What happened this week that did not turn out the way I planned as I attempted to achieve my goals?

5) Were there any opportunities I did not take advantage of?

6) Was my plan to achieve my goals fulfilled last week?

7) What is my plan for this week?

Dream it. Believe it. Achieve it.

What is hindering your performance and success?  You didn’t plan on it taking so long to get “off the ground”.  The economy seems to be coming back, why isn’t the money flowing in?  These are some questions that have puzzled my mind as of late and I found an article written by Barry Selman, a renowned psychotherapist from Chapel Hill, who specializes in business coaching and consulting.  Here’s what he has to say:

5 Reasons Why Entrepreneurs Fail to Reach Their Full Potential

The entrepreneurs are thinking “inside of the box”. If an entrepreneur wants to move past the “dream it” state, they need what he calls “a vision of extraordinary possibility”.  My take on it:  Think creatively.  Don’t always consider the conventional ways of achieving your goals.  Move beyond the thoughts you had yesterday and maybe even out of your comfort zone.

Entrepreneurs need to let go of control. The ideal situation is for the entrepreneur to do the least amount of work possible while achieving the greatest amount of success.  From experience, this is the biggest problem for entrepreneurs.  Inherently “control freaks”, they want to micro-manage every detail.  It doesn’t work.  They need to “outsource” a lot of their daily tasks while spending their time on what they are good at (it’s not usually getting that last minute mailing out the door).  Outsourcing can often times be achieved through interns or high school students which can prove cost effective.

Entrepreneurs feel that they must do everything themselves. Selman says, “If you can’t let go of the decision process, you have probably started doing everything yourself.” Again, let go of some control.

Entrepreneurs have problems focusing on the task at hand. Not surprising, many successful business people and entrepreneurs have ADD.   They need to address their issues and learn to work around their  obstacle.  I’ve seen it happen in my own life.  Again, letting go of control and the need to do “it all” will help an “unfocused” entrepreneur concentrate on what he/she is good at.

Entrepreneurs who are failing to reach their full potential may have grown up in a dysfunctional family.  That being said, who hasn’t? Anyway, the issue here is that  according to Selman, “they often replicate those dysfunctional relationships in the workplace.”  He goes on to say, “experts in business coaching maintain that these dysfunctional relationships are a major reason that entrepreneurs fail to take their brilliant ideas any further than the idea stage.”

For more, visit: www.evancarmichael.com/Business-Coach

Dream it. Believe it. Achieve it.

For those of us starting businesses, we have been riding out a storm for the past two years.  That storm  has left Americans hiding under economic fear.

Today, the WSJ reports that it’s economists say, “The recession is over.”  That is big.  While it is still a slow go, it is moving in the right direction.  Stuart Hoffman says, chief economist of PNC Financial Services Group in Pittsburgh says that “the fiscal stimulus is starting to take hold, and the U.S. has successfully avoided what could have been a full-blown depression. Hoffman declares, “I would make the bold statement that I agree with the majority of my colleagues, my fellow economists, that the recession is ending this summer”.   Hoffman as well as other economists surveyed by the WSJ say that home sales are increasing, folks are purchasing more vehicles and job losses have decreased.

So, whether your start-up is retail, Internet, a hedge fund or M&A, Americans have just been injected with a powerful  antidepressant.  By years end, all may be well again for Americans.  I’m holding my breath this time.

Dream it. Believe it. Achieve it.

Press Releases are a home-run as far as Google is concerned.  Each time you generate an effective press release, you boost your Search Engine Optimization (SEO), thus giving your company website visibility and traffic.  Don’t just write one, each time your business launches a new product or even a new idea, create another press release. The minute your press release is distributed, it will be picked up on various sites and channels.

So, what is a press release? A press release is a news story that is best written in the third person.

Should I gear my press release toward a specific audience? Do not write your press release with your business “target” audience in mind, rather, write it as though a journalist will read it, thus, it needs to be “newsworthy”.

Here’s how to maximize the effectiveness of your press release:

Follow the standard press release template:

• Top left hand side of the page should contain your contact information
• Top right hand side of the page should say “FOR IMMEDIATE RELEASE”
• Next line should contain the title of your release in all capital letters
• The body of the press release follows (3-4 paragraphs is ideal)

Make sure you have well written content and “key words” are included in the first two paragraphs.

I recommend some of the following sites for press release submission:

• http://www.businesswire.com/
• http://www.freepressrelease.com/
• http://www.prnewswire.com/

Dream it. Believe it. Achieve it.

While explaining my situation to others, I often make the analogy of riding in a car with my spouse.  He, the entrepreneur, is the driver.  I am the spouse of the entrepreneur; I ride in the front passenger seat.   His behavior behind the wheel of the car directly affects my life.  He determines the path he wants to take and the speed in which he wants to get there.  Yes, I have a voice and I often give directions and suggest different routes of travel, but my driver has more control over the situation because he holds the wheel. 

It is a fact, that the person seated in the passenger seat gets hit hardest in the event of a head-on collision. Entrepreneurs needs to assure the safety of his or her passengers before starting up.  When safety precautions aren’t taken, he or she may lose his front seat passenger and severely injure any other passengers in the vehicle.

Entrepreneurs, have you taken safety precautions associated with your start up business?  Buckle your seat belts.   How viable is your start up idea? Have you shared it with experts in the industry, family members and trusted friends? Are they “on board” and cognizant of the risks involved? Have you researched the heck out of your idea and the industry? How about funding? How much of your pocket money are you investing, if any? Have you incorporated?

My husband and I made some major start up mistakes.  Yes, as front seat passenger, I sustained some injuries.  Check out the tips and books on this site to avoid totaling your car (or your marriage or any relationship).  Some very stupid things we did? Signing personally for business expenses, trying to get to our destination with too much speed (it’s better to grow organically), not getting proper funding and utilizing “pocket” money to start up and the icing on the cake of stupidity, was not engaging in regular communication regarding the start up venture.

What are your thoughts? Are you a female entrepreneur? If you are looking for a traditional source of funding, you may find it a bit difficult to acquire.  The SBA reports that only 3.5% of it’s contracts are given to women owned businesses.   Financial institutions favor men over women when it comes to loaning them money to start up.  Thoughts?

People are losing jobs, pensions and investments.  Is it smart to start your own company in such environmental turmoil?  According to a recent article by Brad Sugars on the Entrepreneur.com website, yes, it is smart.  He lists the top ten reasons to start a business in a recession.  Here are just a few:

• You can get the deal of a lifetime.
• You can hire very qualified people.
• People are looking to change suppliers.
• Ownership is equivalent to tax incentives.
• Family/friends will not or can’t invest money in the stock or real estate markets.
• The B2B credit flows are keeping money circulating out of pure necessity.
• You can find “low money” or “no money” down deals.

And, here are a few of my reasons:

• With many highly qualified folks out of work, finding the right partner is easy.
• Start-up costs are at a minimum.
• You’re likely to find the “go ahead” from your spouse since corporate employment is hard to find.
• You really have nothing to lose but time and energy and it’s worth that investment right now.

Dream it. Believe it. Achieve it.

I recently read a fantastic article in The Wall Street Journal (February 23, 2009 by Kelly K. Spors).   It gives the aspiring entrepreneur some concepts to ponder before going out on their own. 

Having been married to an entrepreneur for a long time, I can appreciate the fact that answering these questions honestly is of vital importance.   You probably have figured out where I’m going with this…yup…you’re right.  My serial entrepreneurial husband did not ask himself these questions twenty years ago when he was starting up…questions such as: Are you willing and able to bear great financial risk?  This includes taking into consideration the concept of possible bankruptcy.  Are you willing to sacrifice your lifestyle for potentially many years?  Is your significant other on board? 

Some of the answers, I believe, come with age.  At twenty something, an entrepreneur carries a degree of egocentric behavior; not thinking that a wife and kids are right around the corner and building a business takes years.  And while the idea may sound adventurous to a bride-to-be, she too is quite naive about fiscal responsibility and life in general. 

Anyway, that was me…naive, in love, thinking risk taking added a little zip to life.  And him? Well, I already told you…he didn’t answer those excellent questions posed by The Wall Street Journal.  Hey, I’m here to tell the story and we’re still married.

The short answer is YES.  With Internet access, communication can be quick, easy and cheap.  No need for phone bills, postage cost or paying rent since marketing and communication can be done utilizing the Internet.  You can hire employees who can work “virtually” using a cell phone and email to communicate with you.  This virtual system allows you time to grow, establish yourself and set the wheels in motion before jumping into an office or hiring full-time help. 

In Business Week (Feb. 1, 2008 ) David E. Gumpert  compares starting a business twenty years ago with today’s start ups.  Right off the bat, computers, printers, fax, phone system an office space left you impoverished before you even get your first client.  Today, you can be home, set up a website and email list and your overhead is close to nothing.  Gumpert suggests using your savings for marketing their products and services and building a significant Web presence. 

How are you starting up?