I’ve considered writing a book with this title.  Right now, I’m trying to figure out what my plan “B” actually is, and I think for most individuals, this is the issue…planning ahead so, if plan “A” is not working, you are prepared with an alternative.  Many optimistic entrepreneurs do not have a secondary plan.  Make one NOW.

I’ve always held on to the attitude that failure doesn’t exist.  How can it? If you learn from any process or risk, how can there be failure? Learning certainly does not equate to failure.  So, where does that leave me?  Bills are high, revenue is low, debts are incurring, but I’m learning.  Is that failure?  No.  (One of my prior posts is “Re-defining Failure”). It means it’s time to switch gears.  If bankruptcy is a concept you are considering, you need to think long and hard about your business model and ask yourself, “Is there something I can do to save my start up?” Plugging along and hoping for a miracle is not smart (done that).  Now, comes plan “B”.  That “rainy day” plan that you had hoped you’d never need to resort to.

If you are a true entrepreneur, plan “B” is never taking a job with a corporation and being an employee.  But, that being said, your plan “B” may be taking a part time job to make ends meet until the storm is over (as I mentioned in my prior post).  Or, plan “B” might be cutting down on advertising, down-sizing staff or moving to smaller quarters, or even moving your business to your home to reduce your overhead.  There may come a time when you need to consider these as the only means of survival…the only way you will be able to keep your door open.  Don’t put all of your eggs in one basket, have a plan “B”,  believe it in and don’t think you’ve failed because you need to use it.

I’d love to hear about your plan “B”.

Dream it. Believe it. Achieve it.

How badly do you want to stay in business?  If you are hungry enough for success, you may need to consider finding a second job to stay the course.

Today, in WSJ.com, Raymund Flandez tracks a few struggling entrepreneurs who have resigned to the fact that, in order to fulfill their dreams, they had to become a part-time employees.  In one case, a young women accepted a job as an educational consultant, working ten hours a week.  With this financial security, she is able to fulfill her dream of creating preteen educational videos.  Another entrepreneur, whose sales are down 60% from last year, was having trouble managing personal expenses like cell-phone bills and car payments and had to stop taking home a paycheck.  He took a second job a few days a week so he could make ends meet.

Of course, the fear most entrepreneurs face is the  perception this will radiate to clients and other professionals.  First of all, most of the time, they never have to know about it.  Secondly, any loyal customer or client wants to remain just that.  They don’t want to see you fail.   Another concern is that a second job will zap your time and energy making creative thought and on-task performance suffer.   This may be a small price to pay now for success later.

Only you, the entrepreneur, can evaluate what it is that will work for you and for your loved ones.  If taking a part-time job can pay for daily expenses while you ride out a fiscally trying time, it may be well worth the time it takes away from your start-up.  Yes, it may take a bit longer, initially,  to see the growth and prosperity you are looking for in your company, but at least you are protecting yourself from having to close your doors.

On a personal level, my husband has had to take more than one part-time job during his start up.  It was the only way to stay afloat during tough times.  It is not only the economy that dictates tough times.  Even during a good economy a few bad business decisions can land you in the hot seat.  Moving to larger quarters before you are ready, advertising and marketing to the wrong audience, or employees that are not pulling their weight can all weigh heavy on a start up that has limited funds.  We have done all of those things…and more.

What’s your story?

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.

According to Kelly K. Spors and Raymund Flandez (www.online.wsj.com, May 2009) because of the current financial condition and the abundance of recent lay-offs, there is an entirely new entrepreneur emerging: one born of necessity.  It  is logical, right? You loose your job.  A corporate “type” individual immediately networks among friends and co-workers, gets a resume out there, and if lucky, goes on an interview or two.  This is not the opportune time to be hired.  Let’s face it, you were just fired and so were many other intelligent, motivated, qualified individuals.  So, what do you do when many months pass and you are still without a job or even a solid lead?

Rather than sitting around waiting for employment, many people are starting their own companies.  Spors and Flandez call them entrepreneurs by necessity.  Can they do it?  If you’ve read any of my posts, or done any research on your own regarding entrepreneurs, it takes a unique kind of person to build a company.  Even experienced, savvy entrepreneurs are finding the current economic times challenging.  How will this new breed of entrepreneur fare?

Are you an entrepreneur by necessity? Do you know someone that fits this description?

Dream it. Believe it. Achieve it.

Last week, I began interviewing a very dynamic and successful restaurant owner.  We will be finishing up our interview later this week but I felt compelled to share one element of our interview that came out loud and clear.  This entrepreneur didn’t just dream of owning her own restaurant at a young age, she drew pictures of it’s appearance, created a detailed menu, chose a name, even went as far as to decorate the mantels of the three fireplaces.  Long before she was ready to buy the physical structure, she painted a picture of it, and the picture was not only in her mind, it was on paper.  She solidified her dream, she believed it would happen.

The pictures sustained her while she paved a path to achieve her dreams. They enabled her to remain patient in her process, but focused at the same time.  For years, she waited…she worked…she dreamed…she drew…she wrote…she talked…until the time was right.

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.

Why not encourage your teen to “create” a  job…you know, be his or her own boss…as in “teen entrepreneur”?  Today’s Wall Street Journal (April 15, 2009) reports that, Faced with the darkest summer-job market since the government began collecting data after World War II, a growing number of teens are turning to entreprensurship.

If your 16-19 year old wants to make money this summer, starting a business may be the way to go.  How do they go about it? There are many resources for teens interested in start-ups including FutureCEOstart.com and “Student Center” at JA.org.   The WSJ also reminds teens thinking of starting up that they will probably need a bit of financial help to create their business for marketing materials like flyers or tools pertinent to their industry. 

Some ideas? A young girl in our small town of Ridgefield, Connecticut began a teen consignment store called “Twice Loved”.  My own son created a website/blog (www.sportsguysblog.com) that has generated revenue through ad space and he is now hiring writers and editors in order to grow his business.  The WSJ talks about a 16 year old designing web logos and selling them for $60 and another teen starting a foreign language tutoring business. 

My advice? It is the same I give adult entrepreneurs, find what you love, try to create a “niche” in that area, believe you can do it (imagine it happening and feel that power), talk the idea up to friends and family members that you trust, seek resources that will not dent your wallet (see my “tips” and this article for online help), start some “grassroots” marketing like Facebook or  Linkedin, be patient and persistent (don’t let a few obstacles get you down) eventually, you will achieve your dreams.

Teens, like adults, will have to face the present economic challenges when starting up, but, at the end of the day, they will have an experience and education built on their own merit because they have pursued the American dream.  Dream it. Believe it. Achieve it. 

For more information on this great WSJ article by Sue Shellenbarger, visit: http://online.wsj.com/article/SB123975649228419167.html

Within the historical makeup of the United States lies the entrepreneur.   No matter how crazy our economic situation has presently become, our country remains, what The Economist.com (March, 2009) calls, “the beacon of entrepreneurialism”.   Rooted in the historical makeup of America are the principles of life, liberty, and the pursuit of happiness.  Our founding fathers have embedded these ideals in the walls of our country; we need to allow them to continue to feed and sustain us. 

As individuals in a vast and powerful nation, we still have the ability to Dream it. Believe it and Achieve it.  Perhaps the economic stability our country is looking for can be found if we just look at our country’s certificate of authenticity: entrepreneurs.  Taking risks in 2009 is seems absolutely crazy as people are scurrying to find safe investments, which, to some, equate to putting money under their mattresses.  We can’t stop taking risks.  Small business creates jobs and is a sure way to economic growth.  We have what The Economist calls the “most mature venture capital industry” in the world, an industry that has been around, in an organized fashion, since 1946 with The American Research and Development Corporation.

America still has it all…we can build it here in this country.   Start today, it begins with you, the entrepreneur.  Dream it. Believe it. Achieve it.

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?