How Can Busy Entrepreneurs Recognize and Solve Business Problems?

What Are You Missing? Start-up executives can become too close to the project, to busy managing the minutia, and stretched too thin due to lack of staff, time and financial resources to notice the flaws in their plans. In most cases, the work is extremely hard and requires numerous, long hours that turn into days and then turn into months. It becomes difficult for the Founders, and executives to stay focused on the critical tactics and strategies necessary to lift their company to the next phase in growth.

Meetings with trouble-shooting Consultants or venture Coaches can help Founders navigate through the challenging times and rough waters of launching a startup. Experienced Consultants know how to walk the fine line between enthusiastically recognizing the business model and market potential while offering critical consulting advice and strategic planning. Founders need to recognize that the Consultant’s analysis and criticism is a strategic necessity for the realization of the company’s short term and long term potential. Moreover, a good Consultant will be able to quickly assess the strengths and weaknesses of the plan and zone in to recognize the problems or blockages – good Consultants are natural trouble shooters and problem solvers. Founders need to recognize when their plans are not being realized and take the risk by hiring and paying for an outsider who can become a part-time addition to the company’s strategic capital.

In a recent meeting with confident and enthusiastic Founders of a promising startup business, let’s call it The Glick Company, and myself (a business venture consultant), it became evident that the Glick’s Founders were overlooking and not performing on several critical issues in their plan.

In this case, the Glick executives had an incomplete product launch and capital strategy. They were busy working on the product refinements and hoping for one large customer that they were not paying attention other critical problems. Collectively, the Founders could not “see” some of the problems that were blocking the progress of their company. One of the two Founders determined outside advice was critical for the company to reach its potential. Many of the strategic pieces were in place, but the firm lacked the cohesive tactical and execution plan in several areas.

After a meeting and several telephone calls, the consultant identified that the Glick Founders had not tested the product in the marketplace, put together any other pricing or marketing strategies (besides the one large deal), did not have a strong capitalization plan in place and were not aware of how to take advantage and re-position their strengths for an upcoming investors meeting. There were workable solutions to their challenges, but it took an outsider to recognize the challenges and provide a vision and a plan for the executive management team to follow.

During the two hour meeting between the Glick Founders and the Consultant, the payoff was recognizing what was not working and how to avoid additional, future problems.

The meeting ended with several new ideas, plans and strategies for the Glick team to implement. The product was to be tested in the market place; the Founders would have very useful and accurate feedback from a qualified focus group. Marketing materials outlining the features and benefits of their product were going to be developed. The Glick sales team was to begin marketing the product to the top 1000 qualified buyers to try to obtain Letters of Intent and fill the manufacturing pipeline. Back up manufacturers in place were to be found and pricing guidelines and models were to be implemented. We determined ways to best present the company, the team strengths and the progress at an upcoming investors meeting to ask for additional capital investments. Each of the solutions became milestones towards the progress of launching the product in the marketplace.

Would this outcome have been the same without hiring a Consultant or a Coach? It is hard to say, but the Glick team was extremely pleased with the time and money spent working through some of their strategic challenges and determining new solutions to existing problems. Within a week after the meeting, I received a email from the Founder stating that the investor meeting went well and additional capital was raised. This was the best news I could hope for….

How to Turn Successful Business Ideas Into Your Reality

Online, you will find several successful business ideas. However, these ideas are worthless if you do not act to turn them as your reality. You have at least three ways to do this. One is to recognize your opportunities as they come knocking on your door. Two is to build your connections. Three is to identify and keep your best practices going for the sustainability of your profitability.

Recognizing Business Opportunities

The internet is a vast marketplace where business opportunities are plentiful. However, you must also understand that not all of these opportunities are suitable for you to profit online. Therefore, you must learn how to recognize the right opportunity when it comes knocking on your door. Don’t let it pass, or you miss the chance to make money from a potential income-generating business.

You can find successful business ideas from entrepreneurs running their own businesses on the web. Identify gaps or inefficiencies and then build your business to fill in the gap or to correct inefficiencies. As long as you can satisfy the needs or wants of a market you are interested about; you can become a successful business entrepreneur, whether online or offline.

Building Your Connections

To turn your business ideas into successful reality, the key is to connect with your target market. You have to know what their needs and wants are, and how they want their solutions delivered to them.

Studies show that most consumers are using the internet to get information and to buy what they need and want. If trends continue in 2013, about 88+% of the online population globally will rely on the internet for their solutions and shopping requirements.

Of the more than 88% online consumers, almost half of them or 42% are gathering information about what they need or want to buy from the internet. 21% of them read reviews online before they decide to purchase. Successful business ideas seriously consider the statistics on consumer behavior.

To connect with your target market, give them the information they need to help them make better decisions. Let them realize how they will find their solutions from your business and benefit from it.

Maintaining Your Best Practices

As you turn your business ideas into reality, it is essential that you track your progress. This will enable you to identify your best practices, and either correct or discard those that do not yield profitable results. In doing this, you will be able to save on cost, increase your productivity, and widen your profit margin.

The internet is a vast marketplace where successful business ideas abound. Learn how to recognize opportunities as they come your way. Connect with your audience and nurture good relationships. Monitor your progress and keep your best practices. Start to act on profitable ideas right now.

Market Mood Swings And How To Benefit From Them

You must have heard many news like – market dropped due to some political upheaval in the middle east or the market soared due to some referendum in Europe. In the age of globalisation, all the markets and businesses across the world are intertwined, hence any geopolitical event has the potential to move the global markets.

But where does that leave the investors? What should be their ideal approach to counter such uncertain situations? The good news is – whether markets fall or rise, it’s an opportunity for the investors. Here’s how.

Investors In The Market Cycle

The reason we say that whether market falls or rises, it’s always an opportunity for the investor is because if the market falls, all the stocks on your watch-list, most likely, will be in the buying range. And when the market rises, it’s a perfect point for you to sell the stocks which have reached their target price.

The key point is – if you have a long-term perspective in stock investment, it will be your armour against all the uncertainties of the stock market.

Let’s take a look at the market phases which comprises the market cycle.

The Bear Market

The bear market is a market condition where the prices of the securities fall considerably and the market goes through a significant downturn. In such situations there is widespread pessimism about stock prices and a lot of panic selling takes place which further escalates the downturn.

Though it’s a nature of the market to swing up and down, intraday traders and short-term investors, who deal in huge quantities, have no other option but to sell their holdings to minimise their losses.

However, long-term investors have an advantage in this phase, as they can choose to hold their stocks while they also have an alternative to average their existing stocks and buy new stocks. Always remember, the bear market is a perfect opportunity to enter the market and build a robust portfolio.

Market Accumulation Phase (Consolidation)

This phase takes place after the markets have hit the bottom and some value investors think that the market situations is good to buy as the worst is over. Valuations of stocks are very attractive in this phase while the market sentiment is still bearish. Which makes it an ideal time to enter the market. In the accumulation phase, prices are flat, as the disillusioned sellers start selling while the wise investors pick it up at a healthy discount. Owing to such turn of events, market starts to pick up.

To get through such phases, investors should just be patient and hold their stocks. Giving in to your impulse of selling stocks due to continuous consolidation will only bring you losses. It’s just a phase which passes sooner or later.

The Bull Market

The bull market simply means that the market is on its upward drift. The market index goes high and all the major stocks start soaring. This is the phase investors invest for. One thing investors should ensure while going through this phase is that it’s not a buying period, it’s the time to review your portfolio and sell stocks which have reached their target price. In a way, all the investment, and calculated risks you take while the market was down pays off when you reach this phase. If you make the right choices, you will be handsomely rewarded.

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