Ready, aim, fire

Reflections on Branson Centre of Entrepreneurship - Session 3

To view Session 1 click here
To view Session 2 click here
To view Session 3 click here


One of the "aha" moments that I had during the "Strategise it, Plan it, Do it" session was that as an entrepreneur  there is no room for living by default. Well, technically there is - if your goal is to fail, then living by default is a great way for you to achieve that goal.

This session has prompted me to examine myself carefully and ask some tough questions.  It wasn't fun admitting that there was disparity between my principles and their practical application in my daily activities, both personal and professional.  Eek! I've determined though, that I'm not going to shy away from making change where its evidently needed. In my personal life, and my business - my plan is to live with purpose, not by default.

The practical exercises have helped me to pinpoint what is really important to me - as a person, and how that affect the business I run. I've evaluated how I currently do business, including how I deal with customers, suppliers and managing finances. I've identified a number of areas where things need to change. Goals have been set, and action steps have been identified.

A big realisation that came through facilitator feedback on my homework (thanks Bushera Bashir!) is that goal setting as a business is broader than just financial. Its easy to focus on wanting to make more money when you are currently cash strapped. Its not a bad thing to want to make money, but it should be as the positive knock-on effect of really understanding your market, planning well, working smart and addressing areas that have been identified as weakness in your SWOT analysis.

The bottom line is do your homework, get yourself ready (SWOT, systems and research) set your goals, aim - and then FIRE!

Trying to please all results in pleasing none

Reflections on Branson Centre Foundations Course - Session 2


To view Foundations of Entreprenuership Session 1, click here
To view Foundations of Entreprenuership Session 2, click here


One aspect of being an entrepreneur that can be both a blessing and a curse is that you are your own boss. Nobody is breathing down your neck, reminding you of deadlines, wielding the big stick of disapproval if you don't complete a task on time.

You're in a position of power. On the flip side as Peter Parker's grandpa tells him "With great power comes great responsibility."

If you've set a deadline or committed to a task - then you're the one that has to make sure it's done. When you're in the early days of your business, it's tempting to try and take on as much as you can. You'll do just about anything to hook a sale, sometimes skipping steps like assessing your ability and the capacity of your business to take on the job.  While this approach may work in the short term, it's a sure fire way to set yourself up for burnout.



So there - now you've read my disclaimer for why this blog is being published 5 days late! I wanted it out on Thursday, but the week/ end ran away with me! Unfortunately it is too often the case with those of us in a creative industry. We're great at the creative stuff - but we suck at administration. I could have just left it, but I'm working on developing the habit of doing the things I've committed to as promptly as possible. Better late than never. 

So lets go!

Words I read recently (wish I could remember where though to I could reference it properly!)
"When you try to please everybody - you please nobody."

One of the things that stood out for me in Session 2 of Branson Centre Foundations of Entreprenuership is that you need to be very clear about your market and your product. The more defined your different market segments are, the easier it will be for you to decide on the approach you need to take to identify and ultimately meet the needs of that segment. One size seldom fits all, and if your product or service offering is trying to cover a broad market, your client may well find another supplier that caters to their unique needs.

As part of answering the questions "What am I selling?" and "Who am I selling to?" we were given the task of finding out what our immediate competitors were up to. Sure, as an entrepreneur you're "academically" aware that there are others selling the same product/ service - but you're so busy trying to keep your head above the water that proper competitive research somehow slips to the bottom of the priority list. I got some good ideas from how I can tweak the service our company offers by critically evaluating where our competitors were doing things better (or worse) than we currently are.

I don't have a tertiary qualification, but I'm pretty sure that I'm benefiting a lot more from the Branson Centre business training than I would have from any business degree. Why? Because it I'm already running my own business, and I get to plug what I learn straight into a real enterprise - where there is a really possibility of both failure and success.

All good things do not come to those who wait

Reflections on Branson Centre Foundations Course - Session 1

This week has been an interesting one, with my brain in business overdrive. One of the aspects at stood out for me during the business board game "Vantagepoint" was that as entrepreneurs we need to carefully assess where the business is, and take advantage of the opportunities that come our way. There's no room for passivity if we want to stay open for business.

So how does what I learnt in my first week at the Branson Centre apply to my business?

Let me start by making a statement I'm sure will resonate with many other small business owners. I hate cold calling. It's like ripping off a band aid. You know you have to do it. You "um" and "ah" because you're anticipating the agony.(Often the anticipation is the most painful part.)

After alternating between starting at my computer screen, then at my phone... then back at my screen... I picked up the handset and dialed a prospect I had meant to call a while back. She was very pleasant the conversation flowed with ease. Unfortunately when I got to the part where I asked for a face to face meeting, she informed me that another company had beaten me to selling her the service I was offering. (This is the part where I quietly face-palmed myself)

Quick thinking kicked in, exploring how I could turn the situation to my benefit. Someone had beaten me here, and I wanted to know more about who this someone was. If you're going to up your game as an entrepreneur - then you need to know what your competition is up to.

I managed to convince the prospect to meet with me so that the next time a need arose in my area of expertise, she would at least have some options to choose from. My primary objective was to find out more about my competitor but through listening and asking the right questions I uncovered some other opportunities that were ripe for the picking. I left the meeting with two strong sales prospects and some insight into a new competitor's activity.

I've learnt a few lessons outside the classroom this week.

1. Don't procrastinate. Call that prospect. Set that meeting. Ask. Listen
2. If someone beats you to a client, find out who they are - and what they are doing that you are not.

I get that in life, there are situations that require patience - and that there is a time to exercise caution and not act rashly or make foolish decisions. Most of the time though, when you're running your own business - good things do not come to those who wait.

Good things come to those who act.





For more on the Branson Center visit www.bransoncentre.org
For more on Vantagepoint visit www.vantagepoint.co.za


Image from www.sxc.hu - http://www.sxc.hu/photo/1385312