Baby Boomer Entrepreneurs, What Are The Behaviors of Successful Business Owners?

Would you like to know the three issues that every business owner must deal with regardless of the size of the business?

Would you like to learn a three step process to successfully address those issues?

Do you know why you must evaluate your success based upon the success of the people you hire?

Do you know why beginning with the One Page Business Plan can be the foundation of your success?

If those are interesting to you, you want to watch Ron Finklestein's video, Behaviors of Successful Business Owners. Ron is a business coach. He is also an expert author at www.evancharmichael.com. This site is promoted as the Internet's #1 resource for small Business motivation and strategies.

Baby Boomer Entrepreneurs and entrepreneurs of all ages, five minutes invested in this video could give you the leg up to success that you are seeking.

Shallie Bey
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Telling a story to illustrate what you do

One of the attendees at a seminar I presented last week on effective business networking shared that she had used some of the advance material at a breakfast meeting that morning. She had used her one minute there to tell a story about a client and felt that people fully understood for the first time what she did.

One of the exercises we use in NRG Business Networking Seminars is to try and help people communicate what they do in a way that people will understand more readily.

Some people have a tendency to over complicate their explanation of what they do. One very simple way to help people understand is to tell a quick story. The elements needed are a quick explanation of the situation one of your clients was facing, what you did and the result. With practice you can make sure the example represents the type of client you deal with, the problems they have that you solve and the results you achieve. It's no accident that the media use human interest in their stories so why not do the same?

Here is a quick example from one of our NRG networking groups. A new partner in a professional firm needed to generate his own clients from scratch within a limited time and with few local connections. He joined one of our networking groups and spent time each month connecting with other professionals and building a small number of good relationships giving support and making referrals where he could. A year on and he has a steadily increasing number of referrals and new clients from the time invested in these relationships.

Good Networking!
Dave Clarke
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Networking with your competitors

There's a great story in Andy Lopata's latest 'Connecting is not enough' newsletter. Andy recently shared a platform as a speaker with former State President of South Africa and Nobel Laureate F W de Klerk. He relates how the 2 political opponents, de Klerk and Nelson Mandela, collaborated in raising electoral funds. It's a great story and you can read the full story at the link above. (There is more about the pair's relationship in Andy's blog at 'The Art of Relationship Building - F W de Klerk and Nelson Mandela').

In my experience people who think of themselves as competitors often find more in common to collaborate on than they think. I remember meeting an accountant who expressed some trepidation that he may encounter other accountants at an upcoming NRG business networking event.

I asked him where most of his referrals came from. He paused for a minute, smiled and said "other accountants!"

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

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Getting your mind right for networking

I have seen a number of presenters over the years talk about how they get themselves in the right mindset before undertaking some activity or other. These have ranged from simple things like breathing exercises to complicated figure of eight walking patterns.

I attended an excellent networking masterclass from Nigel Temple last night. During one of the discussions Nigel was sharing how open questions were much more important than any elevator pitch and said that he always thinks CAKE before networking. Why cake you might ask. Cake reminds him of Mr Kipling (exceedingly good cakes!) and that reminds him of a verse from the poem in The Elephant's Child from Rudyard Kipling's Just So Stories:

I KEEP six honest serving-men
(They taught me all I knew);
Their names are What and Why and When
And How and Where and Who.

That reminds Nigel to prepare for asking questions and then actively listening when he meets people. That way he can listen and make relevant connections for the people he meets.

How do you make sure you get in the right frame of mind?

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

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How to create a successful online networking profile

I recently wrote '10 tips for building business with the effective use of offline & online networks' in response to a number of requests for help with getting the balance right between offline & online networking. I also wrote about the subject in my National Networker Column last month, 'UK: How small businesses really network.'

With any online network your profile is at the heart of your experience. It’s how people can be sure they’ve found the right person when they search for you. Here are some tips on creating a successful online business networking profile from this month's NRG-networks Community Newsletter.

• Just like when you meet someone in person, your profile photo is the way people who meet you online can put a face to your name.

• What you write in your online profile summary is just like the 30 second introduction you’d give to someone you’ve just met, so don’t underestimate the value in spending a little bit of your time getting it just right.

• You can add a few carefully thought-out keywords to your profile to indicate how you’d like to be found when people search for you. Think about the things you specialise in and add them to the keywords section on your profile.

• Your education, your interests, and your professional experience are the kind of things other people are likely to find interesting about you and what you do. They trigger conversation and interaction. So make sure you add as much information as you can so people find you and ask to connect with you.

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

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Baby Boomer Entrepreneurs, Does Business Incubation Improve The Odds of Business Success?

As the economy continues to be weak, it is important for baby boomer entrepreneurs to know about business incubation. Business incubation in a formal program may be the key to business success as you form your new enterprise. If you can't join a business incubation program, you may want to simulate one of your own.

The National Business Incubation Association says that business incubation programs provide entrepreneurs with a guiding hand to help them turn their ideas into viable businesses. Since the first incubator opened in Batavia, N.Y., 50 years ago, incubation programs around the world have been providing client companies with business support services and resources tailored to young firms to help increase their chances of success.

Does Business Incubation Improve Odds of Success?
The U.S. Department of Commerce Economic Development Administration validates that incubation works. Their research says that business incubators provide communities with significantly greater results at less cost than do any other type of public works project.

Researchers found that business incubators are the most effective means of creating jobs – more effective than roads and bridges, industrial parks, commercial buildings, and sewer and water projects. In fact, incubators provide up to 20 times more jobs than community infrastructure projects (e.g., water and sewer projects) at a Federal Government cost of $144 to $216 per job compared with $2,920 to $6,872 for the latter.

In another EDA-funded study in the mid 1990s, it was found that 87 percent of all firms that had graduated from NBIA member incubation programs remained in business – and about 84 percent remained in the incubator's community.

It is estimated that in 2005 alone, North American incubators assisted more than 27,000 start up companies that provided full-time employment for more than 100,000 workers and generated annual revenues of more than $17 billion. Many thousands more jobs were created by companies that had already graduated from these business incubation programs and now operate self-sufficiently in their communities.

If a strategic focus on innovation and entrepreneurship makes the difference in businesses started in business incubators, a similar focus will work for you.

Find out more about business incubation by visiting the National Business Incubation Association at www.nbia.org.

If you can't find an incubator, you may be able to simulate the incubation process by participating in a structured process. See our suggestions on doing this by visiting Join The Baby Boomer Entrepreneurs.

Shallie Bey
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What is the ideal sized networking group?

In my monthly column for the National Networker, 'UK: How Small Businesses Really Network' I wrote about the findings of some recent research conducted by Alan Rae and Lisa Harris. They studied how small companies network and establish the best balance between online and offline networking.

One of their findings was into the size of networking group favoured by their respondents. Most favoured a networking group of between 20 and 40 members. That supports the opinions that many people share when I ask that question at different group meetings.

It is also a figure that could be arrived at by combining the Dunbar number & the Pareto principle. According to the British anthropologist Robin Dunbar the number of individuals with whom a stable inter-personal relationship can be maintained is about 150. The Pareto principle (or 80-20 rule) states that, for many events, roughly 80% of the effects come from 20% of the causes.

Therefore if we have a capacity for about 150 relationships and 20% have the potential to be the most beneficial the ideal group size would be about 30.

What is your experience in different groups?

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

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Building trust in networking

I have mentioned before the NRG-networks research into the process of building trust in business relationships through networking.

Alan Rae has conducted more recent research into the same topic and it's great to read that his findings support our own in his articles, Building Trust Part 1 and Part 2.

We identified a 4 step model for building trust, the Advocacy Model, and Alan identifies some of the key skills required:

- having the right attitude
- being absolutely clear about what you do
- being consistent
- being easy to talk to
- listening a lot
- finding helpful connections for the other person

He also summarises what it takes to make networking work really well:

"Above all you have to be clear about what you want out of it – be it collaborators, referrals, employees, introductions to finance. If you are helpful and you let other people know clearly what you do and what you want, consistently – then the magic will start to occur."

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

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Are you crystal clear about what you do?

My colleague Martin Davies related a great story about being clear about your target market in his recent post 'Be really specific when defining your Target Market'. It's great advice and the other really important thing is being absolutely crystal clear about what you do for them. The person in his story was very clear.

To get results and referrals from your networking you want your advocates to promote you and what you do when they spot an opportunity. Are you giving them a clear enough message to help them do this?

If you are not sure then ask a few of your good contacts to tell you what they think you do and who for. It can be a real eye opener and help you adjust your message to something much more effective.

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

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Using Social Media to spread Word of Mouth

Yesterday I wrote about the conversation I was having with a Service Business Owner about Twitter. On Friday last week I attended an excellent presentation from Internet Pyschologist Graham Jones about increasing website traffic with 2 simple steps. The Two steps are firstly to generate regular and consistent content, then promote it.

Graham mentioned the drop in his web traffic when not signposting & sharing his content via Twitter. As I wrote in 'How do I use Twitter & Social Networks?' Twitter and other Social Media are great for sharing your expertise and building your reputation.

Are you utilising Social Media in this way?

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

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