ToastMastery and Social Obligation

Thanks to my Mentors, Mentees, Evaluators and Fellow Toastmasters. The 1st peak in Pathways. Completion of 2 Paths . and Pathways Mentor Certificate in less than 1 year ! ( I am late by 6 months as per my target date but Better Late than Never. Feels great to restart the Toastmasters journey. I truly believe that the Social Obligation of a Toastmaster’s Toastmastery ( Mastery in Servitude) can be realised by serving the Youth of our country.
I truly believe that the 4 th and 5th Leg of AIM Mentoring i.e. Leadership and Speaking Skills have a great opportunity for all Toastmasters in India to visit the AIM Tinkering Labs ( over 1000 AND counting) in the country and begin Youth Leadership program with Niti Aayog. Who is better equipped than a Toastmaster to impart Communication and Leadership . skills to our youth. Amen!

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The 12 Most Common Mistakes New Entrepreneurs Make & how to avoid them

Title:
The 12 Most Common Mistakes New Entrepreneurs Make & how to avoid them

Word Count:
1523

Summary:
A large number of people who start their own business do not realize how much work and time will be involved. They fail to carry out any primary research and as a result, become quickly overwhelmed.

Perhaps the first question to ask yourself then is whether you are in fact ready to start your own business. Do you have an entrepreneurial mindset? Are you committed to spending all the time you need to succeed? And are you ready to take massive action?
Keywords:
entrepreneur, small business owner, start a business, business plan, marketing, networking, financing a business,
Article Body:
A large number of people who start their own business do not realize how much work and time will be involved. They fail to carry out any primary research and as a result become quickly overwhelmed.

Perhaps the first question to ask yourself then is whether you are in fact ready to start your own business. Do you have an entrepreneurial mindset? Are you committed to spending all the time you need to succeed? And are you ready to take massive action?

At first, you will have to wear many different hats; you will be the CEO, the general manager, the accountant, the salesperson, the computer technician, the secretary, the receptionist. You must, therefore, prepare yourself because there will be days when you are disappointed, depressed, or frustrated. You have to realize that success will not happen overnight. And it may take a year or two before you achieve your expected results.

To avoid these disappointments, here are ëThe 12 Most Common Mistakes New Entrepreneurs Make & How to Avoid Themí:

Mistake # 1 – Failure to spend enough time researching the business idea to see if it’s viable
Numbers of new entrepreneurs have often failed because they were not truly interested in the business; they were more interested in making money. It is important to start something that you really like because you will be spending a lot of time on it.
Your assignment ñ Spend all the time you need working on your business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), industry analysis (size, economics, trends, success factors, challenges, etc.), your marketing plan, your financial projections and sales.

Mistake # 2 – Failure to determine whether the business actually adds value
The most sustainable businesses, those that withstand the test of time, provide value by performing a service that people need.
Your assignment ñ Make sure your products or services provide value and benefit to your clients. Be ready to solve any business problems that your clients may have.

Mistake # 3 – Failure to gain a complete and total understanding of the business
Every business has drivers; hot buttons and key levers. What drivers exist in your business?
Many business leaders, executives and management consultants would say that success largely depends on attention to detail.
Your assignment ñ Understand all the aspects of your business, and of particular importance, know how to present them in an easy and simple manner.

Mistake # 4 – Failure to describe the business in only one or two sentences
No doubt youíve experienced the entrepreneur whose business is so technical or complex that he cannot explain the concept in plain English. Or, it takes 20 minutes to convey the purpose of the business. What value or benefits does your business offer?
Your assignment ñ Have an efficient 15 to 60 second elevator pitch that introduces you, your businessí mission, focuses on the benefits you provide and makes you and your business memorable.

Mistake # 5 – Failure to conduct the primary research
There are many great ideas you can latch on to, but the key in business is to make sure the ideaóthe central theme or mission of your business ventureócan attract customers and generate sales and profits. A great idea in and of itself is not enough to start a business.
Your assignment ñ Take the time to gain experience, study the business, understand what makes the business work (how to serve the customers and generate profits) and what leads to losses.

Mistake # 6 – Failure to contact professionals who can help you get started
Numbers of new entrepreneurs ask their friends and family for advice when starting a new business. The problem is that they often ask people who have never started a business; so in reality, these people are not in a position to offer sound advice.
Your assignment ñ Get a mentor or two. Surround yourself with experts who possess skills and expertise that you lack. Team up with professionals who can complement your strengths and cover for your weaknesses.

Mistake # 7 ñ Failure by underestimating financial requirements
Do you know how much capital you need to start your business? Do you know the market, did you calculate your cost, did you project your sales, do you know the number of clients you need? Do you know how long it will take before you get your first benefits or before you will run out of money?
Your assignment ñ Invest the time to work on ALL aspects, especially the major ones, of your business before you start.

Mistake # 8 – Failure to make marketing a priority
Many new entrepreneurs start their business without determining their target, niche, and demography first and as a result, have failed to attract any clients. Marketing should be one of your top priorities. Devising a marketing plan will help you determine how to promote your products or services and create a system that will generate more clients for your business.
Your assignment ñ Dedicate a good portion of your time and energy to working on and implementing your marketing plan. Set up a meeting with yourself once a week to work on your marketing plan and whatever happens never cancel this meeting; it is essential for your business.

Mistake # 9 ñ Failure by under-budgeting the marketing costs
Today the world is overcrowded with businesses and probably a number of those in your market perform essentially the same functions as you do. This means that you have to differentiate yourself from them by making your business stand out. Publicity is essential to your livelihood; otherwise, you will not attract any customers.
Your assignment ñ Make sure you have a strategy that puts the word out there. Provide adequate publicity, business cards and marketing materials that project a professional image. Donít try to save money on these; they are reflecting your business. A cheap business card or flyer will not make a professional impact.

Mistake # 10 – Failure to focus on the business
Many new entrepreneurs are energetic and enthusiastic people (which is essential to success), but they can also be overly optimistic and pursue too many targets and directions at once. This typically results in mediocre results. Define your businessí mission as succinctly and narrowly as possible. When you move in too many directions at once, especially in the early days of your business, you are likely to fail to execute anything correctly; so you end up working ìon the businessî instead of ìin the business. In other words, you will spend all your time operating each task on your own. You wonít have the time to sit back and decide on the best way to develop your own marketing plan, create new products, or improve your services.
Your assignment ñ Know your goals. Put them in writing. Make sure they are realistic, specific and measurable and that you set yourself a deadline to achieve them.

Mistake # 11 – Failure by over-marketing
Once you have developed your product or service and have perfected your offering, you may think that your offering is the best in your marketplace. But unfortunately, to be efficient you canít sell to everyone. You need to select a specific target market and stick to it. By doing this you will have a more efficient message and will more likely achieve success much sooner.
Your assignment ñ Carefully determine your niche, your demography, your ideal clients, where they go, what they read, what their hobbies are, etc. Once you have a full understanding of your clientís profile you will then have a full understanding of how and where to find more of them.

Mistake # 12 – Failure to follow-up with clients
Many new entrepreneurs are often so desperate to constantly find new clients that they neglect the clients they already have and in fact end up losing business. Statistics show that it takes seven more interactions to secure a new client than to sell more to a repeated client. So develop and maintain a useful and organized follow-up system to offer new services to your clients and donít let them slip away.
Your assignment ñ Constantly and consistently communicate with your current clients.
Start a newsletter, offer special sales, create new products to upsell, join affiliate programs if you donít have your own products. People who have already bought from you will appreciate it when you recommend other products. Statistics show that up to one out of three clients will take advantage of this new offer. It is essential to build a very, very special relationship with your clients. They are your best audience.

If you have a business idea but are unsure how to get started, or already own a business, but have not yet achieved the results or success you were hoping for, check out my book: “Start Your Dream Business Today! The Proven 11 Steps to Start and Grow Your Own Business”, a simple yet informative and easy to follow step-by-step guide to everything a new entrepreneur should know when starting a business.
Get it today by going to http://www.StartYourDreamBusinessToday.com. You wíll also get a lot of other ideas and resources to help YOU Start Your Dream Business and I will save you time and a lot of money, as I did for my clients.

© 2006 Biba F. PÈdron

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The Startup, C-Suite, Mentoring Daily

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Guru’s Newsletter

Dear Friends,
Life is short. Do whatever you can to help people – not for status, but because the 95-year-old you would be proud if you do help people and disappointed if you don’t!
Life is good.
Marshall
Thinkers 50!
Thinkers 50 and I are proud to announce the thinkers shortlisted for the Marshall Goldsmith Coaching and Mentoring Award!
Congratulations to my friend and 100 Coaches member Feyzi Fatehi for receiving the 2019 CODiE Lifetime Achievement Award that previously has been bestowed on Steve Jobs, Bill Gates, Steve Wozniak and the likes for their impactful contributions to the world of Technology.
My good friend and 100 Coaches member Howard Prager’s article Beyond Category: Collaboration asks
Who is in your life that impacts you?
Who do you collaborate with?
And who finds you?
Pre-order from Rita McGrath!
Which opportunities are positioning your organization for the future?
Download a free Opportunity Portfolio toolkit when you pre-order a copy of best-selling author Rita McGrath’s new book, SEEING AROUND CORNERS.
Stakeholder Centered Coaching News
Putting Humanity into HR Compliance: Creating a Coaching Culture—Doing vs. Understanding – articles about our Stakeholder Centered Coaching and how it works!
Books We Love
Do you feel like you never have enough time or energy to get things done? Are you stressed and exhausted just thinking about work? Are you getting to the point where you dread Monday mornings?
TBT Video
Last Breath
Imagine yourself at 95 years old, knowing what was important and what wasn’t. Take that knowledge to heart now, both for your career and for your personal life.
You are now about to receive the best coaching advice that you will ever get in this—or perhaps any other—lifetime! You are about to receive advice from a very wise old person. Listen very carefully to what this wise old person says.
I hope that you enjoyed the Life Is Good update, and that it is helpful to you!

Inc42- Startpreneurs’ Newsletter

Today’s Top Story
redBus Looks At International Expansion To Drive Next Phase Of Growth
Prakash Sangam, chief executive, redBus, said that its next lever of growth is going to come from its international business as it is currently evaluating opportunities in Vietnam, Thailand and Turkey.
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Google Opens Applications For AI/ML Startups For Launchpad Accelerator
Google has now opened applications for the third cohort of its Launchpad accelerator in India. The Google Launchpad Accelerator mentors early-stage startups on various aspects of their business, across the areas of technology, product strategy, marketing, UX/UI and leadership.
Instagram Ad Partner Banned For Scraping User Data Without Consent
Facebook-owned Instagram has banned one of its advertising partners HYP3R after a security lapse and configuration error on its behalf allowed the marketing company to scrape data of millions of users, without explicit consent.
Funding Galore: Indian Startup Funding Of The Week [5-10 Aug]
This week UrbanClap inched closer to the unicorn club, Reliance Industries Limited was said to be all set to acquire an 87. 6% stake in fashion ecommerce platform Fynd & more. Know about all the deals that happened in this week here…
IndiGo Tries To Go Vernacular To Retain Small City Travellers
Nitin Sethi, VP (Digital) at IndiGo reportedly said that digital reach is very important for IndiGo and it is giving a lot of thrust on regional languages to reach out to more customers. “We will launch the Hindi website by next quarter and app in the local language later, ” he said.
Featured Stories
Webinar: Startup101 – Building Your Venture From The Ground Up
In alignment with our goal, we are excited to announce the next webinar for “The Rising Freelance Economy” series— Startup101: Building Your Venture From The Ground Up going LIVE on 13th August’19 at 3 PM. Register Now!
How Agritech Startup NinjaCart Is Solving India’s Fragmented Food Supply Chain From Farm To Home
As a part of our SteppingUp series, powered by Dell Small Businesses, we speak with a few of most disruptive businesses in the Indian Startup Ecosystem that used technology in innovative ways to become role-models for other Startups. This week, it was NinjaCart. Watch the video to know more about our conversation!

From my respected Mentor – Dr. Marshall Goldsmith

In this week’s interview with Chris Cuomo, my great friend, journalist and news anchor of CNN’s Cuomo Prime Time interviews me about one of the trickiest bad habits in my book, What Got You Here Won’t Get You There.
I hope you enjoy and learn as Chris and I explore the concept of “adding too much value”.
For more articles and videos, check out all of my posts on LinkedIn!
Is It Worth It?
Is It Worth It?
Chris Cuomo, journalist and news anchor on CNN’s Cuomo Prime Time, recently interviewed me about one of the trickiest bad habits in my book, What Got You Here Won’t Get You There, adding too much value. We explore the concept in the short excerpt from our interview below. Chris: Chris Cuomo here with the … Continue reading Is It Worth It to Add Value? Not Always.…»

All of these videos are online, so if you haven’t had a chance to see one yet or if you’d like a refresher they are available at Thinkers50. I hope you find these videos to be fun and useful and that you continue to share them!

Life is good.
Marshall

About the Marshall Goldsmith Thinkers50 Video Blog

The Marshall Goldsmith Thinkers50 Video Blog and accompanying written articles incorporate learnings from my 38 years of experience with top executives, as well as material from my previous research, articles, and books, including What Got You Here Won’t Get You There, MOJO, Coaching for Leadership, and my new book, New York Times and Wall Street Journal best-selling Triggers.