|
|
Blog Contents - VenturePORT Master
Beating Business Burnout
According to John Ingrasano at Freestyle Entrepreneur, burnout and boredom are the top reasons why small business owners either sell or shut their doors. These two factors account for 50% of all businesses being sold.
John goes on to outline 10 ways to help beat burnout...the first four of which are focused on the "life" portion of the work/life balance:
1. Separate work and play...create "No Business" zones and times.
2. Get adequate sleep...at least 6 hours (naps are an entrepreneur's best friend!).
3. Devote time to mental regeneration...meditate, read, pray, or listen to music.
3. Exercise daily...some of the greatest problem solving occurs during this time.
For the entire list, go to www.thefreestyleentrepreneur.com
VenturePORT eZone Business Accelerator
We've all heard it...in this economy, credit is tight, cash is king, and everyone - from large multi-national corporations to nonprofits to the start-up on the corner - is reducing their expenses. So what else can entrepreneurs do to adjust their spending to meet the challenges of the current economy? We recommend considering a business accelerator! "A what...?" you say? Let me explain...
VenturePORT.org is excited to announce the launching of the Entrepreneur Zone (eZone) - a private sector, brick and mortar business accelerator that connects entrepreneurs with each other and valuable resources to help them achieve greater success in business. Our mission is to provide flexible, cost-effective office suites and professional services in a highly collaborative and innovative environment.
Our Business Accelerator includes:
• State-of-the-Art Facility with Business Suites
• Flexible Month-to-Month Leasing
• 24/7 Access and Secure Suites
• High-speed Internet access (full T1 and wireless)
• Professional Reception Area
• Conference Room (wireless internet, SMART Board)
• Collaboration Room (Thin Client, 32" LCD monitor)
• Classroom (wireless internet)
• Kitchenette for Clients and Employees
• Furnished and Decorated Common Areas
• Common Area Maintenance and Utilities
• Business Showcase/Web Kiosks
• Ample Customer and Employee Parking
• Business Profile on VenturePORT.org
• Networking Events & Other Opportunities
• Monthly Meetings with E-Zone Advisory Board
Ala Carte Services Available:
• Mailing/postal services
• Virtual Meetings
• Conference Calling
• Document Handling & Production
• Dedicated Server Space
• Phone/Voicemail
• Office Furniture & Equipment
The VenturePORT eZone is a great place for start-up and established entrepreneurs, small business owners, and the entrepreneurially-minded to successfully execute and grow their businesses. eZone clients include a diverse pool of entrepreneurs, including retired Boomers, Millennials, Mompreneurs, Professional Women, and Minorities.
If you are located in Norteastern Wisconsin (The NEW North) and interested in the VenturePORT.org eZone, please contact us at 1-866-EXCELR8 or sales@ventureport.org
If not, visit the National Business Incubation Association (NBIA) at nbia.org for a listing of incubators and business accelerators in your area!
Buzz
Struggling Economy? Grow through it...!
The economy is on everyone's mind - especially entrepreneurs. Our approach at VenturePORT is to grow through it - yes, GROW through it! Sounds good, but what does that mean exactly? It means there are many opportunities to grow in a slowing economy - IF you are positioned to take advantage of them and are able to move at the speed of business.
When the economy goes south, big companies cut three things - research & development, marketing, and payroll. For small businesses and entrepreneurs, this is a great time to ramp up your innovation and marketing to set yourself apart from your larger competitors. It's also a great time to hire very talented individuals who may have been downsized or have found overnight that their employer no longer exists!
This last scenario presents another opportunity - it's a buyer's market in commercial real estate. If you are looking to lease or buy office and/or retail space, now is probably the best time in 30 years to save a lot of money!
Here's a couple of business blogs that have touched on these topics:
business-opportunities.biz
startup.partnerup.com
We have some exciting growth coming up at VenturePORT - stay tuned for the latest!
Top 5 reasons Why Businesses Succeed!
This “just” in – 80% of all start-up businesses fail in the first 5 years! If you’re like me, you’re tired of hearing the same (or similar) statistics and you question their accuracy. You’re also tired of reading about “The Top [Insert Number Here] Reasons Why Businesses Fail”.
At VenturePORT, our mission is to help you succeed in business, so here are our “Top 5 reasons Why Businesses Succeed!”
1. Good Business Planning – whether it’s on a restaurant napkin, a college term paper, or a 30+ page structured document, there is no substitute for a good business plan. Keep in mind that business plans are “working documents” that need to be reviewed and edited frequently. A free web-based tool we recommend – StartupBusinessSchool.com . If you need a more sophisticated software tool, we recommend Business Plan Pro.
2. Disciplined Cash Flow Management – the timely, balanced movement of cash received and cash paid out during a specific period of time. Unfortunately, many profitable businesses fail because they don’t proactively manage cash flow. Type “cash flow” into our search engine and read the many articles and best practices we have listed. We also recommend Priora Cash Flow Management Software – Business Version.
3. Web 2.1 Marketing – to compete in the Web 2.0 world, you need a multi-dimensional web experience that includes:
• Communities and Networking - Facebook, MySpace, IM, LinkedIn
• User Generated Content – Articles, White Papers
• Creative Expression – YouTube, Viral Videos
• Opinions – Blogs, Forums, Replies/Comments
• Entertainment – Gaming, Videos, Music,
• Resourcing – Google, Wikipedia, Dictionary.com
4. Great Customer Service – it’s not about whether the customer is right or wrong. It’s about building a lasting, meaningful, sincere relationship with your customers. Who are your customers you may ask? Patrons, employees, vendors, clients, sales people, neighbors, friends, etc. – if they have a body, they are a consumer of goods & services, and a potential customer…treat them that way!
5. Culture of Innovation – successful businesses know that you need to innovate or perish. Great companies know that it has to be an engrained part of your culture. Example – Nike’s #1 Maxim…”It is our nature to innovate”
Follow these best practices and you’re well on your way to business success!
Buzz
Entrepreneurial Sea Change
Merriam-Webster defines "sea change" as a marked change or transformation. I've heard this term used to describe Millennial Entrepreneurs twice in the past several weeks, most recently in this article on WisBusiness.com - wisbusiness.com/index.iml?Article=133119 . UW Madison Chancellor John Wiley used this term to describe attiudes of college students wanting to run their own companies instead of working for someone else.
There are two surveys that we frequently refer to at VenturePORT from Gallup and Junior Achievement that show 70% of Millennials (typically ages 5 to 25) are interested in starting their own business. I think the term "tidal wave" may be more appropriate to describe the level of interest that today's generation of entrepreneurial-minded people have in starting a business.
To accomodate this "explosion" of interest from students wanting to run their own companies, UW has created 6 entrepreneurial programs in non-business related schools. They have also opened 10 incubator suites at their University Reasearch Park, as well as building a residential learning community focused on entrepreneurship in a designated floor of a campus dorm!
Keep an eye on local universities for similar programs, buy a surfboard, and ride the entrepreneurial wave!
Buzz
|
|
