February 25, 2010

The First Step to Conquering the Fear of Failure... Everything
Is Going Up... The Rules for Entrepreneurial Success; Part 2...
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Recently, I talked about how the potential inconveniences of success might be holding you back from going after your dream. I used my wife's acting career as an example. Today, I want to talk about a more common obstacle: the Fear of Failure

Recently, I received an e-mail from a reader stating that she had 2 or3 invention ideas, but that they would probably never be accepted. Basically, she shot down any chance of her having success before she even got started.

This is a common occurrence. On a regular basis, I hear about people who don't go for it because they think they are destined to fail. And you know what? They're right.

As soon as they've convinced themselves that they aren't going to succeed with something, then they have no business going any further. You've heard the old saying, "Whether you think you can or you can't, you're right." That cannot be truer. And it's a crying shame because, when someone else capitalizes on their idea, the pain of failure is increased two-fold.

So how do you overcome this fear of failure? Well, as I've written before about my own personal experience, the best way to conquer that fear is just to take that first step. The first step is the hardest. But once you take it, there's a momentum that propels you to the next step. Sometimes, you can get stuck and have to put forth an effort to take another step.

For the reader who has an invention that she's worried might never get accepted, her first step is to pick up the phone and call the patent office and ask some questions about getting her idea patented. This might lead her to a patent lawyer or advisor who could put her on the path to getting someone to help put her ideas on paper and looking professional. This snowball of events could move to a prototype and a meeting to pitch the idea, which leads to acceptance, production and a brand new successful business.

It's tough to take that first step. For someone who has a horrible fear of failure, it can be like stepping out of an airplane. But once you rationalize that it's not anywhere near as risky as jumping out of an airplane, and that the risks aren't as dire as you think, you can take it.

Try to see how your life would be if you failed versus if you never tried at all. I'm willing to bet that your life wouldn't change that much if you didn't take the chance and you'd be at exactly the same point at which you started, except a little wiser for the experience.

But imagine your life if you did succeed; if your idea, invention, sales pitch, job interview, or first date request was accepted. Imagine how great your life would be then. And that is what keeps every successful person motivated: the rewards of the risks they take.

Don't fear it...embrace it and you should do just fine.

There's a sign posted in front of the cash register at a small restaurant near my home. It states:

"Prices have increased by 50 cents because everything costs more."

While the message may be a little lost in translation, it is clear to see that prices are rising.

Leading the pack of price-jumping products are clothing and gasoline. If you've been watching the pumps lately, one of these certainly isn't a big secret.

Rising gasoline costs, as we saw all last year, translate to higher transportation costs, which in turn raise the cost of pretty much everything else.

As prices continue to rise, and they will for a little while longer at least, there are two ways this could affect you and your business.

First, let's look at how rising costs are going to affect you, personally. You're going to have to make a few choices in what you buy and why you are buying it. I have to assume that you're already managing your purchases based not only on price, but also on quality. For example, a product that costs $20 and only lasts you a month may not be worth the savings over a product that costs $100 and could last up to two years.

Secondly, rising costs are going to affect your business and possibly drive up the prices you charge for your product or service. As the owner of the small restaurant I mentioned earlier most likely discovered, even a small price increase of 50 cents is not going to go unnoticed.

Your goal should be to counter the resistance you may get from even loyal customers by being forthcoming with the reasons why you have to raise your prices. Whether you decide to post a notice or take on complaints directly is up to you. I believe that communicating face-to-face is always the better option to help you overcome objections.

And, finally, you should be adding value to your products and services that not only helps justify price increases, but also helps you keep your customers happy.

Adding value doesn't always mean tagging on additional features or services. Create a back story for your business. Infomercials use this tactic to prove that a product is not only useful, but it is also essential. Let your customers know who you are and why you do what you do. Brochures can help tell your story and reinforce why you're the best choice for the money.

Battling against rising prices is going to be a challenge for all business owners. Those who learn how to soften the blow to their customers are the ones who could see prosperity in even the roughest markets.

Yesterday, I began to break down some of the stepping stones one must go through in order to become a successful entrepreneur. Today, I'll wrap up what I think are the skills you need to experience your business dreams.

Practice: Before you launch your business, start acting like an entrepreneur at your current job so you are used to the lifestyle and exposed to the different aspects of how a business operates. Acting like an entrepreneur includes things like working longer hours, finding out more about the company's strategies and operations, and asking for department transfers to get more experience in different facets of the business. It's also a good idea to challenge yourself by attempting to locate problems outside of your expertise and formulate solutions.

Study: Everywhere you look, there are mentors. It could be your boss or the business owner down the street who can give you the tips you need to succeed. By finding a mentor to add some more perspective to your life, you will be doing yourself a favor. Learning as much as possible about the experiences of others in similar situations can help you greatly in your planning and decision-making. Along with talking to mentors, do your best to read up on successful entrepreneurs to help develop some strategies that can be put into motion. There are a number of magazines and books that contain the stories of countless successful entrepreneurs.

Go Above and Beyond: In the early going, always exceed the expectations of your customers. This way, you will build your reputation as a performer and will be more likely to develop returning customers. By giving a little bit more than what you agreed to do, you'll increase your status and enjoy good relationships with your customers. In some cases, it may involve you paying someone else to perform a small task, but don't worry, because the recurring business will have your extra investment paid off in no time.

Assume Responsibility: Everyone in this world makes mistakes; yes, even you. The thing is, only some people possess the ability to admit it when they're wrong and, generally, these are the people who are greatly respected by their colleagues. If you can avoid being defensive and admitting your mistakes, your open mind will be recognized and respected.

Be Decisive: Sometimes, you may not know exactly what you're getting into, and that's fine. There has never been an entrepreneur in history who knew every exact detail of every little decision they made, or how something worked. The important thing is that you come off like you do, and you'll do this by making strong decisions and not sitting on the fence, scared to make a move.

Be Sensitive: It's important to be sensitive to the people around you and listen to what they have to say. Although you may be the boss, it's important not to isolate yourself from the people around you, whether they are clients or colleagues. Always keep an open ear and focus on listening as opposed to telling.

Of course, there is no magic formula for success. However, by taking advantage of the ideas offered here and making sure you're prepared to launch, you can increase your chances of operating a successful business.

** Get in on this Hot Info Marketing Topic Now
By James Burt, Online Marketing Expert

The term "money" sometimes carries a lot of negative associations for some people. Greed, corruption, and cowardice have all been associated with it. It's not fun to discuss and sometimes even tougher to deal with. But despite what some cynics tell you, money can have its benefits. If you read about a lot of millionaires like Branson, Musk, or Gates, they are using their cash to fund deep space or undersea exploration, not to mention several well-known charities. Many once-third-world countries are seeing improvements in their standards of living thanks to investment both domestically and from abroad. High-ranking Hollywood celebrities who command six-figure salaries put their cash towards environmental or social causes that might otherwise go unnoticed and unappreciated if it weren't for the stars' donations.

All and all, money can be good stuff. It doesn't have to be the fodder of those corrupt types and can be used for some very important, practical, and helpful matters.

It can also be a great info marketing topic.

With today's economy as, well, "exciting" as it is, people are more concerned than ever to see where there money is being generated, spent and directed. They need the right tips and information to make sure they know what to do with their money, in terms of both savings and expenditures.

With these kinds of money matters, an info marketer with this type of knowledge stands to become quite successful by dishing out quality money information. The topics are numerous and can include:

--- How to save or get extra money right around home: Some people spend their money wastefully and wind up getting upset once they come to a situation when they are short on cash. What they often forget is the things they can do right in their own home to save money. Conserving on energy bills, recycling beer bottles or aluminum, keeping your change in a jar...these are all ways that you can either save or earn extra money right in your own home. Knowing other ways to earn or save money around your home is very important to consumers these days and, if you know anything about it, it might be time to get a regular info newsletter going.

--- Where to get extra cash: If you are a regular reader of the e- Wealth Daily Bulletin, you know that the staff is out to help all businesses get exposed to cash they might need to help get their business going. The truth is that there are loads of places out there where someone can get extra cash to help start a business, assist with a medical situation, or even to fund a business trip. Grant funding institutions, venture capital, and private investors are all out there for you to realize your dreams of success. Knowledge of these things is always in demand to those needing extra cash. If you've got the scoop on where to get extra cash, it could make for a brilliant info product.

--- Bankruptcy or money loss info: I kind of hope you never have to use this as an info marketing topic, as it probably means you've been through this yourself. But if you have had a previous business fail or have lost some money on an investment and lived to tell about it, I would truly suggest this as a viable info marketing topic. This situation is tough and I would not wish it on my worst enemy. But having gone through and recovered from it means that you can provide very helpful info to others, either in preventing it from happening or what to do if it does happen. The husband of a teaching colleague had this happen with his book and hobby shop. He went through it all -- credit problems, no money to pay off loans, and a family to support on top of that. But he did recover and now works for a small firm in consulting with small businesses on how to stay afloat financially. Sound familiar to you? I hope not. But if so, your experience and guidance could be worth a lot to a lot of people, especially these days.

--- Banking and savings info: This is always the premiere money info topic. People have knowledge on all sorts of banking information, from what kinds of accounts to use to save your cash, to what to know in order to get a mortgage, to what institution is the best to bank with. I think almost everyone out there has an interest in this and, if you have any sort of information on what to do with your money for the long term, well, I can assure you that your info book or newsletter will be popular.

Money concerns everyone. Whether it's retirement planning or just scraping up some cash to get your weekly groceries, money permeates all aspects of our existence. Money can be tough to handle, but, with the right info, it can be managed and put to good use. Have info on how to handle money? Great. Your money matters matter!