Entrepreneurship Tips

How can you ensure consistent customer service training for employees in your small business?

Posted by Robert Norton on

How can you ensure consistent customer service training for employees in your small business?

It all starts with a strong, documented values statement that is taken very seriously at every stage. This means enforcing it and using it as a basis for reviews, bonuses, and promotions in a visible way. Here are more key component of a process that will work: Training for employees in this and your company's value proposition. Including ethical behavior for long-term, mutual benefit. A win-win relationship with customers, not a transactional one. A culture of customer service. Employees are not allowed to bad mouth customers. That is attitude and can run off the rails if not limited. Use video...

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How Can A Young Tech Company Compete Against Established Players In The Market?

Posted by Robert Norton on

How Can A Young Tech Company Compete Against Established Players In The Market?

Startups should never, ever, never compete with big companies. They must offer something different. “Differentiated” is the most important word in designing a startup market entry strategy. Look at this diagram and decide how you can adjust your company to be in the top right quadrant. Without that you have no chance of surviving, never mind profiting, because you will compete with companies 100 to 1,000,000 times larger than you with already developed marketing and sales channels and huge budgets.     Only these kinds of companies will attract investors (needed to grow) and top employees because they know the...

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What Are The Key Skills And Qualities That Every Successful Entrepreneur Possesses?

Posted by Robert Norton on

What Are The Key Skills And Qualities That Every Successful Entrepreneur Possesses?

I have a free 1-hour course on the skills that must be possessed by the senior team collectively. This can be viewed here: The personality traits that a strong entrepreneur must have include: Tenacity and the ability to ignore naysayers when they have deeper understanding of the problem the company is trying to solve Vision - The ability to see the future trend they are either creating or trying to leverage Intelligence - The critical thinking skills to properly weigh the many factors that are needed for most business decisions Leadership - The ability to convince others to follow them...

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What Is A Reasonable Salary For Early Founders When Raising Outside Capital?

Posted by Robert Norton on

What Is A Reasonable Salary For Early Founders When Raising Outside Capital?

A reasonable salary for any CEO or founder is a $100K to $200K today. This depends on their experience and market value which could easily be $500K+. A CEO with ten years in that seat is worth $300K to $500K base salary, but investors want them to have skin in the game and urgency too. Like a salesperson you never pay them enough in base salary to be totally happy, or financially comfortable. Stock value should be the main long-term motivation. At 20% capital gains tax, not 50%+. What is more important is that the base salary is a small...

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What Are The Benefits of Bootstrapping or Self-funding A Startup Instead of Accepting Outside Investments?

Posted by Robert Norton on

What Are The Benefits of Bootstrapping or Self-funding A Startup Instead of Accepting Outside Investments?

Typically, you cannot get outside funding until you have developed some team, plans and an MVP product (minimum viable product or prototype) from serious investors. People are misled by headlines thinking they can raise millions from outside investors with none of these. That only happens if you already made other investors rich, in which case it is likely you would fund your startup’s seed stage yourself to prevent early dilution. Over 80% of startups fail because the founders underestimate the skills and team required. There are about 40 skills sets needed to build a scalable startup. Usually this requires a...

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