David Thomas Roberts's Blog

A Diamond in the Rough

Well, I’ll be a monkey’s uncle! Never in my dreams did I figure a tough street girl from Hell’s Kitchen (HK) would end up living a dream life with financial freedom. Growing up in crime wonderland never afforded me anything monetarily, but gave me something much more valuable, the greatest entrepreneurial gift – a burning desire to make my life better.I had little supervision as a child, as was the same for many of my peers. We were left to our own devices most of the time. For the most part this was great fun as we pulled pranks on strangers and played in open fire hydrants on hot summer days. On the flip side, our lack of supervision offered great opportunity in gangland. I had a few boneheaded friends who succumbed to this temptation and some lost their lives before the age of 20.I have always loved dogs and find them to be the most optimistic creatures on earth. There were plenty of dogs that had it rough in HK, but they would always greet me with a wag of excitement in spite the fact they were homeless and hungry. I found this trait incredible as I often felt my life was a dead end judging by the adult examples around me who had lived in the same conditions for generations. I didn’t want this existence for the rest of my life but had no idea how to escape what seemed to be inevitable.Sometimes we would escape the hood and head over to Central Park which was about a 20 minute hike. I would often see people in the park who obviously had and better life than mine and I would wonder how they got there. I used to make up stories in my head about the people I saw, giving them names, occupations, and a fulfilling daily existence. Unknowingly to me, this is where I would start my entrepreneurship at the age of 12.One day while in the park I was drawn to a dog that was walking their owner, a woman I had seen many times before. She was always walking quickly and seemed to be on a mission. I pictured her as having this incredible family being the one holding everything together in her busy household. On this day she had a cute mid-sized terrier. I didn’t realize she had a dog and this elevated my interest in her. Half intimidated by this woman on a mission, I approached her and asked her the dog’s name. “Her name is Garbo, and what is your name?”. “Moxie”, I replied, in an overconfident tone. “Well that’s a nice name, I’m Victoria Winston, it is very nice to meet you”. I looked at her with the blankest of stares wondering what planet she came from with a reply like that. I saw Victoria Winston several more times in the park and Garbo and I would play while she sat on a nearby bench. One day she said she had a very busy week and asked if I would come over after school and walk Garbo. This began my New York City dog walking business.TO BE CONTINUED…..For more solid business principles, read the book Unemployable! by David Thomas Roberts. Available for 40% off using promo code: RENEGADE on theTheup to a $25,000 investment to the best business plan submitted the website. Check there for details.

Building a Big Brand on a Small Budget

Creating a recognizable brand should be a top priority of any business, no matter your size or budget. The branding of your business will either attract customers or it will drive them away.  It's that simple.  Branding should be one of the very first considerations of a new (or existing) enterprise - yet it is shocking how little many entrepreneurs focus on the branding of their company and their products or services.Nothing screams "small time"to me more than a business owner who hands me their business card which has neither a website to reference nor, more frequently, an email address tied to their domain name.A serious entrepreneur shouldneverhave an email address that is tied to Gmail, Yahoo, Hotmail or any one of the litany of free email accounts.   I personally do not like to send or answer emails to these free email sites due to the obvious ease into which they can get hacked! (See the John Podesta hacked emails...)Having this kind of email screams laziness at worst or the lack of attention to detail at best. Email addresses should always be you@yourbusinessname.com or .net, etc.   The website domain host should be able to provide you a branded email account.  Consider having several email accounts such as info@ or sales@ your domain.   You can have all addresses pointed to one catch-all email account.Beware of the many domain hosting companies that offer free templates to build your website. Many of these free sites will host our site if you reserve the domain name through them,but they keep your domain name!You don't own the URL, nor can you transfer it at a later date. There is often fine print that allows them to attach their name or brand prominently to your website. Avoid these hosting companies at all costs. Again, the idea is to brand professionally without the professional budget. If it becomes obvious your business is using afreewebsite building template you broadcast an amateur status.A brand begins with a logo. There are countless inexpensive freelance websites that can help you develop a logo very inexpensively.  Make sure your logo is also attached to your email signature to convey your band as a professional organization.With branding, the little things all add up to create the image you want.  Business cards, invoices, letterhead, etc. should have a common look, feel and logo.If the name of your business doesn't automatically tell customers what you do (e.g. Oak Street Meat Market) then consider developing a short tag line.   At Teligistics, we came up with a brilliant tag line that encompasses exactly what we do, "Making Cents of Your Telecom Dollars".  Hence, large enterprises know we are in the business of reducing telecom expenses.Your website should be simple, straightforward and an effective brochure for your business.   We drive leads to our websites by offering white papers on various topics where potential customers register.   There are dozens of inexpensive website design templates from a multitude of providers.  Avoid incorporating large pictures or flash in your design that will contribute to a long load time for the consumer.  Various studies show that once a prospective customer visits your site, you have about twenty seconds to keep them there. Make double sure the mobile design of your website works on cell phones, tablets, and all browsers.Today, content it everything.  The most successful websites are those that offer content that educates the consumer, whether it be a retail consumer or B2B consumer.   Educating builds confidence in the potential customer.Make sure a potential customer has an obvious link to reach you through a prominent Contact Us page and link.  How many times have you had to search on a website for a way to contact the merchant?  It's frustrating and for me it's an immediate sign the enterprise will be hard to reach for customer service, etc.Consider using an SEO (search engine optimization firm) if your budget allows or consider Google Adwords to drive traffic to your website.  At a minimum, your hosted domain website template builder should allow you to add embedded key words to allow potential customers to find you in web searches.   Building a website does not guarantee anyone can find it.  It must be part of an overall branding campaign.After creating a professional logo or image, tag line, business cards and a website consider producing regular press releases about your product or service. Again, the Internet is a wonderful place to find services that will write press releases.  However, unless you are a gifted writer make sure you have a professional editor.  The damage done to your brand by issuing a press release that is incoherent or has spelling errors is almost irreparable in the short term.Finally, one greatly overlooked area of branding is how your new venture answers live phone calls.I personally get turned off by the difficulty of reaching a live person in a company I'm prepared to spend money with - or one in which I have already spent money.  Nothing beats a call answered live by a human being.  Again, with todays' technologies there are a myriad of services that will forward your office phone to your mobile device, etc.  Beware however, if you use this approach to never miss a phone call, make sure customers don't reach your mobile phone voicemail - or worse that your mobile voice mail message is less professional than your greeting on your business phone number!Branding your venture is essentially the building of your company's business reputation.  Taking care of the small details goes a very long way to creating the image of a successful operation - and everyone likes to do business with a success!For more solid business principles, read the book Unemployable! by David Thomas Roberts.  Available for 40% off using promo code: RENEGADE at the Defiance Press and Publishing

Family Blessings

In a family of 12 children, my father, the oldest of six boys, was told at the age of 14 he was old enough to be on his own. He found a garage apartment and began working as a mechanic. He worked to learn the business then opened his own shop in El Campo, Texas at the age of 17. Shortly after, he met my mother and married her two years later. I was the oldest of four girls and had an older brother.My mom worked in the family business too by keeping the books and handling the administrative duties. After preparing all of our meals each day and getting us off on the bus to school, my mom and my baby sister (who was not yet in school) would leave with my dad for the shop. By the time we arrived home from school, my mom was always there to greet us. On weekends, after chores at home were done, all of us would often head to my dad’s shop to help him. This is where I learned a little about cars. I learned how check the oil, change the oil, spark plugs and basic engine operation.Growing up in a family business meant everyone pitched in and sacrificed to support our dad. My older brother’s responsibilities were differed much from my own. He helped with what I call “outside chores” – lawn, home repairs and maintenance. Being the oldest of four girls, I was in charge of making sure the house was clean and my sisters were bathed and dressed each day. I also helped with the laundry by either hanging clothes on the clothesline or making sure they were inside and folded before dark. “There is always housework to do” my dad would say if we even thought about lounging around in front of the TV. By the age of 14 I desired the independence of having a little money of my own. I didhave to lie about my age, but I really wanted a job. I kept a small portion of my paycheck to cover my school lunches but the rest and all of my tips were given to my dad. I still had my responsibilities at home but by this time they were easy.I remember the feeling of excitement when Friday came. This was the time that we all dressed up to eat out, usually at Dairy Queen, where my Aunt was the manager or at Landry's Drive-In if it was during Lent. The best part was ordering dessert! I understand now that this was my dad’s way of giving back for our help during the week. He was so proud to able to feed all seven of us without worries.Saturday nights were exciting too because we'd pile up in the back of dad's pickup truck and go to the drive-in theater. Sometimes, our neighbors and relatives would caravan there so we could all park next to each other. The grownups sat outside the cars on their lawn chairs and visited while watching the movie. Mom would always bring pillows and blankets for us to fall asleep in the back of the pickup at a decent hour. We all worked very hard, but it also meant we enjoyed the many blessings of a united family. My most vivid memory of childhood, which I believe prepared me the most for the roller coaster ride of supporting entrepreneurship, was when our house burned to the ground when I was five years old. At that age, I understood that you could have everything you want on one day and it could all be gone the next. We had to start over. I believe this experience made me stronger on the inside and taught me to be thankful for my life and family and not for material things.My father’s actions spoke volumes and I am so grateful he taught me the value of a strong work ethic. Without this, the entrepreneurial ride with my husband would have been much more difficult. We have had failures but our perseverance, together, ultimately led to great success with my husband leading the way. For more solid business principles, read the book Unemployable! by David Thomas Roberts. Available for 40% off using promo code: RENEGADE at the website.The is offering up to a $25,000 investment to the best business plan submitted on . Read on this website for details.

Can Your Hobby be a Viable Business?

It depends.Remember this always - "Entrepreneurs bring value to an idea."One of the most common types of startup businesses is when someone decides they want to make their hobby into a business.But let's be clear here.  Not all hobbies translate well into a business that creates an income.  I always advise fledgling entrepreneurs to follow their "interests", which may not exactly be a hobby.For instance, if my hobby was collecting sewing thimbles or drink shot glasses from all over the world - that may make for an interesting hobby but it's doubtful I could get anyone to invest in it.The great thing about business principals is that you can apply the same questions to a bootstrapped startup as you can a major startup funded by $10 million from a venture capitalist.Ultimately, who is your customer?  How do you acquire/market to those identified customers?  What is your profit on each unit or service sold?  Do you have enough capital to sustain the business?  What makes your business unique or why would someone buy your product or service as opposed to your competitors?Few people have hobbies they can convert to a stream of money, but more people can turn their "interests" into businesses.  For me, telecom technology was not a hobby but it definitely was a business interest.If you have an interest or hobby you believe can be turned into a business, ask yourself the questions posed in the preceding paragraphs.  If you can articulate clearly how turning this hobby or interest into a profitable business, then you have a plan.Many people use their business interests so they make enough money to pursue their hobbies. The business interest was a means to end, to pursue traveling or collector rare cars, etc.If you believe you have a hobby that would translate into a business, then go for it!Never lose sight of the fact that your dreams of pursuing your own business are yours - and do not be sidetracked by detractors, provided you have a well-thought out business plan and the perseverance to see it through!

What an Investor is Looking for in a Business Plan

The emergence and popularity of the TV show "Shark Tank" has helped to crystalize the thought processes used by potential businesses to evaluate investment opportunities in early stage or start-up businesses.I've received business plans on a napkin (really!) and business plans that are hundreds of pages.It's really quite simple to grab an investor's attention with the right mix of quality information about your business or start-up.First, we need to clearly understand what it is the business does?  Can this be described in a few sentences?   If not, work on it.  Secondly, does the business have any revenue or profits yet?  If it doesn't it certainly isn't a deal killer for me personally, but my focus is on startups whereas many investors focus on later stage funding.  Revenue and profits help however, because it demonstrates there is at least "some" demand for the product or service and there is "some" evidence you can deliver it.Next is how much are you looking for?  I'm not a bank, so a deal that involves straight debt (repay with minimal interest) doesn't excite me.  There is a very high risk in start-up venture funding, therefore, even if there is a debt repayment component it has to include some equity.Be very clear how much of the company you are willing to exchange in equity for the investment you are seeking.  If you watch "Shark Tank", you will see where most entrepreneurs fail on this point. They simply overstate the valuation of the business making an investment by an investor impossible.   The challenge always with a startup is to assess "potential" valuation without any existing revenue or profit.  This is why projected revenue & profit forecasting is important.  Projections forward like this are called "Pro Forma Financials" and come with certain assumptions which much be carefully thought out.  The less proven revenue you have the more equity will have to be offered to get the desired investment.Many times I get quoted certain figures an entrepreneur wants for an investment in his or her company but can't tell me in detail how they would use those funds.  Many investors will want proof that any funds were spent on the mutually agreed use of those funds. Deals that involve salaries to the owners immediately as any part of the use of funds will typically kill my interest.  In many of my ventures I never took a salary during early startup periods.  I'm rarely excited about someone quitting their job to go full time in their new venture without proven revenue, otherwise the owners' financial problems start to impact my investment and increase the rate of failure.  Have a demonstrable plan on how YOUR finances stay intact during a startup.A definitive marketing plan should be part of any presentation.  An investor needs to understand how customers will find your product or service?  Is there funds budgeted to market properly?  Key strategies with social media, websites, packaging and branding can't be afterthoughts.Finally, I look at the entrepreneur.  Have they had other successes in their life?  It doesn't have to be as an owner of a business but a record of achievement, integrity and reliability go a long way.  Is the entrepreneur stable in their personal life and personal finances?The bottom line?  If communicated properly, a one page document that answers these questions in a concise and succinct manner can be enough for me, as an investor to go to the next step in the process.For more solid business principles, read the book Unemployable! by David Thomas Roberts.  Available for 40% off using promo code: RENEGADE on theDefiance Press and Publishing website.

Leap of Faith

So, what is it that makes someone leave the security of a paycheck and a 401K plan to jump off the cliff into entrepreneurship? I can’t speak for others but I will give you my reasoning.I worked for a very large consulting firm for many years and the thing I found most incredible was the environment where everyone gets a trophy.  The end result in this culture is it breeds mediocrity. The person who planned a party might get the same recognition as someone who identified a huge cost savings and had the initiative to execute a solution.  As a manager, we were told to “cycle” pay increases so the same people weren’t getting an increase each year.  This meant I would be required to give a pay increase to someone who did absolutely nothing toward the business goals and give the slam/dunk, over-performing, stellar employee zero. Believe me, I would fight for the employee that delivered but would ultimately get shot down in the final “calibration”. Yes – all managers would sit in a room and “calibrate” each employee’s performance. I was continually astounded by what people would be rewarded for.Every review cycle it would get more difficult for me to deliver the message “you did an excellent job and are well liked by fellow employees and clients, BUT …… “ – enter the nitpick about something they didn’t do that would contribute absolutely nothing like “you didn’t show up to the Pictionary game we had scheduled for an hour in conference room 1”.  I couldn’t believe the things I heard myself saying!!!The corporate speak was another thing that sent me over the edge into entrepreneurship. Phrases like “a peek under the tent”, “the 30,000-foot view”, “laser focused” (really, is there any other way to be focused?), “at the end of the day”, “wheelhouse”, “lock step”, “power up”, “reach out”, “buy-in”, “uptick”, “shift the paradigm” -- the list is endless! During the average meeting, you may hear several, or all of these terms, in one thought that would sound something like “Now let’s step back and take a peek under the tent.  From a 30,000 foot view we can identify whose wheelhouse this would best fit and they can get the buy-in from other departments to power up the project.  We need to work in lock step together and stay laser focused on the goal to shift the paradigm and see the uptick in numbers.” Nauseating! Seriously, I felt like everyone around me was speaking in tongues!!! What is the purpose of using all these terms – to sound smart?I knew it was time to exit the corporate world when the spiral notebook I used specifically for my own thoughts (note taking in disguise), entitled “things I would say in a meeting if I won the lottery”, became full.  I couldn’t take it anymore! I still have the notebook and took a pass through it not too long ago and realize this was a means of self-preservation (and it was fun!).My father was extremely conservative and always shot down any dream I had for starting my own business.  That said, it was my choice to take or leave his advice. Others too would shoot holes in my ideas and give me 1000 reasons why the business wouldn’t work instead of the 5 reasons why it would.  Had I learned earlier in life to cut these people from my circle I would have been successful much sooner.David Thomas Roberts, in his book Unemployable!, talks about the DNA of an entrepreneur and how to filter through feedback from others about your business idea. I 100% agree with his statement in the Lessons Learned section of Chapter 6 – “Your ultimate happiness is tied to pursuing your own path”.For more solid business principles, read the bookUnemployable! by David Thomas Roberts.  Available for 40% off using promo code: RENEGADE on theDefiance Press and Publishing website.

Uh Oh Disruption in The Office

Too often we will bring on a new hire that looked like a dream on paper but was actually a nightmare in disguise. I have more stories than I can count about hiring what seemed to be a mature, hardworking, level headed individual but in reality they had boiled bunnies in pots all over town! Why did I not find this out through an employment reference check? Because it is against the law for a previous employer to offer any information on a reference check other than the dates the person was employed by them and their salary.  Therefore, it is imperative to have an accurate BS meter when interviewing people.  Dig in, ask for examples if something doesn't sit right with you.For my company I now require an applicant to go through several rounds of interviews. I even have people not connected with the role we are filling talk with the applicant to get a feel for the person.  Still, people have slipped through the cracks.One lady we hired, we'll call her Agnes, to support a top executive took the term "mentor" to a different level. When Agnes started, we assigned her to learn the ropes from our top executive support person, we'll call her Carolyn. Over several months Agnes and Carolyn became friends. They didn't get together on weekends together but they went to lunch every day. One day Carolyn made other plans for lunch but didn't invite Agnes. This infuriated Agnes to the point that she said something to Carolyn about it.  Carolyn knew at that moment she had an issue on her hands and started backing off of the friendship. Agnes began to stalk Carolyn, driving by her house at night and showing up places where she would be out to dinner dinner with her family. Then came the threats, Agnes began threatening Carolyn that she would tell her husband about her affair (a secret among friends) if she didn't stop "being mean" to her.  Carolyn got so uncomfortable she came to our HR department.  We provided security for Carolyn.  After an in depth investigation, we fired Agnes. Agnes then told Carolyn's husband about her affair which triggered a divorce and the loss of many hours by Carolyn to handle her legal affairs.If Agnes and Carolyn weren't enough to deal with, enter Sophie. Sophie was very good at her job but had an overactive imagination. She often told employees that her fiance died in Desert Storm. It doesn't take a rocket scientist to find out that a hand full of people died in that war with only two of them being from our state -- none of which were connected to her in any way. This isn't against the law by any means and she was still very good at her job.  Sophie liked the attention of senior management. After hearing through the office grapevine what was happening with Agnes and Carolyn, she came to HR too saying she was being stalked as well -- not by Agnes, mind you, but by a "midget" (using her terms). The VP of HR could barely get through a sentence without laughing hysterically when he told me about his claim. The whole situation was preposterous but it was obviously real to Sophie. We provided her with security as well.As time went by this whole situation took care of itself as we ended up firing Sophie too and Carolyn eventually left on her own.  That said, my company was still out the expense of countless hours and security costs resulting from these situations.David Thomas Roberts is absolutely correct in his book Unemployable when he says the very nanosecond you realize you made a bad hire-- END IT. Your long term costs can be enormous with on-boarding, training, salaries, and benefits. I would rather hire someone with no experience at all who had a can do attitude and wasn't afraid to solve problems over someone with a pedigree of elaborate experience but can't get along with people. First, last, and always, your people are your most valuable asset so invest wisely and pull your money if the market is going south.For more solid business principles, read the book Unemployable! by David Thomas Roberts.  Available for 40% off using promo code: RENEGADE on the

Give Yourself A Tax Break

This is the time of year when I have to chuckle when people get excited they are getting their tax refund.It's like a gift from heaven our benevolent federal government sends you a refund, just at the right time when you need it!Few people realize if they are getting a refund they were paying too much in taxes all year long.Our brilliant lawmakers have saddled the American public with a tax code that is over 55,000 pages in which even the most astute tax professionals can't agree how to interpret.Over the years Congress has picked winners and losers using the tax code to reward cronies and punish enemies.  It doesn't take those in a tin foil hat to realize the IRS can be weaponized - and is on a regular basis.When you have a small business that is not incorporated, you file a Schedule C with your income taxes that details the profit and loss from your business.  If you operated at a loss, it is a direct reduction of your taxable income.  A family making $50,000 per year in taxable income after all other itemized deductions is in the 15% tax bracket. A $5,000 loss in a business on a Schedule C would reduce taxes by $750. ($5,000 x 15%)Of course, I am not advocating spending $5,000 to save $750 in taxes.  The simple truth is a legitimate home-based business operating as a d/b/a (sole proprietorship) has many items that can translate as an expense that gets added to your Schedule C, such as the pro-rated square footage calculations for your mortgage, utilities, insurance, etc. for the portion of your home you use an an office, shop, etc.  In other words, many of these expenses that you are already paying now become partially deductible.Let me be clear, you don't setup a business just to avoid taxes.  You must have a profitmotive. Experts disagree on the length of time the IRS will look to business that loses money every year.  As long as you are putting in effort, keeping meticulous records and attempting to make a profit, your motive is apparent.As someone who has filed at least one Schedule C (and some years multiple) on my personal income taxes for thirty plus straight years, I can tell you that owning a small business, especially a home-based business, is one of the last methods  you have to reduce the taxes on your personal income.I am not offering tax advice here, nor am I offering to teach you how to illegally shelter income to avoid taxes.  The simple truth is that having a home-based business is something every household should entertain, not just for the tax benefits but as a hedge against nasty surprises such as layoffs or unexpected financial emergencies.Nothing replaces expert advice in this area, but don't feel like you need to hire an expensive CPA just to get a business started.  Keep your business records and accounts separate from your personal accounts and records and get help with doing your taxes.  For many years I did our personal taxes without a CPA, using one of the online software applications.It's not always necessary to start a home-based business as an LLC or Corporation.  In some cases, you lose the tax benefits of the Schedule C for instance if you incorporate (unless you choose Sub-Chapter S).  Get expert advice in this area if you are not sure.Lastly, don't be afraid of the big bad wolf (the IRS)!  Many people never start a business because somehow they think a home-based business will trigger an audit.  The kryptonite for any IRS audit (and I've had over a dozen) is meticulously kept records!And don't forget to make sure your elected officials know how ridiculous it is for us to have our productivity taxed!  It's un-American!  Our Founders wouldn't have stood for it!  Heck - they started a Revolution over the Stamp Act!For more solid business principles, read the book Unemployable! by David Thomas Roberts.  Available for 40% off using promo code: RENEGADE on theTheup to a $25,000 investment to the best business plan submitted the website. Check there for details.

Do You Own a Business, Or Does it Own You

​Do you own a business or do you own a job?The answer to this question has a lot to do with what stage of business development you are in.During the startup phase, you are wearing a lot of hats from service, sales, accounting, technician, marketing, finance and vision. In the startup phase, your business owns you; and it is during this critical time that your efforts, commitment, skill or luck will determine whether your business will succeed. Twenty-five percent of startup companies fail in the first year, 36 percent by year two and 44 percent in their third year.So why do many well-intentioned, high-energy, optimistic entrepreneurs fail? Entrepreneurs often suffer from fatigue, bad advisers and the inability to perform the numerous roles required of ownership during the startup phase.Early in my career, I was blessed with a gift from the CEO of the company I worked for. He handed me “The E Myth” by Michael Gerber. He let me know he was expecting me to read it and let him know what I thought. The book goes into detail on why small businesses fail and the distinction between working on your business or in your business. I read the book, and it became the roadmap I would use to build my company.To own a business, you need to acknowledge before the startup phase that you intend to build a business and not a job. This decision will help guide you past the startup phase where there is no way to avoid all the roles you must play. Your decision commits you to replacing yourself, over time, in each of these roles.I started my company 15 years ago, and on day one I owned every job. I knew to truly own a company, I would have to trust others to take on these roles, and I would need to work past being the business and toward building the business.Here are a few questions to ask yourself about your business. Can your business operate without you being physically, emotionally and financially involved? Do you work more than 60 hours a week in your business? Would you or anyone buy your company? If you died tomorrow, would your business survive? Do you have any profit, salary or would you make more money working for someone else?Your answers to the above questions can indicate whether you own a business or a job.My goal with these columns will be to raise questions that many in business face and hopefully provide insight and resources to help you navigate through the various stages of your business.People often ask me what the difference is between a successful entrepreneur and those who fail. My answer is, “Successful entrepreneurs acknowledge the hurdles to success and commit to getting over them, while those who fail, never see the hurdles or never truly commit.”Richard “Gordy” Bunch is the EY Entrepreneur of the Year® for the Gulf Coast for Products and Services. He is also the founder, president and CEO ofbased in The Woodlands.For more solid business principles, read the book Unemployable! by David Thomas Roberts.  Available for 40% off using promo code: RENEGADE at thewebsite.Theis offering up to a $25,000 investment to the best business plan submitted on .  Read on this website for details.

Execute or Be Executed

We remember growing our career in management with a large Fortune 500 company when our Executive Vice President told us something one day. He said, “Execution is the one thing that separates the good from the great. Let me put it to you this way. If you don’t execute, you’ll be executed.” We guess it’s hard to forget that, but it still rings true in our mind today. Some of the best leaders and managers in business don’t achieve peak results because they simply don’t execute the plan.Here are three mistakes new entrepreneurs make when it comes to execution:1. CHANGING THE PLAN TOO OFTENOne of the sayings we love is that "focus beats brilliance" all the time. In your first year of business, it is very easy to get distracted by five more new money making ideas that you see as ventures that can put additional dollars in your pocket. The problem is that if you lose focus on the plan you put together when you started the business, this can confuse your employees, potential investors, and even you as the owner. As hard as it will be to uphold this, try to refrain in the initial stages from changing the game plan you laid out for you and your employees as this will be a bottleneck in achieving execution of your game plan.2. NO BENCHMARKS AND REVIEW PROCESSSince the first year of the business will fly past you in the blink of an eye, it is crucial to have a dashboard against the major metrics you are trying to achieve in the business. Whether this is a gross revenue number or a certain amount of new clients, it is truly important to have a score card so you can on a daily or weekly basis see how you are doing against your plan. In an effort to decide how to channel your time, energy, and financial resources, this dashboard and regular review process will allow you to make the best decision on where to execute. Then, you can step back (or you and your management team) and decide the best way “how” to execute.3. POOR COMMUNICATIONSince you are the visionary of your business, it will be very easy for you to connect your actions against what you see being the end in mind. However, day to day, it can be very difficult for employees in your organization to understand the why behind what they are doing because they cannot connect dot A to dot B. You need to make sure you are overtly clear on linking the strategies you are putting in place for the organization against the vision on where you see the company going in one, three, or five years. One of the biggest mistakes new entrepreneurs make is in the area of communication with their employees and their investors. This can be a big problem in trying to execute your main initiatives in the first year.During the first couple of years in business, you will constantly be challenged with the bicycle pedals of motivation and discipline. When motivation weans, discipline must kick in to keep the bicycle moving. We have always felt that those best at executing a game plan manage to have incredible discipline in doing the things that have to be done even when they don’t want to do them. Execution is all about that analogy. Stay disciplined against your strategy and only turn the bicycle when it needs to be turned or you’ll end up with a flat tire.Daniel Goodwin the host ofShrimp Tank,a popular entrepreneur podcast series.   Daniel is also the President & CEO/Founder ofProvident Wealth.For more solid business principles, read the book Unemployable! by David Thomas Roberts.  Available for 40% off using promo code: RENEGADE on theTheup to a $25,000 investment to the best business plan submitted on .  Read on this website for details.