What happened to Wise Wednesdays?

You might have been wondering where Wise Wednesday writer, Dominik Loncar, has been.

As well as delivering Toronto Business Development Centre's Start a Business Seminar series, being Advisor on Call, representing TBDC at Toronto Food Business Incubator seminars, and his business advisor responsibilities, Dominik finds time to be the Creative Director of the annual InspiraTO Festival. The festival has is origins in Theatre Inspirato, founded by Dominik in 2003.

The 10 minute play format, InspiraTO Festival, is now in its 5th year. This year there are two themes consisting of 8 plays each, narrowed down from the over 300 scripts that were received read and judged. The festival venue is the Mainstage at Theatre Alumnae at 70 Berkeley Street at Adelaide Street East.

Click here to read all about this entertaining and thought provoking festival.

Tickets are available online at InspiraTO Festival or at the door. Check the schedule here and make plans to attend.

Break a leg Dominik.

Wise Wednesdays - High Value Activities

Being busy does not always mean real work. The object of all work is production or accomplishment and to either of these ends there must be forethought, system, planning, intelligence, and honest purpose, as well as perspiration. - Thomas Edison

Have you had days where you feel you haven’t done anything productive? Maybe you’re spending your time on low value activities. A low value activity is something that in the long run will not make much of a difference.

For example, spending excessive amounts of time on your website, administrative work or social media. Not that you shouldn’t do these activities but not at the expense of the high value activities.

High value activities are activities that are not necessarily urgent but important for the long term sustainability of your business. Things such as market research, proper business planning, developing a consistent marketing strategy, a follow thru strategy and developing an extensive customer satisfaction process are good examples of how to maximize your time.

These are activities where you don’t see the results right away but certainly make a huge impact to your business.

It takes a lot of discipline and fortitude, for example, in planning a weekly networking strategy and having a follow up system. Yet it could be the best use of your time.

In this era of “I’m so busy” the real question should be, “what are you busy doing?” Busy is a poor substitute for effective results. Make sure you know the difference.

Cheers,

Dominik

Wise Wednesdays - Golden Moments

Wisdom is what's left after we've run out of personal opinions.
- Cullen Hightower


Seeking advice, especially from people who know very little about your business or who give you advice because they read something in the news (i.e. housing sales are going up, there are constraints in consumer spending etc.) may in fact work against you.

This is what I call Noise: People spewing advice or thoughts that are not based on fact but usually opinion and in most cases their biases.

However, it is important to seek wise counsel. Crucial. Specifically, see if you can connect with:

- Professionals who know your industry well
- Professionals who know what running a business is about
- Professionals who have an expertise in a specific area of business (i.e. finance, legal advice etc.)

Think about these people as your virtual board of directors. These people can offer what I call Golden Moments of wisdom. Seek them out. Don’t be afraid to talk to them. At times it may be wise to pay for their services.

A client of mine was ready to spend $2,000 on, what was in my opinion, an ineffective way to market their services. I recommended they take out an expert in their field for lunch to a chic restaurant. In his words, “it was the best damn $85I ever spent and a great lunch to boot.” He also saved himself $2,000.

Smart business people know that investing in human capital is worth its weight in gold.

Cheers,

Dominik

Wise Wednesdays - Give Yourself Credit

Just wanted to remind you that sometimes success is better measured in smiles received, giggles heard, and hands held, than in dollars earned,deadlines met, and kilos shed. And I must say, you've done well for yourself. - Notes from the Universe (www.tut.com)

There is a tendency to look at the past year and reflect on what hasn’t worked. However, focusing too much on what isn’t working can at some point be debilitating.

My recommendation is to reflect on the last year by making a list of all that has worked in your life no matter how small: taking that first step to test market your product, skiing with your family, researching your competition, taking on an new hobby. Success feeds off previous successes. This will instill in you that you are making progress. In effect, you’re training yourself to focus on making it happen.

There will time be for the critical mind but for now relish your strengths, traits, attitudes and actions that have brought you this far.

Happy holidays and best wishes for a fulfilling 2010 year.

Cheers,

Dominik

Wise Wednesdays - No Need for Noise

Seeking too much counsel, especially from people who know very little about your business or who give you advice because they read something in the news (i.e. housing sales are going up, there are constraints in consumer spending etc.) may in fact inhibit you to take action.

This is what I call Noise: People spewing advice or thoughts that are not based on much fact but opinion and mostly their biases.

However, it is important to seek wise counsel. Crucial. These are people who know your industry well, know what running a business is about or who have coached others. These people can offer what I call Golden Moments of wisdom.

The key, then, is to be able to differentiate between Noise and a Golden Moment and act on it. Entrepreneurs are more than doers – they’re deciders.

Cheers,

Dominik

Wise Wednesdays - Three simple (but not easy) steps

Here are three simple (but not easy) steps in developing a “stick-to-it” attitude in your business.

Step 1.
Success seems to be largely a matter of hanging on after others have let go. ~William Feather

Keep at it -- especially when you don’t feel like it.

Step 2.
Success and failure. We think of them as opposites, but they're really not. They're companions - the hero and the sidekick. ~Laurence Shames

If you’re going after what you truly want you will be given a “test” that you must undergo. Part of that test is failing. Learn from the lesson. Correct your course of action.

Step 3.
If at first you do succeed - try to hide your astonishment. ~Author Unknown

It’s rare to get it right the very first time. Savour those moments when things do work out. Build on your successes no matter how small or how infrequent.

Go back to step 1.

Cheers,

Dominik

Wise Wednesdays - Do it Lousy

The greatest amount of wasted time is the time not getting started. -Dawson Trotman

So much of business activity involves doing things on the fly; not having all the answers.

One of the misnomers is that you have to do things perfectly: You can’t. This way of thinking will only hold you back.

The key is to start. Set a date when you will begin working on that business plan, research the competition, make that phone call etc. Do it lousy. Yes, you read it right.

This will free you from getting it “just right”. Learn from the experience. Re-do it. Do it again.

As Gretzky has been quoted often, "you miss 100% of the shots you don’t take."

Cheers,

Dominik

Wise Wednesdays - How old will you be if you don't reach your dream?

You may be familiar with Malcolm Galdwell’s book, Outlier, which studied successful people. His conclusion: Those that have become successful are the results of deliberate practice in their field of work culminating in about 10,000 hours(roughly ten years).

Look at most business today and their success happens between 5-10 years of operation.

I like the idea of deliberate practice because it means that almost any of us can do it.

Deliberate practice is honing your craft as a business person: Practicing selling; implementing a well thought out marketing plan; developing and nurturing a list of contacts; managing your cash flow; observing changes in the marketplace; improving your day-to-day operations.

Deliberate practice takes time. The paradox is that you need to give yourself space that this business of yours will unfold yet create a sense of urgency to do the things that need to get done now.

Set milestones, goals, things to accomplish, monthly, weekly and daily. Keep practicing.

An audience member once told John Canary, a prominent speaker, “if I did all the things you say to do I’ll be 55 before I reach my dream. I can’t do that.” John Canary replied, “How old will you be if you don’t reach your dream?”

Cheers,

Dominik

Wise Wednesdays - There is No Magic Pill

Arriving at one point is the starting point to another.- John Dewey


I had someone call me lately and ask about accessing financing for her business idea. After some discussion she revealed that she had gone online and paid some good money to a company that gave her a list of grants and loans -- none which applied to her.

The lesson: Don’t look for a “magic pill” to solve your business problems. For those who think money is readably available read last weeks blog (Wise Wednesdays – No One Will Give You Money) .

This advice also applies to those who are looking for “the” great marketing idea to solve their problems.

Instead replace the “magic pill” attitude with a “one-a-day vitamin” mentality. That means that great results usually occur from what you do day-to-day. No fast and easy answers. Have a big dream but start off in baby steps. Be steady and deliberate in your implementing.

Just ask any successful entrepreneur.

Cheers,

Dominik

Wise Wednesdays - No One Will Give You Money

Once in a while I come across an entrepreneur who really impresses me with their wisdom. Scott Gerber, is one these young sharp entrepreneurs (visit his website www.GerberEntertainment.com.)

Here is part of an article he wrote that I am copying verbatim. Read it. Know it. It’s the truth:

No one will give you money. There, I said it. No one will invest in you. If you need large sums of capital to launch your venture, go back to the drawing board. Find a starting point instead of an end point. Scale down pricey plans and grandiose expenditures. Simplify the idea until it's manageable as an early stage venture. Find ways to prove your business model on a shoestring budget. Demonstrate your worth before seeking investment. If your concept is successful, your chances of raising capital from investors will dramatically improve.

Cheers,

Dominik

Wise Wednesdays - Cash Flow is King (or Queen)

If poor market research is the number one reason why businesses fail to get off the ground then poor cash flow management kills more businesses once they are off the ground.

Simply put, cash flow is the actually money you receive in sales less the actual expenses for each month. The key word is actual. Not what you are owed. Not what you will pay off. But what is going out of your pocket and what is going in your pocket for that month.

This is crucial. For example if you know your basic living expenses are $2,000 a month then you know that is the minimum you need to make a profit a month to continue (don’t forget you pay taxes on any profit you make even if you pay yourself).

Otherwise what happens to many entrepreneurs is they start to panic after their third month when they realize they can’t cover their basic living expenses.

A cash flow allows you to see when it’s best to transition from working on your business part time to making the leap to full time. The cash flow can also help you identify future downturns in profit so you can prepare yourself.

In the end having a sustainable business is what matters. A cash flow allows you to see if this is possible.

Cheers,

Dominik

Wise Wednesdays - run with it!

Small opportunities are often the beginning of great enterprises. - Demosthenes

Last week I did not get a chance to write a Wise Wednesday blog. I was just too inundated with other work. I was scrolling on our blog recently and noticed that someone else, a colleague of mine, Richard, had stolen my limelight.

At first I was upset. “How dare he steal my three minutes of imparting business wisdom”, I thought.

Then I realized that this was in fact a reminder to me and to everyone else what it means to be an entrepreneur: When opportunity presents itself run with it!

That is just what Richard did. More than anything else entrepreneurs seize the moment. Not recklessly but with preparation and some fortitude. Richard had been writing Thoughtful Thursdays for over a year that it was easy for him to add to the Wise Wednesdays blog when the opportunity presented itself.

And why not. It’s all part of becoming a savvy entrepreneur and growing your dream.

Wise Wednesday question: What skills and experiences have you mastered in the past that you can use today to create new opportunities for yourself?

Cheers,

Dominik

Wise Wednesdays - Where's the Beef?

I’ve read over 300 business plans to date and counting. My biggest beef is that most business plans don’t have any! Where’s the beef? People write 16 pages on the industry scope, fancy pie charts and complex cash flow and income statements. However, many miss the mark on one key question: How will they get and keep clients?

The first part of the question addresses a comprehensive Marketing plan. In this section many just lack the details. It is far more beneficial to list particulars of a networking strategy i.e. where you will network on a weekly basis, why this makes sense, who you will approach and what follow up system you will use then it is writing out a shopping list of all the 101 marketing activities you will supposedly do.

Less is more. Just be thorough.


The second part of the question addresses value: What the client actually buys. Many business plans skirt the issue. It’s not just about how “different you are”. After all I can put on a purple tiara on my head and be “different” but will people buy from me? Value is a combination of quality, customer service, the perceived value in the customer’s mind, the experience of the interaction and how you meet customer expectations.

What will you do to create compelling value? Be clear. Be detailed. Go deep. I want some beef!

Cheers,

Dominik

Wise Wednesdays - Two Clients Start a Business...

Two clients start a business…

Client A, a graphic designer, focuses on developing the latest and greatest website, spends time on Facebook, Twitter, develops a blog, occasionally network and rarely calls on new businesses.

Client B, also a graphic designer, focuses on networking consistently and calling businesses directly, and develops a simple but effective website, uses Facebook occasionally and has held off doing a blog and Twitter.

Client B is in business today. Client A has had to close shop.

The lesson: The order, the amount of energy and consistency you devote to the proper marketing activities will determine your success.

With all the hype about Twitter, Facebook and websites I feel too many entrepreneurs miss doing the most important things first.

Not that you shouldn’t do online activities – it’s just that the majority of your energy should be invested in activities that pay off in the long run.

Later on you can ramp up and have that marvelous website, and develop a great blog, Twitter etc BUT only after you’ve invested heavily in activities where you are face-to-face with your potential clients. Make this your priority.

Marketing is much more about investment, persistence, consistency then it is about glitz or because you believe everyone is doing “it”.

Happy prioritizing.

Dominik

Wise Wednesdays - Getting A Mentor

Take it easy -- but take it.--Woody Guthrie

Finding a mentor or coach takes time. TBDC offers formal coaching/mentoring programs like our partnership with CYBF, loans for youth 34 years or younger, or if you’re on EI or on ODSP and want to start a business. Please visit our website for more information.

However, for the most part, one has to be creative in finding a mentor/coach on their own.

Here is an approach you can use:

1. Do your research. Find out who is successful in your industry. Learn about that person and their organization.

2. If possible get someone to introduce you to that person (someone who has a connection with him or her). If not then go to step 4.

3. Get to know them (i.e. don’t rush into asking about them being a mentor right away).

4. Tell them your story i.e. who you are and your business idea. Make sure to let them know you have a passionate drive to make this happen. Then let them know your intention in looking for a mentor or coach – ask if they know anyone who would be interested or if they would be interested in mentoring you.

5. Let them know what is involved. I recommend meeting them once every two weeks or once a month, in person or over the phone.

6. If they are not interested ask if you could take them out for lunch (or the very least for a coffee). Arrange a time. At the end of the meeting thank them and ask them if they know of anyone you could possibly connect with? At the very least you will have gained some valuable insight.

Where possible see if you can offer something that would interest them (i.e. email them an article on a topic that interests them). This also helps you stay in touch with them.

This takes time. Yet it can be the best investment of your time and energy.

Happy mentoring.

Cheers,

Dominik

Wise Wednesdays - Do You Have a Coach?

Interdependence is and ought to be as much the ideal of man as self-sufficiency. Man is a social being.
- Mohandas Gandhi

Last week I talked about the importance of knowing “what game you’re playing” or knowing the competition.

What should be clear is that you can’t expect to succeed on your own. Yes you heard right. If it’s going to happen it’s up to you AND you can’t do it alone!

You may be the driver of your business but you need to ensure you are connecting with others. Especially with mentors or coaches: Someone who can advise you, guide you, champion you and support you especially when things are down. Someone, also, who can give you a good dose of a reality.

Dr. Basil Peters, who is a successful entrepreneur and has written, Early Exits (how to start a business and sell it for a significant profit) believes the most controllable success factor for entrepreneurs is getting a mentor. Sometimes a mentor is not possible but a good coach is.

The difference is that a mentor is a successful entrepreneur while a coach, may or may not be an entrepreneur, but knows how to make sure you stay the course and gives you valuable feedback. You may have to have various mentors and coaches along the way.

Next week I’ll tell you how to go about doing just that – getting a coach or mentor.

Cheers,

Dominik

Wise Wednesdays - Play The Game To Win

Last week I listed the findings of a report on what existing entrepreneurs felt were the top ten pieces of advice they would give to a start up business.

At the top of the list was knowing the competition. I like to call this, “How Do You Play The Game You’re In?” Do you know who the key players are in the industry? What clubs, associations, conferences, trade shows or networking events are they a part of? Join them.

What strategies do they consistently use to sell their products/services? Every industry has a “set of rules” on what it takes to succeed. It doesn’t matter that your product/service is different. Every business says they’re different, better, cheaper etc.

Even if you have a product/service that is completely new you will always have competition. For example, if you create a new energy drink, unlike anything on the market place, you will be competing against protein shakes, health juices, Gatorade etc.

Customers will decide whether to spend their money on a host of alternatives to get “re-energized” and yours is just another product in the mix.

Don’t make the mistake in thinking you’re a solo player. You never sell in a vacuum. You never play by yourself.

Know what awaits you. Otherwise you may find you’re playing the wrong game.

Cheers,

Dominik

Wise Wednesdays - Top Ten Tips

I came across this report, which I believe is very useful in understanding what it takes to succeed in starting a business. Next week I’ll talk about the implications but for now ask yourself how much have you done with the advice given below?

Cheers, Dominik.

"Top 10 tips on how to successfully start your own business", Special Report, RBC Financial Group, October 16, 2007.

These are some of the findings of an RBC poll conducted by Ipsos Reid between July 27and August 3, 2007.

The top ten pieces of advice existing entrepreneurs have for people hoping to start up a business, according to a survey by RBC Financial Group which compared the responses of aspiring entrepreneurs with those of existing entrepreneurs:

- Know your competition (51 percent)
- Develop a business plan (50 percent)
- Research the market (49 percent)
- Network, develop alliances (45 percent)
- Take time for marketing (38 percent)
- Seek out mentors (35 percent)
- Spend time defining the needs your business will meet (35 percent)
- Survey potential customers (34 percent)
- Do homework about where to locate your business (34 percent)
- Join clubs/associations (32 percent)

"The key piece of advice from Canada's veteran entrepreneurs is 'do your homework' before you open up your new business," said Rina Pillitteri, director, Small Business Client Strategy for RBC. "When successful small business owners look back on what helped them get off the ground, it's the fact that they knew what they were facing - they researched who their competition was, they understood what gaps they could fill in the marketplace, and they delved into the likes and dislikes of their potential customers. They also networked to find out as much as they could from other entrepreneurs."

Wise Wednesdays - Razor's Edge

If you have to do it every day, for God's sake learn to do it well.
~Mignon McLaughlin

I remember watching the movie Razor’s Edge with Bill Murray; a movie about a man on a personal quest to find meaning in his life. A heavy topic. The premise was that we are so close to success and failure that we can go either way just as narrow as a razor’s edge. The answers lie in the “fine-tuning” of our lives.

In many ways successful businesses are created by how carefully they “fine-tune” their offering. Businesses that thrive are always improving what they have to offer by asking for feedback from customers, watching the marketplace, increasing their expertise, staying in front of their customers.

In other words running a business is very much like living fully -- not taking things for granted.

Cheers,

Dominik

Wise Wednesdays - Opportunities to Pursue

Opportunity is missed by most people because it is dressed in overalls and looks like work. -- Thomas A. Edison


I just got back from a vacation in Europe visiting my parents on an island on the Adriatic. Not a bad place to be. I loved my early morning swims and evening strolls.

Naturally I kept my eyes open on how people run their business. There is great potential to further develop tourism in this region. I got excited over an idea and even thought of pursuing it. Then it struck me – would I pursue this idea because I really wanted to or because people were saying I could make a lot of money?

There is nothing wrong with making a lot of money IF the venture you pursue is who are.

I never recommend people go after an idea because it’s the “in thing.” They need to be interested in it for the long run. Running a business needs to have your true motives in mind.

Vacations sometimes act as wake up calls. Many times, however, vacations just act as reminders to take time off and enjoy life. Change is good but nothing beats a long relaxing leisurely rest.

Don’t fret over lost opportunities. Pursue ones that are close to your heart -- they will require all the energy and resources you can muster.

Cheers,

Dominik