Panelists -
Gloria Bell-Owner Red Stapler Consulting
Hajj Flemings-Founder, Brand Camp University, Author of Brand YU Life
Melinda Emerson- CEO MFE Consulting Author, Become Your Own Boss in 12 Months released in early 2010
Highlights of opening remarks -
Gloria Bell:
-Is what you are passionate about really monetizable? You have to be really honest with yourself.
-Listen to the people who are your support system and what they tell you you’re the best at
-Rely on the people you know you can trust
-You have to pay attention to when that right moment is
-Have distinct goals & vision and clear, definable objectives
-Why you shouldn’t monetize creative passion-sometimes it’s not monetizable
-Be true to knowing who you are and what you can make out of it
-You have to be willing to take a lot of risks and face failure
-Once you take the step to monetize your creative passion, your life will change
Hajj:
-Grustle is revolutionizing how creatives look at work
-Best time to start a business is when you’re already working for someone else
-Grustle = Grind + Hustle – Grind is your job or primary source of income
-We learn by working for someone else and being faithful to someone else
-Hustle: is your passion, what you would love to do full time
-we are all “preneurs”
-Entrepreneur-Someone who has made the decision that they are going to assume the risk of going into business for themselves
-Intrapreneur-Someone who works for someone else and are highly successful. they thrive working in a structured system
-There is a genius inside of everyone- you just have to unlock it. How do we find that genius and unlock it? It is not based on IQ, GPA, the school you went to, because regardless of that you can be successful
-Operating in your genius-an intersection of passion, problem and process.when you can connect your passion to someone else passion or problem, that means there is an opportunity. monetize your hobby.
-Process- There has to be business model behind it. Then it goes fromm being hobby to something that is monetizable.
-The social web is an amplifier. It proliferates whatever you are at a higher level. If you can define your voice properly, what happens when you put it in social media, More people will see a refined product and it will help you live your dreams
Melinda Emerson:
-Become your own boss in 12months-keeping your job and working your side hustle. develop a system to make the transition from full time to your own business.
-Before you ever write a business plan you need a life plan
-You can develop a good business that might not be a good business for you. The problem is not the ideas,the problem is the business of running a business.
-Are you financially positioned to start a business. A lot of that 12month period is financially repositioning yourself
-Your support system – kitchen cabinet of advisers
-Once you’re clear about your skills, figure out what additional skills you need. Because running your own business you are doing about 12 jobs.
-You just need to understand what your strengths are and hire for your weaknesses-or build strategic alliance with your weaknesses.
-If you don’t know who is buying and why they should buy from you, you shouldn’t waste your time writing a business plan. If you’re clear about market opportunity and how you’re going to be different, then that’s when you should write your biz plan.
-The first money to fund your business will come from your right or left pocket
-Are you ready to sell everything you own for your passion?
-The timing has to be right.
-A lot of it starts with your personal savings
-Passion and dreams take money. that money is going to come from your right and left pocket.
-If you plan for success it will happen, but if you do not plan you will plan to fail. Be clear about what you’re doing and why you’re doing it and whether or not it will make money
Q & A:
What do I need to know before I get started?
Melinda: Steps to take before you make the jump. save money. can you hang in there long enough to make it big. You need a kitchen cabinet of advisers-one of which should be an entrepreneur. Get yourself a personal theme song “living my life like it’s golden”-Jill Scott Celebrate small victories-the day you get your first website up, if you don’t celebrate the small things you could crash and burn out before your big success.
Melinda: Isolation is the enemy of entrepreneurship. Your mindset has to be right, because that’s when your insecurities. Evict your inner obnoxious roommate. Evict that inner voice in your head about mistakes you made. You can’t have negativity around you.
Gloria: I work harder now then I ever have. I am happier in the last year than in the 43 years that came before that. What I have now is so different, and I work harder, longer faster than I ever did and you have to be prepared for that.
Hajj: Owning the idea is important. something about this being my idea. I am the captain of the ship and this will go as far as I take it.
How not to undervalue rates and charging for goods or services?
Gloria-plan and research.
Melinda: Ask your client what budget is.
Hajj: once you state your price and hold firm
How do I monetize my passion?
Hajj: Know your business model. If i sell books, I make money on the books that I sell. You have to know what are the elements that are a part of your business and what are you worth.
Melinda: 6 real steps. uUnderstand basic project management/capacity. Pick a niche. Use a professional contract and spell out deliverables and payment. Avoiding unpaid rework (have a kick off meeting and send off client creative brief to be clear about goals and deliverables). Limit drafts and revisions. Make sure your contract states they have to pay you even if they don’t give timely approval. Make sure you take multiple forms of payments. Follow up when people say they’re interested in your work. Be organized. Communicate. Take responsibility.
How do you continue to grow your business?
Gloria: Build relationships. Don’t look for clients. People want to do business with people that they trust and like. I talked about it to everybody. Be active on social media. Go to networking events. Talk to people. Build relationship.
Hajj: We’re all in the business of people. There have been time when I have done stuff for free because great opportunities can come from it. We have to reinvent ourselves. We have to learn how to become relevant. Understand how your customer likes to digest information. Never dismiss people, you never know who somebody else knows.
Melinda: Social media is putting your roledex on steroids. Think about exactly who you want to talk to. When you present yourself in the right way talking to the specific audience they come find you.
What is the importance of having a mentor as a part of your business?
Hajj: Mentorship is accelerated wisdom. Get a mentor who has been there before-in success and failure. Many of us are one failure away from our greatest success. You can have virtual mentors-follow their blogs and tweets.
Melinda: Contact the writers of the books you read. Mentors come in all shapes and sizes. They can be virtual. The important thing to know is that you have to grow yourself to grow your business. The way to do that is to seek out other people in your industry. I want to look at what they did so they can teach me. You might not have direct interaction, but it’s out there thanks to social media. Clients as mentors, they teach you about their industry
Gloria: Don’t ignore your accidental mentors. Mentors are not only the people you went searching for. Sometimes it is as simple as seeing a tweet that came from somebody else and I realize these people have a lot to teach me. The best way to find a mentor is to be one-you will be amazed at what that person will teach you.
What you do to make yourself stand out?
Hajj: Everybody becomes an expert. Stay in your lane and become a specialist. It becomes important to understand what you’re created for. Look like your brand. When people see you-do you undo everything you do online because you can’t hide behind a screen. Present yourself and be true to who you are. Have character. Be who you are and stand behind your product.
Melinda: Niche to get rich. You need to be known for something. You have to have a signature move-it can be anything – from uniforms for your employees, I send my clients Valentines Day cards because I want them to know that I love them. Be specific about who you do your best for.
Gloria: Pay attention to your competition, but don’t worry about them. Be transparent and do good work. Your reputation is all you have. Doing the right thing for the right reason. If you are doing good work, you are being real, you are being honest, fair and transparent then the business will come.
Can you start small and go big?
Melinda: Your first customers will come from your personal network.
Hajj: It’s important for your business to be scalable so that it can grow. Understand and know who your competition is. Put their name and yours in google alerts and be notified when things happen online.
Gloria: Before you make your biz plan you have to have a life plan. Knowing what it is you want, knowing how it will fit into your life. Are you going to be able to deliver on what you say. There is a time frame for ideas. You might need to shelf some. Creativity spawns creativity.
A few closing words of wisdom:
Gloria: Traits of an entrepreneur 1. Have the fortitude to face your fear. nothing wrong with failing. just pick yourself up 2. Plan, plan, plan not always going to succeed. 3. Be risk taker. Be willing to say it’s ok that I am going to take this leap 4. Have drive. Be willing to hustle, but hustle responsibly. 5. Be a visionary and a dreamer. You have to be able to see what it is you want. 6. Be passionate. You can’t be passionate about one thing. You must be passionate about everything. If you’re not living a life of passion, you’re living a life that’s ordinary.
Hajj: If your memory is bigger than your dreams, then you’re living in the past. You need to be thinking forward. Be a forward thinker. Do It. Put feet to your idea. You might fail but you’ll learn something. It is not how many times you fall, but how many times you get up. Own the idea. Own something specific. Be a true expert. There is a difference between confidence and confirmation. The people you serve give you the confirmation.
Melinda: Becoming an entrepreneur is a spiritual journey. You can’t grow your biz if you don’t grow yourself. Grow your knowledge about the business of running a business. A goal is a dream set to a timeline. You need to be a self starter but you also need to be a self finisher. Start something and finish it. Get yourself a personal theme song. It will always make you feel better. Develop a signature move for your brand and business.
