Archive for February, 2010

In our series thus far, we have explored Purpose, Passion, People and Presentation – all important to build your foundation. But if they don’t lead to Profits – our 5th factor – and connect through Promotion – then what you have is a hobby, not a business!

Both of these factors deal with attraction: drawing to you the people and resources that form the “meat on the bones” for your Purposeful Business.

5. Profits: Attracting Money

The Purposeful Entrepreneur’s beliefs about money are often challenged in this factor. Old programming that “you can’t be spiritual and be rich”, as well as what amount of money is acceptable to charge and to make, must be revisited for the business to prosper. If revenues are lacking, or if money is not managed well, this factor will score low. More people become wealthy through self-employment than nearly any other avenue…but it is always a path of discovery, facing and overcoming old beliefs, and upleveling one’s awareness and consciousness when it comes to money – not to mention learning the tax benefits and wise money management strategies to be used in running a business.

This factor answers the question, “How do we manage our resources (especially money)?” for the new business.

6. Promotion: Attracting Your Tribe

A business is only viable when its message reaches its market…and promotion is about all the ways you do that in your business. Whether it is online or offline, working with energy, magnetizing, and Law of Attraction or marketing techniques like email broadcasts, speaking or article writing, all of those components comprise the essence of the Promotion factor. How clearly you communicate, the overall vibration you send to your prospects and customers, and how effectively you draw your ideal customer or clients to you – including your sales process – all are measured here.

This factor answers the question, “How do we communicate what we do?” for the new business.

Watch for more of this dynamic series next week!

Want some good news? Small business confidence is at its highest level in 16 months, according to a just-released study from the National Association of Independent Businesses.

Now that’s something to shout about! See full article here:  http://tinyurl.com/ycsy7bt

I am so excited to be in the company of Michael Port, Suzanne Falter Barns, Michele PW, Christopher Mickelsen  and 30 top coaching entrepreneurs  who are coming together for  Milana Leshinsky’s Coaching Boom 2010 virtual event. Get details and save your place today.

(What happens at Coaching Boom 2010, stays there! Only those who attend get to hear about all the new opportunities,… trends, tools, and strategies in coaching.)

Don’t miss out! Check it out today!!!

Welcome to our continued series in which we reveal the 12 factors that are required for you to create a successful Purposeful Entrepreneur™ business, with factors 3 and 4.

3. People: Finding Your Tribe  

The “tribe” or target market served by the business must be identified very specifically, even as the business is forming. The success of the business will be directly related to how clearly the market is defined. Many entrepreneurs struggle to define their niche even without considering their purpose and how it may relate to the niche. A business must have both a horizontal and a vertical niche in order to stand out as unique. For the Purposeful Entrepreneur, defining the ideal people to be served by the business takes on yet a third dimension: will these people benefit as the target of the purpose we have identified as the foundation of the business? Do these people share the problem, challenge or issue around which the owner’s purpose is based? If so, they are the right market. If not, they probably are not (but further inquiry will be needed).

This factor answers the question, “Whom do we serve and what do they tell us?” for the new business.

 4. Presentation: Allowing the Vision to Take Form

Once the purpose, passion and people are clear, the business is ready to “present” itself to the world! Presentation involves all of the logistical steps to start-up (business name selection and filing, legal entity, contracts, internal bookkeeping and phone systems, product creation, and the like). But it also includes the shifts in mindset required to become a self-employed entrepreneur instead of an employee. For the Purposeful Entrepreneur, this step is about action…and the challenge is that not all steps will become clear at once – the plan for the business unfolds in stages. It is only possible to see the second step once the first one – the one in front of you – is taken.

This factor answers the question, “How do we organize what we do?” for the new business.

To assess your business on all 12 factors, take the Purposeful Entrepreneur Compass assessment here.