ENT 650 Week 4 Blog Assignment

Image result for vision stick man

From Vision to Reality

You have an excited idea! Believe in its potential and you want to get it off the ground. The question is (I ask myself this too, a lot) how and when exactly to get started and be on the right foot? Research shows most people get hung up on the transition from vision to reality. It is obviously scary. I also heard from many entrepreneurs that they enjoyed working for themselves, that the beauty of being entrepreneur is challenging and taking risks. So, if you are ready, start some baby steps with strategic actions to make amazing progress quickly:

  1. Know what you can do on your own and within your network:

“Sweat equity is the best equity,” said Mark Cuban-a billionaire serial entrepreneur and on Shark Tank TV show. It makes sense for me to save and learn what to do rather than to pay someone else.

According to Steven Rogers, author of Entrepreneurial Finance, for his students and entrepreneurs that, passion and motivation for energy are not enough. They need to know the fundamental of finance that ultimately leads ideal wealth for themselves. The important key is learning all the fundamentals (finance, marketing, human resource…) to grow the company.

Who in your network can help you? Trusted personal connections, professional connections, and other resources are priceless. For example, share your idea and ask them questions such as “Do you think this idea has potential?”, “Would you buy this product or service at that price?” etc.

2. Describe your ideal customers:

As we learned in previous class about define and describe your ideal customers whom your business is targeting. Research the market. Who will buy your products or service? Be honest and specific as possible. If you know your customers, you can figure out where and how to reach them.

3. Start a Business plan and figure out your run way:

This is a vital step. It allows you to get real details into your core business before launching. How many resources must you have? Your run way is how many days, weeks, or months before business will be able to continue based on actual resources at hand.

It is good to be optimistic but, assume it will take twice as long and cost three times as much as you think.

4. Create milestones from little to big:

Where do you want business to be a year from now? It could be a simple milestone, like “I have five paid customers at the end of day 30.” By having little achievable milestones, you will be able to make steady progress while minimizing frustration.

Talk is always easier than to do what you say. Being an entrepreneur is not easy and can be overwhelming. Entrepreneur is a hero because he/she creates jobs for the people and helps give back to the society, said Steven Rogers. So, don’t give up!

 

Resources:

Rogers, Stevenson (2014). Entrepreneurial Finance, Third Edition: Finance and Business Strategies for the Serious Entrepreneur. McGraw-Hill Education.

https://www.bing.com/videos/search?q=entrepreneurial+finance+youtube+steven+rogers&&view=detail&mid=D18BAD3B6803989D0BACD18BAD3B6803989D0BAC&rvsmid=604628EE4E2A5C27A3B7604628EE4E2A5C27A3B7&FORM=VDQVAP

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ENT 650 Week 3 Blog Assignment

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Focus on Sales but Think Customers

 

Focusing on customers is an essential factor and as important if not more so than other factors. Either you are in the selling of products or services business. There was a slogan that I remember when I was a little girl in Vietnam “Customer is King!” I did not understand then what this meant but it made full sense to me later when I became emerged in the business world. Without customers, the business cannot survive. The same as “Cash flow is King or Queen!”, said Steven Rogers in Entrepreneurial Finance. Without cash, the business cannot keep going and grow.

I believe in “your business is successful because you create and maintain happy customers.” Most customers may not expect your customer service to be perfect but they do expect you to care. For example, if they complain or bring up an issue and see you help them to resolve problem quickly and effectively. These customers may end up more loyal to your company than they were before. Take this opportunity to build your business from these “problematic or very difficult customers.” They will sing your praises if you show them the respect that they hoped for.

Research shows that most companies after they settled down, tends not to look out for the customer’s best interest. They focus more on sales and listen less to the customers. This can be a downfall or a large setback for some businesses.

With Social Media, any unhappy customers can give your business a bad review. Think about when your competitor that is offering the same product but delivered a better customer service experience. The consumer base can all change no matter how big your company is.  If you don’t take care of your customers, you will lose them.

Only the customers and prospective customers can help you understand how to improve the product and service in what matter most to them, and they can explain why they made the choice to buy your product or service.

So, how to create a connection and to improve your business? How to make them share the experience with your company? You may try some strategies below:

  1. Using customer satisfaction surveys: It is not easy to ask directly if they are happy with your product or service. However, you can get their feedback though customer satisfaction surveys. These surveys can help reveal the needed attentions and at the same time can illuminate the positives.
  2. Speaking with customers one-on-one or as a group: Personal engagement helps us better understand the survey’s results and to comprehend the emotion behind the answers. Take advantage of this approach to strengthen the relationship. Building customer trust through caring.
  3. Comment/survey cards at the stores: Encourage customers directly and boost participation by offering discounts or prizes. Let customers know their opinion maters to help you better serve their needs in the future.

Notes:

  • Make sure the survey should take less than 5 minutes to fill out.
  • Respect customer’s time. Should have ONLY questions that directly tie with your company’s objective to be able to produce productive feedback. Some questions such as “Rate how you feel about the quality of services” or “Which of the following services do you value most?” etc.
  • Follow up and take action. Make positive changes to some strategies or individuals. Customers want to see their feedback is valued and implemented. On the other hand, employees are more likely to accept a change if they understand why customers are suggesting a change.

Remember, your customer’s loyalty is a choice. If they come back for repeating business is because they want to, not because they have to.

 

Resources:

Rogers, Stevenson (2014). Entrepreneurial Finance, Third Edition: Finance and Business Strategies for the Serious Entrepreneur. McGraw-Hill Education.

http://www.cmswire.com/customer-experience/forget-sales-quotas-obsess-about-your-customer-experiences/

 

ENT 650 Week 2 Blog Assignment by Mary Schuler

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Financial Goals – Clarify and Focus On Your Efforts

Nowadays, I bet you hear often or familiar with the term “financial goals”, especially you find it on all kinds of advertisement. It sounds good but sometimes I was asking myself “exactly what they are trying to sell?”, “how to get there?” or “how to start?” I am confused. I probably have a long list for financial goals but think about what tools to use to achieve them and how or which to start first: personal or business goals? Long term or short term? Clear the debs or build the credits? etc.

First, we need Health and Money. Now mental and physical Health are important. How about financial Health? It is important also.

For most of us, making money are important and mostly some people measure success by gauging how much money they have based on financial status. Making money is a good thing. It changes our life for the better if we are focusing on generate positive changes and not selfish greed. It is about being honest and ethical, knowing “treat people as to how we want to be treated.”

Let see how people manage to obtain wealth:

Through inheritance (born to it): how can we know if it is a guarantee? Will it be in place in the future? There were many true cases exist but imagine, just sit and hope for to become a millionaire is unrealistic and may be a biggest letdown of your life.

Through try to rely on luck: with years working in the casino, I saw how some people think they may beat the odd if they have luck. The bad news and most disappointingly are the odds seemed always against them. Do you want to rely on pure luck?

Through hard work: Do you have to be lucky to increase your wealth? I believe through hard work, there is a guarantee and by your action, luck will find you. So, what does hard work means to you?

  • It means maintain and improve your physical health first, then it is time to activate the entrepreneurial spirit in you and set the goal: Knowing what you want, your passion and determine to meet your goals.

Reading the book Entrepreneurial Finance of Steven Rogers are really eyes opening and helps to clear my thoughts so much. “Working for yourself will be the toughest job you ever have”, said Steven. This book helps me know where I am stand and review my overall financial goal picture. I need to understand what is debit and credit, saving and debt situations, financial statements, techniques, business plan etc. Still remain (less) confused but I found I am in a better position to plan my next financial strategies for the entrepreneurial ventures.

  • Desire it with excitement and efforts with the overpowering purpose to achieve it. Make a list of your target dollar amounts of each goal (vacation for this year, find a better location for the business next year, for example). Watch out any unnecessary expenses.
  • Get the drive: Overcoming fearing stagnation. Accomplishment is doing. Get some helps from your mentor, accounting and or legal professionals…
  • Resources: Learning, conquering obstacles and prepare for any unexpected problems. I am so glad that I have a chance to read this book, The Entrepreneurial Finance of Steven Rogers – “the premier guide for your dream of running your own company”.
  • Perseverance: Stick to it, hang in there a little longer and then some more. If you would like to meet each goal, it is more effective to set the deadline if possible.
  • And many other positive ways that you can find to build on your foundation towards the goals.

Happy ventures and see you in the next blog.

 

Resources:

Rogers, Stevenson (2014). Entrepreneurial Finance, Third Edition: Finance and Business Strategies for the Serious Entrepreneur. McGraw-Hill Education.

ENT 645-50 Professional Presentation Public Speaking/Reflection

2011

Mary Speach 2011

2017

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Opportunity School for Women program was my subject matter I spoke of. I have only one time spoke in public and it was at the graduation ceremony of this 3-week class I took at the Berea Collage, KY in 2011. Now 6 years later my business mind, my English, job experience and education have come a long way. I was scared of thinking about doing this speech even though it was in front of people I knew from a Real Estate office where my husband works. It lasted for about 7 minutes and then people asked questions and answer time for about another 15 minutes.

As you see in my speech I started off very stiff but the last half I felt more comfortable. I was feeling more confident when talking more details about the subject and seeing the excitement of the audience who was listening to me, asked questions with sincere interest.  When the question / answer time was happening, I felt like they were going to share this information with the women out there who truly needed it. I hope that this speech might result in some people who need this program in going and having a life changing moment like I did. This program is a true confidence builder.

Mary Schuler

CORRECTED ENT 645 Direct Response Tool by Mary Schuler

Corrected ENT 645 Direct Response Tool

__________________________________________________________________________________________

Please click here —>Murphy Real Estate Company – Marketing Letter

Marketing letter head

Thank you for inquiring about properties in our area. Whether you are looking for a small cabin for weekend getaway, a second home, a mini farm, or a large acreage, I can help you.

The beautiful Western NC and Northeast GA offer something for every taste and budget!
We are currently enjoying an excellent Buyer’s Market with a large selection of properties and low interest rates. Don’t miss these investment opportunities!

As a member of the NC and GA MLS (Multiple Listing Services), I can assist you with all properties For Sale in our area.

Below is my contact information. Please feel free to call for any questions. I look forward to working with you.

Best Regards,

Mary Schuler
828-557-0273        info@28906.com

PS: I invite you to visit our Website at http://www.murphyrealestatecompany.com and use MLS search tools, if any property for sale catches your eyes, please contact me. I will be happy to send you more information. Better yet, stop by at my office and receive a free appreciation gift!

 

The above page (first page) that you have just read is my Marketing Letter that I created in Step 1 of Direct Response Tool. ENT 645 Week 6.
Step 2: This Marketing Letter has been tested with five individuals “Ideal Clients” and received their feedback.
Here is the Summary of Testing and Analysis feedback: • The logo is simple, spot on the real estate business, however it is a little small.

• Need to but contact information and website together with the address on the top.

• The Title looked like I mainly target the people outside of the mountain areas. Yes, the major potential clients are come from the South like Florida, some are from the North. That they know this area is a balance in between in term of weather – not too cold in the winter, still hope for having the snow which is a plus of the excitement, and not too hot in the summer.

• The market is affordable compare with other big cities. Lo taxes and Investors opportunities.

• People moves to the mountains because this area offers full four seasons: beautiful blooming flowers in the spring, cool with breezes in the summer, best colorful leaves changing in the mountains in the fall and pretty romantic winter (because the snow will be melted and gone the next day 😊)

• People said that these areas offer everything they need to enjoy and be relax such as rivers, lakes, trails, casino, fishing, antiques, hunting, boating, restaurants, etc., and if occasionally want to go shopping, just drive 1.5-2 hours to a different world – big cities.

• People said the Marketing Letter presentation is professional, inviting and call to action. Make people want to stop by and to get the gift for free. Why not?

• Needs to add some Social Media webpage links or icons, if possible.

• Need to put my title next to the name (for example: Realtor/Broker or Real Estate Agent).