Entrepreneurship for Women: What to do Before Starting a Business by Terry Clark - HTML preview

There is no way you can enjoy success if you are do not have healthy mind, body and spirit. Successful women know it is important to eat healthy. A bag of chips and a soda is not a power lunch! Meditating, visualizing and affirming all seem to be part of the successful woman's daily routine. Also these happy women have learned when to rest, relax and enjoy themselves. Indeed all work and no play leads to some emotional and physical stress. It is therefore vital that you take mental and physical health breaks during the working day.

 

Even if you are not the best at everything you do, you should never let people know that. Being a leader is about accepting the negative things about yourself, but not allowing them to stop you from doing your best. This pertains to all points in your life where you may be lacking.

 

Moreover the successful business women know how to manage time wisely. The women who own moneymaking businesses are very much in control of their time and therefore do not allow time to control them. Apart from this they are able to visualize the future as if it is already the present. This is a very powerful tool for the success of any business that you can think of. They are able to see the future as very productive and fulfilling. The profitable entrepreneurs always talk about the future with confidence and optimism.

 

When you're a leader, you'll need to be accountable. If you make a mistake, admit it and move on. It can be easy to push the blame onto other people, but this should really be avoided. If you're accountable when you've made a mistake, the people around you will feel the need to be more accountable if they've made a mistake.

 

One of the sure qualities of successful business women is persistence. They know how to keep the important things important. The women are not easily distracted by the achievement of their goals no matter what the obstacle is. They set a priority on items of their to-do-list and ensure that those ones that are vital are performed first before anything else. Those who are very smart would normally come  with a written plan that is carefully drawn up. The truth of the matter is that when you have a goal it is just a dream if there is no plan attached. Therefore these women know what to do each month, week and day. They therefore have a planned blueprint for the future of the business that is on paper.

 

36. How to Develop Employee Incentives

 

Employee incentive plans have many different purposes. You have certainly seen a fair share of such plans. But with the economy struggling, how should you approach your employee incentive plans in a different way to reach your organization's goals? Can an employee incentive plan actually produce the results you need?

 

Though they seem to come in endless varieties, all successful employee incentive plans are united by a few simple core characteristics:

 

When you're a leader, make sure that you team with people. You must remember that you are a part of a team. Individual voices can contribute to and better an entire project so try bringing others together to collaborate. Leaders are never alone. Do your best to invite as many perspectives into the discussion and decision-making processes as you can.

 

Core Features of a Successful Employee Incentive Plan: You need to find the innate qualities in yourself that can  help you become a good leader. Although you may not naturally tend toward a leadership role, there is some aspect of your personality that you can develop which will help you to take charge. With time, experience and practice, you can hone your skills and develop your leadership abilities.

 

1. Who are you going to motivate?

 

Never be little your coworkers. Your subordinates will never respect you if you do not treat them with respect. Remember that you are not better than they are. Consider yourself fortunate to be a leader. Treating your coworkers as you would want to be treated will go a long way in developing a cooperative team.

 

2. How much are you going to pay and for what result?

 

Always handle emerging issues with transparency. People used to hide business problems, but today, great leaders don't do that. Are you wondering why? Communication has become key in today's world. The truth will come out whether you like it or not. So be the person that controls the message. Don't be the one reacting to it. This is the attitude shared by effective leaders.

 

3. How are you going to deliver the employee incentive - monthly, first-dollar, quota attainment, etc.?

 

If you want to work on improving your leadership skills, do not act like a know-it-all. While you may truly be a great leader, you can always learn from your peers. Others are able to contribute ideas to improving your own, ways to  implement your ideas or even offer constructive criticism on the weaknesses.

 

4. Will your total pay package be competitive when you include your incentive compensation plan?

 

Don't micromanage. Leaders don't do all the work. They inspire and train others to make decisions with confidence. If you are always nitpicking on things and doing it yourself, then you're sending a signal to your employees that you really don't want their help. That's not leadership at all. Take a step back and figure out how you can inspire your employees to make the right decisions.

 

This last question you need to answer to avoid what is called the „numbskull' factor – losing good people because, unintentionally, they are not being paid their value compared to the market.

 

Being a leader means taking action. It doesn't matter how many good ideas you have if all they ever do is take up space in your head. Develop a plan and put your idea into action. Focus on the outcome you would like to achieve and focus your energy on making it happen.

 

These are all important factors to consider. But there is a much more vital question: Will the employee incentive plan actually lead to the result you want? This is an especially important question during a recession when every sale counts.

 

Give rewards when work is well done. These are salaried employees quite often, but incentives can make a major  impact on productivity. If a team member works particularly hard on a project, reward them with a gift or cash bonus. True leaders don't pinch pennies with things like this.

 

Do Employee Incentives Really Work?

 

One of your necessary talents will be clear communication with your employees. Make certain to give subordinates all the information they need to perform key tasks successfully. Continue to check with them to ensure the project is running smoothly.

 

It seems like this answer must be clear - employee incentive plans must work. If they don't, why do so many companies have incentive plans that they continue to pour money into, even during a recession?

 

You should be sincere and confident when interacting with others. However, don't think that being arrogant means to be confident. Nobody likes arrogance. You must realize it takes true sincerity in order to gain the trust of the people you work with. When you are insincere, it is obvious and your team will not take you seriously.

 

At the same time, there is evidence that employee incentive plans don't work as commonly thought. They don't increase the „quantity' of results except perhaps in the very short term. And rarely do their special rewards and benefits increase employee productivity.

 

The world is constantly changing and a goo leader needs to be flexible enough to handle that. You cannot break down every time there is a change in the way you know how to do  things. There are opportunities to learn new things all of the time, and you should take advantage of this.

 

Some evidence that employee incentive programs don't work can be found in formally. For example, how many articles have you seen in the management and HR press with titles such as, “Why everyone hates their employee incentive plan” or “Why your employee incentive plan doesn't work”?

 

Encourage your employees to express their concerns and offer suggestions without fear of embarrassment or retribution. An atmosphere that allows for open communication ensures that employees can do their best work, develop innovative ideas and express their thoughts. On the other side of the coin, open communication allows you to avoid conflict while offering feedback and handling problems.

 

Employee Incentive Plans Grab Attention, But Don't Motivate Employees:

 

Great leaders believe in those they are leading. Surround yourself with talented people and then inspire them to greatness by believing in their ability to reach their full potential. When you expect the best of someone, they will typically go out of their way to live up to that expectation.

 

Building a successful employee incentive plan is especially important during a recession – if plans are not built on bedrock, they're not likely to produce the business results you need during an economic downturn. Research and experience point to these following basic facts about employee incentive plans.

 

Leading people can be a very demanding role. Those demand sometimes make it hard to find quality time to spend with family and friends in outside interests. Remember, you need a well-rounded life in order to be a good leader, as well as a happy person. Make sure that you try to take breaks, and do things that you enjoy.

 

Facts about Employee Incentive Plans

 

Create an environment where everyone's point of view can be heard. Dissenting opinions and debate can lead to more creative solutions. In an environment where people are afraid to disagree, the status quo will stand. Have weekly meetings where you actually stimulate debate about specific aspects of your business and listen to every opinion and suggestion.

 

1. Employee rewards and benefits rarely increase productivity permanently. Your employee incentive plan probably won't cause much of a difference in productivity in the long run.

 

Great leaders should always strive to set a good example. If you want your employees to be honest, you must be honest as well. If you want your employees to show respect to each other, you must respect them. When people see you acting a certain way in a leadership role, it helps them to better understand how and why those characteristics are important to the organization.

 

2. Incentives absolutely don't take the place of management. The old principle states: Don't turn a  management problem into a compensation problem. This is especially crucial during a recession. Getting your employees fully energized and committed is a relationship (management) issue, not a compensation issue.

 

Offer occasional rewards to your employees. These do not have to be high dollar items, even a certificate of recognition will do. Everyone needs to feel valued, and rewards can help your employees to understand how much you appreciate their efforts. This will encourage people on your team to work harder and put their best foot forward.

 

3. Successful employee incentive plans can, however, get people's attention and make clear to them what you really care about most.

 

Never forget to say thank you for a job well done. Your employees need to feel appreciated as part of a team, and those two simple words can go a long way toward letting them know you value them. Take the time to thank people for the little tasks and the big ones too in order to keep morale strong in the office place.

 

Once a week, there can also be lunch meetings in which employees are able to get to know each other better and relate to one another in a more informal environment. Time off certificates for perfect attendance from an employee can also be part of a helpful incentive program. This will help the business to function with more effectiveness since individuals will be more tending to call in for time off. Birthday programs in which a present is given to staff members on the day or week of their birthday can also help employees feel more valued. There are many more examples that can be considered.

 

One of the most important qualities of a good leader is the ability to delegate tasks to the right people. No leader can do all of they work by themselves. By delegating certain tasks, more can be accomplished and employees will feel ownership and increased motivation as part of the team.

 

It is therefore up to each of us to align people with and inspire them by clearly setting the organization's critical goals so that they are pursued with a passion. This is a passion that cannot be built through an incentive plan that offers employee rewards and benefits.

 

Learn from your mistakes as a leader. You are bound to make them, and the best thing to do with them is use them to build your knowledge and experience. This will keep you growing and moving forward and when that is the case, you simply can not be caught!

 

In your next conversation with one of your employees, try speaking as if he or she is the most important person in the room at the moment. Look him in the eye, avoid interruptions, ignore gadgets, and ask questions about his or her interests. It's the simplest, least expensive and most effective incentive available. You should readily use it to get the best possible results in terms of productivity and consequently profits.

 

37. Performing the Right Business 101 Etiquette in Other Countries

 

Etiquette has many different aspects. However, the one remarkable function that etiquette does perform is that it  demonstrates respect. By keeping the etiquette, one maintains good interpersonal relationships. Ultimately, it could be argued that etiquette is about making sure that when people mix together, there are rules of interaction in place that ensure good communication. In this way, transactions can go smoothly.

 

We all know how we or others feel when a lack of etiquette is shown. If someone jumps the queue, does not thank you for holding the door open for them or forgets to shake your hand, you naturally feel disrespected and perturbed.

 

If you're trying to make a decision, you should try to get input from your team. Your team may be able to help you find a great solution, or they could help you see if you're making a bad choice. A good leader should be interested in the opinions of others.

 

International Business Etiquette:

 

In order to be a great leader, you must be able to communicate your vision to your team. Explain clearly what the common goal is, and instill a vision of success in the group. Getting everyone working together on something they all believe in cements your leadership role in the group.

 

Keeping the above points in mind, now consider the difficulties of working on the international stage. Modern business is global and requires people to travel to foreign countries and mix with foreign clients, colleagues and customers. Each one of those cultures will also have their own etiquette rules, many of them unwritten. When two or more different cultures mix, it is easy for small etiquette mistakes to be made. This could have negative consequences.

 

If you are rolling out a new business process, train your employees effectively. That new business process might look all shiny on paper, but if your subordinates receive insufficient, or worse, no training, it will inevitably cost you money down the road. There are ways to make training relatively painless, so do your research.

 

Just as you feel felt annoyed if a foreign businessman does not shake your hand upon greeting you, imagine how your Chinese client might feel if you write on his business card. Or imagine how your Indian colleague may react if you flatly rejected an offer for a meal; total lack of manners in that culture. Sometimes, not understanding the etiquette of another culture means you show a lack of manners. As Lawrence Sterne said, a lack of etiquette is lack of deference. This can and does lead to soured relationships, lost deals and in the end poor business results. Anyone working on the international stage needs to understand international business etiquette.

 

Be sure to finish everything you start or you risk losing the respect of the people that work under you. Even if something seems particularly difficult, you should give it your all and see it through to the end. No one will look at you the same if you turn into a quitter.

 

Business Card Etiquette:

 

Continue to learn new leadership techniques and innovative methods for conducting business. Continuing your education will give you a better understanding of how your younger employees think. A new perspective will help you improve your leadership style while also giving you the tools to be competitive in an ever-changing market.

 

When you exchange business cards do you simply pass it over and forget about it? In many countries the business card has certain etiquette rules. For example, in the Arab world you would never give or receive a business card with your left hand. In China and Japan you should try and use both hands to give and receive. In addition it is always good etiquette to examine the card and make a positive comment on it. Whereas in the UK it may be OK to sling the business card into a pocket, in many countries you should always treat it with much more respect such as storing it in a business card holder.

 

Makesure that people know that you want the team's success. If you're in a position of power, some may suspect that you only want glory for yourself. That's why it is important to do things that let others know you are on their side, and that your leadership will produce good results for everyone.

 

The Etiquette of Personal Space:

 

Prepare yourself ahead of talking to your team. Consider possible questions they may have. Know in advance how you are going to answer them. Being prepared with quality answers shows confidence and leads to a team that will respect you. This technique also saves time during meetings.

 

Is it impolite to touch somebody? How close do you stand to people? What about gender differences? In the Middle East you may even embrace men when you know them, yet you should never touch a woman. A slap on the back may be OK in Mexico but in China it is a serious no-no. Touch someone on the head in Thailand or Indonesia and you would have caused  great insult. Without the setting of international business etiquette, these things would never be known.

 

A good leader should be able to write effectively. There are other factors that make up leadership; it's not just your vision and how you carry yourself. You also have to show others what you mean through words. If your writing looks unprofessional, people won't respect you as much. Keep this in mind, and be mindful of what you write and how you write it.

 

The Etiquette of Gift Giving:

 

Delegate responsibilities whenever possible. Showing trust in your employees gives them confidence in their own abilities. It will also inspire confidence in your ability to lead. Micromanaging your employees is exhausting for your and demotivating to your employees. Offer support and help them deal with any problems that may come up.

 

Many countries such as China and Japan have many etiquette rules on the exchange of business gifts. International business etiquette allows you an insight into what to buy, how to give a gift, how to receive, whether to open in front of the giver and what gifts not to buy. Great examples of gifts to avoid are anything alcoholic in Muslim countries, anything with four items in Japan and clocks in China.

 

Try adding value to people every single day. Several great leaders will take a minute to sit and think about whether or not they have added value to another person the same day. Leadership can make a difference and break a deal since it;'s what makes organizations grow. It impacts lives. Remember that it's not just an idea that's talked about,  but it's an action that you need to live out. The Etiquette of Communication:

 

Be open with your communication with your team. Good communication is essential for effective teamwork. Make sure your team feels that any questions are welcome by having a helpful attitude. Your team cannot work for you if they are not sure of what you want. Keep an open-door policy for this reason.

 

Some cultures like to talk loudly (US and Germany), some softly (India and China). Some speak directly (Holland and Denmark) others indirectly (UK and Japan). Some tolerate interrupting others while speaking (Brazil) others not (Canada). Some are very straightforward (Greece) and some focus on negotiation (Middle East). All believe their way of communicating is fine, but when transferred into an international context this no longer applies. Without the right international business etiquette it is easy to offend someone.

 

Get comfortable with decision making. Effective leaders tend to be great at deciding things. Risk taking along with good decision making goes hand in hand. Quick decisions, using all your knowledge about a situation, will help to show others you understand and make them want to follow you. Avoid second guessing yourself. Not every decision is going to have the right outcome, and you must learn from your mistakes.

 

International business etiquette is a key skill for those wanting to be successful when working abroad. Through the great appreciation and understanding of others' cultures  you build stronger and longer lasting business relationships. You have to know the rules of international business etiquette so that you can be successful in any industry.

 

Recognize the employees who consistently do a good job. Don't focus on problems or spend too much time trying to strengthen weak employees. When the squeaky wheel always gets the grease, being a weak employee becomes motivation to get more help from the boss. Try to surround yourself with your strongest employees and help them grow.

 

Don't show favoritism for one employee's suggestions and advice. Show everyone the same amount of respect and interest. A successful leader always treats his group in the same manner in which he would prefer to be treated himself. Be fair with everyone, and fulfill your promises to them.

 

Business Clubs for Women in Business

 

Good leaders identify and understand their obstacles before encountering them in insurmountable ways. Learn to anticipate a crisis and take steps to avoid it. It is possible to have a positive attitude and still not be in denial about potential pitfalls. Delegate team members to minimize risks using each person's individual strengths.

 

There are more women entering the business arena than ever these days because of the resources available for them to develop themselves. Women are rising up to the challenge by starting their own businesses each and every day. Resources are provided through various business clubs that are being formed around the world. A number of women in  business would join a business club that is national, local or even global. There are a lot of options to choose from. There are a number of clubs on the internet as well.

 

A large problem for business these days is the loss of one-on-one communication. This is primarily due to the electronic age we live in. If you want to be a good leader, try foregoing the emails and text messages, and really interact one-on-one with your team. Get to know them, and let them get to know you. Real relationships still work best.

 

One of the main ideas behind the setting up of these business clubs for women is to bring together like-minded people who can assist each other with demonstrations, presentations, information and advice. You will get to meet the most successful women. It is interesting to note that men are mostly excluded from such clubs. The clubs are very serious and as such have regular monthly or fortnightly meetings where they all come together to do business and to share what is going on around them in the business world. It is for this reason that a number of women are rising to higher leadership positions in some of the big companies in the world.

 

Judge your own success as a leader by evaluating how well you are able to get others to perform their jobs. If you have a positive influence on your employees, keep them motivated and help them grow, you are an effective leader. If you must use intimidation and manipulation to influence your employees, you are an ineffective leader.

 

It is important to note that there are a number of business clubs for women out there and they will charge various fees. For instance, there could be a membership fee which may be  for a lifetime membership and then an extra fee per month for something else. Clubs are mostly not free to join but you can certainly justify the cost when you start to get a lot of business links that you would not have otherwise had. Therefore they are still good to join no matter what.

 

Pay attention to what your employees are not saying. Learn to read body language in order to understand the feelings they are not displaying to you verbally. If everyone in the room is unhappy and nobody is speaking up, it is time to bring an issue to the table. This helps to promote communication, and it makes your organization a better one.

 

Gone are the days when women in business could not achieve anything worthy of note no matter what field they had chosen to enter. The environment for them was very tough as men were always dominating. These days however the advent of women's business clubs has made it possible for all women to rise to the occasion as they have all the links and resources available to do well. You would now find a number of women taking very high positions in companies with some sitting on the boards of major corporations and making strategic decisions. You can be like one of these women, if you have the skills and expertise and if you make connections in your business club.

 

38. Before You Jump All In? A Bit of Advice

 

Always contact a Lawyer for advice as to how to set up a business if you are unsure.

 

There is always free legal advice available through SCORE  (Service Corps of Retired Executives). If your business starts to get really profitable in the future, you can even consider upgrading your from a Business to a Corporation, or an LLC. You can incorporate easy online -- check out "legal zoom" do a search online for more details about the company.

 

In order to be an effective leader, you must work closely with your team. Listen to them wh