Author: Paul Segreto

Passionate About Fueling Entrepreneurial Spirit; Entrepreneurship Coaching; Management & Development Advisory & Consulting; Franchises, Restaurants, Service Businesses; Thought Leader, Influencer, Content Creator & Author.

When does the New Normal shift to the Here & Now?

According to Dictionary.com, ‘new normal’ is considered one of the top eight words or phrases people absolutely never want to hear again. The phrase ‘new normal’ is an oxymoron typically used to indicate a life event that is out of the ordinary and has a long-lasting or permanent impact on someone’s day-to-day routine. For instance, a couple who just had their first baby might tell friends and family they’re adjusting to their new normal.

But using the phrase to describe efforts to fight a global pandemic implied a sense of permanence that made a lot of people uncomfortable. This may have been one time when it was better to challenge ourselves to find a new phrase, rather than relying on one we already knew. If you check Thesaurus.com for synonyms for new and normal, you come up with, strange routine, unusual standard, and unfamiliar order. Those all seemed to better capture the inherent strangeness of the time.

Well, enough with new normal, and this from a person (me) who wrote what turned out to be a very popular article by the same name for the restaurant industry as lockdowns became the order of the day. If you’re interested, you can read that article which had been picked up by a number of publications HERE.

I was recently working with a client in evaluating her and her husband’s business with the intent of launching their brand into franchising. Their two quick service restaurants survived the pandemic quite well. Take-out and delivery kept both locations afloat as their small dining areas had been closed. They were very diligent in keeping their employees protected having made the investment to have plexiglass partitions installed at the counters. Packaging was improved for customer safety.

A decision had been made to use the time to make improvements. Kudos to these business owners! Both locations were remodeled. Equipment was evaluated and several items were replaced. Many parts of the business were addressed to improve the customer experience as well as to improve revenue and profitability. This included a new website, an improved social media and branding strategy, a revamped loyalty program, and expanded local marketing efforts.

As supply chain issues raised an ugly head, efforts were taken to supplement and offset shortages. Menus were evaluated and modified accordingly. Several new items were tested to provide additional offerings with both business profitability and customer satisfaction in mind. The key to all of this was my clients’ focus on emerging from the pandemic period on an upswing.

They made the right decision. Their efforts proved fruitful. Yet, there has been recent concern as to what had been considered new norm problems remaining, seemingly requiring frequent attention. I had been hearing similar stories from other business owners. It appears the type of business doesn’t matter as the stories were consistent.

It got me thinking, are these problems existing because they’re being addressed from the perspective of how things were done prior to the pandemic as opposed to addressing things based upon what really has become a changed business environment? Has the new norm ended and instead of evolving, key parts of the business have changed almost overnight? Will moving forward be based upon reacting to recurring issues, or should a proactive approach be taken to address what has clearly become the here and now, the way it is… now?

After carefully reviewing the issues, it appeared obvious we needed to address today’s business as just that, today’s business, not yesterday’s business. It meant looking at the business as if it were being started today. In other words, not being reactive to the way it was and slightly adjusting but to look at it as being a new business.

For instance, if the business were started today; What would be on the menu based upon current supply chain and cost factors? How much would you need to pay employees today? What would you need to do to create a great customer experience? How would you attract customers to your new business?

Essentially, if your business were started today, you would need a current business plan, not the one you had when you first started your business 3-5-10 years ago.

So, the answers to the questions above must be the guidelines for today’s business. Sure, you’re probably thinking I’m crazy. For example, how could a business afford to raise employee wages from $10 per hour to $15 or $20 per hour? If the business were started today, it wouldn’t be a question because it is what it is. Other examples would play out the same.

The bottom line is it is necessary to evaluate your business as if you were starting it today. Use that as your baseline. Tweak your systems, processes, and procedures according to that baseline instead of from what the norm was previously, or that had evolved into the new normal. Proactively transform your business for today.

Maybe it means doing business with less employees. Maybe it means reducing or changing product or service offerings. Maybe it means a shift in how to attract customers or clients. Maybe it means revising certain processes in delivering products or services. Maybe it means looking at the business as if you were buying it today. What would you change?

The list goes on, but the answer really is it means doing all of it. It means looking forward, not looking back. It’s the only way to win. Otherwise, the best one can hope for is a tie.

Have a great day. Make it happen. Make it count!

Inspiration vs Motivation

I’ll admit, I often interchange motivation and inspiration. Actually, because I do, I find that I use both words together in a sentence. For instance, what motivates and inspires you? Maybe it’s because what motivates me, typically inspires me, as well. And what inspires me, often motivates me. Is that wrong? Maybe it is according to the definition of both words, but I find it works for me. It’s akin to a 1-2 punch. They work well together. In any event, it works for me. However, maybe it doesn’t work for you.

Inspiration is defined as, the process of being mentally stimulated to do or feel something, especially to do something creative; a sudden brilliant, creative, or timely idea.

Motivation is defined as, the reason or reasons one has for acting or behaving in a particular way; the general desire or willingness of someone to do something.

Kelly Slater, an American Surfer states, “Motivation is temporary. Inspiration is permanent.” A very concise message, to the point. Six simple words. Yet, I believe there’s much more to the spirit behind being motivated or inspired. Or should I say, motivated AND inspired?

The following quote from Dean Bokhari, a writer & speaker about personal development, meaningful work + mastery presents a different perspective:

Some may look at Bokhari’s quote and think it’s just Salter’s quote further defined. I don’t see it that way. I believe Slater’s point is more a black & white issue, an either this or that scenario. Bokhari’s quote speaks to me of a yin & yang (most think it’s ying & yang) scenario, working together, complementing each other, reinforcing, if you will.

According to Wikipedia: in Ancient Chinese philosophy, yin and yang is a Chinese philosophical concept that describes how obviously opposite or contrary forces may actually be complementary, interconnected, and interdependent in the natural world, and how they may give rise to each other as they interrelate to one another.

From World History Encyclopedia: The principle of Yin and Yang is that all things exist as inseparable and contradictory opposites, for example, female-male, dark-light and old-young. The pairs of equal opposites attract and complement each other. 

As the Yin and Yang symbol illustrates, each side has at its core an element of the other (represented by the small dots). Neither pole is superior to the other and, as an increase in one brings a corresponding decrease in the other, a correct balance between the two poles must be reached in order to achieve harmony.

I read an interesting article, “The Important Difference Between Motivation and Inspiration” by Rob Holman. He is an internationally recognized leadership expert, executive coach, keynote speaker, and bestselling author who has a heart for authentic relationships and a true talent for equipping people with the skills and the knowledge necessary for their success. He states:

“For years I thought that inspiration and motivation meant the same thing. But the more I thought about it, did some research, and became a student of people, the more I came to believe there’s a very important distinction. The subtle difference between the words can make a world of difference in leading people.

Merriam-Webster defines inspiration as follows: “Something that makes someone want to do something or that gives someone an idea about what to do or create.”

Here’s what it says for motivation: “The act or process of giving someone a reason for doing something.”

Inspiration is more a person reaching a point of wanting to act, whereas motivation is more of giving people reasons to act. That’s the difference between babysitting and empowerment, incentives or influence, fire-starters and fire extinguishers.

There is a need for both inspiration and motivation. But to lead effectively, knowing the difference makes a tremendous difference.

When we try to motivate people by using positive incentives, and perhaps even some negative tactics, that’s using outward things to enter the heart where real change takes place. This can work to some degree, but the effect is often temporary.

When we try to inspire people, we’re reaching for the heart in a way that the person is changed from the inside out. When people want to change because there has been a deep stirring in their heart, it’s sustainable and leads to long-term vibrancy.

There was a time in my life when I consistently sought encouragement from others as my main source of motivation. Sometimes I’d get it, other times I wouldn’t. I needed the encouragement to perform well.

Then I began to be inspired by a purpose-driven challenge in my life, as well as some individuals who helped me understand that what I do should not define who I am. This changed everything.

With motivation, I was looking for reasons to be a better me to maximize performance. With inspiration, I understood who I was and, as a natural byproduct, I was able to accomplish things that I never thought were possible.”

Maybe I’m off base here, but I’m starting to realize a difference in the meaning of both words but only as it applies to the act of doing something for the benefit of others as opposed to for one own’s benefit. Meaning, to motivate and inspire others appears to be different than being motivated and inspired.

In any event, when I feel inspired, it motivates me to do something. When I see that my coaching creates excitement for my client or even just a glimmer of hope, it motivates me to expand my reach to help others. If I’m motivated by a motivational speech, it inspires me to take my own personal thoughts regarding the speaker’s topic to a new level. In both cases, I feel both inspired AND motivated.

Is there a difference between inspiration and motivation? Yes, I know there is. But does it matter when in the moment of being inspired and/or motivated? I guess it comes down to something that is quite simple which is whether it provokes thought and confidence in taking action.

There are a lot of things that can provide inspiration AND motivation – seeing other people accomplish great things, seeing others overcome adversity, speeches & quotes from great people, the written word (books, blogs, etc.), and even the sheer beauty of nature can inspire and motivate us… while also reminding us just how lucky we are to be alive.

Question of the Week: What inspires and motivates you?

Have a great day. Make it happen. Make it count!

Sales Success by the Numbers

I’m often asked to help salespeople succeed. Whether in business or franchise brokerage, or in any professional sales setting, the fundamentals are essentially the same. Listed below are various points I make in a typical sales training workshop including 30 Rules of Sales Success and 5 Degrees of Failing followed by two sets of questions about why salespeople fail and whether you were born to sell.

As you’re reading through the questions, make note of your answers. Following each of the two questions is a simple grading system. See how you rank. Be honest with yourself as you’ll only be deceiving yourself if you act otherwise. If you’d like to discuss your results afterwards, feel free to reach out to me.

30 Rules of Sales Success

  • Establish rapport and client confidence
  • Establish and maintain a positive attitude
  • Believe in yourself
  • Make a plan…set and achieve goals
  • Learn and execute sales fundamentals
  • Understand the client and meet his/her needs
  • Sell to help
  • Establish long-term relationships
  • Believe in what your selling
  • Always be prepared
  • Always be sincere
  • Be on time for calls, appointments and follow-up
  • Look and sound professional
  • Use humor strategically
  • Master total knowledge of what you’re selling
  • Sell benefits, not features
  • Always tell the truth
  • Always keep your promises
  • Don’t dog the competition
  • Listen more than you speak
  • Anticipate responses – statements and objections
  • Overcome objections
  • Ask for the sale
  • Shut up after asking closing question
  • If sale not made, make firm appointment for follow-up
  • Follow up… Persist until you succeed
  • Redefine their rejection
  • Find your success formula through numbers
  • Do what you do passionately
  • Create positively memorable experiences at all times

5 Degrees of Failing

  • Failing to do your best
  • Failing to learn the science of selling
  • Failing to accept responsibility
  • Failing to meet pre-set goals
  • Failing to have a positive attitude

Why do salespeople fail?

Answer YES or NO…

  • I watch the news for I hour each day.
  • I read the paper each day.
  • I read a news magazine every week.
  • My work is a drag.
  • I get angry for an hour or more.
  • I talk to and commiserate with negative people.
  • I look to blame others when something goes wrong.
  • When something goes wrong or bad, I tell others.
  • I get angry at my spouse and don’t talk for more than 4 hours.
  • I bring personal problems to my work and discuss them.
  • I expect and plan for the worst.
  • I’m affected by bad weather enough to talk about it

How did you do?

  • 0-2 yes answers: You have a positive attitude.
  • 3-6 yes answers: You have a negative attitude.
  • 7 or more yes answers: You have a problem attitude.

Are you born to sell? No, you learn to earn!

Answer YES or No…

  • I have set my goals in writing.
  • I have good self-discipline.
  • I am self-motivated.
  • I want to be more knowledgeable.
  • I want to build relationships.
  • I am self-confident.
  • I like myself.
  • I love people.
  • I love a challenge.
  • I love to win.
  • I can accept rejection with a positive attitude.
  • I can handle the details.
  • I am loyal.
  • I am enthusiastic.
  • I am observant.
  • I am a good listener.
  • I am perceptive.
  • I am a skillful communicator.
  • I am a hard worker.
  • I want to be financially secure.
  • I am persistent.

How did you do?

  • Answer over 15 with an honest yes and you’ve got what it takes.
  • Between 10 and 14, it could go either way – better chance if you answered yes to knowledge, enthusiasm, self-confident, perceptive, self-motivated, persistent)
  • Under 10… well, a career in sales is most likely not for you!

Have a great day. Make it happen. Make it count!

Flag Day 2022

Today is June 14, 2022. It’s Flag Day. It’s the annual holiday that celebrates the symbolism and history behind the American flag each year.

The Continental Congress introduced the American flag in the middle of the Revolutionary War at a time when each colony or special interest had its own flag.

The Declaration of Independence made the introduction of a universal American flag necessary.

Congress made a resolution on June 14, 1777, outlining the purpose for a united American flag for the 13 colonies: “The flag of the United States shall be thirteen stripes, alternate red and white, with a union of thirteen stars of white on a blue field …”

In 1885, a schoolteacher by the name of Bernard J. Cigrand encouraged his students to reflect on the symbolism behind the American flag.

Eventually, he came up with a proposal to establish an annual observance for the nation’s flag and penned an article called the “Fourteenth of June” in the Chicago Argus newspaper. To this day, he is regarded as the “Father of Flag Day.”

Since then, there have been 27 different versions of the American flag, and stars have been added as states joined the Union.

The flag in its current state dates back to July 4, 1960 when Hawaii was officially recognized as the 50th state on the American flag.

On May 30, 1916, President Woodrow Wilson established a national Flag Day on June 14.

President Harry Truman signed legislation in 1949 proclaiming Flag Day as a national holiday, although it was never considered an official federal holiday.

Many Americans celebrate Flag Day by displaying the red, white, and blue flags with 50 stars and 13 stripes in front of homes and businesses.

Some towns and cities hold parades and other events to celebrate the flag, and the American flag is flown at all government buildings.

Flag Day is not an official federal holiday, but its observance is proclaimed every year by the president of the United States.

*Credit to Katherine Rodriguez and NJ.com

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My final thought for the day…

The sky is just like life. Some clouds are fun to look at as our imagination creates figures out of the clouds. Others are menacing and even scream at us at times. Sometimes there’s the calm before the storm. Other times the combination of fascinating colors depicts the end of the day and thought of the new day ahead. But what I find most exciting is when clouds part and we see some light, some blue skies ahead… creating hope things will turn out okay. At times they may be dark for days but if we just wait for it, blue skies are always ahead!

Have a great day. Make it happen. Make it count!

Are franchisees responsible for their own success or failure, and are franchisees entrepreneurs?

A while back I had posted a question on LinkedIn, “Are Franchisees personally responsible for their own success or failure?”

Below please find several of the responses from a cross-section of professionals that I believe provide some very interesting perspectives. Certainly, ones that may be different from franchise professionals that may be too far into the forest to actually see the trees, or of the franchisees that would rather point the finger of blame at someone else rather than at themselves.

As I have done in the past, the names of the responding individuals will be kept confidential. Instead, they will only be identified by their LinkedIn statement or profile.

The president of an HR consulting firm responded, “Franchising quickens the start-up of a new business operation with a systemized model. But in the end, a franchise is a business like any other. Each business owner is responsible for the success of their business. Drive, ambition, courage, determination and a keen focus on sales and marketing is critical. You reap what you sow.”

An operations manager from the telecommunications industry added, “I have the fortune of working with some great franchises in a manner where both the franchisees and the franchise are clients. As others have said, it is a combination of what is provided by the franchise and effort on the side of the franchisee. One could write a series of books on the subject; however, I feel that proper guidance and training are more vital than even advertising when it comes to a good ratio of successful franchisees. Often, I will see even the highest revenue producing franchisee left alienated by a brand, it is not uncommon for some franchisees to not even know who the current regional contact is for their brand until there is a problem. On the other hand, I have seen franchises that provide complete packages for their franchisees including market research, technology like database, PBX, and websites, corporate trainers that are easy to contact and on a first name basis, and most importantly a feeling of partnership where the owner often makes contact for advice, ideas, and information. The right franchise provides two vital resources to a business owner: 1. Instant name recognition and consumer confidence. 2. Tools enough for a business owner to focus on growing his business and not burdened with reinventing solutions to common problems.”

Finally, an expert in the HR field stated, “They are totally responsible for their own success or failure. If the franchiser does not support them, they have to remember they are the ones who made the decision to buy the franchise. They decided who to hire and to approve the location. If the system is not working, then figure out what needs to happen and make it happen. When you buy a franchise, you do not buy a job you buy a business. Would you let your employees blame it on you if they did not produce?”

As I read through the responses, I realized that several were adamant that the fact individuals invested money with a franchisor, they should be guaranteed success. Others pointed toward franchisees being different than entrepreneurs who know there is risk. Does that imply that those investing in a franchise don’t realize there is a risk when investing in any type of business, even if the investment is made by a successful entrepreneur?

And that brings to mind, the off again, on again discussion about whether franchisees are entrepreneurs?

Are Franchisees Entrepreneurs?

In business circles we frequently hear and make reference to “entrepreneurial spirit.” It’s this spirit that drives an individual to taking risks, sometimes calculated, but not always. “Spirit” is often associated with “free.” Sir Richard Branson of Virgin Airways fame, among other successful business ventures, would definitely be considered a risk taker, an entrepreneur and free-spirited.

It’s often been said that individuals explore franchising due to it being less risky than starting a business from scratch as the franchise comes complete with a proven business system. The old adage about being in business for yourself, but not by yourself, creates a nice, warm sense of security that a franchise can ultimately provide.

Minimized risk. Proven system. Sense of security. Could you really see Sir Richard as a franchisee? So, if Sir Richard Branson epitomizes the true entrepreneurial spirit, my question is, “Are franchisees entrepreneurs?”

Come to think of it, I don’t believe I’ve ever seen the word, “entrepreneur” in a word cloud about franchising… Wait, there it is in tiny print next to the pinky finger!

I’m anxious to hear what franchise professionals, franchisees and others have to say. Please post your comments below. Thanks.

Have a great day. Make it happen. Make it count!

Weekly Review June 5-11

Sunday at Acceler8Success Cafe is the time for looking back over the past week. It’s a time for review as with so much going on at Acceler8Success Cafe I know it’s easy to miss a newsletter or two. Possibly my Question of the Week slipped by without you noticing, or an announcement I may have made just seemingly got lost amongst the busy news feed.

Just like an experience at your local cafe, I really want Acceler8Success Cafe to be conveniently located when you desire or need to relax, enjoy a cup of coffee, and catch up on some reading. My goal is for Acceler8Success Cafe to be your virtual cafe. A place where you may frequently visit to enjoy a few minutes to yourself. I’d like the experience to be memorable by providing learning opportunities, by presenting a different perspective & insight, by spurring thought & reflection, by encouraging interaction, and by spotlighting topics that, frankly, may not be as front and center as they should or need to be.

Acceler8Success Cafe is open for business seven days a week. For the benefit of current & aspiring entrepreneurs, this daily newsletter is delivered each morning. As a way to jumpstart the week ahead, a weekly review is delivered each Sunday morning listing and linking to the articles you might have missed during the previous week. My goal is to provide an opportunity for you to begin the new week informed and with ideas that possibly could accelerate your success.

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Remembering D-Day

78 years ago on June 6, 1944, thousands of Americans in unity stormed the beaches of Normandy and changed the course of World War II. Many lives were lost in the effort to keep the world free. In light of current unrest and discord I appreciate our freedoms even more than ever before. As the threat against freedom has again reared its ugly head, it will take unity to prevail once again.

3 Common Mistakes When Exploring Franchise Opportunities

Mistakes are a part of life. However, so is learning from mistakes. But if you could learn from the mistakes of others rather than your own, wouldn’t you? In this article we took a look at some common mistakes individuals make when exploring and investing in a franchise in order that you avoid them and improve your chances of success within your new business.

Local Entrepreneurship: A Return to Main Street

Business owners and entrepreneurs are not the only players responsible for building up the economy. If everyone doesn’t participate in the growth, then it will not spread and take root. There is one entrepreneur on the stage but there is also a cast of characters, orchestra pit, and the audience. Without those ecosystem stakeholders, change will not be successful.

What Differentiates an Entrepreneur from a Businessperson?

An entrepreneur is defined as, “a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.” A businessperson is defined as, “a man or woman who works in business or commerce, especially at an executive level.” Although the two seem closely related, they actually differ on a major level.

Question of the Week: I don’t believe it could be argued that an entrepreneur is a businessperson. But I do believe it can’t be argued that not all businesspeople are entrepreneurs. So, what differentiates an entrepreneur from a businessperson?

This Thing Called Life…

Back in 2009 while in the midst of an uncertain economy, and a few times thereafter, I have shared this article and inspirational video. Almost every time I’ve done so I’ve heard from individuals thanking me and letting me know that it had helped them cope with difficult times. Recently, I heard from someone who reminded me of the original post and how much it meant to him back then and how he often refers to it when facing a current challenge. It made me think about how it might help others today as we’re once again experiencing economic uncertainty. Here’s hoping that sharing it once again may help a few more that may need some inspiration and hope that tomorrow will be better than yesterday.

Quiet time. Family time. Prep time. It’s the weekend!

 “Weekends are days to refuel your soul and to be grateful for the blessings that you have.” – Anonymous

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This quote from billionaire Dallas Mavericks owner Mark Cuban addresses the common dilemma of which field we should pursue in our entrepreneurial life.

Too often, we end up pursuing paths that aren’t optimal for our own lives, abilities, and interests. At the same time, it’s impossible to choose a perfect path in advance. Things will inevitably change along the way.

Given both the difficulty and importance of choosing a path in this life of ours, how do we go about putting Mark Cuban’s ideas into practice?

  • Ikigai. Have you heard of Ikigai? It’s a Japanese philosophy for finding a balanced life. Ikigai takes Mark Cuban’s quote and runs with it. To correctly follow Ikigai, you must seek a balance between not only what you love and are good at, but what the world truly needs, and you can also be paid for. This framework might help you find the way when considering different paths.
  • Regular Reflection. It’s important to reflect along the way during your entrepreneurial growth. Taking the time to sit back and assess whether you’re still in love with your work and whether your time might be better used elsewhere is an important part of the process.
  • Skills & Improvement. In order to remain good at something, we can never rest on our laurels. We need to remain committed to pursuing education and development anywhere we can. Once you’ve chosen a particular path, keep seeking ways to strengthen yourself while you walk it.

No matter which area of business you are in, Mark Cuban’s ideas are valuable. Always seek out exciting opportunities you love and have a chance to be skilled in.

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And Benetrends continues to provide out-of-the-box funding solutions with The Rainmaker Advantage Plan®, a corporate capitalization strategy modeled after the Rainmaker Plan, that is designed to mitigate or eliminate the taxes due on the sale of a business. Benetrends also offers Securities Backed Line of Credit and Equipment Leasing.

Explore your business funding options and find out your “fundability” HERE!

Have a great day (and week ahead). Make it happen. Make it count!

Quiet time. Family time. Prep time. It’s the weekend!

To most, weekends are considered the end of the week. To me, it’s the start of a new week, a new beginning.

I love the quiet and solitude of weekend mornings as I awake by 5AM. I use the time to think about possibilities as I catch up on reading, reviewing the many publications, newsletters & blogs to which I subscribe. Weekend afternoons are typically reserved for family time, and/or more quiet time.

Today that will include spending time with our daughter-in-law, Erin as plans come together for her and our grand dogs, Bella & Lola to join our son, Paul in Amsterdam to complete their relocation. Tonight, my wife, Laureen and I will celebrate our 45th wedding anniversary.

Preparing for the week ahead is reserved for Sunday evenings and typically takes me well into the night. This ensures a stress-free start to the week ahead and goes a long way toward achieving goals. Doing so actually helps plan for free evenings during the week. This allows me to maintain a work/life balance as family commitments & events are firmly in place on my calendar, not to be interrupted by work.

Please share this with others as there are far too many that have a difficult time managing stress and especially so amidst the seemingly endless negative news surrounding us every day.

Here’s to a great day, a super Sunday and a very productive stress-free week ahead. Make it happen. Make it count!

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This Thing Called Life…

Back in 2009 while in the midst of an uncertain economy, and a few times thereafter, I have shared this article and inspirational video. Almost every time I’ve done so I’ve heard from individuals thanking me and letting me know that it had helped them cope with difficult times. Recently, I heard from someone who reminded me of the original post and how much it meant to him back then and how he often refers to it when facing a current challenge. It made me think about how it might help others today as we’re once again experiencing economic uncertainty. Here’s hoping that sharing it once again may help a few more that may need some inspiration and hope that tomorrow will be better than yesterday.

Life is Like a Cup of Coffee

As one might imagine, I spend a great deal of time seeking out articles and information that may be of interest to the franchise industry, and readers of this site. Most of the time I’m looking for things relevant to franchising, entrepreneurship and small business.

Recently, I came across an inspirational video, “Life is Like a Cup of Coffee.” I watched the video several times, as I’m sure most of the people that have already seen this video have done. The message conveyed by the video made me think long and hard about the current economy and how it might be affecting people within the franchise community.

I thought about the franchise executives, who may be wondering when and where they’ll work next. Or the entrepreneurs who invested large amounts of money developing new franchise systems, only to find themselves anxiously waiting for credit markets to ease up just a bit. And I could not help thinking about the many franchisees, with life savings invested, watching their personal lifestyles drastically change, as they try to squeeze dollars out of cents.

This video provides a simple, yet profound look at life that may shed light on how challenges being faced today need to be addressed, and hopefully, resolved. Maybe, just maybe, it can be looked at as the simple approach to tackle complex problems. And I’ve asked myself if it could really be instrumental in making people look at things differently and provide hope, where hope was not even considered before.

I know that hope is not a sound business strategy, but neither is waiting. At least with hope, it may provide inspiration to do things that may help in turning things around.

Anyway, take a look at the video and give this some thought. Then, please share it with your family and friends and request they share it with people they know. If we can ultimately help just one person, or just one family, we will have made progress. Progress that’s necessary to survive this rough economic storm.

When Life Knocks You Down

A conversation the other day had me thinking long and hard about this quote. Sometimes it’s easier said than done, but it’s always possible to get back up. Honestly, I should practice what I preach. Well, not so much to get back up, but to do so quickly and without leaning on excuses. Even if there are justifiable reasons, they’re still excuses. I should know better. I do know better. So, from me to you, here are my thoughts on getting back up after being knocked down by life.

When life knocks you down, you MUST get back up. Always!

Often, it’s quick to jump right up on your feet. Other times it takes getting up on one knee and pulling yourself up, sometimes holding onto something, but all the while progressing to an upright position. And yes, there are times you’ll actually stumble and fall back down, but you must push again to get back up.

An unforeseen weight causes you to fall down and is making it difficult to get back up? Find a way to push it aside. Dig deep inside for extra strength, for the will to get out from under it, crawling out if you must.

When all is said and done, you must get back up. You can do it. You must do it.

Now, I’m thinking about what I believe is one of the greatest motivational and inspirational speeches in movie history. The speech I’m referring to is by Rocky Balboa to his son… I believe that anyone that has seen the movie, Rocky Balboa will remember the speech but whether you do or not, take a minute or two to read through the words below:

“Let me tell you something you already know. The world ain’t all sunshine and rainbows. It’s a very mean and nasty place and I don’t care how tough you are it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain’t about how hard ya hit. It’s about how hard you can get hit and keep moving forward. How much you can take and keep moving forward. That’s how winning is done! Now if you know what you’re worth then go out and get what you’re worth. But ya gotta be willing to take the hits, and not pointing fingers saying you ain’t where you wanna be because of him, or her, or anybody! Cowards do that and that ain’t you! You’re better than that! I’m always gonna love you no matter what. No matter what happens. You’re my son and you’re my blood. You’re the best thing in my life. But until you start believing in yourself, ya ain’t gonna have a life. “

Watch the video HERE

Have a great weekend. Make it happen. Make it count!

What Differentiates an Entrepreneur from a Businessperson?

The hit ABC reality television show Shark Tank continues to be one of the highest rated shows on television today. The show’s panel typically consists of its recurring millionaire and billionaire venture capitalists: Kevin O’Leary, Robert Herjavec, Daymond John, Barbara Corcoran, Lori Greiner and Mark Cuban with appearance by others with similar backgrounds and experience.

The premise of the show is for these venture capitalists being presented with new ideas, inventions, products and services from individuals and partners that are seeking investments. The people that enter the “Tank” are given the chance to present these VCs, or “Sharks” as they are known on the show, with an opportunity to invest in their companies.

Many of the people who walk into the “Tank” are told by the Sharks that their business is not a business and that they are not even entrepreneurs. Some are dumbfounded when they hear this because they believe that they are serious entrepreneurs — not just another businessperson looking to make a buck.

So, what differentiates an entrepreneur from a businessperson? Therein lies the basis of our Question of the Week but let’s set some groundwork that possibly could help answer the question.

An entrepreneur is defined as, “a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.” A businessperson is defined as, “a man or woman who works in business or commerce, especially at an executive level.” Although the two seem closely related, they actually differ on a major level. In order to understand this concept, we’ll have to use the Sharks themselves as examples.

Kevin O’Leary earned his way to fame and fortune by building his educational software company SoftKey, right out of college. As his empire grew, he eventually acquired The Learning Company for over $600 million — taking the name as well. Eventually, O’Leary sold his business to a company called Mattel for $3.8 billion in a stock swap. In 2003, O’Leary moved on to his next venture, Storage Now, which was later acquired for $110 million.

O’Leary now sits on several boards and operates as an advisor to many companies. O’Leary eventually made his way to the Shark Tank after the success of his other show Dragon’s Den, which Shark Tank is modeled after. O’Leary is known as “Mr. Wonderful” on the show for his outlandish and often brutal honesty — as he so puts. He approaches his investment decisions with the cold hard truth that he believes some ideas are just not meant to be businesses.

Robert Herjavec got his start by building up his Internet security empire, BRAK Systems, until he eventually sold it to AT&T Canada in 2000. After an early retirement, Herjavec found his way back to the Internet security world when he founded The Herjavec Group in 2003, where he currently operates as the CEO. Herjavec also started out on Dragon’s Den with O’Leary and now holds a recurring spot on Shark Tank. Herjavec appears to be more optimistic than the other “Sharks”, with more of a sensitive side. Maybe it’s the fact that his working-class father immigrated to America in pursuit of the “American Dream” and taught him that hard work pays off — which he’s used as the model for his success.

Daymond John, who is most famously known for his start-up company FUBU, which he grew with the help of celebrity endorsement and a mortgage from his mother’s house. John built FUBU into the global empire it is today, with global sales at over six billion to date. Although he is known to be a more reserved Shark, taking careful consideration before jumping on a deal, John is known to have a compassionate side and one that has been seen before on Shark Tank.

Barbara Corcoran built her empire with nothing more than a mere $1,000 loan that she used to start her real estate company The Corcoran Group — which she co-founded. In 2001, Corcoran sold her company to NRT Incorporated for $66 million. Corcoran is responsible for pioneering many revolutionary techniques that changed the real estate market. Corcoran is a wild one — the fun-loving Shark, who astounds the others with her business decisions but somehow always proves that she still has her business swagger.

Lori Greiner began her career with the invention of a revolutionary jewelry box that was capable of holding over 100 earrings. Greiner is now known as the “Queen of QVC”, since she has helped launch hundreds of products via the network and holds over 120 U.S. and international patents. She is also the president and CEO of the company For Your Ease Only. Greiner is a savvy investor who has helped grow hundreds of companies. She is a force to be reckoned with — despite her physical appearance she is not to be underestimated.

Mark Cuban, the richest of the Sharks, made his billions despite some claims that were ultimately defeated in court, with the start of his company MicroSolutions in the 1980’s. In 1990, Cuban sold his company for $6 million. After that, Cuban moved on to his next venture AudioNet, which became Broadcast.com and eventually sold to Yahoo! for $5.7 billion. Cuban is probably the deadliest of the Sharks, with the biggest bite. He’s known for his ruthless execution and ability to swoop in at any moment and steal a deal right from another Shark’s mouth. Although this is true, Cuban has been known to drop out of the race if he feels he can’t contribute more than another Shark.

As far as the term “entrepreneur” is concerned, assuming that it’s not as subjective an idea, but more literal: Mark, Kevin and Robert seem to fit this definition best and more so than Barbara, Lori and Daymond. The reason for this is due to the fact that these individuals have started their companies, sold them and started new ones, continuing this trend indefinitely. Daymond is sort of in the middle since his claim to fame is mostly FUBU. Barbara and Lori predominantly gained success from one business, which generated most of their wealth, later allowing them to invest in future companies.

At some point in their lives I believe that all of these Sharks were full-time entrepreneurs but as time progressed and success achieved, Barbara and Lori, and to some extent, John actually “switched” positions and became businesspeople, just managing their day to day operations, investing in some other companies, but letting others follow through on the vision, actually passing the entrepreneurial torch on to the next eager person, or better stated, igniting the entrepreneurial torch for others.

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I don’t believe it could be argued that an entrepreneur is a businessperson. But I do believe it can’t be argued that not all businesspeople are entrepreneurs. So, what differentiates an entrepreneur from a businessperson?

As always, I look forward to your response. I appreciate all comments and perspective. Thank you in advance for taking the time to share your thoughts.

Have a great day. Make it happen. Make it count!

Local Entrepreneurship: A Return to Main Street

An obvious answer to the question of how to stimulate local economies is job creation, but that’s only a fraction of the answer. Steady growth of local business improves communities as well as the overall economies and ecosystem of these communities – small cities, college towns, rural markets, and essentially, areas beyond larger cities and the first ring of suburbs.

If there was a silver lining in the pandemic, it’s the realization that work could be efficiently and effectively performed away from the office. Mind you, I’m not a big proponent of all work being performed remotely, but the flexibility of a hybrid work structure would enable individuals and families to live further away from urban areas and close suburbs. It provides opportunity to reside 50-80 miles or more away from the office as commuting would be limited to a couple of days a week. Thus, many, if not most wouldn’t mind a longer commute if it wasn’t required every day.

As well, college towns like Auburn, Alabama and College Station, Texas, always attractive to its alumni and former students, but lacking opportunities for a wide range of careers beyond those at or related to the local university. Yet, being able to live there was a consideration, but really not much of an option. But the dream remained.

Even with the flexibility to live further away from the ‘big’ city and crowded suburbs, how does a small town attract individuals and families to their area? There must be amenities. There must be conveniences they’ve grown accustomed to. There must be good schools for their children. There must be restaurants and movie theaters. And the list goes on.

Unfortunately, many small towns have seen better days, but a renaissance of sorts has started. City and county economic development departments are extremely busy looking for ways to showcase their local market. Sure, a few may become a destination such as what’s going on in Johnson City, Texas as a growing Texas wine market.

But truly, what is sustainable for towns over the long-term? How do they achieve balance as opposed to having all their eggs in one basket? The answer is local entrepreneurship.

Businesses move their headquarters there or open a branch in the region. This attracts executives who want to work for these companies. It’s a ripple effect that makes local entrepreneurial growth the gift that keeps on giving. Said Daniel Isenberg, founding executive director of the Babson Entrepreneurship Ecosystem Platform, Associate at the Harvard Kennedy School of Government, and Adjunct Professor at Columbia Business School, “There is not one greatest impact these programs create; that’s what makes it so self-sustaining and a true ecosystem: it is self-organizing.”

Ultimately, local entrepreneurship has great potential as an economic development strategy for rural communities with or without stagnating or declining economies. A thriving local economy can substantially alter a city’s image, making it a more attractive place to work and to live. Local entrepreneurship also stimulates a sense of community. Think back to Main Street of yesteryear where neighbors and friends often see each other in the local grocery store or cafe. Small business owners all knew each other, often referring business to each. Local sports teams were sponsored by local business owners.

Similar to Main Street was the town square. Often Main Street ran into the town square but in some small cities, town sqaure was the town with businesses surrounding a common area for meetings, events, and relaxation in a park-like setting. It was the center of the community. A common place for all but one that was supported by local business owners, and entrepreneurs of the day. The same can hold true today. Actually, it must hold true for tomorrow.

Business owners and entrepreneurs are not the only players responsible for building up the economy. “If everyone doesn’t participate in the growth, then it will not spread and take root,” said Isenberg. “There is one entrepreneur on the stage but there is also a cast of characters, orchestra pit, and the audience. Without those ecosystem stakeholders, change will not be successful.”

Isenberg has witnessed firsthand how big influencers are coming around, realizing they must invest in growth for the greater benefit of not just business, but of the entire ecosystem of a region and of themselves. Change takes a village, but once it has taken a hold of a region, growth will be substantial and impactful.

Shared from CameoNetwork.org… A shift is needed to move from old strategies that may have worked for a different economy to a new innovative, creative and flexible method that will work for today’s economy – strategies that are based on creating jobs locally and based on building a Local Entrepreneurial Ecosystem.  This will create a strong and diversified infrastructure of many small, locally owned businesses that will be a major source of job creationeconomic stability, and community success in the new economic reality.

“Connected economies have higher median incomes, lower-income volatility, more high-wage service jobs, lower median ages, higher population growth, and greater educational attainment than their isolated peers.” – “The Challenges and Opportunities of Running a Small Business in Rural America,” John Lettieri, Economic Innovation Group

There’s a lot of work to do but I believe small town USA will be the driving force behind recovery for our great country. Resources must be committed to assisting current and aspiring entrepreneurs alike. A return to Main Street is inevitable. It’s already begun. But it must be stimulated further, proactively. The time is now.

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Today’s Entrepreneurs. Are you one of them?

The world around us has become so noisy that it’s easy to not hear opportunity knocking. In the past, opportunity presented itself in only a few ways… a job offer, a referral, an ad in the paper. Business was regimented… 9 to 5, straight forward processes, slow to change, staying inside the box.

Well, technology along with our lost feeling of security, job and other has provided us opportunity and reason that we must keep our eyes open, explore beyond our comfort zones and maintain an open mind to create things of value, to control our own destiny, to diversify our income, to take calculated risk, to think and act outside the box (of complacency, fear and procrastination).

We’re in an environment where the visionaries continue to create the playing field but it will only be doers who will win… the ones will act swiftly, yet deliberately – often throwing caution to the wind, caring little about what others think of them and their decisions, maintaining a laser-focus to succeed. Those doers are today’s entrepreneurs.

Have a great day. Make it happen. Make it count!