Tag Archives: entrepreneurship

Asking for Help…

Posted on by

Often one of the most important lessons we learn as business owners, innovators, and leaders is how and when to ask for help.

In 2001, I was VP of Global Supplier Contracts at Avnet, Inc. a Fortune 500 global distributor of electronic components and computers.

I had an idea for a new kind of business and took the idea to Avnet Chairman and CEO, Roy Vallee. We discussed the potential benefits to the company and what I wanted to do to make it happen. He told me to “…take the idea and run with it. Take it as far as you can and come back to me if you need help.” There are 3 components to this advice:

1) develop new ideas;

2) plan and take action;

3) ask for help.

At the time, for me, #3 was the MOST important. Up to that point, I had done everything for the project on my own. To make it viable, I had to find the people and resources that I lacked and get them to be part of the solution. A year later, Avnet decided that the time was not right to proceed with the project. But I was not ready to give it up.

So, I  took Roy’s advice and asked for help.

First I asked Avnet’s permission to take some of the ideas I had developed and create my own business. They said yes.

Then I looked for and found the best people and resources to partner with to build that business. They said yes too.

The result, CorePurpose, Inc. has been supporting other businesses in their journey along the growth path since July of 2002. Our whole business is built around having the right resources and knowing how to get help when you need it.”

Applying the Lesson

For many of us, asking for help is not an easy thing to do.  Many still believe that asking for help makes you appear weak or out of control.  Contrary to this belief, asking for help at the right time and for the right reasons is NOT a sign of weakness, but rather can be a sign of confidence, strength and savvy resource management.

Few organizations or projects succeed without some form of assistance today – be it leadership, financial, supply chain, staffing, technology resources, or a myriad of other needs.  Interestingly, the strategic process we go through in developing our program or project can also be a great process to follow when determining how to go about finding the right help at the right time.

Develop new ideas

Look at each step of your current strategic plan or program map.  Identify the areas where the process or program can be strengthened through outside support or other partnerships.  Look at each step of your process not only in light of how a strategic partner can benefit you but also how, by working together, the partner will benefit too.

Plan and Take Action

Evaluate the things that you are doing that might be done as well as you are currently doing them or can be done even better by others.

Start by identifying outside resources for non core activities and then evaluate how you can better utilize your existing resources by redeploying them into core areas of strength or differentiation within your organization.  Strategic partnerships like these are a resource investment for you and the partner.  Be realistic in calculating the ROI for both parties.

Put together presentations you can make to potential strategic partners with a focus on how each of you will benefit from the partnership.  Then build your target partner list and start scheduling the presentations.

Asking for help.

Following this process, asking for help moves from sending out an ‘S.O.S.’ or distress call to proactively building relationships where both parties benefit.  Now, you are  not just asking someone to help you with a business challenge, you are offering to help them overcome one of theirs.

So, don’t be afraid to ask for help.

Look at your business on a regular basis to determine how by asking for help, you can make your business stronger, more cost efficient, or more financially sound.  You’ll never know, until you ask!

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

Recipe for Growth – A Pound of Leadership and a Dash of Innovation

Posted on by

In today’s economy, wouldn’t it be wonderful if there was a magic recipe for growth?  Just pull out your business cook book, follow the instructions, pop it in the oven and enjoy success.  Unfortunately it’s not quite that easy.  If it was, we would all master the recipe early and reap the benefits.

j0402524[1]But in reality it is not that simple.  Business success requires a unique mix of ingredients and process that fluctuates with changes in our internal and external business environment.

I remember, when I was a kid, my Grandmother telling me, “If you want to eat, you need to learn to cook.”  Well, in the world of business – the same can be said.

Each recipe starts with a goal in mind.

You have a physical or mental picture of what your desired result will be whether it is scrambled eggs, a mushroom quiche, or chocolate chip cookies.

The second section is the list of ingredients

If I am making my favorite, warm, gooey Chocolate Chip Cookies – there are some basic foundational ingredients   – butter, sugar, flour, eggs.

I need a leavening agent like  baking soda or baking powder to make my batter rise.

Flavoring – like vanilla or almond extract

And differentiators like chocolate chips, nuts, coconut, or raisins to make my cookies stand out.

I also need to focus on the quality of my ingredients to ensure a great result.  Lot’s of people may have the same recipe – but the quality of the ingredients I use can make my cookies better than the rest.

Apply Energy

And then I need to apply just the right amount of energy to make it all blend together. Plus a different kind of energy to bake it into a finished product.

Results

Only when the cookies are out of the oven, cooled, and in my mouth will I know if I have obtained the desired results. If it’s not perfect – I can always try again.

Applying it to business.

When it comes to our businesses the processes are not that different.  We need…

A goal – that clear picture of what we are trying to achieve.

The right base ingredients – a product, a  service, a market to serve and people to do the work.

A leavening agent – No baking soda here – this the the values that you and your people employ as you follow the plan.

Flavoring – your marketing and communications strategy

Differentiators – the unique aspects or innovations that you bring to the equation and to your customers.

To Add Energy – in the right proportions at the right time – and that’s where leadership comes in.   Not enough energy and your result is half baked.  Too much and your result is burned to a crisp.

Don’t forget to focus on the quality of your ingredients to ensure a great result.  Lot’s of people may have the same recipe – but the quality of the ingredients you use can make YOUR BUSINESS better than the rest.

There is a recipe after all.

You just have to keep experimenting until you find yours.

So, what are you going to mix up and pop in the oven?

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

Do you know my name?

Posted on by

If you passed me on the street, would you know my name? Would you call me by it? If you needed what I had to offer, would my company name be one that came to mind?

clip_image002[4]There are few things more powerful than a name. It links to our actions, our reputation and to the history of who we are. In days of old, continuation of the family name was a key goal of lord and serf alike. It was all they had to guarantee they would be remembered after they were gone. Today, both individuals and companies focus on a name as a brand, hoping to link what they stand for and what they do to the name they carry.

Our name connects us to others.

Many companies have recognized the power of the sharing of names between employees and customers. Last week I had lunch at the Macaroni Grill. Our server came over to the table and introduced himself, saying “Hello, my name is David” as he pulled out a crayon and scrawled his name right on the table. He went on to welcome us, ask what we would like and assure us that he wanted us to have a good time today and to call for him by NAME if we needed anything at all. Other businesses, including Sam’s Club and Safeway have taken the practice one step further. Each employee has a name tag which allows us to call them by name. They use technology and our name on membership cards to thank us by name for coming to their store. The Safeway at Chandler and 40th Street has been where I do my weekly shopping since we moved to the Valley of the Sun in 1992. Through familiarity and the regular exchange of names, we have come to know each other.

Al is always available with a smile to help me find a special ingredient or item. Linda has been ringing up my orders for years.  If I see her behind one of the registers, that is the direction my cart veers – even if the line is shorter on row over.  Steven is often there to help me take my overloaded basked to the car and fills me in on the things he has been doing or how his family is getting along.

Within a short drive from my home, there are six supermarkets within a very small radius, including another Safeway. They all have coupons, bargains and specials. But I always go back to the same one. Not because it is closest or cheapest, but because we are on a first name basis and I know that I can get what I need there. It is not just store policy, or a marketing gimmick. It’s a connection.

What’s in a name?

When I launched my own business in 2002, I had to answer a lot of questions. The most important being…what was our reason for being in business? This broke down further to… what would we offer, who we would serve and how we best serve them.?

My personal passion was innovation, doing something in a new way to make life better for the people who matter. Helping other organizations create innovative ways to achieve their business goals became the central focus of our company – our core purpose.

When I started to research possible names, it all came back to who and what we were. We had a strong, motivating drive to our core purpose. We helped others discover and capitalize on their core purpose in innovative ways. We became CorePurpose, Inc.

Today, companies come to us to help them refocus, to grow, to make the most of what they have, or find the things they need to realize their own core purpose. We get calls from around the country and around the world asking about what we do and how we do it.

Our name and our reputation brings customers to our door.  The work we do brings them back.  ~ Joan Koerber-Walker

What about your business? What does your name say about you? What do people think of when they hear it?

If you do not know, there is a simple test.   Ask the question! Most people will be happy to tell you what they think and are pleased to be asked. You might be surprised what you hear. What your customers tell you is what they perceive your purpose and value to be.

What they think of when they hear your name matters the most. Their perception of your business and the value it brings when linked to your name becomes your brand. If you like what you hear, maximize the message in the marketplace. If you are not hearing what you want – you may have some work to do.

Just as a business brand links your name to what the markets perceives you to be, you have a personal brand that links your name to how those around you see you. What you do and how you do it becomes tied to your name. Your personal brand may change depending where you are. In my case, when I am around the school or at the hockey rink, I am well known as Chris Walker or Nick Walker’s Mom. My brand is directly linked to theirs. My claim to fame is directly linked to what they do and who they know. In the business and philanthropic community, my brand is more closely linked to the personal values I exhibit in my work with customers, organizations I volunteer with, or associations I belong to. In the case of my personal brand, what they see is what I get. What I do becomes what my personal brand is perceived to be.

Ask yourself – what is my personal brand? Ask your friends. You might be surprised by what you hear.  If you like the answers you get, build on it. If you don’t like the answers, get to work.

So, do you know my name? Will I know yours? Whether you look at this question personally or in terms of your business, the answer may be one of the most important ones you ever hear.

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

Looking Outside

Posted on by

One of the biggest mistakes we can make as innovators and business leaders is to assume that we automatically know what our customers want, need, and are willing to buy.

readysetgrow2I learned that lesson the hard way in 2004 when I came up  with a ‘brilliant’ idea.

CorePurpose, Inc., the company I founded in 2002, would run a 12 month lecture series with thought leaders from across the country.

We were smack dab in the middle of a down turn.  People were looking for answers and strategies to help turn things around.  And of course – I knew who had the answers.  I would bring them to town, one each month, and help all the small businesses by giving them access to ideas and talent as a group that they could not afford individually. I was really excited!

The folks at the Phoenix Business Journal also thought it was a great idea and featured the program with a full page story to kick things off in January 2, 2004.  Doug Brodman and my friends  at AVI Communications created an incredible 12 month interactive marketing campaign highlighting each month’s speaker in addition to the ads (like the one above)that would run each month in the Business Journal .  We had a sure fire hit!

Well, maybe not.  While we had gotten great feedback in designing the program as to the topics of interest, the areas of need, and the program’s price, we failed to ask one key question:

Would they, as business owners, make the investment of their time to attend twelve half day sessions throughout the year?

It turns out that for many in our target market, the answer was no!  Instead of standing room only crowds, the room was half full each month.  Still, we held to our commitment to provide all twelve sessions.  Those that attended loved the program.  CorePurpose got lots of critical acclaim from the economic development community and even won awards.

Through out the year, we kept asking potential customers – many of whom we had talked to during the design process – what we needed to do differently.  In almost every case we got the same answer.

They could not afford the time away from the office when times were so tough.  The perceived benefit did not exceed the perceived cost… of their time!

In the end, the program lost over $60,000 dollars because I assumed I knew the answer to one very important question and did not ask it.

Back then, that was a BIG hit to take.

So what is the moral to this story?

When you are designing products or services, be sure that you look outside your organization and ask ALL the important questions.

Get with professionals to help you design accurate assessments of market needs AND your target customer’s willingness to adopt what you are creating before you commit to investing your time and money to create a product or service that customers may say they want – but may not be willing or able to buy.

And for me – as a personal reminder – this ad has a place of honor on my office wall.  It stands as a reminder to be sure to look outside of the company, to talk to customers and prospects, and to ask all the right questions – FIRST.

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

The Difference Between Knowing and Doing

Posted on by

One of the great secrets to getting better results in your business is the difference between knowing something and doing something.

j0398745[1]Very often when you read a business book, blog or article, you may say to yourself, “I know that already.” And, you probably do.

The question is not if you know it – but rather, are you doing it? Are you using the knowledge?

As we build our strategy for better business results we must USE all we know and apply it to where our business is and where we want to take it to.

Next time you read about a business strategy or process improvement and recognize it as conventional wisdom, take the next step and try to list the ways that you and your company are actually demonstrating it.  You might be surprised what you find.

Ask Yourself…

Are we doing this?

Are we consistent?

How can we do this better?

The key here is the “WE”. Very often we assume that since we know what to do, others in our organization also know – and it is not always true. The key is to share what you know with your team and to act on it – together.

  Thanks for stopping by.  Stay Tuned.

Joan Koerber-Walker

Want to Grow your Small Business? Be Bankable.

Posted on by

Just as plants need water to grow – growing companies need cash.   Why do you think they call it liquidity.

j0434131[1]So many times small business owners have trouble raising the cash they need to grow – not because it is not available but because they did not follow some basic steps to make their company bankable.

We know that as individuals, we need to develop a credit history, pay our bills on time, and start small with our personal credit and build it up as we go.  Why do we expect our business to be any different.

Here are some tips you might want to consider if you want to improve your bankability:

1.  Your tax advisor may be saving you money on taxes and destroying you future ability to get a loan.  Banks look at historical documents like your P&L, Balance Sheet and TAX RETURNS as part of the data they use to decide if you are credit worthy.  They need to have confidence that you will be able to repay what you borrowed.  Year after year of tax returns showing little to no profits is NOT a way to inspire confidence in your banker.

2. Get a personal business banker.  It’s free!  Of all my professional services providers – accountants, auditors, lawyers, etc.  Only my personal banker spends the time to counsel me without handing me a bill for his services at the end.  Plus – the more they know about my business, the more likely they are to introduce me to other businesses that might help my business grow or go to bat for me when I need it.  When we grow – they grow as more money goes into my accounts and their bank.  Its a win-win situation.

3.  Start small and work your way up.  Open a line of credit for a reasonable amount to begin.  Use it – pay it off.  Use it – Pay it off.  Show the bank that you know who to manage your credit relationship wisely and they will often reward you with higher lines of credit.

4.  Understand the different types of credit and diversify your portfolio.  Many banks have great resources on line to help you calculate  the type of credit that is right for you.  A good example is Comerica Bank – one of the top small business lenders in the country.   Go to www.ComericaBank.com  and click the Small Business or Corporate tabs based on your company size.  It is full of great information PLUS calculators to help you determine the right type of credit for what you might need.

5. Monitor your progress.  Talk to your personal business banker.  Know what your Dunn and Bradstreet profile says about you.  Create a credit portfolio and manage it like you do your stocks and other investments. 

So you might want to work on your business credit – you never know when you might need it!

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

A Time for Growth – the era of the entrepreneur

Posted on by

Recently, I had an opportunity to share ideas with a group of legislators, educators, and business leaders on the role of the entrepreneur – now and in the future. Any time you get a group together, getting agreement can be a real challenge. But on one area we had unanimous agreement – Entrepreneurs and entrepreneurial activity in both the private and public sectors will be a significant driver out of our current situation and for long term economic growth in the years to come.

 More and more Americans are starting or running their own businesses –

j0439328[1]There are a number of factors driving a change in how many of us view work today. In the last five years, during both the up cycle and our current down cycle, many workers left traditional jobs in corporations and explored new alternatives.

In some cases, what they found was more rewarding than their former jobs and they will not be going back to the corporate world again. They have opened consulting practices, restaurants, retail establishments and on-line businesses to name a few. 

Others will return to more tradition employment as the current job cycle corrects itself.

Additionally, population demographics are changing. In 2010, over one half of the world population will be over 50 years old and the average life expectance in the U.S. will be approaching 100! People will be healthier, more active, and less likely to retire, but will want the flexibility of non traditional jobs. A new entrepreneurial or self employed life style is very attractive to many of the people embarking on their ‘second 50 years’. In many cases, ”Boomers” have or have access to the resources and key factors for starting or growing a business – education, talent, experience, and the drive to create something new and different. .

Are you a “-preneur”?

An entrepreneur is someone who organizes, operates, and assumes the risk for turning an idea into a business venture while an intrapreneur is a person who does the same thing within a large corporation. In both cases, you take direct responsibility for turning an idea into a profitable organization or finished product through assertive risk-taking and innovation. The prefix before the “-preneur” simply shows where you are in the organization when you are driving change and growth. When at the helm of my own company – I am an entrepreneur. When working with clients – they have the ultimate responsibility and my job is to help them as the entrepreneur or intrapreneur. I like to think that as a “-preneur” you can make things happen – no matter what the structure of the organization you are in.

Is being entrepreneurial enough?

Not if you want your business prosper over time! The purpose and values of an organization are the next KEY to growth.

Defining the core purpose of an organization is actually the process of centering in on what you really care about – what you are really good at – and in the area where these activities come together – what you can do that creates a degree of value that people will pay you for. This is your core purpose or the primary reason that you are in business. If all of your strategy, goals and activities are focused only on what satisfies each of these three criteria, there is a much higher probability for success. Conversely, activities that do not fall in these areas are opportunities for outsourcing or partnerships.

The basic premise is to do what you do best and for the rest – partner with whoever is best at it. This defines WHAT you do as a company. The next key factor is HOW you will accomplish it. This is where values come into play. An organization’s values define how they do things. We always talk about how a company does something but the reality is that it’s the people inside that make things happen.

People’s values determine how they do things. How they act. How hard they work. How creative they will be. If you can match the values of your organization to the values of the people who are in it (or come into it), you’ve got a winner. When people share the same values, they don’t have to be motivated. They already are motivated. They find new ways of doing things. They focus on the customers. They make things happen because they believe in what they are doing.

Are you ready to grow…

j0439318[1]Be sure that growth fits in with your core purpose and values. Very often we see an opportunity to grow and we jump into it before we take the time to fully evaluate what it means to our business in the long term. Growth for growth’s sake can be very dangerous. Companies that grow too fast can lose their focus, confuse their employees or adversely affect the quality their customers have come to expect. In the most extreme cases they can even run out of cash and without cash everything stops. Here are a couple of questions every company should ask themselves as they move towards growth:

  1. Does the new product, location or service fit into what we have defined as our core purpose?
  2. Do we have the operational and financial resources to support the levels of quality and service our customers have come to expect from us?
  3. What should we be measuring each step of the way through the growth process to ensure we are continuing to move in the right direction?
  4. Who are the partners we work with who can help us with this growth and how can they help us? What are they best at?

The best advice…

Find something you can get really excited about. Starting any new business – or growing an existing one – is hard work and few pay off right away. You need to really care about what you are doing. It keeps you energized and enthusiastic when things get tough.

Once your business is established, use your passion, your purpose, and your values as a guide. Find employees and partners that share your passions and values. Together you can’t help but grow!

Thanks for stopping by…

Joan Koerber-Walker

 

Just call me a ‘Preneur

Posted on by

I feel a rant coming on – bear with me please.  I don’t do it often.  Indulge me and perhaps by then end I can even find something positive to add. 

To start off – I really, really, really dislike the word ‘entrepreneur’.

entrepreneur“Why?” you might ask.  “Aren’t you one? “

The answer is probably yes by some peoples’ definition and then by others’ it would be no. 

There are few words in our business lexicon that are more misused, argued over, or modified than the word entrepreneur.

With all the talk about entrepreneurship these days, you would think our generation invented it.  We did not.

The word entrepreneur was first coined in the eighteenth century by Richard Cantillon and later expanded upon by Joseph Schumpeter in his writing the Theory of Economic Development  in 1911 .  It first appeared in Webster’s dictionary in 1852 and it’s definition is actually very simple according to today’s Merriam-Webster’s online dictionary –

en·tre·pre·neur  (noun)

Date: 1852  Etymology: French, from Old French, from entreprendre to undertake

: one who organizes, manages, and assumes the risks of a business or enterprise

In today’s business literature, we now find a plethora of _____preneurs.

    • Intrapreneurs – entrepreneurial people inside an  enterprise
    • Co-preneurs – husband and wife entrepreneurial teams
    • Solo-preneurs – the me- myself- and I crowd
    • Mommy-preneurs – does being a Mommy make your business different?
    • Home-based-preneurs – does it matter where your office is?
    • Serial-preneurs – these folks just can’t seem to get enough…
    • Green-preneurs – these are the save the planet, eco-friendly folks
    • Social Venture-prenuers – the make a difference folks
    • Micro-prenuers – smaller scale ventures
    • Macro-preneurs – get out of my way I’m gonna be big!

et cetera, et cetera, et cetera!

And then we have my personal favorite – the snob-preneur – those entrepreneurs who look at other classes of -preneurs and confidently state that the other group really is not an entrepreneur at all.  They do not count.  They are just a life-style business, or a non-profit, or a franchise, or a …..

You can find snob-preneurs everywhere.  I’ve had this debate with some of the top authors of best selling books on entrepreneurship (and no, I am not naming names) as well as with entrepreneurial advocates across every level of the continuum.  It is like entrepreneurship is some exclusive club and only certain people have the right to belong.

But going back to our simple definition, an entrepreneur is a person: one who organizes, manages, and assumes the risks of a business or enterprise.

It should not matter whether…

you own the company or work in it. 

you go it alone, partner with family, or grow your team to be a cast of thousands.

your office is in a corporate complex, your garage, your basement or your car.

your enterprise is structured to create wealth for shareholders, for yourself, to create greater value to society as a whole,  or any combination thereof.

Instead, let’s celebrate the “one” in the definition.  The person who see an opportunity, has the courage to pursue it despite the risks, and who through their passion and persistence creates something great – by their definition – not ours.

Perhaps, it’s time for a new word to encompass that.  Preferably one that is easier to spell. 

Got any ideas?

  Thanks for stopping by.  Stay tuned…

Joan Koerber-Walker