John attained all his computer certifications and decided to open his own business and to establish his brand. Mary, out of work for almost a year, began her own entrepreneurial enterprise; a small florist shop. She also plans to create her unique brand. Maria is a nutritionist who launched her own online coaching firm specializing in health and nutrition. She is another person who wants to become a leading brand. Maria created a simple website, a Facebook page, and a LinkedIn profile. She also became active in many social media communities and has many Facebook friends and LinkedIn and Twitter connections.
Profits are better than wages, BUT…
The late, great business philosopher and master motivator, Jim Rohn, said that profits are better than wages. Wages, he said, will earn you a living; profits will make you a fortune. Personally, I like this philosophy. Over the past 18 years, I have coached entrepreneurs around the globe to grow their enterprises, develop and expand their personal brands, and earn a good profit to afford them the kind of lives they desired for themselves and their families.
But there are two disturbing and potentially alarming trends emerging today among many “wanna-be” entrepreneurs:
1) No capital (money) to invest in their business. I can’t begin to tell you how many people are starting businesses today who expect to succeed without seed money (starting and working capital). I ask struggling entrepreneurs how much money they have to advance their marketing efforts – nothing. I ask them how much they plan to invest in a coach or mentor to inspire rapid success – nothing. I ask them how much money they have available to purchase the right equipment, provide the best quality service, and join the right organizations (such as their local Chamber of Commerce) – nothing. Then I ask them how much they expect to invest in developing a small but formidable business plan to attract investors, bank loans, and starting / working capital – nothing.
Zig Ziglar said it best: “Money isn’t everything; but it ranks right up there with oxygen.” So here is a universal truth that all entrepreneurs need to know: It is difficult, at best, to get a good return on no investment.
2) It takes more than a village. The “wanna-be” entrepreneur is quick to point out that he / she has 10,000 followers on Twitter, 7,000 friends on Facebook, and 500+ connections on LinkedIn. Indeed, these are good numbers. So the question is, how do you leverage these numbers and provide a service or product of value to turn these numbers into dollars? Most haven’t a clue.
Not unlike network marketing (multi-level sales), there is a lot of motivation and enthusiasm generated in many social media communities; but not a lot of revenues. So keep this in mind: It is possible to be online but off track.
This is my last post on Dan Schawbel’s Personal Branding Blog. I’ve enjoyed the opportunity to share some of my ideas with you, and thank Dan and his team for the forum in which to do so. I leave this forum with this final thought: Don’t ever mistake sincerity for truth. You can be sincere in wanting to build a business, a brand, a network of contacts, and a solid future for yourself and your family. But without the proper funding and capital to invest in your future and an action-driven marketing plan to generate income, you can be sincerely wrong. And that is the sincere truth.
So long for now – and God Bless.
Jay Block is an industry pioneer and the nation’s leading motivational career coach. Jay is a best-selling author of 15 books, including his latest blockbuster: 101 Best Ways To Land a Job in Troubled Times (McGraw-Hill). He has a 20-year record of success for creating and recreating the career management industry. His website is: www.jayblock.com