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Missouri Small Business and Technology Development Centers Blog

The entrepreneur next door

Retirees bring skills, resources and experience to entrepreneurship

05/21/2007

It was the noon hour, and Gary Duncan was on the second level of the store he owns with his wife, Sharon, when he saw a shopper and asked if he could help her.

“No, thank you,” she responded. “I’m just looking. This is my therapy.”

Frameworks is a great place for that. You can browse to your heart’s content, listen to lovely music, smell the candles and let the pressures of the day fade away. Gary and Sharon understand that, and it’s just the environment they hoped to create when they bought the framing and gift store six years ago.

But after 40 plus years in the plant genetics business, it’s hardly where Gary thought he would end up.

Gary and Sharon are excellent examples of a growing phenomenon in small business – the boomers who fail retirement and start new ventures to remain engaged and contribute to the vitality of their communities. (more…)

Make your small business sound like one of the big guys

05/15/2007

If you have a very small business, or a home-based one, one of your challenges may be convincing customers that you are bigger to instill their confidence in you as a legitimate company.

Now there’s a new trick you can try. It’s called Thriving Office, and it’s a CD full of sounds that will make your shop sound like a large, busy and successful company. Available at www.thrivingoffice.com, the CD contains two tracks, each about 30 minutes in length, that will provide you background sounds while you’re on the phone.

Just imagine — you’re on the phone with an important customer, about to make a major sale, and suddenly the door bell rings, followed by the dog barking…and then birds singing…and it goes on and on. Your cover is blown!

This CD is evidently a quick fix for this problem. It masks those home-based sounds and allows you to compete with the big guys with storefronts and large staffs.

Some users even report they play it while they’re working in the office because it makes them more productive. Not sure how true that is, but for $12.95, it might be worth a listen.

Improving performance starts with key questions

05/14/2007

All managers occasionally struggle with an employee who is just not measuring up to expected performance. Underachievement can be frustrating, but there are often good reasons for it. Many times those reasons can be addressed with simple changes that can net some big results.

If you have a staff person who is not working up to his potential, start by asking a few simple questions:

“Is something wrong?” Sometimes there is a non-work-related reason for a dip in productivity. Personal situations are sometimes challenging to discuss, but you can get an understanding of the basic issue without getting into too many details. Perhaps a child is having problems, or a worker’s parent is going through illness. Oftentimes you can offer a worker time away to deal with personal issues.

“Describe your job to me.” Many times your idea of what an employee should be doing and the employee’s idea are two different things. You may be surprised to hear his version. If that’s the case, a focused conversation about assigned duties and responsibilities can clear the air and clear the confusion. Make sure that job descriptions are specific, action-oriented and clear in listing job expectations. Try not to use words or phrases that could be taken a variety of ways.

“Do you have what you need to do your job?” Perhaps a worker needs updated equipment, more space or more support from other staff. Be sure you have provided all the necessary tools for success. These can be easy fixes, but you won’t know they’re needed unless you ask the question.

“Do you need additional training?” We sometimes place workers in roles assuming they’ll know what to do. But that is not always the case. Visit with your employee about the responsibilities of the job and with which ones she is most and least comfortable. Where are the gaps between her duties and her knowledge? Find training that will help fill those gaps. Support her in her development. Check back later to see if the comfort level has improved.

“Is something at work preventing you from getting things done?” This could be anything from a new supervisor to another employee to a bad physical environment. Perhaps a co-worker talks on the phone all day. Perhaps a new supervisor in the same unit has begun to make changes. Perhaps there is uncertainty about the company’s future. If there are changes that can be made, make them and monitor performance.

“When is the last time we had a performance review?” If you can’t remember, that’s a problem. Or if the answer is “never,” you have some work to do. View performance reviews as an opportunity to ensure the job and workplace are working for the employee as well as how well the employee is working for you. If you approach these sessions as conversations rather than focusing on the judgmental aspects, you can learn more and accomplish more to encourage performance.

How to Reach Those Prime-Time Women

05/07/2007

Our last column in this series generated quite a response.

We discussed the emergence of “prime-time women” – women entering their 50s and 60s who have tremendous purchasing power, make many of the spending decisions for their families and are increasingly autonomous and independent in their lifestyles.

Lots of friends and colleagues wrote me to say they got a laugh out of the story I told of the couple in the gift store and the frustrated husband who could not get his mind around the fact that his wife just wanted to “look.” He ended up napping in his truck.

They also mentioned they realized they are members of this group and will now be looking for ways in which marketers attempt to entice them to buy their products and services. Which is precisely what shrewd marketers will do. In Marti Barletta’s book, Prime Time Women, she tells us how. It’s a primer for entrepreneurs hoping to grab this lucrative market.

Here are some important qualities to keep in mind: (more…)

The Changing Face of Entrepreneurship

05/03/2007

As a true reflection of our nation, the face of small business is poised to undergo some vast transformations in the coming decades. Entrepreneurs will be far more diverse than their predecessors in age, origin and gender – a change that will have an impact on both the U.S. and the global economies.

No longer will entrepreneurs come from the ranks of the middle-aged. The entrepreneurs of the future will be predominantly younger or older than their mid-life counterparts and will be either those just embarking on their careers or those exiting other careers but still wanting to engage in some activity for either fun or profit.

Generation Y – those currently aged 5 to 25 – has been described as the most entrepreneurial generation ever. These young people, alternately called the Digital Generation or Net Generation, are the first group to have come of age in a purely digital world. As a result, their approach to communication, information and work is dramatically different than that of their parents and grandparents. (more…)

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Updated: 7/31/09