Business Building Corner

Celebrate National Entrepreneur Week

According to statistics released by the Consortium for Entrepreneurship Education, out of the 27 million businesses operating in the United States, 20 million do not have employees. In addition, another four million businesses have fewer than five employees.

Entrepreneurship is a crucial part of the economy. During the latest recession when the large corporations weren’t hiring, experts predicted that small businesses and the self-employed would spur the recovery. The challenge, according to the Consortium, is that the necessary entrepreneurial skills are not routinely taught in the classroom.

"Since small businesses have created the majority of new jobs over the last few decades, in this period of major economic restructuring it is essential that education and labor have a competency model focusing on essential entrepreneurial skills to help stimulate new business creation,” states Hank Kopcial, an officer of the Consortium. “It is not enough to know how to fix a computer network or build a house, one must have the appropriate entrepreneurial skills to make it a successful business.”

Similar advice is offered by Julie Morgenstern in her book, Never Check E-mail in the Morning. “In every area, competition is fierce,” writes Morgenstern. “The new world of work is defined by a sense of fleetingness, interchangeability, and insecurity…Whether you have your own business or work for a company, in order to survive and flourish in this new world of work, you must think—and act—like an entrepreneur.”

  1. Focus. Focus. Focus.
    Many first-time entrepreneurs feel the need to jump at every "opportunity" they come across. Avoid getting side-tracked. In network marketing, there are many “fly-by-night” companies with get rich quick schemes. And there are also copycat companies trying to capitalize on a legitimate company’s good work. Commit to one project at a time and focus. Don’t spread yourself too thin.
  2. Know what you’re doing and why you’re doing it.
    Don't start a business simply because it boasts of large hypothetical profit margins and returns. It's not only important to create a profitable business, it's also important that you're happy in managing and growing it over the long term. “Mission before commission.”
  3. Say it in 30 seconds.
    Always be ready to pitch your business. State your mission, service and goals in a clear and concise manner. For example, “I work with LifePharm Global Network, a company that has helped my entire family improve our health and wellbeing. It’s also provided me with a way to supplement my income and enabled me to help others.”
  4. Find a mentor and be a mentor.
    Surround yourself with advisors and mentors who will nurture you to become a better leader and businessperson. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals. A mentor does not necessarily have to be your upline, although this is fairly common in network marketing.
  5. Act like a startup.
    Manage your cash flow effectively. Auto-delivery is one way to ensure you are never out of product and on your way to qualifying monthly for your LPGN commissions.
  6. Learn under fire.
    Once you decide to become an entrepreneur, don't spend months or years waiting to execute. The more you talk to people, the more natural it will feel. Not everyone will want to do business with you, but someone always will. If you don’t give everyone the opportunity to decide on joining your LPGN business, you could miss out on meeting the next booming leg of your LPGN matrix tree.
  1. No one will give you money.
    Most entrepreneurs require investors. LPGN IBOs bypass this requirement, because the only investment you need is time, effort and possibly enough for an enrollment pack. You’re not asking anyone for money when you’re an LPGN IBO. You’re sharing the benefits of the LPGN products and the possibility of making money. Think about it. Why wouldn’t the LPGN opportunity appeal to someone who wants to supplement their income or develop a whole new career?
  2. Be healthy.
    Entrepreneurship is a lifestyle. Eat right, exercise and find time for yourself. When others see how balanced your lifestyle is, they will want to work with you.
  3. Don't exaggerate.
    Endorse your business enthusiastically yet tastefully. Avoid exaggerating truths but do share endorsements. LPGN provides you with an entire resource library, so you don’t have to search for stories if you don’t have personal experiences to share.
  4. Be persistent but know when to move on.
    Say you’ve been talking to a prospect for three months. This prospect continues to say he’s interested but never signs up, eats up your time on the phone and in person every week, and has cost you hundreds of dollars in meals. It’s important to persistently talk to people to share the products and the opportunity, but you need to know when to move on. A true entrepreneur will prevail over adversity.

"Entrepreneurs are not 'born' — rather they 'become' through the experiences of their lives."- Consortium for Entrepreneurship Education