Enough with working for someone else!

Posted in Other, Reviews on October 23, 2010 by wesleywilliam

So you’ve always dreamed of being your own boss. No set hours and no one to take orders from. Sounds great right?! Well it is. It’s everything you dreamed of but it takes a lot of responsibility and at times can be very stressful. If your passionate about your ideas though and ready to jump into it, then make sure to follow these few steps to better your chances of creating a successful small business.

Firstly you have to set up a plan. Starting a business is a major endeavor that can cost a lot of money. A well-formulated outline of your specific goals is a must, especially if you’re going to be trying to receive a loan of some sort. The outline should depict your starting point and how your ending point will be reached. Adjustments can always be made, but it is best to follow your original plan.

Secondly you must clearly identify the market to see where you will best fit in. Where will your services or product most be needed? By figuring this out, you can set up your business in a place where it will thrive. Remember location and timing is everything! Also you must take into an account of the competition you will be facing and how they are doing their business. It is best to make yourself as unique as possible so people will want what you are offering

Thirdly, you must remember how hard it is to start your own businesses. All the glories sound great but when the facts come out only half of the small businesses that are started make it to the five-year point. So it is important to prepare for the stormy weather you may face. All to many times do business owners learn this the hard way, when it is too late. By preparing for slow times and creating an annual budget to last you will be much better prepared to face whatever the future holds.

Lastly you must always remember to trust your gut instinct. You wanted to be your own boss for a reason; you like and believe in your ideas. So be faithful to yourself! You know what is best for your business; so do not doubt your thinking.

If the dream and desire is there, and these steps are followed, you can be on your way up the self-employment ladder!

An Inventor’s Steady Success

Posted in Reviews on October 16, 2010 by wesleywilliam

For our economy to be flourishing there has to be a successful relationship of large and small businesses occurring. In many cases, larger businesses go into direct partnership with smaller businesses. This was present in my post last week detailing some important ideas small businesses should remember when that happens. Another way large businesses can adequately do business with a smaller company is by using their innovations and ideas. I recently read an article detailing a man who has worked with numerous large corporations in bringing hit toys and products to the marketplace. His consistency of work leads to the wonder of his specific strategy. The inventors name is Dave Small. He collected his current knowledge by immersing himself into the innovative toy market. Over the years his steady product design and ideas has made him a huge asset to nearly a dozen large companies. He relates some of his success to just pure luck and good timing but his understanding of the industry and how it works has been the main reason. Some of his industry beliefs are:

1) Not all ideas are going to be recognized warmly by the client.
-By this Dave Small means that it’s primarily a numbers game. You should increase the number of ideas you are presenting and not get stuck on one to long. You must keep moving on to the next idea. The future is only one thought away

2) Have respect for what your doing.
-Dave Small knows the industry and that if he presents a product idea now, he will not get paid until upwards of a year or so. He believes in having the financial resources to be able to go out and live in this industry. He also strongly feels the need to understand why things are popular and not popular and to take the chance when you are presented it.

3) Learn from your experiences.
– Dave feels that what better way to learn then being in the process. Every time you do work with a company you should note at what they do good and bad and compare this to other companies you work with. Soon you’ll be able to tell the mechanics of a whole corporation very quickly.

4) Creativity breeds creativity.
– Dave Small surrounds himself with other creative people. This enables them to feed off of each other’s ideas and goals. It is much easier to think and create as a team then by yourself. The more people involved only brings in more introspective and opinions into the discussions so that the best logical outcome can be aroused.

With these beliefs, Dave Small has had an amazing career. By following these traits of success, one can be on their own way to a glorious inventive career. The most important thing to remember is to just keep trying.

The next big idea is still waiting to be thought up!

Successful relationships between large and small businesses

Posted in Other, Reviews on October 9, 2010 by wesleywilliam

Many large companies are viewed very negatively by small businesses. This can be a reasonable assumption to them though, because of the greediness seen by large corporations frequently. For example, the last post titled “Hao Sheng Yi” detailed a specific example of a bad relationship between the two. When relations are done appropriately though, small and large business can execute efficient business plans. Large companies can be partners, distributors, and even customers to small businesses.

When large companies serve as business partners with small companies, there are several tips that businesses should consider before singing into a connection. Firstly the small business should do adequate research about the larger corporation. Many business propositions sound glamorous on the surface but the finer details can bring significant complications to the relationship. Small businesses also need to maintain sound business practices. Another tip is to recognize that the large companies need to make profit also if a partnership is to be formed. This can sometimes be difficult for a small business owner to comprehend when larger businesses are asking for large percentage share. Small businesses should never be intimated though, and should stand strong to their beliefs. If the cards end up not being right, then they aren’t right. In this case the small business should think twice about entering into an agreement. If they do chose to though, the small business should defiantly set up clear and open lines with strong communication methods to maintain good and honest relations.

Large companies can also be beneficial to smaller businesses as distributors. In this case, large businesses can increase small business relations very quickly. This can be the only option sometimes because large retail chains hold shelf space for only larger distribution companies they do work with. Large businesses can also be beneficial customers. This is frequent in production lines and other manufacturing companies.

Good relationships can be formed between large and small businesses. In the case of my moms business, she has entered a partnership with a distribution company. The larger company was able to get the product into retail space that my mom’s company would have had a very hard time doing. Large businesses can serve as excellent advancements for small businesses if the proper agreements are made.

Hao Sheng Yi

Posted in Anecdotes on October 2, 2010 by wesleywilliam

You really do not know the business industry until you get into it. My mom never received a business degree; she learned it all from the school of hard knocks. Along the journey, she taught me everything she was learning and realizing. One of the first experiences our small business had with large business was not a healthy one.

A while back, at a San Francisco gift show, my mother was marketing her new product. It was the original pocket on a pillowcase. Since this was during the beanie babies’ craze, the pillows became very popular and were selling units across the country to smaller retail stores. One of the days, a much larger catalog company came into my mom’s booth. Happily excited by their presence, my mother detailed the product and more ideas that could come from it. They went along joyfully but surprisingly no new orders came in. Within the next season, as the winds changed, a new trend came into the market from this larger business. Pockets on everything. The whole new bedding line included a pocketed pillowcase, sheets and comforters.

The larger business had no regards for our patent on the product. They took advantage of the smaller business situation, knowing that it would take an extreme amount of money to file a lawsuit. Stealing ideas is not a strong business model and is far from a healthy business relationship. They could have struck a small percentage licensing deal but greed overtook the situation. The company just took the patented idea and ran with it. They saw the tradeshow as an idea market and checked out with a nice item.

This was not a healthy relationship between small and large business. America has been built on great original ideas and we are seeing a reverse of this with the corruption of greed into the system. For relations to be healthy, gluttony has to be at the end of the line, not leading the march. Our international goal is:

Hao Sheng Yi – Mandarin for ‘Good Business’

Relationships

Posted in Reviews on September 25, 2010 by wesleywilliam

The major engine of our U.S. economy is business and entrepreneurship. It’s currently steering us out of the recession we have faced these past years. For the notion of business to run smoothly in our country there has to be a good relationship between small and large businesses. This is important not only for now but for a more successful future also.

A very recent study detailing the interaction of large and small business and how it affects the economy was recently published. It showed that both large and small companies could work off of each other and thus feed the economy. In some fields, the main buyers and market of the small business’ products are in fact large businesses in themselves. This is evident in many production lines and manufactures. They have to buy the specialized individual parts from the small companies. The report details how the health of big businesses is important to small business.

-Next post I will detail personal accounts of good and bad business relationships in other fields.

Business Life

Posted in Other on September 18, 2010 by wesleywilliam

I entered the business world at a young age. When I was five, I (like most people at this time) had been drawn into the Beanie Baby craze. I grew a fondness for them and was saddened at night when I would lose them in my sleep. One morning after waking up to a missing companion, I went down stairs and told my mom I wanted a pocket on my pillowcase so the stuffed animal would not get lost.

That was the start of it all. Inventor at 5.

Since then my mom and I have been in the pursuit of successful entrepreneurship. She has several patents (yes, a pocket on a pillowcase was the first) and many copyrights and has kept me involved in the entire process. We flew to China to check out mass productions, talked over contracts and came up with new ideas. I have learned a great deal from all of this. I have seen first hand the relationship between small and big businesses. The pitfalls, mountain climbs and the valleys in between. It’s been a great experience for myself. Although I don’t know exactly what I want to do in my life, I know I want to have my career in the field of business.

Until then, I’m just a business studying college student putting out my current ideas, experiences and knowledge.

-Wes Connolly