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Advice for the Entrepreneur: Lee’s Tip #244

14 Nov 2017 Lee's Tips,Seller Resources

How many hours a week do you work on your business? We now know that the law of diminishing returns kicks in if you work too many hours. It turns out the traditional 40-hour work week is the bingo!

After the industrial revolution, labor-based companies began experimenting with reduced working hours, which back then were usually more than 10 a day. In 1914, Henry Ford cut his employees’ workday to eight hours. It increased productivity and worker well-being so much that it became a national mandate soon after that as part of the New Deal.

So for your own well-being and that of your business, try for 40 hours, but work no more than 50 hours per week.

Advice for the Entrepreneur: Lee’s Tip #243

07 Nov 2017 Lee's Tips,Seller Resources

The portability of today’s online business makes entrepreneurship more liberating than ever. Couples RV across the country, product sourcing and selling on eBay all the way. Many couples travel or move overseas, and their businesses on eBay don’t miss a beat.

Then there’s the coffee shop crowd and the sit-on-a-rock-on-the-beach-and-list gang. To discover a taste of this liberation, move around your house; bring a laptop outside on the porch or sunroom for an hour during the day; try the Wi-Fi at the nearest coffee shop. The world is your office. It will refresh your senses and get you out of a rut.

Sponsored by ReplyManager…an inbound message management tool for eBay sellers.

Advice for the Entrepreneur: Lee’s Tip #242

31 Oct 2017 Lee's Tips,Seller Resources

You may be thinking about hiring your spouse or other family member to work for your business, and that can be a great idea. However, you should know that there are a lot of landmines. Most importantly, is this person suited for the job?

Family members may not have a knack for photographing your items, or packing and shipping, or maybe they don’t feel fulfilled. Suggest a 30- to 90-day trial period, just in case. And be sure to set a hierarchy. Someone needs to be in charge of final decisions.

It can be rewarding to run a family business, or it can be a big old waste of time — or worse — trying to get out of it. Tread carefully.

Sponsored by ReplyManager…an inbound message management tool for eBay sellers.

Advice for the Entrepreneur: Lee’s Tip #241

24 Oct 2017 Lee's Tips,Seller Resources

When is enough, enough? Online business owners have surely disrupted the business of retail. Along the way, there’s been a change in the way some entrepreneurs think about profit. You may not necessarily want to grow your business to grand heights.

I myself loved grand heights years ago, but now I have my limits as to what I need from my business. Maybe you have an outside job or Social Security or a pension and simply want to create some extra cash flow — just enough to pay some family bills or to give you more discretionary income.

So how do you know when enough is enough? By making a goal each quarter and going for it, then raising your goal for each subsequent quarter. You’ll soon find your comfort level, and you’ll learn a lot about what you truly want out of your business. Make a goal for this quarter, and see what happens.

Sponsored by ReplyManager…an inbound message management tool for eBay sellers.

Advice for the Entrepreneur: Lee’s Tip #239

17 Oct 2017 Lee's Tips,Seller Resources

How is your quality control button working? Early in my voiceover career, i recorded my first commercial in a new radio station. I proudly put it in the studio rack. Sure, there was one little tiny breath toward the end that sounded a little weird…”but it’s close enough,” I thought.

The memo from my boss said, “You are better than others, but you won’t soar unless your spots are perfect. Do it over. There are professionals, and then there are the others. You want to be a professional.”

The sad thing was, I knew before he heard the spot that it had a tiny glitch, but I didn’t realize I was on the road to becoming an “other”. Use your quality control button. It will serve you well.

Sponsored by ReplyManager…an inbound message management tool for eBay sellers.

Advice for the Entrepreneur: Lee’s Tip #239

10 Oct 2017 Lee's Tips,Seller Resources

Some of you may wonder why the eBay Radio team is off on the Tuesday following a national holiday. I’ve always considered time off to refresh to be a very important element in being a successful entrepreneur. In order to produce a live radio show on Tuesday, our team works extra hard on Monday, which means they would be working on every national holiday if we didn’t have the next day off.

Just like the eBay Radio team, you too should take holidays off in order to spend time with your family and friends.

Sponsored by ReplyManager…an inbound message management tool for eBay sellers.

Advice for the Entrepreneur: Lee’s Tip #328

03 Oct 2017 Lee's Tips,Seller Resources

Anxiety-driven survival! John and I lost our jobs at a big radio network on the same day. Financially, we were blindsided. So after using our funds looking for work, we sold some gold coins we owned, gathering first and last months’ rent and deposit, and with shaking hands (and 3 microphones), we leased a tiny apartment on Hollywood Way in Burbank. We built our studio in the living room and then started cold-calling businesses to sell them audio messaging.

That era in our business life was born out of anxiety-driven survival. It’s part of the fight or flight thing, and not always bad — it has made many an entrepreneur get rolling — but it’s scary at the time, and not so great for your health. Successful entrepreneurs learn to consciously recognize when they need to direct their thoughts and resources to their business and block out thoughts of impending doom. Practice this the next time you want to throw up your hands in despair!

Sponsored by ReplyManager…an inbound message management tool for eBay sellers.

Advice for the Entrepreneur: Lee’s Tip #237

26 Sep 2017 Lee's Tips,Seller Resources

Procrastinators have heard it all. We’re more creative; we’re not as creative. We can’t handle deadlines; we need deadlines. We make good business people; we don’t make good business people. So what’s up?

From my experience, my mistakes, and by observing friends, employees and outside contractors as well as online sellers, I would say the news is good: Procrastinators can succeed in life and business. I know people who MUST have a deadline — usually initiated by an outside factor, such as a boss — to keep them in line. As long as they’re happy, so be it.

However, procrastinators also can (and often do) convert. Some procrastinators become entrepreneurs and are motivated by an eBay sale or a new client. All entrepreneurial endeavors include deadlines as a natural aspect of doing business. Realize this home truth, and look for those moments that help propel your spirit into action. May your built-in deadlines be many!

Sponsored by ReplyManager…an inbound message management tool for eBay sellers.

Advice for the Entrepreneur: Lee’s Tip #236

19 Sep 2017 Lee's Tips,Seller Resources

I am invigorated by negotiations and think of them as opportunities, not something to dread. Here are my top 2 tips for going into a negotiation with a sense of control. The key is preparation.

  1. Rule #1: Go in prepared to show them (a) that you understand their needs and (b) how you can fill those needs.
  2. Rule #2: Be prepared to walk away. Actually visualize yourself saying, “For this project or item, I cannot give you this price.” Know in advance the LEAST amount you are willing to take, and be realistic. That way you know exactly when and if to walk.

Good luck! You’ll have many opportunities to use your in-control negotiating skills.

Sponsored by ReplyManager…an inbound message management tool for eBay sellers.

Advice for the Entrepreneur: Lee’s Tip #235

12 Sep 2017 Lee's Tips,Seller Resources

We’ve all done it, and we’ve had some successes as well as some failures. I’m talking about networking. The overview is simple: Meet with others and gain knowledge, maybe even customers.

There are 3 levels to networking, and to use it to your benefit, you need to become involved in all 3:

  1. First, network up. Start relationships with people who know more than you about being a successful entrepreneur.
  2. Second, network sideways. Hang out with your peers who are always discovering new ways to succeed.
  3. Third, network down. Help others who can use your expertise, even if you are relatively new.

If you utilize all 3 levels of networking, you should be good to go!

Sponsored by ReplyManager…an inbound message management tool for eBay sellers.

Stay Connected


SMALL BUSINESS SATURDAY:
SHOP SMALL AND SAVE BIG!

Small Business Saturday is coming up on November 25, 2017, and eBay is celebrating the day with a dedicated landing page featuring reasons to shop small along with super deals from small businesses on eBay.

Be sure to rev up your own marketing to take advantage of this holiday buyer bonanza, and check out eBay’s SBS hub!

eBay.com/SmallBusinessSaturday


ENJOY EBAY OPEN 2017 ON VIDEO

Want to relive the excitement of eBay Open 2017 — and benefit from the valuable content presented there? Check out videos of the general sessions and workshops!

eBayOpen2017.com 

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