Advice for the Entrepreneur – Lee’s Tip #275July 26, 2018 Today at 1:30pm Pacific Time, I will have produced and co-hosted my last live radio broadcast for eBay Inc.: eBay Radio #733 (from eBay Open 2018 at Mandalay Bay in Las Vegas, NV) plus 511 Ask Griff & Lee shows. It’s been a privilege over the last 15 years to watch you all become pioneers of ecommerce. In that time, many of you transitioned from being hobby sellers to embracing entrepreneurialism. You’ve done a great job. I will miss hearing your voices as you call into the shows as well as seeing you at eBay events. Today, I’d like to recognize the folks who made eBay Radio possible each week, our Voicemarketing team: Betsie Bolger, Donna Freher-Lyons, Burt Lo, and Frank Ceasar. Voicemarketing is a family business; my husband John Sell and I will miss the eBay community, and so will my daughters Melissa Mirabal Demille, Elisa Mirabal, and Jennifer Goldman. I thank eBay Inc. for allowing me the opportunity to end my full-time broadcast career with this wonderful project. I know I’ll lose some of you as I transition my newsletter into a socio-political blog, but I hope your lives are filled with joy and a great bottom line. I will miss you! |
Advice for the Entrepreneur: Lee’s Tip #274Once again, today’s tip is aimed at those of you attending eBay Open 2018 at Mandalay Bay in Las Vegas, but it applies to your business in general as well. Let it be a guiding principle. When you get home from Vegas, pick out the 3 best things you learned. Test the first one, and see how it works for you. Then test the second one, and finally the third one. Keep it simple, or you won’t know which element is having what effect on your business. |
Advice for the Entrepreneur: Lee’s Tip #273My tip for today is tailored to eBay Open 2018 attendees, but it applies to those of you at home as well. Two words: Pace yourself. Today and tomorrow and the day after that are going to be a whirlwind of education, networking, and seller celebration. You’ll be pulling out all the stops to have the best possible time and get the most out of your Open experience here at Mandalay Bay in Las Vegas, but please don’t pull them all out at once. A 3-day conference is a marathon, not a sprint! Just remember to wear comfy shoes, stay hydrated, and replenish your stash of business cards every night or in the morning before you head to the convention space. Above all, enjoy this time with your eBay tribe. See you at the Brooklyn Bowl! |
Advice for the Entrepreneur: Lee’s Tip #272Lots of research has been done into entrepreneurialism. We know that the Type-A personality is often not willing to take risks and may end up working for others their entire life, and that more C students become entrepreneurs than do A students. The one lesson I have found most important is that of overcoming fear. It took me years to overcome my fears about losing my customers, having to make payrolls on time, or paying my bills on time. It took me awhile to realize that these things are probably going to happen from time to time no matter what. No one has a crystal ball to tell us what is going to happen in the future. All we can do is to keep on keeping on and work on honing another universal trait of entrepreneurs: persistence. even in the face of challenging times. |
Advice for the Entrepreneur: Lee’s Tip #271With retirement looming, I’ve been taking stock of my life as a businesswoman/media person. Although early on I met some pretty rough characters who displayed bad sales ethics, later I was lucky enough to find great mentors who taught me the right way. Having been involved in some pretty tough negotiations through the years, I learned to strive for win/wins and make sure I over-delivered on my services afterward. Which of the following would be the right reason(s) for doing so?
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Advice for the Entrepreneur: Lee’s Tip #270The mean girls in school gave me fits for years. The male hallway bullies got me, too; I was a target. Here’s my tip: Don’t be among a bully’s followers — or one of their goons. Dictionary definition of goon: “A bully or thug, especially one hired to terrorize or do away with opposition.” I have seen some online entrepreneurs who have allowed the evil part of junior high school back into their heads after they started following one of these online gurus/bullies. At first, it’s exciting, especially if they choose you to be one of their goons. It’s OK to follow someone’s leadership because they have important information you need to grow your business, but ask yourself, “Is this the type of person around whom I want to base my life’s ethics and morals?” Bullies systematically attract and lure their goons. Some of these goons often take over duties for these guys that include ganging up against the bully’s alleged enemies. Be careful if you find yourself slipping down the slippery slope toward being a mean girl or a hallway bully. |
Advice for the Entrepreneur: Lee’s Tip #269Why do so many online sellers keep on working into retirement? There are a number of excellent reasons. For starters, the average Social Security check for seniors in the USA is $1,404. That’s the average; many earn less. You can’t live on that. So if you work your entire life for others and end up with a monthly income of $1,404 in your old age, you will have to work — and/or live with others in small spaces. Next, for many seniors, selling online is actually enjoyable compared to certain insults that may come your way out in the workforce, and it’s mostly accomplished from home, with the entrepreneur (you) in charge. Finally, by the time you reach retirement age, you may just be fed up with Mondays being back-to-work days. Keep your cool, save as much as possible, and consider selling into your later years. |
Advice for the Entrepreneur: Lee’s Tip #268Good poker players know when to hold ’em, and they know when to fold ’em. But either way, when they make that decision — usually within a few seconds to a minute — most of the time, they take a risk. The only time they know for sure they have a winning hand is when they have “the nuts”. That’s when poker players know they have the highest hand possible and that no one can beat them. It’s the same with small business owners, except you’re holding merchandise instead of playing cards. Using a combination of your system plus your intuition can get you through this challenge. Holding on to inventory is tricky. When should it be sent to the discard pile? Experts disagree on when to fold ’em, so it’s up to you to make decisions based on your own needs and sensibilities. Some sellers give listings a time limit: for example, 60 days or one year. Some don’t like to carry much inventory at all. Others keep certain rare and/or unusual items listed forever, waiting for the right buyer. Consider the case of Weazie the texidermied weasel, who was listed for more than a year. Finally Weazie sold for $200+! Her seller just knew there was that one right person. She used her intuition. Use yours for certain rare or otherwise special items, along with a regular system for more commonplace stuff, and you’ll be fine. |
Advice for the Entrepreneur: Lee’s Tip #726Question from a listener: “Dear Lee, I heard the call from the seller whose friends were putting down her eBay endeavors as a ‘hobby’ instead of a business. That’s happening to me. My friends don’t want to hear me talk about my business, and it’s such a big part of my life. Your insight, please?” My answer? You CAN outgrow your old life. It can be difficult to relate to friends or family members who demean what you do and want you to “get a REAL job”, for instance, or who don’t lend an ear to what you have to say about your work or your growth, etc. You’re basically stuck with your family — sorry — but you can choose with whom you spend your time, and how you spend it. Pick your moments with these friends and family members. I have friends who wouldn’t know spreadsheets from bed linens, so I don’t go there. If the friendship is worth keeping, you’ll be able to find alternative fun stuff to discuss. Meanwhile, join a local seller meetup group, or start making acquaintances of other entrepreneurs who get it. |
Advice for the Entrepreneur: Lee’s Tip #266Spreadsheets, sales velocity, and accounting aren’t the only things you learn when you become an entrepreneur. Your business growth spills over into your personal life, including your character. For instance, you may have learned to keep your cool when you get a return (anger management) or practiced taking pictures over and over again to perfect your photography skills (patience). How about the times you talked yourself out of listing a flawed item without calling out the flaw (moral dilemma)? As you build your entrepreneurial chops, you also hone your character. Whenever you have the chance, do the right thing. |
Advice for the Entrepreneur: Lee’s Tip #265There is a gentle negotiation going on between you and your buyer before they buy your item. You want your product in their home, fast, but shoppers often want to investigate before they click on the Buy-It-Now button. They browse and take their time. Don’t give them the chance to walk away thinking, “I’m not sure…maybe I’ll come back later.” A good solid FAQ (Frequently Asked Questions) section in your listing — i.e., the Q&A re: item details, shipping or combined shipping, return policy, etc., that comes up when a shopper clicks “Ask seller a question” — could help you turn more of these browsers into buyers. FAQs containing a comprehensive set of well thought-out answers can alleviate buyer anxieties and get them to buy sooner rather than later or not at all. You know your products and your policies. Answer buyers’ questions before they have time to take a hike. |
Advice for the Entrepreneur: Lee’s Tip #264Some entrepreneurs are happy with a small to moderate cash flow. But if you want to be growth oriented, you need to know this secret: For today’s entrepreneurs, business growth is a result of constant challenge. When your cash flow is satisfactory, and you know all of your systems oh so well, and you could practically run your business from a hammock? Well, it’s easy to stay there. I know this from experience. To grow, you need to challenge yourself. Hire a helper; try new products; play around with new software trials; look at different pricing strategies; expand your industry reading; up-level your social media game; follow a new expert or join a seller group; and more. A growth-oriented entrepreneur is always on the lookout for the right products and the right tools, not only to stay current, but to find things that will allow growth. Now go forth, and grow! |
Advice for the Entrepreneur: Lee’s Tip #263A very important mentor of mine passed away last Saturday. I had planned for a couple of years to write him a letter telling him how much I appreciated his guidance. Now it’s too late to let him know the impact he had on my life. Be sure to thank the people who gave and still give you encouragement, advice, and coaching. Thank the folks from whom you learned, who don’t even know they helped you to grow by being a role model. You won’t have any regrets later. |
Advice for the Entrepreneur: Lee’s Tip #262Don’t be afraid of the old axiom “Fake it till you make it.” Many powerful people you know weren’t always that way. They strengthened their power quotient by pretending to be confident, and they headed right into the very projects from which others shied away. People shy away from opportunities because they think they don’t know enough, or because they’re afraid of a bad outcome. From applying for a loan for our business to negotiating with a customer or supplier, we should use our best acting skills to portray a strong and confident person, even if we feel like Jello inside. “But Lee,” you say, “that’s not being who I am.” Confidence is not automatic in our growth process. We become more confident by having good outcomes. If you’re holding yourself back by not going for the truly important outcomes because you think you are not worthy, try going for them anyway. You’ll make those good outcomes happen. |
Advice for the Entrepreneur: Lee’s Tip #261Some online sellers have been grousing about having to pay to promote their eBay listings. This is not entrepreneurial thinking. Most businesses need marketing in order to grow and compete. Any brick-and-mortar startup includes “getting the word out” marketing in their business plan. They do TV spots, community newspapers, and restaurant guides. They make charitable contributions in the community for events, etc. They may even donate their products or services for giveaways at community events. Then there are radio spots, billboards, and building signage — just to get the word out. It all costs money. With eBay, sellers have a unique opportunity to market their listings in ways other than just relying on the search engine. |
Advice for the Entrepreneur: Lee’s Tip #260I just read a post by Katie Hammel in eBay for Business, “Why Every Entrepreneur needs a Mentor — and How to Find One”. It’s an excellent article. Chances are you’ve been a mentor in your own life, starting with your children or younger family members or friends. I’ve learned a lot since I’ve been doing eBay Radio, both from Griff and from just about every eBay seller I’ve come to know. Successful people never stop learning, and even mentors have mentors. I owe my success to many mentors in my career and in my life. I chose them for different goals I wanted to achieve. Some mentors follow special rules for mentoring; this can be a good way to go. I’ve also used the old-fashioned method: Keep your ears open and your brain engaged. |
Advice for the Entrepreneur: Lee’s Tip #259When attending an all-day business event —- say in Las Vegas, in July —- you need to be comfortable from the ground up. Here are some shoe tips. You’ll also want to wear a walking-type shoe with good thick padded soles, accompanied by socks. Visitors often wear flip-flops or sandals, which are OK for outside, but not in casino or conference rooms. They’re open and don’t have the padding that a shoe with a sock has, so they don’t hold up well for walking long distances. In addition, hotel and casino management wants us to feel comfortable, so they have the air conditioning set on High during the summer. That means you may end up with cold feet —- literally. Dress for the occasion, right down to your toes. Vegas babee! |
Advice for the Entrepreneur: Lee’s Tip #258Where do you eBay? If you say “from home”, then you’re among the majority of online entrepreneurs, who know that working from home is a blessing in so many ways. However, you must make sure that your workplace allows for efficient and effective business dealings. While many at-home entrepreneurs start out at their dining room table, or on a bench out in the garage, they usually migrate into a true workspace. That means a part of your home that’s used exclusively for your business. The IRS comes into play as well, because they allow you the home office deduction ONLY if you use that square footage solely for business. Make it look like a workspace, with a desk, shelves, and an inbox. You’ll work more effectively and enjoy the deduction. |
Advice for the Entrepreneur: Lee’s Tip #257Remember the elevator pitch? It’s a description of your business that should be no longer than a short elevator ride: 20-30 seconds, no more. So what do you say when you’re asked, “What do you do?” Your reply can make all the difference in people’s perceptions of your business life — and set the stage for credibility. Depending upon your image needs, here are 8 responses I’ve heard that work quite well. Have some business cards to back up any of these statements:
What’s your elevator pitch? |
Advice for the Entrepreneur: Lee’s Tip #256When defining entrepreneurialism, risk-taking is often the first element mentioned. The result of some risk-taking is failure; that’s why it’s called “risk”-taking. Many entrepreneurs have filed for bankruptcy, lost everything, and had to start again from the ground up. Some give up, while others go on have successful businesses. So what makes the difference? The first group gives up because to them, a failure means that they were a failure, not that the project failed. But even if you make mistakes that led to the failure, you haven’t failed; it’s the project that failed, and you took the opportunity to learn from your mistakes. Successful entrepreneurs try, try again. Risk-taking by its very nature means there is a possibility of failure. Don’t be afraid! |
Advice for the Entrepreneur: Lee’s Tip #255One of the biggest challenges work-from-home entrepreneurs face is when family and friends fail to take your workday seriously. You need to create a true work atmosphere in for your business. Although one of the benefits of being your own boss is that you are able to take time off to do the things you want, it can be highly disruptive to your business to be constantly interrupted. In order to succeed, you must take charge of your average work day. So 3 tips today:
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Advice for the Entrepreneur: Lee’s Tip #254You’ve seen those movie or TV scenes where an executive has nothing on his or her desk other than their nameplate, a computer screen, one keepsake, and a pen. Follow suit. Entrepreneurs get overwhelmed sometimes; it’s normal. However, you can make some changes, beginning with your desk. You should have only one project at a time on your desk. When you need to go on to the next project, put the present one away immediately. Some companies are starting to purchase desks without drawers. That way your work is usually sitting on your desk, where it’s harder to ignore, so it’s usually handled the same day. The first thing you can do is to remove everything from your desk. Start from scratch. On your desk should be nothing but your computer plus your task box, sometimes called your inbox; some pens and pencils in a holder; one memento; and a scratch pad, just in case. That’s it. Try it. You’ll breathe more freely, and you’ll be more effective. |
Advice for the Entrepreneur: Lee’s Tip #253Dieters know very well the “moment of choice” when you’re looking at a menu and choose to make the right choice rather than get the Bloomin’ Onion for the table. After making the Bloomin’ Onion mistake one too many times, I ordered the shrimp cocktail appetizer instead. Less calories, better protein. It felt really good. The scale liked it, too. So what is happening during that moment of choice, and how can we apply it to our business? Use the bad CEO/good CEO example: When the bad CEO is whispering in your ear, “It’s only one little scratch; no one will even notice it”, the good CEO is saying, “Should I list it and call out the scratch, or donate it?” Always opt for being the good CEO. It shows your character. It only takes a moment to decide to do the right thing. Start recognizing those moments. Order the shrimp cocktail. |
Advice for the Entrepreneur: Lee’s List #252How many breaks a day do you take? What do you do on those breaks? In some businesses, you take your snack and meet your co-workers in the break room at designated times. In others, you are allowed two rolling breaks a day. You are a business owner, so you get to choose. What should we be doing on our breaks? Pick two of the following:
Numbers 1 and 2 are the right answers, because 3 and 4 involve work and possibly anxiety. Take at least 2 breaks a day, and totally get away from anything that even resembles work. It will serve you well. |
Advice for the Entrepreneur: Lee’s Tip #251One of my grandsons was mentored by his first boss, the restaurant manager in charge of hiring him. It changed his life. As he has grown, he moved to another city to work for others and brought those lessons with him.
As a small business owner, you already know the workday part of it, and you also know many of the benefits, like being your own boss and stuff. Now it’s time to start thinking about your responsibilities to others. If you hire the teenager next door, you have a responsibility to help shape that young person forever.
As a business owner, one of your most important jobs is to nurture your workforce. No matter the age, give your employee a timetable to complete tasks, make them accountable and teach them good customer service skills. You get a good employee, and you help to frame someone’s life far into the future.
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Advice for the Entrepreneur: Lee’s Tip #250Some of Entrepreneur Magazine’s contributors recently offered their favorite tips for success. One quoted Richard Branson, who says his biggest motivation is to keep challenging himself. He treats life like one long university education where he can learn more every day. I love this. I get bored so easily. Many business owners think being bored is simply a byproduct of work. Not necessarily! Learning is growth. You should read every day, and when something strikes your fancy — such as new and exciting technologies or systems for small businesses — do a little research, and learn something. It will keep you alert, and it could help your bottom line. |
Advice for the Entrepreneur: Lee’s Tip #249Happy New Year, my entrepreneurial friends. I’ve missed you during our holiday break. Mine was stupendous! We had a little of everything: family drama, good food, fun times, lots of laughs, some tears, and tons of joy. Take this time to think about 2017; then write down the changes you would like to see in yourself, your family, your community, your country, and your world for 2018. Try to find a way to be a part of the solution. You don’t have to solve all of the world’s problems but you could begin with doing something for someone in need; helping your child’s school with a project; feeding the homeless; voting…you get the drift. These little moments in your life add up when we all contribute. Happy 2018! |
Advice for the Entrepreneur: Lee’s Tip #248With the New Year just around the corner, here is a countdown of the Top 10 eBay Seller Resolutions for 2018:
10) Assume that my buyers are basically good
9) Ship internationally as well as to Alaska, Hawaii and APO/FPO addresses 8) Be (even) nicer to newbies and ensure they feel welcome 7) Leave feedback first, as soon as my buyer pays 6) Save up for eBay Open 2018 5) Know my numbers 4) Join or start a meetup group 3) List more and smarter 2) Earn an eBay Radio 5 Tureens dish towel 1) Listen to eBay Radio! |
Advice for the Entrepreneur: Lee’s Tip #247The new year is traditionally a time of new beginnings — and fresh determination to do better. Here’s a list I found of the Top 10 New Year’s Resolutions:
1. Stay fit and healthy: 37% What are your New Year’s resolutions for 20189?
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Advice for the Entrepreneur: Lee’s Tip #246If you want happiness for a day, says an old axiom, go fishing; if you want happiness for a year; inherit a fortune; if you want happiness for a lifetime, help someone else. So for my New Year’s resolution, I’m going to help others more. That’s it. Hope it gives you food for thought. |
Advice for the Entrepreneur: Lee’s Tip #245An eBay entrepreneur’s Top 10 List of Thanks:
For what are you thankful this year?
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Advice for the Entrepreneur: Lee’s Tip #244How 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 #243The 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 #242You 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 #241When 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 #239How 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 #239Some 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 #328Anxiety-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 #237Procrastinators 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 #236I 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.
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 #235We’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:
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. |
Advice for the Entrepreneur: Lee’s Tip #234I always overpack for a trip, whether it’s business or personal travel. Last week I lugged a very heavy suitcase through airports along with my carry-on containing my laptop and makeup. No more! I have consulted the travel experts, and they found two travel sins. The first sin is that I pack for emergencies, foreseeing the worst possible scenario, like bringing rain boots to Jacksonville, FL, in August and taking 4 extra pairs of shoes and 4 extra handbags for eBay Open in Vegas. The solution: We should pack appropriately for the actual situation — you know, the usual needs for 5 nights in Jacksonville or Vegas. Stop considering the worst case, and pack for the reality of the destination. Oh, and the second sin? My suitcase is too big, so I need to buy a smaller one. This I can handle. Bon Voyage! Sponsored by ReplyManager…an inbound message management tool for eBay sellers. |
Advice for the Entrepreneur: Lee’s Tip #233Being a quitter surely does not lead to success, so choose your career wisely. My grandfather owned a small farm in North Carolina, where he fed corn to chickens and other farm animals. When I visited, I shelled the corn using a hand-operated device. One time, after about half an hour, I said I was tired. My grandfather replied, “The animals never get tired of eating; in fact, they will die if you quit.” Later in life, I worked at a Fruit of the Loom plant and saw the women who worked all day long at machines that sewed ladies’ stockings. I decided on that day that I didn’t want to spend my life doing repetitive work. Instead, I became an entrepreneur. One great thing about having your own business is that things change all the time, sometimes in a minute. True entrepreneurs embrace the changes and think of them as business refinement opportunities. And if you even think about quitting, remember the corn-shelling story. Sponsored by ReplyManager…an inbound message management tool for eBay sellers. |
Advice for the Entrepreneur: Lee’s Tip #232Successful entrepreneurs are continually receptive to new ideas. It’s a lifelong habit they have. I’m in a weight-loss Facebook group, and one of the tools we’re supposed to use is to journal our food intake. The question of the day was “Do you journal all your food and calories?” One person answered, “No. I got myself into this mess by not journaling, and I’m going to get myself out of it without journaling.” I’ll leave that thought with you for your future. Sponsored by ReplyManager…an inbound message management tool for eBay sellers. |
Advice for the Entrepreneur: Lee’s Tip #231Whether or not you made it to eBay Open 2017 in person, you can benefit from watching the recorded workshops from the event at eBayOpen2017.com. Then from all of the information you glean, pick 3 new changes to make to your business, and give them a try. You will soon be able to see if they are working for you or not! Sponsored by ReplyManager…an inbound message management tool for eBay sellers. |
Advice for the Entrepreneur: Lee’s Tip #230Attending conferences, workshops and seminars can really help you to grow and improve your business. At eBay Open 2017, some 1500 attendees did just that. If you couldn’t be there in person, watch the live-streamed sessions listed at eBayOpen2017.com and follow #eBayOpen2017 on Twitter to catch live tweets from the event, which took place July 25-28, 2017, at the MGM Grand Las Vegas. Sponsored by ReplyManager…an inbound message management tool for eBay sellers. |
Advice for the Entrepreneur: Lee’s Tip #229Today’s tip is to go to erVegas.com to check out all of the Las Vegas tips provided by Griff, Lee and friends of eBay Radio (Tom, Gina, Char and Maureen). See you next at eBay Open 2017, July 25-28 at the MGM Grand in Vegas, babee! Sponsored by ReplyManager…an inbound message management tool for eBay sellers. |
Advice for the Entrepreneur: Lee’s Tip #228There are many reasons entrepreneurs attend conferences. Learning and growing are part of the overview, but you do need to question your expenditures and time away from work. Ask yourself if the conference will help you grow your business. It’s difficult to put an actual return on investment attached to a conference. Personally, I have always considered it part of my marketing and/or education budget, as well as an opportunity to “sharpen the saw”. Stephen Covey lists “Sharpen the saw” as the seventh habit of highly successful people. It means getting away from the everyday to refresh all parts of your being — taking a break from the work day to in order to renew yourself physically, spiritually, mentally and socially. The social sharpening is important as well. You’ll usually meet experts and others in your industry who will inspire and energize you. Choose your conferences carefully, so your marketing and educational dollars will be well spent, and then sharpen away! Sponsored by ReplyManager…an inbound message management tool for eBay sellers. |
Advice for the Entrepreneur – Lee’s Tip #227One thing I’ve learned in 14 years of producing eBay Radio is that eBay sellers come in all types. By and large, a listing contains no socio-economic markers. I can’t tell where you were raised merely by looking at your listing, nor can I tell your level of education. However, there is one common thread that runs through the heart and soul of an entrepreneur, and that is determination. Entrepreneurs never give up, and it’s what separates the successful from the rest. The synonyms for determination are resolution, resolve, willpower, strength of character and single-mindedness. Now, feel good about yourself. Sponsored by ReplyManager…an inbound message management tool for eBay sellers. |
Advice for the Entrepreneur – Lee’s Tip #226Trusting your instincts has long been a precursor to success in business and in life. So what is it exactly? It’s the library you’ve been building your entire life! Remember the time you were taken in by a shady person, or that pallet of Beanie Babies you bought just as the fad ended? Gut feelings don’t always work well for us when things are moving quickly. So the next time you have to make a decision, stop down for a moment, and consciously ask yourself two questions: First, “Do I feel good about this person or choice?”; second, “Am I listening to past lessons?” Sometimes the answers to these two questions alone will make your decision for you, and you’ll save hours, weeks or even years of aggravation. Your gut feeling — trusting your instincts — it’s a pillar of success. Sponsored by ReplyManager…an inbound message management tool for eBay sellers. |
Advice for the Entrepreneur: Lee’s Tip #225If you are not usually a goal-oriented person, you’re missing out on a useful tool for helping your business succeed. You should break down your goals first by year, then by quarter. An example of a short-range goal could be to list 200 items per month or 800 per quarter. In terms of income, a medium-range goal could be to net $8000 during the next quarter for a long-range net of $32,000 net at end of 4 quarters. Always up your goals for the next year in order to adjust your business so that your income goes up each year. Another good thing about this system is that your failures can be short lived; you can get to work on the next quarter and make it successful. Depending on your life situation, you may have to re-work your goals. You never know what might happen to thwart your vision. Don’t fret. Just adjust the timelines and/or the income. Sponsored by ReplyManager…an inbound message management tool for eBay sellers. |
Advice for the Entrepreneur: Lee’s Tip #224To most people, modern appliances, tools and technology are simply instruments of daily life. They don’t think much about them one way or the other. On the other hand, entrepreneurs have been known to question, refine and generally try to figure out ways to do or make stuff better. This is the part of the entrepreneurial spirit that makes progress happen. Even if you don’t sell your systems or ideas to others and only use them to enhance your own success, you have that spirit. It’s in the new spreadsheet you made to handle your inventory…or the software you found to do a job that used to take you hours. Online sellers today are on the front lines of a shopping revolution, and our ideas for change can often be tested at little or no cost. It’s a privilege of being a small business owner in this century. Use your spirit wisely! Sponsored by ReplyManager…an inbound message management tool for eBay sellers. |
Advice for the Entrepreneur: Lee’s Tip #223Some artists feel rewarded by the completion of their vision alone. Having said that, many artists also have made a living selling the results of their their creativity both online and off. The myth about artists not being good salespeople is phooey. Artists are gifted with the same qualities needed for successful entrepreneurship. First, they have vision. Then they creatively take their vision to fruition. Creativity is the most important tool of a successful entrepreneur. Join with other artists who are marketing their work, and learn from them. Have a good and creative day! |
Advice for the Entrepreneur: Lee’s Tip #222I’m asked all the time about attending events and the importance to an online seller of doing so. I said we should stop calling them events and call them trade shows — that is, until I attended my first eBay Live! convention back in 2003. It was definitely an event. From the food to the parties to the education, it was a party wrapped in a business show. Trade shows are usually about selling the same widget or service for everyone. At an eBay event, we’re sharpening our entrepreneurial chops: learning new skills and/or discovering new 3rd party tools as well as gaining inspiration. I hope to see you at eBay Open 2017, coming up July 25-28 at the MGM Grand. Registration as well as room reservations are available at http://www.ebayopen2017.com. Vegas babeee! |
Advice for the Entrepreneur: Lee’s Tip #221Priorities are everything. What is on your “A” list? Here is a simple 3-minute task for each day. First, list all your tasks for today, even the mundane or personal. Then categorize them by levels: A, B, C or D. “A” items are the must-do’s for today, such as shipping sold items or your 3pm meeting with your child’s teacher. Your “B” list would consist of stuff that if left undone today would result in few if any repercussions; for example, filing your paperwork or cleaning off your file cabinet. “C” items, if left undone, would have little to no negative impact on your business or life. “D” is for items to delegate whenever possible. This works. Have fun. |
Advice for the Entrepreneur: Lee’s Tip #220Forget the paperless society. It’s not here yet, and chances are you have documents and receipts you need to file. The purpose of filing is to be able to retrieve said document at a moment’s notice. File at least once a week (hint: If you do it every day, it takes 3 minutes or less). Have a dedicated in-box ONLY for paperwork that needs to be filed. Make yourself a nice cuppa — or a glassa — and file away. I turn on the TV to make it more interesting, then spread all of the filing on a table or desk, put it in order and file. |
Advice for the Entrepreneur: Lee’s Tip #219Are you bored with your work? If so, it doesn’t necessarily mean that you haven’t found your passion. For most of you reading this, entrepreneurialism is your passion. So why are you bored? One big reason: You may not be challenging yourself. One important way to get through this is to keep on learning. I like to mess with new software, so I try new tools for bookkeeping, listing or inventory management. They often come with a free trial period. Learning also means reading the news to see what’s trending; attending events with other sellers; finding new places to thrift or source products; and generally paying attention to changes in your industry. Part of your boredom could be because you are doing the same thing, with the same tools, for years. Mix it up a bit, and your boredom will ease. |
Advice for the Entrepreneur: Lee’s Tip #217Social media may be robbing you of your profits. Seriously, how much time do you spend checking Facebook, Twitter, Instagram, Pinterest, etc.? You probably click on them without even thinking. Try this: remove all social media links from your desktop, task bar and bookmarks toolbar. You’ve made it too easy for these sites to steal your time, which is money. The latest research shows we go to them almost subconsciously, just to see what’s going on. It’s your gateway drug, eating away at your bottom line. Try checking social media only twice a day — for example, once at lunchtime and once during your afternoon break — and set an alarm. It’s easy to get sucked in. |
Advice for the Entrepreneur: Lee’s Tip #216Entrepreneurs, by definition, are risk takers. You’ve taken risks with your time and money. Maybe you quit your day job to become a full-time online seller. That was an important milestone. Or you decided to rent storage space for your inventory. Each and every day in the life of an entrepreneur means more risk taking. If you aren’t taking risks, you won’t grow your business to its fullest potential. Everyday risk-taking is fairly benign for online sellers. You can test business theories like using auction format versus fixed price, or try to increase sales by bundling complementary items. You should be testing your processes all the time to see what works. You don’t have to throw a bunch of money at this; you already have the items and the processes. Go take risks, and grow! |
Advice for the Entrepreneur: Lee’s Tip #215Tt’s true: The best careers are spent living one’s passion. What I wish for you is that you find entrepreneurialism to be your great passion. That means you can sell shoes or shingles, jewelry or jars, with the same gusto. Newer online sellers haven’t yet reached the stage where entrepreneurialism becomes their passion. Many have an epiphany when a supplier of their “passion” dries up, and they need to switch to another product. Once you realize the spark in you that is entrepreneurialism, you can have a lifetime of independence. |
Advice for the Entrepreneur: Lee’s Tip #214eBay OPEN 2017 has been announced. Think of it as a paperback mystery; we have some of the clues. So far we know it’s taking place July 25-27, somewhere in Las Vegas, and we know that the eBay Radio Party & Conference will once again be part of this event. Here’s my tip: You already know enough to put eBay OPEN on your calendar; notify your family and co-workers; and book your airfare. Hotel, rates and registration should be announced soon. By the way, Ron (oilerman21) and his Ms. Agnes are planning to attend. That alone is a good reason to be there! |
Advice for the Entrepreneur: Lee’s Tip #213One eBay seller is asking on Facebook if she could put her political preference in her listing somewhere: e.g., “proud Democrat” or “proud Republican.” Why would you want to do this? Do you think it will change someone’s mind about their affiliation? Do you think it will bring you sales? It’s not too long a limb to go out on here to say that right now, the nation is politically divided almost in half. Why would you want to turn away 50 percent of your potential customers? I say that other than showing the flag and/or some red, white and blue, you should refrain from mixing politics with your business on eBay. |
Advice for the Entrepreneur – Lee’s Tip #212Every now and then I have to remind myself of the 80/20 rule. We used it in radio sales to mean that 20% of the sales staff bring in 80% of the sales. For eBay sellers, it means that 20% of your efforts create 80% of your sales. So identify that 20%, write down a list of what comprises it and make these efforts your biggest priority. |
Advice for the Entrepreneur: Lee’s Tip #211We’re almost finished with our remodeling. The contractor keeps his tools and stuff in our eBay sales room, so we haven’t been listing. But I sold 2 items over the weekend; now I need to list a couple more. Here are 3 quick ways to get your business butt in gear after a lull.
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Advice for the Entrepreneur: Lee’s Tip #210My high school had great business courses, and I took them all — including a 6-week filing course. We learned simple filing as well as library rules, etc. The filing itself becomes easy with just a few rules of alphabetical order. However, it is my experience that some people don’t get the simple strategy and reason for filing: You file so that you can find. Years ago, I asked my new assistant of 6 months for some important documents needed for a meeting. She said “Jeesh…that’s going to take me hours to find.” She went on to explain, “You never ask me for anything you give me to file, so I’ve just been stacking them up in the file room.” As small business owners, we sometimes let this crucial part of our business stack up. Filing is for that moment when you need the document or file. You don’t need anxiety before an important meeting or project. Here is the fix: Schedule your filing for one day a week…same time, same day. You will adore me for this advice and name your children after me. Remember: File it so you can find it. |
Advice for the Entrepreneur: Lee’s Tip #209I just received an email promoting a new show on Netflix. The ad read, “In an 18th-century North America, ruthless trappers and entrepreneurs fight to wrest control of the fur trade from the mighty Hudson’s Bay Company.” This is nothing new. Ruthless entrepreneurs. They are heartless beings who lie, cheat and steal their way through business. Look, we are all human. There are moments when each and every one of us has to make a decision as to which road to take: the high or the low. My concern is that today, we seem to be living in a world where lying is OK; as long as you ‘fess up afterward and apologize, everything will be peachy-dandy from there on in — new fresh start and all. Be very careful. These snakes in the grass defend themselves and apologize; then they go on being who they were to begin with, ethically speaking. When you have an opportunity to take the high road, please do so — and reconsider your relationships with those who don’t. |
Advice for the Entrepreneur: Lee’s Tip #208#208: Most New Year’s resolutions go right into the black hole called “our promises to ourselves on January 1st”. I propose you forget about New Year’s resolutions; instead, make each day a new start. Fuhgeddabout yesterday! Here are some quotes on the subject:
Yes, yesterday may have been a challenge. You may have even made mistakes. So what? Today will be different — better — maybe even fantastic! Here’s my favorite “so what” quote, from L.M. Montgomery: “Isn’t it nice to think that tomorrow is a new day, with no mistakes in it yet?” |
Advice for the Entrepreneur: Lee’s Tip #207Count your blessings, please. It’s been a wonderful 2016 in so many ways. You’ve made some sales; you’ve learned some new tricks; and you’ve probably even bought a few things for yourself on eBay. Forget any distractions to your spirit, and enjoy the holiday season. Seriously. I’m having to overcome some challenges right now that are first world problems, if you get my drift — too silly to even mention. So I had to take a moment to remember to ignore the small stuff. Save your energy and talents for things that really need your attention. Put your store on vacation for a few days, and have some fun. Even if that means doing crossword puzzles in your jammies. Happy Holidays to you from our team here at eBay Radio: Griff, Lee, eBetsy, Donna, Frank, John, Melissa, CJ, Burt and the gang over at iHeartMedia (Jorge, John and Matt). |
Advice for the Entrepreneur: Lee’s Tip #206While I was at my family reunion in Florida, my Android phone updated its operating system and unbeknownst to me, wiped out the settings that turned on my eBay Mobile notifications. Long story short, I didn’t realize I had a sale while I was out of town, so I received my first ding for late shipping. Lesson learned. Check your eBay Mobile app, especially after system updates, to make sure notifications stay turned on. In retrospect, it would have been better to put my store on vacation. There is a time for vacation brain and a time for work brain. Just be sure you cover your assets when you are traveling…and while you’re still jet lagged. |
Lee’s List: Advice for the Entrepreneur #205In 1985, I had to find office space to accommodate an FM radio station. In order to make it work, I had to find a building with a clear line of sight to my transmitter, which was miles away up on a big mountain. It wasn’t easy, but my two partners and I found a place. It took lots of employees and a bunch of money to start that business. Now, here comes 2017, and brick-and-mortar seems so yesterday — in large part because eBay became a great platform that allows us to become international entrepreneurs. As an eBay seller, you simply turn on your computer or smartphone, and start listing. But here’s the real deal: You’ve become successful through a lot more than a building or a staff. You found your entrepreneurial self. That comes from hard work, including making mistakes and learning from them. You listen to experts who have been successful, and you’re building your own empire. Congratulations! |
Lee’s List: Advice for the Entrepreneur #204In all the busyness of your business this time of year, don’t forget your family and friends. Customers may come and go, but the most important people in your life are those to whom you are related, either by blood or by ties of the heart. Make time for them amidst the hustle-bustle of this holiday selling season, and count your blessings! |
Advice for the Entrepreneur: Lee’s Tip #203Remember your mother’s warning, “Lie down with dogs, get up with fleas”? With whom we associate affects our business future in much the same way. According to Reid Hoffman, co-founder of LinkedIn, “The fastest way to change yourself is to hang out with people who are already the way you want to be.” If you want to grow your business, look around you. Whose posts are you following on Facebook and Twitter? Whose accomplishments do you want to emulate? Look at those sellers’ listings, marketing efforts and social interactions to figure out what makes them successful. Spend time with them in person at live events and online in groups, webinars, etc. One hint: It should always be a positive experience. Truly successful people are positive most of the time. |
Advice for the Entrepreneur: Lee’s Tip #202What America needs is a big dose of commerce! Right after 9/11, commerce slowed way down; we were stunned and aghast. It took awhile to get business as usual up and running again. Now there’s the 2016 election. It may be tempting to stay glued to your TV or computer or smartphone so as not to miss a minute of post-election news. You may be feeling elated or depressed. You may feel secure or afraid. Any of these things can rob you of something over which you have control: your business. Stick to your usual schedule of listing and shipping. Make your plan and set your goals for 2017, and add a goodly percentage to your bottom line for next year. If you feel anxiety because of what you hear or see on the news, take a break; have a cup of tea or your favorite mellow beverage, and relax. But let’s help ourselves and our families — and help America stay on its economic feet — by being the focused entrepreneurs we know we can be. |
Advice for the Entrepreneur: Lee’s Tip #200Caveat emptor: “Let the buyer beware.” It’s a warning that dates back to ancient times; no wonder your customers are concerned about placing their trust in you. After all, they’re giving you their hard earned money! You need to be empathetic. And if you don’t have empathy by nature, good news: It can be learned. Just put yourself in your buyer’s shoes. Remember those times when you’ve called a company’s customer service department — for whatever reason — feeling angry and/or frustrated? Chances are, that’s how your buyer feels, too. When a glitch happens with a sale, it sets off all kinds of alarm bells in the customer’s mind. So right off the bat, you’re dealing with someone who feels worried and defensive. It’s up to you to keep calm, allay their fears, and above all, be kind in resolving their issue(s). |
Advice for the Entrepreneur: Lee’s Tip #199The importance of maintaining a work/life balance is not a myth. If you give too much of yourself to work, you get burned out — sometimes both at work and in your personal life. Health and relationship issues arise from these conditions. When we tip the balance too much toward work, it is usually because we are seeking perfectionism. The more you are involved in family and work, as they both grow, the more elusive perfection becomes. Think about this: Are you rewarded by perfectionism or by productivity? Start leaning toward productivity. |
Advice for the Entrepreneur: Lee’s Tip #198I love that so many of today’s online entrepreneurs work from home and are able to be entrepreneurial role models for their children and grandchildren. It’s happening all around me, and it brings back an earlier time when you followed in your parents’ footsteps and learned a trade at their feet. One important lesson to teach your children or grandchildren is to understand debits and credits. Although children cannot list items under their own name on eBay, they can help product source from time to time; through that, they can learn about the cost of goods sold, the risks, how much an item sold for minus eBay and PayPal fees, etc. You could make an agreement to share a certain percentage of the profits with your child. This works with lemonade stands, too. |
Advice for the Entrepreneur: Lee’s Tip #197If you are one of the many who never seem to finish projects, here are some insights. First, stop trying to figure out why you are the way you are, and get serious. You may work from home, but you need to think like a business executive. They do an outline of a project — sometimes called “Scope of Project” — then make sure they gather together the resources (people and money) needed to complete it. They also set a time frame. So create an outline of your project; decide on its timeframe, including how many minutes per day you are willing or able to devote to it; and go for it. You probably don’t finish your projects because you can’t see a timeline or an ending. Now you can. Good luck! |
Advice for the Entrepreneur: Lee’s Tip #196Research shows that most people complain once a minute during a typical conversation. This repetition rewires your brain to make future complaining more likely. Over time, complaining becomes your default behavior, which changes how people perceive you. And here’s the kicker: Complaining damages other areas of your brain as well. Research from Stanford University has shown that complaining shrinks the hippocampus — an area of the brain that’s critical to problem solving and intelligent thought. Complaining is bad for your health, too. It releases the stress hormone cortisol, which raises your blood pressure and blook sugar. Frequent complaining impairs your immune system and makes you more susceptible to high cholesterol, diabetes, heart disease and obesity. First, cultivate an attitude of gratitude. Doing so reduces cortisol by 23%, improving your mood and energy while decreasing your anxiety. In time, a positive attitude will become a way of life. Second, when you truly have something to complain about, make it solution oriented: Have a clear purpose in mind; start with a positive; be specific; and end on a positive note. |
Advice for the Entrepreneur: Lee’s Tip #195My most hated phrase is “Close enough for government work”, or just simply, “close enough.” Darlings…either it’s excellent, or it isn’t. I made a commitment to personal excellence in radio back in 1971. The best voiceover talent in the world, Neilson Ross, listened to a commercial I had just recorded that had a teeny tiny little glitch in it. I said, “Close enough for government work.” He handed me back the reel and told me, “Don’t ever say that again in your radio career. Make a decision today to either be excellent, or go to work for someone who doesn’t care.” Today, make a commitment to excellence in YOUR business. |
Advice for the Entrepreneur: Lee’s Tip #194Saying “no” can be excruciating for some entrepreneurs. Often it’s because of our culture. You may feel you will be judged as selfish or not a nice person. Try to look at it in a different way: You already have goals and commitments. When you say “no” to a new project, you are actually honoring your present ones and giving them the time they deserve. |
Advice for the Entrepreneur: Lee’s Tip #191Emails, instant messages, voice mail and audio/video conferencing have taken over, robbing us of our independence and stealing time from our life and business. As a result, we have to defend our day from interruptions. Here’s the deal: You are in charge. So take charge! I control my inbound distractions by scheduling them. I read emails first thing in the morning, then check voicemails and My eBay. I check them all again at midday, then once more about 30 minutes before I quit work for the day. Do not check voicemail or email throughout the day other than at these designated times. (Depending on your sales volume, you may prefer to check your My eBay/Seller Hub more frequently for Best Offers, new orders, paid items, questions from customers/potential buyers, etc.). Make sure that when you do check email and voicemail, you allow at least 30 minutes to respond and/or deal with any issues. |
Advice for the Entrepreneur: Lee’s Tip #190Several of our eBay Radio team members have suffered losses and trauma during the past 13 years. There’s nothing unusual about that. We always say, “Boy, we should have had a manual showing us what that person did, so we can do their job when they’re out.” We sorta do, but not good enough. When you have an employee with a loved one in ICU, and they are the one who pulled certain switches, and no one can figure out what to do — well, you see what I mean. So for every helper you have, make sure you have a detailed outline of their duties, including passwords and logins. It will cause less anxiety when unfortunate times come to pass. |
Advice for the Entrepreneur: Lee’s Tip #187eBay OPEN will be seriously educational…but all work and no play would make for a seriously DULL Seller Celebration. The fun begins Monday night at 8pm at Harrah’s Carnival Court, where there will be an unofficial meet & greet co-hosted by Stephanie Inge and Jason T. Smith starting at 8pm PT till whenever. RSVPs on the Unofficial eBay Meet & Greet Facebook page are appreciated but not required. eBay keeps the party going, starting with a Welcome Reception from 4pm to 6pm PT on Tuesday; eBay Radio will broadcast live from 4pm-5pm PT during the festivities. Then on Wednesday, there’ll be a Happy Hour-and-a-Half from 4:30pm-6pm PT in the Exhibit Hall. After that, rock on over to Terapeak’s Customer Appreciation Night, taking place at Rockhouse right in The Venetian from 6:30-8:30pm PT. But don’t party too hearty too soon, because you do NOT want to miss Thursday night’s eBay OPEN Seller Celebration from 7pm to midnight PT. Featured performers will be GRAMMY-nominated band The Fray. Dress code is loose but eBay festive, so doll up however the spirit moves you! As for that non-stop party known as the eBay Radio booth, you can find team members there except when we’re on the air. We encourage you to come hang out with us awhile if and when you can, to pick up your 2016 collector’s pins, let us hug your neck/fist-bump with you, and help us tell attendees about eBay Radio. |
Advice for the Entrepreneur: Lee’s Tip #186I’m Lee Mirabal, and I’m a news junkie. At various times in my radio career, I’ve been a street reporter, news anchor, feature reporter, political talk show host and news writer. I blame my obsession on that. To this day, I can’t go to sleep or wake up without looking at the news stations and checking my phone and email for news alerts. Someday I will get a grip, but for now, I had to do something to keep myself dedicated to earning an income. Now I leave the television off from 9am to noon, and I don’t check my phone for current events. Radio helps to break the silence, and it doesn’t take away so much of my brain power. I allow myself to check the news during my lunch break (I know, pathetic), then I turn it all off from 1:30pm until 5 or 6, when I finish my day. Lately there have been so many things that take our minds off our earning goals, terrible things that take us to the TV and away from attaining our dreams. If you see yourself in my miserable scenario above, join me in scheduling your media involvement before and after your work. |
Advice for the Entrepreneur: Lee’s Tip #185Setting up your calendar to efficiently use your time is key to your success. How much business time do you waste? Let’s say you waste 30 minutes per day being non-productive in some way. Do that 5 days a week, and you’ve wasted 2-½ hours per week. In 52 weeks — 1 year — you’ll have wasted 130 hours, which is more than 3 weeks and 10 hours of wasted time in your business life. More than 3 weeks and 10 hours! Think about it. When I say wasted time, I don’t include lunch breaks (which we should take every day at the same time, if possible). I mean the time we spend procrastinating, watching TV, cleaning up the bedroom closet, arriving at your desk late, calling old friends, etc., instead of taking care of business. It’s time to break those habits! Schedule your days in 15-minute increments, and see what happens. Include your personal time and your exercise time as well as your business time, because work-life balance figures into this as well. It may take a while to make this schedule a habit, but go for it. Your business AND your personal life will thank you. |
Advice for the Entrepreneur: Lee’s Tip #184John and I are experiencing an emergency kitchen/dining/office supply cabinet remodel that required emptying each and every cabinet we have. It was jaw dropping — and an epiphany. From radio cables to telephone cords to 25 decks of cards to more than 200 sheets of music, our life unfolded before us and is now spread all over the dining room floor. We are taking pictures to post in Diva Dawn’s Camp Clutter B Gone for added support, but here’s the tip. Pretend you are having an emergency remodel in any room in your home. Empty EVERYTHING from your cabinets and drawers onto a landing place, such as a long table. Categorize it all; then throw away, donate, sell on eBay and otherwise get rid of your unneeded belongings. You’ll breathe better for it. |
Advice for the Entrepreneur: Lee’s Tip #183We have many more distractions in our digital age than ever before in history. It’s hard to concentrate. Some experts are now saying we should reverse the order of our workload in order to be more productive. Dr. David Rock, author of Your Brain at Work, suggests we do the stuff that takes concentration or creativity early in the day and leave mindless tasks like deleting email for later in the day. You don’t need as much brainpower for those things. Doing the mindless work first and building up to the toughest tasks drains your energy and lowers your focus. Do your thinking early in the day — and mindless stuff later on. |
Advice for the Entrepreneur: Lee’s Tip #182I know times have changed, but we have coddled our children for too long. Teenagers who have never earned one single penny doing work outside the home are graduating from high school this month. Some families teach their kids the benefits of finding a job, keeping said job and generally being responsible citizens, and that’s good. We need workers, and I hope there will always be people who will do much-needed trade jobs and the like. But online sellers have a unique opportunity to be role models for entrepreneurialism. When is a youngster old enough to start learning? I’d say 2 years old. That’s old enough to bring mom or dad the packing tape from the table, or take non-breakable stuff out of a box from Goodwill or Savers — whatever it takes. Remember, back in the day, as soon as kids were strong enough to carry water from the well, they had a responsibility in the family. Teach your kids the joys and independence that come with being a business owner, and you will give them myriad alternatives. |
Advice for the Entrepreneur: Lee’s Tip #181After reading my tip regarding online sellers being sales and marketing people whether they like it or not, several people insisted that they couldn’t do either very well, so I was giving people unrealistic hopes. My first thought was a defensive one. Then I realized that I know hundreds of eBay entrepreneurs who through other talents — such as product sourcing; listing strategies; business management and development; fortitude; and desire — make things happen for them in a big way and end up with a successful business. Entrepreneurs throughout history have come from every type of talent. |
Advice for the Entrepreneur – Lee’s Tip #181After reading my tip regarding online sellers being sales and marketing people whether they like it or not, several people insisted that they couldn’t do either very well, so I was giving people unrealistic hopes. My first thought was a defensive one. Then I realized that I know hundreds of eBay entrepreneurs who through other talents — such as product sourcing; listing strategies; business management and development; fortitude; and desire — make things happen for them in a big way and end up with a successful business. Entrepreneurs throughout history have come from every type of talent. |
Advice for the Entrepreneur: Lee’s Tip #179So many online entrepreneurs, especially the artsy ones, will say “I could never be in sales” or “I could never be a salesperson.” This is a success killer. They suffer from the droppings of an antiquated and much overused myth about selling: that you have to pitch and tap-dance to get a sale. How undignified! The best salespeople in the world are those who build relationships. These people don’t have to pitch, or tap-dance, or otherwise do anything they find distasteful. Now we know that the concept of building relationships in order to sell something works for online retailers as well. You build your brand and your personality through social media. They know you, and they’re more likely to buy from you. No tap dancing required! |
Advice for the Entrepreneur: Lee’s Tip #178Sometimes it’s the small things that count toward success. On Sunday, I sold my first pair of shoes on eBay. After selling mostly jewelry and other very small items, I wanted to branch out and learn the ropes of listing, selling and shipping shoes. It was a small victory, but growth nonetheless. Now when I go to Goodwill, I won’t ignore the shoes. Take note of these small victories in your business. Put a smile on your face, and pat yourself on the back. It’s not just the end-of-month sales figures that matter. It’s also the little stuff that brings you one step closer to your overall goals. |
Advice for the Entrepreneur: Lee’s Tip #177When it’s time to hire someone to help out, you could hire a person to do the things you don’t like to do — or you could hire help to free you up for more important things that will grow your bottom line. I think both approaches are OK. After all, if you aren’t happy with your day-to-day work, why own a business? Most online sellers hold on to product sourcing and hire a listing person or a photographer. Others have family members bring them products. Before you hire help with your business, figure out the reason you are bringing in another person, and hire accordingly. |
Advice for the Entrepreneur: Lee’s Tip #176A lot of entrepreneurs ignore the importance of goal setting. Here’s the deal about setting goals: It works. My favorite goals are financial and are short to medium term. From paying off the car to our vacation in Vegas in July and on to retirement, it’s fun to watch the bottom line growing towards that goal. In fact, we just paid off the car early thanks to goal setting. John and I have a whiteboard on the wall with certain goals, and we watch the bottom line on that whiteboard. I smile every time I pass by it. Try setting one goal, then stick with it. Make it visual if you can; spreadsheets help. Do it — you’ll like it. |
Advice for the Entrepreneur: Lee’s Tip #175When couples work together, it’s either feast or famine in the compatibility department. This week, John and I will celebrate (along with family and friends) our 40th wedding anniversary. On and off during those 40 years, we have worked together on certain projects; and for the past 20 years, we have been by each other’s side day and night, working on our studio projects. It hasn’t always been easy in the work department — we still bicker with each other from time to time — but all in all, we make it. If I had to pick 3 traits of our success, it would be these: First, we have the same vision for our present — and for our future. We’re always working toward a goal (a new car, retirement, etc.), and that’s what keeps us on the same page. I wish the same for you. |
Advice for the Entrepreneur: Lee’s Tip #174It may be time to train your family to leave you alone during working hours. New home-based entrepreneurs are excited about the independence of being home with their children and calling their own working hours, and those are good things. That said, set working hours are important to your success, so don’t be afraid to have a regular schedule. If you respect your set hours, your family will respect them as well, especially when they see that you’re there for them in ways you never were before. The great part of working from home is the ability to be able to fulfill your family’s needs without sacrificing your business. Enjoy this part of business ownership, but keep your scheduled working times in mind. It will help your family respect your business and your boundaries. |
Advice for the Entrepreneur: Lee’s Tip #173Do you work in silence? Or do you have music or the radio on? (If so, eBay Radio would be a good choice.) How about television, or a coffee shop’s background noise? Some experts believe reading is just about the only activity that may be enhanced by being in a silent room, such as a library. They claim that noise begets creativity — which is good news for those of us who are media hounds. Professor Ravi Mehta, who studied the way a brain processes information against different levels of background noise, concluded that a moderate level of noise not only enhances creative problem-solving, but also leads to a greater adoption of innovative products in certain settings. The sweet spot is around 70 decibels, or about the same noise level as a car driving by outside. So don’t feel guilty if you want to hear music, radio, TV or even café sounds while you work. Just don’t go overboard with the noise. |
Advice for the Entrepreneur: Lee’s Tip #172I recently found myself once again taking part in a conversation on Facebook about family and friends not taking your home-based online business seriously. I take a very strong stance on this one. Get yourself some business cards, continue to grow your business and eventually they will learn to respect both you and it. More importantly (especially for women, who seem to make up the majority of these stories): Stop caring what people think about your dreams and ambitions. You will never be successful if you listen to naysayers. Edgar Allen Poe’s father actually disowned him when he went into writing, and Miles Davis’ mother wanted him to play the violin instead of the trumpet. Who knew? |
Advice for the Entrepreneur: Lee’s Tip #171Be prepared to say good things about your skills and abilities at a moment’s notice. I recently was looking for a person to do some project work (filling out forms, writing emails, one-page presentations, etc.). When I asked “What are your skills?”, to a one, each of the people with whom I spoke answered back with things they were NOT good at — from “I can’t take on a project if it has deadlines, because deadlines make me nervous” to (my favorite) “I know computers, and I’m very creative, but I don’t do well with paperwork.” I was stunned. Ask yourself, “What are my skills and abilities?” Then practice your answer. It could be the difference between finding your passion or languishing in mediocrity. |
Advice for the Entrepreneur: Lee’s Tip #170In a slump, business owners are either wallowers, speed bumps or racecars. The wallower sinks into the abyss and spends time to “woe is me”, sometimes alone, or with a campaign on social media, along with an earful or two for their friends. The speed bump goes into a business coma, choosing to spend time “re-grouping”. They might watch TV, dabble In their hobbies, or nap till Tuesday. Although some racecars might make a momentary pit stop at “woe is me”, and/or at speed bump in a bubblebath for 30 minutes, they get right back on the road, ramping up their systems and finding the zone when last they profited. I’m not judging — I’ve wallowed, and I’ve speed bumped, but just as a momentary one- or two-hour deal, because wallowing and speed bumping take you nowhere. Get your racecar self on! |
Advice for the Entrepreneur: Lee’s Tip #169Prioritize your daily schedule based on your personality. I like to get the things I barely tolerate, or even dread, finished early in the day so I won’t have them hanging over me. But some people prefer to begin their day doing things they enjoy. For instance, you may not be crazy about listing. Doing it in the AM can give can give you a fresh outlook on the rest of the day. Or maybe you like doing the easier and more liked tasks in the morning to start your day in a less stressful way. You pick! Use your entrepreneurial flexibility to do it your way. |
Advice for the Entrepreneur: Lee’s Tip #168My last tip sparked a discussion about the challenges of giving recommendations. I’ve received lots of email on the subject, so here’s my update. Most corporations have systems in place for handling recommendation requests. However, for the small business owner, these presents challenges. LinkedIn and other sites allow people who haven’t even worked with you to ask for a recommendation. (You can turn that off in your LinkedIn account so you won’t be put in the awkward position of having to turn someone down.) On social media and elsewhere, you need to listen to your conscience and/or your gut when giving recommendations. Should you tell a little white lie to protect a former colleague or employee; or should you tell the absolute truth, which could hurt a person’s future? That’s the question we each must ask ourselves. It’s a true moral dilemma. |
Advice for the Entrepreneur: Lee’s Tip #167You are asked to give a recommendation for, let’s say, “Barney”. Barney is not someone you would recommend. What should you do? Depending on the expert, we hear that we should either email or call Barney to tell him we cannot give him a good reference (which I find very difficult), or we should refrain from recommending anyone at all, ever. Still others think you should just tell the truth. So what’s a person to do? I do my best to tell the person inquiring what I know about the person in question that’s good while leaving out the bad. But if I know Barney to be an egregiously bad actor who may hurt the inquiring person, I must tell the whole truth. What would you do? |
Advice for the Entrepreneur: Lee’s Tip #166Experts differ on multi-tasking. Some believe you can’t do it, that each task suffers to some degree. Others believe that certain tasks can be done simultaneously. I always thought I was a good multi-tasker. But now I know that there are times I shouldn’t multi-task: For instance, I shouldn’t be taking phone calls or replying to a Facebook notification or answering emails when I’m listing or working on a deadline report for my company. That’s all the more reason to compartmentalize your daily routine. You’ll become more successful. Sure, you’re capable of multi-tasking — but do so cautiously. |
Advice for the Entrepreneur: Lee’s Tip #165This tip is for online sellers who are tired of surprises, but tend to bury their head in the sand. If you’e flying by the seat of your pants, you’ll have a lot of unexpected challenges during the year. Things you don’t expect, like a bad sales month, can throw you into a tailspin. I keep an annual cash flow projection. I do it myself using Excel, based on last year’s sales and expenses and any new ones revised or thrown in for the new year. I have it set up for 12 months. It works great, and each month, I record the actual expenses and income as they come in. You’re able to see months in advance to know when you’ll need to take action. |
Advice for the Entrepreneur: Lee’s Tip #164How do you spend your online selling profits? Living expenses? Emergency savings account? Vacations? Kids’ education? Retirement? Reinvesting in your business? There is no one right answer here. It’s actually all of the above. You decide the amounts. For the reinvesting-in-your-business column: Only items that will help you grow or continue your business should be considered, such as computers, camera equipment, shipping stations, etc. |
Advice for the Entrepreneur: Lee’s Tip #163In my next-to-last tip of 2015, I talked about having new goals every year. Now is the time to begin taking steps towards achieving those goals. If you want to see a better bottom line this year, then go for it: List more; source smarter; do your social media marketing; network with other sellers; and look at third-party tools. There are more ideas, and I’m sure you have some as well. As an online seller, the power to make your business more profitable is entirely in your hands. Here’s to a very happy and successful 2016! |
Advice for the Entrepreneur: Lee’s Tip #162Now comes the holiday toward which you’ve been working so hard for months on end. It’s too late to ship anything else in time for Christmas, except by overnight express mail. You’ve been listing your little heart out for weeks, even months. Give yourself a break, and enjoy this once-a-year time with family and friends. Consider putting your store on vacation or extending your handling time, just for a couple of days. We know there’ll soon be another flurry of sales as gift cards are used and gifts of money are spent…but there will always be sales. Don’t miss those precious holiday moments that will never come again. See you on the radio in 2016! |
Advice for the Entrepreneur: Lee’s Tip #161When you work in a sales department, you have to keep on pushing to meet new goals. Your sales manager might say, “OK, Lee, we’ll need you to bring in 15% more than last year.” I have new goals every year. It works if you take action. You can raise your prices, bring in new clients or think up new marketing ideas for your present customers. Translated for online selling, if you want to look at a better bottom line (because as an online seller, you are your own sales manager), know your numbers as of the end of this year, then add 15% (or whatever) to it as your goal for next year. List more; source smarter; do your social media marketing; network with other sellers; and look at third-party tools. There are more ideas, and I’m sure you have some as well. Here’s to a very happy and successful 2016! |
Advice for the Entrepreneur: Lee’s Tip #160It’s OK to say “what if”, but with a caveat. Many experts say we should never use this phrase. I say: How are you supposed to make sound decisions if you don’t know all the consequences of your alternatives? Suppose you owe money, and you can’t pay it this month. What if you (A) do nothing (then you’ll receive collections calls or have to pay fines or have services cut off); (B) remit a partial payment and hope for the best (you could still receive collection calls/fines/service cuts); or (C) call the company and negotiate a payment plan (then you won’t lose any more sleep over this debt). “What ifs” are fine, but only if you follow through with alternatives — and hopefully choose the one that lets you sleep at night. |
Advice for the Entrepreneur: Lee’s Tip #159Political candidates are beating each other up over changing their minds on issues: “Mr. (or Ms.) Candidate, why is it that back in 1992 you said A — and now you say B?” Good grief! Although there are a few politicians who change their message just to get elected, the truth is that if you’re doing it right, you WILL change your mind on certain issues as you grow and progress. You may have felt angry when you had difficult customers; perhaps you thought of your sales on eBay as a hobby because you didn’t want to pay taxes on your profit; or maybe the thought of free shipping made your skin crawl. We’ve come a long way, babe. Always be open to changing your mind. It means you’re paying attention, and that will add to your bottom line. |
Advice for the Entrepreneur: Lee’s Tip #158Bad boys and girls may get coal in their stockings, but do they also become good entrepreneurs? A whole lot of data from different researchers shows that teenagers who were rebellious or questioning of authority, or who were independent as youngsters, just may make good business creators. Did you independently earn money by babysitting, mowing lawns, washing cars, etc.? Were you a lone wolf as a kid, going off away from your friends to do projects on your own? Did you steal or cut school or otherwise take risks? This data could be very freeing for those of us who were a little odd as kids, if not downright criminal. Have fun knowing you were just letting out all those creative entrepreneurial impulses! J |
Advice for the Entrepreneur: Lee’s Tip #157This weekend, I had a small reunion with some members of a radio comedy troupe of which I was once a part. We have not worked together for 43 years or more, but we made some albums back in the day and still have a sort of radio cult following. After the plethora of age jokes and whatnot, I asked one of them, “How is your life turning out?” He replied, “I have contentment.” He said he was not contented when I knew him earlier, that it happened over the years. If I were to ask you, “Have you found contentment in life?”, how would you honestly answer it? Perhaps you would put it into categories, such as contentment in career, contentment with your relationships, etc. What is it that’s making you NOT contented? No matter, our goal in life should be like my friend’s: total contentment. Let’s work on it. |
Advice for the Entrepreneur: Lee’s Tip #156We all have good days and bad days. Call it hormones, the blues, when bad things happen to good people — whatever. It doesn’t even matter what causes it. Few people have perpetually good days. Make some simple changes on those bad days to help get you through. For instance, exercise! It’s a wonderful way to get rid of the blues, even if you just walk once around the block. If you usually take a shower in the morning, try switching to a bubble bath, and relax before your day starts. Stop your work a few times during the day, turn the phone to silence, then take a 15 to 20 minute break with a cup of tea and a book, or whatever you do to relax — even watch a mindless TV program. The secret is to recognize that you’re having a bad day, and be kind to yourself. It helps! |
Advice for the Entrepreneur: Lee’s Tip #155Lack of engagement between customer service people and customers is epidemic. Just like you, John and I experience restaurant and hotel customer service as well as the usual suspects such as our local cell service provider, cable company and some face-to-face situations. Engagement means really, truly, honestly LISTENING to the customer, then reacting so that they know they’ve been heard. I recently asked a restaurant employee to direct me to the ladies room, and all she did was point in that direction as she walked past me. No verbal directions, no nothing. The next time you must deal with a customer, stop and remember to listen — genuinely listen; then react to their issue according to the Golden Rule of treating them as you’d like to be treated yourself. That’s the best kind of engagement. |
Advice for the Entrepreneur: Lee’s Tip #154You mailed your item within your stated handling time, but the package was late due to a postal glitch. What would you do? Some sellers would say, “Well, it’s not my fault, it was the postal service.” But Griff gave us all some good advice at a recent Surf’s Up eBay San Diego Sellers Group meetup: Be proactive. Watch the tracking information for your sold items. If you see a glitch, immediately contact the buyer, before they have a chance to be upset. Let them know that you are checking the tracking information and it looks as if the postal service is slow. Assure them that you are keeping track, and no matter what, you will make it good. This way, your customer will feel confident that you are on top of it and be less likely to give you grief! |
Advice for the Entrepreneur: Lee’s Tip #153As anyone who’s ever quit their day job to become an entrepreneur knows, leaving the safety net of working for someone else in favor of being your own boss is a big step into unknown territory. Even if you’ve made a gradual transition by starting out as a part-time entrepreneur, now you’re entirely on your own, sailing into as-yet-uncharted waters. Like the maps of old used to say at the limits of the known world, “Beyond be dragons.” To be successful as an entrepreneur, you’ve got to confront those dragons of the unknown…and in facing them, slay them. Only by confronting the unknown can you map new territory in your entrepreneurial journey. To do so requires conquering the dragons of fear, uncertainty and self-doubt. You may even find yourself second-guessing your decision to strike out on your own rather than staying safely (but boringly) employed by someone other than yourself. Stay the course. Like Columbus, you will discover a new world of strength and abilities within yourself as you face and overcome each challenge. |
Advice for the Entrepreneur: Lee’s Tip #152How big should your dream be? Along with serving my smaller radio clients (authors, self-help gurus, niche hobbyists, etc.), I decided to go after bigger fish. When I went after eBay as a consultancy client, or Entrepreneur Magazine, or Hay House Publishing Company, I’ll admit: I didn’t always believe they would respond. But here’s the deal. I didn’t stop going after the bigger names as well as with my smaller clients. It paid off. USPS, eBay, Entrepreneur Magazine, Hay House Publishing and others became clients, and my business grew. It’s not the outcome you should be thinking about; it’s the act of going after your dreams that counts most, because without that, very few entrepreneurs would ever be successful. |
Advice for the Entrepreneur: Lee’s Tip #151Here is another way to get rid of clutter without anxiety. It’s the “10-Item Put-Away” system. Let’s say you have a messy, cluttered office or bedroom, garage, etc. Every time you walk into that space, pick up 10 items, then immediately put them away in their own special place. Only touch each item once; hold them in your arms until you have put all 10 away. If you don’t have a space for an item, consider selling it on eBay or finding it a special place. That’s it. When we look at the job as a whole, it’s overwhelming. So remember: 10 items; only hold them once; and put them all away immediately. Your room will be cleared in no time. |
Advice for the Entrepreneur: Lee’s Tip #150Yet another method for clearing away procrastination droppings: the 15-second “do it now” challenge. Sit in your work area (or other area of messiness). You have 15 seconds to pick out a project you have been putting off. It could be as simple as a document that needs to be filed, or a 2-hour bookkeeping session. Then either do it today — and completely finish it — or schedule a date and time to do it on your calendar. Doing it today is preferable, but that’s not always possible. This is just one of many organizational tools I use to keep my workload under control. I’m bordering on OCD when it comes to clutter, but I’m still a procrastinator (not a good combination). Try it. It works! |
Advice for the Entrepreneur: Lee’s Tip #149In biology, change is an organic response to an ever-evolving environment. Organisms must change, or risk dying out. It’s a fact of life…and it’s no less true of your business on eBay. Ecommerce comprises many factors, all of which are constantly in flux. eBay’s twice-yearly updates are designed to help you keep up to speed with current ecommerce standards and thus better serve your customers. Sure, each update requires flexibility on your part…even some changes. But they make your business better, and that’s a good thing. |
Advice for the Entrepreneur: Lee’s Tip #148As an eBay seller, you deal with an ever-evolving marketplace. Keeping up with it is essential to your success. One way to do so is to attend seminars, workshops and conferences — like the eBay Radio Party & Conference — or, this week, eBay’s own We Are Twenty Seller Summit & 20th Anniversary Celebration. At We Are Twenty, you’ll be brought up to date on all of eBay’s current best practices as well as the new initiatives contained in the upcoming Fall Seller Update. You’ll hear from eBay executives, who will share their vision for eBay going forward, and you’ll have the opportunity to talk with eBay team members face to face, up close and personal. To top it all off, you’ll get to network with your fellow sellers while celebrating your own success as part of 20 years of eBay. As an eBay seller, it just doesn’t get any better than that. Enjoy! |
Advice for the Entrepreneur: Lee’s Tip #147Losing our mojo can have not-so-good consequences when we own a business. I love to learn ways to overcome this phenomenom because I, too, fall into the abyss once in a while. The old excitement flame just doesn’t want to ignite. If you don’t do something quickly, it can hurt your bottom line. Here’s one tip you need to remember: Try to hang out with, communicate with and share with people who are on a mojo heat! They are excited, involved and working on amazing projects. Instead of commiserating about your lack of enthusiasm, catch some from the igniters. It will serve you well! |
Advice for the Entrepreneur: Lee’s Tip #146Here’s a 4-step method for starting and completing all of your paperwork filing: Put out all of your papers in stacks by alphabet grouping (ABCD….EFGH…IJKL…MNOP….etc.). Alphabetize each stack. Sort each type of paperwork (car payment, rent, etc.) by date order with the latest date on top. File in the appropriate folders. Now, go outside…read a magazine…drink some iced tea…and then get back to your listing! |
Advice for the Entrepreneur: Lee’s Tip #145I read an article on Entrepreneur.com regarding some habits of successful people — habits that don’t cost anything and could be available to all. One standout in the article was Warren Buffet, who says, “The difference between successful people and really successful people is that really successful people say ‘no’ to almost everything.” The list of things to which they say “no” runs the gamut from negativity to outside activities and more. I know that somewhere in the middle, there is a good balance. Do you say “yes” too often? |
Advice for the Entrepreneur: Lee’s Tip #144I am forever thankful for so many lifestyle perks I’ve gained since becoming an entrepreneur. I once worked in a Fruit of the Loom plant in Wilmington, North Carolina. We clocked in and out. Later, in radio, there were strict daily deadlines — and a never-ending supply of program directors to defer to. The number-one benefit to owning my own business is the independence to be able to take moments during the day to enjoy my life on my own timetable. I’d love to hear from you. Tell me about a lifestyle element you’ve enjoyed since becoming an entrepreneur. |
Advice for the Entrepreneur: Lee’s Tip #143I had to unfriend someone on Facebook whose posts I had been following for years. All of a sudden, they turned from ecommerce tips and ideas to politics. I have no problem with politics on Facebook; it can lead to stimulating conversations. However, if you are on there to do business, stay away from religion and politics. The old adage holds true today: Remember, not everyone practices your religion, and not everyone is of your political bent. Do you want to scare away 50 percent of your customers? You make the decision. |
Advice for the Entrepreneur: Lee’s Tip #142I woke up yesterday to no electricity. My laptop had about two hours left on its battery. The utility company said power might be restored by afternoon. I need electricity in order to work. I have a Verizon JetPac that can keep me on the internet, but for only so long. So I can either (1) panic; (2) go sit in a coffee shop with free wi-fi and keep checking with the utility company; or (3) use my free room night at a local resort and order room service while using their electricity. Guess which one I chose? Right. However, had I not had the free room night, I would have chosen the coffee shop, because it was free, too. Do you have a Plan B if your power goes out? There may not be any coffee shops with free wi-fi in your area. If you have any stories like this — and would be willing to share your solutions — I would love to hear from you at [email protected] |
Advice for the Entrepreneur: Lee’s Tip #141I wrote a Facebook post about bringing more clothes than I needed for the eBay Radio Party & Conference, because I wanted to see lots of choices in my hotel room closet. I ended up, as I always do, wearing my most comfortable outfits. It took me days to cull though my closet to come up with the choices. I do this with every trip I take. This year, I learned a valuable lesson: Keep it simple, and save a lot of time. I’ll be bringing you lots of time-saving tips this year. First, let’s tackle your listing descriptions. Are you still writing a novel? In the case of listing descriptions, as in my wardrobe, less is more. Think of the wasted time writing long listing descriptions when they should be short and to the point. If you don’t have short, one-line statements in your listings, then cull through them and cut them down. You’ll be more mobile friendly, and you’ll save a lot of time, which will enable you to grow your business. |
Advice for the Entrepreneur: Lee’s Tip #140Working from home has certain advantages, like being able to go to work in your jammies. And — in theory — you get to plan your own day. More or less. But as Diva Dawn told us at Camp Clutter B Gone (taking place all month long), “Working from home is also fraught with distractions and indecision. Friends and family think just because we’re at home that we have all sorts of free time and that we’re not really working.” Her suggestion, and it’s a good one: Set some designated “office hours” each day. Don’t answer your phone, check your email, or go on Facebook or Twitter or Pinterest. Instead, use this time for listing, paperwork or some other substantial task for your business. As Diva Dawn puts it, when you’re both the boss and the worker bee, sometimes the boss has to make rules for the worker bee! |
Advice for the Entrepreneur: Lee’s Tip #139Team building isn’t only for corporations. In fact, you probably already have a team. Your CPA or tax attorney is a team member; the person who does your graphics or store design is part of your team; your mail carrier is part of your team (yes, you often receive better service when you cultivate a relationship with the delivery people). If you work with your honey, you have a team. If your kids help, you have a team. Your local Office Depot or other office-supplies store is part of your team. If you use any outside contract labor, you have a team. I suggest you make a list of everyone who helps you get your goods to market. Include those who help you keep in compliance with the IRS or other entities. In some cases, you’ll also include your suppliers, if you use them frequently. Then take stock. Get rid of those cogs in the wheel who don’t meet your standards and replace them with a better alternative. You have a team, so manage it. |
Advice for the Entrepreneur: Lee’s Tip #138Now that the eBay Radio Party & Conference is over for another year, here’s some advice from those who were there: Don’t miss next year’s event! You’ll come home re-energized, re-inspired and armed with brand-new information for making your business on eBay the very best it can be. May thanks to all who attended…we miss you already! |
Advice for the Entrepreneur: Lee’s Tip #137We’re on day 3 of this year’s eBay Radio Party & Conference, and here’s my best advice both to those here with us at the event and those listening in from home: Don’t try to implement absolutely everything you’ve learned right away. Test, review and revise your strategies to suit your business on eBay. But don’t procrastinate, either. Strike while the iron is hot, and strive to find the balance that works for you. |
Advice for the Entrepreneur: Lee’s Tip #136We’re on day 2 of this year’s eBay Radio Party & Conference, and here’s my best advice both to those here with us at the event and those listening in from home: Pace yourself. Eat right, stay hydrated and get enough sleep to keep your body, mind and spirit energized and ready to cope with the demands of your entrepreneurial lifestyle from one day to the next. Get some exercise, too, whether it’s walking the halls of Bally’s Convention Center and the streets of Las Vegas or just enjoying a brisk stroll through your neighborhood. You’ll feel better and also get more accomplished. |
Advice for the Entrepreneur: Lee’s Tip #135Vegas Babeeeee! Yes, it’s time again for our annual eBay Radio Party & Conference. Here is the most important tip I can give you when attending any conference. To gain results from the networking aspect of the event, please know that it’s all about attitude! Year after year, we have seen eBay sellers come to our event with an attitude of “We are all in this together.” Only with this ambiance in the room can we learn and grow from the networking part of the experience. Give some, get some. Be willing to offer tips to newbies, and exchange ideas with veterans and experts. But most of all, remember that we are all working toward the same outcome, and that is to grow and improve our businesses on eBay. And remember…If it ain’t fun, we ain’t doin’ it! |
Advice for the Entrepreneur: Lee’s Tip #134Poor decision-making skills can hold you back in business. When we’re newbies at any endeavor, we are on unfamiliar ground. It’s hard to make the right decisions when you are new. However, once the newbie-ness wears off, you need some good decisionp-making skills. It can make or break your growth. An entrepreneur has to make a lot of decisions on the fly in order to meet deadlines, etc. If you find yourself bogged down in the decision-making process, I suggest you Google “decision-making skills”. You’ll find tons of useful information. |
Advice for the Entrepreneur: Lee’s Tip #133Lots of research is done on the isolation encountered by at-home business owners. Women in particular miss camaraderie with co-workers. Extroverts can suffer more than most from lack of people with whom to interact. You may feel you have no one with whome to share your problems. Even when you go to lunch with old work friends who talk about their boss, they can’t truly relate to your entrepreneurial challenges. So what to do? Join or start a local eBay sellers group. Go to ecommerce conferences (such as the eBay Radio Party & Conference) to meet and mingle with others in the same situation. Attend seminars and webinars to hear feedback from others who are in the same boat. Remember, online groups are great — but they don’t take the place of face-to-face interaction. |
Advice for the Entrepreneur: Lee’s Tip #132John and I enjoy working from home, and we’ve been doing it now since 1996. We’ve had our ups and downs with the arrangement. I have lots of tips for you; here are my first 3. Maintain separate work space if possible. You each need your space, and it creates a more businesslike environment. Don’t bring your “other life” into the mix during work hours. If you are upset with your spouse or significant other because he forgot to take out the trash, leave it behind during the work day. Instead of getting info to your mate via “sneaker network”, why not use email, even if you’re in the same house. It’s less intrusive, and it gives you a record of stuff. |
Advice for the Entrepreneur: Lee’s Tip #131This tip is about having outside interests other than business or family. Do you have a hobby? Some of you will say “Well, thrifting is my passion and my hobby…” or “Business is my interest.” This tip clearly states it is about interests other than our business or family. I’ve picked up a new one for myself: I’m learning to play the ukulele! I’ve also renewed my interest in an old friend, gardening, and how to make it work in drought-stricken California. You need to wallow in some YOU stuff, for mental and physical health as well as for the wellbeing of your business. You’ll come back to it all with new perspectives, and that’s the big payoff. |
Advice for the Entrepreneur: Lee’s Tip #130A restaurant owner whose establishment we frequent complained one day that his business was slow “because the weather is bad.” The weather report in San Diego that day was “light intermittent sprinkles”. On a beautiful day,the same restaurant owner blamed “the good weather” for his slow business, because everyone was at the beach. Who do you blame when things go wrong in your business? The customers? eBay? The economy? Your competition? I’m not suggesting that you put the blame on yourself. That said, you are the only one who can make a difference in your business. If your sales are slow, it could just be the normal ebb and flow of business — or it could be, for example, not listing enough; not clearing out old inventory; or not doing enough marketing. Placing blame is easy, but it doesn’t fix the problem. The next time this happens, take action of some sort. At least at that point, you’ll know you’ve done all you can do. |
Advice for the Entrepreneur: Lee’s Tip #129Deciding when to hire someone to assist you can be a sticky wicket. Sometimes you hesitate because of budget, or it could be something else altogether. There are tasks that only the entrepreneur can do; those differs from owner to owner and may be industry specific as well. I’m a broadcast consultant. My experience is what I sell to clients. There is no one on my team with my radio station ownership experience, etc., so I choose to hire people to do the other stuff. Some sellers, for instance, have honed the skills of product sourcing: knowing, either by instinct or from experience, what to buy and for how much. With few exceptions, they usually are on the mark. Product sourcing may not be the thing to outsource if you have that “sourcing gene”. Instead, you may want to outsource your listing duties, for example. IF you’re thinking about hiring an assistant, take stock of your own skills first. |
Advice for the Entrepreneur: Lee’s Tip #128Creative types are socialized to think they can never market anything, including themselves. They think sales or marketing is somehow not creative, when in fact successful marketing campaigns come from a creative vision. Creative types have special talents enabling them to find success in business. In the words of Steve Jobs, “If there’s one thing that distinguishes highly creative people from others, it’s the ability to see possibilities where others don’t — or, in other words, vision. Many great artists and writers have said that creativity is simply the ability to connect the dots that others might never think to connect.” Creative types may also feel guilty when they accomplish a creative feat because they think somehow it didn’t take skills to create a vision. Vision is not only a marketable skill, it’s a highly effective one. Use it with pride. |
Advice for the Entrepreneur: Lee’s Tip #127While binge-watching house-hunter shows, I noticed that most lookie-loos say things like, “Ick…I can’t stand those white cabinets!” or “That bathtub is a deal breaker!” or the ever-popular “No granite countertops in the kitchen? Why even look at the rest of the house?” Then you see the occasional one who says, “I don’t like that tub, but we can make this work” or “The white cabinets are icky, but with a little sanding and painting, we’ll have what we want.” That, my friend, is the difference between a muggle and an entrepreneur. Entrepreneurs are solution oriented. Try it for a week: Stop concentrating on the first “ick”, and say instead, “What can I do to make this work?” You’ll come up with alternatives. Try it. You’ll like the results. |
Advice for the Entrepreneur: Lee’s Tip #126“It’s not fair!” Your mother warned you about this phrase, so why continue to say it when you’re dealt a really bad hand? If you’re looking for fairness in life, stop. Not everything is fair. You have a challenge with a customer, such as a bad return; you say, “It’s not fair.” Your husband leaves you for a sweet young thing after you’ve put him through medical school; you say, “Not fair!” Those things stink, for sure — but holding on to the concept that you’ve been somehow wronged in the fairness department doesn’t solve the crisis. All you do is continue to hold onto anger and frustration, even hopelessness. Take the phase “it isn’t fair” out of your vocabulary. It puts you into the endless loop of hopelessness. |
Advice for the Entrepreneur: Lee’s Tip #125Lee Mirabal’s Work-to-Joy Ratio explained: Are you on a constant treadmill? How much joy is there in your daily life? The treadmill mentality never accomplishes a good work-to-joy ratio. In my earlier work life, I never regularly checked my goals to see that I was on track. I was locked into a never-ending journey of excitement, anxiety and work, sleepless nights worrying about this and that, etc. Then I learned to regulate my work/joy levels. At this stage of my life, I want more time for fun, a more mellow excitement and less time being anxious. I started working smarter so that I can accomplish the same goals with less anxiety and hours. If possible, hire others to do some of your tasks. If you can’t do that, then look at things like your procrastination habits or adherence to daily planning. These can throw off the work/joy ratio. My work is still a full-time job, but there are not so many late nights and weekend hours put into the projects — and I don’t worry as much. The treadmill mentality didn’t get me anywhere faster; in fact, it slowed me down a bit. Take stock of your goals and what it takes to reach them, but work smarter and improve your work-to-joy ratio. |
Advice for the Entrepreneur: Lee’s Tip #124There have been projects and ideas in my entrepreneurial career that got tricky and challenging: moments when I thought of chucking it all and moving on to the next thing. But something made me “keep on keepin’ on” with those projects until they bore fruit — or completely depleted themselves of any chance of a future profit. It turns out that this is one of the defining attributes of successful entrepreneurs. I wasn’t born that way; I had mentors who wouldn’t stop when things turned bad, and it taught me to hang in there. If you find yourself quitting too soon, make a conscious effort to go the extra mile for the next project or idea. See what happens. |
Advice for the Entrepreneur: Lee’s Tip #123If you constantly find yourself thinking “Where has the day gone?” or “I just have too much to do, and I never seem to get it all done”, then you probably are wasting a lot of time. Here are 3 of the biggest culprits: Every time you react to the ding of your email, it usually amounts to a 10-minute removal of your attention from the project at hand. Each time you hear the pop of your Facebook alert, you find yourself browsing. The TV in the background entices you to channel surf or catch up on what’s happening in the Ukraine. It all adds up to time stealing. Try this: Schedule your project work in 2-hour increments with no outside distractions. Limit your email reading to 2 or 3 times a day. Turn off your pops and dings and TV during your 2-hour work segments. Try it. It works. |
Advice for the Entrepreneur: Lee’s Tip #122During Sunday night’s Academy Awards show, one of the winners ranted about how it’s time women were paid equal wages. Of course, I agree — but that is not today’s point. The point is this: Selling on eBay knows no gender. As online sellers, women and men are equal. For the most part, that is. Buy a product low, sell it high; list a lot; have tenacity in sourcing, marketing, and other aspects of business….these tasks are mostly gender moot. However, more women than men tell me they are “someday” getting a wholesale license, or “thinking” of buying lots, etc. You should do it already! What could happen? If you are afraid of what others will think, don’t tell anyone; just do it and see what happens. You could be the stealth entrepreneur and end up wowing them in the end! |
Advice for the Entrepreneur: Lee’s Tip #121You may be considering getting a coach or a mentor to help your growth as a business owner. What’s the difference between the 2? A coach usually offers a short-term, task-oriented program and may concentrate on one issue, such as getting organized or helping with time management. A mentor, on the other hand, is more about having an important and honest relationship with the mentee over a long period of time. They’ve been there, done that…and they care about your future. The mentor gives you guidance and encouragement. Whether you opt for a coach or a mentor, don’t be afraid to ask for help! |
Advice for the Entrepreneur: Lee’s Tip #120Five words should guide you in every single thing you do in your business. From product sourcing to sales and shipping to advertising and PR, the 5 words are “What would my customer want?” Think about it: If you and your competitors offer the exact same product with a fair price and free shipping, but your competitors give lousy customer service, from whom will customers buy again and again? Focus on your customers. They will decide whether your business fades or thrives. |
Advice for the Entrepreneur: Lee’s Tip #119In times of extreme stress, don’t hesitate to reach out to your support system — or to let those around you know what’s happening. During what turned out to be my mother’s final illness, I sent frequent group emails to family and close friends to keep them up to date on her condition and circumstances. Writing these emails helped me to sort out my thoughts and reduce my overall stress level. People who care about you want to know how things are going, and it will help you to talk about it. |
Advice for the Entrepreneur: Lee’s Tip #118Once, in a workshop, I learned to think of Scarlett O’Hara when I worry too much. Here’s how it works: Worrying breeds more worrying, so simply postpone it. Have a worry time set aside each day — maybe 10 minutes or so — with a soothing cup of tea or whatever relaxes you. Late in the afternoon is good. Write down what you worry about, and try to either overcome the worry or solve the problem. If you can’t, that’s OK. Read over the worries you had the day before. Pretty soon you will see possible patterns, such as worrying about things that are fleeting downers in life and not worth the time you gave them during your worry time. Try this. It works. |
Advice for the Entrepreneur: Lee’s Tip #117Since we know that a certain amount of stress is good for us — and that some stress is inevitable — we shouldn’t add insult to injury. For instance; if you get into heated conversations about religion or politics (that would be me), avoid hot-button topics during times of stress. Most stress is caused by outside forces. Don’t add to your natural aggravation by allowing yourself to be drawn into stress dead-ends. You can still debate, but do it when things are less stressed. Instead, watch comedy on TV; listen to mellow music; read; exercise…you get the drift. You are in charge of a goodly percentage of your stress. |
Advice for the Entrepreneur: Lee’s Tip #116New Year’s resolutions don’t work, mainly because they’re too general. Vanity Fair’s Hollywood site listed Marilyn Monroe’s 1955 New Year’s resolutions. I noticed her presentation. Instead of “I’m going to become a star”, etc., she actually listed the tasks: “Start attending Clurman lectures; also Lee Strassberg’s Directors Lectures at theater wing; enquire about both” and “Never miss actor’s studio session” and “go as often as possible to observe Strassberg’s other private classes.” So instead of saying “I’m going to lose weight”, or “I’m going to make more money”, try saying things like, “I’m going to list 10 items per week more in 2015”; or “Book Zumba classes for Wednesdays”; or “Hire designer for new logo”; or “Spend two more days a month thrifting.” Marilyn Monroe became an American film icon because she worked it, not just because of dumb luck. |
Advice for the Entrepreneur: Lee’s Tip #115This is my last tip for 2014, and I hope you’ll take it to heart. I know how hard you’ve worked these past couple of months to keep up with holiday sales…listing and packing and shipping, day in and day out. it’s traditional at this time of year to take stock, to look back and reflect on what you did or didn’t achieve and what you might want to do differently next year. But before you start making New Year’s resolutions and get caught up in 2015, give yourself a pat on the back. Sure, your year wasn’t perfect; no one’s ever is. But you’ve done the best you could, and that’s what counts. Now rest on your laurels and enjoy some down time among family and friends! |
Advice for the Entrepreneur: Lee’s Tip #114Here’s another stress-buster, just in time for the holidays: When you take a break from listing, packing and shipping to spend some much-needed time with family and friends, use your eBay store’s vacation settings to manage your store while you’re away. When you put your store on vacation, your Fixed Price listings won’t come up in search and are hidden from view. (Auctions will still run their course.) Turning on your store’s vacation settings will also post a message on all of your listings and your eBay store page, letting buyers know of your “away” status and when you will return. They won’t be able to purchase your item until then. You can access Vacation Settings from your “Manage My Store” page or via the settings link in “My Messages”, where you can also set up an auto-response email message. |
Advice for the Entrepreneur: Lee’s Tip #113Here’s a stress-buster for you. Some experts say we should never say “what if” when faced with a possible unexpected bad outcome, because it causes us to visit the darkest, most horrible of outcomes. They want us to say, “What are my alternatives?” when we run into a challenge. I believe it shouldn’t be one or the other, but both. Let’s look at the stages: Stuff happened. Your natural stress was triggered because of the stuff happening. You chose alternatives. You took action Before I choose alternatives, I always look at “what if”, but just for a moment; I want to be prepared for the worst, just in case. Then I list my alternatives, pick one of them and go with it. It has worked for me for many years and gives me less stress because I have a plan. |
Advice for the Entrepreneur: Lee’s Tip #112So if stress is good — if it is the reason we take action on anything at all — then how do we know when we have stress overload? Experts say there are 4 categories where too much stress can have bad results: cognitive, behavioral, physical and emotional. Three cognitive signs are inability to concentrate, constant worrying and seeing negativity everywhere. Behavioral stress can manifest in things like procrastinating too much, eating too much or alcohol abuse. Too much stress can affect us emotionally by causing moodiness or agitation and a feeling of being overwhelmed. Physical results of too much stress include aches and pains, more colds and a lowered immune system. You can see how these things can hurt not only your life, but also your business. My next tip will cover some ways to combat stress. |
Advice for the Entrepreneur: Lee’s Tip #111Stress gets a bad rap. Without stress, nothing would ever get done. Small doses of stress give us those bursts of energy that motivate us. It’s a good thing. Stress also produces the fight-or-flight response we need to survive. When it becomes a problem is when it stays around too long. Then your concentration packs up and goes on vacation, and you could even fall ill. Researchers believe that some stress can help to fortify the immune system, improve how your heart works and protect your body from infection. In order to be productive in life or your business, embrace reasonable amounts of stress. In my next tip: how to know when you have too much of a good thing! |
Advice for the Entrepreneur: Lee’s Tip #110Veterans Day was originally known as Armistice Day, and it still is celebrated as such in other countries. It marks the occasion of the armistice between the Allied Forces and Germany, which took effect at the 11th hour of the 11th day of the 11th month on November 11, 1918, and presaged the end of World War I, known at that time as the Great War. The original concept for the celebration was for a day observed with parades and public meetings and a brief suspension of business beginning at 11am. So today at 11am PT, when today’s encore broadcast of eBay Radio begins, take a moment and reflect upon the entrepreneurial freedom we enjoy thanks to those who have fought for our country. And whenever you get a chance, thank a veteran for their service! |
Advice for the Entrepreneur: Lee’s Tip #109As an online small business entrepreneur, you actually have an advantage over the big ecommerce retailers. You can offer old-fashioned personalized attention, and this is a biggie. When’s the last time you remembered the name of a customer service rep? Your clients don’t have to deal with an impersonal customer service rep; they get the CEO of the company! Be sure to answer all their questions ASAP, and use their name in the replies. When they know they are getting to the “big guy”, they feel more confident. |
Advice for the Entrepreneur: Lee’s Tip #108The holiday selling season is here! It’s the busiest time of the year for your business on eBay, and maybe even the most crucial to your bottom line. Be careful not to over-commit yourself so that you burn out midway through Q4. Consider hiring some part-time help, such as a local high school or college kid who’s out of school for the holidays. But whether you’ve got an employee or employees or you’re a one-man band or mom-and-pop shop, don’t forget to build into your schedule some time to celebrate and even just chill with family and friends. Pace yourself. You are in this for the long haul. |
Advice for the Entrepreneur: Lee’s Tip #107How much is enough? Perhaps you’ve had a life-changing financial downfall, so you may already know that you can live with less. Something that seemed disastrous to you at the time ended up being a great life lesson. Now transfer that thought to your business. You need to decide: How much is enough? If you are satisfied with what you have, you’ll maintain that income by doing what you do now and making tweaks as the industry and rules change. But if you’re saying, “What I have now is not enough”, then that means you want to grow your business. To do so, you need to sell more, and sell smarter. Some choose to switch to selling higher priced items, or listing more…whatever it takes. If you are going to grow your business, you have to decide how much is enough. Write that figure down, make projections and go for it! |
Advice for the Entrepreneur: Lee’s Tip #106Finding your passion in your work is a good thing, but it is often misunderstood. Even if you are living your passion at work, there are things you may not like or want to do. For some, it’s the bookkeeping; or the product sourcing; or listing; etc. If you find you’re doing the things you have a passion for, and leaving the rest for later, you are probably not experiencing the kind of success you deserve. It’s hard to find someone who absolutely loves doing it all, but successful entrepreneurs are those who push the envelope, even when it feels uncomfortable. Grow faster, make more money, and then you can hire help to do the things you don’t like to do. |
Advice for the Entrepreneur: Lee’s Tip #105If there is one word that best describes what it takes to be a successful entrepreneur, it is tenacity. Synonyms include determination; perseverance; doggedness; strength of purpose; tirelessness; indefatigability; resolution; resoluteness; resolve; firmness; steadfastness; staying power; endurance; stamina; stubbornness; obstinacy; and pertinacity. Things will go wrong in your business, sometimes daily. Develop your tenacity. It will serve you well. |
Advice for the Entrepreneur: Lee’s Tip #104Some entrepreneurs have Imposter Syndrome. I know this syndrome personally, and it took me many years to get over it. Releasing it from my personality was one of the best things I’ve ever done for myself. I am sharing a link to an article about it at the end of this tip. It says, “Impostor syndrome can be defined as a collection of feelings of inadequacy that persist even in face of information that indicates that the opposite is true. It is experienced internally as chronic self-doubt and feelings of intellectual fraudulence.” Many highly successful people have this syndrome, including lots of actors and professionals. You have moments when you feel like a fake, blame your success on luck and generally discount your successes. It can hold you back from enjoying your life to the fullest as well as from growing your business. Please read the article from CalTech Counseling Center’s website: https://counseling.caltech.edu/general/InfoandResources/Impostor |
Advice for the Entrepreneur: Lee’s Tip #103There have been many stories in the news in recent years about the health dangers of a sedentary job. You may stay active while you’re product sourcing and shipping, but what about those hours you spend listing? Consider devising a stand-up desk for yourself. Take plenty of breaks to stand and stretch. Go for a walk, and get a mild workout at the same time. Exercise can help counter all that time spent sitting! |
Advice for the Entrepreneur: Lee’s Tip #102Without deadlines, it’s hard to finish projects. Deadlines have saved my career and my business. In my industry, you have to be on the air at a certain time, in the zone and ready to go. No matter what has happened in your life or to you personally that week, or that day, the show must go on. Without deadlines, most CEOs would not succeed. Make deadlines for yourself. Put tasks on a calendar. and make them pop up on your screen each morning. Make a chart. so you can chart your progress toward your deadlines. The goal is to complete the project or task in the timeframe you projected. It will help you grow your business. |
Advice for the Entrepreneur: Lee’s Tip #101I’ve gone through many stages in terms of my wardrobe while working from home, ranging from obsessive-compulsive lipstick and mascara (dressed-for-business diva) to PJs and reindeer slippers (why-not-just-chill girl). I’ve tried it all. I’m withholding my personal outcome, because I am planning a poll in next week’s newsletter regarding dressing for work at home. Be thinking about your experience, and let’s learn from each other. |
Advice for the Entrepreneur: Lee’s Tip #100The first Labor Day was held in 1882. Its origins stem from the desire of the Central Labor Union to create a holiday for workers. It became a federal holiday in 1894. On this day dedicated to the working man…and woman…I hope you gave yourself a pat on the back and some well-deserved time off to celebrate with family and friends! |
Advice for the Entrepreneur: Lee’s Tip #99Please remember this tip during times of family stress: Part of the entrepreneurial DNA has in its makeup a tendency toward being a control freak. We are the boss on a day-to-day basis, and we never let them see us sweat. Always in control. Then stuff happens. An illness in the family, or some other challenge outside of work. You have to work in your business, but you have to take care of family emergencies as well. You find yourself overwhelmed. My tip: Admit it, and ask for help. Your family members and friends are there for you; you just have to let go of some things. Use your boss skills, and delegate. It will save your health and get the job done. |
Advice for the Entrepreneur: Lee’s Tip #98Working together as a couple has its challenges, but it can be extremely rewarding and even fun when it works out. Some quick tips: Set goals together and agree upon them (sample: short term, list 50 items a week; long term, build second eBay store). Have separate work territory if possible (e.g., guest room vs. kitchen). Split daily routine depending on partner’s schedule and skills (she lists/he takes pictures, etc.). Draw some lines between work and play. Make deadlines, and stick to them. Business lunches are OK, and working during them is fine; however, you need date and family time as well. Sit down and look over your goals each month to see if you need to make adjustments. Change your mindset of believing that there needs to be a boss. That’s a myth. By working together and respecting each other’s time and talents, a couple can find an amazing lifestyle. |
Advice for the Entrepreneur: Lee’s Tip #97Advantage over your competition is something every entrepreneur seeks to achieve. As an online seller, that can mean — among other things — putting the customer first; making sure your items are as described; pricing appropriately; and following best practices. Another way to score an advantage over your competition is by reacting to change in an appropriate way. Some entrepreneurs react to change by first panicking, then worrying, then complaining to anyone who will listen. While these people are spending their time panicking, worrying and complaining, other sellers are continuing to sell while incorporating the necessary changes. It’s OK to question and be educated when changes come, but successful business owners keep on keepin’ on. |
Advice for the Entrepreneur: Lee’s Tip #96Tip #96: BlogHer is looking over the findings of its 6th annual Women and Social Media Study. The research found that many parents, especially women, suffer from “time starvation”: sacrificing their personal time to meet the intense demands on their work time. Most corporate workers do not have a moment’s peace from the demands of their companies — not in the evenings, not on the weekends, not even on vacation, if they can even take the time off. Experts who read the results say we should be focused on promoting entrepreneurship. Ariana Huffington, one of the women behind the research, says, “Only through self-employment can workers truly design and customize the type of lifestyle they want. The hours aren’t necessarily short, and it’s not true that you have no boss. You do have to keep customers happy. But having experienced life as a corporate parent and a self-employed one, I can tell you that there’s only one situation where you own your time — and it’s when you own the business.” |
Advice for the Entrepreneur: Lee’s Tip #95Tip #95: Funny how a clean workspace can help you grow your business.You’ve heard all the experts; now hop to it. Here are 5 reasons to clean up your cluttered office: Clutter promotes fatigue. 2. Clutter promotes a feeling that you are not in control. 3. Clutter can hurt your health with allergies, dust and such. 4. Clutter can hurt your bottom line by contributing to numbers 1, 2 and 3 above. Try it! |
Advice for the Entrepreneur: Lee’s Tip #94After finding myself working at 2am, I wondered: How many actual hours do we spend on our online businesses? You shouldn’t be spending more than 30 or 40 hours per week working full time. You need the rest of your time to sleep; take care of family responsibilities such as children and your lover or honey, etc.; take care of your personal bookkeeping; shop for food, clothes and other stuff; accomplish chores such as housework, cooking and errangs; doctor’s appointments; and, of course, have fun. Sit down (when you have a moment), and make a spreadsheet with ALL of your responsibilities in life, then time them for a week. After one week, take a look to see what your work/life ratio is. You CAN have it all; you just need to prioritize. You may find that you start and stop work many times during the day, sometimes with just plain old distractions. These will be evident to you after one week. This test will enable you to find ways to streamline. |
Advice for the Entrepreneur: Lee’s Tip #93Tonight, as I was taking photos to list some of my costume jewelry, I was challenged by a number of issues. First of all, I haven’t listed anything other than voiceovers and scripts for a couple of years. The listing forms have changed; the rules have changed; and I found the photography challenging. One listing disappeared completely before I had a chance to list it, the wrong store categories showed up in my previews and more. After I figured it all out, with advice on a few issues, I had them done. It occurred to me that successful entrepreneurs do not quit during a learning mode. This is when the most excitement happens. They are fascinated by the process and learning to do it right. So keep on learning and growing. The excitement you feel with each new accomplishment is what keeps your business growing. |
Advice for the Entrepreneur: Lee’s Tip #92For a moment during the eBay Radio Party & Conference, I thought about the few little glitches that happened. But instead of immediately going into Post-Project Distress Disorder, I thought of all the goals we reached and remembered the all-important debriefing meeting. Our event team is scheduled for that debriefing tomorrow, at which time all that happened during the event — both good and challenging — will be discussed, along with solutions for our future events. If you have a partner, advisor or other eBay seller with whom you can discuss challenges, wins and solutions, do so on a regular basis. Our team meets on Monday, Wednesday and Friday for at least an hour. You can make it 15 minutes, if you like, and once a week, whatever; just make it a part of your routine. That way you have a scheduled way to handle challenges and can spend the rest of your time and energy in joy and contentment. |
Advice for the Entrepreneur: Lee’s Tip #91As we prepare to celebrate the 4th of July, take a few minutes to pull your mind away from the groceries you need for the barbecue, or where you’re going to go to view the fireworks, and reflect upon the unique freedoms that we, as Americans, enjoy. Among them is the freedom to be an entrepreneur and run your own business, be it small, medium or large. eBay could only have been born in the USA, where we the people have been granted the right to life, liberty and the pursuit of happiness. That includes writing our own definition of success, then going out and making it happen. Hurrah for the red, white and blue! |
Advice for the Entrepreneur: Lee’s Tip #90As an entrepreneur, it’s easy to become caught up in the day-to-day details of running your business. But don’t become so busy that you don’t have time for professional development. Sign up for that webinar; go to that conference; keep up with those blog posts, Facebook pages and other valuable content. That investment in yourself will pay off. |
Advice for the Entrepreneur: Lee’s Tip #89As eBay sellers, we spend much of our lives online, listing; communicating with customers; printing shipping labels; maintaining our social media presence; the list goes on and on. For the next 3 days at the eBay Radio Party & Conference, be prepared to connect in a different way: live, in real time, face to face, with our speakers; our sponsors; and most of all, with each other — your fellow sellers. |
Advice for the Entrepreneur: Lee’s Tip #88Here are some tips for visiting a casino resort location. I am concentrating on Las Vegas for these tips; however, most other casino resort locations are pretty much the same. This is what I call my “eBay American Princess Vegas regimen”. Your contact lenses will feel uncomfortable in Vegas, so bring contact moisture solution to help your eyes adapt. Bring plenty of high-velocity moisturizer. Other than Monte Carlo and a few other upscale locales, the dress these days is casual. In the casino for gaming, jeans on up are acceptable. It is expected that you would be dressed “California casual” or “business casual” in the fancier restaurants, but most eateries in the hotels are jeans casual. You’ll be doing lots of walking, even in the hotel, so bring more than one pair of comfortable shoes. Food in Vegas can still be cheap, but you have to find the right places. Put “77 places to eat cheap in Vegas” into Google. If places offer free coupon books, take them. They have wonderful BoGo and other deals. Some casinos lure you with cheap food, thinking you will stay and gamble. Not bad eating if you can avoid the temptation to gamble. (You can still find $1 hot dogs and $1 shrimp cocktails downtown and off the strip.) I usually put at least 1 room-service breakfast in the budget, just because. Bring a light jacket or shawl with you. The hotels in Vegas want you to forget that you’re in the Mojave desert and pile on the AC. Keep hydrated: Drink plenty of water. And remember, “If it ain’t fun, you ain’t doin it!” |
Advice for the Entrepreneur: Lee’s Tip #87No matter what type of business you have, there are tasks that you just don’t like to do — although you love it when they’re completed. You just keep putting them off until the end of the day or the week. When we procrastinate, the task is always looming. All that does is let anxiety have power over your life. Why not use your mornings, when you are the freshest, to complete those tasks that you usually put off until later? When the work is done, you feel free of anxiety and are more able to concentrate on other tasks that will help grow your business. Visualize how it feels to complete that dreaded task, and go for it! |
Advice for the Entrepreneur: Lee’s Tip #86Are you afraid of your own ideas? Perhaps you always go with the tried and true. Maybe you feel it’s safer that way. In some ways, it is. However, truly successful folks don’t always go with the crowd; sometimes they go with a gut idea they have, something they never heard of before. They’re not afraid to take certain risks. The timid come up with marketing ideas for themselves, for instance, but they are too chicken to try them out. Next time you have a raw idea, go for it and see if it works. Start trusting yourself. |
Advice for the Entrepreneur: Lee’s Tip #85When was the last time you really cleaned up your office? Not the day-to-day tidying, but a genuine go-through-and-toss-defunct-paperwork, file-that-stack-you’ve-been-putting-off, clear-off-the-desktop cleaning? Before the lazy days of summer set in, shake up your office with a good spring cleaning! While you’re at it, take a look at your store: Do you have the new store design in place yet? If not, are you ready to make the changeover? It’s time! Does stale inventory need its listings freshened up or to be liquidated? Spring cleaning is an excellent habit to form. Once you get started, the results are so rewarding — both physically and psychologically — it’s easy to keep going. Your business and your psyche will benefit. |
Advice for the Entrepreneur: Lee’s Tip #84This is a reminder to keep calm when times are tough. What’s the first thing you do when you get bad news? Panic? Feel anxious? Fetal position in bed? Call a friend? Liquor cabinet? It’s OK to feel panic or anxiety or both. It’s your own body asking, “Should we fight or flee?” So that’s awesome; we know that the panic is natural. Here is the tip: Successful people get over panic quickly, then look for alternatives for solving the issue or at least dealing with it. Some people do it naturally — maybe due to their family, maybe thanks to a mentor. Keeping cool when bad news hits can be a learned skill. Try it. Right after the panic hits, relax; count to ten slowly (or meditate if you can); and decide on your alternatives. It works. |
Advice for the Entrepreneur: Lee’s Tip #83If you feel yourself getting stale doing the same old tasks day after day, you are probably not shaking things up enough. I was a disc jockey for various radio stations. Tthe music changed, but the job didn’t. I did rock ‘n’ roll, jazz, country, easy listening, oldies and underground rock, but the job description was the same: “Sat in radio studio for 4 to 6 hours playing music by myself.” I knew after several years of this that I had to shake things up a bit, both to earn more and to alleviate the boredom. Your online business needs to be ever growing and changing. New marketing ideas, product lines, niches, etc., need to be sought out and implemented as a way of life. You should ALWAYS be looking for opportunities that allow you to up your game. Don’t wait until you cause your business to die of boredom. |
Advice for the Entrepreneur: Lee’s Tip #82Know when to hold ’em, know when to fold ’em. I’m talking marketing plans. Most online sellers have many campaigns going at once. From a new email campaign to your latest store makeover and logo design, to all your side projects, knowing when to quit a marketing project can cause anxious moments for entrepreneurs. Coca-Cola hasn’t changed its basic logo since 1887, so some campaigns can run a long time. However, many are time sensitive. Using some sort of metrics program can help in some instances, along with feedback from customers and your own gut feelings. Hold or fold? Take stock. |
Advice for the Entrepreneur: Lee’s Tip #81Give yourself a break. Yes, a break. If you never take time off from work, eventually your well runs dry. Whether you realize it or not, you burn out and need to recharge your mental, spiritual and even physical batteries. So whether it’s a weekend trip to the casino to play poker until your eyes fall out or a week spent lying on a Caribbean beach, put your eBay store and yourself on vacation once in awhile. Your business will be the better for having you back at your best. |
Advice for the Entrepreneur: Lee’s Tip #80Frozen is now Disney’s biggest animated box office hit ever. Elsa’s dress sold out of Disney Stores and online, but on eBay you can buy the dress at more than $1,000 for the real-deal original. Some blame Disney for enticing their daughters, then leaving them dress-less. I say it’s a great time to teach our children they can’t always get want they want. It’s the same in your business. You want the newest smartphone out there, but your present perfectly good one has one more year left on its contract. You could buy the new phone at full price. But do you REALLY need the new phone right now? Probably not. Appease yourself by buying a new phone case for the old one, or upgrading your printer. This sort of question arises often for entrepreneurs. Make the right decision to be fiscally smart. |
Advice for the Entrepreneur: Lee’s Tip #79We’ve talked about responsible use of social media before, but it bears repeating. What you say online is there forever. Even if you delete a post you regret, chances are that someone, somewhere, has already taken a screen shot of it, or even copied and pasted the entire thread into a Word document, which then continues to circulate. Like ripples in a pond, the ramifications go on and on — and what they reflect is you. The old cliche is true: Whenever you point a finger at someone, there are 4 more pointing back at you. What you choose to say says more about you than it does about anyone else. So whether you’re in a public forum or one that you think is “private” or “secret” — especially one related to your business — be respectful; be professional; and act like a grown-up. The internet is not junior high. |
Advice for the Entrepreneur: Lee’s Tip #78Providing excellent customer service in this business environment means we have to go the extra mile — or take the extra picture. A China-based online magazine whose tagline is “The business of Luxury and Culture in China” says that Asians trust listings that have more pictures. They claim the average Western online seller has about 3-5 pictures, compared with 5-7 on a Chinese ecommerce site, so step up your excellence with as many pictures as you can stand to produce. |
Advice for the Entrepreneur: Lee’s Tip #77Regrets…we all have some. There is a country song called Hillbilly Girl with the Blues that says, “I was offered things I was too green to refuse.” A regret, by its very nature, is a crossroads you came to where a decision was made. It’s easy to rationalize: “I was young”; “I didn’t know”; or “I’m new at business.” While all of those things may be true, it’s time to stop the regret merry-go-round. Sometimes I backslide with my own advice, and my mind says, “If only I had kept that five-bedroom home with a swimming pool I sold when I went to New York…” or “If only I hadn’t gone into business with those scoundrels…”. If only. Remember, it was your decision at the time; you can’t undo it. Stop agonizing over it. Don’t blame others. Keep your eyes on the prize, which is a sound business plus a sound family life. |
Advice for the Entrepreneur: Lee’s Tip #76I recently had to unsubscribe from the newsletters of a couple of people who were sending me emails with unscrupulous come-ons in the subject line. Things like, “Oh, I forgot to tell you” or “Lee…you forgot to tell me” or — the worst one — “I need your help…emergency!” These types of subject lines are an obvious ploy to get me to open the email and have nothing to do with the content of the email itself. People by and large are not stupid. If your content is good, you don’t have to use misleading subject lines. Take the high road. You want to make it easy for folks to find your subject in their in-box. |
Advice for the Entrepreneur: Lee’s Tip #75Change is always a challenge, but it is also inevitable. As an entrepreneur, you must be ready to adapt. If you approach change as an opportunity to improve the way you run your business, you will continue to be successful and thrive. |
Advice for the Entrepreneur: Lee’s Tip #74Separating work from personal life is a challenge when working from home. Here is the usual scenario: It’s 2 pm, and you’re looking through your email. Oops, there’s an email from your mom or your next-door neighbor or your sister Susan from Pacoima. Your mind leaves the workplace and centers on the birth of your new nephew. Consider separating your personal emails, phone calls, texts and the like from your business. I know it sounds revolutionary, but it can work. I know some online sellers who actually have separate computers and phone numbers for their business. This helps them to find that separation. When your workday is over, you can go on with your life. (Remember your life? It’s still there.) |
Advice for the Entrepreneur: Lee’s Tip #73How many times have you heard someone say,”I’m not sales oriented; I’m more the creative type.” This business of having to be one or the other is a complete myth. Successful entrepreneurs are extremely creative, even those from a sales background. The most successful salespeople are very creative, always coming up with new ideas to get the sale. Successful entrepreneurs are constantly coming up with ideas — and figuring out how to turn those ideas into profits. Being creative as an entrepreneur has nothing to do with painting or sculpture or even writing. One definition of creativity is the ability to transcend traditional ideas, rules, patterns, relationships or the like, in order to generate meaningful new ideas. Each of us has the creative gene in us, so learn to embrace it! |
Advice for the Entrepreneur: Lee’s Tip #72Being a non-drinker, I have often been stuck splitting dinner checks with folks who drink alcohol. One dinner I will never forget included six people for dinner at an average beach-type restaurant. I watched the other five people consume large amounts of booze. When we all split the check, my salad and iced tea became $91, including tax and tip. I was a single mom on a strict budget, and that was a big deal to me. So…here are some tips for eating out with business associates, customers or co-workers: Remember, he/she who invites pays the bill. This has stood the test of time. If the situation is more casual, such as lunches with co-workers or conference mates, then ask the waitperson to take separate orders. Or be brave, and tell your lunch mates that you would be happy with individual check splitting: You pay for yours; I’ll pay for mine. This is the only fair way. Be considerate. |
Advice for the Entrepreneur: Lee’s Tip #71If your work day gets a little boring from time to time, or if you have difficulty some days just starting your work, consider this. First, know that almost all entrepreneurs have these days from time to time. I have one important trick that works for me: Vary your workspace. If you have a laptop, move in front of the fireplace and work there for an hour or two. If the climate permits, move outside to a balcony, porch or patio. Make yourself an interesting beverage — some sort of fancy tea, for example, or a cup of hot chocolate. Set it next to you while you work. If none of these things apply, just move to a different room for a few hours, such as the living room instead of your office. Larger projects such as redecorating your workspace can work wonders as well. |
Advice for the Entrepreneur: Lee’s Tip #70This is especially for Facebook group members and the admins who love them. If there are negativity and/or discord within the group, who is responsible? I believe that an effective group administrator can ensure his or her Facebook page contains only good and useful content delivered with a friendly and welcoming tone. Debate is good; diverse opinions are good; however, these can be expressed in positive and respectful ways. Before you post, ask yourself: Is it true? Is it kind? Would you want it said about you? Would you want your “competition” to say these things about you on their group page? Would you say it to their face? As a group administrator, if you are allowing or indeed getting involved in even subtle put-downs of your competitors, people are noticing. It doesn’t look pretty. Man/woman up! Become the person you want to be, and improve your character. It is not too late. |
Advice for the Entrepreneur: Lee’s Tip #69Last week, headlines read “Dow Drops 250 Points as World Markets Challenged”…and for a moment, I panicked. Not that I have a bunch of stocks; it’s just that world markets crumbling isn’t good for anyone, and we’re all in this boat together. So what do entrepreneurs do when they read such news? The successful ones take a deep breath and continue to do what they do the best: Sell stuff to people. Bad news happens all the time. When I worked in newsrooms, the motto was, “If it bleeds…it leads.” Panic increases TV, radio, newspaper and online news content audiences. Just keep on working to reach your goals for 2014. If we keep commerce flowing — without panicking or changing our already good business practices — we can help right almost any tipped boat. |
Advice for the Entrepreneur: Lee’s Tip #68My number-one tip for the new year is to start and maintain an emergency fund and category funds. Your bank probably has savings accounts that will connect with your checking so that you can easily move funds around online. You can give these savings accounts names and even change them at will (emergency; new car; new laptop; conferences; whatever). Then pledge a percentage of every single dollar that comes in to be fed into those savings accounts. It’s a powerful feeling to watch them fill up. Having a good-sized emergency fund not only helps your business, it keeps you from having sleepless nights and general anxiety. Been there…done that, got the hives! The account marked emergency goes up and down depending on your needs, but the others are goals, and it’s fulfilling to see them fill up online. |
Advice for the Entrepreneur: Lee’s Tip #67The term “home-based business” did not come up in our culture until the late 1970s. Before that, it was called “cottage industry” and was related mostly to women who ran a small business from their home, usually creating clothing or household articles. It wasn’t taken too seriously. Today, more than 50 percent of small businesses are home based. You are part of this trend, and no doubt it will continue to grow in numbers. Think about this: Mary Kay, Google, Harley-Davidson and Hewlett-Packard all started out as home-based businesses. In view of this, you need to realize your place in this great tradition and start acting like a real business owner. That means keeping up to date on the very latest in tools and services. |
Advice for the Entrepreneur: Lee’s Tip #66So you’ve had a niche-item online business for some time now, and your supply just dried up. I get email about this all the time: “I’m ruined! My business is over…”, etc. If this is you, then obviously you don’t know who you really are. You are not just a businessperson who sells in a niche; you are a businessperson, period. It’s not the product. It’s your skills and abilities and knowledge from past selling online that will get your engine started again. It’s OK to be a little afraid of change, but don’t let it paralyze you. You can always be on the lookout for another niche, but in the meantime, you gotta eat — so start with your own garage stuff, or go out into the thrifting world. Taking action is the only way to reach your goals. |
Advice for the Entrepreneur: Lee’s Tip #65It’s here — the holiday deadline towards which you’ve been working for months. That’s reason enough to celebrate. Turn on your My Messages auto-responder for a few hours, and give yourself a break. Then get ready to deal with those late Christmas night shoppers and January sales to those who didn’t get what they really wanted, but now have money or gift cards to spend! |
Advice for the Entrepreneur: Lee’s Tip #64At the end of each year, I write down the mistakes I made during the year and make some positive commitments to do the opposite. Some examples: 1. I will do my listing in the morning, when I am at my best. 2. I will set up a savings account and stick to depositing 5% of my monthly income. 3. I will keep my inventory neat and organized. Make a beautiful page with your commitments, and hang it on the wall in your workspace. |
Advice for the Entrepreneur: Lee’s Tip #63Which mentor/guru should an online seller follow? There are so many; how do you choose? I say this isn’t a religion, it’s a business. You don’t have to choose just one. Visit their websites and get on their mailing lists. Most of them are also trying to sell you something, and they deserve to earn money for what they teach us. Having said that, it shouldn’t cost you a fortune to learn. I wouldn’t put out any money unless you feel it’s really worthwhile information. |
Advice for the Entrepreneur: Lee’s Tip #62Do you have what it takes to be an entrepreneur? Ken Sundheim, writing in Forbes magazine, listed 3 qualities we need in order to be a successful entrepreneur: Have a strong tolerance for risk. (You don’t get a paycheck from someone else,so you never have a guarantee.) The ability to get things wrong enough in order to get them right. The ability to not be intimidated by competition. In Sundheim’s words, “You may see competition copy, get jealous, speak badly about you, take clients away, etc.” If you see yourself in these three attributes, then you are ready to leave the minutiae behind and sell like a bat outta hello! |
Advice for the Entrepreneur: Lee’s Tip #61One day in 1989, while visiting China, I had a conversation with our tour guide. She was doing her best, but I could see she wasn’t happy with her job. She told me that she had majored in Engineering and earned the equivalent of a Master’s degree. But in China (at least back then), the government gave you a job; you had no choice. Some government worker decided that she would be a tour guide. So this Thanksgiving, let’s be thankful for the United States of America, where we entrepreneurially spirited folks can be all that we can be. |
Advice for the Entrepreneur: Lee’s Tip #60Boss yourself around! Staying in “interrupt mode” is a sure way to hold your business back from growth. You don’t have a boss who is watching you all day — you ARE the boss — so it’s time to get bossy with yourself. Interruptions such as phone calls from friends or family members can erode your time and money. Set aside time each day as “quiet lockdown”, when you don’t take calls or emails from friends or family. Just business. It will help your business grow like magic. Your friends and family members should be alerted to your “lockdown” times; that way they won’t think you are being rude. Try it. It works! |
Advice for the Entrepreneur: Lee’s Tip #59Tip #59: Thanksgiving will be here in a little over 2 weeks. How many times during that Thursday will you check your email? Will you leave your “ka-ching” on? What about during the dinner itself? Will you use any of that time to fret over post office issues, packing supplies you forgot to get — or worse (OMG), the dreaded one-day handling time? I say, “Bring on the cranberry sauce!” We all need a break. So prepare in advance. Put an auto-responder message in your My Messages wishing your buyer a happy holiday and telling them that you’ll be in touch the next day; do everything you can ahead of time; and block out some packing and shipping time for Friday morning (Black Friday). Then enjoy already! |
Advice for the Entrepreneur: Lee’s Tip #58Self-promotion: Is it smart, or not? It’s smart, but it can teeter on the edge of obnoxious and even fall over the cliff into “OMG, here she comes again.” Let’s say you want to pick up some consignment clients; or perhaps you’ve written a book about selling on eBay and you want to promote it; or you want be an online educator. Tread lightly. You MUST self-promote (unless you have money to pay a PR firm), but you could have others leaving the room when you arrive in order to avoid your self-obsessed aura. Remember, it’s all about the customer. Your marketing ploys should be directed toward the ways you serve the customer. Instead of saying, “I’m a hot property; here’s what I can do…”, you should be saying, “Let me help YOU succeed with your online sales…”, then list the ways. Keep it customer focused, and you should be OK. |
Advice for the Entrepreneur: Lee’s Tip #57Online sellers, are you in it for the money? Or just for the thrilling exhilaration you feel each time you make a sale? If you truly want to grow your business, the ka-ching on your cell phone can help. It’s both a reminder of a success and an alert to pack and ship. Add another flag to that ka-ching sound; maybe say to yourself, “I’ll list 10 more items tomorrow” or “I’m going to go thrifting twice this week” — whatever it takes for your bottom line to grow. Ka-ching! |
Advice for the Entrepreneur: Lee’s Tip #56Definition of humility: modest opinion or estimate of one’s own importance, rank, etc. Lack of humility, above all else, holds people back when trying to grow a business. It takes humility to learn from others, because first you must admit you don’t know it all. We need to watch others who are successful and learn from them. Some of us are too embarrassed to ask for advice or help, because we’re afraid it will make us look weak. Your success depends on ridding yourself of this notion. Reading books that others have written about a given subject is a good start, and don’t be afraid to ask questions on forums and boards and/or at networking events. You’ll be the richer for it. |
Advice for the Entrepreneur: Lee’s Tip #55We talk a lot about the empowering aspects of being an entrepreneur…and during today’s show, we’re going to talk to a seller who empowers other entrepreneurs. We’ll also hear more about Bling My Bra, the Giving Works charity auction campaign run by a small group of dedicated sellers who want to make a difference in the world. That brings me to today’s tip: As successful entrepreneeurs, we need to give back — back to your community, to other individuals, to your favorite charity, whatever the cause closest to your heart may be. Pursue your passion for giving back just as you do your passion for being an entrepreneur, and you will be richly rewarded with the knowledge that you, too, are helping to make this world a better place. |
Advice for the Entrepreneur: Lee’s Tip #54You need to be able to tell folks what you do for a living in 20 seconds or less. What does it tell the person about you? This is not new information, just a reminder. The elevator pitch, the Hollywood producer approach; whatever you call it, if you can’t tell your story in 20 seconds or less, they bring in the hook. If you want someone to think of you as a hobbyist, you might say, “I shop at garage sales and sell the stuff on eBay.” If you want to sound like a businessperson, you could say, “I own an online store where I sell products worldwide.” Another good line is “I’m an online entrepreneur.” When I’m asked, I usually say, “I produce radio shows for corporations.” It’s short and sweet. It gets people interested, and they ask questions. That’s where you want to be after your elevator pitch. Being interviewed by a prospect or contact is the optimal outcome of networking. |
Advice for the Entrepreneur: Lee’s Tip #53More than 19 percent of businesses have outright banned Facebook and personal email checking from the workplace. But now, some big shots from various schools of business are saying that while 2 hours a day on Facebook is a problem, for most people, a 15-minute session of Facebook or personal email a few times a day can actually help our minds regain the concentration needed to perform our work tasks. Some companies allow a smoke break, so why not a personal break to escape from our work efforts for a few minutes? As an entrepreneur, you can schedule your breaks, or take them as needed. There…I hope I’ve removed a layer of guilt from your already overactive mind. |
Advice for the Entrepreneur: Lee’s Tip #52When I was a radio station account executive (advertising salesperson), I had to meet the goals set for me by my sales manager. Those goals went up, year after year. At first it was daunting. While it’s true that the cost of living goes up each year, the sales goals were way beyond that. I learned a valuable lesson. The best salespeople are creative. I raised the prices of the ad spots just a wee bit, then created packages of spots and sponsorships of events along with 10-second mentions, etc. The added value gave me more clients, and that’s what helped me reach my sales goals. Do you have sales goals? Do you want to grow them? If so, get creative. For example, bundle 2 or 3 products together and give them a fun name; raise your prices a little bit; list more. It works! |
Advice for the Entrepreneur: Lee’s Tip #51To be a star in online selling, be sure to remember to think and act at all times from a “How can I best serve my customer” perspective rather than “How can I make myself look good” point of view. Whether you want to be an ecommerce guru or an industry leader in online sales — or you just want to do good business selling online — you need to keep this as your mission at all times. In your blogs, newsletters, and online listings, make it all about your customer and how you can serve them instead of preening for the cameras yourself. It’s not about you, baby; it’s all about serving them. |
Advice for the Entrepreneur: Lee’s Tip #50Here are 3 good ways to get your mojo back after a slump. Maybe it’s the holiday; maybe you had family distractions; maybe you took a vacation. Now you’ve lost your mojo somewhere around the intersection of sleeping late and girls just wanna have fun. Mix up your workspace. Dust it off, put a flower in a jar, change the way your desk faces — anything to have a new atmosphere. First thing during your work day. make a list for the first day back to reality. Don’t overdo it. Schedule an eight-hour work day with lunch and 2 breaks. Then take the lunch break away from your desk. This helps to get you away from work for at least an hour. An hour before quitting time, look at your list; finish only the highest priorities; and get on with your evening. Give these suggestions a try; they work! |
Advice for the Entrepreneur: Lee’s Tip #49In Texas, they have a saying for someone who is a poseur: “all hat and no cattle”. If you want to sell on consignment or teach others to sell, you need credentials. Even if you have no plans for that anytime soon, you should be preparing. My tip for today is this: For those times when you want to present yourself as an expert eBay seller, don’t forget to include a list of seminars, workshops etc. you have attended. For example, the eBay Radio Party & Conference is a treasure trove of resume seminars. If you attended all 3 days, you have at least 15 seminars you can list. You should include each seminar you attended during your sellers group meetings, any eBay: On Location event, etc. These all help to give the picture that you are a professional online seller and should be trusted to keep up to date on the latest ecommerce stuff. |
Advice for the Entrepreneur: Lee’s Tip #48When I first became self-employed, it was with a copywriting service for radio stations. I did it all myself, from the creative writing to the bookkeeping. How did that work for me, you ask? At the beginning, it was fine. I was able to get it all done. But as my ideas and my business grew, I was not able to keep up, and I lost a couple of clients because of my other clients’ deadlines. So when is it time to hire someone? Look for these two red flags: Your business isn’t growing because you spend all your time doing the production and less and less doing the marketing You can’t keep up with your work on a daily basis. Don’t worry. You can still have control of the final product; you are the boss! |
Advice for the Entrepreneur: Lee’s Tip #47My mother told me, “Never hang around with people who make you feel bad about yourself.” This has proven to be prophetic in my business life as well. Naysayers usually come around whenever an entrepreneur has to take risks. Ironically, it is precisely those moments of risk that makes you an entrepreneur. “Should I buy that pallet of purses for $1500?” “Should I hire the kid next door to do my shipping after school?” And the really big question: “Should I quit my job to sell online full time?” (The negative Noras will come out of the woodwork on that one!) I don’t suggest you throw your family’s budget under the bus, but you do have to take some risks to grow a business. Listen to your friends, family and mentors… but in the end, the true entrepreneur is a risk taker. Just make sure you measure the amount of risk with which you’re comfortable. Then go for it! |
Advice for the Entrepreneur: Lee’s Tip #46Do you have any mentors? I mean REAL mentors? I often ask an entrepreneur who their mentors are, and they invariably mention famous people who have written books or developed a cult-like following. But the real deal is someone to whom you can go with questions about your challenges; someone who will be there for you when you’re stuck; someone who (and this is the most important thing) knows you and your business. Sometimes business owners think they know it all, or they think it is showing weakness if they don’t know everything there is to know. Stop this behavior. Look for people in your seller community who are willing to give you some time and advice. This is how you’ll truly succeed. |
Advice for the Entrepreneur: Lee’s Tip #45My first job out of high school was as a bill collector over the phone. I know, I know…but it paid well, and I managed to make it through a whole year without jumping off a bridge. Every day at 11:55, we heard a loud whistle over a loudspeaker, then we knew it was 12 noon and time to stop down for an hour. We hated this, but now we know that scheduled breaks make us more productive. Most days, I make an appointment with John to have lunch at a certain time, and I stick to it. Set up your own “whistle” of some sort, and leave your office. Eat a leisurely lunch, then come back an hour or so later. You are your own boss, after all! Think about this: Working through lunch will eventually result in burnout, which leads to lower sales, anxiety and even health issues. Online sellers in China are actually dying from overworking. Your business will not suffer if you are gone for an hour. Instead, it will flourish. |
Advice for the Entrepreneur: Lee’s Tip #44There is a story floating around about The Woodlands Resort in Texas. The hotel found the following request in their online bookings: “3 red M&Ms on the counter. Not packages, just 3 single M&Ms. 1 for me, 1 for my girlfriend, and 1 to split if we get hungry late at night. And a picture of bacon set on the bed. I love pictures of bacon.” The hotel delivered, including the picture of bacon. As entrepreneurs, we should strive to build pages of examples where we went over and above the expected. It will pay off in many ways, including your bottom line! |
Advice for the Entrepreneur: Lee’s Tip #43Comparing yourself with others is the lost highway of entrepreneurialism. When a competitor innovates or otherwise has a success, don’t start comparing yourself and feeling lesser. While you are in the throes of jealousy, you waste precious time living your life and maybe even miss a cue to inspiration. You should respect this competitor and congratulate them, if only in your mind. Say “well done”, and get on with your life. With positivity, you open the door to getting closer to your own next big idea! |
Advice for the Entrepreneur: Lee’s Tip #42Think about it: eBay sellers are perpetually on the cutting edge of technology when it comes to online sales. Sometimes we go there on our own, sometimes we are gently nudged, and sometimes we are pushed. No matter what, being on the leading edge of all this new technology has its pros and cons. For one thing, there are those pesky changes we have to make to our listings. I know…I know…it’s for our own good…but jeesh. Then there is the peace of mind that comes with knowing we’re up to date with it all and have done everything we can do to make our businesses grow. That’s the part that feels really good. Go with it. |
Advice for the Entrepreneur: Lee’s Tip #41During this 4th of July holiday, remember the freedoms we enjoy today thanks to our forebears who fought for and won them. In some countries, you couldn’t start a business of your own. We are very fortunate to live in the United States of America, where entrepreneurship is not only welcomed, but rewarded. Enjoy the holiday…and never forget why we celebrate it! |
Advice for the Entrepreneur: Lee’s Tip #40If you are attending the eBay Radio Party & Conference next week, here are some tips to help you make the most of your experience: Keep track of your sessions on the first day (Product Sourcing Day) to earn your Certificate of Completion. (You must attend all sessions.) Be sure to take part in the Kabbage Crash or Cash 500, a paper airplane race offering $500 in prize money! Attend each session all three days to optimize your chances of learning something that will help you grow and improve your business. Griff and Lee will be hanging out at the Casino Bar and the Keno Lounge from 8-10pm on Tuesday: your chance to meet more eBay sellers and develop relationships and have a little fun. Be sure to sign up for at least one Dutch treat lunch with a speaker, sponsor, or eBay employee. You’ll have them captive with 5 other eBayers. You are bound to learn something. Visit each sponsor in the back of the room. They are suppliers to the eBay selling community, and they have valuable tools and services for you. Each sponsor you visit will also give you an envelope with a playing card that may help you win the Poker Run ($200 prize). Above all…If it ain’t fun, we ain’t doin’ it! |
Advice for the Entrepreneur: Lee’s Tip #39I enjoy writing reviews for Yelp and Travel Advisor. It’s a good feeling to give a company a realistic review that will help my fellow diners or travelers. Because of my background in news, I take pride in giving “swag-free” reviews — meaning I don’t tell the restaurant that I’m doing a review in order to get free appetizers, etc. Recently, one of the companies for which I review sent me luggage tags that say “(their company name) Reviewer”. Supposedly, if you have these on your luggage, hotels will treat you better on arrival and during your stay. I threw them in the trash. This practice hurts the entire feedback process. If they’re nicer to me than they are to someone who doesn’t have these luggage tags, then how does this help create good customer service? Customer feedback systems are supposed to help raise the bar for customer service. Nowhere has this worked better than in the eBay community. It is the first thing I look for when I’m buying on eBay: how other customers feel about this seller. The power we have as buyers on eBay is phenomenal; and as sellers, we should embrace the feedback process. If we’re doing all that we can to serve our customers well, we’ll be the beneficiaries of the feedback system. |
Advice for the Entrepreneur: Lee’s Tip #38What is the difference between marketing and advertising? The basic answer is: Marketing is your overall plan for getting your product out to market, while advertising is a piece of your marketing plan. As it relates to online selling, marketing includes putting your item on eBay; building a store; branding your business; and learning who your customer is and gearing your sales toward that demographic. Once you have that in place, you should be advertising. That can include social media, buying keywords, using newsletters to advertise a sale or special, ads in industry-specific newsletters, etc. To succeed, you need both marketing and advertising. |
Advice for the Entrepreneur: Lee’s Tip #37Once again, an unspeakable tragedy happened yesterday, this time in Oklahoma. I tried to continue my business day, but I felt ill and had to drop out for a couple of hours to nap and regroup my thoughts, especially the thoughts of the children. After that, I wrote this tip. All of us need to survive, and most of us have others depending on us. That means bringing in money, and that means business as usual. So how do we reconcile our business pursuits when people are suffering? First, do whatever you are able to do: Give to the Red Cross or whatever organization can directly help those who were in the path of the storm. Ask if they need clothes, shoes, anything. Give, then get on with your life. It all starts at home and fulfills a larger vision. We small businesses help to keep commerce flowing in our country and the world in spite of opposing forces. |
Advice for the Entrepreneur: Lee’s Tip #36Another interesting episode of Mr. Selfridge on Masterpiece Theater: F.W Woolworth moved into London with his 5-and-10 concept. Selfridge, the founder of the high-class department store, reacted by mixing in some low-cost items amongst his ritzy stuff and had a big sale, which was unheard of. Only the carriage trade normally shopped there. Did he hurt his branding? Maybe a little, but he filled his coffers and said, “Selfridge’s should be for everyone, not just the rich.” That’s fine; however, he probably could have survived being a “rich niche”, too. Both Mr. Selfridge (until he took a lifestyle tumble) and Mr. Woolworth managed to make lots of money, one in the ritzy niche and one in the dime store. You must decide where you want to fit in amongst your competitors, and go there. Do you want to be a Chevy or a Ferrari? You can make a success out of either. Just make sure you position yourself and brand your business accordingly. |
Advice for the Entrepreneur: Lee’s Tip #35Yesterday was a good day for my business. I moved two steps further toward a goal. It sort of makes up for the setbacks of last week, and that’s the way it is. There is an old country song that says, “Some days a diamond, some days a stone.” It’s the ebb and flow of life as well as business. The type of goal I reached isn’t important; what’s important is that I made a goal at all. Since I have been diligently creating goals, documenting them and watching them reach their conclusion, it has made a difference in my business and in my anxiety level. I feel rewarded by the progress as well as the completion. I make a chart for my goal and watch it grow. Try one today! |
Advice for the Entrepreneur: Lee’s Tip #34One of the outstanding traits of an entrepreneur is survival. Take a self-made multimillionaire’s money away, and he or she will make it all over again. Small business owners survive storms, earthquakes, illness, deaths in the family, job losses, bad economies, new taxes, terrorist attacks, you name it. These events are life changing, to be sure, but to a true survivor, they are mere bumps in the road. Many of you have been through a lot in the past 10 years — and you may have a few scars — but all in all, what you have learned in starting and growing your own business becomes a lifetime reward. |
Advice for the Entrepreneur: Lee’s Tip #33If you’re working from home, you’re a part of the biggest revolution in business history. BusinessForHome.org has reported that a new home-based business is started every 12 seconds, and there are 38 million home-based businesses in the USA. That’s all good, but here are my favorite statistics from the report: 70% of home-based businesses succeed within 3 years versus 30% of regular businesses; 44% of home-based businesses are started for under $5,000; and 70% of Americans would prefer to be self employed. We are part of it all, and together we made $427 billion in 2012 alone. Congratulations, entrepreneurs! |
Advice for the Entrepreneur: Lee’s Tip #32When you get overwhelmed (you know when it happens), ask yourself this question: “Have I bitten off more than I can chew, or am I just having an ‘off’ day?” Here is the good news (and there is no bad news). You can and will recover from either one. If you bite off more than you can chew, do what you can, and don’t worry about the rest. It will get done eventually, and you should learn from the experience. Either get help, or say no. If you’re just having an “off” day, relax…turn off the phones…look out your window…drink hot tea…take a bubble bath as soon as possible with a cup of hot chocolate…or, if you prefer, exercise (yes, it can work as well as chocolate). All is not lost! Remember your blood pressure, take a deep breath, and get on with it. It’s life…it happens…and only you can control your reaction. |
Advice for the Entrepreneur: Lee’s Tip #31Experts tell you to take vacations and forget about work. For some of us, that’s not possible. Your treadmill runs on your own fancy footwork unless you have an entire team who can fill in, including reading your email. John and I visited a resort last week for two days. It was glorious all in all…but I had moments where I checked my email and found things to be done and just went ahead and worked. I made sure it was in the morning, just before and after our room-service breakfast. I felt a little guilty the first morning, but by the second morning, while dawdling over the marmalade on warm toast, I was revelling in the fact that it was done, and now I could have fun without worrying about my business. We walk a fine line between what we can delegate and what we can’t. Don’t feel guilty working on your vacation; instead, say, “Aren’t I lucky to be able to have a business that is mobile!” |
Advice for the Entrepreneur: Lee’s Tip #30Are you working too hard? A 2006 study at the University of California, Irvine, found that work weeks of more than 51 hours can triple the risk of hypertension. A British study of civil servants found that workdays of 11 or 12 hours increase the risk of coronary events by 56 percent. But wait…there’s more good news. Constant work can lead to what the Japanese call karoshi: death by overwork (not kidding here). Stress triggers the release of hormones that help contribute to plaque build-up inside arteries. Long days also were linked to sleep problems and depression. If any of this hits close to home, how about stopping it? Schedule time for breaks and lunch, and work normal hours. If you write down everything you do each day, how much of your schedule wastes time? Be honest…cut it out…knock off work at a reasonable time, and work 8 hours a day. Try it. Your health and anxiety levels will thank you. |
Advice for the Entrepreneur: Lee’s Tip #29When your life partner is also your business partner, things can happen. Two days after my husband, John, went into a coma…when the doctors were iffy about his recovery…I was jolted into the realization that I had to keep the business going. There was that pesky health insurance to pay as well as our monthly bills, not to mention the welfare of our team. A few things to keep in mind: Always know each other’s passwords. Learn each other’s jobs, and do them from time to time just for practice. Learn each other’s filing systems. Have a backup person who comes in to help from time to time. The time to have the talk with your partner is now. |
Advice for the Entrepreneur: Lee’s Tip #28The way you handle change can make or break your business. Change is inevitable. Period. If you handle change by stopping to complain, getting angry, thinking bad thoughts about giving up, and the like, you are opening the door for your competition. While you’re stuck in anger or anxiety, your competition — the successful entrepreneur — is dealing quickly with change. They embrace change, and it challenges them to be even better. When change happens, they simply assess the situation, look for alternatives, pick one, and go with it. I realize the “look for alternatives” action may take a little time, but it’s part of doing business. Go forth and change with grace. It works! |
Advice for the Entrepreneur: Lee’s Tip #27Independence is a big part of why I enjoy having my own business. It’s nice to take off early Wednesday afternoon to go shopping or have an early dinner or park by the ocean with my husband. Having said this, independence comes with a caveat. It is easy to allow too many interruptions to rob your business of its growth and bottom line. Some interruptions are insidious because they involve tools of your trade, like phone calls and emails. Calls from family members and friends, too many email alerts coming in, or conversations with neighbors can harm the growth of your business. Set aside a block of time when you will not answer emails or phone calls. Use this time to do paperwork, filing, organizational work, research before listing, etc. It will help grow your business…and if you handle it right, your friends and relatives will still love you. |
Advice for the Entrepreneur: Lee’s Tip #26My team drags me kicking and screaming into social media for the sake of my business. Even traditional marketing experts agree that in today’s market, you can’t leave social media out of your marketing mix. Now I finally get it. I kept saying, “I don’t have time for all this social stuff!” because I’ve been equating “social” with “friends”. And with friends come certain social obligations. Are your customers invited to dinner with the in-laws? Are you driving them to the airport for their ski trip? Are you their bridesmaid? Of course not. So let’s throw in the proverbial towel and use social media for our business’ benefit. Don’t be afraid. It will be all right! Start slowly…we can always form a self-help group. |
Advice for the Entrepreneur: Lee’s Tip #25Most people in the radio biz don’t want to be in sales, at least in the beginning. They want to be on the air…or producing….or voicing stuff…you know…creative things. For newbies, there is often an overall distaste for anything even remotely tied to sales. But guess what? My description of a successful radio show is that “you gather a crowd and sell stuff to them.” This same thing can be said of any entrepreneurial endeavor. How do you gather a crowd? For one thing, you are on eBay or other online marketplaces, where millions of buyers peruse the site. That’s one way to gather a crowd! Branding yourself is another way to gather a crowd. Think about it: There is more to selling online than just putting it up there. Branding and marketing. |
Advice for the Entrepreneur: Lee’s Tip #24All small business owners need working capital, of course. However, there’s another type of capital that’s often forgotten, and that’s intellectual capital. Listening to eBay Radio is one good way to grow your business intellect, but I challenge you even further. Take time each week to sit back…relax with your favorite beverage…and read a book or article that will help you reach your ultimate goals. This timeout serves many positive purposes. If you take away just one good tip or idea, your business and your life will be enriched. |
Advice for the Entrepreneur: Lee’s Tip #23Those stacks of paper can get out of hand…then you keep putting them off. It just gets worse. Here is my “Procrastinator’s 10-Item Method”: Gather the top 10 items on a stack. You may do this once a day or more until you have it done (or once a week; I do not judge). File them in their proper place. You may only touch the item twice: once when you take it off the stack and once again when you put it in its place. If you don’t have a place for the item, stop and make one (file folder, drawer space, etc.). Just be sure you don’t put it “away to file later”, because that’s what got us into this mess in the first place. Remember, you MUST put all 10 items away in their proper places. |
Advice for the Entrepreneur: Lee’s Tip #22So you made money this last month…and you said you were going to put some of it in a “savings account”. Then came the new shoes…the kid’s chipped tooth…and too many dinners out. Entrepreneurially, this can hamper your growth. Have you tried separate bank accounts? One for emergencies (car repairs, new tires, health problems, etc.)…one for long term savings…one for vacation…one for the new computer you need…and so forth. But Lee, you say, that’s overkill. Maybe, but it works. Where is your present system getting you now? It’s best to put a certain percentage out of each week into the respective accounts. Try it! It works. |
Advice for the Entrepreneur: Lee’s Tip #21Think like a businessperson, or you will be in a constant state of hobby for the rest of your life. The IRS doesn’t like that…and you shouldn’t, either. First of all, if you make money from a hobby, you must report it just the same…so why not treat your online selling as a business, which is what it is anyway. Owning a business has its plusses just in dignity alone. Your business card should not say “stay-at-home hobbyist.” It should say “online merchant”, at the very least. If you handle your online selling as a business, you can deduct expenditures such as a portion of your home mortgage or rent, utilities, computers, laptops, and iPads as well as your cell phone, etc. If you don’t treat your business like a business, how can you grow it? You will never know where you stand. Go for it! |
Advice for the Entrepreneur: Lee’s Tip #20An eBay seller told me, “I don’t involve my kids in my home business, because kids need to be kids as long as they can, and the realities of earning money should be hidden from them.” What a missed opportunity. I’m not suggesting we disobey child work laws; however, she is hiding some very valuable lessons from them. One is, of course, how to be an entrepreneur. Many eBay sellers have found that their young children are anxious to sell online when they see Mom or Dad doing it. Go back in history: From the early days of our country right up to the 1950s, children had a place in the family’s business. On farms, as soon as a child was old enough to carry a bucket, they learned to pump water and bring it into the house. When crops came in early, the entire family picked the vegetables to make it through the winter. The shoemaker’s son learned the business from his father, etc. What’s wrong with your child helping you pack and ship, or put a new product on your shelf? It helps them understand where their new electronic toy came from at the very least…and it can give them a lifetime of valuable work lessons. |
Advice for the Entrepreneur: Lee’s Tip #19Do you have to enjoy your work to be successful in your business? The answer is yes! If you are unhappy, it will take its toll on your business. That doesn’t mean we enjoy each and every task during a work week. Oh, I’m sure there are a few of you who enjoy packing and shipping; but mostly it’s a chore we’re glad to be done with each day. Many sellers enjoy their listing time…who knew? I majored in accounting, and I loved it when the books balanced. There was an end to the puzzle right there in the ledger sheets. If you feel rewarded by your efforts, take pride in your work, and would rather be your own boss, then you have all the tools it takes to be successful. |
Advice for the Entrepreneur: Lee’s Tip #18Follow the money, honey! How much time do you waste on non-revenue-producing tasks? Think about it. You should be giving 95% of your time each day to bringing in money or following up on items that mean money for your bottom line. Here is an idea that I use: Have a special in-basket for anything that can help bring in money. This could include, for instance, answering your buyer’s emails; answering your prospects’ emails; looking over new ideas for product sourcing; keeping up with your bookkeeping; etc. Everything else goes into the regular To-Do basket. This is in addition to your actual product sourcing, listing, and shipping. Let “Follow the Money, Honey” be your mantra. It will serve you well. |
Advice for the Entrepreneur: Lee’s Tip #17We are all heartbroken. The beautiful children in Sandy Hook, Connecticut, affected us in ways we haven’t even begun to understand. I believe we thought we had become numb to these senseless crimes…and just when we thought our emotions were under control, here came a tragedy so unspeakable, it takes the breath away. This one was particularly heinous because of its little victims. It touches the human soul in all of us. In the meantime, we have to take care of ourselves, our families, and our businesses so we can survive. For one thing, don’t feel guilty having some pleasure this holiday season. In fact, do it up real big! Be with your friends and family, and share your light with the world. As for work, you have to keep on taking care of the business of life and the business of your business as well. As for Sandy Hook: Prayers, contributions, letters, and the like offer a lot of opportunities to help. Let’s hold each other a little closer this year. |
Advice for the Entrepreneur: Lee’s Tip #16A great many business owners are not motivated by money. Before you roll your eyes…listen up. For many, independence and calling one’s own shots take precedence over the big bucks. It’s OK. Grow your business on your own terms. Exploring and then accepting your personal motivation will help you in achieving your goals. |
Advice for the Entrepreneur: Lee’s Tip #15Although as business owners, it is traditional to give gifts to our mail carriers for the holiday, we shouldn’t feel obligated if our budget doesn’t allow it. If we do decide to give, then what amount? I say take your cue from their bosses. FedEx and USPS do not allow cash gifts of any kind, including. cash, checks, gift cards, or any other form of currency. FedEx carriers can accept gifts (not cash) up to $25 in value…USPS, up to $20 in value…and UPS well, their spokesperson says that carriers are supposed to respectfully decline a gift; however, if the customer insists, they may accept a “nominal gratuity”. All three carriers are allowed to accept gifts that have little intrinsic value, such as travel mugs, hand warmers, etc. |
Advice for the Entrepreneur: Lee’s Tip #14One of my daughters changed her career several years ago and decided to go into real estate. Her training took place just as the housing bust hit an all-time low. She asked me, “Mom, do you think I’m crazy for doing this at this time?” I replied, “Elisa, if anyone can sell real estate during a busted market, it’s you.” That wasn’t just motherly optimism. You see, I know her skills and her tenacity. Your skills and special talents will get you through even the toughest of times.They are your real assets, not your tech devices and inventory; those tools are fleeting and can disappear in an instant in a catastrophe. You are your biggest asset! |
Advice for the Entrepreneur: Lee’s Tip #13The term “entrepreneur” was first defined by an Irish-French economist as “the person who pays a certain price for a product to resell it at an uncertain price”. In other words, they are people who take risks. That was 1723, and entrepreneurs are still alive and well and selling on eBay. While the risks can sometimes cause a sleepless night or two, the resulting benefits can far outweigh the challenges. I can sum up my love of being a business owner in one word: freedom! Freedom to work my own hours and to decide my own fate. I am humbly thankful to be living in a time and place when this is possible. I wish all of you a very happy Thanksgiving! |
Advice for the Entrepreneur: Lee’s Tip #12Entrepreneurial spirits are renewed constantly. With today’s technology moving so quickly, you have to act now. When you have an idea go for it! I can’t tell you how many times I’ve lost an idea to “Someday I’ll follow up on that idea” thinking, only to find that someone else did it a year later. When you get the brainstorm, write it down immediately, even if it’s on a restaurant napkin. Visit these each week and spend some time researching. I’ve had ideas for good website URLs, and I go to GoDaddy right away and reserve them for my idea. (If I had acted on one idea, I would own the patent for “Ice Cooler On Wheels”.) |
Advice for the Entrepreneur: Lee’s Tip #11Benjamin Franklin said, “We are all born ignorant, but one must work hard to remain stupid.” It’s easier than ever to gain the knowledge we need to succeed as business owners. Are you taking advantage of the myriad tools, apps, and services available to you? There are free webinars, books, videos, workshop events, and more. Just pick one this week, and do it. If you learn just one new thing, it’s worth the effort. Ben also said, “Your net worth to the world is usually determined by what remains after your bad habits are subtracted from your good ones.” |
Advice for the Entrepreneur: Lee’s Tip #10Your telephone manner can mean the difference between just getting by in your business or being truly successful in all aspects of your life. In the course of any given day, I speak on the phone with 20 people or more. At least 50% of them could use some telephone coaching. Here is a start: Record your conversations with others for one week. Listen back to your demeanor on the phone. Do you sound friendly? Do you sound knowledgeable? Do you sound businesslike? Next, ask a friend or colleague to listen and give you some constructive feedback on your telephone persona. A good telephone persona goes a long way to making you more successful. |
Advice for the Entrepreneur: Lee’s Tip #9Multi-taskers make good entrepreneurs. In fact, most entrepreneurs are not only multi-taskers; they are multi-skilled as well. You just need to know when to stop already! Think about it. That thing that just took you 3 hours to do could have been done by an outside contractor or employee for $50 or less. What could you do with that three hours to grow your business? Source products? List more? Put ads online and in your community touting your Trading Assistant skills? We tend to be proud when we can “do it all.” Fine…I dub you emperor of everything…now go grow your business! |
Advice for the Entrepreneur: Lee’s Tip #8Scheduling your day can bring rewards. Do you have a checklist of your daily schedule? If not, you are missing a simple and much overlooked tool in your small-business toolkit. Just by the process of allotting certain times for certain tasks, and actually having to check them off, you will find immediate changes in your business. You’ll use your time more wisely; you’ll know the progress you’ve made on a short-term basis each day; and it can act as a monitor of time spent vs. costs and income, as well as your lifestyle/business balance. Be sure to add in lunch and breaks. Do it religiously for two weeks, and see what happens. |
Advice for the Entrepreneur: Lee’s Tip #7I was watching a movie about Thomas Edison and realized that besides his genius for invention, he had no fear of failure. In fact, to get the electric light invented, he failed over 900 times to find the proper material to make it stay lit. Many of his inventions never went anywhere. Fear can hold an entrepreneur back from going with their gut or trying something new. You may say to yourself, “Someone has probably already thought of that”…or, “What if I fail?”…or, “What I’m doing now is working for me…so why try something new? Or, “If it fails, I’ll be embarrassed.” Circumvent this by telling the world “I’m an entrepreneur…I throw lots of ideas against the wall…and whatever sticks…I add to my system.” After all, this is what the world’s other geniuses do. |
Advice for the Entrepreneur: Lee’s Tip #6If you are a sole proprietor, what is your title on your business card? Using the word “owner” is OK, but it only gives half the story. Some entrepreneurs like to get all silly and call themselves “Chief of Mellow” or “VP of Getting It Done” or “President of The Buck Stops Here”. Although it works in certain types of companies, in most it’s just cute for a moment…and I still don’t know what you do. Here are some alternatives: Joe Sellera, Online Selling Professional…Bill Volt, Electrician…Dottie Listeran, Online Consignment Professional…Debbie Do, eCommerce Education Specialist…Joe Flush, Plumber…etc. Your card should tell me what you do. |
Advice for the Entrepreneur: Lee’s Tip #5Many entrepreneurs overlook cash deductions, which could mean lower success rates for your bottom line. Little things such as tips to bell people on a business trip, extra baggage charges…even cash spent in tips jars at fast food restaurants can really add up. Keep an old-fashioned purse- or pocket-size notepad with you at all times for these small expenditures. There are great apps for your smartphone that will allow you to keep notes, etc., as well. You will be surprised at the deductions you have been allowing to slip through your system. |
Advice for the Entrepreneur: Lee’s Tip #4Make exclusive time for your business! Let your neighbors, friends and family know that between 9am-5pm, you are not available for calls or to answer personal email. You are working. In addition, take a regularly scheduled lunch break for an hour. I agree that a great part of having your own business is the flexibility factor, so go with the flow on that one; I’ve been known to attend a movie or go to lunch with a friend midday, but I usually schedule my workdays around making a profit. Just remember that you need to be in your “business zone” most days in order to grow your business. |
Advice for the Entrepreneur: Lee’s Tip #3If you do your business from home, space permitting, set aside a special area of your home and make it look like an office. You can get really creative and have it blend in with your living room…dining room…even your bedroom; however, it should look like a place where you would go to work. You can still use your dining room table for packing, shipping, sorting, etc., but keep it free of office supplies after hours. This helps you separate your home life from your work life…and goes a long way toward helping you maintain the balance you will need to make your online business a success. |
Advice for the Entrepreneur: Lee’s Tip #2Make business cards right away. You want to be taken seriously, and business cards are a standard promotional element. The cards can be handed out to anyone who asks what you do, or to anyone to whom you want to give your email or phone number and other information. They’re great for local events and networking. They can be inexpensive or even free, and there are lots of them on eBay for your perusal. |
Advice for the Entrepreneur: Lee’s Tip #1Open a separate checking account for your online business. You don’t have to open a business account; if you are a sole proprietor, it can be just a personal account. This keeps your business finances separate from your personal finances and allows you to quickly get to the important data. It will help you grow your business! |
