July 2007

20 Personality Traits of a Successful Entrepreneur

A lot of people say they want to start a business, but only a few really do.  Are you the dreamer who says you want to start a business or the one who is actually doing it? 

According to the US small business administration, over 50% of small businesses fail within the first five years.  

Do you have what it takes to go beyond these five years?   Are you willing to do whatever it takes to make your dreams come true?  Do you have the right personality to become a successful entrepreneur?  

Imagine you are now the most successful entrepreneur on the planet.  A little girl comes and asks you “What would it take for me to become as successful as you?”   

What would you say? 

Perhaps you might cite some of the following traits: 

  1. Big thinker
  2. Risk taker
  3. Problem solver
  4. Goal oriented
  5. Action oriented
  6. Hard working
  7. Persistent
  8. Confident
  9. Committed
  10. Adaptable
  11. High energy
  12. Independent
  13. Great with people
  14. Leader / Team builder
  15. Honest & high integrity
  16. Optimistic & positive
  17. Reliable
  18. Creative
  19. Lucky
  20. Passionate

Think About This…

Do you have some or all of these personality traits?  What are your personality traits?  

Just Do This…

Identify traits that you believe are important but missing right now.  Take action and start developing these traits starting today.  

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Know How to Ask for What you Deserve and Break the Glass Ceiling

You don’t get what you deserve. You get what you ask for.   

For many years I have seen numerous people struggle - unsure how to effectively express themselves and their ideas, unsure how to ask for what they want, and unsure how to get the recognition they deserve for all of their hard work.     

There is a “glass ceiling” for those don’t know how to ask for what they want.   

It is not about changing other people or your environment. It is not about being fair. It is not about waiting for opportunities to come.  It has everything to do with educating and equipping yourself with useful life skills so you can create your own opportunity and immediately get what you want.  

This article is dedicated to those of you who are tired of waiting for opportunities and are ready to take some action to get what you want. 

Here we go… 

1. Know What Exactly that You Want

Be clear and specific about what you ask for. Do not expect people to read your mind. No one is responsible for giving what you want.  You have to ask and be clear and precise about exactly what it is.  For example:  Instead of saying I want to some money, say I want $500 dollars now. 

2. Believe That You Deserve It

Don’t be so hard on yourself. You work hard. You have talent. You know you deserve it. How can you expect someone to give what you want if you don’t believe you deserve it?   

3. Identify What They Want

What is in it for them? Give people reasons to help you. Try to see things from their point of view. If you can help them in getting what they want, they will give you what you want.   

4. Make Them Like You

People help you if they like you. Be genuine and build emotional equity with people. Let them know who you are.  You will not need to provide a justification or reason for their help if that person likes you.

5. Make Them Feel Good

Make people feel good about helping you. This is why the “Girl Scout Cookies” concept is so successful.  You want whomever helps you to feel good about helping you and then want to do it again. 

6. Do Your Homework

In addition to identifying what they want you also need to consider: 1) who is the right person to ask, 2) when is the best time to ask, 3) where is the best place to ask, and 4) what would you do if he or she says no.  

7. Just Ask

No more hesitation.  No more self doubt.  When you are ready, just ask.   

8. Practice, Practice, Practice

Just like everything else in life.  The more you practice, the better you will get. 

To recap, there are 8 strategies you need to know about how to ask for what you deserve: 

  • Know exactly what it is that You Want
  • Believe that you deserve it
  • Identify what they what
  • Make them like you
  • Make them feel good
  • Do your homework
  • Just Ask
  • Practice, Practice, Practice 

Think About This…

What is the worst thing that could happen to you if you ask? Are you willing to let that stop you from getting what you deserve?

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Second Imtrepreneur Mastermind Meeting Review

Last night I hosted the second Imtrepreneur Mastermind Meeting at the Microsoft San Francisco Office.

The objective of the is to create a supportive environment for inspired entrepreneurs to meet, learn and help each other grow.  Most members are from foreign countries, but not everyone.  I want Imtrepreneur to be an incredibly rewarding experience for members.   Each Imtrepreneur would discuss his or her business venture, share tips, and discuss business models, marketing and sales strategy.  Imtrepreneur would be a great opportunity for member to kick start, improve business venture, share tips, problem solving techniques, get advice on profitability and discuss business models.

The Microsoft office was a little bit difficult to get in due to *high* security, but we all managed to be there on time.   ;)  

We had a great mix of people from all over the world including UK, Belgium, China, Vietnam, Japan, US, India, Poland and Hong Kong with a great variety of industries including social networking software, real estate, finance, training & consulting, FOREX trading, and college admissions counseling etc.

We had a great time sharing our latest projects, business goals, passion, sales strategy and tactics and many other fun and important subjects. 

We also had an excellent guest speaker, negotiation expert, Terry Hird who stopped by and gave us some great tips on what entrepreneurs need to know about negotiation.

Nothing beats meeting face-to-face and I really enjoyed the chance to connect with so many Imtrepreneurs who are passionate about what they do.   In a way, I felt we were like our own Board of Advisors.  You feel alone sometimes when you are your own boss and chief.  Imtrepreneur Mastermind is a great sounding board for all of us.I want to congratulate everyone who was there last night.  

For those of you who wanted to come, but missed last night meeting, don’t worry.  The next meeting is scheduled on August 30th (Thursday).  You can sign up .

Have a great weekend everyone! 

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July 28th - Negotiation in America: Success Tips for Immigrant Professionals

You Don’t Get What You Deserve, You Get What You Negotiate. 

Over the years, I saw numerous immigrant professionals struggle in corporate America - unsure how to effectively express themselves and their ideas, unsure how to promote themselves, and unsure how to get recognition they deserve for all of their hard work.   

There is a “glass ceiling” for most immigrants, but I believe the solution lies not with changing corporate America, but by educating and equipping immigrant professionals with useful “tools” they need to succeed.    That’s why I’m so excited about this upcoming workshop .  

On July 28th 2007, this Saturday, EdithYeung.com is bringing Berkeley Extension Honored Instructor Terry Hird to present .  This is a one of a kind event as there is no other negotiation workshop which is purely designed to help immigrant professionals. 

The tuition for EdithYeung.com readers is only $95.  You will get to:

  • Understand the critical differences between American and your culture’s communication and negotiation styles;  
  • Improve your outcomes and learn to negotiate effectively with Americans as a non-American negotiator;
  • Create a confident and commanding presence as a negotiator;
  • Develop an effective plan and strategy to win your next negotiation;
  • Practical tips to prepare face-to-face, phone or email negotiations;
  • and Much, much more!  

There are still a few spots left.  You can register in advance for signing up . 

Who is Terry Hird?

Terry Hird is the founder of Negotiation-International and one of most recognized negotiation experts in the Bay Area.  His clients include Google, Genentech, Wells Fargo, InterMune, The Port of Oakland, Lawrence Livermore Nuclear Lab, Advanced Global Communications, Waggener-Edstrom, and Bayer Healthcare just to name a few. With over 35 years of international business and negotiation under his belt, Terry’s work as a business owner, consultant and educator has brought him into contact with top businesses, organizations and learning institutions in over fifty countries around the world.  Selected as a UC Berkeley Extension Honored Instructor, Terry teaches various popular programs for UC Extension including business negotiation, entrepreneurship and international business strategy.  Terry was also recently featured by the San Francisco Examiner.  See you this weekend!

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13 Things a Successful Entrepreneur Must Know & Take Action On

What is your business idea? 

What are you selling? 

What industry are you in?

BusinessMan Jumping

The truth is that it does not matter what kind of business, product or industry you are in, as all businesses require certain building blocks.   

These 13 business building blocks are universal and all entrepreneurs must know and take action on them: 

  1. Products & Research  What problems are you solving? Does anyone care? Anyone else solving the same problem?  What is your solution?
  2. Marketing  Who is your potential customer?  How big is your market?  Is the market growing? How do you find them?  What are you telling them?
  3. Sales  Who is your perfect client? How do you turn an interested buyer into a paying customer? Why do they need to buy from you? And, why now? 
  4. Orders & Fulfillment  How easy and how fast can a customer receive your product?   
  5. Customer Services  How easy is it for a customer to contact you after they purchase your product? Who should they talk to? Are you turning a paying customer into a repeat customer? 
  6. Professional Services  How easy is it for a customer to use your product?  Are you available to help them in person?   
  7. Partnership  Who should refer and recommend your product? What other products or services compliment your products?   
  8. Legal  What is your legal structure?   What is your legal protection if anything goes wrong? 
  9. Finance  What are your revenue, profits and costs?  What is your cash flow?  Who are your accountant and bookkeeper?  How much are you spending in each area of your business? 
  10. Information Technology  Are you leveraging technology to reduce costs and save time in all areas of your business?    
  11. Human Resources  Who are your “people” resources? How are you keeping them motivated so they would do everything they can to make your company successful? 
  12. Facilities  Where is your office?  What kind of equipment or tool do your company need to work effectively?
  13. Strategy & Leadership  What is the purpose and goal of your company?  Are you bringing everything together and making sure they work smoothly?   

Think About This…

How are you doing in each of these areas? 

Just Do This…

Write down your current status in each of these areas, and then identify one key project you need to work on immediately. 

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