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Nadege Fleurimond

5 Books Every Entrepreneur Should Read

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As lonely and overwhelming as the entrepreneurial journey is, reading provides the solace of knowing you are not alone. You may not have someone in your immediate environment who understands your grind, but through books, articles, and blogs, you will realize that those feelings of doubt and fear are also experienced by others. By reading the success stories and journey of others, it fuels you to stay the course. And more importantly, best books for entrepreneurs provide you the priceless access to thousands and thousands of mentors.

While there are hundreds of books I think every entrepreneur should read, I do have my top 5 that I would recommend to anyone. These are the books I find myself referring to over and over again. Through these books, I think an early stage entrepreneur will be fortified to tackle both the mental and technical challenges of running their ventures.

  1. The Success Principles by Jack Canfield

The full title of the book is The Success Principles: How to Get from where you are to Where You Want to be. And the book really does cover it all. I consider this book, the Modern version of Think & Grow Rich byNapoleon Hill. (I didn’t put this book on this list because I think this is foundation reading and everyone must read it. But I also think if I had to pick between that and Jack Canfield’s book for any audience, I would pick The Success Principles, as it’s an easier read and more relatable. What I love about this book the most is the sheer amount of time Jack spends on mindset and vision. I think sometimes as entrepreneurs we forget the foundation stage of understanding our “why” and omitting the introspective work that often needs to take place so we can get out of our own way. This book provides both life and business guidance. The ultimate lesson from this book for me: Take 100% responsibility for what happens in your life. Good, bad, and all in between.
 

2. The 4 Hour Work Week by Tim Ferris

Tim Ferris is known as the master simplifier. The 4-hour Work Week emphasizes the need to truncate, eliminate and declutter the time spent on non-important matters. Tim’s mantra: Minimize your work day so you can spend more time doing what you love. Isn’t this why we want to be entrepreneurs? to have more control over our time and how we spend it? Yes, we grind in the beginning, and we grind because we love the grind, but we don’t want to create a life where we are always forced to grind. The 4-Hour Work Week offers systems and strategies to manage our lives and time better.
 

3. Outliers: The Story of Success by Malcolm Gladwell

The book basically sets out to explore, what makes successful people successful.  For Gladwell, success is not simply personality, intelligence, hard work, community support, and meaningful opportunity but rather a combination of all. Depending on the situation and environment one aspect may have more impact than another. Gladwell explores various individuals such as Bill Gates, Bill joy and even his Jamaican mother in his analysis. I always love reading Gladwell (check out The Tipping Point if you haven’t read it) because his case studies read like a biography, while the data still reads like true research. And, I hate when people say things like, “She is only successful because…” I believe it is never a good thing to demean someone’s success. Gladwell’s analysis of all the various factors that plays into success, proves once again that it’s a combination of everything coming together.  Even when someone receives a hand up through “opportunity”, let’s remember someone still had to do the work to bring about that opportunity.

4. The Purple Cow by Seth Godin

In this book, master marketer, Seth Godin, challenges entrepreneurs, innovators, business people to create a product that is different. Hence, the purple cow. Brown cows or black and white cows are often time left unnoticed because we see them over and over again. What happens after we’ve seen the same thing over and over, we start not noticing it. But imagine if we saw a purple cow. We’d notice. We would stop and look. In the days of social media when it can seem there’s a million coaches, a million hat makers, a million makeup artists, a million graphic designers, how are you going to create a product that is different? Godin argues it’s the only way to survive and thrive. Read this one of best books for entrepreneurs.

5. The 48 Laws of Power by Robert Greene

One of my favorite books ever, the 48 Laws of Power focuses on three different aspects of power. Observing power in others,  gaining power for yourself,  and defending yourself from power plays/moves of the opponent. I read this book in college and re-read it again a few years later and loved it each and everytime. The historical examples and stories are superbly told. Many people have problems with this book because they believe it glorifies unethical practices especially in dealing with other people. However, I think this book provides an up close and personal look of a subject we are not too comfortable discussing.
The power dynamics that exist in society are not always pretty. Greene simply highlights them to provide awareness. In all that we do (activities and interactions) we are dealing with others. It is important to understand the psychology of those we interact with so we can create and formulate the proper sales, marketing and strategic plans.  While your mission may not to be to gain power, I think understanding how others utilize power will serve anyone, both in business and in life.
Make sure you make time to read these best books for entrepreneurs.

4 Ways to Network More Effectively on Social Media

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I can honestly say that the backbone of my business has been Networking. The old fashion type. Breakfast meetings, lots of lunches, receptions and community events.  Attending these events shaped my social understanding within the framework of business. It really groomed me from an introverted and awkward entrepreneur into a confident and social business person. 

The act of meeting complete strangers from totally different backgrounds has a way of jolting you quickly to prep mode. Thus, I value networking and the role it plays in both personal development and business growth.

Why is Networking Important?

Networking is an important aspect of business development because “no man is an island.” No matter how knowledgeable you are in your field as you navigate in the world of business others will be needed. Whether it’s to bounce ideas, offer recommendations or mentor.

Many jobs and opportunities aren’t posted. In today’s ever-expanding market, we at times don’t know we need a service, a consultant, or a product until we see it or meet the person offering it. Thus, networking provides a great opportunity to get in front of people and get noticed. Networking helps in the following areas:

  1. Meet new people that can provide you client/customer referrals
  2. Vendor and other business recommendations
  3. Build Relationships with people you can support and who can offer you support in return
  4. Provides opportunities and new markets
  5. Create Collaborations & Partnerships
  6. Navigating red tape and other logistical roadblocks

But in an age where people are spending more time behind their computers than they are spending at after work events or networking events, how does one craft these meaningful relationships in the days of social media? A time when many think liking someone’s post fits under the umbrella of connecting. Or the sharing of a business flyer is sufficient to stay top of mind in someone’s memory? How do you network effectively in these modern times of social media and technology? How does someone like me who’s more familiar with the traditional forms of in-person interactions, make the best of social media in the networking sphere? Below are four tips to help you make the best of your online networking utilizing various social media platforms.

LinkedIn is Your Friend

LinkedIn is not the most popular social media networking platform, but if you are a business, professional, entrepreneur or industry expert of any kind (technology, art, writing, marketing, etc) You need to be on the site.

Linked in offers you the ability to promote yourself as a professional, get hired, and is a great way to get noticed. It offers you the ability to position yourself as an industry expert in your area.

The fact that LinkedIn is a professional network, it makes it easier to connect with other professionals, as everyone has a business mindset. Sending someone a message regarding connecting, won’t seem creepy.

LinkedIn also provides the affinity groups, which really allows you to connect with like-minded industry leaders and stay on top of your industry.

Facebook Groups and Fan Pages

Facebook is still the most popular social media networking platform. Use it. Facebook started off as the platform to keep in touch with family and friends. As you develop your business and entrepreneurial endeavors, it’s important to step out of that. Beyond your personal profile consider creating a business and/or fan page. This will provide you access to people that either already use your services or potential clients/customers.

If they are on your page that means there is something that you provide that interest them. Take advantage of this opportunity to not simply promote your products, but to position yourself as the leader and expert in your field. Both on your page and other group pages, answer questions. Offer tips and advice. The best way to sell these days is to offer information. It allows people see your knowledge and puts them at ease for when they are ready to spend money with you, they can be confident in your ability.

Go Ahead Retweet

Retweeting is one of the fastest and easiest ways to get noticed on Twitter. However, you don’t want to simply retweet. A tweet with your comment attached to what you appreciated or a special shout out, will always get noticed. “Loved XYZ’s nouveau age perspective on global warming” followed by the retweet, shows you were paying attention and you are a fan. The person is more likely to notice and respond.

Interact on Instagram

With all social media platforms, the key is interaction. Simply posting your own content won’t cut it if you want to develop a valuable network. Instagram can prove to be a very self-centered platform if you are not careful. But there are tons of opportunities for interaction. Answer people’s comments under your pictures. Visit other pages, especially for people who offer similar products or services. See what comments people are making under their posts. Do their fans have questions? If you can provide answers in a non-“I’m here to get the following sort of way”, you will get some new fans and meet some new people. People pay attention to people who have answers. Offer your answers.

Instagram stories also provide another great way to network. Do you want to collaborate with someone on a shoot, project, event? answer one of their IG stories. It goes right into their inbox!

Conclusion

Understand that the same rules apply to social media as they do in the non-cyber space. In order to build deep meaningful professional relationships, you have to engage and offer support. Once you can command the respect as an authority in your field on social media, while offering valuable information and insight to both your fans and potential business partners, you will be the sought after person to collaborate and connect with.

 

The Pros & Cons of Business Partnerships

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As an entrepreneur with various interests, I often find that partnerships are a great way of bringing ideas and businesses to life in an efficient way. Very few of us possess it all: Financial acumen, marketing prowess, business development skills, sales background, operation experience, etc. With everything one needs to start a business, often time partnerships provide the perfect solution by bringing different talents and skill sets together to create a perfect union.  While there are many pros to partnerships, a bad partnership that lacks trust, understanding and shared values, can also result in a business failure and emotional distress.

Here are some pros and cons of partnership business you should consider when deciding on whether to form your business as a partnership or bring on a partner if you are already in business. There are times we also consider a partner for a particular project or event.

Pros

Varied Skill Sets

Having a business partner that has a different skill set that you possess is a great asset to any business. This means less outsourcing and less chance of burn out by one person as you don’t have to manage everything. One person can focus on sales and marketing, while another thrives in the realm of operations.

For one specific project I was doing, I needed to do a lot of video, editing, and photography. I realized for this particular undertaking a partnership would make sense because the sheer amount of video and editing that needed to be done would cost a fortune if outsourced. I was able to find a creative that shared my entrepreneurial spirit to invest both financially and creatively to the vision. Also, diversity in talents allows for greater growth faster because each individual can focus their energy on one or two things as opposed to spreading one person thin. I did not have to go learn videography (which I considered), which would have delayed me tremendously. A jack of all trade definitely moves at a slower pace than a master of one.

Broader Perspective

As brilliant as we may be, in business it is always great to have someone to brainstorm ideas with. Even in ventures where I don’t have partners, I am constantly asking and reaching out to colleagues to get another perspective. Especially as entrepreneurs and business owners that cater to others, we need to ensure we do not focus strictly on whats inside our own heads. A partner allows you the viewpoint of another and can allow you to create and plan from a broader perspective

Accountability

As beautiful as entrepreneurship is, one can easily lose sight of what needs to be done. With no one to tell you when to wake up, when something is due, or when to put a deadline on a project, you can fall really behind in your business. If you do not have the sheer self-discipline and will to put those timelines and barometers on yourself, you can easily lose track.

A partner makes it that much easier to stay on track as they serve as an accountability partner. As driven as my circle knows I am, I too get into a lazy mode. But when I know I have someone else waiting for me to deliver, there’s no way I will not come through. So, for those of us with strong work ethics, a partner keeps us from falling too far behind when those lazy moments strike.

Shared Loss

A loss is never a real pro. But losing $10,000 of your own money is way harder than losing $5000. It is in those times that a partner can also make the entrepreneurship journey a little bit easier. A bad launch, a product fail, a costly decision split between two people is way easier than enduring it alone.

Cons

As much as I suggest getting a partner when the situation is right, there are some cons that can come from partnerships. I have experienced a few bad partnerships, but luckily, I have learned and grown. But many of these cons are avoidable if thorough research is done or time is given to get to know your potential partner.

Differing Work Ethics

One of the biggest issues that often arise out of partnerships is the lack of commitment by one of the partners. If you are a “no sleep until its great” type and your partner is a “I’m out by 5” type, this can cause a lot of issues. One partner may be putting in way more hours than another and that can create tension. Especially when it’s time to split profits. This can lead to resentment. As a person who is naturally motivated, it frustrates me to have to constantly run after a partner to get work done.

Whether it’s your idea or theirs, once an idea is accepted, all parties need to work towards bringing that vision to fruition, with all their might. If you wanted to run after someone, you would get yourself an employee. I have seen this type of issue with many friends turned business partner. This is not to say not go into business with friends, but make sure the work ethic is the same.

Friends accept each other with all their flaws. Partners are less tolerant. Flaws that your friendship may be able to overlook, a partnership cannot as they may impact your bottom line.

Not There through Thick and Thin

While it’s great to have someone who is there to build and grow, as you get into the business, there are other individuals that may offer partnerships based on your potential, not their. They are only there because what you have is already working, at least they think. So when they come on board, they are not necessarily there to get their hands dirty, but rather come to collect. These are the people you should consider perhaps as an investor. Maybe if you need money capital, but not as partners.
I once had an individual back out on me for an event that we partnered on. I had several events that year that were all sold out and amazing. When they suggested a partnership on my next one, I said why not. Figured shared risk, and more networks to tap into. As the event got closer and I saw a lack of ticket sales and mentioned it to my partner, all of a sudden they were out. I was devastated. The place was booked, and other expenses were made. But I quickly came to the realization, they didn’t come into it to partner, they came in to invest in what they saw as a sure thing. Soon as it wasn’t, it was no longer worth it.
A partner will never leave you high and dry. A partner has a long-term vision. They don’t come to lose, but when the going gets tough, they start planning and helping you come up with solutions. Not check out.

Same Moral Compass

While you don’t need a partner that is exactly like you, you do need someone that has similar morals and ethics as you do. Remember this person will be representing you and your company. So be sure that they are not out there doing bad business under the umbrella of the business. From basics of how much you pay your employees, vendors, etc. to legal and illegal matters, be sure that you and your partner share the same ways of doing business, or at least have adopted a standard for how the business will be done.
In closing, the main role of a partner is to serve as a complement to the areas you may lack. A good partner makes your business better or more complete by providing skills or resources that you do not possess without the partner.
Let me know in the comments section if you have had any great or not so great partnerships. Do you know more pros and cons of partnership business? Any lessons?

4 Four Ways to Avoid Competing on Price

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“I love your services and your products but the price is way too much.”

I’m sure as small businesses, service providers and entrepreneurs, we’ve heard this line a thousand times. And, it usually makes my blood boil. However, when the client adds “for me” to the end of that statement, I have no problem with it. I actually understand. I am in no ones pockets, so I can understand someone stating a price is out of their budget, but to tell someone their price is too much is rude and unacceptable.

Especially when you are the one reaching out to the service provider. My advice stands and remains, never compete for business based on price. My mantra remains, I never claimed to be the cheapest. But I am worth it.

Pricing is something that creates a lot of anxiety for business owners. It’s because we are trying to be fair to our customers, ourselves and our industry. Various factors are considered  in how we charge our services and products (we will have a separate discussion about this). Once you have set your price and are comfortable with it my advice to you is not to use your price as a way to get customers to come to you or return. If you are being hired because you are the cheapest, you are doing yourself and your clients a disservice.

It is extremely difficult to be the cheapest in any market and provide the level of customer service and quality service or product that you want your brand to be known for. Lower profit margins means you are able to invest less into your business and your business grows at a slower pace, if at all.

Tips To Avoid  Price Competition In Business

This important busines lesson shares my tips on how to eliminate price as the barometer by which clients hire you or buy your products. Try these tips to avoid price competition in business:

1. Build Your Reputation

Build your reputation by consistently and efficiently providing quality level work! At the end of the day, we all want shoes that look good and lasts long. We want graphic designers that responds to our calls and provides quick turn around. And we want caterers that show up on time and wows our guests with great food. Do the right things over and over and it will get around.

Last year I catered an event for a young lady who received my number from a colleague. She received my quote and called me back. “this is too much” she exclaimed. I explained I could not lower the price because I know what it takes for me to do what I do. I don’t cut corners. My staff will arrive 2-3 hours prior to your event to set up, they will be courteous to your guests, there will be enough food.

She said she couldnt afford me. Two days later she called me back. She said wow, everyone I ask about you had nothing but amazing things to say. She said, “this is such an important day for me I can’t risk things not going right.” Even though I have a cheaper alternative, your reputation precedes you. I will go with you”. Price alone is not the reason consumers choose you. It’s who you stand for and what you are known to have done, continuously.

2. Differentiate Yourself & Add Value

I know I can go on craigslist and get a website for just $100. But will I? Most likely not. The difference between the graphic designer that I’m hooked and the craigslister are numerous. She pays attention to me and has an understanding beyond Just coding and html. She understands branding, and helps me create not just the images, but also understands Marketing and human psychology and helps me in crafting my brand.

How can you differentiate yourself in your business? What skill sets do you have beyond your actual product or service that will be a plus? Yes I can get a cup of coffee at the corner Coffee shop, but there’s no jazz music playing in the background like they have at Starbucks. They don’t even write my name on the cup!

3. Be DOPE

The foundation to charging what you want and not be worried about what others in your industry is charging boils down to creating amazing work. Your products and service has to be good. No one can deny great work. Even if they can’t afford it, they will try to because it’s that GOOD. Many people buy things they can’t afford. Because the product is that good. Be that good! Be dope!

4. Create a Community

What does your brand represent? Create a movement around what you do. People like to belong. Mercedes, Louis Vuitton, and Apple. They all are what they are because of the community they have built around their brand. Their Brand stands for something and people want to be part of that. How can you create a community around your work? What do you stand for? Quality, Refinement, Women empowerment, Class? Find it and share it! I can buy a gym tshirt for $5. But I consistently buy from suppliers that sell shirts for $25-$45.

Because I want to be part of a community of “strong women bosses in the boardroom and the gym” or #FitAfroGirls.  What words describe your brand and how can you rally your supporters around that ideology? Create a movement. Whole Foods aka Whole paycheck, has built a community around people who want to eat well and take care of their well being. It may cost you $120 for 7 items, but there’s a sense of self care that’s associated with shopping at Whole Foods. Who wouldn’t want to be part of that community?

Great products/Service, value and community building are all great ways to ensure you get people through the door. Be known as the person who consistently comes through. The listener. The fixer. Build your reputation around the Key factors that matter to your ideal customer and price will be the least of the reasons to come to you.

FOCUS: Why Finding Your Niche Will Make You More Money

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I wish I understood the importance of a market niche 15 years ago as well as I do now because it would have saved me a lot of time, money and energy.  More importantly, it would have made me way more money.

For the first 5 years of my business, whenever someone asked me what kind of catering I did, I would automatically respond, everything. I mean who wouldn’t want a caterer that could do Italian, Caribbean, and American classics all with great flare? Actually most people would indeed love that, however, most people don’t trust it. Even I don’t trust it. I did get every type client. I catered for film shoots, corporate events, baptisms, and private dinners. But Nothing was sticking. I wasn’t known for anything.

As a perpetual learner, after countless seminars and conferences, I came upon the idea of a niche. I understand the importance of defining your market niche first. And, I make sure to incorporate it as part of my R.O.A.R. (Reach, Organize, Act & Realize Coaching) programs. As you develop your business strategies, it’s important to understand the value of a niche: the concept of serving a very specific group of individuals within a wider market or population.

In business, when we speak of niche, we simply mean “what segment of the population do you serve”. Niche is what separates a General M.D. and a Cardiologist. It is what separates Lululemon from the next workout gear and it’s what’s going to separate your baking business, your event planning company, your consulting practice, and your floral business from others.

 

Rather than being a gym that serves people who want to get fit,  Planet Fitness says, we are a gym for the person that knows nothing about fitness. It’s the web designer saying, I will be a web designer that services creatives who want to stand out. Do you lose people? Yes! But trust me, it is people you probably don’t need anyway. It would probably be that 20% of your customer base, that caused you 80% of your pain. It’s all because you don’t know the importance of defining your market niche

The gym equipment you need to service top athletes, crossfitters, newbies, and seasoned gym rats, are completely different and it would cost you way more money to accommodate everyone. I have a friend that gets very upset every time he steps into Planet Fitness (PF) because they mainly have smith machines, and he is looking for a “real workout”,  that he feels PF doesn’t provide. I have another friend, who loves PF because most other gym intimidates her. She doesn’t know how to use the free weights. My seasoned gym rat friend found a happy home at Crunch gym, while she’s happy and thriving at PF.

Niching is the way to go. It is the best way to establish your authority, get tons of clients looking for exactly what you provide and it allows you to focus your marketing to get better results.

 

Benefits of Finding Your Niche

Here are the benefits of understanding the importance of defining your market niche

Provides Marketing Focus

A niche allows you to get crystal clear on who you serve. In my case, once I understood that I wanted to serve high end social and corporate clients that wanted to offer ethnic cuisine from the Caribbean with a global feel, I was able to zero in on that target audience. I knew where to find them (Caribbean lawyers and doctors associations), Classmates from the Black Students Associations/Caribbean Associations from my Alma Mater, Corporations, and institutions looking to offer their employees something different for their holiday parties or picnics,  Munaluchi Bride Magazine that caters to ethnic brides and multicultural weddings. Niching providing me laser focus that allowed me to develop a marketing strategy specifically for that target audience and I knew where to find them.

This is one of the major reason why understanding the importance of defining your market niche is an important business lesson.

 

Better Closing

Once you establish your niche your close rate will increase significantly. You will only target those clients that fit within your niche, and in turn, the clients that reach out to you will be the ones you want to hook.

 

Experts get Paid

Let’s get back to the cardiologist. If you are having heart issues, would you choose to pay $100 per hour to see a general practitioner or a cardiologist at $200 per hour, who specializes in nothing but heart issues? As much as you may hate spending that extra $100 per hour, most likely if you care about your heart, you will pay the extra money. Aim to become the cardiologist in your field. Be the expert that someone needs and they will pay whatever you command because they need you. Your service/product speaks to directly to what ails them. Trainers do ok. But a trainer that specifically focuses on new moms who just gave birth, can command a much higher price tag. They come with an understanding of the pains of being a new mom (time issues, hormonal issues, etc.)

The questions you need to ask yourself to establish a strong and targeted niche are:

  1. What product/service/skills do you offer?
  2. Who you do you offer them to?
  3. What are the specific pain points for the individuals you serve?
  4. How does your product/service sell these issues?
  5. How do you leave your client/customer feeling after servicing them?
  6. What sets you apart from your competitors? What’s unique about the way you solve the issue?
  7. What aspects of the solution your provide are you passionate about?

 

The answers to these questions will be key because they will help you determine your niche market. As a business or life coach, I could have chosen to serve any and everyone, who is looking to create a breakthrough in their business and lives. But the final question, in particular, helped me realize I wanted to service entrepreneurs because I have been there. I have learned so much, and I get such satisfaction helping entrepreneurs, get going and get thriving!

 

In closing, saying everyone is your client, has the same effect as saying no one is your client. Nothing will stick in people’s mind about you or your service once you are not in their presence. Don’t fear losing out on potential clients that most likely don’t align with your vision and passion anyways. Focus on catering to the demographic that excites you. The ones that align with your skills and passion. It may be a smaller pool, but the targeted approach will be well worth it.

Are you struggling to define your niche?

Then consider purchasing Womeneur’s Target Marketing workbook (completely FREE to WomeneurCollective members). When you’re done with this 11-page fillable workbook, you’ll be able to:

  1.  Understand the importance of a target audience
  2. Define your target audience demographics
  3. Define your target audience psychographics
  4. Know how to research your target audience
  5. Know what marketing strategies to implement based on your target audience
  6. Create a customer avatar

All in all, understand the importance of defining your market niche can be more favorable in terms of your business success and profitability.