What Type of Entrepreneur Are You?

The EntreCoach

It is exciting to be a successful entrepreneur. Regardless the price, entrepreneurs enjoy huge freedoms that drive their behaviour for what they do, and results they achieve. Nevertheless, the primary motive for entrepreneurship is not money. The purpose is freedom; freedom to create the highest value in the marketplace that meets people’s needs and resolves their pains and fears.

Sadly, despite the proliferation of various business coaching and executive leadership development tools in the marketplace, many entrepreneurs have failed to reach the goals that initially brought them to entrepreneurship. While many get buried in day-to-day office administration, great majority of others are stuck in different complex ceilings of limitation that constantly sabotages their progress no matter how hard they try.

The reason is obvious; we’ve experienced increasing trend in innovation and creativity especially in the areas of technology, business strategy, and marketing; not to mention various complex leadership development concepts that negatively impact execution, accountability, and productivity.

I’d like to explain these in more detail and highlight few things you can do to double your productivity and revenue consistently; but first, let us consider the various types of entrepreneurs and identify which type you are.

There are three basic types of entrepreneurs: the survival entrepreneur, lifestyle entrepreneur, and Accelerator. Each type plays a unique role in creating the outcomes they achieve and the freedoms they enjoy.

For example…;

1. The survival entrepreneur is the individual that quits his/her job of working for someone else and starts working for himself. In reality, this person hasn’t created a business yet, but only replaced his former job with one he created that gives him privilege of being “the boss” even though he or she works extreme long hours.

2. Lifestyle entrepreneurs are individuals, who have clear expectations of how much value they want to bring to the marketplace. They also have expectation to enjoy some levels of freedoms, which to them includes exotic cars, posh homes in choice areas, elite club membership, or best schools for their children. The challenge with Lifestyle Entrepreneurs is; unless their goals and accomplishments constantly exceed their expectation from the marketplace, they would struggle.

3. Accelerator is the entrepreneur whose primary objective is to continually deliver great value in the marketplace, which in turn creates multiple opportunities that not only grow his or her business, also the level of freedoms they enjoy. An Accelerator never stops at any given achievement. As he or she reaches one set of goals, they accelerate to another higher one. By building on past experiences and leveraging teamwork support from employees and powerful network of quantum relationships, they make the game of entrepreneurship fun and interesting.

The biggest challenge Accelerators face is how to manage the increasing complexities that grow along with their business growth. Nevertheless, by focusing on building a Self-Sustaining Enterprise, a business that grows without owners involvement in its day-to-day operation, they are able to overcome their complexities and create 10x possibilities consistently.

In my experience as creator of The EntreCoach™ Program – a comprehensive support system that offers exclusive business coaching, leadership development, and teamwork tools for ambitious entrepreneurs to create unimaginable results and accelerate growth; the simple best way I have found for running highly successful entrepreneurship that delivers such great rewards and freedom is by building a self-sustaining enterprise.

Regardless the type of entrepreneur you are presently, you can decide now to lay the foundation that could transform your business to create extraordinary results. It begins with making your vision 10x bigger, clearer and compelling. It also means focusing only on the aspect of your business that you love doing, that produces the highest satisfaction and reward, both for you and the business.

Learning about how to build a self-sustaining enterprise begins with a Free Business Strategy Workshop at Cognition Global Concepts, for ambitious entrepreneurs to experience the exclusive business coaching and leadership development tools and concepts they can use to make 10x possibilities a reality.

Nkem Paul is executive business coach that helps entrepreneurs and business organisations double productivity and revenue, and build Self-Sustaining Enterprises. He’s founder and CEO of Cognition Global Concepts and Creator of The EntreCoach™ Program. For more details, attend The EntreCoach Free Business Strategy Workshops.

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Five Qualities To Look Out For In A Good Talent

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Talent Management System at Cognition Global Concepts.

Who is a great talent? What do talent managers and Human Capital Professionals look for when hiring or developing Great Talents?

In this blog, I’m going to let you in on whom I believe great talents are and why. After reading this article, you will be clear about the five key attributes in talent management for managing great talents in your organization.

During my days in active employment, I dreaded the phrase “great talent” – partly because the parameter for determining a good talent can be vaguely decided. A talent manager could put the worse employee up for promotion for selfish reasons while neglecting a talent with potentials for greatness.

In working as coach and trainer for successful entrepreneurs and organizations, every company I’ve worked with, every book I’ve read, every research I carried out point to the fact that talent can make or destroy an organization.

I also discovered that there are five key qualities that successful talent managers look for in an individual. There may be more but the following are the top ones in my opinion.

 

The Five Qualities of A Good Talent

1. Competence

For anyone to be considered talented, he or she has to be highly competent in an area that is valuable in the marketplace. They have to have the right skills and ability for what they do best, and possess the information that others are willing to pay for. Talented people are life-long learners; an attribute they leverage to constantly stay ahead of competition. They read good books, listen to CDs, DVDs and podcasts; and many of them have their own personal mentors that keep them accountable.

 

2. Character

It is possible to have one or two “smart people” in an organization, people that go beyond the extra mile to deliver greats results. But if these people are not completely trustworthy, he or she is a great risk and liability to the organization. Therefore, it is absolutely important for successful talent management that employees they hire and retain conduct themselves with complete integrity at all times. They must tell the truth and be transparent in all their dealings.

 

3. Collaboration

In the present information age, people need to be great collaborators to be able to handle the velocity of everyday data within and outside their organizations. Talented individuals work well with others in teams. They engage in knowledge sharing and are willing to swallow their pride to reach group goals and help others succeed.

 

4. Communication

Talented individuals are great communicators but not as you probably think. Excellent communication skill is not in oratory prowess, instead the ability to ask superior questions and listen to the answers. When great individuals communicate, they show curiosity, listen to every word, and look for the meaning and emotions behind the words.

 

5. Commitment

Commitment is important to success and talented people are driven by passion. They do not consider what they’re doing as work, instead as service or fulfillment of higher calling. They have a positive can-do attitude and are willing to go the extra mile regardless the challenge. They focus on absolute importance and discipline to achieve their goals.

 

Individuals, employees or leaders that must be considered as “talented” need to demonstrate the 5Cs above. It implies also that everyone do not need a Cambridge certificate to qualify, but whether you are a Janitor and Managing Director, talent managers can pick you as talented as long as you demonstrate the qualities above.

If you’d like to learn more about talent management or need help improving your employee’s performance, visit Cognition Global Concepts.

 

Nkem Paul is founder and CEO of Cognition Global Concepts. He specializes in helping entrepreneurs and corporate organizations to develop high performance capabilities and build self-sustaining enterprise that doubles productivity and revenue.

The Success Factor – Achieving Sustainable Results Based on Key Principles

Have you wondered why only a few people succeed in life while many others continue to struggle no matter how hard they tried? Does it not matterSuccess factor to you that majority of the people you know work hard, hard, hard everyday with little or nothing to show for their hard work? Why do only a few number of people succeed, while majority others fail?

It was exactly 5:00 a.m when the alarm triggered off. It was not the first time this was happening, it just happens to have become a tradition in the family home of Mr. and Mrs. Johnson. The alarm clock is their treasured tool that wakes them up to prepare for work every morning and by now, they have become so used to the routine; waking up and catching early morning train to work.

Both couples work a total of 140 hours per week, but frustrated in their standard of living. They are in arrears on the important bills including electricity, gas, and water. Their three children barely go to school with lunch packs because Mom and Dad could not afford to give them the “luxury.” Life is quite challenging to Mr. and Mrs. Johnson.

What could have happened? Both couples are responsible, at least they know they should work and not depend on anybody for what they want. They work very, very hard; it’s just that they are not earning enough income to justify their long hours of work every week.

I know someone else who’s in this type of situation. He is fondly called King. He owns a business that should be doing well but not. King does everything he know everyday to find customers to patronize him, but the most of the feedback he gets is a “No, Thank You” answer. The last time I heard from him, he was contemplating giving up his office space because he could no longer pay his business rent. Just another frustrating life.

Just yesterday, I was in the train station, only to see a group of students discussing about their inability to achieve their desired grades because of what they labelled ‘very bad teacher” that hated them. I said in my mind;

“…..Really? You failed to achieve your target grade because your teacher hated you? He or she must be a super teacher to hate all five of you and made you fail your papers!

Many of the experiences we encounter in life deserve so much to be pitied or worried about. While only a few people are busy succeeding everyday, majority others are failing or complaining and blaming their lack of success on someone else. I am sure you probably have few examples of people you know, who are in this category, right?

The question I often get asked is “Why are the majority of people failing, including people that work extremely hard like Mr. and Mrs. Johnson and King, while only a handful of people, who are probably taking life easy are constantly succeeding?” Is God partial or is success based on luck?

Good question! To begin with, there is no partiality in God!!

Secondly, I do not believe that being successful is a game of luck or chance, but here’s the key. Sustainable success is achieved only on fundamental success factor principles that have been proven to be true and effective more than two thousand years ago. These principles are too simple to apply that almost 95% of the people take them for granted and neglect them. The 5% that work with them are the only people succeeding.

To be successful, you do not just need to understand these key principles, you have to apply them everyday in any area of your life, career, finance, relationship, personal development or health, where you want to experience significant change. The Success Factor principles work only if you apply them.

The Success Factor principles will help you to:

  • Gain crystal clarity about your choices and direction,
  • Set and achieve most important goals in your life, career, finance, relationship, or personal growth,
  • Develop a winning mindset,
  • Take 100% responsibility for what you want,
  • Overcome psychological barriers – fear, doubt & limiting beliefs

Facts About MyFunLife Business Opportunity

MyFunLife Business Opportunity Is A Scam!   Really?   Here are the facts.

Before I give you the facts, let me give you a little background of me. I’m a Chartered Accountant with over 18 years of financial services experience. I held positions of Finance Manager, Financial Controller, and Head of Strategic Planning of major High Street Banks.

In 2008, I retired from paid employment and went back to the classroom to study High Performance Coaching. Following my Certification as a Performance Coach in 2010, and upon becoming member of the International Coach Federation, (ICF) I established my Coaching and Human Capital Development practice, which is my primary business till date.

I work with entrepreneurs and business leader to help them develop the capacity to create high performance results, double revenue, and deliver superior customer services. I also work with start up entrepreneurs to help them turn ideas into successful business enterprise.

I have decided to give you this background so you would know how much passion I have for business growth, entrepreneurship and start up businesses, which I believe is an important aspect, which MyFunLife is seeking to address with their company. I also believe that, that is why you are reading this article now.

Okay, enough about me.

So What Is My Fun Life?

In March 2013, MyFunLife was established in Coeur d’Alene, Idaho, USA as a privately held company led by a team of experienced and committed professionals, Dan Edwards, CEO, and Matthew Edwards, Chief Visionary Officer. The company operates within the $6.3 Trillion Travel Industry, and offering its members the most exciting lifestyle related products at the most economic prices.

MyFunLife is taking advantage of the power of internet, mobile technology, and word of mouth to market its products within the 50 states of USA, and across international markets.

It’s A Pyramid Scheme!

Nope, MyFunLife is not a pyramid scheme. Pyramid schemes do not have products or services for sale. They pretty much re-cycle their member’s monthly subscription up and until such a time, when their trick gets exposed and bursts. In fact Pyramid Schemes are illegal businesses.

MyFunLife is a legitimate business organization set up to help ambitious entrepreneurs and individuals, who are seeking to build a brighter future of financial independence, improved quality of life, and enjoyment.

The company has three basic products namely Cha-Ching Booking which you can get free of charge forever, Funtrips, and FunCondos. There products are primarily marketed across global markets through network marketing model. This model gives opportunity to any individual or company that wants to sell their products to do so as an Independent Representative. There are lots of financial and material benefits that accrue to MyFunLife Independent Representatives through commission, discount vacations at exotic locations all over the world, as well as bonuses and performance enhanced benefits.

The company holds recognized membership of International Air Travel Association IATA). It’s also a member of Travel Retailer Universal Enumeration (TRUE) system, Cruise Lines Industry Association (CLIA), American Society of Travel Agents (ASTA), Airline Reporting Corporation (ARC) and several other major travel-related associations; as well as Better Business Bureau (BBB). Pyramid Schemes are never given membership of internationally recognized associations as these.

What Is The Difference Between MyFunLife and Other Network Marketing Companies Such As WorldVentures?Myfunlife trip

Good question!

As you may know, I have once analyzed the great opportunities offered by network marketing companies and gave specific reasons why I preferred WorldVentures. The difference between MyFunLife and any other Network Marketing Company, in my own opinion and preference is the simplicity of service.

While you have to carry products about in almost all network marketing companies, you do not do so in MyFunLife because they only provide travel services which are intangible. The same as World Ventures.

Having said that, I prefer doing business with MyFunLife than World Ventures for obvious reasons. The compensation plan, as well as member’s growth in WorldVentures is rigorous and difficult. You have to make up to 180 sales to be able to be start earning residual income, that is a very hard nut for beginners to crack. Also, you are required to pay monthly membership fee of about $49, which I think is high compared with MyFunLife.

In MyFunLife structure, you can earn commission without making any sale because the system is designed in such a way that both your up-line and down-lines can place new members in your matrix. Nevertheless, you are required to make just three sales. Once you achieve your first three, you can therefore focus on helping them to make their own three sales each. This puts you in a leadership position, where you help others to succeed. The monthly membership subscription is just $25 and you don’t have to pay this forever. As soon as you have six active members in your team, personally sponsored by you or a combination of you, your up-line or down-line, you stop paying monthly subscription of $25 for life.

So How Much Income Can I Make from MyFunLife?

Well, as in every business, your level of performance determines your level of income. But the company has tremendously simplified the process for anyone that wants to join now.

Here’s what you get…

From the day you sponsored someone in your team, you begin to earn commission. There are different levels of mouth-watering compensation plans with different added benefits you can enjoy. These include…

1. Sponsor 3, Bronze Member = 10% income on everyone in your team.

2. Sponsor 6, Silver Member = 20% group income

3. Sponsor 9, Gold Member = 30% group income

4. Sponsor 20, Sapphire Member = 40% group income

5. Sponsor 50, Ruby Member = 50% group income

There are other incentives such as coded bonus, car incentive and lots more which can be better explained if you visit the company’s website.

4 Entrepreneurial Skills That Keep Richard Branson Succeeding

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Not too long ago, the billionaire founder of Virgin Group received a letter from a 12-year old school girl, asking him for the key skills he needed when he was starting out as an entrepreneur.

You may agree with me that coming from a 12-year old to a man we all can testify as having “the Midas Touch” for building successful business empires makes this subject really fascinating.

But before I let you in to Sir Branson’s answer, I wanted to remind you that this is not only relevant to entrepreneurs. If you are an executive in an organization, or have some forms of responsibility for another person’s business growth strategy, or even a leadership development role in any business organization, this article concerns you.

In my business coaching and leadership training work with entrepreneurs and business leaders to help them develop the capacity to double productivity, increase revenue and deliver superior customer service, I have done extensive amount of research around what it takes to create consistent sustainable growth.

I have had the opportunity of working with successful entrepreneurs, business executives and leaders, and here’s what I’ve discovered. At any time, when there is an issue with business growth, organizational effectiveness, productivity, or execution of action plan; it almost boils down to a breakdown of the following key factors among others: clear vision, best talents, and robust communication.

If you are like many people, I bet you must have heard this story hundreds of times in the past; but the trouble is always not in hearing or knowing them. The real challenge many entrepreneurs and business leaders have is in deciding what to do with the information they receive. That’s where many leaders fall down completely, lack of execution.

In Sir Richard Branson’s reply to the 12-year old girl, “The key enterprising skills I used when first starting out are the very same ones I use today:

  • The art of delegation
  • Risk-taking
  • Surrounding yourself with a great team
  • Working on projects you really believe in.”

At Business Mastery Summit, where we support successful entrepreneurs and business executives with the tools to create unimaginable business breakthrough results through entrepreneurial coaching, leadership development training, and innovative thinking, we expand on each of Richard Branson’s business skills and more. We are helping entrepreneurs to live these principles, and have seen them make huge differences in their lives and entrepreneurial results.

Let me expand on two of Sir Branson’s business principles, Delegation and Best Talents for demonstration.

1. Delegation

The No. 1 problem that makes delegation seem so ineffective is that you’re probably delegating to a wrong person. Delegation is most effective when you identify a skill you’re not great at, and assign the task that requires that skill to someone in your team, who is superb in delivering the results. You can’t be great at everything, and the more you think you can focus on improving on your weakness, the further away you drift from your optimum capacity. Focus on what you are great at, and delegate your weakness to someone that has the strength for it.

Delegation problem No. 2; you cannot delegate your weakness to someone who is also weak in the same area as you. The result will be astonishingly woeful.

2.  Best Talents

In my Leadership Development Training mastery class and Business Mastery Summit, we teach our clients how to create Quantum Groups, the art of surrounding themselves with the best talents they can find or afford. Nobody succeeds alone! Here is a demonstration of how this principle was implemented by one successful CEO.

In 2000, Anne Mulcahy, took over the reins as CEO of Xerox, a company with nearly $19 billion in debt and a share price that had been cut in half. Rather than doing what many entrepreneurs and CEOs would do (slashing, cutting, and burning resources), Anne decided to make a few phone calls.

Even though she did not have any personal link with him, she was privileged enough to get Warren Buffet on the phone and eventually joined him for a dinner to discuss what he recommended as the best course of action for turning around Xerox, a company at the brinks of collapse. After giving her his recommendations, Warren also gave her a piece of paper containing names of other people she can contact for further advice. It happens that the list contain names of people Warren himself turns to for advice.

Anne followed Warrant Buffet’s advice and the advice of his advisors and within just few years, she turned Xerox from a $300 million loss a year, to making nearly $1 billion in profit. Fortune Magazine then named Anne Mulcahy one of the three most powerful women in the world.

Here’s the key…

You can’t succeed alone! Find and surround yourself with incredible network of talented people who are invested in your success. They are people with complimentary skills, diverse opinions, and interesting experiences, who want to contribute to your vision.

Nkem Mpamah is founder and CEO of Cognition Global Concepts and creator of Business Mastery Summit. Nkem specializes in helping entrepreneurs and business executives to develop the capacity to double productivity, increase revenue and deliver superior customer service. You can contact him at info@cognitionglobal.com or visit his company’s website at www.cognitionglobal.com.

 

If Your Business Is Not Growing, You’re In Serious Trouble

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The old axiom, “The only constant is change” holds true for business and life. For both, if you are not experiencing growth, you’re possibly dying.

In business, the growth potential of entrepreneurs and leaders of organizations are sometimes challenged when they lose customers, followers or best talents. Regardless of how massive your customer base may be; this is a sad event to experience.  But People’s preferences change; what they like today, they tend to dislike next week. Others move from places near you to distant locations, making it impossible for you to enjoy their custom any more. Change in demography also occurs and each of these factors impacts the growth of your business positively or negatively.

Sadly, many entrepreneurs and business leaders are not proactive. They’re hard-wired to adapting to changing situations. If your business is doing well today, praise God; but what if a major client leaves tomorrow, a great employee resigns or a major credit line discontinued? Like every one else, you immediate response would be to replace them right?

Consider your business or organization as a car having comprehensive insurance cover, what would you do if those risks occur? Implementing some contingencies to regularly check on your stability and provide support for you and your business operations will definitely save you some troubles in the long run.

Nowadays, It is no news hearing people talk about “Plan B”, but let’s face the fact, do you have one in place? If you do, are you implementing it right now?

My experience of working with entrepreneurs and business executives tells me that majority of them know exactly what they should be doing. I guess that’s the case with you also. But the trouble is that they don’t know where to begin, what to do first, second or third. Some of them that know have no time to actually do it.

Succeeding in life and business is like falling in love with your wife (for those of you that are married). You can’t leave your wife at the mercy of another man and feel safe. Delegation is great and I highly recommend it; but when delegating major activities, be sure you are in control.

If you are ambitious about growing your business, or nursing a feeling that your business should grow more, here are some suggestions I teach my clients at Business Mastery Summit.

1. Develop crystal clear vision of where your business is headed.

If you were going to somewhere you don’t know, one of two things would likely happen… You might end up in a wrong destination, or waste your time and resources in futility.

You need to first develop clarity about your vision for the future of your business; where you and everyone in your organization are excited about reaching. Regardless of your current situation, your vision will keep you excited against the temporal dissatisfaction that current reality brings. Not doing this one thing first may cost you a fortune.

2. Get organized and take control

There are more distractions and complexities in life and business today than we have experienced in the past. Unfortunately, there seems to be no guarantee that the situation is going to get any better in future.

Having this in mind, it’s important to know that you can’t grow your business in the midst of complexities. This is quite a challenge for many entrepreneurs who are already experiencing distractions from social media platforms, unwanted emails, and hopeless media reports about worsening economies.

Successful people are highly organized. If your house is not in order, your mind will not be at rest. If you have important un-responded emails, unattended calls, pending reports to write, or meetings to attend, every one of these will definitely get in your way of growing your business. You need to get organized, clear all your messes, prioritize your time for the tasks that give you the most benefit, and then focus on them relentlessly.

3. Develop a success plan

If you are a small or medium size business, your success plan is the same as strategic plan for large corporations. It serves the same purpose that a GPS System would for navigating your business successfully.

As I mentioned earlier, many entrepreneurs don’t take action because they don’t know what to do first, second or third. Your success plan contains all the options you consider “most important,” plus the step-by-step approach you must take in achieving them. If you have a success plan with you, and implement it, you’ll become practically unstoppable and experience consistent growth.

About the author: Nkem Mpamah is founder and CEO of Cognition Global Concepts, specializing in helping entrepreneurs and business leaders develop the capacity to double productivity, increase revenue and deliver superior customer service through coaching, leadership training and strategy consulting. If you’ve found this piece useful and need some insights to accelerate your business growth, you can visit their website at www.cognitionglobal.com/business-mastery-summit or email him at info@cognitionglobal.com

How Do You Make Decisions?

Everyday, you are faced with the challenge of making objective decisions to progress with your life or impact the lives of others positively. How do you ensure your decisions are right?

In The ART of Achievement and Fulfillment, Fundamental Principles to OVERCOME Obstacles and Turn Dreams Into Reality, you will find useful help and tools to make powerful decisions and achieve your goals. This self help book will empower you to overcome your fear of making decisions.