business – Page 2 – Allie Potts Writes

Separating Business from Hobby

April 7, 2014December 31, 2019 by Allie P., posted in General Tips and Tricks, Life Hacks

Hirst's Shark Tank by the Little Artists — Hirst’s Shark Tank by the Little Artists (Photo credit: Wikipedia)

What separates a business from a hobby? My husband and I watch a fair bit of the show, Shark Tank, and often one of the investors will explain the difference to wannabe entrepreneurs. It is one thing to have an idea, and I am in no way diminishing the importance of that crucial element, but there is more to building a business than just having something to sell.

In order to transform a hobby into a business yes, you need a product or service. But you also need a path to market, a sales strategy, a plan for what to do with revenue once it is received, a plan for what to do when the money doesn’t flow as it should, and a plan for what to do when faced with an outright threat. There is so much to do that having the actual innovative spark is almost more window dressing than requirement. That is a minimum of five parts plan to one part innovation!

While at my day job, I usually deal with established companies releasing their next big product offering, but occasionally I get the opportunity to meet with the independent idea person. Typically these are people fresh from one of the nearby university technology incubators. These people a fun to meet with because they are so incredibly passionate about their product, but really have no idea how much they don’t know about the challenges of bringing an invention out of their garage.

One of the biggest mistakes they make in their plan is forgetting that though they might have a great rapport with the person at the other side of the table, at the end of the day, “its nothing personal, just business.” I have to watch as they are forced to question their own faith in their product and their existing partners. For example, patents are only as good as they are enforceable and established companies usually have much deeper pockets along with capable supply chains and effective sales channels.

The reaction varies. Sometimes the innovator’s ego doesn’t allow him or her to accept these questions. They get angry and defensive. Of course their product will sell itself and they will become overnight millionaires. They are such geniuses that no one could possibly find a way to build it cheaper, quicker, or in a way that gets around their patent. The public will never accept a lower quality solution at a cheaper price – they will demand the real thing. All of their suppliers will deliver and all their customers will pay on time just because they have put some words together on a piece of paper and called it a contract.

Some throw their hands up in despair. They give up on their dream the moment they are asked to answer tough questions. Others listen with open minds. They are humble enough to realize that they don’t know all the answers and that their product may not be ready for the mass market. Perhaps it is not in their best interest today to accept that large purchase order with all its many zeros. These are the people who will buckle down and return to pitch their idea another day. They leave even more committed, but with their eyes wide open.

English: Figure 10: SWOT-Analysis of the organ... — English: Figure 10: SWOT-Analysis of the organic business idea. Belongs to The Organic Business Guide. (Photo credit: Wikipedia)

As much as my novels are the children of my imagination, I have to treat my writing as a business, and books as its product. While so far I have found there to be quite a bit of cross over, I recognize that I am new to this industry. I recognize that I can’t rely entirely on instinct alone. What I believe is my best strategy may well be wrong.

In fact as I near the final weeks of writing the first draft, there are a number of things that I intend to do differently this second time around. I enjoyed the speed to market that self publishing offered, but I do think that this time I am going to at least query a few other channels. Yes, I will likely get rejected, as that seems to be a recurring pattern in the industry, but I’ll never know for sure that I picked the course best suited for my own business needs and personal style if I don’t at least ask for other opinions from time to time.

Should Your Hobby Invention Idea Become A Business? (inventorspot.com)
The Patent Troll Tragedy (growthology.org)
Making the Most of Creativity (kauffman.org)
Just because writing is a business doesn’t mean it’s a good business (jeffmarkowitz.wordpress.com)
New Podcast Up: The Props Under the Platform (writingishardwork.com)
Writing Business/Hobby? (sushrutthorat.wordpress.com)
Should Authors and Illustrators Form an LLC (and Other Business Questions)? (sylvialiuland.com)

Help Wanted – Embracing Outsourcing

April 3, 2014April 3, 2014 by Allie P., posted in Life as I know it

I’ve recently suffered a terrible loss. My part-time housekeeper has found a better opportunity elsewhere. While this is great news for her (and I wish her all the best), it is awful news for me. I am going to have to somehow figure out how to insert deep cleaning back into my already full schedule. Cue the nervous tics.

She wasn’t coming by weekly, and I have never completely abdicated my responsibility in keeping the house habitable in between cleanings, but I am probably not going to have my house featured in Good Housekeeping Magazine based on my efforts alone anytime soon.

The days she did arrive were near magical. I would open the door and all the surfaces were polished to a high shine. The kids could be shouting or running around like maniacs and I could sit back and enjoy them rather than feel the stress of needing to straighten everything up pile up on top of the stress from the work day.

I get asked all the time how I manage to work a full-time job, raise two kids, and write. I’ll let you in on my little secret – I now outsource whenever possible. But I wasn’t always so willing to let go.

I spent the first several years of my career with the idea that the only way to prove myself as an effective team player and overall value to the organization was to do everything myself. I rarely turned a task down. Obviously a person asking me for my help was doing so because they knew I could take care of it effectively and on time. Saying no would be admitting to a weakness or other failing. Saying yes to such a request was the easiest way to accept their high praise of my work. Right?

A few years later a position in management opened up. I thought to myself, I’ve shown everyone how great I can be, I know I am going to get asked to fill the position. I am the clear choice.

Only then did I realize that I had made some major tactical errors:

I had made myself too valuable in my current position
I had not shown that I could delegate or push back on tasks effectively
I had assumed the position was mine for the taking

Luckily I was able to identify a quick fix solution for the first two errors. I would train my peers making my replacement easier to find. I did this by delegating tasks, because hands on experience works best. Additionally I learned how prioritize and how to say no. I needed to focus my time on only the most important tasks.

Up until this point I had a great relationship with my boss. He was well aware of my career aspirations. Unfortunately his departure from the company was the reason for the open management position. I did not have nearly the same relationship with the remaining hiring manager. He would not know I was interested in the position if I did not have the confidence and courage to ask for it outright.

I wrote a whole essay on why I deserved the position in the most basic persuasive format: intro, reason 1, 2, 3, summary close with action statement. It must have gotten my point across.

I was offered the position, and could have easily reverted back to the friendly co-worker who said yes to everything. Sure, I would have been liked by everyone, but I would have been positively buried by work. My first year in management might have been my last. I either would become burnt out, or so ineffective at the job I was hired to do that my boss would have had no choice but to replace me.

Saying yes to happiness means learning to say ... — Saying yes to happiness means learning to say no to things and people that stress you out. -Thema Davis (Photo credit: deeplifequotes)

Sure, I like to think that I can take on any task my company throws my way, but I’ve learned to recognize that so could a number of other people, especially if given a little bit more practice. If I want to develop my staff to their fullest potential then I owe it to them to delegate more from time to time.

Additionally while no one likes to be told no all the time, the occasional “no” can be liberating. I may not be able to say I have it all, but truth be told I don’t want it all. I don’t want to spend every waking hour during the week working, or my weekends cleaning. I don’t want a life full of stress. I’d rather spend my time with my family or the working on the tasks I enjoy such as writing my next project.

Unfortunately until I find my next great hire, it would appear that I need to become re-acquainted with my vacuum.

How to Delegate Without Losing Control (orangelinecareer.com)
Home Base Business Owner – 6 Reasons Why You Should Consider Hiring A Housekeeper? (empowernetwork.com)
Delegate the Right Tasks to Grow Your Business (business2community.com)
Don’t Do It Yourself, Hire a Clone (mint.com)
Fight The Fear: Leaping Into Outsourcing (theadminassistant.com.au)
6 Steps to Managing Your Overwhelming Workload (entrepreneur.com)

Caution – Don’t feed the bears or the doubters!

March 24, 2014March 24, 2014 by Allie P., posted in Life as I know it

A woman I had worked with for more than ten years recently left my company after being offered a position with a great deal more responsibility and fancy new title. She was excited to advance her career but was incredibly nervous. The company she was going to had picked her for the position after only a few brief meetings and some words on her resume. What would happen if she got there and they all found out that she was not able to do the job as advertised?

The days from the time she turned in her notice and her last day passed quickly. Those of us who she was leaving behind had to be trained on her tasks so that at a minimum we could cover the work until a longer term replacement could be found. She grew even more apprehensive. We were planning for life without her. If she failed now, she couldn’t count on a spot remaining open for her.

I was working remotely on her last day and so was not able to send her off in person. I wouldn’t have even gotten my initial interview with the company had she not been the one to pass my resume along to the hiring manager so a brief note along the lines of “and thank you for all the fish” didn’t seem adequate. (Yes that is a reference to the Hitchhiker’s Guide to the Galaxy).

The Hitchhiker's Guide to the Galaxy cover art — The Hitchhiker’s Guide to the Galaxy cover art (Photo credit: Wikipedia)

While looking for inspiration I came across a quote by Marianne Williamson:

Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness, that frightens us. We ask ourselves, who am I to be brilliant, gorgeous, talented and fabulous? Actually, who are you not to be?

While this quote might have been originally directed at women, it is an observation that should not be considered to be gender specific.

I have come across of number of blogs and listened to presentations in which the author or presenter felt compelled to describe, in length, all the reasons they shouldn’t be considered anyone’s role model. I have to wonder why they are so afraid that another person might try to emulate them? They have families, friends, or colleagues who care for them and are at least moderately successful in their profession. They wouldn’t have an audience if others didn’t find that they had at least something worthwhile to say. Why shouldn’t someone look to them as a possible mentor?

I know from personal experience that hiring new staff is no easy task. The last thing anyone wants is to have to start the process over due to a poor hire. My former colleague would never have been offered the position if the company hiring her didn’t believe that she was capable of doing the work. To be successful in her new position she was going to have to silence her doubts and embrace the unknown.

In earlier posts, I wrote about how grateful I am that I have a strong support network. However as much as they have helped me, ultimately they have their own goals and pet projects. The person who is chiefly responsible for ensuring my success is me. It is healthy to possess a moderate ego. If I don’t believe in myself, why should anyone else?

Let the bears of the market find easier meat elsewhere. I am feeling bullish.