Close huh? Houston Grand Prix

You Will Get Knocked Down…count on it

As typical kid from a middle-class family my story isn’t unique...it’s one shared by countless entrepreneurs.  I believe unlocking the self-confidence, tenacity, resilience and perseverance within each of us is the key to achieving success in any endeavor, particularly an entrepreneurial one. No matter how great your concept may be, no matter how much or little financial backing you have, without those four character traits, you’re dead in the water.  Forget about IF you get knocked-down…you WILL get knocked down…count on it. 

I believe you can have self-confidence without being narcissistic; you can have tenacity without being arrogant; you can be resilient without being resistant and you can persevere without being ruthless. You can be a financial success and maintain your philosophical mission without compromising your conscience. 

Since 2005 I have been knocked down; had a business “partner” deceive me, trusted a “professional” who turned out to not be professional and even had legal issues that are the basis of an upcoming book “Indicted Loyalty.” However I have my health, my family and friends and the respect of those who know me (and know the truth).

One of my shareholders recently told me that he would “invest in any business in which I am the leader without taking the time to even read the business plan” because I “got what it takes.” This comment helps to prove my attitude about being a true entrepreneur and closes this essay as I started it; self-confidence, tenacity, resilience and perseverance within each of us is the key to achieving success in any endeavor.

Edward DuCoin

Fiscal Impact of Obamacare on Rural Hospitals

For some time now, rural hospitals have suffered the financial impact imposed by outrageous healthcare costs, increase in outpatient procedures, shorter hospital stays, and the inability to provide more complicated services. In upholding the Affordable Care Act, the Supreme Court decided to permit states to opt-out of the Medicaid expansion.

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Guide to Building a Business Model

The entrepreneurial spirit is alive…but is it alive and well? Do emerging entrepreneurs genuinely realize that a great idea simply isn't enough? Today's challenging economic climate demands clarity and transparency in order to seek financing for any venture and ultimately create a successful enterprise. Only after you have conducted comprehensive marketing research, investigating any and all factors that will impact the service(s) you are planning to provide, will you be ready to make a final decision regarding your business enterprise. If you decide to move forward, an important component to aid you in accomplishing your goal is the creation of a strong, well-defined, carefully constructed business model. We're here to assist you with this task by providing and explaining the purpose and architecture of the business model itself.

The most fundamental definition of a business model is simple: A sound business model should explain all the methods and mechanisms by which the business intends to make money. More importantly, however, it must dissect and describe every component of the endeavor in detail and do so in a way that inspires, encourages and motivates everyone involved, especially the investors. Though this might seem to be a cumbersome assignment, it can actually be accomplished fairly easily. Listed below are a few key, suggestions:

1. Provide a detailed, positive and persuasive, marketing statement to serve as your Customer Value Proposition. Ensure that this statement presents a dynamic illustration of why your service(s) are superior to similar ones and how they can benefit clients and create revenue. This statement, should be thorough but also succinct. Don't risk losing the power of your pitch with unnecessary rambling

2. Be unique. Pursue the most innovative options to enhance how you describe your mission and the delivery of your services. Setting yourself apart by seeking creative alternatives is another way to increases dialogue about your company, enhance visibility, and gain the kind of positive feedback that will facilitate valuable improvements and aid you in developing a loyal client base

3. Lastly, but perhaps most importantly, you must effectively explain your pricing strategies and cash conversion cycle expectations. Simply put, explore options that are creative, competitive, and customer friendly Remember, the world is alway

These three recommendations, should serve as a basic guide to assist you in creating a business model that will explain your goals, procure clients and engage investors.

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Questions For Business Owners And Emerging Entrepreneurs

The connotation behind the word "question" suggests concern, doubt and even ignorance. I prefer to think of a question as the pursuit of intellectual clarity. Questions enlighten and inspire innovation, creative thinking, and the serendipitous discovery of positive resolutions. Questions can maximize productivity, minimize disasters, and ultimately facilitate profitable outcomes. Perhaps a simple explanation is that questions require answers and correct answers usually results in rewarding solutions. 

Below is a compilation of thought provoking questions to encourage resourceful reflection among emerging business owners and entrepreneurs. Actually, they might serve as a refresher course for any business professional, regardless of his/her tenure at the helm. 

1. Does your corporate culture enthusiastically inspire and reward creativity and innovative thinking? 
2. Are you working to insure you will be relevant in order to compete within the next 3 to 5 years? 
3. Is your corporate business model strong enough? 
4. Does each employee thoroughly understand your corporate strategy and use it to drive business? 
5. How can you better maximize your bottom-line while minimizing your cost? 
6. Are you paying close enough attention to statistics and trends that impact your business and the businesses of our clients? 
7. Are you effective in developing successful negotiating tools among your sales force? 
8. Do your employees want to succeed for the company as much as for themselves? 
9. How much attention do you pay to the reasons a project/client that was lost? Do you reevaluate every aspect of your strategy to identify things you could have done better? 
10. What steps have you taken to ensure the loyalty of your clients? 
11. If there was simply one word you would want associated with your organization in the minds of your clients, competitors and employees, what would it be? 
12. How can you take advantage of the latest technology without losing a personalized interaction with your clients? 
13. If you weren't already doing business in this field, would you enter it today? 
14. What is your interview process? What did you fail to uncover regarding the worst individual you ever hired? 
15. Do you have a prominent and effective social media/website presence, i.e.: location, information, and navigation? 
16. Are you passionate enough to continue reinvesting yourself in your business? 17. Have any of your clients used your product(s) in an unconventional way? Have you researched that use to develop positive feedback as a marketing tool? 
18. Do you attempt to reestablish productive relationships with inactive clients? 
19. What steps do you take to ensure that your clients know (and truly believe) you are credible? 
20. Do you believe you; your company and your vision will sustain a positive bottom line? Are you committed to the consistent effort and internal drive to ensure that you will succeed in accomplishing this? 

Wayne Gretzky said "You miss 100% of the shots you don't take." Whether you've already taken your shot or are about to, I hope by reviewing and reflecting on these questions, you have gained some insight regarding what it takes to emerge as a successful entrepreneur.

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