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Resolutions for a New Year in Business

January 9th 2011 22:18

More than ever I believe that ROI in going to be the name of the game in 2011. I've given a lot of thought to how I am going to approach this year and I've come up with two resolutions that I want to share with you.

1. Work harder

Most people believe that working smarter is the best way to get ahead. They dream of a really smart 4 hour workweek. But, honestly, to truly get ahead you need to work smarter while working harder. That means 50 hours a week at a minimum.

2. Goal setting

It is important for me to set goals. These are short term AND long term goals. Everyday I have a goal for that day, a list of things to accomplish in the chase of the larger goal. The same can be true of each month and each year. The thing about surviving and even thriving in the business world is that you must be willing to do the things in preparation and execution that your competitors are not willing or able to do.

Signing off,

I plan to expand on these ideas and outline some of my own thoughts over the coming year.

I wish the best of luck for everyone in their business endeavors in this year.

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Posted By: Bryan Enderson - Category: No Category

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Resolutions for a New Year in Business

January 9th 2011 21:39

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Posted By: Bryan Enderson - Category: No Category

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Are you a worker or a risker?

September 12th 2010 19:54

Frequently, in the world of online companies, there are two types of players. I call these the workers and the riskers, and evidently "riskers" is not a word according to my spellcheck (also not a word), but I am sticking with it.

What is a worker?

For a business to function there needs to be a great many people, sometimes thousands if the organization is large, to handle the day to day operations of the business. In the case of a company working online, let's say a media company that connects advertisers and publishers, there is a typical corporate structure.

There is a sales department, an IT department, an HR department, and so on. There is also a hierarchy. In each department there is a totem pole with a person, likely the most recent hire, on the bottom and a boss on the top, with a range of individuals filling out the middle. Above the boss of any given totem pole (department within the corporation) there is the senior management, such as officers.

Everyone, for the most part, who works for the corporation is a worker. They trade their time, energy, effort and skills for a paycheck. The amount of their compensation is predetermined. So long as they fulfill their responsibilities sufficiently they will not make any more or less money than they expected to, and, naturally, this includes non-monetary compensation such as work-related benefits.

Being a worker means that you are not taking any risk -- at least no more risk than any other person at the firm you work for. The only risk that you take is that the overall business may fail or falter and you won't have a job. But you are not required to put any of your own money or property at risk. You simply exchange your time and effort for a paycheck. The worst thing that can happen is that you can lose your job, in which case you simply need to find another job.

Risk, as you may be beginning to realize, rules compensation in a competitive economy. If you want to be a worker and make a lot of money, there is only one way to do so without taking on risk (and therefore guaranteeing that you will never lose your own money) and that is to become credentialed in a field with a very high barrier to entry. For instance, doctors are required to attend undergraduate university, medical school, residency ect before they are allowed to practice medicine. Because of this, there is a very large barrier to entry, any fool can't call themselves an M.D. Assuming a person is capable enough to fulfill the credentialing requirements, they are likely to make a very nice living while risking very little. The hospital that they work for will never ask them for a $5 million loan to keep the lights on for another six months. And if they ever did, the doctor would find a new job at a more successful hospital.

I am not a doctor and this is a simplification, but it is one that serves a point.

In online business the people who make the most money are, generally, the people who have taken the most risk. These are the same people who make the least money.

So, let's say that you are a programmer. Depending upon your risk tolerance you may choose one of two paths. You may go to work for a dating site, like eharmony.com, or you could create your own dating site, like Marcus Frind of plentyoffish.com. If you create your own dating site and it fails, you will not be compensated in any way and will lose the time and money that you invested in the venture. But, if your site, like Marcus's, becomes a success, you will be rewarded for your risk-taking and make many times more money than the engineer who took the job at eharmony.com

So, if you are a young person with dreams of an upper-middle class lifestyle, you will have to decide what type of personal temperament you possess: Are you a worker or are you a risker?

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Posted By: Bryan Enderson - Category: No Category

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Welcome to Online Business

September 12th 2010 19:26

I have decided to join the rest of the world, it seems, in the second decade of the 21st century and become a blogger. You are reading the initial post of my blog on online business.

I have many varied interests but the topic of this blog will be doing business online. Naturally, that means that I will be talking about different business models (such as e-commerce and affiliate marketing) as well as various ways that people monetize their web properties

[ Click here to read more ]

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