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Dr. Karen's
MONDAY GREETING!
My Top Resources
Letter from the Editor
As entrepreneurs, we all follow relating to and expanding with our own paths and create our their business. own lanes. Dr. Karen S. Ratliff For many, the rise to wealth is Editor In Chief, a long, slow, painful process. I Love Mondays with Dr. For some, things just seem to Karen miraculously come together. I believe that the latter isn’t a result of magic, but is an indication of an entrepreneur who understands the importance of learning from,
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Take Notes! Help for the Entrepreneur!!!
5 Steps Towards Financial Freedom Cheat Sheet
Are you in the entrepreneurs game for the Long Haul?
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Five Tips for Life Balance
This month’s VideoCast!
Table of Contents
10 Classes Entrepreneurs Should Take
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CLASSES ENTREPRENEURS SHOULD TAKE
1. Global Accelerator Network
Gan.co, or GAN, is an incredible resource for startups comprised of more
than 70 accelerators across six continents and 100 cities. GAN offers a way for startups to benefit from short-term, mentorship-based programs that help them launch in a smart, strategic way. Started in 2010 by two co-founders of TechStars, this network has helped 3,300 companies complete their GAN program as well as raise more than $4 billion across the globe to fuel these companies and create nearly 22,000 new jobs. Startups enjoy access to best practices, industry data, discounts and perks, consulting, investors, peers and mentors.
Entrepreneur Guide
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2. Startup Grind
Billed as one of the largest startup communities in the world, Startup Grind brings together more than 400,000 entrepreneurs in 85 countries and 200 cities. The community offers a network of resources, which include events, partnerships with organizations like Google for Entrepreneurs and media opportunities. There are also local community events that help entrepreneurs meet up with others for face-to-face assistance and connection. That assistance includes ways to reach out to talent, innovators, investors and educators. Startup Grind started in 2010 in Silicon Valley and has grown, to offer online and offline opportunities for tapping into some very important resources and opportunities for funding.
3. Young Entrepreneur’s Council
As a resource, YEC has knowledge-sharing, networking and professional development opportunities. Other perks include affordable healthcare options, a travel agency and discounts for co-working spaces all over the country
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Entrepreneur Guide
Young Entrepreneur Council, created by entrepreneurs is an application-only resource that offers startups considerable support and resources. For marketing, YEC offers a free website, numerous opportunities for media exposure, tools for brand-building and invitations to special events and conferences.
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4. Coursera
If you’re looking for a convenient, affordable way to expand your own knowledge and skill set as well as that of anyone you hire, Coursera will connect you to the world’s universities and their best online courses. There are numerous specialties available, including machine learning, Python, data science and a wide range of other very relevant topics and courses to assist today’s startup founders.
Prices range from $25 to $99, making this a very affordable way to expand knowledge and skills within a typical startup founder’s budget. Online degrees and certifications are also available, depending on what you are looking to achieve.
5. Strategyzer
Strategyzer offers a tool called Business Model Canvas, which helps users to create, on one page, a business model that helps direct their startup journey. The company also offers other resources, like the Value Proposition Canvas and other tools businesses can use to improve their strategic management processes and overall direction when they’re not sure where they are going or how to get there.
6. Udemy
Similar to Coursera, Udemy is another excellent resource for learning about all types of subjects and acquiring the necessary skills so businesses do not have to invest their lean funding in additional staff to handle those projects. This global marketplace of learning offers more than 42,000 courses and a network of more than 14 million students. Numerous certifications are also available.
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7. Userinput
Sometimes it’s difficult to know if your website, app or idea really has enough traction to go the distance and become a full-fledged business.
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So Userinput.io helps startups get honest feedback from users willling to provide their opinions. The benefits for the businesses are a very affordable way to get reviews and input from selected reviewers. The feedback comes quickly and offers constructive criticism to make the necessary improvements to increase a startup’s chances at success.
8. EdX
While similar to some of the other educational resources on this list, edX offers free courses which are especially attactive for startup founders facing a very limited budget. Those courses’ major benefit: They’re from prestigious universities like Harvard, MIT and the niversity of California -- Berkeley. The organization also has business partnerships with universities, professors and industry experts all over the world and features a global community that facilitates connections among entrepreneurs.
9. Growthority
Growthority is a growth-hacking service that helps startups by taking over the early stages of growth for them. It’s akin to an outsourcing service for growth, where startups have a team that can handle online marketing and technical skills as well as provide other knowledge necessary to help build the busines into something larger, with the traction needed to continue the momentum.
10. Clarity
Clarity is an organization geared to providing access to mentors and experts that can help entrepreneurs in specific areas. Users can browse for experts by topics such as business strategy, marketing, social media, strategic planning, SEO and business development, to name a few. Users then select their expert and connect directly with them to get answers and advice. This is a great way to tap directly into an area founders are unfamiliar with, to get the assistance needed, rather than hire someone full time to do the same thing.
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I n it for the Long Haul?
Consider these tips when thinking long-term about your company:
1. Time is money. Money, customers,
Task One: Avoid clients who take up too much of your time, who consistently have unrealistic expectations, or compromise your brand or integrity.
ideas, and strategies: all resources you can potentially gain more of. Time, however, is the one commodity that you can’t play around with. I pray that God “stretch my days and stretch my dollar.”
3. There are no cheap shortcuts in marketing. Either do it yourself or
Task One: One way to ensure you make the most of your time is to assign an hourly dollar amount to your tasks.
hire someone else to do it for you. Either way, building a brand takes time.
In It For The Long Hau
4. Outsource as much as 5. Build your personal possible. If you have extra funds to brand as well as your comdo so, outsource as much as you can. pany brand. Many entrepreneurs It will save you time and sometimes the headache. Task One: Decide what you can afford to outsource and keep track of the pros and cons of doing so.
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make the mistake of focusing on building their company brand to the exclusion of building their personal brand.
Task One: Separate the two. Ensure that your personal brand builds your credibility within your field.
March Money Madness
Task One: Make the decision to market 2. Not all money is good money. your own business or hire someone to do If taking money compromises your integri- it. ty, don’t take it. It is not worth it.
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Take Notes:
1. You are not the end all, be all. Your customers will appreciate what you do, but there is always going to be someone that’s more intelligent, smarter and nicer than you are. Therefore, don’t get too comfortable. Stay connected with your clients and give the best service/product that you can. 2. Your Brand Matters. Keep a clean brand. Stay positive and always have integrity. 3. You are the Boss, Act Like It. If something is not right, fix it. Let the customer know that you are “big enough” to take care of any issues from your company.
4. Continue to plan. Once you’ve launched your business, it is imperative to continue to plan. Never feel like you are at your best. There is always room for improvement. Continue to plan to get better. 5. Unfortunately, you can’t make everyone happy. Some of your customers may not always get what they want and will not be a returning customer. Just know, if you’ve done all you can, let them go. It is okay.
Help!!!
for the Start-Up Entrepreneur!
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Help for Entrepreneurs
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FIVE TIPS FOR
1. Work/Life balance Find something that you enjoy doing that is not related to work 2. Single vs. Married Rest assure that if you are married, your focus should be focused on your home and marriage. Therefore, do not compare yourself to someone who has capacity to do much more.
Balance for Life
3. Entrepreneurs: Working Overtime Track your time as a fulltime entrepreneur. You probably left a job because you felt that you worked more
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BALANCE than 40 hours per week. On average, a new entrepreneur works on average 60 hours per week. Do your math and make adjustments, if necessary. 4. Self-Care How are you taking care of yourself? Evaluate, at minimum, a monthly routine that allows you to focus on yourself. 5. Work and Play Make a list of what you do for work/business and what you do for play. Is that list balanced?
Resource: 5 Steps Towards Financial Freedom Cheat Sheet
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1. Multiple Streams: Bring in at least five streams of income. Relying on your 9-5 job is a major mistake. You can bring in different income streams by using your gifts and/or talents (e.g. Editing, Painting, Event Planning, Coaching, etc.).
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List at least five of your gifts/talents and create a plan to start investing in them to bring in more money:
_________________________________________________________________________________________________ _________________________________________________________________________________________________ _________________________________________________________________________________________________
2. Allocate your money appropriately: Do you know where your money should go? Start here with my 10, 20, 30, 40 rule: a. Tithes: 10% b. Save 20% c. Spend 30% d. Pay off Debt 40%
_______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________
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Resources for Entrepreneurs
For the next 30 days, keep tabs on where you are spending your money. At the end of 30 days, start adjusting your budget to fit the above categories. Write your monthly income and which category your income falls into:
3. Pay off all credit card debt: You do not need them anyway. If you cannot afford it, you should not buy it. Start paying them off by focusing on the credit card with the highest interest rate first. Pay the highest interest rate card off by paying more than the minimum balance (pay the other minimum monthly balance until the highest interest rate is paid off first). Then, repeat for the next credit card and until all credit cards are paid off. If you have credit cards in the collections, call the company and ask for a payoff balance for a lower amount owed. List all of your credit cards based on highest to lowest interest rate: _________________________________________________________________________________________________ _________________________________________________________________________________________________ _________________________________________________________________________________________________
4. Budget your money and stick to it: You have 30% of your income to spend money. Figure out ways to cut back, shop smarter, and utilize resources that can keep you on budget. You can cut back by not eating at restaurants on a weekly basis. You can shop smarter by using sale ads and coupons. You can utilize resources that can keep you on budget such as an accountability partner. The role of an accountability partner is to help achieve a goal, be a sounding board, and keep you focused. List ways you can cut back, shop smarter and a list of potential accountability partners: _________________________________________________________________________________________________ _________________________________________________________________________________________________ _________________________________________________________________________________________________
5. Save as much as you can immediately: If you do not have one, open a separate account just for your savings. Start with putting 20% of your income in savings until you have $1,500 (for emergencies only). Pay off all of your credit card debt, then consistently save at least 20% of your earnings. Sometimes we save when we are motivated by something to save for (e.g. emergency fund, college tuition, new home, etc.). Write your top five reasons to save money every month: _________________________________________________________________________________________________ _________________________________________________________________________________________________ _________________________________________________________________________________________________
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About the Editor in Chief
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Dr. Karen Ratliff is a native of Chicago, Illinois. As the founder of 365 Consulting Group, she assists individuals and corporations reach their desired visions, dreams, and goals. She is an author, motivational speaker, certified life coach, ghostwriter, and consultant. Her motto is “How May I Help You Win?” Dr. Ratliff was the writer for Jet Magazine “Cents and Sensibility” column. She is also a professor, course designer and curriculum developer. She is the trailblazer for the approval of a charter school located on the south-side of Chicago, where she now serves as the Board President. Most recently Dr. Karen became a 2018 recipient of the “40 under 40,” Young Women Professional League where she is recognized as a trailblazing professional under the age of 40. She loves Mondays because Monday is the day that sets the tone for the week. Don’t wait until Friday to get things done. Get it done early and chill the rest of the week.
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