Monthly Archives: February 2012

February 29, 2012

Borrow Money To Start A Business?

By Chris LoCurto
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Borrowing money for business is as old as time. Or at least as old as the first time someone did it. Whatever. Either way, it’s one of the most-asked questions we get about starting or expanding a business. There’s no way you can start or expand a business without debt … Can you?

And while I don’t know if I’ll ever see this myth put to rest in my days of enjoying vanilla lattes on this planet, hopefully I can dispel it for those who follow me. YES, you can run, start and expand a business debt-free! Don’t believe me? Check out the data from the most recent U.S. census on the amount of money needed to start a new business.

  • 1% needed $1,000,000 or more
  • 14% needed $25,000-$999,000
  • 34% needed less than $5,000
  • 26% did not require any money at all!

(SOURCE: “48 BUSINESS IDEAS” BY DAN MILLER)

If 60% of new businesses can start on less than $5,000, so can you. What’s the difference in starting debt-free than with debt? You don’t start at the size you want, which, by the way, is better! You grow at the rate that God wants instead of the rate that you want—keeping the mistakes down that borrowed money magnifies.

Start small and debt-free. Do everything you can to create revenue and pour it back into the business. That way, the blood, sweat and tears are from hard work instead of stressing over your bank loan.

Question: How does understanding the numbers effect your decision to start a business? 

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26 comments   |  tags: , , , , , | posted in EntreLeadership, Leadership, Small Business

February 28, 2012

Why Delegation And Trust Are More Important Than You Think

By Chris LoCurto
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Delegation and trust, two of the most misunderstood things in leadership. As host of the EntreLeadership Podcast, I meet a lot of really awesome guests who have shared some invaluable advice. And our latest Podcast, which launched today, is no exception.

Stephen M.R. Covey,  author of incredible books like The Speed of Trust and Smart Trust, was in the house to discuss two of the most misunderstood areas in leadership—delegation and trust.

If you don’t see the graphic, click here for the podcast.

Here are just a couple of highlights from the podcast:

  • Strength of Delegation – Delegation allows us to multiply ourselves. We, as leaders, should want that trust widely placed. It is the most compelling form of motivation. It is amazing how people respond when trust is given to them. We get better results and have more capacity to grow. (That’s kind of important.)
  • Mutual Trust - The No. 1 defining characteristic of what makes a great place to work is mutual trust. It engages people. It energizes people. It creates a workplace of choice. Most importantly, champions are always attracted to great places. They’re looking for a place where they don’t have to worry about being held back because of a lack of trust. Some create rule-based companies because they’ve never learned how they can trust their team.
  • Removing Doubt - People automatically believe you have an agenda if they feel like they’re not trusted. They think you have something hidden up your sleeve if you’re not sharing information. How do you avoid that? Declare your intent. Give them the why behind the what, so they know what you’re trying to do. You’re being transparent, and they know there’s nothing to hide. Here’s what I’m trying to do. Here’s why, etc. It’s virtually impossible to declare an agenda that’s self-serving.

This is just a small portion of the incredible interview, like a gherkin pickle’s worth of information. Click on the graphic above to get the rest of our amazing discussion.

Question: How has trust affected you in your working career?

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9 comments   |  tags: , , , , , , , , , | posted in EntreLeadership, Leadership, Small Business

February 27, 2012

Why Burger Up Has Become My New Favorite Burger Place!

By Chris LoCurto
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OK, I have a burger confession. I am positively, absolutely a lover of all things burger. And the other night, I was in the mood for a good one. I had been to Burger Up a few times in the past and knew that I liked their food. (I lost a bet to Aaron West and had to buy him a burger. I still think he’s had to buy me more burgers from losing bets, though. I’m just saying!)

The place was packed with a line out the door. So instead of waiting, I headed straight to the bar and sat there. Now, it’s a funky kind of atmosphere—the kind where you can either get great servers or weird you-should-be-glad-I’m-serving-you servers. Hopefully, you know what I mean.

It turned out that my server, Troy, was a really nice guy with enough cool ink on his arms to rewrite War and Peace. He jumped right in, gave me a menu and started taking care of me. When the food came out, it consisted of this gorgeous burger with white Cheddar cheese, Benton’s bacon, and Jack Daniel’s maple ketchup. Sitting next to it in a silver cup was an order of truffle fries, with what I believe was Parmesan cheese. AHHHH!!!! Loved it!

Normally, I’m not a big fan of ketchup. In fact, I’m not an admirer of tomatoes that aren’t vine ripened. But this ketchup was rockin’ my world that night. So much so, I asked my waiter, who was elbow deep in the sink washing glasses, if I could have some extra to see if it would go well with the fries. Now here’s where my night just got better.

Without skipping a beat, he said, “SHOOT yeah!” with a look that said, Dude, is that all you want? Ask me for something difficult already! He quickly dried off his hands, went straight to the kitchen and reappeared quickly with a stainless steel ramekin of the red liquid fantasticness. C’mon!!! I can barely get the folks at the other burger joints to look at me when I’m ordering! It’s a thing … I like to be looked at.

This kind of customer service makes me want to come back time and time again. It wasn’t just him taking care of me. It was him making me feel like my request was the smallest task he had accomplished that day. And we all know how badly some servers make us feel for requesting just about anything. He made me feel like he had been waiting all day to take care of ME.

That’s how you do customer service. Do you think he got a bigger than normal tip? SHOOT yeah, as well as a repeat customer in me. I will bypass my normal burger joint, which costs me less money, to go to Burger Up and receive better customer service.

As a leader, you have to ask yourself the question: Is my team treating customers like this? If not, why? Not only did HE get more money in his pocket for doing so, but the restaurant profited, too—not because of the great food but because of the awesome service.

Question: How does this kind of customer service effect your decision to patronize a business?

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24 comments   |  tags: , , , , | posted in EntreLeadership, Leadership, Random Thoughts

February 24, 2012

Life Lessons and Random Observations

By Chris LoCurto
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Here is a guest post from one of my top commenters, Jane. You can check out her blog at www.GinasMom.com. You can guest post as well! Read how to here.

Through the Eyes of a Newly Minted American 

In only the way kids can, my girls will not let me forget they have been Americans longer than me. Without fail, any mention of nationalities, travel, etc. brings the aforementioned response. “Even though mommy is older than us, we have been Americans for a looooong time, longer than her!”

This past summer, they had several occasions to bring it up, since I celebrated my first anniversary as an American citizen. I grew up inKenya and came here about 15 years ago in pursuit of higher education.

As we celebrated this milestone, I couldn’t help but take stock of what I have learned and how it has helped me to succeed. I would love to share my observations with you.

American Confidence

Americans, including me now, are nothing like what I’d envisioned when I was a little girl running barefoot to school. One year, an American youth group, including a group of basketball players, came to my school on a mission trip. I recall the shock when one guy stood up. He wasn’t standing on a stool but was actually that tall. In awe, I thought, They are so strong, so handsome and so cocky. Through the years, I’ve come to define this as “self-confidence.” It’s critical to being able to succeed in any endeavor. I’m guilty of it, and I love it.

Bargaining Prowess

Depending on their origin, most newly minted Americans are pros at bargaining. Back in Kenya, bargaining or haggling is an essential skill passed on to children through observation and hours of practice at the local markets. I love to haggle, asking things like, “Is that the final price?” It’s a skill all Americans should re-learn and practice a lot.

Freedom of Choice

The freedom of choice available to everyone still astounds me. We have real options. If A doesn’t work, move to B. If B doesn’t work, move to C. You get the idea. I’m not sure how real this is to everybody else, but it’s a reality worth looking into. There is a reason that it’s called “the land of freedom and opportunity.”

Experience is Key, But Include Your Reference Points

In any new situation, experience is a great asset. But I’ve learned to also define the parameters of that experience, especially while making comparisons. Based on the feedback I have received, I now understand the puzzled, and sometimes shocked, looks I get in reaction to the following statements.

  1. I had a very small wedding back in Kenya—about 700 to 800 people. Most of my husband’s family could not travel from England.
  2. All my lower elementary classes were rather small—35 to 40 kids each.
  3. My 30-minute walk to school was very short. Many kids had to walk an hour each way.

Prized Possession

Finally, as a newly minted citizen, one of my most prized possessions is my blue American passport. It allows me to travel with ease, and it gives me the chance to enrich my kids’ lives. They can experience how the rest of the world lives. They’ll learn we do have options here, but there are other options out there, too. There are other ways of doing business or being successful in life.

I love my new country, and I love the opportunities it affords me. But I’m glad to have experienced life in a different environment. It gives me more reference points and makes me appreciate what I have so much more.

Question: How does this change your perspective of our lives as Americans? 

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22 comments   |  tags: , , , , , , , , | posted in EntreLeadership, Leadership, Random Thoughts, Small Business

February 23, 2012

Do You Approve Of My Life?

By Chris LoCurto
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Life has become fast! Everywhere you turn people are cramming more stuff into their already overflowing days. In the workplace it’s even worse. I meet thousands of business men and women who are more stressed out than ever in their jobs. One of the down sides to that is our tendency to pass that stress on to our team in the way of yelling, and griping, and finding them always doing something wrong.

Unfortunately, we live in a world where we long for man’s approval. Whether it be a team member wanting the approval of their leader, a leader wanting approval from a team, or a daughter wanting the approval of her father. You can go on and on with the scenarios, the point is, we all want approval. And when all we get is strife, it makes it just that much more important to us.

Think back to when you were a kid and you just wanted someone to tell you how great of a job you were doing. Or how much you wanted someone to come along side of you, put their arm around you, and tell you that they were proud of you. The crazy thing is, those feeling never go away. For the rest of our lives we are wanting someone to be proud of us. More importantly, we prefer that someone be a person of influence in our lives.

Because of that, many of us have a tendency to do things to get that approval. We’ll go out of our way to serve in a way that should make people notice. Or dress a certain way that will bring attention that seems like approval. For some, they will even lie or hide things in an attempt to garner that which seems so needed for their life.

And while we may even recognize that we are human and we struggle with this pain in the backside issue, for some reason we don’t always realize that we’re not alone. Why? Because the need for approval is a selfish need. Therefore, it’s more difficult to think about those around us who need it as well.

As a leader….heck, as a parent, an older sibling, or even a friend, we have to spend time understanding that people want to hear encouraging words from us just like we do from them. Our team, our family, our children want that same experience that we want, of someone putting their arm around them and saying how proud they are. Why do we not think to do that? Perhaps it’s because we’re waiting for it to happen to us.

So stop! Quit waiting for someone to come make your day. Instead, go make someone else’s. Go find at least two people today and give a little love. Now, it has to be sincere. Trust me, they will know otherwise. I think you will find two amazing things. First, how good it feels to show someone how much you admire and care for them. Second, it won’t take long before some of that love is returned.

Eh, what do I know. I could totally be wrong. But I’m not, so go do it.

Question: How have you noticed the people on your team needing your attention? 

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22 comments   |  tags: , , , | posted in EntreLeadership, Leadership, Small Business

February 22, 2012

Is Hiring A Happy Barista Important?

By Chris LoCurto
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Yesterday I taught EntreLeadership principles to an amazing group at the Mississippi University for Women. the people I met were as beautiful as the campus where the event took place. Not only did they have incredible southern hospitality, but as leaders and business owners, they had some fantastic questions as well.

One of those came from the owner Cafe Aromas. She asked me how important it was to try and find someone who absolutely loves being a barista, instead of just someone who can do the job. You see, one of the things I teach is, don’t hire someone who can do the job. I dont wan’t that person. Many people can do the job and they bring absolutely no excitement whatsoever to the work environment. See exactly what I mean in Don’t Let Someone Ruin Your Already-Bad Day.

If you understand where she’s coming from, you understand why she asked the question. It’s difficult to find good people to come in to work that early in the morning and be cheery. Why is that so important? Because to those of us who are addicted to that silly little nectar that God created, the barista is the caffeine before our actual caffeine. Walking in when you’re trying to wake up, and seeing someone who seems to not care about you at all is frustrating.

I want to see that person who’s upbeat, happy, and doing what they can to help kickstart my day. That’s why it’s important to spend more time in the hiring process to find people who believe that serving coffee in the morning is considerably more important than it sounds. If you find a server with the heart of a servant, we all win.

Question: How important is it to you for one of the first people you see each day to be a happy person?

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28 comments   |  tags: , , , , , , | posted in EntreLeadership, Leadership, Small Business

February 21, 2012

EntreLeaders Share Their Favorite Business Apps

By Chris LoCurto
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For many of today’s business leaders,  smartphones have become an essential tool, allowing them to run their companies from virtually anywhere. In fact, according to a recent survey by RingCentral, 34% of business professionals at small- to medium-size companies use smartphones more than their computers for business. And a whopping 83% said they would rather give up their morning coffee than their smartphone.

After the shock of finding out how many of you are willing to give up caffeine wore off, we wanted to hear from our EntreLeader Facebook community about the business apps they’re using. Just a head’s up: we’re not endorsing any of these products, just sharing the opinions of our Facebook fans. Here’s what they had to say about their favorites.

“Mint.com helps track all finances, personal or business. It allows me to quickly track expenses and see where my money is going. I can create, edit and track budgets electronically. Sadly, I can’t keep everything in envelopes.—Nick

“BizXpenseTracker: What’s not to love about this app? It’s a great way to keep up with my expenses, mileage and time, with as many categories as I want/need! My favorite feature?  I can photograph my receipt and export it.”—Vickie

“Square allows our small business to take debit cards (on a smartphone) without the large processing fees. It’s 49 cents per debit.”—Anita

“WorldCard Mobile allows me to take pictures of business cards, and then it saves the images and syncs  them to my contacts.”—David

“HoursTracker: I have many clients that I bill by time. This app keeps track of my time. I can also export my hours to Excel and e-mail from it. There’s a clock in/out button, and it even keeps track of my revenue by day, week, month or job. I love it!”—Amy

“JotNot Scanner: I scan documents right from my iPhone. It’s sooooooo much better than buying a scanner when you only scan once a week or so.”—Wavecation

“I travel all of the time, and TripIt keeps all my itineraries in line.”—Bryan

“iThoughtHD on my iPad: I use it for mind mapping and creative thinking. It allows me to deductively think through an idea, problem, project, etc. It’s compatible with Mindjet’s Mind Manager, which I have on my iMac desktop.”—Alan

“Mapquest: Now, I never get lost!”—Darlene

“GetPaid!: I can create an invoice on location and e-mail a client within seconds of a job’s completion.”—Kevin

“Definitely Dropbox, for having my files when and where I need them, and Join.me for free web-conferencing for up to 250 people.”—Chris

“I have a few that are my favorites: Square, Evernote, Sign-N-Send, Dropbox, Wunderlist, Dragon Dictation.”—Matt

“Habit Streak keeps track of my progress on daily goals and activities. It tells me how many days in a row I did what I said I would do.”—Michael

Question: What’s your favorite app? 

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20 comments   |  tags: , , , , , , , , | posted in EntreLeadership, Leadership, Small Business

February 20, 2012

Money, Can You Really Agree With Your Spouse In Business?

By Chris LoCurto
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Money problems are the number one cause of fights inside a marriage. Some studies show that 57% of the fights inside of a marriage are over money.

So if it’s that bad at home, what happens when a couple works together with the business finances? Well, here’s a very common question from one of our fans:

My husband and his father are running a small real estate management company. My husband hired me to start managing the finances/keeping the books for them beginning in September 2010. After working with their finances for several months now, I see that there is a substantial amount of credit card debt.

I have tried to explain to my husband that I need to apply the principle of the “debt-snowball” to this debt instead of continuing to make several minimum monthly payments that are several hundreds of dollars each. My husband argues with me about this stating that this will destroy the company’s credit rating, etc.

This is the same argument he made with me when I started FPU and told him we needed to start the debt-snowball on our personal credit card debt. In that case, he finally stopped arguing with me and let me go ahead. In terms of the small business, he is being a bit more difficult. I need to be able to show him the specific answer that the debt-snowball is applied in the same manner in a small company like theirs, as it is in personal finance. Please help!

The debt question is one that I get A LOT in EntreLeadership. So many leaders think that people can’t run a business without debt. So inevitably, during my event I will ask how many people are running their business debt free. It’s usually about 30% of the attendees. If people can’t run a business without debt, then how are so many doing it?

There are a few things to consider:

  • What does God say? – The Bible is very clear on the issue of debt. DON’T DO IT! In fact, Proverbs says that if you have gone into debt, get out as quickly as you possibly can. Nowhere in the Bible will you find God blessing someone with debt. Nor do you see Him separating out personal and business. He doesn’t differentiate.
  • It gives me options – Actually, I am a firm believer that debt robs you of your options. When your money is tied up paying off debt, you’re not able to take advantage of situations when they come up. On top of that, you are potentially holding God back from doing some of the things He want to do in His business. (It is His, right?) I have seen plenty of God situations that people weren’t able to capitalize on because they were bound by debt. Going into debt is saying that you know better than God on the speed of growth you should have.
  • But my credit score! – There is only one thing that you need a credit score/rating for – to go into debt. That’s it. It’s there to help you get into more trouble. If you have cash, you don’t need a rating. Besides, you get MUCH better deals when you pay companies with cash. Especially in a time when so many companies are not getting their receivables collected for months on end. Go ahead and destroy the credit rating, it’s not helping you.
  • Proverbs 31 – Who can find a virtuous wife? Her worth is far above rubies. Her husbands heart trusts safely in her; so he will have no lack of gain. Dude, listen to your wife! She’s onto something. Women have a sense of discernment that us guys just don’t have. And like fools, so many guys don’t listen to them when it comes to business. This is a mistake. God has wired them differently than us. Drop the pride and ask for her opinion. You’ll be surprised at how much money, time, and nose bleeds it will save you.

Question: What ways have you experienced this in your life?

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12 comments   |  tags: , , , , , , , , | posted in EntreLeadership, Financial, Leadership, Small Business

February 17, 2012

Everything’s Amazing & Nobody’s Happy

By Chris LoCurto
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The great Lance Osborne, Director of Simulcast for the Dave Ramsey organization, sent this to me the other day. It’s both funny and slightly sad. :-)

Ever get ticked off by the little things in life? Sure, we all do. But seriously – how bad is it?

Check out this perspective on our world, by Louis CK:



(If you’re easily offended, don’t watch his other videos… he’s dirty, but this video is pretty clean.)

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22 comments   |  tags: , , , | posted in Random Thoughts

February 16, 2012

Part Two Of How To Win At Delegation

By Chris LoCurto
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In yesterday’s post, How To Win At Delegation, I talked about how both you and the person you’re delegating to need to be mature enough for the process to work. If either of you has the maturity of Charlie Sheen, you’re probably in trouble … But hey, at least you’re “WINNING!”

Today, I continue the discussion with a couple of concepts every leader should understand before delegating.

  • What’s your end game? – A common mistake many leaders make is delegating tasks. The problem with this concept is you don’t really get any buy-in from the person. What you get is someone who will basically only do what you’ve asked of them. In an upcoming EntreLeadership Podcast interview with Stephen M.R. Covey, he explains the importance of delegating RESULTS, not tasks. This way, the team member takes ownership and is working with the end in mind instead of just the next thing on the list to accomplish.
  • Become a waiter – The most important piece of delegation is being there to serve the person to whom you delegated. It’s a safe bet that you will always hear me say, “It is every leader’s job to make their team successful, especially when delegating.” You have to make sure they have every question answered; have all the tools necessary to complete the task; and consistently check with them, making sure they completely understand what the task is and if they have any more questions. Immature leaders hear this and say, “Shoot, I might as well just do it myself.” Yes, if you plan on spending the rest of your days growing your business at the speed of smell.
  • More please (said in a British accent) – As they begin to show you how well they are doing with the process, start lengthening the rope of responsibility and authority. Allow your team to make the necessary decisions to complete the project. If you give someone the responsibility (e.g., put their neck on the line) but don’t give them the authority to make the decisions needed to be successful, then you’ll have a completely demoralized team member who doesn’t want to take risks for you ever again.

Along the way, be sure to ask their thoughts and ideas for the task. Then, you can gauge their progress and how much input is needed. Who knows? They might say something you didn’t think of.

By the way, these tips can ALL be done with your kids if you’re a parent!

Question: What have you done to make the delegation process successful?

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12 comments   |  tags: , , , , , , , | posted in EntreLeadership, Leadership, Small Business

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