Key Success Factor - "Mentorship"

We are very excited about the new video clips being added to our companion site: ProVision - Exploring Mentorship BLOG. 


Because MENTORSHIP can add such great value to the development of a business owner and contribute to their ultimate success, we've added this special post, and the first of several video clips that will highlight Mentorship, a significant Key Success Factor for business!


Be sure to further explore the valuable information on our Mentorship Site located at:     http://provision-mentorship.blogspot.com/   

Best wishes to you in the success of your business venture!

What is Business Success?

That's a great question! What does Business Success mean to you?  Is there a connection to personal success, and if so, how would you describe that connection?  (Also, take a look at the other areas of our BLOG.)

I recently came across an interesting anecdote related to business success and success in life. It was found in the book, “Business ethics: ethical decision making and cases”, by O. C. Ferrell, John Fraedrich, Linda Ferrell. (Cengage Learning, 2006)

From one of the many case studies mentioned in this resource, the relationship between financial wealth and success is questioned. On page 150 there is an interesting analysis that challenges the validity of this commonly held assumption.

In 1923, nine of the wealthiest men of the day met at the Edgewater Beach Hotel in Chicago. The attendees included:

  1. Charles Schwab, president of the largest steel company in America.

  2. Samuel Insull, president of the largest utility company.

  3. Howard Hopson, president of the largest gas company.

  4. Arthur Cutten, the great wheat speculator.

  5. Richard Whitney, president of the New York Stock Exchange.

  6. Albert Fall, Secretary of Interior in President Harding’s cabinet.

  7. Jessie Livermore, the great “bear” on Wall Street.

  8. Ivan Kreuger, head of the world’s greatest monopoly.

  9. Leon Fraser, president of the Bank of International Settlements.

Twenty-five Years Later:

􏰁􏰁 Charles Schwab, died following five years of living off of borrowed money.

􏰁􏰁 Samuel Insull, died as a penniless fugitive from justice.

􏰁􏰁 Howard Hopson had gone insane.

􏰁􏰁 Arthur Cutten, had died bankrupt.

􏰁􏰁 Richard Whitney had been recently released from prison.

􏰁􏰁 Albert Fall had just been pardoned from prison to allow him to die at home.

􏰁􏰁 Leon Fraser, Jessie Livermore, and Ivan Kreuger had each committed suicide.

If success were to be measured by the level of wealth and power that one may exercise, these individuals had reached the apex of success. Unfortunately, the outcome of their lives falls significantly short of that which would be viewed as being successful. Clearly, money, in and of itself does not buy happiness.

So ... "What is Business Success and is there a connection to Personal Success?"

What are your thoughts? Thanks for your comments!

Your Invitation to Participate

The immediate challenge we have is in gathering the first hand experiences, original stories, tips, suggestions and the "lessons learned" from a variety of business owners and professionals who have either had a business of their own or helped their clients realize the "entrepreneurial dream."

All contributions that make it into the "published" edition will be fully acknowledged with appropriate reference back to their source. Participation in this project will not only provide early stage entrepreneurs with valuable resources to help them succeed, but it will also provide those who participate with valuable future exposure.

We are looking for your personal business experiences rather than a description of something that you have heard about from another source. A variety of formats are available and each has been further described in the various "posts" you see on this blog site.

We welcome your proposed contributions by posting to this BLOG. (Please do not send attachments or photos at this time.) Updates will also be posted by us from time to time to highlight samples of content received!

1) Words of Wisdom

1) Words of Wisdom: ( Approximately 50 - 75 words)

Have you benefitted from a great business saying that has stood the test of time? Perhaps you've come up with your own rendition of that saying and made it more meaningful for today. Why not put that saying into your own words now!

Here's your opportunity to put a new spin on some of those age old classics of business wisdom. For example: Old saying: "You can't sell from an empty wagon." New spin: "Empty store shelves won't satisfy anyone." ( We are very confident that you can do much better than that!)

2) Quick Tips

2) Quick Tips: ( Approximately 75 - 100 words)

Every business owner has appreciated a timely tip from someone, and has likely offered up a few great tips of their own over the years. Now it's time to collect those great suggestions and put them all into one place. Let's BLOG them! So to help us out, please identify - "WHAT" the suggestion is and a few bullet points on "HOW" it will improve results for those businesses that act on them.

Thank you to Canadian author Frances McGuckin for these great tips for business, from her National Best Selling book Business for Beginners.

GET PROFESSIONAL ADVICE: Enlist a consultant or accountant’s help in compiling the information into the correct format, and have him or her review it after both the first and final drafts. Putting it all together can be challenging. A bank would prefer to see that you have involved a professional—it helps to validate the contents.

KNOW YOUR GOALS AND OBJECTIVES: By knowing why you are preparing this plan, you can save time and effort by focussing on the important areas. Business plans often contain "filler" information that is not pertinent. Look at sample plans ... to get an idea. If you need to borrow funds, ask the lending institution exactly what is required.

COVER ALL BASES: Lenders look for sound managerial experience in the key areas of sales and marketing, accounting and technical operations. A gap in any one area will count as a strike against the business. Ensure you have covered all these bases in your plan. Competent managers are a strong indication that the business will be in good hands.

Used with permission of the author.
For more information regarding Frances McGuckin visit her Website at: http://www.smallbizpro.com/

3) Top Ten Things

3) Top Ten Things: ( Approximately 100 - 200 words)

Please indicate the topic for which you are providing content. For any of the suggested lists below, please identify - "WHAT" you recommend and then a few points related to "WHY" it is important and a few suggestions as to "HOW" it might be done.
- to succeed in business
- to face your competition
- to succeed in a global marketplace
- to improve cash flow
- to manage inventory
- to maximize profitability
- to find and retain great staff
- to improve working environment and relationships
- to master technology
- to deliver excellent customer service
- to improve efficiency
- to increase sales
- to better networking

DO YOU HAVE ANY OTHER SUGGESTIONS FOR A TOP TEN LIST? (Add your post!)

Thank you to Canadian author Frances McGuckin for this list, found in her National Best Selling book Business for Beginners.

TEN TIPS FOR BORROWING
1. Don’t approach a lender for "working capital." Loans are usually given for tangible assets that can be secured.
2. Don’t expect a lender to finance your whole venture. The owner is expected to invest money, at least one-third of the start-up cost.
3. When you call for an appointment, ask what information will be needed so you are well prepared.
4. Dress smartly. Jeans and sneakers are out. Don’t chew gum.
5. Research the various government-funded grants and loans before deciding on a lender.
6. Have an experienced third party critique your business plan before presenting it to a lender. 7. Have the approval of your spouse or partner before committing to financial obligations.
8. If you are initially turned down, take the lender’s advice and rework your plan.
9. Discuss with your accountant whom you should approach for money and what type of loan may best suit your requirements.
10. In your interview, be a good listener. Don’t try to hold the floor and convince the lender how great you are. He or she can tell this by your manner, presentation and business plan. Used with permission of the author.

For more information regarding Frances McGuckin visit her Website at: www.smallbizpro.com

4) Brilliant Business Insights

4) Brilliant Business Insights: ( Approximately 150 - 250 words)

This section is where you can share any of those "eureka" moments, you know - when the light came on and you discovered something new that helped you in your business. Perhaps your experience will help someone else as you let them know about what helped you! If that's the case, please identify - "WHAT" you discovered, a few points related to "WHY" it is important and a few suggestions as to "HOW" it might be done.

This area is intended to facilitate discussion regarding the process involved in uncovering / discovering new opportunities, skills, trends, etc that helped you advance your business.

We welcome your contributions to this section adding a New Post to this Blog. (Please do not send attachments or photos at this time.)

We will also be posting updates from time to time to highlight samples of contributions that we have found!

5) Challenges Overcome

5) Challenges Overcome: ( Approximately 350 - 750 words.)

This section provides you with an opportunity to express your unique story, of facing and overcoming some of the biggest challenges that a growing business will confront on the road to success. There is more room for describing the background and nature of the business, the situation being faced, the options considered, the decision that was made, the process used and the outcome. You may also want to discuss any changes that you would now make if you were given the opportunity to face that challenge again.

We welcome your contributions to this section and encourage you to add them as a New Post to this Blog. (Please do not send attachments or photos at this time.)

Updates will also be posted by us from time to time to highlight other samples of contributions that we have discovered!