All posts for Tag: Entrepreneur Series

Business Coach Warren Coughlin on “Y You Profit”

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When launching a new business strategy, Warren Coughlin says the following is something one must keep in mind. Business comes from two broad categories: repeat customers and new customers. Both types will require a different acquisition strategy, as they will have very different needs and expectations. Combining the strategies for the repeat and new customers creates the Y of “Y You Profit”.

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This past Tuesday marked the third Entrepreneur Series at the Spoke Club. Each month we invite serial entrepreneurs to join us for an intimate discussion, and to offer up advice on launching and running a successful company.

This month’s entrepreneur was Warren Coughlin, a business coach, consultant, trainer and facilitator. He works with ethical entrepreneurs and mission driven organizations to strategically build businesses that matter: those that make a lot of money while helping make the world a better place.

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Throughout the evening Warren outlined key drivers for profitability and holding the right mindset for success. Here is a little bit of what he had to say:

  • Focus On Profit: When trying to grow your business, focus on profits. A lot of people get excited about big sales numbers. But there are lots of businesses that have seen big sales growth with declining profits. It’s the bottom line that counts.
  • 10 & Then: Coughlin suggests developing a marketing strategy, which includes 10 or more marketing tactics to diversify your efforts. The rationale is that if 3 initiatives fail, you will still have 7 that are effective. However, it is also recommended that if you are a new business, do not attempt to execute all 10 tactics at once. You will just end up overwhelming yourself. Build slowly and measure.
  • 7 Ps of Profit: To achieve profit success the following Ps need to be addressed: A product mix that’s appropriate for you customers’ needs, promotional/marketing efforts, established business processes, people to run said processes, some strategic planning and the entrepreneur’s personal growth. To round it out, these factors must also be supported by the final P, your principles. This will lead to more satisfaction in your life.
  • Entrepreneur’s Quality of Life: As an entrepreneur, you deserve to live a high quality of life.  To do so requires you to intentionally live what he calls a “Top Right Life”, one in which you are both satisfied with your results and engaged in your activities. Living Top Right will allow you to experience personal fulfillment driven by a sense of purpose, ownership, accountability and responsibility. An example of such an entrepreneur is Richard Branson, who is highly engaged with his work and seems to always be having fun in life.

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Ultimately, all of this means you have to be intentional about your business and your life.  Give up excuses and reasons and focus only on what will produce the results you want.  When you do, you realize both the business and the life of your dreams.

For more information about Warren Coughlin, visit www.warrencoughlin.com or @warrencoughlin on Twitter.

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Photo Credit: Aida da Silva

Erica Ehm on Entrepreneurship & Audience Engagement

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As an entrepreneur you should be prepared to work more that you ever have in your life. If not, then put simply: entrepreneurship is not for you. Instead, Erica Ehm suggests try being an ‘intrapreneur’, why not work for an entrepreneur rather than take on the daily grind yourself.

Earlier this week, the CFC Media Lab hosted its second Entrepreneurship Series at the Spoke Club. Each month we invite serial entrepreneurs to join us for an intimate discussion, and to offer up advice on launching and running a successful company.

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This month’s entrepreneur is Erica Ehm, Creator and Publisher of YummyMummyClub.ca (YMC) – the online destination for modern moms looking for adult stimulation. Thousands of women have become devoted members of YMC, and Erica has become the passionate voice of a whole new generation of moms. She is one of Canada’s most recognized personalities, having started her career in the mid-80’s as the voice of her generation on MuchMusic.

The main theme of the evening was the importance of loyalty and treating people well (employees, partners and audiences). As the saying goes: You reap what you sow.

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Here is a taste of the insights Erica had to offer at the event:

  • Social Media As Conversation Tool: When on a social media platform such as Twitter, don’t forget to give and take. It should be used for creating a meaningful conversation between you and your audience. If you ask a question, be present to receive and respond to answers. You’ll have a much better user engagement if you yourself are engaged with them in return.
  • Don’t Sell Out: When talking to brands as potential clients, don’t compromise your company values. Your audience will have certain expectations of you and will not react well if you trade on them for sponsorship dollars. Don’t be afraid to push back on your clients as you have the strongest understanding of what they will respond to and it’s in the client’s best interest.
  • Treat Staff Like Gold: If you want to retain good talent, treat them like gold. Make them feel like an important part of the company. This will build a sense of loyalty in the individual towards both the company and their employer.

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While Erica’s practices have served her well and leant to her current success as an entrepreneur, it should be noted that entrepreneurial success can also be attributed to good timing. In Erica’s case, she was online and on Twitter before her competitors, and happily found all the other Yummy Mummy’s looking to share advice on motherhood.

For more information on Erica and Yummy Mummy Club visit www.YummyMummyClub.ca and Twitter: @yummymummyclub.

Over the upcoming months, CFC Media Lab will be hosting more ideasBOOST Entrepreneur Series events. Stay tuned as we keep you up-to-date on new dates.

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Photo Credit: Aida da Silva

Erica Ehm on Entrepreneurship & Audience Engagement

As an entrepreneur you should be prepared to work more that you ever have in your life. If not, then put simply: entrepreneurship is not for you. Instead, Erica Ehm suggests try being an ‘intrapreneur’, why not work for an entrepreneur rather than take on the daily grind yourself. Earlier this week, the CFC Media […]

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