Interview with E.G. Sebastian - #1 Reason Why Small Business Entrepreneurs Fail

To listen to the interview playback, go to: www.blogtalkradio.com/YourCareerMakeover

Have you ever dreamed of being your own boss?

Would you like to have unlimited income potential?

How would your life change if you did?

I recently interviewed E.G. Sebastian, a successful entrepreneur and sales and marketing expert on my live talk radio show, Your Career Makeover.  

E.G. shared his story of how he was able to go from making $100 per month as a surgical assistant to owning and operating his own import/export business and becoming a millionaire in his native country of Hungary.

While he has experienced both highs and lows as an entrepreneur, E.G. explained what some of the pitfalls were on the road to success and provided insight into what makes a successful business owner.

If you've ever considered owning and running your own business this show is for you!

Here are some key excerpts from our interview:

DB: Could you give our audience a brief overview of your career, how you got started as an entrepreneur and the level of success you’ve had?

EGS: I grew up in Budapest, Hungary. My first job was as a surgical assistant making $100 per month. While I liked my job, I was dissatisfied because I felt I wasn’t making a good enough income. In 1991, I decided that I was going to make a big career change - I would become a millionaire or street bum! I quit my job and joined a sales firm. I had a great deal of enthusiasm and drive, and while that first job did not work out the way that I had hoped, I was recognized by another business owner for my eagerness to succeed and my ability to speak multiple languages and given another opportunity in sales. I started from nothing and within a short period of time made $1K per week.  My customers were very wealthy individuals and I felt that if others succeeded I could as well. This thinking led to my partnering with a Chinese investor where I eventually became general manager of his business and 49% owner. Unfortunately, due to various business mistakes, I also ended up $300,000 in debt. After much hard work and learning from my mistakes, I earned my first million dollars at the age of 27. Only 5% of people in Hungary made that much money at that time. Once I made my first million it was easy to make more.

It was at that time that I decided to go to the U.S. to become an even bigger success. Again, due to poor judgment on my part, I lost almost all of my money. I didn’t do enough market research and had to compete with big businesses such as Walmart and Costco with my import/export business. At that time I decided to go back to school and get my college degree, eventually got a job as a project manager and while I had a good deal of success at that job, I realized that I missed being an entrepreneur.

DB: In your opinion, what characteristics should the ideal business owner have?

EGS: The desire to just jump in and do it – anybody can do it, but you must not be lazy.

I believe these character strengths are necessary to be a successful entrepreneur: a burning desire to succeed and the constant drive to accomplish what you set out to do. You also must set goals and mini goals to work on each day so that you are focused on accomplishing your goals.

Also, other characteristics that are helpful are being creative so that you can attract clients, good problem solving skills that can easily be learned and finally, risk tolerance.

DB: I’m sure you’ve heard that according to statistics, 50% of all businesses fail within the first 5 years, what are some of the mistakes they make?

EGS: Lack of marketing knowledge is what drives businesses under and not doing any marketing research before getting started with your business. Also, you must be sure to set your prices right and hoose the right location for your operation.

DB: What do you think is the #1 reason why small business entrepreneurs fail?

EGS: People do not know how to market their services effectively. You have to have a clear process in place to continuously market and grow your business.

How to Conquer Age Discrimination

It is not unusual for my mature clients to tell me they believe they have been a victim of age discrimination when going on an interview. It can be quite discouraging to feel that you’ve been taken out of the running when being considered for employment because of your age. It’s hard enough to get a job today where you’re going up against many others vying for the same position; coping with age discrimination can make it seem like an impossible obstacle has been thrown your way.

If you want to overcome this challenge, the best place to start is to focus on finding solutions instead of dwelling on the problem and giving up! If you think of yourself as a victim, you will become powerless. Instead recognize that there are opportunities everywhere; you just have to find them.

Here are some solutions for coping with and overcoming age discrimination:

1)     Focus on the advantages you bring to the workplace as an older worker. Ask yourself – “what strengths do I bring to the workplace which represent benefits to potential employers?” Do you have excellent presentation skills? Are you an effective leader? Be sure to convey your strengths on your resume and during the interview.

2)     Look for jobs at companies that value older employees. See AARP for a list of best employers for workers over 50:

http://www.aarp.org/work/employee-benefits/best_employers/

3)     Check out these websites for job postings and resources for seniors:

http://www.seniors4hire.org/

http://www.seniorjobbank.org/

4)     Recognize that certain industries are better than others for the older worker. For example, advertising is traditionally an industry known for hiring younger workers while finance and insurance typically value older workers for the experience and stability they convey to customers.

Look for jobs within industries that value older workers. If you’re not sure about a particular industry, find 2 or 3 insiders that you can conduct an informational interview with to find out.

5)     Give an energetic impression. Take good care of your health and well-being; exercise, maintain a healthy weight, you know the drill! Eat light, nutritious meals throughout the day to maintain a high energy level.

Another idea is to get involved in activities such as hiking, skiing, tennis, running; any sport that demonstrates you are an active person then post it under your interests and activities on your LinkedIn profile. You can also give an energetic impression by getting involved in worthy causes in your spare time. Consider volunteering to be on a committee or participate in fundraisers of charitable organizations. The added benefit is that you may find out about job openings through the contacts you develop.

6)     Don’t feel compelled to put down all of your job history on your resume. Be sure to include the past 15 years of experience on your resume plus any experience that is crucial to conveying your experience within your field as companies are most interested in your most recent and relevant experience. The other side of this issue is not to exclude too much of your job history to give an erroneous impression. After all, you won’t fool anyone about your age once they meet you.

7)     Update your look.  For guidelines on how to dress appropriately for the workplace, click here for a past newsletter on How to Update Your Wardrobe for a Successful Interview. Here’s another idea that may be helpful. Think of a celebrity or public figure that is similar to you in age and body type who dresses well, then copy their style. Try using color in your clothing to project energy. Also consider a new hairstyle. Be sure to get an expert opinion from a good hairstylist to choose a subtle, age-appropriate style.

8)     Leverage your networks. As an older worker, you have the advantage of having more networking contacts than younger counterparts. Use networking to land a job by tapping into the hidden job market and uncovering unadvertised jobs. Get in touch with former co-workers, friends, neighbors, relatives, professional associations within your industry, clubs, religious organizations, etc. and let them know you’re looking for a job opportunity.

9)     Demonstrate that you get along well with others. Get testimonials for your LinkedIn profile and create a reference portfolio to supplement your resume. It’s a great way to have others testify about how wonderful you are!

10)  Don’t be a dinosaur! It is imperative that you keep up with the latest computer programs and skills especially if you choose to work in an office. There is nothing that will qualify you as an “old dinosaur” more than being behind the times technologically. Take an adult education computer course or bribe a teenager in your world to teach you the ropes.

Finally, the #1 quality that will help you to overcome age discrimination is self confidence. Stand tall, smile often, and do your best to connect with others. Focus on your many accomplishments, all you have to be proud of, and what you have to offer to prospective employers. Your positive attitude with naturally attract others to you and dispel any negative stereotypes that you may encounter during the job search.

Do Not Make This Mistake When Dressing for the Interview - and other tips

A few years ago, a client of mine told me about an error in judgment he made when going on an interview. Art had worked as a mid-level manager for a mortgage rating company and was laid off when the mortgage industry crashed. He tried for months to secure employment and finally, in desperation, he decided to apply to any job he thought he could get. He applied for a sales position with the Apple Store even though it wasn’t really the job he wanted. He was thrilled when he was called in for an interview, but unfortunately, he didn’t bother to do any research on the company beforehand. He arrived for the group interview at the appointed time wearing his best suit and tie; his usual interview attire. I’m sure you can imagine his surprise when he arrived to find everyone dressed in casual Dockers and polo shirts! Art stood out like a sore thumb and didn’t appear to fit in with the corporate culture.

First impressions can make or break you.

To avoid making that mistake in the future, I advised Art to find out what the acceptable dress is for the company you’re interviewing with by talking to an insider; an actual employee of the company. If that’s not possible, then watch employees as they enter the building in the morning as they go to work to see how they dress to determine whether the company dress code is traditional and professional or more on the casual side – of course, avoid going on “dress down” Fridays. Once you figure that out, then follow these general guidelines for dressing for the interview:

Guidelines for Men

For professional organizations:

-     Conservative suit in dark gray, blue or black. Steer clear of brown; it’s not a power color

-     White long sleeve shirt

-     Conservative ties; no loud prints or colors

-     Make sure your shoes are polished

-     Dark socks

For semi-professional or casual organizations:

-       A pair of dark casual slacks

-       Sports shirt

-       Loafer-style dress shoes with dark socks

-       Optional: Dark Blazer in gray, blue, or black

Guidelines for Women

-     Solid color classic suit

-     Coordinated blouse in conservative prints

-     Closed-toe shoes with a medium height heel

-     Light hosiery

For semi-professional or casual organizations:

-     A simple dress or trousers with a jacket

-     For a more casual company, a jacket may not be necessary

Additional tips:

-     Wear a limited amount of jewelry

-     Don’t over-do your cologne

-     Make sure your hair style is neat, professional-looking, and current

-     Be impeccably groomed; nails clipped, etc.

-     Carry your resume and other career documents in a portfolio or briefcase

To make the very best first impression, make sure you look the part by following these guidelines.

How to Update Your Wardrobe for a Successful Interview

Guest Post by Sharon Kornstein

If you are interviewing or think there may be a job search in your future, modifying your wardrobe may not be at the top of your priority list. The way you present yourself visually, however, is often the method by which others judge you before a lengthy conversation. Why not make the most of those first few minutes and create a fabulous first impression?

Two important facets of a business image that aren't discussed much are appearing current, and looking age-appropriate. These aspects are not mutually exclusive, and actually complement each other.

Here are some tips for achieving a style that is both current and age-appropriate:

1.     Give away any clothes in your closet that are worn out, pilling, shiny or don't fit. Include anything that is more than ten years old. These clothes might feel like vintage gems to you, but to others look dated.

2.     Try mixing up fabrics and patterns. Larger patterns can mix with smaller ones; similarly small geometrics can mix with florals, paisleys and weaves. Just keep the same color palette.

3.     Review your hairstyle and eyeglasses. They should be updated every two years. There is nothing wrong with a classic hairstyle that you like, just ask your stylist to make subtle changes as time goes by.

4.     Similarly makeup needs to be reviewed. Our skin coloration changes as we age, and what looked flattering in the past may not work now.

5.     Take a serious look at jewelry. A strong watch looks current, put the dainty ones away for another time. Make sure you have one strong focal point, such as a pendant or bangle bracelet. Your other pieces should complement the focal point. Stay away from matched sets of jewelry; this matchy/matchy look will date you.

6.     Men's suits seem to be moving away from a very formal look. Try wearing a suit without a tie or a sport coat with dress slacks. Both these looks are youthful and professional. Of course on an interview always wear a suit and tie unless told otherwise.

7.     Try to bring in a trendy look as an accessory. For men a plaid tie, or patterned shirt with a suit; for women a woven scarf or shiny belt would work. The key is to look polished without seeming to try too hard.

8.     It's hard to overemphasize the importance of good fit in building a flattering age-appropriate wardrobe. Use your tailor and have him/her check the sleeve length in addition to pant length and waist.

One final note about color; there is no faster way to date yourself than by wearing all black. Color is all around us, and appearing youthful and energetic is as easy as adding a touch of it to an outfit. Purple, yellow, red, turquoise and pink are all bright and energetic. Choose one color or a pattern that combines several, throw it on and have fun!

Sharon Kornstein, AICI, CIP of ImageDesign is known for developing an effective visual image for professionally minded men and women by blending their physical characteristics, personal preferences and industry requirements into a unique, comfortable and cohesive style. For more info go to www.imagedesignconsulting.com.

Tips for Writing an Effective LinkedIn Profile

In my last post, I explained why you MUST be on LinkedIn; however, you don’t want to write a boring, generic profile either. Just as your resume should be written to get you noticed, the same is true for your LinkedIn profile; you never know who will be viewing it. It is a well-known fact that recruiters scour LinkedIn profiles to find applicants for their open positions. It is also a place where prospective employers look you up prior to conducting an interview or to verify your information.

If you follow these tips, you’ll put together a powerful profile:

1)     Be sure to include a photo, and make sure that you look professional and make a great impression.  (No pictures with your dog or out by the pool!)

2)     Emphasize and include your unique selling propositions (your brand) within the summary section.  (Any info that sets you apart and distinguishes you from others in your profession.)

3)     Unlike your resume, it is acceptable to use the first person pronoun “I” when writing your profile.

4)     Customize your LinkedIn URL with a short, personal name. For ex., here’s my profile address: linkedin.com/in/donnabradshaw.  (Here’s an extra tip – put your LinkedIn URL on your resume and email signature line to help you to grow your connections).

5)     Make sure that the company history you have written on your resume conforms to the info on your profile, e.g., dates, company names, etc.

6)     Write your content to target the job you want, not the one you have.

7)     Include industry specific keywords on your profile for optimum searchability.

8)     Don’t copy your resume word for word; strive to make your resume differ from your LI profile.

9)     Fill out your profile completely; make every effort to have a 100% complete profile.

10)  Get endorsements from people who have worked with you; your bosses/supervisors, vendors, customers, etc.; the more recent, the better.

11)  Join groups relevant to your industry and job position so that you can participate in them and become a known expert.

12)  Include your twitter address, websites, blogs, online resumes, reports, etc. within the summary section.

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Need help?

For a well-written, uniquely branded LinkedIn profile that gets noticed

or for a LinkedIn Skills Workshop to help you with navigating LinkedIn –  

call 201-236-1158 or email – Donna@CACoaching.com.

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Why You MUST Be On LinkedIn

It has been said that if you're not on LinkedIn, you don't exist.

LinkedIn is the #1 place that professional business people hang out. If you want to stay current in your industry and with business trends, are looking for a job, or want to stay in touch with contacts and make new ones, then LinkedIn is the place to be.

Some interesting facts about LinkedIn:

-        According to Wikipedia, LinkedIn operates the world's largest  professional network on the Internet with more than 120 million members in more than 200 countries and territories.

-    Professionals sign up to join LinkedIn at a rate that is faster than two new members per second.

Here are some benefits of joining and participating on LinkedIn:

   1)     It's a great research tool -

-          To find companies to target within specific geographic locations for your job search or names of people within those companies who can hire you.

-          To find key people within your industry to establish mutually-beneficial relationships with.  

2)     Connect/Follow up/Stay Current with people -

-          After meeting new people at networking events or conferences, invite them to connect to you on LinkedIn.

-          Keep in touch and get to know more about your new contact, read their updates, send messages to acknowledge their successes and have them learn more about you.

3)     It's a great place to find answers -

-          You can join or start meaningful conversations by participating in specific groups pertaining to topics you're interested in and by asking questions when you need help with a problem.

Don't wait another minute! If you're not on LinkedIn, join today.
 

A Great Place to Network to Advance Your Career (AND if you need a job!)

Business owners know that one of the best ways to find new business is to form alliances with other professionals who have access to their market. For example, accountants can form alliances with tax attorneys who can refer clients to them. It’s more of a direct approach than some other marketing approaches (for ex., placing ads) and will certainly increase the chances of getting work since the business owner will be perceived as being a trusted referral partner.

The same is true of establishing networks to either find a job or advance your career. You will have more success when networking if you form relationships with people who have access to job openings; especially unadvertised job positions, a.k.a. the hidden job market.

One really great place to do that is to join an industry association.

If you’re not sure how to find them, here are 3 easy ways:

How to find industry associations:

1)     Go to your local library and ask the reference librarian for access to the Encyclopedia of Associations (you should also be able to find the publication online). While you’re there, ask her if she has any other resources for finding industry associations – librarians are magical creatures when it comes to research!

2)     Go to http://www.weddles.com/ – click on the Associations tab at the left which will take you to a page with industries by category.  Select yours and you will find a long list of associations to link to.

3)     Google the name of your profession or industry and the word association.

Once you have found a few associations that you might be interested in joining, contact them to get more info and find out if you can attend the first meeting for free. When you’re ready to become a member you can join a local or regional chapter or the national association; your decision will be guided by your budget and your need to reach a larger group of professionals in your industry.

Benefits of joining an association:

–    The obvious benefit is meeting and networking with professionals in your industry. Once you form relationships –

•          you may be able to find out about hidden job openings to advance your career.

•          you may be able to find a member within your target company (or who knows of someone within your target company) who can give you an introduction.

–    Access to the association membership database, newsletters and blogs.

–    Association websites usually have job postings listed. This will give you a competitive advantage since the job may be posted on the website before the general public gets to hear about it.

–    Associations are a great resource for cutting edge info to keep you current in your industry.

–    You can take advantage of ongoing training and professional accreditation that will give you a competitive advantage when climbing the corporate ladder.

Suggestions for getting the most value out of joining an association:

1)     Go to monthly meetings and attend regularly; get there early and leave late.

2)     Don’t discuss your need for a job with new contacts (if you’re looking for one); be sure to introduce yourself, get to know the other person, talk about your work, and think about how you can be of help or a resource to them.

3)     Join a committee where other members can see your work product and the value that you can bring to the association. (Keep in mind this experience can be included on your resume.)

Finally, you might also consider joining your college alumni association and/or corporate alumni association (if you belong to one).

Keep this in mind –

increasing your networks through professional associations is one of the best strategies for job search and long-term career management.