Advice from an Entrepreneur

Becoming an entrepreneur can be one of the most rewarding experiences of your life. It’s a chance to create something truly unique, to be your own boss, and to make a real difference in the world. However, it can also be one of the most challenging experiences of your life. It’s important to be prepared for the ups and downs that come with being an entrepreneur. Here are some things that I’ve learned from other entrepreneurs about what they wish they knew before they started their own business.

It’s not just about the idea.

Many people believe that the most important thing when starting a business is the idea. While having a great idea is important, it’s not the only thing that matters. In fact, execution is often more important than the idea itself. “The biggest mistake I made was assuming that my idea was so great that it would carry me through,” said Tim Ferriss, author of “The 4-Hour Work Week.” “Ideas are a dime a dozen. Execution is what matters.”

Failure is part of the process.

Many successful entrepreneurs have experienced failure along the way. It’s important to remember that failure is not the end of the road, but rather a learning opportunity. “Failure is not the opposite of success; it’s part of success,” said Arianna Huffington, founder of The Huffington Post. “The more we fail, the more we learn, and the closer we get to success.”

You can’t do it alone.

Starting a business can be overwhelming, and it’s important to have a support system in place. Whether it’s a mentor, a business partner, or a group of peers, having people to turn to for advice and support can make all the difference. “You can’t do everything yourself,” said Richard Branson, founder of Virgin Group. “You need a team of people around you to help you succeed.”

Time management is key.

As an entrepreneur, your time is valuable. It’s important to prioritize your tasks and manage your time effectively. “Time management is one of the most important skills an entrepreneur can have,” said Brian Chesky, co-founder of Airbnb. “It’s easy to get bogged down in the day-to-day tasks, but you have to stay focused on the big picture.”

You need to be flexible.

Starting a business is a journey, and it’s important to be flexible along the way. Plans may change, and you may need to pivot your strategy to adapt to new circumstances. “You have to be willing to change course when necessary,” said Mark Cuban, owner of the Dallas Mavericks. “If you’re not flexible, you’re going to get left behind.”

It’s not just about the money.

While making money is important, it’s not the only reason to start a business. “Money should never be the primary motivation for starting a business,” said Jeff Bezos, founder of Amazon. “You should be passionate about what you’re doing and truly believe in your vision.”

It’s a marathon, not a sprint.

Starting a business takes time and patience. It’s important to stay focused on the long-term vision and not get discouraged by short-term setbacks. “Building a successful business is a marathon, not a sprint,” said Elon Musk, founder of SpaceX and Tesla. “It takes a lot of hard work and persistence to get there.”

Becoming an entrepreneur can be a rewarding experience, but it’s important to be prepared for the challenges that come with it. Learn from the resources available and from those that have come before you. My goal is to help current and future entrepreneurs navigate this challenging but rewarding course. By keeping these lessons in mind, you can increase your chances of success and build a business that truly makes a difference in the world.

March 21, 2023March 21, 2023

New Trends in Entrepreneurship: Staying Ahead of the Game

Entrepreneurship is constantly evolving and as the Everyday Entrepreneur, I’ve had to prioritize staying ahead of “what’s next.” As difficult as it seems, keeping up with new trends is critical to the success of my businesses. From new technologies and business models to shifting consumer preferences and market conditions, understanding the latest trends in entrepreneurship helps me stay ahead of the game. Here are some trends I’ve been seeing that you may want to keep an eye on.

Social entrepreneurship: Social entrepreneurship is a rapidly growing trend, with more and more entrepreneurs focused on creating businesses that have a positive impact on society and the environment. This can include everything from sustainable products and services to community development and philanthropy. Giving back and community service on the local level is a critical component of all my businesses, but Pet Wants specifically focuses on all natural products, limited waste and local employees.
Online marketplaces: Online marketplaces have become increasingly popular in recent years. One way to get ahead as an entrepreneur is to leverage the power of the internet to connect buyers and sellers. With Pet Wants, we are able to see our product not just from the website but in groups targeted to pet owners. For an Everyday Entrepreneur, online marketplaces can be the road to success and greater reach of your product or service.
Remote work: The COVID-19 pandemic has accelerated the trend of remote work, and more and more entrepreneurs are finding ways to create and run businesses from anywhere. This includes everything from virtual offices and telecommuting to digital nomadism. We embrace remote work as it allows us to partner with talented individuals all over the world who can assist with our vision and the execution of our goals.
Artificial intelligence and automation: Artificial intelligence and automation are becoming increasingly important for entrepreneurs, and many businesses are now using these technologies to improve their operations and customer service. From chatbots and virtual assistants to automated marketing and analytics, these technologies are providing new opportunities for entrepreneurs to scale their businesses and gain a competitive edge. In fact, this blog was written with the help of Chat GPT! As an Entrepreneur its important to work smarter! There are only so many hours in a day so look for the assistance that is available to you.
Digital transformation: With the rise of new technologies and the increasing importance of digital channels, many entrepreneurs are now focused on digital transformation. This includes everything from e-commerce and online marketplaces to social media and content marketing. TikTok is one of the fastest growing platforms. Know where your audience is consuming content and speak to them on the digital channels they are already using, but don’t forget your future customers and where they are. Make the time to stay on top of your online content.
Wellness and self-care: The wellness and self-care industry is growing rapidly, and more entrepreneurs are finding ways to incorporate health and wellness into their business model.

It’s important to note that these trends are constantly evolving, and what’s popular today may not be popular tomorrow. Entrepreneurs should always keep an eye out for new trends and opportunities, and be prepared to adapt and evolve as needed. Being flexible and adaptable is crucial for success in today’s fast-paced business environment.

February 21, 2023February 21, 2023

Free Assets to Help New Entrepreneurs

“Starting a new business can be a daunting task, especially when it comes to managing costs. However, there are a variety of free assets available that can help new entrepreneurs maximize their resources and get their business off the ground.”

Here are some free assets that can help a new entrepreneur:

Business plan templates: A business plan is a critical component of any new business, and there are a variety of free templates available online that can help you get started. These templates provide a structure for your plan and can help you organize your thoughts and ideas.
Accounting and invoicing software: Keeping track of your finances is an essential part of running a business, and there are a variety of free accounting and invoicing software options available. These tools can help you manage your expenses, create invoices, and track your income.
Marketing and social media tools: Marketing is crucial for any business, and there are a variety of free marketing and social media tools available. These tools can help you create a website, manage your social media accounts, and create content to promote your business.
Online courses and tutorials: There are a plethora of free online courses and tutorials available that can help you learn new skills and knowledge. These resources can help you learn about business management, marketing, and other essential skills.
Networking and community resources: Joining networking groups and online communities can provide new entrepreneurs with access to valuable resources and connections. These groups can provide support and advice, as well as opportunities to connect with other entrepreneurs and potential customers.
Legal and compliance resources: Understanding the legal and compliance requirements for your business is essential, and there are a variety of free resources available to help you navigate these complexities.
Graphic design and editing tools: There are many free tools available that can help you create professional-looking graphics, logos and designs for your business.
CHAT GPT: This powerful AI tool is a great content resource, especially for blog writing. For consideration, this blog was written by Chat GPT.

It’s important to note that while these free assets can be a great resource for new entrepreneurs, they should not be considered a substitute for professional advice or services. When in doubt, it’s always best to consult with a professional.

As an entrepreneur who has been building businesses for some time, I am always happy to help new entrepreneurs navigate launching a new business. Finding the best tools to launch a business was critical to me and I’m happy to pass my knowledge and experience on. To schedule a time to talk, please give me a call.

January 21, 2023February 21, 2023

Four Things to Keep in Mind As You Consider Entrepreneur

So, you want to start your own business. I for one applaud your decision, but it’s not something for everyone. Your first business is going to take everything you’ve got to make it a success. You’ll need your best idea, a strong work ethic, and perseverance for those days where things just don’t go your way. But that tenacity can help you turn your simple idea into an empire. It’s probably safe to say that I’ve been around the block a few times. I’ve definitely stumbled along the way, but I’ve also been fortunate to have my share of successes under my belt. Let me share a few things I’ve learned along the way for you
to keep in mind as you embark on this journey.

Choose your niche

The selection of the niche is where people often realize they’ve made a mistake. If you go too broad with a general business, you might struggle to know who your audience is. If you’re too specific, you might find your niche is too narrow. The immediate goal is to determine if there is a market for what you want to sell, regardless of what it is. Do prospective customers exist? How long will it reasonably take to sell what you’re offering? Is your product conducive to return customers? Will you be able to remarket to customers for years to come? Be careful not to focus on trends, but rather look at a product or service that will sustain as you move forward and can adapt to the ever-changing consumer landscape – whether it’s B2B or B2C..

Be a problem solver

An important business tip for new entrepreneurs is to create a business that solves a problem. If you asked most failed business owners what problem they solved, they either can’t answer or the problem they solved wasn’t urgent enough. The problem you solve doesn’t need to be complicated like curing a disease. It can be simple, such as we help people overcome boredom by providing an entertaining experience. But ultimately, you need to know what you’re trying to accomplish with your business. By knowing what burning problem you’re solving, you can use that in your marketing to help people
understand how you can help them best.

Always put the needs of your customer first

One of the biggest sources of conflict in business comes from unmet needs. If a customer doesn’t get the service or product they were expecting, their needs won’t be met, and they’ll feel frustrated. The most important business tip when it comes to managing customer relations is to always empathize with the customer. When you recognize their frustration as pain from not having their needs met, it’s easier not to take the insults they hurl at you, personally. Instead, you can focus on trying to listen to what they say by mirroring the intent behind their words. And eventually, you work on coming to a resolution
that meets their needs and leaves your customer feeling heard. By doing this instead of simply giving a refund, you open the doors to building a long-term relationship with them even if they were upset with their first experience with your brand. To learn more about how to do this, you can read Nonviolent Communication: A Language of Life by Marshall B. Rosenberg, PhD.

Create a business that matches your personality

What are you passionate about? What excites you? Can that passion and excitement translate to a business? As yourself those questions and build from there. Keep in mind that product/market fit should actually be founder/product/market fit. Essentially, what that means is no one else could run that business better than you. Ideally, you should start a business that matches your exact skills, experiences, and personality. This goes beyond doing your passion and actually doing what you’re destined to do. How can you contribute meaningfully to the world through your business? By doing something that only you can do, you can create a legacy that lasts while making an impact in the world.

Allow yourself to get out of your head, stop overthinking, stop questioning whether you’re making the right call, and just do it. New entrepreneurs can sometimes be well on their way with their business only to have their thoughts cloud their mind. But that only delays your success. Will you make mistakes? You bet. Will there be challenges? Yup, and you’ll need to jump high to get over them. But isn’t this what you signed up for? Entrepreneurship is about going all in. It’s about taking big risks so you can live the life you want. The goal isn’t to win the award of perfection. The goal is to build a business that helps people solve a problem. And the sooner you can do that, the sooner you can make people’s lives better. The
journey of a million miles starts with a single step. Are you ready to take yours?

December 13, 2022December 13, 2022

Serial Entrepreneurship – Is It For You?

Serial Entrepreneurship - Is It for You?

If you’re anything like me, entrepreneurship is in your blood, That means you’re probably always looking for your next opportunity. if you can never be satisfied working for someone else…you might be a serial entrepreneur. Some people just aren’t satisfied unless they’re able to start a business. Even if they’ve already started other successful companies, this is the mentality of the serial entrepreneur: they are constantly seeking new opportunities to start and grow a company. Sound familiar? Welcome to my world – Ben Morman Everyday Entrepreneur.

I don’t think I need to tell you that this year has been a whirlwind for me. I have recently added to my portfolio of businesses, acquiring 22 Jackson Hewitt Tax Services franchise locations in the Greater Charlotte and Northern Virginia areas. This adding to my list of other businesses – The Works Insurance, Pet Wants Pet Food, and BlueCoast Realty, all of which fall under The BMOR Group umbrella.

I didn’t get here overnight and honestly, I’m glad it took time. I’ve learned some lessons along the way, many of which happen when you take the road less traveled. I’d like to share some thoughts with you to keep in mind, especially if you’re hoping to embark on your own entrepreneurial journey.

The definition of serial entrepreneur is someone who starts multiple businesses, one after another. It doesn’t matter if every business succeeds — of course, it’s better if your successes outnumber your business failures — but the important thing is that you have an innate drive to keep coming up with new ideas and look forward to starting new companies – or reinventing existing ones.

Some serial entrepreneurs operate in the same industry, but I happen to be one who isn’t limiting myself to one industry. I have chosen to do my research and go where my inspiration and expertise guides me. I think that’s called being a “restless visionary.” But whatever you call it, it’s done with a purpose and a goal in the end. I often see the potential to create and build something new, and then I feel compelled to move on to a new challenge. I’m really excited about starting, building, and growing a business that I can sell – then start all over again.

“Buy low, sell high” is not a cliché in my world, it’s a mantra. If you’re planning to follow this path, it’s important to invest in businesses that have strong growth potential and that are being undervalued by the market. If you can see promise in a company that other people have overlooked or have confidence in your own ability to maximize the strengths of a company by bringing in new leadership and a new strategic vision, you might have the makings of a serial entrepreneur.

Does this sound like you?

You often have a self-deprecating sense of humor about how it’s impossible to ever work at a “regular” job for someone else. You are a smart, creative, visionary and you comfortable with taking risks. If you’re risk averse, this is probably not the life for you. Do you have a restless energy, and want to keep moving forward in life, to keep building things and to keep growing?

We serial entrepreneurs tend to have all sorts of different personalities. Some are more outgoing and charismatic, while others are more introverted and analytical. Some are natural salespeople, while others are more technically minded. Some have deep expertise in a particular industry, while some are jacks-of-all-trades. I personally share many of these characteristics and wouldn’t classify myself as any one single personality type. So I guess what I’m saying is, we come in a lot of different packages, the important thing is to focus on your strengths and your passion – especially that inextinguishable passion for starting and building businesses.

The life of a serial entrepreneur is also not without its risks. In fact, some find that while they love the early stages of building a business, they are not a good fit for being a long-term CEO for managing a more mature company. These entrepreneurs typically need to learn how to delegate to others and partner with other talented executives who have complementary strengths. If you’re a serial entrepreneur, it’s important to find good business partners and trusted executives who can help you manage the parts of the business where you might not have as much passion or expertise.

Ideally, over time, I’ll be able to use my cache of businesses as a kind of an entrepreneurial ladder — gradually starting and building several profitable businesses and reinvesting the profits into more lucrative companies.

If you’re a creative, energetic, idea-generating, risk-taking person who can’t wait to get started with your next exciting venture, you might be a serial entrepreneur! Just be sure to manage your risks and partner with good people along the way. The best serial entrepreneurs understand that although they have powerful skills, smarts, and strategic vision, they don’t know everything – I know I sure don’t – but what I do know is I need other good people to help me succeed. If you’re considering this path, feel free to get in touch. Let me know if there are questions you might have or subjects you’d like me to touch on in the future.

November 14, 2022November 15, 2022

Introducing Ben Morman

Introducing Ben Morman Everyday Entrepreneur

Ben Morman’s career path is not unlike others whose ambition fueled a desire to chase the American Dream. It was simple, really – go to school, graduate, get a job, and keep getting better jobs. He did what others in his place did, but the question was always there, “Is this the right path for me?” It’s probably not hard to know what the answer eventually became. Now, as Founder and President of The BMOR Group, Ben has since made it his mission to help others who want to follow in his footsteps of entrepreneurship.

Ben got a taste for sales, marketing, and mentorship at an early age as a successful assistant store manager of an international big box retailer. After graduating from Appalachian State University with a dual degree in Accounting and Finance, he moved to the corporate side of business. It wasn’t long before he was moving into new positions of increasing responsibility within organizations across multiple industries. During this time, Ben came to understand the value of taking personal responsibility for his financial future. From this newfound responsibility, The BMOR Group was born. A self-described “reformed climber of the corporate ladder,” he prides himself as an advocate for personal responsibility and financial freedom through entrepreneurship, reinventing himself as the “Everyday Entrepreneur.”

“My career and experiences have spanned many industries and economic cycles, always being focused on learning from the wins and losses of my colleagues and myself,” he explained. “It’s from these obstacles that we learn, grow, and gain wisdom.”

Ben now owns and operates a portfolio of small businesses and brands invested in the Insurance, Pet Food, Financial Services, Hemp, and Real Estate Industries. These businesses are in varying stages of the business cycle and are all anchored around Ben’s passion for providing the best quality product and services supported by the best possible customer service.

“I’m interested in building businesses I believe in and am passionate about,” he said. “That passion is what is going to help me take The BMOR Group to the next level, but more importantly, it’s going to give me the experience I need to hopefully inspire others who are considering the path of entrepreneurship.”

Each month, Ben Morman Everyday Entrepreneur will share stories – of the successes and challenges – facing him on his journey. By chronicling what he did right, and not so right, it’s his hope that his offering of critical guidance will help budding businesspeople not make some of the missteps he has experienced during the past decade. As a result of taking the road less traveled, Ben considers himself a relationship-centered, driven, organized, and adaptable professional with strong leadership and decision-making skills. All that said, Ben admits he would be remiss in not acknowledging the role his wife Jessica has played in his success thus far. According to Ben, success really does start at home.”

“Becoming an entrepreneur and owning and running a business is hard work and if you don’t have the support – whether it be from your spouse, your parents, your siblings, whatever – succeeding is going to be a challenge,” he said. “I learned to join and lead many diverse teams across multiple complex industries and geographies, learning the ins and outs of starting, scaling, and improving businesses. But the best team by far is my partnership with my amazing and awesome wife. It really does take a village.”

If you have any questions for Ben or would like to learn about a specific area of his experience, complete the form below and he will do his best to incorporate it into a future offering of Ben Morman Everyday Entrepreneur.