SOHO negotiating tips

You have an important deal to clinch with a suave business executive with an impeccable background, and you are feeling a bit tense. Remember, every word uttered carries weight and the success of the deal depends on your instinct. Here are some harmless phrases which are "instinctively" loaded.

• "Sir, if it was me…" / "If I were you…"
  
  He is quite serious about the offer. Clinch the deal immediately.

• "All right?" / "You see?"
  
  If he frequently ends his sentence with an ascertainment, he is in a hurry to bag you. Stick to your position and let him go ahead with the talking till he comes your way.

• "I believe…" / "I trust…"
  
  There is always a lingering shade of doubt and he is waiting for an assuring reply from you.

• "You are telling me that…?" / "You mean to say…?"
  
  He has some disturbing answer that is bound to put you off. Quick. Proceed for an alternative.
  
  A successful negotiator is one who is discreet in her actions and is a good judge of the other person’s reactions. Though body language is a resultant action of the words expressed, a few tend to be asymmetrical to the rule. But so what, actions speak louder than words.

• If he begins to rub his eyes, there is something wrong in what you were saying. Or, by chance, he has got a more 'authenticated' information.

• Or when he is talking, if he has searching eyes and fingers cupped at his chin or over his lips, he is unsure of what he is saying.

• Remember, crossing your legs in contrast to your client’s style is considered a sign of distrust.

• Fidgeting with any object on the table is an expression of irritation.

• If he continues to stare into your eyes, he’s trying to say that he needs more proof.

• Don’t make the mistake of staring at him, he might be offended. You can look at the other regions corners of his ears, forehead, etc.

• Never look at his clothes when replying.

Don't wait to delegate

1. Analyse your workload and decide which tasks can be delegated, based on skills required and how much time may be needed to complete it..

2. Identify possible associates or sub-contractors who are available and have the talent to get the job done.

3. Communicate clear expectations of what the result of the delegated work should be and set a deadline.

4. While clearly establishing the process, don't describe it to the death, which would indicate a lack of confidence in the associates'work.

5. Allow the individuals the opportunity to do the tasks their own way.

6. Remain accessible to answer any questions they may have and provide support for problem-solving. Be prepared to intervene if necessary.

7. Encourage and accept beginners' errors without harsh recriminations.

8. Remember to praise a job well done. Your ultimate goal is to deliver project success of the highest quality and on time. Delegation will help you to meet that goal. So, if you can overcome the natural fear you encounter by using the steps listed above, you will experience the benefits of delegating:

• You will be better able to concentrate on critical management tasks and strategic planning.

• Your ultimate productivity will rise enabling you to increase your customer base.

• You will be in a better position to deliver creative project solutions, on time and as required.

• You will have time to develop new skills you desire

• Your level of stress will go down, eliminating burnout

• You will feel the satisfaction that can come from sharing success with your associates.

Opportunity knocks

Things aren't going too well at work. You think, or rather, you know it's just a matter of time before you might get laid off. What are you going to do about it?

You could be thinking the bells are tolling for you, but in truth it could be opportunity knocking at your door. It's just a question of perspective.

Many successful people have started their own businesses when they've lost their jobs. And they've succeeded beyond their wildest expectations. Failure, for them, was a stepping-stone to success.

• Entrepreneurs are in control of their own destinies. They are not dependent on their bosses to keep their jobs.

• If you have a yen for business, find a niche to cater to. Once you find your market, the rest of it gets a lot easier.

• If you have a finger on the pulse of the market, nothing is going to stop you from succeeding.

• Successful business people say it's only the initial fear that is difficult to overcome. It's a lot easier to strike out on one's own than is commonly supposed.

• When it's your own business, you can work with your best skills. Capitalise on your talents.

• Since many big corporate houses have started outsourcing their needs, there is more opportunity for entrepreneurs to come into their own.

• No matter which industry you aspire to enter, make sure you do your homework properly. Research and homework are critical for any business.

Women and business

Here are a few tips for those of you who have an entrepreneurial streak in you.

• Decide on your area of business. Choose one in which you are not only comfortable but also efficient and well versed. A thorough feasibility study has to be done before deciding on your business.

• Keep in mind that a service firm requires less investments in the form of money and a business involving technical expertise may require a higher investment by way of machinery.

• Prepare a detailed business plan for the proposed investments in qualitative and quantitative terms. Once you prepare the plan, stick to the schedule of implementation.

• Work out how much you will be able to mobilise from your personal savings. Work out the source of funds for your proposed investment, which would be a combination of your personal savings and loans from banks or other institutions.

• Explore the possibilities of funds from government agencies and non-profit organisations such as capital subsidy, power subsidy and interest free sales tax loans etc.

Do your research and groundwork well before embarking on any project.

SoHo -- checklist for starting a business

ackground work

• Identify and assess your strengths and weaknesses
• Establish your business and personal goals
• Assess your financial resources
• Identify the financial risk factors
• Determine the start-up costs
• Decide on your business location
• Do market research
• Identify your customers
• Identify your competitors
• Develop a marketing plan

Business transactions

• Select a lawyer and maintain the relationship
• Choose a form of organisation (proprietorship, partnership, or corporation, for example)
• Create your business (register your name, incorporate the business, etc.)
• Select an accountant or auditor
• Prepare a business plan
• Select a banker
• Set up a business checking account
• Apply for business loans (if applicable)
• Establish a line of credit
• Select an insurance agent
• Obtain business insurance

First steps

• Get business cards
• Review local business rules (octroi, codes, etc.)
• Obtain a lease
• Line up suppliers (if applicable)
• Get furniture, equipment and fixtures
• Obtain a business licence or permit (if applicable)
• Join a professional organisation
• Set a starting date to commence business.

Common mistakes people make when they get into a business

Some of the common mistakes that people make when they get into a business……..

• Not making a business plan. A business plan, even a simple one is worth the time it takes to write because it can help give you a ‘road map’ or ‘blueprint’ to follow.

• Not test marketing to see if your business product or service is in demand.

• Not having the background, training, and/or experience to start your business. Assess the skills and experience you presently have to check if you have the knowledge and skills required by your new business. If you need to acquire more skills, enroll in courses or take up a job in the industry to get first-hand experience.

• Inadequate marketing. Marketing is a daily task, Without it, your business will stagnate.

• Lack of professionalism. Just because you work from home, does not mean your promotional materials, business letters, or how you conduct your business should be haphazard.

• Lack of focus. From your business plan, you should devise specific goals - short-and long-range-on which you can concentrate your efforts rather than wasting time and money on markets neither interested nor in need of the products and /or services of your business.

• Inadequate money management. You need to balance your expenses and income. This is to make sure that you are operating as efficiently as possible and spending wisely to promote your business and keep it growing. Consult a Chartered Accountant regularly to set financial goals and parameters.

• Lack of ‘passion!’ You will have to absolutely love your work because it will become an integral part of your life, taking up more hours than you ever imagined. Your ‘challenge’, will be how to ‘pace’ or balance your business activities with personal relationships and activities in your life.

• Business experts say the amount of time a new entrepreneur spends in researching a business idea determines his success as an entrepreneur.

A woman of strength

• A strong woman works out every day to keep her body in shape - but a woman of strength kneels in prayer to keep her soul in shape.
• A strong woman isn't afraid of anything - but a woman of strength shows courage in the midst of her fears.
• A strong woman won't let anyone get the best of her - but a woman of strength gives of her best to everyone.
• A strong woman makes mistakes and avoids the same in the future - but a woman of strength realises life's mistakes can also be God's blessings and capitalises on them.
• A strong woman's stride is confident - but a woman of strength knows God is always there to catch her when she falls.
• A strong woman wears the look of confidence on her face - but a woman of strength wears grace.
• A strong woman has faith that she is strong enough for the journey - but a woman of strength has faith that it is in the journey that she will become strong.

What are the qualities of an entrepreneur?

Passion - entrepreneurs have a strong passion for their idea or concept, so much so that their work is their play. If you don't like what you do, you won't stick it out when challenges come along, as they inevitably will.

Curiosity - entrepreneurs need to understand how things work. They ask a lot of questions. Curiosity therefore triggers innovation.

Hunger - entrepreneurs are sponges. They devour information about their industry and are always current on new and emerging trends and technologies, not only in their specific industry but in closely related industries. Entrepreneurs are ALWAYS looking for new markets, applications, products or twists on an old concept.

Optimism - entrepreneurs think of problems as opportunities for improvements and new ideas.

Forward looking - entrepreneurs are never satisfied with the status quo and are always proactively carving out their future.

Careful about money - entrepreneurs are careful with money and have a firm grasp on what things cost and their value to the business. This allows them to recognize a true bargain when they see one.

Start earning at a young age - entrepreneurs commonly display entrepreneurial leanings as teenagers seeking out entrepreneurial activities such as babysitting, selling craft, running errands…

Competitive - entrepreneurs are naturally competitive and don't let the grass grow under their feet.

Time conscious - entrepreneurs know the value of time and how to make the best use of it.

Risk takers - entrepreneurs are not afraid of taking calculated risks. They typically trust their hunches and act on them.

Professional - entrepreneurs are professional in their approach to work. They operate as they would in a corporate environment and don't allow themselves to be distracted by outside influences.

High energy - entrepreneurs have a plan and a vision and they work it. Entrepreneurs are often health-conscious too, recognizing that the fitter they are, the better their minds work. So entrepreneurs will take time from their schedule to work out and eat well.

Flexible - entrepreneurs are nothing if not responsive to change. Although they appreciate the importance of having a plan and working that plan, they allow themselves room to react and respond to opportunities that may suddenly reveal themselves.

Confident goal-setters - entrepreneurs are confident and set long-term goals, both for themselves personally and their businesses.

Persistent - entrepreneurs never give up. They persist until they succeed. Learn from failure - entrepreneurs learn from their failures and those of others. Failure to an entrepreneur is nothing more than an opportunity waiting to be discovered.

Self responsibility - entrepreneurs take the initiative and personal responsibility for their success or failure (which is always a merely temporary state).

Resource utilization - entrepreneurs utilize ALL of their available resources.

Internal control - entrepreneurs don't believe in luck. They firmly believe that success and failure lies within their personal control or influence.

Now more than ever, with the advance technology available, it is quite possible to run an enterprise on one's laptop. Communication being what it is today, the whole world could be your playing field!