Success > Receivership > Then more success... See how Poppy did it.

Remember Poppy King... and her lipsticks. An Australian success at 19 years old. $5mill p.a. in sales. Out of business at 25.

Like many entrepreneurs (young and old) Poppy had a great idea but not enough business savvy.

This led to her having to sell her business, which never got back to the $5mill turnover it had during its heyday.

In this article from the Sydney Morning Herald Poppy explains what has happened since then to help her once again start her entrepreneurial empire.

Under a difference name. In a different country. But much wiser.

And it goes to show that true entrepreneurs often have a rocky road to their final destination. In Poppy's case she was offered a prestigious role at Estee Lauder to launch and run a new range. This helped her to reestablish herself, and regain confidence.

However being an employee in a corporate environment didn't suit her ambition and attitude.

So, now she's off onto her next project.

Bottom line - being an entrepreneur and business owner is certainly risky. Not everyone is a success. Not every idea is a winner. You need to have confidence and faith in yourself... and always be looking for opportunities to move forward.

Business Development Skills for Engineers

Engineers, scientists, and technical staff all have a trait in common. Like many other service professionals they don't like the idea of selling (oops... I should have called that 'business development').

If you or your team have a technical background you may find it difficult to take a softer, more consultative approach to business development.

That's why in my business development skills training workshop we use a proven system that works for technical and professional staff.

Usually technically-oriented people like discussing the details of their area of expertise. They like to get stuck into what can be done, and how to fix the problem.

However, when trying to gain new business, this level of technical talk can de-rail the sales discussion. By diving into technical details too early, engineers and other technical professionals miss the chance to find out what really matters for that particular client.

The best way to approach business development is to find out what the clients really wants (and needs), and then present your solution in a way that targets (or connects with) those specific requirements.

Get more info about learning business development skills here.

Do you really need a consultants report? Maybe...

A recent article from the Sydney Morning Herald discussed the pro's and con's of using a marketing professional to prepare a report to help with planning your business. The writer explains that a lot of information is available for free from the Australian Bureau of Statistics. And they are right.

The article goes on to say...

If many business people don't realise the wealth of useful information that's available from the bureau, rest assured that all the marketing consultants do.

Should you commission a consultant's report, many of its facts and figures will have come from the bureau - but the consultant's fee is likely to be a lot higher than the bureau's.

From my perspective, the writer misses a major point... that the data on its own is one thing... but the insight and experience to understand and interpret that data is another.

Not to mention the huge amount of time required for you to grapple with the ABS data if you are not familiar with the layout, catalogue structure and related information sources.

That is exactly why you pay a professional for assistance.

You could take the same approach with a lawyer... reading up on all the precedents, checking the latest statutes, and writing your own legal documents.

But most people don't. Because they understand the lawyer has expertise they don't.

Remember... professional marketers have expertise you don't. Expertise in assessing markets, in understanding what drives business opportunities, and insights into what is required to be successful.

Need more information? Read my How to Hire a Marketing Consultant report.

Cost-per-Click rates and free marketing plan guides.

This chart from the ClickZ network shows the latest rates for what advertisers are paying for click-throughs from their online ad's.

The data is a summary, and groups multiple advertisers within each category.

My message with this post is that you should be researching your marketing expenditure - not just guessing at what it could or should be.

And it's not only online advertising I'm talking about.

Plan your marketing budget 12 months at a time to see how much you need to spend (or don't need to spend) to achieve your business objectives.

Visit the Marketing Nous website for free marketing plan guides.

Video: Tips on Pitching to Investors and Clients

If you ever need to 'pitch' your business to investors or even to high-level decision makers within client organisations - you must watch these videos.

All the businesses featured in the videos were participating in a UK business contest.

Make sure you listen to the entrepreneurs comments at the end of each video - you'll find them very helpful

BusinessZone.co.uk recently ran The Pitch, a new competition at the Bristol Design Festival allowing entrepreneurs to present their business, invention or idea to a panel of experts. It was a hugely successful event and we are today pleased to announce we have published video footage of the contest. Featuring expert advice from our 'dragons' the videos provide valuable guidance on how to pitch to investors.

My tips:
Pay attention to the various communication techniques and presentation styles of each presenter. It's a tough situation to be in... but some of them could do with a bit more practice!

If you are presenting to investors or high-level decision makers:

* Make sure you can clearly summarise your 'offer'.
* Be prepared to answer very direct questions about volume, quality, demand and sales.
* Use good quality visuals that will get your message across.