The 9 Core Competencies of Business for Active Duty, Veterans and Military Spouses

By Deanna Wharwood

Today’s post is about the 9 Core Competencies of Business.  The 9 Core Competencies of Business is what we teach in our Essentials of Entrepreneurship Program for Veterans and Military Spouses at Capital Business Consulting and Coaching.  So, please allow me to introduce to you these concepts:

Core Competency #1:   Entrepreneurial Thinking.

Entrepreneurial thinking is having the ability to see the opportunities in front of you.  For example, I was listening to my father consult with a young man in Illinois regarding starting gun range and small firearms customizing store.  My father explained how in light of the recent change in the laws in Illinois, the young man’s venture should be very profitable.  The young man couldn’t see why the venture would be profitable stating “the farmers just let everyone practice in their fields.”  My father reminded him of the new law, “permission to carry of a firearm concealed” and the fact that, historically, in states that pass this law, the purchase of firearms goes up and the need for qualified trainers increases exponentially.  Needless to say, the young man, a former Army sniper, has begun his business and has been profitable in less than 3 months.  However, at first, he couldn’t even see the opportunity.

Core Competency #2:  Business Visioning

Business Visioning is having the ability to accurately assess your business idea and what it will take to bring your product or service to the market that would be most willing to buy it.

Core Competency #3:  Business Planning

Business planning is formalizing and solidifying your concept on paper.  With the business plan we create the foundation and the framework for the business.

Core Competency #4:  Marketing Your Business

There is a ton of information about marketing on the Internet so; I won’t go into it “ad nauseum” here.  I’ll just say that marketing is merely figuring out how you are going to let your potential customers know that you are in business.

Core Competency #5:  Salesmanship

Oh, the dreaded “S” word!  We’re all in the sales business.  The old adage is true:   “Nothing happens in the world until a sale is made.”   Here at Capital Business Consulting and Coaching, we teach our customers how to “coach the sale.”  No one feels “slimy” if you use our process.

Core Competency #6:  Managing Your Operations

Managing your operations is essentially how you are going to produce and deliver your product or service and deliver it to your customer.  Finally, ensuring that the people you need to pay have been paid.    Operations can be as simple or as complex as you need them to be, however, most businesses try to streamline operations to maximize profit.

Core Competency #7:  Managing Your Mindset

We train our clients on a multitude of subjects to include:   time management, life management, wealth management, self- management and energy management strategies that catapult you to your personal best and your business to the top of the market.

Core Competency #8:  Managing Your Team

The term “self-made millionaire” is a misnomer.  There is no such a thing as a “self-made millionaire.”  It always takes a team.  How you choose to manage your team of independent contractors, employees and consultants is fundamental to your success.

Core Competency #9:  Shifting from Business Doer to Business Owner

This is the final section where we show you that your “baby” is really an asset, an appreciating asset that with a little skill, a little money and some sweat equity, you can turn this asset into cash and execute the exit strategy, either by growing the business, selling the business or entering the entrepreneurial lifestyle.

So, there they are, the 9 Core Competencies of Business.  As you can see, the concepts are super simple and we teach the actions that go along with these concepts to our clients.  From the Army to the Air Force, from the USPHS to NOAA, the staff at Capital Business Consulting and Coaching wishes all of our Military Family Members a Happy, Safe and Prosperous 2013.

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HARO, How You’ve Changed!

HARO, How You’ve Changed!

A Lesson in How to Handle Your Tribe

Help a reporter out was a 3 times a day newsletter where media could put out what they were looking for. People who read the free newsletter would respond to the reporter to pitch themselves or their clients. It came out 3 times a day and he sold single ads in each one. At one point there was around a 2-3 month waiting list to get an ad in HARO. It was very popular and best of all it was FREE to use for the reader. Peter Shankman used social media well and told little stories about his travel and life and what he was doing. Then a huge PR company bought HARO. I have been watching to see how the newsletter would change with someone else at the helm.

Here is what has happened.

Peter Shankman is well loved and respected in the social media space, so they kept him on. At first you could hardly tell that the new company owned it. The big give away was that the new company to sell their services used every ad space. It made it look like they had bought a lot of ad space. So instead of learning about an innovative new business that had a cool service to sell in each newsletter, you saw the same lame ad from the big company. Everything looked pretty much the same. I didn’t think they would keep Peter on forever and I was correct. After a while the newsletter ‘introduced” the new editors.

There seemed to be a team of editors for the newsletter. They “introduced” themselves, talked about what they did and tried to write some cute banter about what was going on in the office or in their lives. The problem was, nobody cared. Peter’s shared bits of his life and it was interesting. His travels, his meetings, his cat dying, all that make for a tight connection to his tribe. The new editors tried to converse with the tribe as if they were their tribe. Like a new stepfather in the home trying to connect with the kids, the tribe basically ignored them. They didn’t know these new people and didn’t care about the office stories. Frankly, they worked in an office like everyone else. They didn’t travel and have an interesting life.

Somehow big company figured that out and thankfully stopped adding that crap to the newsletter. Then began the big chop. The newsletter came out three times a day with over 100 opportunities. As of today, less than 55 were on the list. Something has changed in their policy. I know a couple of reporters who have been cut off from being able to post requests. Once your email is blacklisted you can no longer post any requests. Perhaps that practice is wide spread. Or perhaps they only allow people who pay for big company services to post. I am not sure what the criterion is.

HARO has certainly seen better days. Her second husband (big company) does not treat her as well as Peter Shankman did. She has had to downgrade her lifestyle and runs on her old reputation. She seems to be on the decline. While people still use it, I don’t hear people sharing the “secret” anymore and I can’t remember the last time anyone said they got a really big media opening from it.

Many reporters have learned they don’t need a central place to send out their media needs. They can create their own following on social media and get pitches everyday. I know I do. If you are with a major outlet, you don’t need a HARO to help you get the word out. People who want to be in the outlet or publication are constantly looking on line for any opportunity. Many people have just focused on where they want to be seen and waiting for the right opportunity and no longer look to HARO to bring them information. Google alerts and just following a reporter on twitter can serve to get you a nice write up.

The lesson here is about the tribe. The tribe is not transferable. You can tell when Peter left, when the information was being phoned in. I think some of the last few posts were ghost written for him by the company. It just didn’t have his voice anymore.

Only you can feed your tribe. People want more contact and interaction with you. They don’t want to be sent to another company to get what they want. People are not excited about JV product launches. Why? Because while you can partner and sell with people, your tribe is looking for more of you! Not more of someone else.

I think JV connections are great but tribes cannot be passed around for everyone to pitch anymore. They are on the list for the person they got on the list for. No one else really matters.

Something else that is better that HARO will come along soon. There are always people to innovate. But like the hot chick from High School who got FAT AND UGLY, HARO has lost its main appeal.

TV Business May Have to Start Trimming the Fat

TV Business May Have to Start Trimming the Fat

In a recent Nielsen Ratings survey, statistics showed a staggering decline in the number of TV viewers in the year of 2012. With overall audience reduction nearing double digits, it leaves many to wonder what cause and effect such figures could have on the television industry.

It doesn’t take much retrospection to trace the decline in viewership back to the Internet. Prior to television’s hit on ratings, a similar industry, newspaper distributors was rattled by the introduction of the Internet. Speculators predicted in the late 90’s and early 21^st century that the digital world would have a tremendous impact on newspaper user behavior. A shift in readership from paper to digital impacted the advertising industry, commerce, and hundreds of employees worldwide.

As with newspapers, the immediate impact of Internet availability on television usage has been minimal. However, in coming years, the TV business as we know it will be forced to evolve or it will cease to exist. The most visible changes in television consumption over the past six years include:

• Reduction in real-time viewing of television shows
• Simultaneous viewing of content on multiple outputs
• Increase in usage of On Demand and Streaming features

DVR systems are now commonplace in the vast majority of households with television sets. With the demanding schedules of individuals coupled with the convenience of digital video recorders, more and more people are opting to record and view programs at more opportune times. Modern day technology now enables sports enthusiasts and news junkies keep up to date with information using multiple outlets. A viewer may watch football on a laptop, smartphone, and television all at once. In addition to DVR systems, the Internet has also introduced the ability to stream live content directly to smartphones, tablets, and laptops anytime and anywhere with ipad and iphone tv apps.

The modern day consumer can watch exactly what they want while avoiding commercials as a result of the ability to stream content using sources like Hulu, Netflix, and On Demand. Now viewers have the ability to fast forward through ads and become more selective in what they choose to watch. As a result:

• Television networks will lose authority
• Satellite and cable television subscriptions will decrease
• Traditional television prices will fall
• Percentage of people who watch video on a computer will increase

As consumers become more selective in regards to when and what they watch, television networks will begin to break down. We can expect to see an improvement in content production, distribution, and acquisition of material. Plus, traditional networks will become more obsolete, uber-networks will acquire less profitable ones, and affiliate fees will decline. Selective demand will also reduce the amount of overpaid talent and managers which will trickle down to a consolidation of production, crews, and set costs.

In the end, cable and television companies will be forced to reduce their prices and become more efficient with the quality and quantity of material.  As TV viewership declines, advertisements become less relevant, and the only solution is to “trim the fat.”  Although television viewership is expected to fall drastically, but the TV business and related industries will undoubtedly suffer.

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