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Entrepreneur Life 101 has moved, please visit Entrepreneurlife101.org for current posts. Thanks!

 

Welcome to the Entrepreneur Life 101 blog!

My name is Skyler Johnstone, I am 22 years old and I have been an entrepreneur most of my life. Basically, I  didn’t have a choice in the matter, BUT I have been loving every minute of it. My parents and grandparents were all entrepreneurs in one way or another with both a successful baby clothing business and a play in the real estate market up to this day. First and foremost, real estate can be very lucrative so keep that in mind but be careful of the downfalls. When I was a young man instead of sending me to daycare my mom would bring me into her baby clothes store while my dad went to work as an electrician in Seattle. I was joyfully forced to grow up knowing numbers, business layouts, business plans, marketing goals and the key point, How to turn a profit!!! Read the rest of this entry »

Many of you may be asking yourselves “how am I going to climb this intimidating mountain of success?”  While this is a legitimate question, the real question is whether you possess the single most dominant attribute found in almost all of our successful self made business people. It is basically a prerequisite for entrepreneur 101 and beyond.  So what is it you ask? Less complicated than one might think. Read the rest of this entry »

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By: Skyler Johnstone

I will tell you when a job is not necessary, when you already have one. Most of you already have proven ways to make those sought after clams. Let me ask you this however, what is your opportunity cost and how much are you giving up in exchange. What is opportunity cost you might ask well not only do I have an article about it but I will tell you again. Read the rest of this entry »

Guest writer

Guest writer:    Tim McEneny

By: Tim McEneny (Former Chairman and CEO of PurchasingNet, Inc.)
Note: This is the first of a three part series describing how entrepreneurs can get the most out of a meeting with a Venture Capitalist (VC).
Part 1- How to maximize your company’s value before meeting with a Venture Capitalist
Part 2-Understanding Venture Capitalists and other potential investors
Part 3-Making a Presentation to a VC…..Do’s and Don’ts
Months before thinking about meeting with a Venture Capitalist (or any potential investor), you’ll want to focus on ways to increase the value of your business. The greater the value of the business, the more likely you’ll be to draw interest from the VC community.
How do you determine the value of your business today? How do you start to increase its value? To answer these questions, you’ll need to look at it thru the eyes of the VC. Today you may be concentrating on improving customer satisfaction, but this may not be an “A item” for a VC. Let’s examine the “Value Drivers” most important to VC’s.
In the case of our internet software company, the main “Value Drivers” were:… Read the rest of this entry »

By: Skyler Johnstone- @el101skyler

I recently came up with this quote last quarter while trying to read and study for a midterm in my economics class but never really dove to far into its meaning for me and how I can explain it to others so here is a formal explanation with detailed how-to step by step guides to become a more proficient reader and how to retain the information you are learning.

READ TO SUCCEED

1. By picking up a book or scrolling through the endless pages of news available to us on a daily basis we are not only… Read the rest of this entry »

Being an entrepreneur means many different things to different people.  For me it means being able to take control of my life, my business, and follow my dreams.  Be that online, or in a real world marketplace.  Originally I started my first business, back in the 1980’s, to pursue my hobbies of dancing and costuming.  I was able to join with a partner and create a small business which provided dance costumes and soon branched out to include jewelry and other items.  I eventually sold out for personal reasons.  Later I also opened a janitorial service business, a desktop publishing and website design business, and eventually a sports equipment business owner found me and I was suddenly in manufacturing and sales of sports equipment.  Looking back it was quite a thrilling ride.

Today I concentrate on my hobby of writing for websites, my own and others.  This also includes blogging, social media and other online ventures.  Having been in both the virtual and real world there are a couple of tips I can share for would-be entrepreneurs out there interested in joining this club… Read the rest of this entry »

     Hey everyone, I know it has been quite a while since giving you all an update, just like your life, my life has been busy as well. Long story short I am starting my own fashion line called Get Your Own Swag or GYOS for short as I like to call it. You can visit my website at http://www.getyourownswag.com and even be part of our upcoming flash mob commercial if you live in or around Seattle. If you dig my style and where I am going and feel you can help in anyway I would be happy to entertain any type of help. Ok enough with self-promotion let’s get down to the nitty gritty. Solitude. 

    Recently when describing to a friend how solitude is a good thing… Read the rest of this entry »

    The title pretty much explains itself but some shoot for the stars, fail, and give up. Any successful entrepreneur can attest to the fact that when you fall off of a house you should not just get back on but try harder to stay on. Maybe that means tightening up your grip or not letting loose of the figurative reigns. If you run too loose of an operation things are bound to fail and fall through but by setting realistic goals for yourself and the company more people stand to succeed, yourself included. 

Realistic goals mean that you and your company will have something to be happy about more frequently. By setting smaller more realistic goals your company will grow and expand more rapidly because your employees have something to look forward too and work harder for. 

In lue of keeping this article short and too the point keep in mind goals and how they work. When setting a  goal you reach out for something that is attainable or even slightly unattainable so it will help you work harder yourself to attain it. The smaller the goal the better when running a business. No goal is too small to set thus most things are within grasp if all your smaller goals lead to a bigger purpose. 

Don’t forget to set goals for yourself and your company or it will be much harder to succeed. Without realistic goals however, your company is sure to have a much harder time growing and expanding to the company you wish it to be. 

 What do you think? What is the hardest part about being a business owner and how can those problems be dissolved?