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5 Entrepreneurial Skills You Learn in College

Michael Houlihan & Bonnie Harvey — Fri, 25 May 2018 02:05:03 +0000

When you’re in college, it’s not only what they teach that will enable you to be a successful entrepreneur, it’s the skills you acquire just to get through.

About this time of year, many students are near completion of their college year and wondering if they should continue. They keep hearing stories about successful entrepreneurs who gave up on formal education early to get the jump on their entrepreneurial pursuits. They wonder about the value of a college degree in the world of entrepreneurship.

But these concerns discount the more subtle advantages of attending and finishing college.

These advantages are not widely heralded as the primary benefits of completing a formal education. But they are the exact skills you need to succeed as an entrepreneur. We’re not talking about the skills that are taught in the classroom, but the ones you must develop and use just to survive in the classroom.

We’re talking about personal discipline, delayed gratification and good judgment. These behavioral skills are all required to complete your education. They are all required to increase your chances of success in business.

To read the complete article, please visit The Business Journals

Who We Are

Michael Houlihan and Bonnie Harvey co-authored the New York Times bestselling business book, The Barefoot Spirit: How Hardship, Hustle, and Heart Built America’s #1 Wine Brand. The book has been selected as recommended reading in the CEO Library for CEO Forum, the C-Suite Book Club, and numerous university classes on business and entrepreneurship. It chronicles their humble beginnings from the laundry room of a rented Sonoma County farmhouse to the board room of E&J Gallo, who ultimately acquired their brand and engaged them as brand consultants. Barefoot is now the world’s largest wine brand.

Beginning with virtually no money and no wine industry experience, they employed innovative ideas to overcome obstacles, create new markets and forge strategic alliances. They pioneered Worthy Cause Marketing and performance-based compensation. They built an internationally bestselling brand and received their industry’s “Hot Brand” award for several consecutive years.

They offer their Guiding Principles for Success (GPS) to help entrepreneurs become successful. Their book, The Entrepreneurial Culture: 23 Ways To Engage and Empower Your People, helps corporations maximize the value of their human resources.

Currently they travel the world leading workshops, trainings, & keynoting at business schools, corporations, conferences. They are regular media guests and contributors to international publications and professional journals. They are C-Suite Network Advisors & Contributing Editors. Visit their popular brand building site at www.consumerbrandbuilders.com.

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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3 Reasons Budding Entrepreneurs Should Finish College

Michael Houlihan & Bonnie Harvey — Mon, 26 Mar 2018 16:01:08 +0000

About this time of year, many students are questioning the value of staying in school. There’s an increasing chorus of proponents urging them to drop out.

They say, “You don’t need a formal education anymore, especially if you are planning on being an entrepreneur.” They say, “Just get started, the real-world experience will be more effective than the abstract and theoretical education you get in college.”

They are quick to support this advice with an impressive list of some hugely successful people who dropped out of college and made gazillions.

Our advice: Don’t do it.

Here’s why, if you are truly planning on becoming an entrepreneur, you should stay in school:

To read the complete article, please visit The Business Journals

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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The Trouble with Disruption

Michael Houlihan & Bonnie Harvey — Mon, 30 Oct 2017 16:44:15 +0000

Today, the business tabloids will tell you how glorious it is to disrupt your industry.

Every week there’s a new story about another successful entrepreneur who has disrupted their industry and made a billion. But that’s not even half the story. The tabloids are quick to pander to your desire to see all things new and reward the game changers. It sells magazines!

The fact is that behind every one of those disrupting game-changers is a story of pushback from the buyers, tons of missionary work, and years of not being taken seriously.

And, why should they take you seriously?

Your ideas have never been tested in the marketplace. No one wants to be the first retailer to take a chance on an unproven idea. Besides, they have their tried and true products that have been regularly producing profits for them. Why should they risk losing their go-to brands, the ones they know, the ones that are already in demand?

To read the complete article, please visit The Business Journals

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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Do You Deserve Success Just Because You Follow a Process?

Michael Houlihan & Bonnie Harvey — Fri, 29 Sep 2017 16:37:28 +0000

Nowadays it seems like everybody wants to work from home and make six figures in six months.

The internet marketing folks are quick to pander to those who are believers. They also are quick to take advantage of impatient and inexperienced views of what it really takes to be successful.

If you think that all you have to do is follow a process and you therefore deserve success, you may as well have a big target on your back with a dollar sign in the bull’s eye. They are looking for you.

To read the complete article, please visit The Business Journals

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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5 Principles For Solving Problems

Michael Houlihan & Bonnie Harvey — Tue, 22 Nov 2016 16:22:09 +0000

When we took on the building of the Barefoot Wine brand, we really didn’t understand the problems we would have to overcome to be successful.

We had no idea how long it would take, the opposition we would face, or the enormous hurdles we had to clear in compliance, distribution, and personnel management.

Every day there were new fires that had to be put out. Every day there were unexpected bills hungry for bucks. And every roadblock challenged our very approach to problem solving.

After a while, we began to develop actual problem-solving principles that gave us structure and a set of standards we would apply to future problems. As we solved problem after problem, we slowly improved our approach to problem solving itself.

To read the complete article, please visit Business Journals

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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5 Barefoot Problem Solving Principles

Michael Houlihan & Bonnie Harvey — Thu, 27 Oct 2016 17:00:37 +0000

When we took on the building of the Barefoot Wine brand, we really didn’t understand the problems we would have to overcome to be successful. We had no idea how long it would take, the opposition we would face, or the enormous hurdles we had to clear in compliance, distribution, and personnel management. Every day there were new fires that had to be put out. Everyday there were unexpected bills hungry for bucks. And every road block challenged our very approach to problem solving.

After a while we began to develop actual problem solving principles that gave us structure and a set of standards we would apply to future problems. As we solved problem after problem we slowly improved our approach to problem solving itself. In fact, we began, in a crazy way, to lose our anxiety over the inevitable problems! It became kind of a game! We were challenged with something new and unheard of, but we took comfort in the knowledge that we had a set of principles to handle it, no matter what it was.

Here are our 5 Barefoot problem solving principles:

Take Inventory. That’s right, just like a shipwreck on an abandoned island, take account of everything you have on board. Get ready to be resourceful. Think about how your assets can be used to overcome the challenges you face. Your assets are more than property, money, and products; they are also your people, your customers, and your suppliers. You may have a strategic advantage in a seemingly unrelated area. Don’t overlook any hidden assets, including your own knowledge and experience.
Get Out of the Box. And the quickest way out of the box is straight up! Take the 10,000-foot view. Look beyond your walls, beyond your business, even beyond your industry. Check out the entire landscape. Who has overcome a problem like this in another space? How did they do it? What similarities apply? Are you even defining the problem properly? We believe one way to the solution is the best definition of the problem, so look at it from every angle.
Who Else Benefits? If you solve the problem, who else will the solution assist? And conversely, who is hurt if you don’t solve the problem? By asking these questions you can discover your strategic allies who share an interest in seeing the problem solved. For instance, you may have a supplier who benefits by your growth, and may be amenable to providing additional credit or extended terms to help you overcome a hurdle or grow your business faster so they can sell you more products.
Look at Your Other Problems. If you believe, as we do, that the elegant solution solves more than one problem, then reverse the premise and put all your problems out on the table with the one you are trying to solve. By looking at them all together you’ll begin to see relationships between them. And it is in those relationships that the solution often lies. We’ve been amazed how this tactic can turn on the lights with breakthroughs we wouldn’t have considered otherwise!
Know the Need. Instead of putting your staff, your suppliers, and your associates on a “need-to-know” basis by hiding your problems under the veil of security, practice “know-the-need.“ Involve your stakeholders in the problem solving process. They have an interest in the solution and will appreciate the respect you demonstrate for their intelligence and creativity. Crazy ideas that come out of fun brainstorming sessions often result in problem solving at its finest.

So bring on the next problem and give these principles a try. They worked for us and they can work for you!

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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As Businesses Grow, They Risk Losing Their Entrepreneurial Spirit

Michael Houlihan & Bonnie Harvey — Thu, 01 Sep 2016 17:00:12 +0000

It’s not how you get the entrepreneurial spirit. It’s how you lose it! Every garage startup must have the entrepreneurial spirit to survive. Many successful businesses were once garage startups, and they once had that spirit. But somewhere between the four stages of businesses growth, our friend Jim Canfield of Renaissance Executive Forums calls “startup, buildup, buildout, and enterprise,” the entrepreneurial spirit can lose its luster.

The entrepreneurial spirit is the spirit of the entire team, and is represented by their commitment to customer service, resourcefulness, and going the extra mile to make sales happen. There is no question in the minds of start -up entrepreneurs, in a garage, undercapitalized, and having to make do with less, that they must make sales happen no matter what or they will be out of business – fast! They all know the customer comes first.

Then, if they are fortunate, dedicated, and diligent, they progress beyond the startup phase and into the buildup phase. Now they have a few solid customers that keep them going. Their volume picks up. They begin to see some pressure on production, customer service, and supply chain management. In an effort to satisfy these demands, and in the name of efficiency, they begin to specialize their use of human resources. Thus begins the degradation of the entrepreneurial spirit.

With a few more big customers, they enter the buildout stage. Now they are expanding their offerings and their markets. Division of labor is now a must. One of the divisions is called “sales” and another is called “customer service.” But even though the customer feedback necessary to keep the company’s products and service relevant comes almost exclusively through these two divisions, they are now being relegated to the bottom of the pyramid, which is quietly and quickly growing on top of them. The focus is now on production rather than sales. Sales begins to be taken for granted by the other divisions of labor who no longer feel responsible for sales. In fact, they are convinced that what they do is as, or more important, than sales, even though their very paychecks come from sales! Now, when referring to sales, you hear, “That’s not my job!” The entrepreneurial spirit begins to fade further.

Now comes the enterprise phase where professionalism, compliance, status, tenure and structural procedures become more important than sales and customer service. Salespeople are “outside” in the field, and everyone else is “inside” in the office. Inside office people have greater access to the decision makers and become even more removed from sales. “What’s the matter with those salespeople? Why can’t they just do their job?” is the common refrain when sales are down. But everybody in the office is taking a bow when sales are up! And who is the first to get laid off when sales are ‘bad’? Yup, it‘s the salespeople! What’s wrong with this picture? The entrepreneurial spirit is lost, a victim of its own success!

But by understanding how and why this happens, companies can begin to reverse engineer the entrepreneurial spirit back into their companies. They must start by returning to the backbone of the entrepreneurial spirit, sales. Put sales back on top! Think of the company as having only two divisions; sales and sales support. Sales support is everybody who is not in sales – accounting, production, marketing, HR, legal, admin, the receptionist, everybody! Enforce this relationship by providing quarterly bonuses to sales support staff based on sales, growth, and profitability. Acknowledge their contributions to these three essentials. And create official lines of communication between sales and customer service on the one hand, and sales support, on the other. Make sales everybody’s job – again!

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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True Entrepreneurs Do What It Takes – No Matter What!

Michael Houlihan & Bonnie Harvey — Thu, 07 Jul 2016 17:00:11 +0000

Once the afterglow of the launch wears off, and once the business plan takes a back seat to the cash flow projection, you discover what the real work is in your new business. We call it the “real” work because it generally takes more time and focus that anything you have done before or even anything you could have imagined. It comes as a complete surprise and not a pretty one. It can shatter your preconceived, popular notions about how things get done in product distribution and what is required of you to be a success.

We learned our tough lessons because we were selling to the general public through distributers who then sold to retailers, and we had to do their jobs handling our product. “What? Shouldn’t they have an interest in making money on a product they bought to sell?” you may ask. Even though we were new and unproven, we expected them to sell our products and get the reorders. We also thought they would put up our sales materials to help them move our products. We found both distributors and retailers to be disinterested and unreliable. Still, we faced discontinuance if our products didn’t sell a certain amount in a certain period of time. We had to do the work required, and we had to do it right!

So here we thought we were in the “wine business.” You know – swirl, sniff, sip, maybe say a few French words, hold your pinkie out, and talk about mid-notes. Forget about it! We were in the same business that anyone selling any consumer packaged goods is in: the distribution management business!

Our success depended on stocking and pricing our own items (where legal), dusting bottles, checking item codes, confirming pricing, staying on top of the retailers’ and distributers’ inventory and reordering our products for them as well. It took years to get them to realize that our product was making them so much money that they had an interest in merchandising it themselves. And a good 10-20% never did pick up the slack.

The big companies know this. You know when you go to a store and ask the “clerk” where something is and he says, “Sorry, I don’t work here!” That person works for a product producer who understands what the real work is. It is merchandising! And their own rep is in that store to merchandise their products for the retailer.

Now let’s say you think the stores will do this work and that the distributers are going to get the reorders when the stores are out of stock. You think someone else is going to be responsible for the distribution process. Or you think your product is so good, priced so right, and recommended by so many that somehow you will avoid this inglorious work all together. Guess what? Your product fails. Period.

Unless you make it a priority with your new and unproven product to demonstrate, for an extended period of time, that it will “sell” (and that means constantly move smoothly through the distribution system), you will get the reputation of being a non-starter or a slow mover.

In the early days we spent most of our time in the stores vigilantly watching the shelves, the back rooms and the warehouses – doing whatever needed to be done to make sales happen. It was not uncommon to see us to working on our hands and knees on dusty linoleum floors! That was the real work! So, stop dreaming and get out there and do what has to be done to be successful! You can (and must) do it!

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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What is the True Cost of Overseas Outsourcing?

Michael Houlihan & Bonnie Harvey — Thu, 11 Feb 2016 18:00:16 +0000

From “shortcut-to-riches” internet marketers to Shark Tank, we hear a constant refrain, “If you want to be successful, outsource your manufacturing to a country with cheap labor costs.” If all you are concerned about is the bottom line in the short term, this may be good advice. It will certainly give you an initial advantage in the marketplace. But what about the long term and what about your responsibility to world health?

It’s not just the labor that is cheaper; it’s the overall health standards that are less stringent than here in the United States. Our pollution standards are pretty strict and expensive to comply with because we don’t want to have manufacturing negatively affect our health. Some Americans believe that it’s OK to buy products manufactured overseas, where they are subject to lower environmental standards, because we live so far away they can’t possibly affect our health here. This thinking leaves the door is wide open for questionable overseas manufacturing. But will that door always be open?

Consider what happens when the data begins to be front page news – that our oceans, air and climate are hurting our health as a result of where and how our cheap products are being manufactured. Los Angeles already reports several days a year when they exceed pollution standards, not because of violations in LA but because of pollution that came over the Pacific Ocean from Asia!

Consumer demand for cheap prices is driving this situation today, but sooner or later the true cost of “cheap” manufacturing will be too expensive to support or ignore. We already know it’s unsustainable, which is why we have such relatively high standards in our own country.

Soon “cheap” manufacturing will be unattractive to the consumer. In these days of increasing transparency, consumer groups, health advocates and environmental groups will be exposing the true costs of cheap manufacturing.

New entrepreneurs have to make a choice. Do you want to be part of the past, where you bet that no one would ever refuse to buy your product, no matter where or how it was made, as long as the price was cheap? Or do you want to be part of the future where you realize that world health will eventually trump price and give your environmentally- friendly manufactured products an edge in an increasingly educated and sensitive market?

Millennials who are inheriting this planet are beginning to realize how their decisions today will influence their future. Change is already happening. They know that the quality of their lives will be dependent on factors like pollution standards, water reclamation standards, and protection of the oxygen-producing rainforests. They know they are voting with their purchases every day – and that vote is more profound than anything they can get done at the polls.

Thanks to the proliferation of information, mass changes in attitude will occur at an ever-accelerating rate. Buyers are becoming very concerned about manufacturing processes and their implications to world health. This will be further accelerated by super storms, super droughts, famines, and pestilence. The choices buyers make will become more a matter of survival.

The world of business has cleaned up its act before. We saw the end of widespread use of lead, asbestos, and ozone-destroying additives once it became clear they were hurting our health.

Now is the time for all new entrepreneurs to reject the way things have been done in the past and market clean and healthy products. Beat the rush. Be a leader. Give the emerging consumers what they really want – a sustainable world to live in.

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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Ask the Right Questions to Get the Right Answers

Michael Houlihan & Bonnie Harvey — Thu, 07 Jan 2016 18:00:41 +0000

Last week we had the honor of hosting 21 undergraduate students from the Minor in Entrepreneurship (MiE) program at Nanyang Technological University in Singapore. For most of them, this was their first time in the US. They went on to visit the great entrepreneurships in Silicon Valley, but our home was their first stop.

This would be their first impression of America and American entrepreneurship, so we had to set the tone for their visit and lay the foundation to interpret the keys to successful entrepreneurship.

We decided to start with the basics by asking key questions and giving them the three core competencies necessary for success. We examine these critical issues in depth with plenty of examples and stories in our new full length course (The Entrepreneur’s GPS) designed for aspiring, startup, and growth-phase entrepreneurs.

Here’s a brief summary of some of the questions we posed in the live, in person seminar we put on for the Nanyang students:

Why are you starting a business anyway? Are you looking for a lifestyle, a legacy, or are you building a brand that you will one day sell? If it’s the later, that goal will have a great bearing on how you organize, strategize, and grow your business. It will greatly influence your decision-making process.

How will you pay your bills? Cash flow management is absolutely crucial to the survival of any successful business. You simply must make more than it costs to stay in business. Not only that, but you must find ways to reduce your need for cash through resourcefulness, strategic alliances, and fostering critical relationships that build trust.

How do you engage your people? The hiring process is the most important part of this process. We shared what to look for in selecting new hires and how to orient them to understand exactly how their job makes a difference in sales, the overall security of the company, and ultimately the security of their own job. We discussed how to pay them, acknowledge them, and get their insight to solve problems.

How do you get your product to market – and keep it there? In reality, this is the biggest single challenge a new entrepreneur will face. A popular misconception is that price, quality, and value alone will do the trick. It’s just not so! What does each person who touches your product really want? It may not be what you think. And are you ready to do their job if necessary? Who are the real owners of your brand?

All these questions and more must be answered correctly by every successful entrepreneur. When you see a big, successful company, remember, they weren’t always this way.

We tasked the Nanyang students to look for how each of the successful companies they would visit actually answered these questions. We did not give them all the answers, but we did give them most of the important questions. We hope they enjoy and learn from their exposure to successful American Entrepreneurship.

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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