Long Beach authors (and writers) who want to make a living conveying their message and leveraging their knowledge and skills embrace the entrepreneurial mindset. But how do you know if you have done this? Here is a list of five characteristics that entrepreneurial authors have in common.
1. Entrepreneurial authors accept that the purpose of their business is to make money. They may also want to make the world a better place, but they understand that in order to do that, they need to be profitable.
ACTION EXERCISE: How do you connect with your profitability?
Do you know your profit margin, cash flow, competitive advantage, sales goals, and your key profit indicators? Take a moment to set your profit goals for the New Year. Start a “business journal” and open it with an upbeat story about your cash flow. Start thinking in glowing terms about your business profits and write those points down.
2. Entrepreneurial authors think about their long term goals. They understand that short term thinking can lead to long term challenges and they view their business as a growing, living entity. They are strategic in the actions they take and refrain from taking desperate measures. In other words, they know what results they want before they invest in any business activity.
ACTION EXERCISE: Do you have a written long term plan?
Get clear on your long term goals. Write them down and refer to them often, fine-tuning them as you go. Before taking any action in the moment, make sure that it is in alignment with your long term goals. Ask yourself, does this action move me closer to or further from my ultimate business goals?
3. Entrepreneurial authors diversify their income generators. Part of having a business mindset is knowing that you can’t depend on one income stream. For better stability, you need to have several … for as one goes soft, the others will sustain you. Entrepreneurial authors don’t just have one book in them … they have many. They publish their content in multiple formats, from physical books to ebooks, from audio programs to video series. They diversify their marketing channels, communicating with their target audience through their website, social media, live events and more.
ACTION EXERCISE: How can you diversity your business?
How can you repurpose the content in your book to reach more readers? Can you create a workbook that goes with it? A ecourse? An audio program? A video program? A seminar or workshop? Are you communicating with your ideal readers in ways they enjoy? Do you have a presence where your ideal readers hang out on- and off-line?
4. Entrepreneurial authors are strategic. They have a strategy — often a set of strategies — for each key project. They set aside time to see and understand the forest, so they don’t get caught up in the trees. They have a vision for where they want to be and a plan on how to get there.
ACTION EXERCISE: Have you outlined a strategy for your success?
If not, do so now. Then, take a look at all the activities you participate in for your business: Do they match up and support your overarching strategy? If not, why? How can you change that?
5. Entrepreneurial authors understand the importance of self growth and development. They understand that who they are and how they are feeling affects their business in numerous ways. They continuously work on improving their mindset, skill set, knowledge base, physical health, mental health and spiritual well being.
ACTION EXERCISE: Do you have self-improvement goals for the New Year?
Create an action plan to accomplish those goals. Keep that action plan with your business and marketing plans and work on all throughout the year.
Are you an entrepreneurial author? Do you want to be? Are you ready to build your business and platform so that it expresses your creativity, conveys your worth and message authentically and is profitable? Visit www.carmaspence.com to learn more.
NOTE: Are you a writer, author or editor connected to Long Beach in some way? Please contact me ... and you can be a part of my series of profiles of local writers!