by: Geoff Ficke

The 5 Absolutely Essential Personal Traits Needed to Become a Successful Entrepreneur

I am often asked by media interviewers, prospective entrepreneurs and college students I mentor to identify the most important qualities that are present in successful small business start-up owners and innovators. Obviously there are many personality traits that contribute to success in every sort of endeavor. Honesty, hard work, creativity and a positive mental attitude are only a few. However, I think that there are five traits that are essential keys to achieving entrepreneurial success. These are present in every successful entrepreneur I have ever worked with.

Passion

High achieving entrepreneurs have an unrestrained passion for their business or concept. This is not to be confused with cheerleading or hype. Their passion is born of a confidence that their project will help and provide real benefits to people, clients and customers. Of course, they hope to prosper financially from their work, but they really and truly are passionate that they can make a difference. The passion that Emeril Legasse exudes when he speaks about Food and Cooking, or that displayed by Tory Burch when she describes her Fashion Designs are obvious examples.

Drive

Successful entrepreneurs will not be stopped. They quickly come to understand that they will consistently hear the word “no”. To these driven people “no” simply means not today. They are driven to succeed and always find a way to overcome the “no” obstacles that the marketplace places in their path. Vidal Sassoon, born to poverty in East London, created one of the world’s great Beauty and Cosmetic empires through his sheer drive. Famous Amos overcame huge personal obstacles before he pioneered the creation and commercialize of the designer Cookie category.

Focus

By their very nature entrepreneurs are creative. This creativity, however, often results in lack of focus. Ideas seem to come in waves. The project at hand is undone by a bigger, grander idea, then another. Successful entrepreneurs are solely and totally focused on their Business Plan, executing their strategy and getting to market with a first mover advantage in hand.

Bernie Marcus, Ken Langone and Arthur Blank launched the Home Depot with a single store in Atlanta. They overcame numerous hurdles to perfect the DIY concept that is ubiquitous today by staying focused on the perfection of their business model in one location before they considered expansion. Levi Strauss built his eponymous denim work and Sportswear business from a base that was focused on the mine workers that were pouring into the California Gold Rush country in the mid-18^th century.

Discipline

The ability to discipline ones emotional urges and stick with the plan when things seem bleakest is so important. The discipline to work though problems that seem too vexing is something that many people lack. Work ethic that demonstrates the ability to overcome problems is essential.

Thomas Edison famously conducted over 1000 experiments before perfecting the incandescent light bulb. Clint Eastwood and Burt Reynolds were aspiring young actors in the 1950’s in Hollywood. Both were fired by their studio on the same day and told they had no future in the movies. The same happened to a young singer named Elvis Presley at the Grand Ol’ Opry in 1954. None quit. They had the self-confidence and discipline to keep pushing until they achieved their goals.

Courage

To me, this is the Number 1, most essential, but also rare trait that successful entrepreneurs possess. I do not believe that courage can be taught. The courage to commit fully to a project is what separates commercially successful entrepreneurs from dreamers and failures. Fear of failure chokes courage. Fear of hearing “no” again and again smothers courage. Risk aversion today runs deep in contemporary society where security is prized above anything posing  uncertainty and has become the norm.

Successful entrepreneurs fall early and often, but have the unique ability to get up and go back into action. Helena Rubenstein built one of the earliest international Cosmetic empires though she grew up impoverished in 19^th century Poland. She scratched against huge odds and continually bet every asset she possessed on her products, and herself.

My Branding and Consumer Product Development Consulting firm is fortunate to have met hundreds of wonderful entrepreneurs. Unfortunately we have met many thousands more who expressed aspirations, but could not muster one or more of these five essential success traits. This is most disappointing because many of their products and concepts possessed excellent commercial appeal. Creating personal success, when starting with little or nothing, is never easy. If it was everybody would be doing it and they are not.

by: Geoff Ficke

The Most Useful Funding Technique for Funding a Business Startup Is the Oldest: Bootstrapping

My Consumer Product Development and Marketing Consulting firm is approached almost daily by entrepreneurs seeking to launch a new enterprise. For many of these aspiring business owners their primary concern is the funding requirements they believe will be required to enable execution of a proper launch. Many assume they need to raise funding from angel investors, venture capital or banking sources. Very few will succeed by taking this path.

Capital is extremely selective in placing highly prized investments in untried startup businesses, run by anything less than experienced entrepreneurs. It rarely happens. The expectations of professional investment sources is simply too difficult for most novices to be able to satisfy steep requirements for Return on Investment,  Use of Funds, Professional Management Teams or First Mover Advantage.

When we explain to first time seekers of capital the complexities and difficulties that they will face in successfully securing a funding round, we almost always are confronted by resignation. The inevitable query we hear is, “Well, how do you get started”? There are many options but the simplest, and oldest is the concept of “bootstrapping”.

Bootstrapping is simply self-funding. Some of the greatest successes in the history of business were self-funded by Bootstrapping. The most famous is MicroSoft, followed closely by Hewlett Packard. Leslie Wexner launched The Limited in Columbus, OH in the 1960’s by bootstrapping a single dress shop in a strip mall. Estee Lauder created the world’s most successful Cosmetic brand at her kitchen table in the Bronx. King Gillette did much the same in the 1890’s when he launched his eponymous shaving brand. There are hundreds of publicly traded companies around the world that were nurtured to life initially by bootstrapping.

The beauty of not accepting, or seeking an equity investment partner is obvious: There is no partner to share ownership and the necessity to hit performance marks required to obtain funding is eliminated.

True, bootstrapping can hinder the rapidity of growth. But the process of bootstrapping demands discipline and enforces controls on spending that become part of the DNA of the firm as growth occurs. Expenditures are weighed and considered before very dear capital is committed.

The three Magi were bootstrapping incense merchants. Every pioneering farmer or blacksmith was initially a bootstrapping business person. Your insurance agent, realtor, most salesmen, lawyers, shop owners or artisans are bootstrapping for their income. To the extent that capital is required to open a restaurant, coffee shop, day spa, sales agency, franchise a business or set up a landscaping firm the funding required to be able to bootstrap these opportunities comes from friends, family or personal savings.

The Venture Capital community has a well-known phrase to describe the source of seed funding: “Startup monies come from Friends, Family and Fools”. Money flows easily to new, novel business concepts, but only after there is a confirmation of a proof of concept and sales traction is demonstrated.

Bootstrapping is not glamorous. It requires total commitment and focus. Fancy offices, fresh cut flowers in the reception area, expense account lunches and leased luxury automobiles are not line budget expense items for bootstrapping Companies. Credit cards may need to be tapped. Home equity utilized. Aunt Jane approached for a loan. If the entrepreneur is driven, there is nothing that will deny them the opportunity to convert their concept in to a going concern. Bootstrapping is the simplest, oldest, and in most instances, the only strategy available to start a new business.

Duquesa Marketing

www.duquesamarketing.com

Press Release

For Immediate Release

Contact: Geoff Ficke

859-567-1609
gficke@msn.com

Lori Leigh Designs™ to Introduce Earring Chalet Organizer at JCK Jewelry Show, Stand 2408

Popular Jewelry Industry Trade Expo to Be Held at Mandalay Bay Resort Hotel, Las Vegas, June 1-4, 2012

Whittier, CA  Lori Torline, Founder and President of accessory jewelry product development firm Lori Leigh Designs LLC, announced today that her group will unveil their novel,
fashionable earring organization system product line at the upcoming JCK Jewelry Expo in Las Vegas, NV.

“We will be attending and demonstrating the Earring Chalet at a number of jewelry and gift trade shows throughout the rest of 2012”, said Mrs. Torline. “Our research indicates that JCK is a premiere show for presenting new lines like ours and we have already begun the process of making USA and international retailers and distributors aware of our participation in JCK”.

“Every woman loves her earrings, and every woman experiences the frustration of organizing and protecting their collection”, said Nancy Ficke, General Manager of Florence, KY based Duquesa Marketing, managing consultants for the development of the Earring Chalet project. “Lori  has perfected a truly fashionable, easy to use organizer that will be must-have on every vanity table”.

We will offer the Earring Chalet in two formats a Vanity Box holding 75+ pairs of earrings, and a Traveler holding up to 15 pairs”, said Mrs. Torline. “The units will be presented in designer color options, and we will announce pricing for USA retailers and international distributors at JCK”.

Duquesa Marketing

www.duquesamarketing.com

Press Release

For Immediate Release

Contact: Geoff Ficke
859-567-1609

gficke@msn.com

Geoff Ficke to Be Interviewed on The Morning Show with Host Jae Nash on May 9th at 11:15 am CT

Duquesa Marketing Founder and Expert to Discuss 5 Personality Traits to Success

Florence, KY  Nancy Ficke, General Manager, announced today that her Branding and Product Development firm Duquesa Marketing has scheduled another in a series of national radio interviews for Company President and Founder Geoff Ficke.

“Geoff Ficke will appear on The Morning Show with Host Jae Nash May 9th at 11:15 am CT”, said Mrs Ficke. “The discussion will be about the 5 Personality Traits to Success. Mr. Ficke will explain if your idea or business is a good one and if you have what it takes to succeed. Do you have a product idea but just aren’t sure where to start? Is your business ready to move to the next level, but you don’t have the connections to make that happen? Geoff Ficke has been helping hundreds of people make their business dreams come true.

Through his 40 years of practical experience Geoff has been mentoring, teaching and consulting with small and micro-businesses, entrepreneurs and inventors to enable them to turn dreams and ideas into products and successful commercial opportunities. Geoff and his team have worked with products from skin care to cupcakes to health supplements and more.

Duquesa Marketing has assisted numerous individuals and enterprises start and expand Consumer Product opportunities over the past four decades. The award winning firm
has vast experience in all Sales and distribution channels in the United States and internationally.

Duquesa Marketing

www.duquesamarketing.com

Press Release

For Immediate Release

Contact: Geoff Ficke
859-567-1609

gficke@msn.com

Geoff Ficke to Be Interviewed on Blog Talk Radio Successipes Show on April 25th at 3:30 PT

Duquesa Marketing Founder and Expert to Discuss 5 Personality Traits to Success

Florence, KY  Nancy Ficke, General Manager, announced today that her Branding and Product Development firm Duquesa Marketing has scheduled another in a series of national radio interviews for Company President and Founder Geoff Ficke.

“Geoff Ficke will appear on Successipes Show with Host Lori Wilk April 25th at 3:30 pm PT”, said Mrs Ficke. “The discussion will be about the 5 Personality Traits to Success. Mr. Ficke will explain if your idea or business is a good one and if you have what it takes to succeed. Do you have a product idea but just aren’t sure where to start? Is your business ready to move to the next level, but you don’t have the connections to make that happen? Geoff Ficke has been helping hundreds of people make their business dreams come true.

Through his 40 years of practical experience Geoff has been mentoring, teaching and consulting with small and micro-businesses, entrepreneurs and inventors to enable them to turn dreams and ideas into products and successful commercial opportunities. Geoff and his team have worked with products from skin care to cupcakes to health supplements and more.

Duquesa Marketing has assisted numerous individuals and enterprises start and expand Consumer Product opportunities over the past four decades. The award winning firm
has vast experience in all Sales and distribution channels in the United States and internationally.

Geoff Ficke Discusses Five Personality Traits to Success!

See if Your Idea makes the cut…

Do you have a product idea but just aren’t sure where to start?  Is your business ready to move to the next level, but you don’t have the connections to make that happen? Geoff Ficke has been helping hundreds of people make their business dreams come true!

Through his 40 years of practical experience Geoff has been  mentoring, teaching and consulting with small and micro-businesses, entrepreneurs and inventors to enable them to turn dreams and ideas into products and successful commercial opportunities. Some of his Consumer Product Clients include some of the world’s most recognized companies.  He’s worked with products from skin care to cupcakes to health supplements and more. And he’ll share his wisdom with your listeners!

Phones will light up about with listeners calling in with their questions on this hot topic!

Let Geoff Ficke answer their questions about how to get their business idea to market

Suggested Show Topics for Geoff Ficke:

• How to get funding for your business idea
• What makes a product or business idea successful
• How to get your product or business idea to market

Questions for Geoff Ficke:

1.   Is now the best time to start a new business?

2.   How do I find funding?

3.   Do I really need a business plan?

4.   Where do I go to get a prototype of my product made?

5.   Can I sell or license my business idea?

6.   Should I go to one of those invention services advertised on television?

7.   Where can I find manufacturers for my product?

8.   Do I have to patent my idea? How much does that cost and what do I do?

9.   What 5 personal traits are essential for achieving entrepreneurial success?

10. Can I bootstrap my way to success?

11. Tell us some of your success stories.

12. I’m ready! How do I get a hold of you to help me make my business idea happen?!

Geoff Ficke and his consulting firm, Duquesa Marketing,  (www.duquesamarketing.com) has assisted businesses large and small, domestic and international, entrepreneurs, inventors,  students in new product development, capital formation, licensing, marketing, sales and business plans and successful implementation of his customized strategies. He is a Senior Fellow at the Page Center for Entrepreneurial Studies, Business School, Miami University, Oxford, Ohio.

Contact Alexis Bruning to schedule an interview with Geoff Ficke at 513-602-9040.

by: Geoff Ficke

Consumer Product Market Penetration is Much Easier If Exclusivity Is Key to the Lines Branding Strategy

Recently I had the opportunity to visit and work several Trade Shows while on an extended business trip through Europe. One was a huge Beauty Product expo in Italy, another a jewelry fair in Switzerland, and a Gourmet Food Show in England completed the itinerary. Each of the venues would be considered apex convocations within their industry space. Each offered a range of products touching many price points.

As any consumer of economic news knows, today Europe is struggling and in a severe commercial downturn. Consumers are caught in a severe pinch between sky high government taxes and budget deficits, slowing growth, job losses and a real decline in personal incomes. The fear is palpable in many obvious ways, even to a foreign traveler.

And yet, the Trade Shows I attended were each doing their most brisk commerce in the categories that offered the more expensive, exclusive product offerings. I queried any number of vendors from across a broad range of retail price positions. Inevitably the higher end products on offer reported that they were doing well. The mid-market brands seemed to be suffering most. The mass market lines were of course also doing well as many middle class shoppers were trading down in these uncertain times, although many mentioned that they were cutting margins to maintain market share.

It is a fact that in many product categories, exclusivity as a marketing strategy can be an easier route to store shelves than almost any other model. In higher-end markets there is less pricing resistance, and thus greater opportunities to enjoy fatter profit margins. Competition can be much less severe. Obstacles to gaining distribution are much less in specialty
stores and boutiques than exist in chains and mass market discounters.

Pet products that cater to passionate owners often seem eccentric. Jewelry, cashmere sweaters for dogs, Halloween outfits for cats and luxury pet beds seem extreme. But, they sell. A visit to any Pet industry Trade Show will confirm this fact.

Cosmetics, Jewelry, Couture Fashion, Footwear, Automobiles, Gourmet Foods and Drinks, Electronics, Luggage, and many other product categories that provide exclusive brands are booming. Brands in the mid-market range are being squeezed. Private label offerings are picking up market share, though margins are squeezed in order to lower and hit needed price points.

The market for Skin Care products priced over $100 per ounce is sizzling. Gourmet Food brands are enjoying a golden age thanks to the popularity of celebrity chefs and food networks. Jimmy Choo and Manolo Blahnik, among other show designers, have elevated more than the heels on their products. An order for a new Ferrari or McLaren sport car, paid up-front with cash, will earn the buyer a spot on a waiting list with a 2-year wait for delivery of their vehicle. Every Hermes Birkin bag is pre-sold each season before the purses ever hit store shelves. The valet parking concession at Harrods and Harvey Nichols in London is constantly backed up with a constant cue of chauffeur driven Rolls Royce and Bentley automobiles.

Launching Consumer Products with an Exclusivity distribution Marketing Strategy and Sales Model is a course we often we choose for client projects. Once a market has been  penetrated, and consumer demand is stimulated for a product it is always an option to replicate the item in a lower price point presentation. You can always come down in price.

Duquesa Marketing

www.DuquesaMarketing.com

Press Release

For Immediate Release

Contact: Geoff Ficke

859-567-1609

gficke@msn.com

Duquesa Marketing Client Pedi-Protexx™ Launches at COSMOPROF Bologna to Great Acclaim

Retailers and Distributors from Over 60 Counties Flock to Secure Licensing opportunities to Secure Perfect Pedicure Protection

Florence, KY    Nancy Ficke, co-founder and General Manager of international, award winning Consumer Product Development and Branding consultancy Duquesa Marketing, announced today that over 60 major international distributors and retailers have approached her firm to secure distribution rights to Pedi-Protexx, a novel new pedicure accessory beauty product after viewing the line at COSMOPROF Bologna.

“We were overwhelmed at the rousing response to our client’s product and the unique features of the Pedi-Protexx”, said Ms. Ficke. “COSMOPROF Bologna is the largest, most prestigious beauty product show in the world, and the performance of Pedi-Protexx made it a standout in this mega-competitive milieu”.

“The interest in a simple, elegant product which aids in the application of a pedicure treatment was amazing”, said Alexis Bruning, V.P. of New Product Development for Duquesa
Marketing. “We were continually told that Pedi-Protexx was one of the most original, different products at COSMOPROF.

“In coming weeks we will be making a series of announcements as each country’s specific distribution deal is concluded”, said Nancy Ficke. “The interest in distributing this unique pedicure accessory is growing exponentially as a result of the impact the Pedi-Protexx generated last week at the Bologna show”.

Duquesa Marketing

www.DuquesaMarketing.com

Press Release

For Immediate Release

Contact: Geoff Ficke
859-567-1609
gficke@msn.com

Geoff Ficke to Be Interviewed on KSNX 105.5 AM The Believe Show on April 1st at 3:00pm MST

Duquesa Marketing Founder and Expert to Discuss How to Create Entrepreneurial Opportunities During a Tough Economy

Florence, KY    Nancy Ficke, General Manager, announced today that her Branding and Product Development firm Duquesa Marketing has scheduled another in a series of national radio interviews for Company President and Founder Geoff Ficke.

“Geoff Ficke will appear on The Believe Show with Host Barbara Bruce April 1st at 3:00pm MST”, said Mrs Ficke. “The discussion will be about the opportunity to take hold of your life and career options by exploring Entrepreneurial opportunities that people find around themselves in their hobbies, homes or jobs”.

“We work with hundreds of inventors, small and micro-businesses and entrepreneurs every year”, said Alexis Bruning, V.P. of New Business Development at Duquesa Marketing. “Many of these people carve out successful enterprises by capitalizing on things they experience in their environment. This is a topic that Geoff is passionate about and is always happy to share with an audience”.

Duquesa Marketing has assisted numerous individuals and enterprises start and expand Consumer Product opportunities over the past four decades. The award winning firm has vast experience in all Sales and distribution channels in the United States and internationally.

Duquesa Marketing, Inc.

www.duquesamarketing.com

Press Release

For Immediate Release

December 1, 2011

Contact:  Geoff Ficke

859-567-1609

gficke@msn.com

Novel New Line to Be Introduced to Retail Beauty Trade in Spring-2012 at Major International Venue

Alexandria, VA –  Dr. Barbara von Mettenheim, creator of Pedi-Flip announced today that her Beauty Product design atelier BvonM LLC has contracted the services of Melbourne, FL based Defined by Design to create essential Branding and Graphic Art visual elements for a Spring-2012 international market introduction.   

“I collaborated with my Managing Consultants at Duquesa Marketing to review a number of candidates for creative design work”, said Dr. von Mettenheim. “Pedi-Flip is a product that performs a specific, necessary task, but it also has a good bit of fun and whimsy attached to the design.  Linda Walding immediately grasped my vision and is a wonderful addition to our team”. 

“When my work product was being reviewed by Geoff Ficke of Duquesa Marketing and Barbara von Mettenheim I became very appreciative of the diligence they exercised in considering all of the submissions,”, said Linda Walding, President of Defined by Design. “I was of course thrilled to be selected to work on this interesting, exciting project”.

“My specialty is creativity and product design”, said Dr. von Mettenheim. “I am fortunate to have Duquesa Marketing acting as my Managing Consultants and Defined by Design handling Graphic Art.  This gives me the freedom to concentrate on areas where I can be most productive”.