Entrepreneurship is about vision.
It's about the vision to recognize a gap and fill it. This is not based on age and it is not always based on intelligence. I think it's almost exclusively about following through on that conversation you have with your friends that starts with "It would be so great if....".
Check out this INC. slideshow about simple ideas by college students that generate serious revenue. They are the leaders of our generation because there is no doubt they have the mindset of business owners. At our age, if something fails, it fails. Try something new and start over. Learn from your mistakes and succeed.
Sunday, February 28, 2010
Do Your Homework, Get The Job
It had been a while since I went through an interview but, sure enough, walking into the meeting with who will be my new boss brought back the same nervous energy I had when first trying to get into the company. So how do you calm these nerves and get the job every time? Simple, do your homework.
It's important to understand that, first and foremost, an interview is a sales meeting. The person asking the questions has a need and you must convince them you are the best candidate to satisfy that need. As you would in any sales meeting, you must come prepared. The first step is to understand the company and what they do. Use the internet to research every aspect of their business and how they are innovating and moving towards the future. Familiarize yourself with the history and the leaders who have shaped the company. Also, understand the competition and where their strengths and weaknesses lie. I can tell you that most of the candidates will not have this information and will be at severe disadvantage to those who do.
Armed with this research, you can have an extremely educated conversation about the job and how you would fit into the company's vision for the future. Do not propose any 'revolutionary ideas' or changes to the business. This comes with time in the position.
Dig up some information on who will be conducting the interview and who your superior would be. LinkedIn and Facebook will be resources to see work history. Try to talk to someone who works at the company and find out the culture at the office. Tailor your pitch to how your strengths would gel in that particular office environment.
If you come prepared with the right information for an interview then it simply becomes a conversation. Be calm and collected. Prove through doing your homework that you have the work ethic to excel in the position.
It's important to understand that, first and foremost, an interview is a sales meeting. The person asking the questions has a need and you must convince them you are the best candidate to satisfy that need. As you would in any sales meeting, you must come prepared. The first step is to understand the company and what they do. Use the internet to research every aspect of their business and how they are innovating and moving towards the future. Familiarize yourself with the history and the leaders who have shaped the company. Also, understand the competition and where their strengths and weaknesses lie. I can tell you that most of the candidates will not have this information and will be at severe disadvantage to those who do.
Armed with this research, you can have an extremely educated conversation about the job and how you would fit into the company's vision for the future. Do not propose any 'revolutionary ideas' or changes to the business. This comes with time in the position.
Dig up some information on who will be conducting the interview and who your superior would be. LinkedIn and Facebook will be resources to see work history. Try to talk to someone who works at the company and find out the culture at the office. Tailor your pitch to how your strengths would gel in that particular office environment.
If you come prepared with the right information for an interview then it simply becomes a conversation. Be calm and collected. Prove through doing your homework that you have the work ethic to excel in the position.
Sunday, February 21, 2010
Seth Godin On Standing Out In Business
Be remarkable and speak to those who want to listen.
Two simple rules Seth Godin believes define the new world of marketing and business success. The general thought is that we are so inundated with products and services that, without being remarkable, there is no way to get noticed. Playing in the middle is a great way to get ignored. Developing for the finges is the way to get attention and have people start talking about what it is you're doing and creating. Even small changes make a big difference because, as any ad man will tell you, perception is the single largest intangible factor in a marketing campaign's success.
Many of these campaigns are now viral and based on consumers talking about their own experiences through the many social media platforms. Finding the consumers who appreaciate your product is the best way to garner a volunteer sales force. Let them tell one person who tells one person who tells a group of people and you have a better advertising campaign than any commercial you could put on TV. Do this by standing out and being different.
Two simple rules Seth Godin believes define the new world of marketing and business success. The general thought is that we are so inundated with products and services that, without being remarkable, there is no way to get noticed. Playing in the middle is a great way to get ignored. Developing for the finges is the way to get attention and have people start talking about what it is you're doing and creating. Even small changes make a big difference because, as any ad man will tell you, perception is the single largest intangible factor in a marketing campaign's success.
Many of these campaigns are now viral and based on consumers talking about their own experiences through the many social media platforms. Finding the consumers who appreaciate your product is the best way to garner a volunteer sales force. Let them tell one person who tells one person who tells a group of people and you have a better advertising campaign than any commercial you could put on TV. Do this by standing out and being different.
Saturday, February 20, 2010
Carpe Diem
It's decision time.Every so often, an opportunity comes around and you have decide the path to your life's success. These are fantastic moments. They are moments of introspection, evaluation, and idealization. My moment came this week in the form of an exciting new opportunity at work. It was time to really think.
Comfort, to me, is a scary word. I always link being comfortable with settling and that should not be an option when you are young in your career. This is the time to take risks and experiment. Those risks may be dangerous and come with a lot more work and stress, but that is part of the growth and maturation of getting into business. Like my parents always used to say, "Welcome to the real world." As you get older, you will get used to sleeping less and having less time to sit around and watch TV. If you are eager and ambitious to get a jump start on creating success, there will be side businesses and the constant pursuit of extra knowledge on top of your responsibilities at the stable job. Success is attained through small sacrifices.
The more I thought about the opportunity in front of me, the more excited I got. Being at an age where learning from powerful people still gets my heart racing means any chance to work for someone more polished, more respected, and willing to teach along the way is the ULTIMATE opportunity. Sometimes there is no increase in pay, and maybe even a decrease, but it must be seen as an investment. No business class can teach what someones success can.
Don't lose sight of the endgame. Your career is a marathon and should be the right combination of planning and pure instinct. The last thing you want is to look back at retirement age with a 'what if' in your mind. Carpe Diem.
Thursday, February 18, 2010
Steve Jobs And The Path To Personal Success
Steve Jobs has had several unbelievable stories of succees in his life but, in his commencement speech at Stanford University, he tells three surprising stories that influenced his life. These are tales of confusion, naivete, despair, death, and humility that shaped the man and success story Jobs has been for so many years. I will let you hear the stories from him, but wanted to post what I found so energizing and eye-opening about his life.
It's not easy to stomach venturing off the well-beaten and expected path of a typical, successful life. Jobs dropped out of college and took that very route. He trusted that things would work out and maintained his intellectual curiosity and sense of a greater purpose. Sometimes we have to trust the forces of the Universe and our own ability to create success and opportunity to truly achieve our life's destiny. Follow your heart and intuition, shoot for the stars and don't settle.
Jobs was very publicly fired from his post as CEO, not to mention Founder, of Apple. It was only through what became an opportunity that he was able to create and prosper the rewards he found later in life. The world deals setbacks everyday. They will always hurt at first, but understand why they happened and what opportunities they allow for the future. You just have to stay hungry.
The last part of the speech examines death and it's role in living. He talks about how you must assume your time could come and live for the happiness you deserve. Jobs makes a point to look in the mirror everyday and ask if he is happy doing what he is doing. Are you?
It's not easy to stomach venturing off the well-beaten and expected path of a typical, successful life. Jobs dropped out of college and took that very route. He trusted that things would work out and maintained his intellectual curiosity and sense of a greater purpose. Sometimes we have to trust the forces of the Universe and our own ability to create success and opportunity to truly achieve our life's destiny. Follow your heart and intuition, shoot for the stars and don't settle.
Jobs was very publicly fired from his post as CEO, not to mention Founder, of Apple. It was only through what became an opportunity that he was able to create and prosper the rewards he found later in life. The world deals setbacks everyday. They will always hurt at first, but understand why they happened and what opportunities they allow for the future. You just have to stay hungry.
The last part of the speech examines death and it's role in living. He talks about how you must assume your time could come and live for the happiness you deserve. Jobs makes a point to look in the mirror everyday and ask if he is happy doing what he is doing. Are you?
Monday, February 15, 2010
Lessons From A Legend: Richard Branson
LOSING MY VIRGINITY, the autobiography by British mogul Richard Branson, is a game-changer for anyone is business. Branson shows the value of listening to your customers, challenging the status-quo, and doing business on your own terms. In almost every business he started or is involved with, he had the unique ability to see large gaps in service and tailor a business to connect with the needs of the customers. The way he was able to have fun in these incredibly trying and stressful stages of business development is almost as astounding as the level of success he has attained with the Virgin Group.
Don't be afraid of competition: Whether it was Virgin Airlines challenging the pillar of English air travel in British Airways or Virgin Music Stores opening shops to compete with the cold, stuffy record stores of the time, Branson was never afraid of a little competition. Just because a business is operating doesn't mean the customers are satisfied with the service. They may just not have enough options to choose otherwise. With Virgin Airways, Branson made travel fun and comfortable again. In Virgin Music Stores, he added bean bags and allowed customers to hang out in the lounge setting. It was all about identifying with the consumer.
Controversy Isn't Always A Bad Thing: Branson has often been criticised for being a showman. But, in reality, he was only using the press to increase the visibility of his brands and show the characteristics that made them successful. The Sex Pistols and Culture Club may have been controversial, but they didn't hurt anyone and their exposure to the public was great for business. Be sure you are not violating any laws or crossing any major moral boundaries and turn the publicity into positive exposure for the merits of your business.
Have Fun: The only reason Branson has been able to hold the passion for business as long as he has is because of his ability to have fun. There don't have to be the rigid constraints that sometimes monopolize corporate culture in order to succeed. Keep hobbies and make sure you love what you do and it will show through on the balance sheet. Branson also always had a deep love for his employees and customers. He is known to carry around a notebook and write down the ideas of his staff and consumers to implement. These personal connections will keep you motivated and fresh.
There are no set rules for success. Branson shows anyone can make it with the right passion for what they do and the instincts to adapt with the market.
Don't be afraid of competition: Whether it was Virgin Airlines challenging the pillar of English air travel in British Airways or Virgin Music Stores opening shops to compete with the cold, stuffy record stores of the time, Branson was never afraid of a little competition. Just because a business is operating doesn't mean the customers are satisfied with the service. They may just not have enough options to choose otherwise. With Virgin Airways, Branson made travel fun and comfortable again. In Virgin Music Stores, he added bean bags and allowed customers to hang out in the lounge setting. It was all about identifying with the consumer.
Controversy Isn't Always A Bad Thing: Branson has often been criticised for being a showman. But, in reality, he was only using the press to increase the visibility of his brands and show the characteristics that made them successful. The Sex Pistols and Culture Club may have been controversial, but they didn't hurt anyone and their exposure to the public was great for business. Be sure you are not violating any laws or crossing any major moral boundaries and turn the publicity into positive exposure for the merits of your business.
Have Fun: The only reason Branson has been able to hold the passion for business as long as he has is because of his ability to have fun. There don't have to be the rigid constraints that sometimes monopolize corporate culture in order to succeed. Keep hobbies and make sure you love what you do and it will show through on the balance sheet. Branson also always had a deep love for his employees and customers. He is known to carry around a notebook and write down the ideas of his staff and consumers to implement. These personal connections will keep you motivated and fresh.
There are no set rules for success. Branson shows anyone can make it with the right passion for what they do and the instincts to adapt with the market.
Sunday, February 14, 2010
Custom Fabrication And Open Source Technology For Entrepreneurs
WIRED shows us how the age of open source, custom fabrication and online product design can make anyone an entrepreneur.
Augmented Reality WiIl Blow Your Mind
Blaise Aguera y Arcas demonstrated the future of mapping technology at the TED Conference in Long Beach, CA a few days ago. It is no surprise that he drew gasps from the crowd as he showed the combination of digital and real world imagery on one screen. Augmented Reality will be the future as the technology seems to be multiplying in it's capability and functionality by the month.
When you watch this video, picture this technology on your mobile phone as you explore a city or are trying to avoid traffic in a particular area. It is an incredibly inspiring demonstration.
When you watch this video, picture this technology on your mobile phone as you explore a city or are trying to avoid traffic in a particular area. It is an incredibly inspiring demonstration.
Friday, February 12, 2010
The Corner Office MBA: Cash Flow is King
By Dave Richardson
Business is tough, the economy is unstable. You need cash flow to make payroll and pay bills. Wait! No, you need profits to make payroll and pay your bills. No, wrong! If you have more cash flow coming in this month than bills then the cash flow has kept you alive a little longer until you can make a profit.
So….if you have $20,000.00 in bills due this month and you can get $20,000.00 worth of cash coming in to pay the bills you survive another month. The problem is in order to get the $20,000.00 in revenue you have had to cut prices to get the business. You then spend $22,000.00 to operate the business for another month, which will be due next month.
Next month you do whatever it takes to get $22,000.00 in cash flow to pay the bills. No matter what, you have to have $22,000.00 in cash flow to pay the bills even if it costs you $25,000.00, which of course will now be due the next month.
Hopefully when times were good you saved up. In the above scenario, if you have $50,000.00 in a line of credit or extra in your operating account maybe your business will survive another 12 months or so. Or maybe you can last 2 months with no cash flow.
As you can see, depending on how deep your pockets are, you can do this for only so long. Some day you will have to start making a profit or lose your business. You could cross your arms, pout and vow that you’re not going to cut prices just to get work, and there goes your cash flow. You will be out of business…soon. Or, you keep your customers happy, lower your prices, and bring in some cash flow.
Businesses that have a large amount of overhead, expensive equipment payments, or grew too fast will not last as long as those who managed their growth and overhead. To survive you may have to restructure your loans to spread out the payments, sell excessive or unused equipment and inventory. Sometime you have to trim your staff.
Cash flow does not equal profit. Not making a profit does not mean you will go out of business, however eventually to stay in business you will eventually need to run your business in a profitable manner.
About the author: Dave is the Founder and President of Crush It Inc. , a custom concrete and asphalt crushing company based in Florida. He and his wife, Lisa, grew the company from scratch into one of the largest and most successful in the state. Check them out at http://www.customcrushers.com/.
Business is tough, the economy is unstable. You need cash flow to make payroll and pay bills. Wait! No, you need profits to make payroll and pay your bills. No, wrong! If you have more cash flow coming in this month than bills then the cash flow has kept you alive a little longer until you can make a profit.So….if you have $20,000.00 in bills due this month and you can get $20,000.00 worth of cash coming in to pay the bills you survive another month. The problem is in order to get the $20,000.00 in revenue you have had to cut prices to get the business. You then spend $22,000.00 to operate the business for another month, which will be due next month.
Next month you do whatever it takes to get $22,000.00 in cash flow to pay the bills. No matter what, you have to have $22,000.00 in cash flow to pay the bills even if it costs you $25,000.00, which of course will now be due the next month.
Hopefully when times were good you saved up. In the above scenario, if you have $50,000.00 in a line of credit or extra in your operating account maybe your business will survive another 12 months or so. Or maybe you can last 2 months with no cash flow.
As you can see, depending on how deep your pockets are, you can do this for only so long. Some day you will have to start making a profit or lose your business. You could cross your arms, pout and vow that you’re not going to cut prices just to get work, and there goes your cash flow. You will be out of business…soon. Or, you keep your customers happy, lower your prices, and bring in some cash flow.
Businesses that have a large amount of overhead, expensive equipment payments, or grew too fast will not last as long as those who managed their growth and overhead. To survive you may have to restructure your loans to spread out the payments, sell excessive or unused equipment and inventory. Sometime you have to trim your staff.
Cash flow does not equal profit. Not making a profit does not mean you will go out of business, however eventually to stay in business you will eventually need to run your business in a profitable manner.
About the author: Dave is the Founder and President of Crush It Inc. , a custom concrete and asphalt crushing company based in Florida. He and his wife, Lisa, grew the company from scratch into one of the largest and most successful in the state. Check them out at http://www.customcrushers.com/.
Saturday, February 6, 2010
Drink The Kool-Aid
Drink the Kool-Aid and take your career to new heights.
MEN'S HEALTH had an article this month that hit real close to home. It details the many disadvantages of a cynic, those who blame others for their problems in both their business and personal lives. Constantly complaining and asking questions as to why it never seems to happen for you eliminates motivation and takes time away from what you could be accomplishing to get ahead. It's time to take responsibility for what happens in your career and create the opportunities that will lead to success.
The article quotes Mathew McConaughey, "Cynics love to put their finger on disease before they put it on health. It's the easy way to go. Play the blame game." The problem is that successful people do the opposite. They drink the Kool-Aid and believe they create their own destinies.
Everyone in the business world suffers from cynicism at some point, especially those in the corporate world. I found myself sitting at work several times this week thinking cynical thoughts about my workload and those around me. Sometimes we just need a wake-up call. Think about all you're learning and the connections you're making. Think about being young with the world in your grasp. Think positive. Drink the Kool-Aid.
MEN'S HEALTH had an article this month that hit real close to home. It details the many disadvantages of a cynic, those who blame others for their problems in both their business and personal lives. Constantly complaining and asking questions as to why it never seems to happen for you eliminates motivation and takes time away from what you could be accomplishing to get ahead. It's time to take responsibility for what happens in your career and create the opportunities that will lead to success.
The article quotes Mathew McConaughey, "Cynics love to put their finger on disease before they put it on health. It's the easy way to go. Play the blame game." The problem is that successful people do the opposite. They drink the Kool-Aid and believe they create their own destinies.
Everyone in the business world suffers from cynicism at some point, especially those in the corporate world. I found myself sitting at work several times this week thinking cynical thoughts about my workload and those around me. Sometimes we just need a wake-up call. Think about all you're learning and the connections you're making. Think about being young with the world in your grasp. Think positive. Drink the Kool-Aid.
Tuesday, February 2, 2010
David Heinemeier Hansson: The Secret To Making Money Online
David Heinemeier Hansson of 37signals and the creator of Ruby on Rails delivers a must-see speech on the merits of running a sustainable business without the desire to get bought out by a conglomerate. To set the stage, David is speaking after attendees have just been taught, by speaker after speaker, how to pitch VC's and get high-level financing for their business.
The counter-argument is the so-called 'mom and pop shop' of the Internet
that fills a niche and charges for it's services in order to create consistent revenue and profit. The numbers are simple; with the large number of online consumers and the relatively low overhead of most Internet businesses, consistent cash flow can keep you wealthy and happy for years. Find the hole in the market and create a product to fill the void. This idea is only rational because, as David points out, selling your business to a large company is the equivalent to winning the lottery.
The counter-argument is the so-called 'mom and pop shop' of the Internet
that fills a niche and charges for it's services in order to create consistent revenue and profit. The numbers are simple; with the large number of online consumers and the relatively low overhead of most Internet businesses, consistent cash flow can keep you wealthy and happy for years. Find the hole in the market and create a product to fill the void. This idea is only rational because, as David points out, selling your business to a large company is the equivalent to winning the lottery.
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