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4 Lessons from Billionaire College Entrepreneurs

noreply@blogger.com (CGP) — Thu, 21 Oct 2010 06:29:00 +0000

There are more than enough college business success stories to go around - and I'm not talking about that dude who lived next to you in your dorm and made enough money for books by selling home-made Che Guevara t-shirts. I'm talking about the businesses that started in college and became billion-dollar companies. There's something to learn from the Zuckerbergs, Dells and Gateses of the world. Here are four of those lessons.

• 8 Financial Tips for Young Adults

1. Find a Need and Fill It

This is the most basic of advice for starting a business; either find something that doesn't exist but would improve the lives of those around you, or find an already available product and make it better and cheaper. Mark Zuckerberg is probably the most famous and richest 26-year old on the planet right now, and he did exactly this when creating Facebook.

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Zuckerberg was an undergrad at Harvard in 2004, taking computer science (go figure), and had been programming since he was in his teens. At Zuckerberg's old school there had been a registry of students and their photos published every year, but not at Harvard. So Zuckerberg set out to change that, but after his initial hacking into Harvard's server to retrieve the information needed to make a kind of "hot or not" Harvard page, he was shut down and had to go a different route. This gave rise to thefacebook.com and later, after he and his team moved to California, facebook.com.

There have certainly been problems and issues along the way, but what started as a desire to give everyone access to Harvard student photos has made Zuckerberg a billionaire. Facebook is expected to reach one billion accounts in the near future.

2. Think Outside of School

Michael Dell regularly ranks among the richest men in the world as the founder and CEO of Dell computers. Dell actually started this company while he was still in college doing his pre-med courses. Even as a teenager, Dell was interested in computers and finding out how electronics work, and while he was at college, he turned this into a part-time job. Dell started upgrading computers from a room in residence and eventually started operating as "PCs Limited" out of a condo, selling upgraded PCs via direct order. This eventually became Dell computers, which dominated the PC world during the 1990s and mid-2000s.

The company is not quite as dominant a PC force right now, but having started it as a hobby while pursuing an entirely different goal, Dell has certainly made his mark on the computer world.

3. Use Your School Projects for Larger Goals

When you're in college, it's best to try and focus your studies in a way that interests you and will work out in your favor once you're done school. So don't write a 2,000 word paper on Chapter 57 from "Moby Dick" unless you truly find it interesting or want to teach this Melville classic in the future; make your studies work for you.

This is what Larry Page and Sergey Brin did when they were both pursuing their PhDs at Stanford in computer science. They were working on a research project that would create a search engine that would analyze the relationship between websites, and Google was born. The idea of Google comes from Brin's and Page's idea that information should be accessible and universal, and they're making this a reality through a project started at Stanford.

4. Don't Let School Get in the Way

Bill Gates didn't let school get in the way of creating something that would both help the world and make him a multibillionaire. After scoring a mere 1590 out of 1600 on the SATs, Gates enrolled at Harvard with the hope of studying law, and after seeing one the first mass-consumed micro computers, the Altair 8800, Gates and his former classmate Paul Allen approached the maker of the computer to let them know they had written a programming language for the computer. After the maker of the computer, MITS, accepted the offer, Gates left Harvard to pursue his dream, never to return. Shortly after this, Microsoft was formed.

Gates used the college's computer labs to work towards his real passion, and when that passion paid off, he realized that college wasn't for him. Zuckerberg also left Harvard and hasn't returned.

The Bottom Line

There are many other success stories, like Frederick Smith who based the idea for FedEx on an economics paper he'd written while doing a bachelor's of economics at Yale, but the majority of money-making college entrepreneurs have been involved with computers. Overall, college entrepreneurs need to focus on their true passions and let schooling aid them in getting to this goal, and if schooling gets in the way, entrepreneurs have to be prepared to put it aside to follow their idea to the end.

10 Mistakes That Start-Up Entrepreneurs Make

noreply@blogger.com (CGP) — Thu, 21 Oct 2010 06:13:00 +0000

When it comes to starting a successful business, there's no surefire playbook that contains the winning game plan.

On the other hand, there are about as many mistakes to be made as there are entrepreneurs to make them.

Recently, after a work-out at the gym with my trainer -- an attractive young woman who's also a dancer/actor -- she told me about a web series that she's producing and starring in together with a few friends. While the series has gained a large following online, she and her friends have not yet incorporated their venture, drafted an operating agreement, trademarked the show's name or done any of the other things that businesses typically do to protect their intellectual property and divvy up the owners' share of the company. While none of this may be a problem now, I told her, just wait until the show hits it big and everybody hires a lawyer.

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Here, in my experience, are the top 10 mistakes that entrepreneurs make when starting a company:

1. Going it alone. It's difficult to build a scalable business if you're the only person involved. True, a solo public relations, web design or consulting firm may require little capital to start, and the price of hiring even one administrative assistant, sales representative or entry-level employee can eat up a big chunk of your profits. The solution: Make sure there's enough margin in your pricing to enable you to bring in other people. Clients generally don't mind outsourcing as long as they can still get face time with you, the skilled professional who's managing the project.

2. Asking too many people for advice. It's always good to get input from experts, especially experienced entrepreneurs who've built and sold successful companies in your industry. But getting too many people's opinions can delay your decision so long that your company never gets out of the starting gate. The answer: Assemble a solid advisory board that you can tap on a regular basis but run the day-to-day yourself. Says Elyissia Wassung, chief executive of 2 Chicks With Chocolate Inc., a Matawan, N.J., chocolate company, "Pull in your [advisory] team for bi-weekly or, at the very least, monthly conference calls. You'll wish you did it sooner!"

3. Spending too much time on product development, not enough on sales. While it's hard to build a great company without a great product, entrepreneurs who spend too much time tinkering may lose customers to a competitor with a stronger sales organization. "I call [this misstep] the 'Field of Dreams' of entrepreneurship. If you build it, they will buy it," says Sanjyot Dunung, CEO of Atma Global, Inc., a New York software publisher, who has made this mistake in her own business. "If you don't keep one eye firmly focused on sales, you'll likely run out of money and energy before you can successfully get your product to market."

4. Targeting too small a market. It's tempting to try to corner a niche, but your company's growth will quickly hit a wall if the market you're targeting is too tiny. Think about all the high school basketball stars who dream of playing in the NBA. Because there are only 30 teams and each team employs only a handful of players, the chances that your son will become the next Michael Jordan are pretty slim. The solution: Pick a bigger market that gives you the chance to grab a slice of the pie even if your company remains a smaller player.

5. Entering a market with no distribution partner. It's easier to break into a market if there's already a network of agents, brokers, manufacturers' reps and other third-party resellers ready, willing and able to sell your product into existing distribution channels. Fashion, food, media and other major industries work this way; others are not so lucky. That's why service businesses like public relations firms, yoga studios and pet-grooming companies often struggle to survive, alternating between feast and famine. The solution: Make a list of potential referral sources before you start your business and ask them if they'd be willing to send business your way.

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6. Overpaying for customers. Spending big on advertising may bring in lots of customers, but it's a money-losing strategy if your company can't turn those dollars into lifetime customer value. A magazine or website that spends $500 worth of advertising to acquire a customer who pays $20 a month and cancels his or her subscription at the end of the year is simply pouring money down the drain. The solution: Test, measure, then test again. Once you've done enough testing to figure out how to make more money selling products and services to your customers than you spend acquiring those customers in the first place, roll out a major marketing campaign.

7. Raising too little capital. Many start-ups assume that all they need is enough money to rent space, buy equipment, stock inventory and drive customers through the door. What they often forget is that they also need capital to pay for salaries, utilities, insurance and other overhead expenses until their company starts turning a profit. Unless you're running the kind of business where everybody's working for sweat equity and deferring compensation, you'll need to raise enough money to tide you over until your revenues can cover your expenses and generate positive cash flow. The solution: Calculate your start-up costs before you open your doors, not afterwards.

8. Raising too much capital. Believe it or not, raising too much money can be a problem, too. Over-funded companies tend to get big and bloated, hiring too many people too soon and wasting valuable resources on trade show booths, parties, image ads and other frills. When the money runs out and investors lose patience (which is what happened 10 years ago when the dot-com market melted down), start-ups that frittered away their cash will have to close their doors. No matter how much money you raise at the outset, remember to bank some for a rainy day.

9. Not having a business plan. While not every company needs a formal business plan, a start-up that requires significant capital to grow and more than a year to turn a profit should map out how much time and money it's going to take to get to its destination. This means thinking through the key metrics that make your business tick and building a model to spin off three years of sales, profits and cash-flow projections. "I wasted 10 years [fooling around] thinking like an artist and not a business person," says Louis Piscione, president of Avanti Media Group, a New Jersey company that produces videos for corporate and private events. "I learned that you have to put some of your creative genius toward a business plan that forecasts and sets goals for growth and success."

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10. Over-thinking your business plan. While many entrepreneurs I've met engage in seat-of-the-pants decision-making and fail to do their homework, other entrepreneurs are afraid to pull the trigger until they're 100% certain that their plan will succeed. One lawyer I worked with several years ago was so skittish about leaving his six-figure job to launch his business that he never met with a single bank or investor who might have funded his company. The truth is that a business plan is not a crystal ball that can predict the future. At a certain point, you have to close your eyes and take the leap of faith.

Despite the many books and articles that have been written about entrepreneurship, it's just not possible to start a company without making a few mistakes along the way. Just try to avoid making any mistake so large that your company can't get back on its feet to fight another day.

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Now You Can Work From Home And Make Money Online Easily.

noreply@blogger.com (CGP) — Tue, 31 Aug 2010 04:04:00 +0000

Most people these days are looking to make extra money online or supplement their income. If you’re not, you are either super rich or super naive. With the economy the way it is, we all need extra money.
In times like this, with people being laid off everywhere you turn, it’s natural to want some sort of financial parachute. You just never know when it could be you out of work.
The internet boom of the 90’s is still fresh in most people’s minds. Companies like Yahoo, all the way down to sites where you could buy groceries were money makers before the bust.
As the internet became bombarded with millions of websites, and the ensuing dot com bust. Many people felt that they missed out on an opportunity to make money online. This is why people can be taken so easily by a website promising that they can make you money online.
But it’s obvious by the amount of sites out there, that the success rate of these get rich online companies are pretty low. Otherwise, there would be a lot more rich people online.
So how do you make money online? Affiliate marketing is one way. Promoting someone elses products that are already proven to make money and work well for others. The good thing about this is that someone else has already done the work. They have already set up the system or created the product, and they have usually showed you the best way to market this product.
One of the best strategies in affiliate marketing is to promote products that you use or at the very least would use yourself. This allows you to edify the product or service and be enthusiastic about it. People can tell when you are genuinely happy and eager to show them something that they would like.
The other way is to have your own products or services to promote. This can make you lots of money. Instead of just being an affiliate marketer, you can have people selling your products or services and you profit from their efforts to make their own money.
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noreply@blogger.com (CGP) — Fri, 27 Aug 2010 23:18:00 +0000

Get Rich Online Now, Make Tons Of Money!

There are many ways to get rich online. All you need to do is a little research, and you will find how many millionaires were created through the Internet. In the past, those who got in early reaped the most rewards, as it was less competitive.

It isn’t impossible, although competitive to make a good living online. Nowadays, you may even see your own neighbors working from home. It is very possible with the opportunities available to make good money and even get rich online. All it takes is a little research and a little motivation on your part.

For example, you can create a website if you are an authority in a particular field. On the other hand, if you have a lot of experience or know-how about a subject, you can write an e-book and sell it online directly to interested parties.

Or, to reach more interested parties, you could market your book and allow affiliates to do all the legwork for you for a commission. Either way, you’ll be making lots of money, depending on the subject. You may also write something in the form of a report that you can sell for a reduced amount.

Affiliate marketing is also a very popular way to make money online. Many people are making thousands of dollars each month by promoting other people’s products. And, to do so, you don’t even need a website. Another way to make a good living is by owning websites that allow advertisements from the various search engines whereby you earn a commission every time someone clicks on it.

So with all of that said, you need to stop wasting your precious time playing games and use the powerful tool that you have at your disposal to change you life from the way it is now to the way you always dreamed it could be.

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Get Rich Online Now, Make Tons Of Money!

noreply@blogger.com (CGP) — Wed, 25 Aug 2010 23:53:00 +0000

Get Rich Online Now, Make Tons Of Money!

Getting rich is easy again

noreply@blogger.com (CGP) — Fri, 20 Aug 2010 16:44:00 +0000

Getting rich online can still be very easy. If you do a little research, you will see a lot of millionaires who made a fortune in the early stages of the internet. The internet and making money online was a lot less competitive in the past. But there are still was to make a lot of money.
Nowadays, there is a huge amount of competition, but it isn’t impossible to make a lucrative living online. Today, you will notice, in many cases even your own neighbors working from home. All you need to do is a little research, have a little motivation, and be a little creative.
One example is that if you have a lot of experience or some know- how about a particular subject, you can write an e-book (electronic book) and you can sell it online to interested parties. Another way is to start a website if you are an authority in a particular field.
To reach or get to even more interested parties, you can market the e-book you created and allow affiliates to do all of the work for you for a commission. Either way, you will be making a lot of money, depending on the subject. You can also create an abridged version of the e-book at a discounted amount.
Affiliate marketing is also a very popular way to make money online. Many people are making thousands of dollars each month by promoting other people’s products. And, to do so, you don’t even need a website. Another way to make a good living is by owning websites that allow advertisements from the various search engines whereby you earn a commission every time someone clicks on it.
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'Inception' rules box office for third weekend (Reuters) - Yahoo! Movies

noreply@blogger.com (CGP) — Mon, 02 Aug 2010 07:50:00 +0000

'Inception' rules box office for third weekend (Reuters) - Yahoo! Movies

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3 Things You Must Know To make money Online

We’re all looking for the best, most effective way to make more money, get more customers, or even gain a following on Twitter or Facebook. With the advent of all this technology, and the amazing opportunity we have online, there’s always some underlying aspects that allow us to truly get where we want to go…

#1: Just Be You
This is a very big mistake I see, especially in the online world. People pretend they’re someone who they’re not and expect to make all this money and be uberly successful. It doesn’t work that way…
Sometimes it leads to people claiming “guru” or “expert” status, claiming that you know more and do better than you actually do, and in some unfortunate cases, posing as a famous internet marketer or business person and trying to cash in on their credibility.
Look: You may not be the greatest, most knowledgeable, absolutely amazing person in the world and none of that matters. People want to see you and your personality. Keep learning and educating yourself while taking consistent action, what REALLY gets you results, and never stray from who you really are, deep down inside, past all the materialistic things.
Others will appreciate that and it will allow them to create a stronger bond with you, and a much deeper relationship if you just be you.

#2: Give Great Value Or Go On Home
By value, I mean content. Chances are you may have a blog and if you don’t, get one as soon as possible. Blogs are really an extension of who we are and what we’re all about. We live in a society where people want information and it’s this information that is at the premier front of the gate. When people see how valuable something is, it grabs their attention. When they are attentive, they build an interest and a desire which leads to subscribers, followers, or even customers.
The great part is, you don’t even have to setup an extravagant blog that’s totally customized. As long as the content is good, you’re already making some significant leaps in your day-to-day online business. As well, if you have other websites, focus on giving out free ebooks, reports, case studies, etc.
Moving the freeline as some like to call it, has been proven highly effective for quite some time now. People respond well to it and it’s a great way to build some serious and massive value that shows others a little about who you are. Here’s the kicker…

#3: Content Is King But Relationships Are Queen
In this space, you always hear about how content is king. For starters, it is extremely important to your overall success, but it’s not all. Many times I see aspiring business owners throw up some sites, push out a bunch of content, and then wonder why no one is listening. It’s because A) They haven’t talked to enough people or B) They haven’t talked with enough people.
Relationships are very important to your overall success. To be honest, I wouldn’t go so far to say that it’s one of the most important things to your success, aside from having and giving value. With the creation of social media and sites such as Twitter, Facebook, and Youtube, it’s easier than ever to build relationships with people.
You should be building some sort of relationships through your sites or blogs, and by engaging and interacting with others using social media, you take relationship building to a whole other level.
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