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	<title>The JourneyOf Entrepreneurship</title>
	
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		<title>10 Things Your Toddler Can Teach You About Running a Business</title>
		<link>http://feedproxy.google.com/~r/KeithCowingBlog/~3/jnMacmgU_D0/10-things-your-toddler-can-teach-you-about-running-a-business</link>
		<comments>http://www.keithcowing.com/blog/2012/03/10-things-your-toddler-can-teach-you-about-running-a-business#comments</comments>
		<pubDate>Mon, 26 Mar 2012 13:19:43 +0000</pubDate>
		<dc:creator>Keith Cowing</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Careers]]></category>
		<category><![CDATA[Entrepreneurship]]></category>

		<guid isPermaLink="false">http://www.keithcowing.com/?p=414</guid>
		<description><![CDATA[As a proud member of the crazy ones (entrepreneurs who run businesses and have families), I have seen my share of chaos. Yet raising a family comes with a sense of purpose different from anything else I have experienced. While I try to teach my son, he teaches me just as much in return. Here]]></description>
			<content:encoded><![CDATA[<p><a href="http://www.keithcowing.com/wp-content/uploads/2012/03/iStock_000016303883Small-child-prodigy_600.jpg"><img class="aligncenter size-full wp-image-417" title="Toddler Professor" src="http://www.keithcowing.com/wp-content/uploads/2012/03/iStock_000016303883Small-child-prodigy_600.jpg" alt="" width="600" height="400" /></a></p>
<p>As a proud member of the crazy ones (entrepreneurs who run businesses and have families), I have seen my share of chaos. Yet raising a family comes with a sense of purpose different from anything else I have experienced. While I try to teach my son, he teaches me just as much in return. Here are ten things a toddler can teach you about running a business.</p>
<p><strong>1. Communicate with short, clear messages</strong><br />
When a toddler learns to talk, you don&#8217;t teach them long, complicated sentences. You start with the basics. The funny thing is, you can communicate most critical messages with very few words. You don&#8217;t have a five page reason for why you buy Apple products (they&#8217;re simple and beautiful), eat at McDonald&#8217;s (it&#8217;s cheap and convenient), or shop at Zappos (they have great customer service). So don&#8217;t give a five page answer for why somebody should buy your product, work at your company, or invest in you. Keep your messages short and clear, that&#8217;s what makes them powerful.</p>
<p><strong>2. Create a fun environment</strong><br />
Kids quickly take on the vibe around them. If you&#8217;re mad and stressed, they&#8217;ll be mad and stressed. If you&#8217;re happy and excited about life, they&#8217;ll have high spirits and everything becomes easier. I can&#8217;t claim that they&#8217;ll want to sleep when you want to sleep (parents only wish), but you absolutely set the tone. The same thing goes at the office. Too many companies seem intent on creating workplaces where people are miserable. Make things fun, lighten up the mood, and take care of your team. Everybody will be happier AND more productive.</p>
<p><strong>3. Repeat yourself ad nauseam</strong><br />
Repeating yourself as a parent gets old, but if you&#8217;re ridiculously consistent you&#8217;ll generate the right habits over time. BMW is &#8220;the ultimate driving machine&#8221; and I don&#8217;t know that because they told me once, twice, or three times, I have seen it and heard it everywhere for years. Now I can&#8217;t forget it (notice that the message is short and clear). It sounds silly, but repeating your messages constantly, everywhere, is what ingrains your branding in people&#8217;s minds so that you become unmistakable.</p>
<p><strong>4. Reward people frequently</strong><br />
Wall Street bonuses are probably the worst way to reward performance. They are giant, unpredictable lump sums paid at the end of the year. There is little transparency, lots of politics, and no loyalty to stay the day after the deposit clears. Would I reward my son after 3 weeks of good behavior? Goodness no. He should be rewarded right away. Adults really aren&#8217;t any different. Here&#8217;s the secret, the rewards don&#8217;t have to big! Take your team to an awesome lunch, buy them iPads, congratulate them in front of their peers. Sometimes it&#8217;s simply the act of rewarding people that matters, not the dollars that change hands.</p>
<p><strong>5. Have a plan for everything</strong><br />
After having a kid, I became a lot less capable of flying by the seat of my pants. I used to wake up 20 minutes before leaving the house and as long as I showered, dressed and grabbed my wallet everything else would fall into place. With kids, you plan ahead for everything, coordinate schedules, and make contingency plans. That mindset holds well for running a business. Identify what you need to accomplish every day, week, and quarter. Discuss the opportunities and potential road blocks and plan for all of them. If you practice audibles with your team then you simply need to call the right play during the game and everybody knows what to do.</p>
<p><strong>6. Understand that nothing will go as planned</strong><br />
Plans are wonderful and you should make them. But&#8230;life&#8217;s never that simple. There&#8217;s a balance between making plans and quickly adjusting when everything changes. Successful stock traders win not because they make better bets, but because they recognize their mistakes quicker and minimize losses. Top football teams win because they have a solid game plan and then make the right in-game adjustments. Treat your business as a game in progress. Your work is never done and you&#8217;re always ready to adjust when necessary.</p>
<p><strong>7. Practice what you preach</strong><br />
Don&#8217;t feed somebody grilled chicken every day and talk about a nutritious diet while you eat french fries. It&#8217;s simple and extremely easy to see. Lead or don&#8217;t lead. But if you choose to lead, lead with your actions first.</p>
<p><strong>8. Be authentic</strong><br />
Faking it doesn&#8217;t work. Kids are very perceptive and remind you to stick with your true personality. This should carry over into your professional life as well. Forge a career that you are truly passionate about and work at a company where you fit the culture. Otherwise you&#8217;re stuck faking it and that never leads to long-term success or happiness.</p>
<p><strong>9. Build true loyalty and it will not be broken</strong><br />
Few bonds are as strong as a parent and a child. People will do anything for the family members they love. Build that relationship stronger and stronger over time and nothing will break it. The same is true for building teams. If your team is full of people who think of themselves first and have no loyalty, you&#8217;re setting yourself up for failure. It&#8217;s the tightly knit teams that stand up for each other and win the tough battles. Loyalty isn&#8217;t built overnight and it doesn&#8217;t come free &#8211; you have to earn it. So earn it.</p>
<p><strong>10. Remember that shi$ happens</strong><br />
That&#8217;s right, it happens. As a matter of fact, it happens all the time! Sometimes you have to clean up after a mess and move on without letting things bother you. Don&#8217;t take yourself too seriously. That&#8217;s one of the secrets to life.</p>
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		<title>Learn in Your 20′s, Earn in Your 30′s</title>
		<link>http://feedproxy.google.com/~r/KeithCowingBlog/~3/f_9wIQikyLE/learn-in-your-20s-earn-in-your-30s</link>
		<comments>http://www.keithcowing.com/blog/2012/03/learn-in-your-20s-earn-in-your-30s#comments</comments>
		<pubDate>Thu, 01 Mar 2012 21:43:00 +0000</pubDate>
		<dc:creator>Keith Cowing</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://keithcowing.wpengine.com/2012/03/learn-in-your-20s-earn-in-your-30s</guid>
		<description><![CDATA[&#8220;Learn in your 20&#8242;s, earn in your 30&#8242;s&#8221; is a simple mantra that I love. The specific ages are not important, but the message is. By focusing on learning now you can exponentially change your ability to earn down the road. Picture two college classmates, let&#8217;s call them Bob and Sally. Bob is fairly successful]]></description>
			<content:encoded><![CDATA[<p><strong><em>&#8220;Learn in your 20&#8242;s, earn in your 30&#8242;s&#8221;</em></strong> is a simple mantra that I love. The specific ages are not important, but the message is. By focusing on learning now you can exponentially change your ability to earn down the road. </p>
<p> Picture two college classmates, let&#8217;s call them Bob and Sally. Bob is fairly successful and is making $150K/year by the time he is 35. Sally is extremely successful and is making $1.5M/year by the time she is 35. What was the difference in their career trajectories? It did not matter that Bob made a 20% higher salary out of school. Sally sacrificed on starting salary to learn, grow, and find the place where she could succeed over the long haul. This happens all the time. Being on the best long-term track is soooooo much more important than the size of your current paycheck, especially when you are young. </p>
<p> Why do most career services offices have this backward? I have nothing against career services offices or the people that work there, but they are stuck in a bind. It is very difficult to measure the long-term happiness and success of your graduates. It is easy to measure your graduates&#8217; employment rate and first-year compensation. So that is what people measure and it is the key metric used in magazine rankings every year. Students are naturally pushed to take jobs when they are available and to think about pay in a stronger way than they should. </p>
<p> To maximize your long-term success, you need to identify what you truly want and then pursue it with a vengeance regardless of what people tell you. Sometimes you have to accept advice from various sources and then draw your own conclusions and pave your own path. Greatness has never been achieved by following rules and proceeding in other people&#8217;s footsteps. </p>
<p> Entering my second year of business school, I turned down a job offer at a consulting firm where I interned during the summer. I wanted to start my own company and decided there was no time to look back. I not only turned down the job offer, but took one of their employees with me. A manager from the firm ended up quitting his job to join my startup. I then proceeded to graduate and make $25K/year as we got the business off the ground and searched for funding. Let&#8217;s just say I didn&#8217;t earn a gold star in the recruiting category for that move. But I am exponentially more prepared to succeed now that I have experienced the adventure of launching a business. I have learned how to build a team, how to hunt down customers and earn credibility, how to raise funding, how to build a scalable product, how to deal with tricky management issues, how to work in a rapidly changing market, how to build successful partnerships, and ultimately how to create and run an organization. </p>
<p> Regardless of my personal financial outcome as a result of Seamless Receipts, I am confident that this experience will pay huge dividends throughout the rest of my career. But it was tough at the beginning. I had to think different and resist outside pressures. I encourage you to do the same. Don&#8217;t suffice for a good career. Shoot for greatness. Throw your starting salary out the window and do something awesome regardless of the compensation. You&#8217;ll be better off for it no matter what happens in the short-term. You may not make it on your first shot, but in my opinion subscribing yourself to a lifetime of mediocrity is the biggest risk you can take. Pursuing a passion on the other hand, I don&#8217;t see much true risk in that.</p>
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		<title>Bloomberg changes the future of NYC with Cornell / Technion Tech Campus</title>
		<link>http://feedproxy.google.com/~r/KeithCowingBlog/~3/v5HjWx-Oaoc/bloomberg-changes-the-future-of-nyc-with-cornell-technion-campus</link>
		<comments>http://www.keithcowing.com/blog/2011/12/bloomberg-changes-the-future-of-nyc-with-cornell-technion-campus#comments</comments>
		<pubDate>Mon, 19 Dec 2011 21:11:00 +0000</pubDate>
		<dc:creator>Keith Cowing</dc:creator>
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		<guid isPermaLink="false">http://keithcowing.wpengine.com/2011/12/bloomberg-changes-the-future-of-nyc-with-cornell-technion-campus</guid>
		<description><![CDATA[Today was the official announcement that Cornell and Technion have won the bid to build an engineering campus in NYC that could literally change the future of New York&#8217;s economy. While it will generate jobs today, start coursework in 2012 for masters and PhD students, and boost the technology ecosystem immediately, the program also looks]]></description>
			<content:encoded><![CDATA[<p>Today was the official announcement that Cornell and Technion have won the bid to build an engineering campus in NYC that could literally change the future of New York&#8217;s economy. While it will generate jobs today, start coursework in 2012 for masters and PhD students, and boost the technology ecosystem immediately, the program also looks out as far as 2040 to support a future of innovation and job creation as the industries in New York (and everywhere) continue to be disrupted. </p>
<p> As a technology entrepreneur in NYC (Founder and CEO of <a href="http://www.seamlessreceipts.com"> Seamless Receipts</a>) and a proud holder of two Cornell degrees (Engineering and MBA), I&#8217;m clearly biased. But I&#8217;m more excited about this partnership than anything I&#8217;ve heard about in awhile. Good technology and startup ecosystems need four key components to be successful: a superb <strong>pipeline of talent</strong>, a <strong>culture that promotes idea generation and risk-taking</strong>, an <strong>ecosystem</strong> of partners and mentors, and <strong>access to capital</strong>. Stanford and Silicon Valley have mastered this model and Cornell is going to launch a giant spark into an already thriving startup ecosystem in New York. Cornell will bring to New York a <strong>$150M venture fund</strong> to support early stage companies, <strong>20K jobs</strong> to build the infrastructure, <strong>8K sustainable jobs</strong> for faculty and staff, and <strong>top talent from around the world</strong> who will be encouraged to start and grow companies in New York City. The future of our economy clearly relies on innovation and the proliferation of new ideas. Nothing will support New York City&#8217;s future and optimism more than building the next Facebook or Google in Manhattan. </p>
<p> Looking at New York City, all of the components of a startup ecosystem exist today (talent, culture, ecosystem, and capital) but talent is clearly the piece that holds NYC back from being as transformative as Silicon Valley has been for the past 50 years. Cornell will inject a pipeline of talent that will generate new businesses and drive the growth of current companies (who are all desperately trying to hire engineers). Bloomberg expects the program to <strong>increase the number of engineers finding jobs in NYC by 85%</strong>. </p>
<p> In return, Cornell has all the components of an entrepreneurial education except the ecosystem. There is an honest disadvantage to starting a company in Ithaca (ice hockey games are great, but the number of successful alumni who have built and sold companies in the Finger Lakes region is definitely limited vs. New York or Silicon Valley). Trust me, I&#8217;ve done it. So putting a permanent program in New York City will bring to Cornell the one missing piece in its entrepreneurial endeavors &#8211; a subway to New York so students can visit Google, Facebook, tech entrepreneurs, and venture capitalists on a random Tuesday afternoon. The <strong>50K Cornell alumni in New York City</strong> will serve as a perfect launching ground for the program&#8217;s ties to the New York economy. </p>
<p> I see the partnership between Cornell/Technion and New York City as a perfect marriage. I couldn&#8217;t be more optimistic about the future and I look forward to taking part in the initatives that will come.</p>
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		<title>How will your data from mobile payments and eReceipts really be used?</title>
		<link>http://feedproxy.google.com/~r/KeithCowingBlog/~3/TGJ4Tk6FV1Q/how-will-your-data-from-mobile-payments-and-ereceipts-really-be-used</link>
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		<pubDate>Mon, 10 Oct 2011 12:57:00 +0000</pubDate>
		<dc:creator>Keith Cowing</dc:creator>
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		<guid isPermaLink="false">http://keithcowing.wpengine.com/2011/10/how-will-your-data-from-mobile-payments-and-ereceipts-really-be-used</guid>
		<description><![CDATA[The world of retail is changing faster than it ever has before. Nobody had heard of flash sales, group buying, or NFC three years ago. One of the most exciting changes will be the adoption of mobile payments and eReceipts, which will combine to provide a paperless way to checkout and manage your expenses. But]]></description>
			<content:encoded><![CDATA[<p>The world of retail is changing faster than it ever has before. Nobody had heard of flash sales, group buying, or NFC three years ago. One of the most exciting changes will be the adoption of mobile payments and eReceipts, which will combine to provide a paperless way to checkout and manage your expenses. But when mobile payments and eReceipts become widespread, who will own your purchase data and how will they use it? Here are some key points to consider. </p>
<p> <b>We are in uncharted territory</b><br /> Online advertising, email marketing, and eCommerce have become mature technologies with standard privacy practices (see the <a href="http://en.wikipedia.org/wiki/CAN-SPAM_Act_of_2003">CAN-SPAM Act of 2003</a>). Retargeting has recently thrown a small wrench in the system, but most people have accepted targeted ads on the web as routine and non-invasive. If I view Sneakers on Nike&#8217;s website and later get a Nike ad on espn.com, that&#8217;s not a big intrusion. However, digitally tracking purchases that are made in the physical world has a very different feel to it. Nobody wants to read the morning news and get targeted ads based on their recent pharmacy purchase. So how do consumers know what mobile payments and eReceipts actually mean to their privacy? The experience of getting an eReceipt instead of a paper receipt is new to everybody. Retailers, tech companies, and consumers are collectively learning how to implement a solution that works well for all parties. It is important to realize that these processes and technologies have not existed before and there will be road bumps (like Facebook&#8217;s <a href="http://en.wikipedia.org/wiki/Facebook_Beacon"> beacon disaster</a>), but ultimately it comes down to trust. People trust Apple so everybody loves when the Apple store provides eReceipts at checkout. Likewise, other top retailers are focusing on privacy and consumer trust when rolling out their digital solutions. Earning that trust first is what will ultimately make the technologies successful. </p>
<p> <b>Technology moves faster than regulation</b><br /> Government regulation will always be a step behind. The CAN-SPAM act came in 2003 even though spam and email marketing started long before that. Technology constantly creates dynamics that never existed before and governments have to play catch up. California&#8217;s <a href="http://blogs.wsj.com/law/2011/02/11/calif-supreme-court-to-retailers-stop-with-the-zip-code-questions/">recent law</a> that prohibits brick-and-mortar retailers from collecting zip codes is a great example. Retailers are quickly adjusting and preparing for what comes next. When it comes to privacy and trust, you want to do the right thing for your customer and not push legal boundaries. Ethics and consumer privacy should be the driving force, not antiquated laws that didn&#8217;t predict a future where consumers pay with their phones while checking into Foursquare, claiming loyalty points, posting on Facebook, and Tweeting about their purchase. Who owns that data? </p>
<p> <b>There is a fierce battle for the consumer</b><br /> Retailers want to own the consumer. Mobile wallet providers (Google, PayPal, etc.) want to own the consumer. Wireless providers want to own the consumer. Everybody wants to own the consumer. The companies that maintain direct interaction with customers and get their explicit consent to a privacy policy will be in a strong position. Somebody will ultimately break down the business and cultural barriers required to digitally manage ALL of your purchases. We are still years from that happening, but the value is incredible and a mobile payments war has begun. The investment required to play on this turf is significant, so the ultimate winner will be a big player with a large consumer presence. En route to that outcome, consumers should read the privacy policies that come with new products. Consumers will ultimately decide which payments and eReceipt platforms are successful and therefore will choose their own destiny regarding security and privacy. </p>
<p> <b>Transparency is the key to trust</b><br /> The Internet and social media have brought an unparalleled level of transparency to the business world. People will find the truth whether you like it or not, so the best companies are embracing transparency and being open about their business practices, their values, and even their mistakes. If you tell people exactly what you are doing and why, you may not always be right, but nobody will doubt that your statements are true. This provides room for honest errors because you can own up to them, improve and move on. The days of old boys clubs that dominate business based on their exclusive access to people and information are waning. Information is open and you can either run from it or embrace it. Businesses that embrace it and provide transparency to their customers will be the ones who are ultimately successful. If you want to know what somebody is doing with your data from mobile payments or eReceipts, then simply ask. If you get a clear, consistent, human answer, that&#8217;s a good sign. If you get a fuzzy answer or messages are mixed behind cryptic legalese, maybe you should think twice. Transparency leads to trust and trust leads to long-term loyal customers. </p>
<p> <b>Customer experience trumps all</b><br /> At <a href="http://www.seamlessreceipts.com">Seamless Receipts</a>, we work with a variety of high-end retailers and brands. The most successful ones think about customer experience first and view it in an all-encompassing way. When a customer visits your website, walks into your store, makes a purchase, gets an eReceipt, or talks about your brand on Facebook, these are all touch points in an ongoing customer experience. Your brand is represented by every step along the way and doing the right thing for your customer is doing the right thing for your business. When it comes to mobile payments and eReceipts, providing a convenient and simple solution is part of the customer experience. Retailers should create an operational flow that makes sense for the sales associate and the customer. Retailers should also send a clear message about privacy and data usage. Every sales associate should give the same, simple answer when asked.</p>
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		<title>7 Rules for Getting Hired at a Startup</title>
		<link>http://feedproxy.google.com/~r/KeithCowingBlog/~3/6i-_mKecljM/7-rules-for-getting-hired-startup</link>
		<comments>http://www.keithcowing.com/blog/2011/10/7-rules-for-getting-hired-startup#comments</comments>
		<pubDate>Mon, 03 Oct 2011 13:49:00 +0000</pubDate>
		<dc:creator>Keith Cowing</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://keithcowing.wpengine.com/2011/10/7-rules-for-getting-hired-startup</guid>
		<description><![CDATA[Working at a startup is a drastically different experience from working at a large company. Your office space is different, your job is different, your pressures are different, and even your boss is different. So why would you approach getting a job at a startup the same way you approach getting a job at a]]></description>
			<content:encoded><![CDATA[<p>Working at a startup is a drastically different experience from working at a large company. Your office space is different, your job is different, your pressures are different, and even your boss is different. So why would you approach getting a job at a startup the same way you approach getting a job at a big company? Many people do and it&#8217;s a big mistake. After spending a lot of time reviewing candidates and hiring team members, here are seven of my rules for getting hired at a startup. </p>
<p> <strong>1. Engage with the company on social media</strong> Every startup is on Facebook and Twitter and they&#8217;re fighting for exposure. Use that to your advantage. List your target companies, start conversations with them on Twitter, post insightful thoughts on their Facebook walls, and listen to what they&#8217;re saying. Startups are run by small, tight-knit teams, and there are real people behind those accounts. Engage with the company early and learn about them before you ask for a job. </p>
<p> <strong>2. Do NOT mail a word doc resume and cover letter</strong> I get lots of emails for people seeking jobs at <a href="http://www.seamlessreceipts.com">Seamless Receipts</a>. By necessity, I apply a quick set of filters and either flag the person as interesting (to be researched), respond to set up a meeting, or simply delete the message. If you send a Word doc it shows that you didn&#8217;t even take the time to PDF it. If you send a resume, send a PDF. What I much prefer is a link to a well-written LinkedIn profile and any relevant websites (such as your blog). LinkedIn should clearly describe your education, your work experience, your successes, and your specific interests as a professional. If there is a powerful message on your resume that doesn&#8217;t come across on LinkedIn, then either update your profile or highlight those points in the body of your email. Additionally, Never send a cover letter as an attachment. If you apply to a job at a big company, fine, send a cover letter &#8211; they might expect it. But if you&#8217;re sending a busy entrepreneur an email, the email is your cover letter! Do not make them open a separate document because they probably won&#8217;t. Make the communication short, succinct, and easy to respond to. Making a specific request is better than simply saying you&#8217;re interested (ask for a meeting, a brief phone call, etc.). </p>
<p> <strong>3. Do your diligence (this is for your sake too)</strong> Get to know a startup well. Read about the team, their background, their successes and failures, their investors, their competitors, and get to know their market. When you talk to them in-person it should be an interesting conversation about the battles they&#8217;re fighting. You shouldn&#8217;t learn anything in an interview that you could have learned with an hour on Google ahead of time. Entrepreneurs want to hire people who are proactive and know what they&#8217;re getting into. If you don&#8217;t learn the details about the company you want to join before considering a career move (a major, life-changing decision) then why should the entrepreneur think that you will do your homework before pitching a prospective client or making a technology decision? Behavioral patterns are important, so don&#8217;t go into an interview and tell someone that you don&#8217;t know much about their company except what you read on their website. </p>
<p> <strong>4. Start doing your job during the interview process</strong> A lot of hires happen through personal networks because referrals provide the best filter for people you can trust. If you are not getting hired through a referral, expect the interview process to be thorough, especially for senior roles. In a small company you will have a tremendous impact on whether or not the business is successful. Just as important, you will have a large impact on the atmosphere in the office. One bad apple truly can ruin the bunch. Taking on an employee is as risky for a startup as it is for you. Entrepreneurs need to know that you excel at a level above your peers and can be immediately productive. The best way to prove this is to take on a project. There is usually a creative way to propose a project that has a small level of commitment, but lets you demonstrate your abilities. Additionally, this gives you a much better sense of how well you work together, which is critical for both sides to know. If it doesn&#8217;t make sense for the situation, at least find a way to spend time white boarding technology ideas, sales strategies, or relevant issues for the role. Going through the process of analyzing and solving a problem with the team is a great way to preview your working relationship. Resumes and small talk are nice, but they do not simulate what it will be like to tackle a difficult problem together, in a small office, for hours on end. </p>
<p> <strong>5. Make it personal</strong> When you join a small business, it&#8217;s not just a job. You are joining a team and probably a team full of personalities. A huge part of whether or not you mesh with the company will be based on your personality and how you interact with the team. That is not superficial, that is real. Culture matters, personality matters, and how much you enjoy spending time with your team matters. Joining a startup is like going to battle every day. If you like the people you are in the trenches with, then the battle is fun and exciting. You will enjoy the challenges, the late evenings, and the pressure of working in a high-risk, high-reward role. </p>
<p> <strong>6. Show, don&#8217;t tell</strong> Talk is cheap. When demonstrating your abilities, don&#8217;t talk generically about how you&#8217;re a diligent, hard-working go-getter (could describe anybody). Show the last site you built. Describe the revenue boost you generated over the last quarter. Showcase a product you delivered and describe the go-to-market strategy you used to get traction. Whatever type of role you are looking for (engineering, sales, marketing, finance, etc.), the company wants to know that their investment in you will immediately start paying off. So prove to them that it will. If you can&#8217;t yet &#8211; then take on a project that will prove it. Propose an extra project at work, build something on the side, help a friend launch their company. Excuses abound everywhere and ideas are cheap. The true definition of an entrepreneur is somebody who takes the initiative to take those baby steps and move forward. Little by little, every day. Rome wasn&#8217;t built in a day and neither was Amazon, Google, or Apple. So start now and build something. </p>
<p> <strong>7. Hit the ground sprinting</strong> Speed and timing are crucial when launching a new venture. Hastily making progress, building a team, delivering a product, securing partnerships, landing clients (or users), bringing in funding, and iterating before your cash runs out is not easy. It requires hard work and constant execution. If you meander, you may find yourself terribly lost. If you sprint out of the gate you will learn in a short amount of time whether or not your plan holds up. Most products and business models need to be iterated on and fine-tuned over time. Learn quickly, fail fast, adjust and move forward. Startups can&#8217;t support this model unless the whole team is in-sync. So be quick to respond, show that you can think on your feet, and make it obvious that you&#8217;ll hit the ground sprinting.</p>
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		<title>Forget About the Competition and Delight Your Customers</title>
		<link>http://feedproxy.google.com/~r/KeithCowingBlog/~3/fJFrxmyahs0/forget-about-competition-delight-your-customers</link>
		<comments>http://www.keithcowing.com/blog/2011/08/forget-about-competition-delight-your-customers#comments</comments>
		<pubDate>Mon, 01 Aug 2011 13:25:00 +0000</pubDate>
		<dc:creator>Keith Cowing</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://keithcowing.wpengine.com/2011/08/forget-about-competition-delight-your-customers</guid>
		<description><![CDATA[People are trained to think about competition all the time. You need to understand your competitors and your differentiating factors. Strategically, it&#8217;s important to look at the market and stake your particular ground. But strategy is only 5% of the game, the rest is execution. When it comes to executing on your strategy day in]]></description>
			<content:encoded><![CDATA[<p>People are trained to think about competition all the time. You need to understand your competitors and your differentiating factors. Strategically, it&#8217;s important to look at the market and stake your particular ground. But strategy is only 5% of the game, the rest is execution. When it comes to executing on your strategy day in and day out, sometimes you need to forget about competition and focus on your customers. Adding features because your competitors have them, obsessing about new market entrants, and constantly refreshing industry news can lead to a very muddied approach to your business. </p>
<p> When you look at the cultures and personalities of companies, the ones who are obsessed with competition tend to be neurotic and uncomfortable in their own skin. Steady, yet humble confidence leads to true industry leaders. Apple has fierce competition, but thinking about competitors would have led them to a bigger MP3 player or a laptop with more features, not the iPhone or the iPad. Apple has a very simple strategy: build beautiful and simple products. That&#8217;s it. It is Apple&#8217;s relentless execution that has built <a href="http://www.businessweek.com/magazine/apples-earnings-power-befuddles-wall-street-07282011.html">one of the most valuable companies in the world</a>. Anybody could replicate Apple&#8217;s strategy. Nobody has been able to replicate its execution. </p>
<p> There are some markets that are commoditized and hyper-competitive. As an entrepreneur, I would prefer to avoid these all together. But some people thrive in that environment. At the end of the day, everybody has their own approach, both companies and individuals. I believe that entrepreneurs should think deeply and carefully about their market, their competition, and changes that are happening in the world. But when you&#8217;re in the thick of a battle, forget about competition and focus on delighting your customers. That will lead to long-term success much more often than a neurotic focus on your competitors.</p>
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		<title>Only Hire People Who Challenge You</title>
		<link>http://feedproxy.google.com/~r/KeithCowingBlog/~3/YkXPEXOJmxg/only-hire-people-who-challenge-you</link>
		<comments>http://www.keithcowing.com/blog/2011/06/only-hire-people-who-challenge-you#comments</comments>
		<pubDate>Fri, 10 Jun 2011 22:31:00 +0000</pubDate>
		<dc:creator>Keith Cowing</dc:creator>
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		<description><![CDATA[Building a team is the most critical part of running a company (or any organization). There&#8217;s a reason why the Yankees and the Patriots have so many rings: they have great teams from top to bottom. Do you think those organizations are easy to manage? Absolutely not. You should recruit team members who fit your]]></description>
			<content:encoded><![CDATA[<p>Building a team is the most critical part of running a company (or any organization). There&#8217;s a reason why the Yankees and the Patriots have so many rings: they have great teams from top to bottom. Do you think those organizations are easy to manage? Absolutely not. You should recruit team members who fit your culture, believe in your mission, and are fun to work with. But do not hire people because they make your life easy. Leadership is not about how many &#8220;followers&#8221; follow you, it&#8217;s about how many leaders join you. Leaders are ambitious, opinionated, and won&#8217;t let you off easy. They take a lot of energy to coordinate and aim in a single direction. They&#8217;re also exactly who you need if you aspire to greatness. Building something valuable and sustainable isn&#8217;t supposed to be easy. So don&#8217;t take shortcuts, especially with your team.</p>
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		<title>The 5 Ways to Make Money in the New World of Retail</title>
		<link>http://feedproxy.google.com/~r/KeithCowingBlog/~3/KtmP7wxvI9k/the-five-ways-to-make-money-in-retail</link>
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		<pubDate>Thu, 14 Apr 2011 01:22:00 +0000</pubDate>
		<dc:creator>Keith Cowing</dc:creator>
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		<guid isPermaLink="false">http://keithcowing.wpengine.com/2011/04/the-five-ways-to-make-money-in-retail</guid>
		<description><![CDATA[Commerce is changing quickly, increasingly dominated by the Internet, social media, and mobile devices. JPMorgan Chase predicted at the beginning of 2011 that global e-commerce sales would reach $680B this year. Although online sales are still less than 10% of total retail revenue, online experiences and social media engagements are dominating consumers&#8217; decision-making processes. With]]></description>
			<content:encoded><![CDATA[<p>Commerce is changing quickly, increasingly dominated by the Internet, social media, and mobile devices. JPMorgan Chase predicted at the beginning of 2011 that global e-commerce sales would reach $680B this year. Although online sales are still less than 10% of total retail revenue, online experiences and social media engagements are dominating consumers&#8217; decision-making processes. With this major shift in play, retailers need to clearly understand their market position and their value prop to consumers. Below are the 5 succinct ways that I see retailers building scalable, profitable businesses. </p>
<p> <strong>Be a distribution king (Amazon/Walmart).</strong><br /> This is an important category, but one that few can play in. If consumers can get the same product cheaper and faster from Amazon, there is little reason to buy from another site. Even in-store shoppers are scanning barcodes and price-checking in the isles now. <a href="http://www.diapers.com">Diapers.com</a> (aka Quidsi, now owned by Amazon) is a great example of a distribution play that was successful. But they had a tremendous focus on operations and customer service. Few startups or even large retailers can compete on this field alone. </p>
<p> <strong>Provide a product or brand that people lust for (Apple/LVMH).</strong><br /> There is a reason why the iPad 2 sold out (besides the fact that Apple purposely produced too few to create exclusivity). People drool when they see it. If you have a product or a brand that people absolutely love, they&#8217;ll go out of their way to buy your products or shop at your store. You do not have to ship faster and cheaper if nobody can beat your product or brand recognition. </p>
<p> <strong>Provide a great customer experience (Zappos).</strong><br /> Zappos fought on very competitive turf (online shoe sales), but was wildly successful based on customer service. To Zappos (and <a href="http://en.wikipedia.org/wiki/Tony_Hsieh">Tony Hsieh</a>), customer service was not just a bullet point on a website. It was the true lifeblood of the company. Just like Diapers.com, Zappos was swallowed up by Amazon (there seems to be a pattern). But the point was well-proven: customer experience matters and retailers should think about it deeply. The best retailers are always thinking about creative ways to improve customer experiences and empower their workers. Sometimes you have to give a little in the short-run to make major gains over time. </p>
<p> <strong>Innovate on business models (Guilt/Groupon).</strong><br /> Flash sales and group buying sites are showing that business model innovations can be profitable as well. Many of these are creative, well-executed revivals of old ideas. But the growth can be phenomenal. The key here is to have a great idea, move fast, and swiftly build up market share. Being Groupon is a good thing. Being Groupon clone #57 might not be. While Groupon is not exactly a retailer, I have included it here because it is a key example of how tying online and offline behaviors can produce success. That is a prime area for growth in coming years. </p>
<p> <strong>Provide raw convenience (Starbucks/Duane Reade).</strong><br /> Starbucks fits into a few other categories as well (product and customer experience), but my point is that they are on almost every street corner. It is always convenient to find Starbucks coffee. Many retailers focus on convenience alone (corner stores, shops in tourist locations, fast food restaurants, etc.). As they say, location, location, location. Having a sunglass shop in the right spot can turn a good business into a great business. But to truly scale you need to mix in product loyalty or customer service as well. </p>
<p> There are many aspects to retail, which is why it is a fascinating industry. Yet I believe that these 5 points can form the basis of all successful and scalable retail operations. As the world continues to change and customer engagement evolves, there will be increasing divides between the distribution kings and the retailers that focus on product and customer experience. &nbsp;Especially when it comes to e-commerce, you can either ship it faster and cheaper, sell a product that nobody else has, or provide a great customer experience that keeps people coming back. </p>
<p> [Disclosure - My company, <a href="http://www.seamlessreceipts.com">Seamless Receipts</a>, serves retailers that focus on products and customer experience] </p>
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		<title>Startup Cultures Start with People, not Policies</title>
		<link>http://feedproxy.google.com/~r/KeithCowingBlog/~3/GSaSLlxe0yo/startup-cultures-start-with-people-not-policies</link>
		<comments>http://www.keithcowing.com/blog/2011/02/startup-cultures-start-with-people-not-policies#comments</comments>
		<pubDate>Tue, 22 Feb 2011 14:17:00 +0000</pubDate>
		<dc:creator>Keith Cowing</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://keithcowing.wpengine.com/2011/02/startup-cultures-start-with-people-not-policies</guid>
		<description><![CDATA[Building a strong culture is a key priority for entrepreneurs. Nothing is more important when it comes to recruiting and building a team. Your team determines your success and the way your team interacts will be largely affected by the culture you build at the beginning. But sitting down and writing a culture doc or]]></description>
			<content:encoded><![CDATA[<p>Building a strong culture is a key priority for entrepreneurs. Nothing is more important when it comes to recruiting and building a team. Your team determines your success and the way your team interacts will be largely affected by the culture you build at the beginning. </p>
<p> But sitting down and writing a culture doc or inventing fun policies is not what truly sets the tone, it&#8217;s the people who come to your office every day. I have worked in corporate cultures that are radically different (a semiconductor company in Silicon Valley, an investment bank in New York, a government contractor, and a software startup). I can tell you first hand about the unique quirks of each. What really matters is finding the culture that strongly supports your business and works for you personally (i.e. you like coming to work in the morning). Proactively creating and maintaining a culture is incredibly important and it starts and ends with people. Here are a few thoughts. </p>
<p> <strong>The first group sets the tone.</strong><br/> Even with large companies that have been around for decades, I still think that the first dozen employees largely set the tone for the entire corporate culture. Once a train is on the tracks it is very hard to stop its momentum (either good or bad), so you have to think about culture right from the beginning. </p>
<p> <strong>No bad apples.</strong><br/> When you bring on new team members, their experience and skills are clearly important (and a pre-requisite). I would argue that cultural fit is even more important. It only takes one bad apple to throw off the vibe of an entire team. You will have enough hurdles to cross when you are an entrepreneur. So do not make your life more difficult by hiring (or keeping) people who ruin the positive momentum everybody else works hard to build. </p>
<p> <strong>Diversity is good.</strong><br/> Finding people that fit your culture is key, but make sure you also look for a variety of skill sets and personalities. If everybody is an aggressive Type A business person that wants to make the decisions, that might not work so well. Find the yin and yang (or Jobs and Wozniak) for your business. Have detail-oriented people and creative people, aggressive people and patient people. Put together an ensemble. Inserting a few natural checks and balances into your team will make a huge difference down the road. </p>
<p> <strong>Be true to yourself.</strong><br/> Most businesses will end up representing their founders in certain ways (think about Apple, Google, or Blackstone). If you give your company a personality that strongly models what you really believe in, good things will happen. There is a reason why Warren Buffett works out of Omaha and sets a tone at Berkshire Hathaway that is ridiculously different than the investment banks on Wall Street. That is the culture, personality, and type of decision-making that works for him. He ignored Wall Street, set his own culture, and became one of the most successful investors of all time. If he had pretended that he was a hard-nosed Wall Street trader and worked in a typical hedge fund environment, he would have been miserable and never reached the same level of success. Be true to yourself. </p>
<p> <strong>Make it fun.</strong><br/> Running a startup is like fighting a war. Every day you go to battle. Those battles can be healthy, fun (especially in retrospect), and make you stronger. But you have to be in the trenches with people you enjoy working with. If you enjoy the journey, the entire process will be rewarding. To enjoy the journey, bring on team members who make it fun.</p>
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		<title>Tech Startups: Never Outsource Your Technology</title>
		<link>http://feedproxy.google.com/~r/KeithCowingBlog/~3/3aPtnAyYt_g/tech-startups-never-outsource-your-technology</link>
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		<pubDate>Mon, 27 Dec 2010 04:06:00 +0000</pubDate>
		<dc:creator>Keith Cowing</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://keithcowing.wpengine.com/2010/12/tech-startups-never-outsource-your-technology</guid>
		<description><![CDATA[When you are building a company, there are a number of things you should outsource at the beginning (HR, legal, IT, etc). But you should never outsource a key business function. If you are a recruiting firm, don&#8217;t outsource your recruiters. If you are a chef, don&#8217;t hire somebody to design your menu. If you]]></description>
			<content:encoded><![CDATA[<p>When you are building a company, there are a number of things you should outsource at the beginning (HR, legal, IT, etc). But you should never outsource a key business function. If you are a recruiting firm, don&#8217;t outsource your recruiters. If you are a chef, don&#8217;t hire somebody to design your menu. If you are a tech startup, don&#8217;t outsource your technology. </p>
<p> So many people have a cool idea and think that a powerpoint and a few dollars spent on <a href="http://www.elance.com">elance</a> or <a href="http://www.odesk.com">odesk</a> will bring them success. If you are starting a blog, then go ahead and have somebody else build it. But the technology is only for distribution &#8211; you&#8217;re not outsourcing the writing. If the key value in your company is a technology product &#8211; you need a founding member who can make that technology a reality. There is a reason why every large, successful technology company built its core platform in-house (Google, Apple, Intel, Salesforce, Microsoft, etc.). </p>
<p> Outsourcing works best when you have extremely clear requirements, routine development tasks, and a product that is not likely to change. Startups are the opposite. You are constantly iterating and fine-tuning your product based on customer feedback (if not, you should re-evaluate). This can&#8217;t be accomplished by tossing requirements over a wall and hoping for something great. Engineering talent is drastically underrated. Using a freelancer to build a cheap product is a nice shortcut. It might make sense to create a quick prototype/mockup to show to potential customers. But when you really launch your business, it&#8217;s your staff that determines the future value of your company. </p>
<p> In my mind, there are two successful outcomes for a startup. The first is an early exit, where you get acquired for your technology and your team members. The second is the creation of an independent, profitable business (that either gets acquired or goes public). An early exit means that you have a great product and great technologists. Without both, there&#8217;s no deal. So you can&#8217;t get an early exit without a great tech team. For the second situation (which is what you&#8217;re aiming for), you have to fill a distinct market need and do it better than your competition. Without great technologists, the best you can do is prove the market need and then try to raise money while competitors gear up. But venture capitalists will look to your tech team as one of the key factors in their decision process. Persuading talented technologists to join your venture is a major aspect of running a business. If you can&#8217;t do that now, raising money will change things less than you think. Engineers flock to companies that have engineering in their DNA. If your company doesn&#8217;t have technology as one of its true roots and founding principles, you&#8217;ll find a difficult road ahead. </p>
<p> By the time you raise money, you want to have the machine ready. You should have the basic platform built, the key team members in place, and your sales process ready to roll. Then all you need is fuel and you&#8217;re off to the races. If you&#8217;re asking for money to find and hire technology talent, you&#8217;re behind in a very difficult race.</p>
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