Remember, AI is a tool and can be great, but we all need to be very careful as voices can easily be cloned and used for malicious purposes.

Imagine a loved one calling you or receiving a video of a loved one saying they’ve been kidnapped and to send money. You think it’s real and send it. Lindsay and I discussed this and she proposed that we need to have a family code word, which is a great idea to know just in case. It’s a shame that we need to deal with challenges and issues like this, but as technology advances people become more efficient whether you’re an entrepreneur, or criminal. Be smart out there everyone! The Deep Fakes will only get better.

For the first in history, seeing it “live” with your own eyes and hearing it with your own ears doesn’t mean it’s real. I suspect this will be an ongoing issue especially with the upcoming Presidential Race.

A couple weeks ago I wrote a blog post on AI opportunities & threats if you care to read more about it, here is the link.

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AI is a tool…a very powerful one, but a tool none the less.

Just as a Telephone or Online Video, can be used for good or deceitful purposes, the same is true with AI.

Seizing the Opportunities AI Presents

Streamlining Operations through Automation: AI’s capability to automate complex and repetitive tasks transforms operational efficiency, allowing teams to focus on innovation and strategic planning.

• Real-world application: AI-driven customer service bots can handle inquiries and troubleshooting, freeing up human agents for more nuanced customer interactions. You can train AI by uploading your unique business support manuals, procedural documents, frequently asked questions, links to support videos, etc and empower AI to handle a significant portion of customer service at scale.

Empowering Decisions with Data: AI excels in parsing through extensive datasets to unearth insights that drive smarter, data-driven decisions. It can devour not only publicly available information, but information that you upload directly.

• Real-world application: I have used AI to analyze complex legal & tax documents (e.g. new tax laws, foreclosure filings, etc) to provide me an overview summary of findings. This past week I uploaded a 625 page PDF to Chat GPT and within a minute or so I had a summary of findings. I could then ask additional questions and it answered them based on the information in the PDF.
  
  Note: You should absolutely still utilize quality attorneys and CPAs…I do! But AI does help you (and those professionals) potentially get your answer or valuable insights faster.

Fueling Innovation: AI accelerates the development cycle of new products by enabling rapid prototyping and feedback analysis.

• Business impact: Companies can drastically reduce time-to-market, enhancing competitiveness and customer satisfaction.
• Real-world application: Just for fun (and to test AI capabilities), I recently asked Chat GPT 4 to create a Dog Leash with a flash light incorporated. It quickly provided me a sleek example of the product.
  
  I then asked it to create technical drawings and while it could not provide a CAD File, it did provide a good conceptual technical drawing.

Navigating the Challenges AI Imposes

As humans, we experience the world through our senses. For the first time in history technology has advanced so much that we need to question what we hear and see. Recently Microsoft announced VASA-1 a powerful image facial animation tool that syncs audio, lip reading and facial expressions.

While this can be a powerful aid in customer service or the ability to scale marketing & sales efforts, this technology can be used for deceitful purposes. I was recently told that hackers used a similar technology to fake a kidnapping and extort money from an elderly grandparent.

Microsoft recognizes the potential for harm and their responsibility to mitigate that potential risk as much as possible. Therefore they have decided to not releases this technology to the public until they have more clarity on the most appropriate & ethical way to proceed.

Workforce Transformation: Automation will displace certain traditional jobs, creating a gap in the workforce that must be addressed through re-skilling and upskilling initiatives.

It is clear to me that certain types of professionals that know how to properly utilize AI will be significantly more productive than those that do not (e.g. marketing professionals, coders, writers).

• Proactive solution: Implement ongoing education programs to equip your workforce with AI-relevant skills, ensuring they remain valuable as the job landscape evolves.
  
• Real-world applications: I have utilized AI to help me create drafts of email newsletters (by giving detailed prompts), unique articles on Gift Giving on my website GiftsPeopleWant.com and more.

Ethical and Privacy Concerns: As AI systems handle more user data, businesses face increased risks around data security and ethical use.

• Commitment to integrity: Establish clear data governance policies that prioritize customer privacy and ethical AI usage to build trust and compliance.

Over-reliance on Technology: Dependency on AI could be detrimental if systems fail. Maintaining a balance between automated and human-driven processes is crucial.

• Balanced approach: Develop contingency plans that include manual overrides and checks to ensure reliability and service continuity during AI downtimes.

Speaking of being too dependent on technology…there are even people creating AI “Online Influencers” that don’t really exist. The influencer is created using AI, content is shared online to build an audience on social media channels, then in some cases people even create OnlyFans accounts that sell “premium adult only content”.

Taking it a step further, companies are even creating AI Girlfriends. You can pick their looks and personality.

The “AI Girlfriend” looks and interacts with the person how they desire. Further, the AI girlfriend can text them “I love you” throughout the day and send you pictures or messages to make you smile. The whole thing is very weird!

With these advances in AI, you wonder how people will be impacted psychologically if they develop an attachment to an AI version of their dream woman (or man). If an AI can be programmed to meet one’s emotional needs, what happens when a real human partner, with all their inherent imperfections, falls short of this digital significant other?

Will those same people be able to develop a healthy relationship with a real significant other?

Laziness and Loss of Skills:

As we increasingly integrate artificial intelligence (AI) into our daily routines, we must be wary of the risks, notably the potential for increased laziness and the loss of critical skills. While AI offers unparalleled efficiency, its convenience can lead us to bypass the mental rigor involved in tasks such as decision-making and problem-solving, potentially diminishing our analytical capabilities over time.

Furthermore, the automation of complex tasks can lead to skill atrophy. For instance, reliance on AI for navigational help reduces our ability to understand and interpret geographical information independently. This concern extends to professional fields where the erosion of analytical skills could undermine the effectiveness of specialists in medicine, law, or engineering, whose expertise relies heavily on continual practice and decision-making.

To combat these risks, a balanced approach is essential. Integrating AI as a complementary tool rather than a replacement encourages continuous learning and skill maintenance. Ensuring that AI systems require human oversight and active participation can help preserve critical thinking and professional competencies, keeping human skills relevant in an AI-enhanced future.

Harnessing AI Effectively

To capitalize on AI effectively, businesses must cultivate a balanced approach that recognizes both the technology’s potential and its pitfalls. Strategic integration of AI into business operations should be complemented by a strong ethical framework and an adaptive workforce strategy.

• Strategic Integration: Clearly align AI initiatives with your business goals to ensure that technology serves your strategic interests.
• Ethical Leadership: Champion ethical standards in AI usage to not only comply with regulations but also to enhance your brand’s trustworthiness.
• Workforce Evolution: Actively invest in your team’s growth and adaptability to foster an environment where both technology and talent thrive together.
• Operational Integration: After you have your AI strategy ironed out, review your operational process and understand what steps can be made more efficient through AI.

Final Thoughts

AI represents a monumental shift not just in technology but in how we conceive and execute business strategies. By embracing AI thoughtfully and ethically, we can propel our businesses to new heights of efficiency and innovation, ensuring we not only adapt to the new era of technology but also lead it.

In wrapping up our discussion on the dual-edged sword of AI, let me share a personal anecdote that starkly illustrates the need for a balanced approach to technology.

Just last week, I encountered a frustrating scenario involving an insurance company and a computer repair service. The insurance support had issued an order for my computer’s repair, which was to be handled by UBreakIFix. However, despite their best intentions and mutual agreement on the repair process, the technology failed us—the order didn’t show up in the repair shop’s system.

This mishap led to hours of back and forth, with no resolution in sight, until finally, the insurance company suggested I ship the computer back. Opting instead for a direct approach, I took my device to the Apple Store where the issue was quickly resolved—it turned out to be a simple disconnection of the wifi antenna by the initial technician.

This experience serves as an important reminder that while AI and technology can streamline our operations and enhance our capabilities, it must not hinder our ability to make decisions we know to be right. Technology should aid, not obstruct. As we harness the power of AI in our businesses, let’s ensure it complements our ultimate mission of improving customer experience & operational efficiency, not get in the way and create poor customer experiences.

Update: Read through this shocking example of how AI was used to clone Elon Musk’s Voice and build a Fake SpaceX Account for a Crypto Scam. We must all be diligent and vigilant in the AI Era, get smarter and not be taken advantage of. Stay safe everyone!

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Harris Rosen has had a truly abundant, inspiring and impactful career. He shared that he currently has 8 hotels, 7000 rooms, and not a penny of debt. More importantly, he has a profit for a purpose mindset. He has committed himself to using the profits and success he has achieved to improving the lives of his employees, the local community and world. To date he has directly contributed $55M+ to charitable causes.

Here are the top 8 business lessons that I’ve learned from Harris Rosen.

1. Sometimes failures put you in a better position for success

I found the backstory that Harris shared to be very inspiring. He grew up poor in Manhattan. After graduating from Cornell University he had ambitions of working at Disney and volunteered (worked without pay) as Whinny the Poo just to get into the door. He was eventually hired, but was told that he would never become a Disney Executive and was fired. He was depressed and disappointed. At this difficult time, he saw an opportunity. There was an Oil Embargo and consequently hotels were depressed and many were going under. He decided that it was a great time to buy a hotel.

2. Take risks to accomplish your dream

Harris found a bankrupt hotel on iDrive. He purchased the hotel for $20,000 cash and assumed a $2M+ mortgage. The $20,000 was nearly all he had to his name. Despite his family warning him to stay out of debt, Harris invested nearly all the cash that he saved and assumed a multi-million dollar mortgage. The mortgage took him roughly 15 years to pay off, but the investment paid off and gave Harris a great foundation for future success. It is important to note that Harris indicated that today in the position he is in his philosophy on debt has changed. If he cannot purchase or develop a new hotel or project with cash then he doesn’t do it.  Nevertheless, his startup story required some bold risks. These risks are often an essential part of  reaching great levels of success. Harris has demonstrated that and it is wonderful to see the levels of success he has reached since that first investment many years ago.

3. Work harder than humanly possible

Rosen is an extremely hard worker. He advised the audience to work harder than humanly possible to accomplish your dream. He indicated that he never took a day off in 16 years. He also lived in the hotel and would often be found picking up cigarette butts on the property, which many owners would never be found doing.

4. Love what you do

In order to keep you motivated and working hard, especially in the challenging times, it is essential to love what you do. Harris shared this suggestion numerous times. Love what you do and it will show.

5. Don’t give up.

When Harris hit tough times early on after acquiring his first hotel he dug deep and wouldn’t give up. He hitch hiked to NY because he couldn’t afford a ticket. He cut deals with travel bookers to write the room rate they wanted to pay and indicated that his hotel would honor it for 2 years. These rates averaged $7-7.25 per night, but increased business and introduced people and potential partners with influence of the quality of his hotel.

6. You know when you’re doing something wrong. Don’t do it.

Harris Rosen is a man of integrity. Some business people sacrifice their morals to achieve success. Harris is not one of those people. He advised the audience to be honest and try to keep silly things to a minimum. He said “You know when you’re doing something wrong. Don’t do it.”

7. Treat others how you want to be treated

Harris indicated that he doesn’t have employees, he has family members. His hired staff becomes family and the culture of care and love that Harris built shows. He provides his staff the best healthcare in the world. He shared that the only healthcare expense that his team would ever pay is $750/year. He shared a story of an employee that had a pre-mature baby. After being in NICU the baby racked up a hospital bill of over $1M. The employee paid the first $750 and Harris paid off the $1M balance over the course of three years. He also pays the college tuition for employees after they have worked at his properties for a few years. He cares about his team and goes the extra mile for them. Consequently they go the extra mile for him.

8. When you become successful don’t sit on your toosh.

Harris explained that wealthy and successful people have certain responsibilities. Making a true difference in the world and our local communities is up to the private sector. Not the government. He mentioned that when you become successful, don’t sit on your toosh. Do good things. God will appreciate it. Harris has done immense good throughout his career. He recently asked his accountant to calculate the charitable giving that he has done over his career – it amounted to over $55M. Recently his investment in Tangelo Park has led to graduation rates skyrocketing and crime decreasing. Harris created a system for free-day care for Tangelo Park families. He also covers the tuition to Florida public Universities (including room and board) for all Tangelo Park seniors. Harris also developed the Rosen School of Hospitality Management at UCF. This hospitality program is the second best in the country behind Rosen’s alma mater Cornell (by a very slim margin).What amazing, generous and meaningful gifts he is providing! Harris has committed to spreading this spirit to other wealthy people across America. He indicated that they can change America one under-privileged community at a time.

Harris Rosen is an extremely inspiring man and a fantastic human being. In a world where many say that the rich should pay their fair share, Harris is a shining example of the good that good people that amass wealth can do in the world and their local community.

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It’s been a journey! I am very thankful for the launch and am looking forward to the impact we are working to create in Central Florida.

Orlando Opportunity Fund is a qualified Opportunity Fund committed to producing investor returns while advancing our Central Florida entrepreneurs, communities and local economy through investments in commercial real estate and early stage tech startups.

I’m proud to be a partner in the fund and serve as the Chief Strategy Officer.

The journey

Through my whole professional life I’ve had a dual passionate interest in startups and real estate investing. Even looking back to my college experience at UCF, I started two ventures – one in real estate, and another that was a tech startup. Interestingly enough I won the school’s business plan competition twice (for each of those ventures), won nearly $20,000 in school, and to date am the only one to ever do that.

In addition to building my own businesses (SaaS companies, online directories, marketing agency, lending businesses, etc), I have also worked with over 1,000 growth stage companies on marketing strategy through economic gardening, GrowFl and my work with the Edward Lowe Foundation. This gave me an inside look into growth companies, their challenges and the business models I liked from an investment standpoint.

After exiting certain ventures, or if I was unable to responsibly re-invest into the growth of a given company I started, I would take my chips off the table and invest in real estate. I’ve been investing in real estate for over 10 years now.

I’ve truly committed myself to learning both asset classes and have had experience operating and managing both on the front lines.

All the while I have had a HUGE heart for Orlando and our local startups. Much of which stemmed from my experience working to raise money in Orlando for my startups, which was very much an uphill battle to say the least.

I invested that passion into creating Orlando Entrepreneurs, an asset for the community created to connect, cultivate and celebrate our local entrepreneurs. My focus was to shine light on the entrepreneurs building great businesses and help them to connect to the right resource at the right time, and gain the funding they need to start, scale and stay in Orlando.

The need

Unfortunately our Orlando market has really lacked startup funding. There is a great amount of wealth and capital here, but much of it was invested in real estate. Figuring out how to unlock portions of investors portfolios to invest in startups is something many in our community have been trying to crack for some time.

The birth of an idea

In late 2018 I began exploring models of how local government could possibly incentivize real estate investors to allocate a portion of their portfolio into startups. I thought, maybe if they did they could get a discount on their property taxes.

After conversations with the city and county, the model didn’t validate as local government gains much of their operating budget from property taxes. It just isn’t something they can afford to risk.

In January 2018 I was introduced to a new legislation called Opportunity Zones, that was just enacted through the Tax Cuts & Jobs Act on December 22, 2017.

This legislation incentivizes investors to invest in Qualified Opportunity Funds that invest in areas designated as Opportunity Zones. These funds can invest in businesses and real estate. To learn more about Opportunity Zones, read my article featured on Forbes – 7 Must Knows Before Investing in Opportunity Zones.

A light bulb clicked!

I dove deep into the Opportunity Zone market and got in very early. I spoke with my accountants, attorneys, colleagues and nobody had heard of them.

I decided to set out to create Orlando Opportunity Fund.

From idea to execution

I sought out trusted colleagues that I’ve worked with over the years and began building a team of very experienced veteran investors. Full bios can be found on our fund website.

• John Cooper – President of Startup Investments
• Vince Wolle – President of Real Estate Investments
• Donna Mackenzie – Chief Financial Officer & COO
• David Brim – Chief Strategy Officer

It’s been a long road from building the team, putting together the business plan, waiting for clarity of the regulations, working with attorneys, validating our model with investors and much more.

Our fund is very unique and Central Florida has never seen anything like it. We are targeting a raise of $20M+

• 70% allocation to commercial real estate
• 30% allocation to startups
• Opportunity Zone tax incentives for investors with qualifying gains

The goal is to provide ongoing investor returns on their total fund investment driven by the real estate rental income, while providing a chance for wild appreciation that can come from successful startups. Investors (with qualifying capital gains) also get some great built in tax benefits (such as tax free appreciation on a 10+ year hold). Furthermore communities that have not seen much growth economically and those living and working in these areas can have the opportunity to advance.

It was wonderful today to officially announce the launch of our fund.

The proclamation was also really cool! Thank you Mayor Buddy Dyer and the City of Orlando Team.

I’m looking forward to the impact our fund will make for our entrepreneurs, communities and local economy.

Stay tuned!

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I decided to craft this poem expressing my gratitude, some of the lessons I’ve learned, and experiences we’ve had. I’m sharing it publicly to celebrate how wonderful my father is on his special day, but also to spread some of the impactful lessons I’ve learned.

Dad, it’s your 80th birthday and not just any gift will do.
So, I decided to write this poem for you.

There’s so much to say…
Where do I start?
You’ve loved me from day one with all your heart.

You read to me when I was small while I sat on your knee.
And often put me high on your shoulders so I could see.

We’d add license plates up to work on my math,
and by the time I hit school I was far down the right path.

You encouraged me to develop my voice and speak my mind
and address problems head on so they don’t sneak up from behind.

You were always there for me and did what a father should
and corrected me when I was wrong and not being good.

You’ve always had my back and picked me up when I fell.
You inspired me to dream and pushed me to excel.

You encouraged me to be great in all that I do
and taught me the process for making my dreams come true.

Stay focused and work hard to persevere…
and find the best mentors to be in your ear.

You dedicated so much of yourself to help me achieve,
investing so much time that many would not believe.

We spent many hours in the gym at Greenway, Duquesne or Pitt…
I’d have to make 10-20 in a row before I could quit.

You were at every game and never missed a beat,
and would drive us long hours where my Cleveland team would meet.

And when I was down or feeling blue,
you gave me the wisdom and perspective to help me get through.

You inspired me as a leader, a principal with thousands at your school
With rival gangs, fights and challenges you always kept your cool.

We’ve shared so much together and had many fun times.
Way too many to pack into these few rhymes.

Trips to Giant Eagle, you’d leave all the workers with lots of smiles
A short trip would always take a long while.

South Dakota, Arizona…so many places we’d go.
In Jersey we got stuck in a hotel for days due to snow.

No itinerary needed, you and I always had a blast.
We’d sit and talk and let the time pass.

Being a new parent, I appreciate you and Mom so much more.
Lindsay & I didn’t know all the hard work we had in store.

Alana & Cruz are very blessed to have their grand-dad’s love
Whether from Pittsburgh or one day shining down from above.

And even though you’re far away and can’t teach them directly
The lessons you taught pass through me effectively.

Through it all I know this much to be true,
I couldn’t have asked for a better dad than you.

And Daddio, I have one more final thing to say…
I wish you a very happy 80th birthday.

Love Always,

David

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I came to Orlando 12 years ago from Pittsburgh, where I was born and raised. I wanted to step out of my comfort zone. I craved a place to dream, innovate and lay roots down for an abundant future.

I evaluated many locations, including New York, Tampa, Miami, Orlando and others. As an outsider, I considered Orlando a new and growing city. A city ripe with opportunity. A place where dreamers can dream and innovators can innovate to create the world of tomorrow.

When I thought of Orlando, like most, Disney came to mind but not as you may think. I had no interest in the multi-billion dollar tourism industry as an aspiring tech and real estate entrepreneur. Like many, I have fond memories of watching Disney movies as a child. These films are often inspirational tales of underdogs being challenged, going against all odds to triumph and bring their dreams into reality.

This journey mirrors the challenges that entrepreneurs and innovators face on their quest. It also mirrors the challenges that Walt Disney faced himself. As entrepreneurs we frequently encounter set-backs, but like Disney and the characters in his films, the best entrepreneurs pick themselves up and hold onto the hope of creating a better future through the magic of innovation.

Walt Disney’s spirit of innovation, creativity and commitment to progress permeates Central Florida to this day. It’s in our DNA. That spirit of innovation is what lured me to Orlando, helped me to choose UCF and inspired me to stay here to build my business endeavors after graduating. Our culture and fertile environment for innovation birthed our multi-billion dollar tourism industry, accelerated our space programs, created a leading defense & simulation industry, developed us into a leader within the gaming industry, and spawned a growing tech community.

*I want to take this time to shout out UCF for recently being awarded the #10 most Innovative University in the country. Up from #25 last year! #ProudAlum

We tend to refer to our tech community as the other half of Orlando. But it’s time we, as a community, lean into our spirit of innovation to help us grow and evolve. It’s time to position Orlando as the place for dreamers to dream and innovators to create the world of tomorrow. Yes, Central Florida is where you can experience your dream vacation, but also your dream education, job, startup and life.

Harnessing our spirit of innovation and taking steps to engage our talent, support our entrepreneurs, fund our research, and showcase their innovative works across our ecosystem will carry Central Florida to new heights. The more wins we have and celebrate, the stronger and more sustainable our entrepreneurial ecosystem will become.

Since I arrived in 2006 our entrepreneurial ecosystem has advanced, but we still have a long way to go to reach our potential. Orlando did not make a recent TechCrunch list of the top 10 startup cities in the south ranked by venture capital dollars invested and quantity of deals. We have all of the key ingredients necessary to be a leading hub for technology and innovation, but we are under resourced in terms of startup investments. To achieve greater success as an ecosystem we need to come together to better leverage the resources we do have and connect entrepreneurs to the right resources at the right time to maximize their potential. We need to celebrate our entrepreneurial successes and spark capital investments into early stage companies both from local investors and those in other markets that can take advantage of our favorable tax climate, lower cost of living and culture of innovation.

I am fortunate to work with many partners in our community to connect, cultivate and celebrate our local entrepreneurs through Orlando Entrepreneurs (OrlandoEntrepreneurs.org). I have witnessed first-hand the innovative solutions that our entrepreneurs are creating as well as the great work done by the vast number of entrepreneurial service providers supporting them.

This is a very exciting time for Orlando entrepreneurship and we have a bright future ahead. We must come together and lean into the vibrant spirit of innovation existing in the fabric of Orlando. If we do, there is no telling the magic we can create together.

Written by David Brim for the Innovate Orlando publication.

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Our journey to parenthood wasn’t easy, we “tried” for over 5 years, followed by a complicated pregnancy which included my wife being hospitalized for six weeks and followed by a 28 day stay in the NICU for both of our babies. Everyone is healthy and happy now and we feel so incredibly blessed!

Nothing can truly compare to the feeling that comes along with being a parent, and the love that you have for your child, or in our case children. However, during a recent conversation Lindsay and I discussed the similarities of parenting to co-founding startups. While we are new to being parents (and do not consider ourselves experts by any means), both Lindsay and I know what it is like to start a business and get it off the ground. As we continue down our journey of parenthood, we couldn’t help but notice they have a lot in common.

We decided to co-author this post together. We hope you enjoy it! Without any further delay, here are our 17 lessons learned from our two little startups.

1) Expect lots of late nights and hard work

Having a newborn means getting little to no sleep and working around the clock to make sure their needs are met. Both babies and start ups are completely dependent. If the parent doesn’t change the diapers and feed the baby, that does not get done just as if a founder isn’t working day and night to get their start up off the ground, no one else will. Parents and founders need to buckle up and be all in.

2) A strong commitment is needed to reach their potential

Good founders and parents both have a strong commitment to help their little startup(s) reach their potential. They put the needs of their little startup or child above their own so that they can grow. However, the commitment for a startup can be full of pivots, or even closing down one startup to focus on another – parenthood is a full commitment for life.

3) Both take on the culture of the creators (founders or parents)

They say the apple doesn’t fall far from the tree. Whether you’re talking about a startup, or new little babies, their behaviors as they grow will be greatly influenced by the culture set in place by the parents (or founders). So be intentional about creating the right culture for your startup or kids. Remember if you’re cool, generally speaking your kids will be too.

4) The goal is to raise an outstanding adult / mature company

Any parent or co-founder has the goal of ensuring that their little one can not only survive, but thrive in their environment. You want to raise a startup, or child that can become an outstanding adult or mature company. One that is self sufficient,  and can provide for their family.

5) They don’t care about your agenda

Startups need what they need when they need it. Just like babies. A baby doesn’t care if you are sick, or have a proposal to write, if you haven’t showered in 3 days, or are hungry. They care about their needs being met. The same is true with startups. Constant attention is required and there are no days off. If you do take time off, you better make sure you have someone watching that you trust. Your startup is either growing or declining – our job as parents of children and startups are to ensure our little ones have what they need to grow…all the time.

6) Don’t go at it alone – build a team

Raising a child, and starting a business is hard work. Thankfully you don’t have to go at it alone. Work to develop or leverage a support system or team to help you. Find good service providers, or managers to oversee your startup. Find family members or babysitters that you trust to watch your kids. The key is to delegate to people you trust that are capable. Be willing to ask your network for help and accept it when offered. I’m sure you heard the phrase “It takes a Village”, this is true for both startups and raising children.

7) Be on the same page with your partner

In business it is important that you have a vision that is clearly articulated and adopted by your team and partners. Abraham Lincoln once said a house divided cannot stand. When you have two forces pulling in different directions, for example founders with different agendas or goals, the startup suffers. The same is true in parenting. Ensure that you and your partner communicate, resolve differences of opinion and are on the same page – both working for the common good of your child(ren). Start this process before you even bring your startup, or children into existence.

8) Nobody will love your children or start up like you

The moment we laid eyes on our little miracles, something within us changed. We felt a love like no other. No one is going to care about our kids the way that parents and often grandparents do. The same is true with our startups. The founders have to be the example for working hard on the start up. As founders, we have to realize that our “employees” are not going to love our business like we do and it is our job to inspire them to work hard. Our love for our children is very personal and Entrepreneurship is very personal as well.

9) Don’t be defeated

Sometimes you can try your best and things still don’t work out as you’d like. It’s important to realize that both startup and parent life will not always go your way and you will likely get frustrated. It’s important through all the setbacks that you are able to pick yourself up, stay encouraged and move on with the same optimism and hope as when you started.

10) You need to learn & adapt as you go

Both new parents and new founders don’t have all the answers when they start on their journey. There is no “instruction manual”.   It is important to learn quickly and be able to adapt as you move along. For your business, incorporate new concepts, tips and tricks you learn from other founders. For parents, follow your doctors orders and seek advice from fellow parents. In both instances,  see what works for you and ditch what doesn’t.

11) Be ready for big financial investments

12) You need a strong foundation – Take time for your self

They often say on airplanes that “In the case of an emergency, parents should put their masks on first before doing so for their child.” This is because if the parent isn’t able to breathe, they won’t be very effective while helping their kids. The same is true in the world of startups. Often times both founders and parents are in a Go, Go, Go mode. If the health of a founder or parent declines and they get knocked off their feet, the child or startup will also suffer. As a parent of a child or founder of a startup, be sure that you do set aside time for you. Seek to maintain your mental and physical health. This could involve reading a book, going to the beach, having a nice dinner with your significant other, going to the gym or setting aside some time weekly to do something you love. For my wife that is spending time with our horses. For me, it’s going to the gym or on hikes.

13) Always measure key indicators for growth

Both children and new businesses should be measured to see how they are performing. Are they keeping up with their peers, or lagging behind. There are many different indicators that can be measured. For children, some include: Height, weight, milestones (like rolling over, crawling, walking, talking, solid foods, being potty trained, etc). For startups, some include: sales, profitability, customer growth, acquisition costs, employee growth, and much more. By measuring various indicators founders and parents can become aware of trends and potential risks, equipped with this information they can seek to address potential problems to ensure the startup or child continues to grow properly.

Here is our kiddos at their six month mark. Healthy, growing well and a long way from their 2 lb 10 oz days.

14) It gets easier then harder again – there are cycles

Sometimes things just click and go smoothly. It’s great when they do. But the ups don’t last forever, sooner or later you’ll have a dip. Your child or startup will misbehave and you’ll experience challenges. Then before you know it you’re back to smooth sailing again and amazed by the progress.

 15) Nurture unique gifts & talents

There are lots of children and businesses born every day. Not to mention the substantial amount of them that already exist. This being the case it is important to stand out. As a parent this involves recognizing your child’s unique gifts and talents that they may not even see in themselves. Nurture these abilities and help develop them. By doing so they can differentiate and find their space in a crowded world.  The same goes for startups. Nobody wants to be a commodity that has no differentiation or competitive advantage. Find what makes your startup or child special and focus on that.

16) Advice – take it or leave it. Everybody has an opinion.

Everywhere you turn someone will have an opinion on how to raise your child. “You should do this, you shouldn’t do that”. I find this to be very similar to entrepreneurship. Even those that have never ran a business will have an opinion. Advice from people who can totally relate to what you are going through as a parent or who understand your business and you trust should always be considered. Remember, as a parent or a founder, the choice is yours! In both cases, you may need to let advice/opinions go in one ear and out the other and that is totally OK!

17) Time will tell what your creations will evolve into

When we look at our children we can’t help but wonder what they will become. Will they be a doctor, or lawyer? A singer, or maybe an athlete? Maybe future entrepreneurs?All we know is that they have potential and we as parents want that potential to be realized. Many founders start a business and end up in a business that is very different than what they initially anticipated. In the movie The Social Network, Mark Zuckerberg said (referring to Facebook): “We don’t even know what it is yet, or what it can become. We just know it’s cool!” That’s how parents are. Mark Zuckerberg’s startup worked out very well for him!  We’re excited to see what heights our little startups reach!

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This post was a co-written by my wife Lindsay and I. Lindsay Brim is the co-founder of Crossroads Corral, a non-profit 501(c)(3) based in Central Florida that promotes personal growth, hope and healing through the use of horses.

The post 17 Startup Lessons Parenthood Can Teach appeared first on Filled to the Brim.

He wants to take his business to the next level and focus on it full time,
but is seeking to raise $50,000-$100,000 to pay himself a salary to do so. I explained to him that this is not what investors typically want their money to go towards and suggested that he build himself a runway. He replied, “what is a runway?” I explained.

So many times people think they need a large capital infusion to focus on their business, but that is only one type of runway. There are so many other ways to get a business off the ground.

So what exactly is a runway?

In aviation a runway is: A leveled strip of smooth ground along which aircraft take off and land.

In entrepreneurship a runway is: A foundation that enables your living expenses to be minimized or covered that enables you to dedicate time and focus on growing your venture.

*Note: the same can be said for building a runway for venture as a whole. A runway enables you to cover all of the startup costs needed before breakeven and reaching profitability.

For the purpose of this post we are focusing on helping entrepreneurs themselves understand and build runways. Truth be told, raising money for a venture can be close to a full time job in itself and investors are more likely to fund you if they know you are dedicated and have lots of time to commit. And you cannot do that, without building a runway.

Major Types of Runways for Entrepreneurs

I have leveraged essentially all of these runway methods during one time or another. Often I combined numerous runways as I sought to bring visions into existence.

1. Leverage Your University (or High School if you’re younger)

Whether you’ve gotten a scholarship or relying on student loans, attending college can be a great runway. While most students are taking classes then spending their time drinking, chasing parties or their next date; you can focus on the love of your life…your startup.  The student loans that you are paying anyway provide a runway that enables you to focus time on your venture.  You can also plugin into and leverage the network of the university (successful alumni, knowledgeable professors, other studentpreneurs, etc), which could lead to great friendships, mentors, potential customers, future employees, employers if your venture doesn’t pan out, and more. Consider taking online classes or night classes can give you even more time to dedicate to your venture.

2. Prize Money from Business Plan Competitions & Pitch Events

There are many organizations that host business plan competitions and pitch events for local entrepreneurs. Some are organized specifically for students and others are open to the community. During college I was able to win over $18,500 in funds through several different business plan competitions. This kind of money can go a long way especially if your living expenses are not very high.

3. Consulting Clients or Virtual Part-Time Jobs

Having your own clients, or being a part-time employee that can work virtually can enable you to bring funds to cover your costs while you are able to spend much of your time working on your business venture.

4. Starting a Service Business & Investing Profits (Hunting to Survive. Gardening to Thrive)

The example I tend to give related to this is a young entrepreneur starting a local landscaping business to bring in funds (hunting for clients) then using the income not only to live on, but to invest in some sort of product oriented venture that isn’t leveraging your time, but using the asset to make money (gardening). I did this through my service-based business (Marketing Agency) Brand Advance. I actively invested our profits into supporting various business ventures such as GroupTable, Bright Impact, ApartmentsUCF (since sold), OrlandoEntrepreneurs.org and most recently GiftsPeopleWant.com. By investing in ventures out of your profits you are starting to garden and these seeds you plant can lead to passive income or great gains in the future.

5. Invest in Income Producing Real Estate

Back in 2010 I realized how risky entrepreneurship can be. It can be a constant grind and you are never guaranteed a venture is going to work out no matter how passionate you are, how great of an idea it is, or what traction you have. Things happen. Life happens. Markets change, hardships happen, clients get lost, employees or partners can have substance abuse issues, legal troubles can occur, or a large company can roll out a similar venture or innovation that makes what you’ve been working so hard on obsolete. Investing in quality real estate deals is something I have grown quite fond of. It helps me hedge my risk as an entrepreneur and angel investor. My first investment was a duplex with my girlfriend now wife. We lived in one side while renting the other out and virtually eliminated our rent / living expense. Here’s how we did it.

After one of my software ventures generated a good amount of income, I struggled with scaling the software to other customers. After many market-fit conversations and tests I decided investing more into my software was too risky without a validated strategic direction. I decided to take this profit, distribute it and my wife and I purchased another duplex in 2014. We made decent income along the way then sold it two years later for a great gain.

6. Live with an Understanding Significant Other or Family Member

Growing a business isn’t easy. There can be long nights, lots of stress and financial hardships. If you are fortunate to having a significant other or family member that is working and willing to float the bills for you during your startup journey that can be a great runway. This could involve moving back in at home, or even couch hopping. It isn’t a sexy lifestyle and may not be ideal for your dating life, but if utilized effectively can be very valuable for your startup. Back in 2008 and 2009 I was working very hard. My girlfriend, now wife had moved down to Florida after one year of long distance. She believed in me, but couldn’t understand why I wasn’t bringing in the money she knew I was worth. I remember we got in a big discussion after a while because she wanted me to just take one of the full time job offers I received (some of which were very strong especially for a recent grad). I wouldn’t budge. She has guest posted here about the experiences of being the significant other of a startup entrepreneur here:

• 10 Things a Startup Entrepreneur’s Valentine Should Know
• Entrepreneur Wives

My wife is wonderful and very supportive. Interestingly enough, within the last years the tables turned and she co-founded a business that merged her passions of helping people and horses. I had to be the one supporting her as she had long hours with no pay.

7. Finance through Customer Sales

This is one of the best ways to grow. When I was looking to fund a startup I decided to start a marketing agency to provide me an income and flexibility as I did so. I took no initial loans for the marketing agency and had no investor, but in our first full year (2009) we had $220,000 in sales. I had a strong marketing background, but had a model that enabled me to finance my growth through sales without carrying much overhead. I would simply understand the needs of a client, spec out the project, obtain estimates from contractors I knew and trusted then receive a deposit from the client to get started before paying the contractor. This way, the first year we didn’t come out of pocket at all to grow.  I eventually hired an account manager to coordinate the projects then brought on more full time employees as we grew. However my initial approach enabled us to get off the ground without outside funding.

So consider putting together enough of your concept to sell it to your customers for a deposit. Then using that money to support you and fund your venture. Make sure you have a long enough lead time, or a way to refund the customer if you are not able to deliver. Many businesses rely on merchant services to facilitate payments.

8. Obtaining an Anchor Client

This is similar to financing through Customer Sales, but it involves finding a great customer that can pay you a lot to cover your costs. The risk in this is that you are not diversified and if that client goes away, so does your runway. Nevertheless I have found that often times bigger companies with big budgets can be much less stressful and pay far more than certain smaller clients that could even be entitled at times and demand far more than the value of what they are able to afford.

9. A liquidity Event (Earning a large bonus, commission, or selling an asset such as another business, home, car, stocks, etc.)

If you are fortunate enough to have built or acquired a valuable asset(s), or have a large commission or bonus coming, this can be a great runway for your startup. When acquiring a good sum of money there are always risks and rewards. What are you going to do with it? Do you want to be safe or risky as an investor? If you truly believe in your startup and have done proper planning including many validation conversions and tests to determine market/fit then go for it.

10. Parent or Relative Financial Support or Gifts

Originally my parents were pushing me to become a teacher. Primarily because they were educators and had contacts for me to get a good job out of school. My junior year at a school in Pittsburgh I decided to switch majors, move to Florida and attend UCF.

My parents were not very supportive at first, especially because I decided to redirect my focus education and playing college basketball to entrepreneurship. I remember my father telling me that the only people that are successful in business were family legacy type businesses, and large corporations.

My parents and family eventually came around as they started seeing my success and know are huge supporters. However, they have never given me money for any of my businesses or co-signed on a business loan. After graduating college I paid all my bills including my car, rent, phone, etc.

I do know several people, including friends, that have had parents pay for their cars, large deposits on their houses, and even give gifts of money to help them focus on their business. This can be a great runway if you are fortunate enough to have this opportunity. If you are accept it with gratitude and a thankful heart realizing that many don’t have this opportunity.

11. Getting a Loan or Line of Credit

A loan is another commonly sought way to get a runway. Loans are a very important, but risky tool that must be used with care. However, with the right loan you can move far faster than with bootstrapping while maintaining ownership of your company. I’m a huge fan of having lines of credit for your business and real estate. Rather than get a loan for a lump sum and pay interest on the balance, with a line of credit you are not charged unless you use the funds, however you have the ability to move quickly on opportunities and invest in specific initiatives to help grow your business.

12. Raising Investment Rounds

This is probably the most common runway that people focus on. Working with angel investors, wealthy individuals that will invest for your business for a percentage, or early-stage venture capital firms seek to fuel the growth of startups with hopes to receive a 5-10X+ return on their money in a specific period of time (3 years, etc). This kind of runway can potentially give you a very solid runway to take flight, however there are risks with this approach as well. Finding the right investor is very important. If you are relatively new to the business world, you should typically look for experienced entrepreneurs that have turned into investors that can not only give you money, but also guidance. This is known as “smart money”.  On the flip side, you may not want to give up control of your business and some investors are very adamant about the direction you should go and that direction may differ from the vision you have. It’s possible that both approaches could be successful, but if there is dissension causing the venture to be slit in multiple directions this can cause a lot of problems.

You’ve heard the saying…”A house divided cannot stand.” or the “Too many cooks in the kitchen” problem.

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Final Thoughts

Starting and growing a business to profitability is not easy. Startups are like babies. They are needy and crave attention. They want what they need when they need it or the market and opportunity may pass them by. In order to provide for the business you first have to be able to cover your own basic needs (Like on the airplanes you must put your mask on first before helping your child). Nobody will care for your startup like you, the founder(s). Building runways give you the ability to explore the potential of your venture. But it is important to remember that no runway lasts forever. If your runway is running out, then you have to build another one ASAP or you risk going off the runway and crashing.

I hope that you found this post to be valuable and useful on your startup quest.

Are there any other runways you would add? Drop me a comment or contact me.

The post 12 Solid Runways to Help Your Venture Take Flight appeared first on Filled to the Brim.

The backstory

My first real estate investment was seven years ago this month (November, 2010). I had just gotten engaged to my now wife Lindsay, and we were planning a wedding.

After meeting with various vendors we realized that wedding that we wanted would cost $16,000+. Even though I wanted the day to be magical and more importantly wanted my future wife to be happy, it was hard to justify to a young entrepreneur (one to two years out of college) dropping $16,000+ on one day.

Then I thought to myself, what if we didn’t have to come out of pocket for this wedding and have everything that we wanted? But how could that be possible?

The plan

After going through our personal finances I came with a plan. Our largest expense by far was the apartment we were renting ($1,350+ per month) or $16,200 per year. Nearly the same amount we would need for our wedding. Then it hit me. If I could invest in a duplex, live in one side, and rent out the other side to cover costs, I could virtually eliminate our rent expense. Then the money we would be paying for rent could go towards the wedding and the property could continue to work for us into the future.

The deal

The night I came up with the plan I found a duplex that I liked. The property was just south of downtown and built in 2008 (only two years old at the time). It was a foreclosure and the price was right. I did some numbers and was ready to jump. I pitched it to Lindsay and…she turned it down!

After working on her for a day or two she was convinced. It became much easier to convince Lindsay when she saw how nice the property was. She also knew how passionate and sure about this strategy and deal I was, so went along with it.

The benefit

The plan worked to perfection. We scheduled our wedding one year out and the savings from not having to pay rent enabled us to pay for our wedding cash with no debt. Today we still own our first duplex and it continues to add value to our lives. Years ago we moved out of one side to purchase another primary residence and now have both units working for us, plus are benefiting from the great appreciation and rental increases that the area Orlando downtown area has seen.

From then to Now

After seeing the success we had in our first deal I knew I wanted to grow our investment real estate holdings and help others do the same. In 2014 I earned my real estate license to learn more about the real estate industry, help others in my network looking to acquire investment real estate, and find new promising deals to invest in. Today my commercial real estate services (sales, leasing, buyer representation) are offered through Results Real Estate Partners in Lake Mary, Fl.

Though I am still very involved in marketing consulting, there is no better wealth accumulation strategy in my opinion then purchasing the right multi-tenant investment property.

By investing in multi-tenant investment properties you benefit from:

• Monthly passive income
• Property value appreciation (our first duplex investment has more than doubled in value since we purchased it)
• Tax benefits from depreciation and interest write offs

After this initial purchase we continued on to purchase another duplex and now our focus is on acquiring multi-tenant commercial real estate investments.

Nevertheless, we are very fond of the first duplex we acquired and our journey into the world of real estate investing.

I hope that you found our real estate investment backstory to be helpful! If I can assist in any way, or if you have questions, please don’t hesitate to reach out.

The post How I got started in Real Estate investing appeared first on Filled to the Brim.

Developing trade secrets, creating innovative offerings, and tracking market changes can take a lot of time, money and effort. Many companies, both large and small allocate substantial sums of money towards these initiatives to win. Yet there are others that lurk in the shadows – Spying on companies large and small to uncover key insights to help their business grow at a fraction of the cost.

Now before some of you get worked up on the ethics of this topic, I want to state that I am not advocating for unethical business activities.

Monitoring your competitors, or other successful companies that you may look up to, can be equated to studying Lebron James to learn his best moves to incorporate them into your game.

There are many levels of spying. Today, we’re talking about using digital marketing tools…it’s not like we’re encouraging you to sneak into a team’s locker room during warm-ups to steal play-sheets like a certain patriotic football team that will remain nameless..(Had to sneak that in there. I am a Steelers fan!)

The internet has equipped us with the power of anonymity and empowered us to access vast amounts of information at our finger tips. We have the ability to use both, along with our many smart connected devices, to spy on our competition.

Here we go…

The activities you are about to participate in are of a highly classified nature. Use absolute discretion while executing this mission.

Agent, your mission if you choose to accept it, is to breach the digital footprint of your competitors, monitor them from a distance undetected and utilize the latest technology to extract key information. Deploy what you have learned to advance your organization…and take over the earth. Well, maybe not the last one…but at least use it to gain market share your industry

Below are a few considerations to help you on your way…

• Follow without being detected – stalk competitor social media and third party web profiles.

By following the social media properties of your competitors you can uncover updates on product releases or changes, new industries they are exploring, existing customers and new potential customers.

You can also monitor their company profiles on websites like Glassdoor (reviews from employees), Google Maps (Reviews from customers),  Amazon (if they are selling products there), etc. Understanding what customers like and don’t like about your competitors and their products can be a great learning experience for you. Often times people purchasing a product may say something like  – “I like this product, but it would be great if it had this” (or was more durable, wasn’t so expensive, had different colors, etc). These are all opportunities for your business to learn and grow. It’s one of the best focus groups you could ask for.
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• Subscribe to competitor email newsletters

Companies use email newsletters to communicate with their potential customers, partner organizations, and investors. Consider subscribing to their competitor email newsletters or blogs – use an email that is not clearly identifiable.

• Mine competitor websites

Websites reveal a great amount of information about a company. Take your time going through the websites of your competitors. Determine how they are positioning their company in the minds of their customers. Uncover what they are doing well, and what you think they can improve on – then review your own website and make adjustments.

• Understand what keywords they are targeting

Your competitor may have invested in search engine optimization, or be utilizing paid search advertising. Consider checking their URL on a service like www.keywordspy.com,  www.spyfu.com or even the free Google keyword tool located in Adwords. What  keyewords are they targeting? Are these keywords you should be targeting as well?

• View Competitor Back links 

There are great tools out there that allow you to see links pointing to your competitor websites. Why should you care? The web is made up of links. It is what makes the digital world click.  By browsing these links you can not only see what is being said about your competitors, but identify potential places that you may be able to obtain a link from. SEO algorithms regularly change, but obtaining quality links from good sources is never a bad thing and can significantly help your rankings in search engines.  Consider these tools to view your competitor back links:

• https://moz.com/researchtools/ose/
• https://www.semrush.com/features/backlinks
• https://ahrefs.com/
• https://monitorbacklinks.com

• Set up Keyword Alerts for competitor company names, products, key personnel, etc.

There are many great online monitoring tools that exist. These tools crawl websites, social media profiles, and forums looking for specific keywords that you specify. Consider using an online monitoring tool to monitor your competitor company names, key employees, brands, products, etc.  Consider utilizing free offerings such as SocialMention.com, or Google Alerts. For the experienced spy, that wants the best…consider premium offerings such as BrandWatch.com or Trackur.com. For more resources, consider this great list of social media monitoring tools.

• Remember, Tomorrow Never Dies

Change is the one constant in life. Don’t just check out your competition one time and stick your head in the sand. Every minute of every day social media posts are occurring, press releases are being submitted, blog posts are being published, website content is being changed and more. Some of these are likely from your competitors.

Final Briefing

There are many that discuss the power of the “First Mover Advantage” – the idea of getting to market first with a new offering, innovation, message, or positioning. While being the “First mover” can have it’s benefits, remember…Pioneers were often the ones that met their demise with arrows in their back when exploring uncharted territory.  Spying, or should I say “learning”, from competitor wins, successes, innovations, and marketing efforts can help you establish a stronger position to win in your respective marketplace.

Now it is time to put these suggestions into practice.

So get your favorite drink (shaken or stirred), open that laptop or smart device, put on some James Bond music and get to work.

Remember the success of your organization is resting on your shoulders.

Good luck Agent.

–
I crafted this originally as a guest post for Access Information.

The post 007 Ways to Digitally Spy on your Competition appeared first on Filled to the Brim.