XELERATOR: Empowering European Entrepreneurs

5 Keys to Becoming a Successful Serial Entrepreneur

noreply@blogger.com (Xelerator AS) — Fri, 30 Sep 2011 22:02:58 PDT

I just finished leading a 3-day workshop in Toulouse, France for 15 entrepreneurs from the incubators and technology centres of the European Space Agency. Today I have been asking myself questions about what the key skills are that these entrepreneurs will need to develop in order to succeed.

Success can be measured in many ways, but my goal has been to teach them to become serial entrepreneurs – persons who are capable of creating not just one startup business, but capable of starting many healthy businesses throughout their careers.
Becoming a good serial entrepreneur involves learning the ability to do the following:

Serial Entrepreneurs see opportunity. Opportunities arise where there are problems or where there are inefficiencies. While corporate employees tend to focus on resources, good entrepreneurs tend to focus on opportunities. When an employee encounters a problem within an organization, they most often try to figure out how to navigate around it. An entrepreneur, however, sees this as an opportunity to solve the problem and thereby to create a sellable product or service. Every problem is good news and an opportunity to a serial entrepreneur.
Serial Entrepreneurs create and communicate a clear vision. A clear vision is key. Without it an entrepreneur ends up being vague and uncertain about how to go forward to create a solution or to organize the team that is necessary for success. A simple and magical thing happens when an entrepreneur creates a clear vision, commits to making it happen and then communicates it to the world.
Serial Entrepreneurs are able to attract great people to work with them. Many entrepreneurs never get past this point. They work hard, but they mostly work alone. Their ventures seldom grow large and are limited by the fact that they are neither team players nor good leaders. Hire people who are smarter than you. Hire people that almost scare you because they are so capable. Only then will you raise the level of your company to new levels and ensure long-term success. Earn their trust, give them full responsibility and then get out of their way so they can make your company into a success.
Serial Entrepreneurs are able to raise capital or to obtain whatever resources are necessary. Almost all good business ideas will need capital at some point. Without capital, growth takes longer. With capital, a company can often move quicker and take advantage of windows of opportunity that appear. Capital is like fertilizer for plants. Organic growth is always an option, but sometimes there are faster and better ways to stimulate rapid growth.
Serial Entrepreneurs remain flexible, adapting to changes without abandoning their vision. As we all know so well, shit happens. One of the only constants in life is change. Being a successful serial entrepreneur involves developing the ability to stay flexible in the face of the winds of change, without losing sight of their vision.

A Three Minute Course in LEADERSHIP

noreply@blogger.com (Xelerator AS) — Sun, 15 May 2011 09:43:31 PDT

Leadership Lessons - Dancing Guy

Whether you are creating a business or creating an amazing life, you can benefit from thinking like an entrepreneur and by taking leadership.

Unfortunately, some of the most fundamental assumptions that we make about leadership may be wrong or over-glorified. A leader is just a lonely nutcase without followers. The first followers, not the leader, are the ones who take the greatest risk yet get the least praise and recognition. The first followers are the ones that teach other followers how to follow. How often do discussions about leading fail to discuss how to follow?

One of my brilliant entrepreneur-coaching clients sent me a link to the following 3-minute video by Derek Sivers about How to Start a Movement. Watch this video and ask yourself: What are the areas of my career or life where I am truly taking leadership? How can I nurture my followers and treat them like equals?

Want to learn more about entrepreneurial thinking and leadership? Then sign-up for one of my workshops or courses. Even better, join me for the Oslo Leadership Event (May 27-29, 2011 in Oslo). There I will hold a talk entitled: Dare to Dream – the Entrepreneurial Mindset. If you attend and are one of my blog readers, please come and introduce yourself to me!

Thanks to Erlend Bakke. Check out his amazing360 photography tools at: http://www.3sixty.no/

DARING TO DREAM - The Entrepreneur Mindset

noreply@blogger.com (Xelerator AS) — Tue, 10 May 2011 05:20:06 PDT

"The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark." — Michelangelo Buonarroti

I will never forget the night that it really hit me. I didn’t sleep once during the 6 hours that I tossed and turned in bed. I could barely keep my eyes closed. My brain was racing at breakneck speed with plans and ideas and visions of a future that was so bright and vibrant that I couldn’t contain my enthusiasm. I had just figured out that I really could succeed as an entrepreneur.

Earlier that day I had a dialogue with fellow BlueSky Software founder Jørgen Lien. He insisted that we had a shot… a real shot at busting open a segment of a large and growing software market, and in doing so a shot at creating a wildly-successful software company. This was my first technology startup. Although I had seen the possibility, I never really believed in it. Before then. During that night it finally hit me.

20 years later and my dream is still alive, vibrant, bright and part of my everyday reality. BlueSky succeeded in busting open that market and went on later (without me) to be acquired by Macromedia/Adobe. Two other tech startups I did went well and are still flying high. I have worked closely with hundreds of talented entrepreneurs since then and yet I still have that moment in my mind.

For me, the biggest excitement was never about the riches and the wealth. It was not about fame and notoriety. Most of all, it was the realization that I could create.

The process of creation that an entrepreneur can experience is amazing. One minute you sit there with two empty hands and a head full of ideas. In the next moment your thoughts have been converted to real things and you have your hands full of value and new opportunity. It is like modern day alchemy – the ability to turn common objects into gold.

Three weeks from now I will be one of the keynote speakers at the Oslo Leadership Event (Fornebu Arena, May 27-29, 2011). I will use the opportunity to share some stories from my experiences as an entrepreneur. There have been a lot of crazy moments, but most of all I will use this opportunity to encourage everyone to think like an entrepreneur.

The Entrepreneur Mindset
Whether you want to create a business, or lead a sports team, or teach a classroom of students, sail alone around the world, become a master yoga instructor or just simply get the most out of today… it all starts by DARING TO DREAM. Dream big. Dream wild. Dream like you did when you were a kid. You would be amazed at what is really possible.

If you want to learn more about visualization tools or how to accelerate your business, then contact me or join one of my seminars. If you are going to attend the Oslo Leadership Event, then please come up and introduce yourself to me and share your dreams with me as well!

iPad Changes the Game for Nerdy Guys

noreply@blogger.com (Xelerator AS) — Wed, 20 Apr 2011 04:58:25 PDT

Boys and their iPad Toys

A few months ago I was on a weekend cabin trip get-away with a bunch of guys and I noticed something different that happened. Three of the guys brought their iPads and if this had been a trip with the girls along, then there would have been instant protests and complaints about spending the weekend online. But since it was just a boy’s weekend, then playing with electronic toys was perfectly acceptable behavior. OK, so were burping, farting and authentic expressions of profanity, but there is a reason why the guys have to get away from time to time. What was different was the use of iPads in this social situation. They became a natural part of the discussions and the activities. In the middle of a conversation, someone would pick up an iPad, lookup a fact, a quote or a definition on Google or YouTube and then share it with the others. We debated European history details but Wikipedia got the final say. The format of the iPad (and the little table mount cover) made it easy for the other 5 guys to crowd around the pad to watch a funny YouTube video (extreme base jumping & surfing monster waves), watch a music video or to just look at photos from a recent trip to Mexico. With 4 iPads and 8 guys it almost ended up being like a competition. Not dualing banjos, but dualing iPads. A creative entrepreneur game programmer should design something to capitalize on this.

How much time do you spend online alone?

Like most people I am sure that you spend lots of time online, but how much of this is really a group experience? Facebook. LinkedIn and Twitter all allow you to connect with groups, but most of the time you are sitting at your computer screen alone. How often have you been sitting together with a group of people where several are online and at the same time all are participating in an interesting group discussion? My wife says that men cannot do two things at once, but here I must protest. We men can handle our gadgets and still follow a conversation. So there! Finally we have found a social justification for nerdy male behavior!

A new online use - GroupSurfing

When was the last time you surfed the internet with a group? Call it a GroupSurf. I have used devices like an AppleTV to surf the internet while watching TV, but this is different. With multiple people surfing the internet at the same time and all contributing to a live group discussion, I think this is a new kind of internet use. Do you know about any applications that are designed for this type of experience? If so, I would like to hear from you. Leave a comment below. If you are a programmer and have an application to promote that works like this, please contact me.

Understanding men by understanding their gadgets

In the book Boys and Their Toys, author Bill Adler explains that men use toys to assert their independence and freedom, relieve stress, connect to their lost childhood, and even express their nurturing side (without having to admit it). OK, “nurturing” might be taking this a bit too far, but just face it. We men are different and how we use our iPads will also be different. Next time you go to a party, take along your iPad along and don’t be ashamed to whip it out in front of everyone. You might be surprised at how much fun you have and what sort of a positive experience you create (at least with the guys).

Want to turn-around your business and get results in record time?

Contact me to discuss Executive Coaching, Group Facilitation and Management for Hire services for technology companies. You can learn more at www.ricksalmon.com , www.xelerator.com and at www.e-unlimited.com. Rick Salmon is an energetic entrepreneur who lives in Norway and believes that European startup companies can succeed and grow quickly if only they get the proper help and assistance. Please join the discussion and leave your comments. Subscribe to this newsletter/blog to receive frequent updates and tips.

Hunting in the Sales Jungle

noreply@blogger.com (Xelerator AS) — Fri, 15 Apr 2011 02:09:23 PDT

If you are running a startup business, then it is likely that you don’t have a lot of money or a lot of time to waste on unnecessary marketing and sales efforts. It’s like being deep in the jungle when you are tired, hungry and only have 1 arrow left. You must select your target very, very carefully before you take your only shot.

I still have a house phone that hangs on the wall (remember those?). No one ever calls on it except for Grandpa (on occasion) and telephone salespeople. I have never purchased anything from a phone salesman, nor consented to any free offer or survey, and yet they still keep calling in the hopes that I may change my personality someday. Most often they are trying to sell things that I never, ever would want to buy anyways. In marketing, this is the opposite of the hungry jungle hunter with only one arrow. These phone salespeople will shoot at anything that moves (or answers the phone).

A key to marketing success
A key to rapid success for any business (whether startup or established) is to carefully choose a highly targeted, well defined, easily located, narrow niche market and to focus all marketing and sales efforts there. This can be the difference between survival and failure, and yet you would be surprised how many entrepreneurs fail to do so. Too many entrepreneurs are opportunistic, not strategic and it costs them dearly. The smaller your market, the better you will understand the needs and challenges of your customers. The better you understand your customers, the easier it is to develop features and benefits that address their specific needs. This will make the sales process faster, painless, easier and a lot more fun. Selling to highly qualified customers is easy because you have selected them based on their needs and you know how to talk with them in a manner that resonates with them.

Only Qualified Leads
I sell a coaching & mentoring program to entrepreneurs who want to learn to master the art of entrepreneurship and to become successful lifelong serial entrepreneurs. While I meet hundreds of entrepreneurs each year, only a few are truly interested in this type of learning and self-development. I would be foolish to waste a lot of my time & efforts in trying to pitch my program to entrepreneurs who are not interested. Therefore I have designed a number of tools that allow the interested ones to come forward and identify themselves. This blog is one of those tools.

A free offer
If you talk to my clients you will hear that this program really works well. If you are not sure, then join me on a free interactive webinar on April 28^th at 16:00 CET. During this online meeting I will show you some of the common mistakes and some of the easy ways that you can increase your number of qualified leads. Follow even one of these tips and you will have more clients that come to you and ask for your services. After the webinar, if you tell me that you are really interested in learning more, then we will talk. But only after you have identified yourself and your interest. If I only have one arrow, then I want to take careful aim before I waste your time and mine.

Join us on this next webinar (April 27^th) and you will discover:

How to define a razor-sharp target market plan that will accelerate your business
My top 5 recommendations for re-defining your business to make better use of limited time and resources
How to use Guerrilla Marketing tactics to differentiate you from your competitors
The 5 most common marketing mistakes that entrepreneurs make
How to become less reliant on leading-edge technology and to build long-term value for your business
PLUS, a fatal mindset challenge that could be sabotaging your marketing efforts without you really realizing it!

Sign-up for the free series of webinars. Here are some of the topics we will discuss in future webinars.

APRIL 28, 2011 – Targeted marketing and niche strategies
MAY 26 – Secrets to raising capital for early-stage entrepreneurs
JUNE 30 – Sales acceleration tools and best practices
JULY 28 – Power networking skills that will let you connect with anyone fast
AUGUST 25 – Building lists of potential customers, your biggest asset
SEPTEMBER 29 – Closing sales faster and overcoming objections easily
OCTOBER 27 – Establishing rapport with investors and customers quickly
NOVEMBER 24 – Becoming a recognized thought leader in your industry
DECEMBER 29 - Guerrilla Marketing tricks and techniques
JANUARY 26, 2012 – Powerful Communication skills
FEBRUARY 23 – Story telling examples and methods
MARCH 29 – Pitching to investors in a way that will get results

THERE WILL BE A NEW WEBINAR ON THE LAST THURSDAY OF EACH MONTH

CLICK HERE TO REGISTER

Image: Thinkers Of The Jungle, by Gerd Schuster, Willie Smits and Jay Ullal, published by Ullmann Publishing,

VCs are from Mars, Entrepreneurs are from Venus

noreply@blogger.com (Xelerator AS) — Mon, 28 Mar 2011 08:22:52 PDT

John Gray’s book Men are from Mars has the subtitle ”The Classic Guide to Understanding the Opposite Sex”. To some entrepreneurs, Venture Capitalists might as well be the opposite sex. Many entrepreneurs don’t really understand them very well. In a good blog post by ex-VC and VentureBeat writer Tom Tzach, he offers 4 good tips to entrepreneurs. Here are my comments to his tips:

1. It’s a numbers game. Expect casualties.
Tzach reminds us that VCs get a huge number of requests for their time and money. If you are an entrepreneur seeking capital (especially if this is your first time), then you will have to play the numbers. You might need to pitch to 50 in order to find 3 who are truly interested. You might need 9 who are truly interested before you find one who will give you the funds. Just like sales, it is a pure numbers game and the odds are not great, especially in today’s market where many investors are (un-admitably) scared.

I was at a venture meeting in Lisbon a few weeks ago and talked to one of the really classy European VCs (Diana Saraceni from 360 Capital Partners in Milan). She said that even though they have only 4 partners at her firm, they received 1202 business plans last year. They held 354 meetings with entrepreneurs and closed 6 new deals. If you are one of the 1202 then be prepared for a rejection. It is not personal. It only means that there are other (better?) deals out there ahead of you in the queue.

Tzach writes that in the US less than 2% of entrepreneurs pitching get funding, and that the average time for the process takes from 9 to 12 months. Don’t be discouraged, just plan to work hard.

2. Develop a VC pitching strategy
You will certainly need a strategy or else you will just end up shooting at any animal in the jungle that moves. Tzach recommends that you develop key parameters (like history, relevance of their portfolio, location, etc.) and then divide the prospective VCs into ranked groups. Start with those that are least likely to invest so that you get some practice before you tackle the big boys. Plus, if you screw it up in the first meetings, it won’t kill you. I think you will experience that pitching is a huge (and fun) learning experience.

3. You need to play your cards right
I have always been a lousy card player because I tend to play out my cards without a longer-term game plan (OK, I have other redeeming skills). Tzach reminds entrepreneurs that the VC community is small and that VCs like to talk together a lot. Expect this, but be selective in how you handle and manage your communication. Negotiating with 2 different VCs at the same time is not an ideal situation. Try to work out your deal with one and then shop the same deal to others if you need to fill the offering. Remember that while term sheets are confidential, they will be around long after you are gone. Treat them with extreme professionalism and care. I have a consultant (who I pay with options or shares) who always helps me with term sheets. He has saved me huge amounts of money and some rather embarrassing mistakes.

4. Don’t seek funding under pressure
The best time to visit a banker is when you are not in need of a loan. The best time to start your fundraising work is long before you actually need the capital. Fundraising will take a long time. It is like selecting a wife – you should use a lot of time to get to know each other before you tie the knot. VCs are smart and they will sense it if you are under pressure, plus when you show them your cash-flow budgets and financial statements, they will quickly figure out your predicament. Plan ahead.

Just as 50% of all marriages end on the rocks, only about 10% of all VC investments actually pay respectable returns. Realize that this is the reality and plan your strategy accordingly. Good VCs can be fantastic partners who can help you (not only with capital, but also with lots of assistance) to grow your business much faster than on your own… But you have to play by their rules in order to get them on your team.

Want to turn-around your business and achieve results in record time?
Contact me to discuss Executive Coaching, Group Facilitation and Management for Hire services for technology companies. You can learn more at www.ricksalmon.com , www.xelerator.com and at www.e-unlimited.com. Rick Salmon is an energetic entrepreneur who lives in Norway and believes that European startup companies can succeed and grow quickly if only they get the proper help and assistance. Please join the discussion and leave your comments. Subscribe to this newsletter/blog to receive frequent updates and tips.

Click for more info about this free offer from Xelerator

Why are you an Entrepreneur... really?

noreply@blogger.com (Xelerator AS) — Fri, 11 Mar 2011 01:00:20 PST

What motives you as an entrepreneur? What is the real reason that you are willing to work long hours 7 days a week with low pay, few colleagues, no flashy benefits, no fancy office, no job security, and the constant risk of failure staring you right in the eyes? Are you crazy, reckless or just stupid?

These are questions that I ask myself often, and yet I have no intention of quitting being an entrepreneur. It is what I am. It is what I do. It is the skillset that I have learned, developed and have made into a lifelong career.

Watch the fantastic video below from Daniel Pink’s book entitled DRIVE. Ask yourself why you are an entrepreneur and what it is that really will motivate you and your colleagues to succeed.

Whether you are working alone in a startup or building a dynamic team, finding the right factors for motivation is critical. Aligning values and creating empowering assignments will unlock peak performance in yourself and in your colleagues.

Want to turn-around your business and achieve results in record time? Contact me to discuss Executive Coaching, Group Facilitation and Management for Hire services for technology companies. You can learn more at www.ricksalmon.com , www.xelerator.com and at www.e-unlimited.com.

Rick Salmon is an energetic entrepreneur who lives in Norway and believes that European startup companies can succeed and grow quickly if only they get the proper help and assistance. Please join the discussion and leave your comments. Subscribe to this newsletter/blog to receive frequent updates and tips.

Fall in Love with your Market, not with your Technology

noreply@blogger.com (Xelerator AS) — Mon, 28 Feb 2011 23:37:24 PST

Why do so many early-stage technology companies struggle? One reason is that they fall in love with their technology. Many entrepreneurs are great engineers or scientists. They create all sorts of inventions and smart new technologies. They write algorithms, file patents and then they march out to search for markets, calling ”Is there anyone out there who could use my new technology?”

Pushing technology is like pushing on a rope.

When I graduated from University I had two buddies. The first one loved IT technology. He always had the latest PC/phone/PDA/gadgets. He chose a career in the IT industry and was constantly searching for that next razor-edge, earth-shaking, game-changing technology wave. The second buddy chose to sell coffee machines. We smirked at this. He said that in most large office buildings (at that time - early 1990s) they drank really bad coffee. He was right and he decided to change this. He focused on the problems of a specific market. He licensed and sold whatever technology was best. He made a fortune selling these coffee machines. We others are still searching for new technology, much like Don Quixote out looking for dragons to fight.

I do corporate turnarounds for early-stage companies that are struggling. I have lots of tricks, but the one that works most often is to get them to let go of the technology obsession and to tune their ears and eyes on the needs of a unique market.

It is really simple and easy.

Don’t fall in love with your technology. Fall in love with your market. Your market will last for many years. Technologies just come and go.

Want to turn-around your business and achieve results in record time? Contact me to discuss Executive Coaching, Group Facilitation and Management for Hire services for technology companies. You can learn more at www.ricksalmon.com , www.xelerator.com and at www.e-unlimited.com.

Rick Salmon is an energetic entrepreneur who lives in Norway and believes that European startup companies can succeed and grow quickly if only they get the proper help and assistance. Please join the discussion and leave your comments. Subscribe to this newsletter/blog to receive frequent updates and tips.

Being an Entrepreneur - Curse or Blessing?

noreply@blogger.com (Xelerator AS) — Sun, 13 Feb 2011 05:17:50 PST

Image from www.entrepreneurialdaddy.com

I have been away from my writing for quite some time. I have struggled to find the time. I have struggled to find the words. I have struggled to find the inspiration because I am in the middle of starting a new business and it is tough. Really tough.

There are a thousand things that I need to be doing at all times for this startup business. There are people I should be calling. There are plans I should be writing. There is social media buzz that I should be creating. There are investors that I should be cultivating. There is a huge uncertainty hanging over me and also there is a real shortage of cash. This lack of cash is the curse and the constant companion of all early-stage entrepreneurs.

Because I am an entrepreneur, I have my freedom. Freedom to choose and freedom to act. Because I am an entrepreneur I have the ability to create and to manifest from my efforts. I can take full responsibility for my situation without anyone else to blame. This provides a fantastic platform for personal development and constant growth and improvement. There is even the potential for big economic rewards if I am successful in creating value.

Tempting are the thoughts of getting a real job, having a steady income and a regular paycheck. Tempting is the false illusion that this would give me safety and satisfaction. After all, I am an entrepreneur. I would feel tethered and bound if I were stuck in someone else’s corporate vision. I have to create and live my own vision. Being an entrepreneur is sometimes a curse, but mostly it is a great blessing.

Want to turn-around your business and achieve results in record time? Contact me to discuss Executive Coaching, Group Facilitation and Management for Hire services for technology companies. You can learn more at www.ricksalmon.com , www.xelerator.com and at www.e-unlimited.com.

Rick Salmon is an energetic entrepreneur who lives in Norway and believes that European startup companies can succeed and grow quickly if only they get the proper help and assistance. Please join the discussion and leave your comments. Subscribe to this newsletter/blog to receive frequent updates and tips.

How Can Entrepreneurs Keep Faith?

noreply@blogger.com (Xelerator AS) — Fri, 31 Dec 2010 07:42:24 PST

Something that all entrepreneurs will face sooner or later are setbacks, delays and rejection. It goes with the territory, yet one of the hardest things is keeping faith and energy in your project, regardless what comes your way.
How do others do it? How do they keep their belief in spite of resistance?

faith |fāth| noun
1. a complete trust or confidence in someone or something : based on belief rather than proof

I have been working on raising capital for a new business for the past few months. We have written a solid business plan. We have a strong team. We have developed a product with potential. We have customers who are willing to use their time and efforts to help us get to market. We have bootstrapped the company as far as we can without external financing, and yet raising the startup capital is taking longer and proving to be harder than expected.
What should we do in order to keep the faith? How can I keep my team focused and moving ahead at a brisk pace when the funding process is slowing us down and stealing lots of our energy?
I asked a friend who is an experienced entrepreneur. He said “Trust your gut feeling and act… Just keep taking massive action.” I think this is good advice that I intend to follow, but it still did not address the core issue of how to stay motivated.
So I called another friend who is a coach. Of course, he replied with some questions. He asked me the following:

“Why did you begin with this startup business in the first place?”
“What do you want to get out of it in the long-term?”
“Why is this business so important to you?”

"He who has a why can endure any how."
-- Friedrich Nietzsche (1844-1900) German philosopher

“Give me a big enough WHY and I will always be able to figure out the HOW”
--from the book Unlimited Power by Tony Robbins

It was then that I realized the answer to my question.
In order to keep myself and the team highly motivated, we must keep our focus on our PURPOSE. We intend to build a strong business. We have created a product that solves a real and relevant problem in the marketplace. When we get it to market, hundreds of millions of children and senior citizens will benefit. This is our purpose and the reason that we created this business. Connecting to this purpose is what gives us energy and the belief that is necessary in order to overcome setbacks, delays and resistance.

My job as an entrepreneur and my job as a leader is to keep this Purpose visible and clear in our daily discussions and in our meetings.

_____________________________

Want to turn-around your business and achieve results in record time? Contact me to discuss Executive Coaching, Group Facilitation and Management for Hire services for technology companies. You can learn more at www.ricksalmon.com , www.xelerator.com and at www.e-unlimited.com.
Rick Salmon is an energetic entrepreneur who lives in Norway and believes that European startup companies can succeed and grow quickly if only they get the proper help and assistance. Please join the discussion and leave your comments. Subscribe to this newsletter/blog to receive frequent updates and tips.

Why Do Dyslexics Make Great Entrepreneurs?

noreply@blogger.com (Xelerator AS) — Wed, 24 Nov 2010 22:00:03 PST

I spend a lot of time being curious about what makes some people great entrepreneurs. I recently found an article in BusinessWeek that discusses the fact that an abnormally high percentage of entrepreneurs are dyslexics. They raised the question - Does the struggle that is required to overcome dyslexia prepare dyslexics to become great entrepreneurs? And if so, what are these traits?

According to BusinessWeek, the ability to grasp the big picture, persistence, and creativity are a few of the entrepreneurial traits of many dyslexics.

In a study that was published in 2008, Julie Logan, professor of entrepreneurship at Cass Business School in London found that 35% of entrepreneurs in the U.S. show signs of dyslexia.

“The broader implication” says Logan, “is that many of the coping skills dyslexics learn in their formative years become best practices for the successful entrepreneur. A child who chronically fails standardized tests must become comfortable with failure. Being a slow reader forces you to extract only vital information, so that you're constantly getting right to the point. Dyslexics are also forced to trust and rely on others to get things done—an essential skill for anyone working to build a business.”

“We found that dyslexics who succeed had overcome an awful lot in their lives by developing compensatory skills,” Professor Logan said in an interview. “If you tell your friends and acquaintances that you plan to start a business, you’ll hear over and over, ‘It won’t work. It can’t be done.’ But dyslexics are extraordinarily creative about maneuvering their way around problems.”

James LeVoy Sorenson, a highly successful entrepreneur in the medical field says that overcoming dyslexia trained him to be persistent and to solve problems in new ways. He says “I like to add one word to the end of many sentences: 'yet.' Instead of saying, 'I can't do it,' I say, 'I can't do it—yet.'"

I am not a dyslexic, but I think this is a good lesson for all of us who want to be better entrepreneurs. - RICK
See: http://www.businessweek.com/bwdaily/dnflash/content/dec2007/db20071212_539295.htm

Top Dyslexic Entrepreneurs
Take a look at the following list of Entrepreneur Dyslexics and see if you recognize a few names…

Charles Schwab
Steve Jobs (Founder of Apple)
Paul Orfalea (Founder of Kinkos)
John Chambers (CEO Cisco)
Richard Branson
Henry Ford
Ingvar Kamprad (Founder of Ikea)
William Hewlett (Founder Hewlett Packard)
Steven Spielberg
Ted Turner (Turner Broadcast)
Tommy Hilfiger
Alan Meckler (CEO of Jupitermedia)
Walt Disney
Nelson Rockefeller
Thomas Edison
Anita Roddick (Founder of Body Shoppe)
Alexander Graham Bell

See: http://www.incomediary.com/top-30-dyslexic-entrepreneurs/

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Want to turn-around your business and achieve results in record time? Contact me to discuss Executive Coaching, Group Facilitation and Management for Hire services for technology companies. You can learn more at www.ricksalmon.com , www.xelerator.com and at www.e-unlimited.com.

Rick Salmon is an energetic entrepreneur who lives in Norway and believes that European startup companies can succeed and grow quickly if only they get the proper help and assistance. Please join the discussion and leave your comments. Subscribe to this newsletter/blog to receive frequent updates and tips.

Kill the Cow

noreply@blogger.com (Xelerator AS) — Tue, 23 Nov 2010 02:40:37 PST

What will Norway live from when the North Sea oil wells run dry? I believe that some answers lie in empowering young entrepreneurs. The following cow story made me think about the fact that sometimes we get very creative when we are forced to do so. What are your cows?

Kill the Cow (by Conor Neill, www.conorneill.com)

A family lives in the outskirts of a remote village on a small plot of land. The family owns one cow.

Each day they live from the milk of the cow. If there is little milk, they eat little. If there is lots of milk, they eat well. The lives of the mother, the father, the children depend upon the cow.

One autumn day, a lone traveler stops in the village. He is hungry. The family share their milk. The traveler is grateful. The traveler wishes to return the favour and help the family. He doesn’t know how to help the family. He hears that there is a wise man in the village. He walks over to the home of the wise man.

“I was hungry and the family fed me. I would like to help them. How can I help this family?”

The wise man said “Kill the cow.”

“Kill it? How can that help them? They depend for their lives on that cow.”

The wise man repeated “Kill the cow.”

The traveler was nervous about following such strange advice, but the reputation of the wise man was such that he went ahead and killed the cow.

A year later the traveler happened to pass again through the village. He noticed new shops and a thriving market. He saw a new hotel that provided beds and food to the travelers who came for the market.

The traveler entered the hotel. Behind the bar he found the eldest son of the family of the cow. The man was standing tall, smiling and happy. The traveler greeted him and asked “What happened?”.

“We lost our cow. There was no milk. We had to go out and do something to eat. We set up a small market, it grew. We set up this hotel, it is growing. Without the milk from our cow, we had to try new things.”

Silently to himself, the traveler reflected on the power of the wise man’s words. ”Kill the cow.”

“Any nation that thinks more of its ease and comfort than its freedom will soon lose its freedom; and the ironical thing about it is that it will lose its ease and comfort too.” W. Somerset Maugham

What is your cow?

- Conor Neill (author of The Rhetorical Journey – www.conorneill.com)

Self Sabotage

noreply@blogger.com (Xelerator AS) — Thu, 18 Nov 2010 06:26:08 PST

We all have 2 different minds. One is logical, the other is emotional and they don’t always agree with each other. Sometimes they will do whatever they can to sabotage each other.

Consider the following entrepreneur story:
Gauri Nanda was a graduate student at MIT who got an $80K loan from her parents to start a business. Her first product is called CLOCKY. It is an alarm clock on wheels. You set the alarm to ring at 06:00 in the morning. When the time comes, the clock wheels itself off your bedside table and races around your bedroom making loud and annoying robot-like noises. You have to chase it down in order to shut it up. It is a great gimmick, Nanda has sold over 100 thousand clocks already and was featured on the cover of Inc. Magazine.

But why would 100,000 people want to chase a loud and annoying alarm clock around their bedrooms each morning?

Back to the two minds… One mind (the logical one) wants to get up at 06:00. The other mind (the emotional one) wants to stay in bed and sleep a few more lazy hours.

So Why do we fight with ourselves so often?

I coached an entrepreneur last week regarding his long-term goals. He was very clear on what he wanted to achieve long-term with his startup company but when we discussed what factors were keeping him from achieving success, the list was endless. The conclusion we reached was that he is not really sure if he is willing to do the work – to pay the high price that is needed to make his company a success. He keeps hoping he will find a short cut or an easy path to success, but in the meantime his company is moving very slowly. After lots of questioning, he sited several examples of situations where he had setup a specific goal and then sabotaged the result by either failing to follow-up or by prioritizing other tasks. His one mind wants success. His other mind wants an easy lifestyle.

Reaching this conclusion did not solve his problem, but it did shed a lot of light on it. He went away from the coaching session much more conscious of self-sabotage and with a new resolve to remove the excuses and to re-focus on accelerated success.

This is all about Values. People who are clear on their values don't have the big internal conflicts. People who are not clear often end up sabotaging themselves. Working with a coach on clarifying your own values can be a fun and really interesting experience.

Are you ever of two minds? Do you ever sabotage yourself? If the answer is yes, then maybe you should contact me about a coaching trial and then put the Clocky on your Christmas wish list.
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Want to turn-around your business and achieve results in record time? Contact me to discuss Executive Coaching, Group Facilitation and Management for Hire services for technology companies. You can learn more at www.ricksalmon.com , www.xelerator.com and at www.e-unlimited.com.

Rick Salmon is an energetic entrepreneur who lives in Norway and believes that European startup companies can succeed and grow quickly if only they get the proper help and assistance. Please join the discussion and leave your comments. Subscribe to this newsletter/blog to receive frequent updates and tips.

If there is no struggle, then there is no progress

noreply@blogger.com (Xelerator AS) — Thu, 28 Oct 2010 21:00:03 PDT

"If there is no struggle, then there is no progress" The title of this blog is a quote from Fredrick Douglass. He was born a slave in America in 1818. After two failed attempts to flee from a brutal slave owner, he finally succeeded in escaping to freedom and went on to educate himself and become a leading writer, newspaper editor and champion voice of the slaves during the American Civil War.

If there is no struggle, then there is no progress.
What does this say for entrepreneurs?

I attended a seminar on entrepreneurship last week where co-founder of Opera Software - Jon von Tetzchner was one of the speakers. He made an interesting statement. He said that while Opera used over 2 years to get their first seed capital, he said that he is 100% certain today that if they had gotten the funds right away, that they would not have survived. His claim was that the the very process of having to struggle and go through a long and demanding process of searching for capital was one of the things that made them stronger. Tetzchner said that in the process, their business focus sharpened and that each "no" made them tougher.

How important is diversity to an entrepreneur? I often ask groups of entrepreneurs to list the most important characteristics or traits that they must have in order to succeed. "Stubbornness" is always one of the top 5 traits. Stubborn as a mule.

Churchill said something like: "Success is moving from one defeat to another without losing heart".

The Dalai Lama is quoted as saying "Remember that not getting what you want is sometimes a wonderful stroke of luck".

Carolyn Salmon (Rick's Mother) often said "Remember that God's delays are not God's denials".

What do you think? Leave your comments.

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Great Networking Tip

noreply@blogger.com (Xelerator AS) — Mon, 25 Oct 2010 13:59:12 PDT

Last week I accidentally discovered a great new networking trick. I was attending a lecture on Entrepreneurship in Norway. I walked into the auditorium where there were 100-150 chairs setup. I was early, so I went to the front of the room and sat in the chair that was nearest the podium in the first row where there happened to be an electric plug for my Mac. As each of the speakers, the experts and the VIPs arrived - those that were scheduled to speak - one after the other they came and introduced themselves to me. Since I was sitting close to the podium and since I had on a suit they all just assumed that I was someone very important or one of the other expert speakers. I shook their hands, we exchanged cards and I proceeded to ask them lots of questions concerning what they were going to speak about. I had a great time. They had a great time (because they got to talk about themselves) and I came home with a handful of the best business cards I had collected in a long time. Many of them are still trying to figure out who I really am!

Keith Ferrazzi, the author of Never Eat Alone, says that Networking is one of the most important keys to success in a startup business. It will help you find jobs, recruit talent, win new customers and discover investors who'll support your ideas. My experience is that being a great networker may not be absolutely essential, but it certainly makes things a lot easier and more fun.
According to Ferrazzi, successful networking is all about building close, sincere relationships based on mutual generosity. He says that entrepreneurs cannot achieve their career goals on their own. They have to network their way to success.

Many years ago I was co-founder of a software company and one of the other founders was a genius. A real genius. I mean the serious, lifetime member of MENSA, IQ-of-186 type genius. He was so brilliant that he was often challenged in other more normal social settings. This was good for me to understand. I am nowhere near what would be called genius, but OK, I have other talents. We worked well together as a team because we complimented each other. In today’s business world, you will need other people to help you to succeed and to provide the diversity necessary to solve complicated problems and challenges. Few successful entrepreneurs succeed by flying solo.

Dale Carnegie literally wrote the book on networking in 1936. How to Win Friends and Influence People demystified the process of making friends out of strangers and inspired legions of business coaches to carry on Carnegie's message. His methods were so simple, yet so fundamentally useful. Here is what he recommended:

1. Smile – Simple huh? While this is easy enough, when I attended a networking event last week and I looked around the room to see how many people were actually smiling. I was shocked to see so many sour faces…lots of people frowning and staring down at their own shoes.

2. Ask Questions – Most people spend all their networking time talking about themselves. They drone on forever. Networking is about asking questions and being truly curious about the other person. If you take the time to ask, you will be surprised how fascinating, interesting and fun even the most boring person can be.

3. Listen – It is not enough to just ask questions. You have to stop to listen. I mean really listen. Listen to what they are saying. Listen to what they are not saying. Listen with your ears, your eyes and your gut feeling. Give generously of your time and attention. Nothing is more highly valued in our society today.

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Can Entrepreneurship Empower Palestinians?

noreply@blogger.com (Xelerator AS) — Mon, 18 Oct 2010 02:38:15 PDT

Last week I was asked to join a group of coaches and investors to design and lead a program for Palestinian entrepreneurs from the West Bank. This week I have been doing a lot of thinking. Thinking about conflict resolution. Thinking about peace. Thinking about empowerment and the role that entrepreneurship can play…

An article in yesterday’s Norway Evening Post discussed the problems in the UK with generational unemployment. 11% of the children in the UK grow up in a family where no one works. No one. The programming starts at birth. Children learn to believe in limitations. Severe limitations. There are very few good examples and even fewer role models. There is only a strong belief - being reinforced daily - that their situation is hopeless and futile. Thus, their likelihood of breaking out of this environment is slim. Generation after generation, the problem gets passed on.

What kind of beliefs are young Palestinian entrepreneurs being taught? What do the children of Palestine believe about their own chance to create their own future? Isn’t this really a question of empowerment?

The greatest gift in becoming an entrepreneur is not the money. It’s not the glamour of being your own boss nor the ability to work when and where you want. The greatest gift lies in knowing that you can create your own future. True entrepreneurship and true empowerment is believing that no matter what situation arises or whatever circumstances occur, that you will be able to find a way to turn it around, to create your own business, to survive and to thrive.

How can we teach this to young Palestinians? How can we instill in them the belief that the future is really theirs to create? Empowerment is one of the only true paths to peace in Palestine. At least that is what I have been thinking…

Want to turn-around your business and achieve results in record time? Contact me to discuss Executive Coaching, Group Facilitation and Management for Hire services for technology companies. You can learn more at www.ricksalmon.com , www.xelerator.com and at www.e-unlimited.com.

Rick Salmon is an energetic entrepreneur who lives in Norway and believes that European startup companies can succeed and grow quickly if only they get the proper help and assistance. Please join the discussion and leave your comments. Subscribe to this newsletter/blog to receive frequent updates and tips.

Making the Most of any Situation

noreply@blogger.com (Xelerator AS) — Fri, 24 Sep 2010 11:54:59 PDT

I did a workshop this week in Palermo, Italy for a group of MBA students and startup companies at the ARCA Technology Incubator. Palermo is a fantastic place of chaos, crowds, energy and even innovation.

I once heard a story about an American law professor who was in Italy holding lectures about the American law system. After one of his speeches there were 2 Italian students who approached him and said “Professor - is it true that in America if someone falls down and injures themselves on the sidewalk in front of a building, that the building’s owner is liable and can be sued?” The Professor answered, “Well, yes, this is true if the owner can be proven to be negligent.” The two men started discussing this fervently amongst themselves in Italian with much waving of the hands and loud voices of enthusiasm. Finally the professor said, “So, would you fellows like to go to America to study Law?” The Italians answered. “Oh no, no, no. We want to go to America and fall down on sidewalks!”

The Sicilians are champions at adapting and making the most of any situation. Sicily has been invaded and conquered by the Romans, Vandals, Byzantines, Muslims, Normans, Catalan, Spanish and perhaps 10 other different empires throughout history. Governments come and go here, but the Sicilians remain. Somehow they make the best of the situation. The architecture the conquerors left behind is an amazing mix of Gothic, Roman, Greek, Classic, Neo-classic and Tasteless. Most buildings are either in an advanced state of decay or under unorganized reconstruction. The sidewalks are narrow and impassible because there are armadas of small Fiats parked on every available square meter of sidewalk space. If no Fiats, then there are 22 motorbikes piled into a single parking space. The roads are disorganized, chaotic and without any easily visible signs or indications of direction or place. Billboards and garbage everywhere add an ambience that completes the picture. Palermo is hectic and yet somehow still lovely. It has a strange charm that takes some time to sink in. I don’t think that Palermo is really part of the western world. It is more like a third-world country that is disguised as a province of Italy. Silvio Berlusconi and his unique style of leadership was so popular here in the last election that he won 63 of 63 seats in congress. OK, personally owning most of the national media can be a bit helpful.

Amidst all the chaos and the mess, you will find the lovely and friendly people of Sicily. Few speak English. I just went into the information center at the central train station and the two ancient, gray-haired men working there did not speak a word of English and were mildly irritated with me for wasting their time. Amazing, but if you are polite and try to use some travel-guide Italian phrases you will find that most people are patient, helpful and delighted to be of assistance. You will also find many smart researchers, scientists and professors in the technology centers.

Making the best of any situation is a useful skill, both for Sicilians and for entrepreneurs.

Serial Killers?

noreply@blogger.com (Xelerator AS) — Fri, 17 Sep 2010 10:52:58 PDT

We need more serial entrepreneurs!

Yesterday I led a workshop for 20 young entrepreneurs in Dusseldorf, Germany. I asked them if they knew the expression “serial entrepreneurs”. Few did. I asked if they knew the term “serial killers”. Yes. They all had watched enough TV crime shows to understand that term.

OK, so I challenged them to learn to become “serial entrepreneurs”. A serial killer commits one murder after another. A serial entrepreneur completes one startup and then immediately starts to dream about the next. Call this an illness or call it a calling in life. Some people just get it. Some people just don’t. Some people love the ability to convert an idea into a plan, a plan into a team, a team into a business, and a business into something of immense value and social change. Others just don’t understand the motivation that is needed to do this.

The workshop was the start of an 8-month program where 15 selected technology companies from the North Rhine Westphalia region will get special help, assistance, coaching and individual follow-up from experienced entrepreneurs and investors. In one way, this is a grand experiment. Just like young plants need special care and nutrients in order to grow quickly, this program seeks to nurture and to fertilize the environment where these 15 young companies will grow. The Dusseldorf region is a fertile growing ground. We are trying to make it even more so.

We need more serial entrepreneurs. We need more people who have learned how to start and build small businesses. We need more people that know how to write business plans and then how to raise capital to realize their dreams. We need more people who are willing to take risks and we need political systems that reward people who take initiative and create value. The most important and vibrant part of any growing economy is the grassroots of startup companies that spring forth on their own. Nurture them.

- Rick Salmon

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Want to turn-around your business and achieve results in record time? Contact me to discuss Executive Coaching, Group Facilitation and Management for Hire services for technology companies. You can learn more at www.ricksalmon.com , www.xelerator.com and at www.e-unlimited.com.

Rick Salmon is an energetic entrepreneur who lives in Norway and believes that European startup companies can succeed and grow quickly if only they get the proper help and assistance. Subscribe to this newsletter/blog to receive frequent updates and tips.

Fake it or Be Yourself?

noreply@blogger.com (Xelerator AS) — Sun, 12 Sep 2010 11:37:37 PDT

Years ago I heard a great story about networking. It came from an investor who had a different strategy than most. He was part of a delegation of US businessmen who were going to travel to Japan to setup new business relationships. Most of them attended a class where they learned about Japanese customs, etiquette and manners. They learned how to bow, how to present their business cards with two hands and a shallow nod, how to toast sake wine, etc. The investor ignored these classes. He went out and purchased a giant box of big cowboy hats and took it with him to Japan. While all the others were busy trying to act like good Japanese, he would reach into his box, grab a cowboy hat, stuff it over the ears of the little Japanese businessman, grab his hand and shake him like a tree branch while exclaiming loudly “Howdy there Pardner! Niiice to meet ya'll!”. Guess who came home from the trip with the most business? Guess whom the Japanese businessmen probably still remember?

Dare to be yourself. Sometimes we are so intent on pleasing the people we meet that we forget to be who we are. Good networking skills involve being very specific, clear and intentional in how you present yourself or your business, but mostly it involves being yourself.

I do a lot of work with entrepreneurs where we seek to clarify their message. We work in order to develop a brief Elevator Pitch message that is easy to remember yet addresses the specific wants of the investors or business partners they seek. Note that I say “want”, and not “need”. We buy our wants, not always our needs. For example, I need basic car transportation, but I really want a shiny little sports car. Communicating who you are in a manner that touches on the wants of your audience will help you improve your networking tremendously.

I met another person who introduced himself as a detective. Since he did not say anything more, I was puzzled. I asked what kind of detective. He answered “an existential detective”. I was even more puzzled. I asked how that could be. OK, he smiled and told me he was a priest and his job was help people find answers to life’s big existential questions. To this day I have forgotten the names of many other priests yet I still remember this one. Find a way to present yourself that helps others to remember you and to easily understand what you do, who you are and what you are looking for.
And have some fun too!

Always be a first-rate version of yourself, instead of a second-rate version of somebody else. ~Judy Garland

Want to turn-around your business and achieve results in record time? Contact me to discuss Executive Coaching, Group Facilitation and Management for Hire services for technology companies. You can learn more at www.ricksalmon.com , www.xelerator.com and at www.e-unlimited.com.
Rick Salmon is an energetic entrepreneur who lives in Norway and believes that European startup companies can succeed and grow quickly if only they get the proper help and assistance. Subscribe to this newsletter/blog to receive frequent updates and tips

Connecting the Dots

noreply@blogger.com (Xelerator AS) — Mon, 23 Aug 2010 01:02:13 PDT

Steve Jobs: Follow your curiosity and intuition

Like most children, I loved drawing Connect the Dots pictures. I can picture myself staring at a new and particularly complex page of dots and numbers and trying to imagine what could possibly emerge from all that chaos.

Today, as an adult I look forward in my life and try to imagine what future can possibly emerge from all the dots. Some things are easy to foresee. Some things are impossible to imagine and yet there is a marvel and mystery in what the future may hold.

Steve Jobs delivered an amazing speech at Stanford University several years ago. The link to the video is here. In this speech he looks back on some of the major events of his life – dropping out of college, founding Apple, getting fired by the board, rejoining, recreating Apple and surviving cancer. It is an amazing story of inspiration and yet the central theme is that you cannot connect the dots looking forward in your life, only by looking backwards. You must move forward in your life without the numbered dots that will tell you what your next step should be.

Even though he was the founder and a major stockholder at Apple, Steve Jobs was fired. He was publicly ridiculed, humiliated, laughed at and defeated. In his speech Jobs says that this was probably one of the most important and necessary events in his life. Even though Apple had rejected him, he realized that he still loved what he did. This is what allowed him to keep going. He founded NEXT and Pixar, he helped create Toy Story, the world’s first computer animated movie and eventually, Apple hired him back.

When giving advice to the young Stanford graduates he says “Your time is limited; so don't waste it living someone else 's life. Don't be trapped by dogma, which is living with the results of other people's thinking. Don't let the noise of others' opinions drown out your own inner voice, heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”

Follow your curiosity.
Follow your intuition.
Listen to your inner voice.
Be brave and love what you do. The rest will work itself out. The dots will get connected.

Helen Keller was born without sight, hearing or the ability to speak and yet she was quoted as saying that “Life is either a daring adventure or it is nothing”.

If you could look back on today 10 years from now, what would you remember? What will you do today that will be worth remembering 10 years from now?

If you read this blog, then you are probably an entrepreneur. If not an entrepreneur, then you are probably someone that wants to create something special with your life.
Each day is a blank page. What will you write on yours today?

Rick Salmon is an energetic entrepreneur who lives in Norway and believes that European startup companies can succeed and grow quickly if only they get the proper help and assistance. Subscribe to this newsletter/blog to receive frequent updates and tips.

Celebrate Your Failures

noreply@blogger.com (Xelerator AS) — Fri, 13 Aug 2010 01:09:09 PDT

Celebrate Failure

Last week Google announced that their product called WAVE would be dropped, just 6 months after its birth. What was interesting about this announcement was that Google said “We celebrate our failures.”

This is a smart core value for a business to have. Last I checked, Google was not only immensely profitable, but also one of the most popular workplaces in America. Perhaps this comes as no surprise. Lots of companies talk about innovation, yet how many of them allow a project group to fail without some form of punishment or reprimand? Any company that creates an atmosphere of innovation and creativity must expect failures. It is part of the game.

According to the Guardian.co.uk, Chief executive Eric Schmidt said of the Wave failure that it is just a symptom of trying things out. "Remember, we celebrate our failures. This is a company where it's absolutely OK to try something that's very hard, have it not be successful, and take the learning from that”.

Taking the learning from failure

As an executive coach, I have been trained to work with clients in order to help them to achieve their goals faster while enjoying the process more fully. The concept is called Forward the Action & Deepen the Learning. This means that I look for ways to help speed their progress towards achieving their goals, while at the same time deepening the learning from the process. When you fail at something, there is great learning to be had if you are willing to search for it. If you failed miserably then you can surely waste a lot of time feeling bad and defeated. Yes, there is a time for that, but afterwards if you stay with those thoughts then you will just be stuck there. A more powerful perspective is to focus on what you were trying to achieve and why you were trying to achieve it. For example, if your relationship failed, then instead of focusing on why it failed, focus rather on what you desired in the first place.

Google cancelled the WAVE product, but announced that they plan to utilize the core functionality in future products. “I'd file this under ideas that were just a little ahead of their time.“ said Schmidt. Being ahead of their time does not mean that the ideas were bad ideas. It only means that Google will have to try again in order to succeed with them. I suspect that they will. That is the kind of company that Google is.

What are some of the failures you have had in your own life or as an entrepreneur? What have these failures taught you? There is a beautiful poem by Andre Bjerke called Amor Fati in which he writes “Your worst defeats are rich gifts laid in your hands”.

What gifts have been given to you in the form of defeat and failure?

Marathon Man for Startups

noreply@blogger.com (Xelerator AS) — Tue, 03 Aug 2010 03:51:59 PDT

A startup is a marathon, not a 100 meter sprint

Have you seen the old movie called Marathon Man? Dustin Hoffmann plays the part of an amateur marathon runner who gets mixed up with a group of nasty ex-Nazis who torture him with a dental drill. His training as a marathon runner helps him to endure the pain until he is finally able to win in the end. It is a great movie and a good lesson for entrepreneurs.

Sorry to write this, but you have to be able to endure a lot of discomfort and pain if you expect to succeed with a startup business. There are no real short cuts. There are no easy paths to success. There is an old line that says “the harder I work, the luckier I get”. The truth is that there is a lot of hard work and it usually takes time. Lots of it. Creating a successful startup is a marathon, not a 100 meter sprint.

Read John Nesheim’s blog post entitled: Longest Tennis Game in History : Lesson for Startups.
He writes about the recent Wimbledon tennis match between John Isner and Nicolas Mahut that lasted 3 days and ended in a tie-breaker with the score 70-68 (which is 183 games). He writes the following:
BOTTOM LINE: Prepare for a very long run as you prepare to do your startup. Reality says you'll be running a lot longer than you believe you will run. And you'll run into unforeseen surprises as you round each corner. Those tennis players fought to the last stroke. You'll be expected to do the same. When that is in your gut, your soul, then you'll have what it takes.

Prepare indeed. Prepare yourself and adopt a strategy that will get you to the finish line with your startup business. Get help from experienced entrepreneurs who have already run the course.

I run a program for European Entrepreneurs called Fast-Track Funding. It is a program to accelerate the business development process and to increase the chances of getting seed funding quickly. It is not a short cut, but it will speed your progress. You can put your business on the fast-track to success. If you are interested in learning more, then contact me directly.

Am I crazy to be an entrepreneur?

noreply@blogger.com (Xelerator AS) — Wed, 07 Apr 2010 00:02:23 PDT

I woke up this morning and my first thought was that “I am crazy”! Stark, raving, mad, lunatic crazy. It was all triggered by an argument that I had with my business partner yesterday, which was by no means his fault.

Crazy can be defined as doing the same thing over and over, but expecting a different result. Crazy is when you have the most amazing product to sell, but your customer has no money. Crazy is when you create a sales forecast in Excel with hockey-stick escalating revenues, yet in your gut you know that this might not be too realistic. Crazy is when your business model is simply not working, but you refuse to see the light. Crazy is when we fool ourselves, both in business and in life.

But isn’t it necessary for entrepreneurs to be visionary? Don’t we have to own a dream? Don’t we have to see solutions where no one else dares to look or believe? Isn’t it necessary to “keep the faith” in spite of resistance? What if Thomas Edison had quit after over 1000 failed experiments to invent the light bulb? Isn’t that what makes some entrepreneurs great while others are only mediocre? Don’t entrepreneurs need to be a bit crazy?

In the book Awakening the Entrepreneur Within, by Michael Gerber, he talks about 4 different entrepreneur personality types. There is the DREAMER – the entrepreneur with the ability to see holes in the market and to discover innovative new ways of solving problems. There is the THINKER – the one who takes the dream and figures out the mechanics and the strategy necessary to make it work. There is the STORYTELLER – the one who figures out how to tell the world about this amazing dream, and then there is the LEADER – the one who buys the dream, understands the strategy, embraces the story, but takes LEADERSHIP.

My wife’s favorite mantra is “Balance, balance and even more balance”.

Balance is what entrepreneurs need. To succeed you must have all the 4 personality traits, not just one. You cannot be just a dreamer. You must also balance this by being a good thinker, storyteller and leader as well.

Nobody ever said that being an entrepreneur would be easy. Don’t give up your dream, but seek the balance that will make it all work. I promise that I will.
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Want to turn-around your business and achieve results in record time? Contact me to discuss Executive Coaching, Group Facilitation and Management for Hire services for technology companies. You can learn more at www.ricksalmon.com , www.xelerator.com and at www.e-unlimited.com.

Rick Salmon is an energetic entrepreneur who lives in Norway and believes that European startup companies can succeed and grow quickly if only they get the proper help and assistance. Subscribe to this newsletter/blog to receive frequent updates and tips. Contact me if you want to find out how we can help accelerate your business.

Image from www.all4humor.com

Personal Ad: Great Technology Seeks Sexy Problem to Solve

noreply@blogger.com (Xelerator AS) — Tue, 16 Mar 2010 01:47:46 PDT

You would not believe how many times I have met brilliant entrepreneurs with amazing, cutting-edge technologies who are clueless about their markets and about who will actually be willing to pay money for their inventions. I talked with a guy who works at a local patent office recently. He said that they get 10 such calls every week of the year.

Here is a 1-Minute Reality Checklist for technology entrepreneurs:

Does your business idea soothe someone's pain, discomfort, frustration, or dissatisfaction?
Are there lots of those people out there?
Do these people (or companies, or governments) have money to pay for it?
Will they be able to decide quickly to buy your product or service?
Does your idea exploit something about you that is outstanding or unique?

If the answer to any of these questions is “NO”, then you need to do some soul-searching work on your business plan.

The best companies are not built on new technology. They are built on solving real-life problems. Pushing new technology is like pushing on a rope. It just doesn’t work. Start with a clearly defined problem. Start with a clearly defined group of people who all experience this problem. Let these people and their common problem pull your technology into the market. This strategy is much easier and long-term. If another technology comes along and eclipses yours, then just adopt it and continue solving the problem for your customers.

If you start with the technology first, then expect a long and difficult climb up the mountain of success. If you start with the problem first, then it will be like bobsledding. You can choose.

This list was borrowed from Daniel Isenberg, who is a professor of entrepreneurship and Harvard PhD. Here is the link.

Want to turn-around your business and achieve results in record time? Contact me to discuss Executive Coaching, Group Facilitation and Management for Hire services for technology companies. You can learn more at www.ricksalmon.com , www.xelerator.com and at www.e-unlimited.com.

Rick Salmon is an energetic entrepreneur who lives in Norway and believes that European startup companies can succeed and grow quickly if only they get the proper help and assistance. Subscribe to this newsletter/blog to receive frequent updates and tips.

It is hard to change just a little. Easier to change a lot.

noreply@blogger.com (Xelerator AS) — Fri, 26 Feb 2010 22:58:50 PST

To succeed as an entrepreneur you have to pay attention. You must pay close attention to what is going on around you – to your company, your market and to your own mindset. And quite often you will discover that you need to make changes.

The problem with change is that changing just a little is often harder than changing a lot. Your old mindset still has its old values and attachments that inevitably will slide you back into your old groove. But when you change enough to create a new mindset, you can free yourself from your old way of looking at things and create a new groove.

The older we get, the more difficult habits are to break. The more we have done something one way, then the more difficult it is to do it another way. The longer we have a perspective, the harder it is to change the way we see things. This is human nature.

Want to make a change? Make it a big change not a small one. Trying to wake up 15 minutes earlier each morning is harder than deciding to wake up 1 hour earlier. The transition is greater and the effect will be more noticeable and likely to stick. Trying to simply improve your sales skills is much more difficult than committing to making a significant change in your sales strategy (enroll in a course, hire a sales coach, employ a consultant). The point is that if you first come to the realization that you need to change something in your life, then make it a big change. You might find it easier and you will more likely succeed.

Rick Salmon is an energetic entrepreneur who lives in Norway and believes that this beautiful world that we have created needs our help. Subscribe to this newsletter/blog to receive frequent updates and tips.