Engee's Business Guide

Young Millionaires: How These Entrepreneurs Under 30 Are Changing the World

2014-08-22T17:51:00.002+02:00

Young people today don't just sit around and think about changing the world to suit their purposes--they do it. They may be inexperienced, but they're fearless when it comes to tackling long-stagnant business models and technologies with fresh new approaches-- ones that align with their internet upbringing and their expectation that commodities and information be transparent and easily shared. What might seem naive or reckless to the old-school regime is simply business as usual to big-dreaming upstarts who've been raised on the belief that they can accomplish anything they set their minds to.

Occasionally, this boldness translates to major profits-- and that is the case with this year's crop of Young Millionaires, who have found dizzying success before the age of 30. They're breathing new life into industries and functions that have been unchanged seemingly forever: car rentals, wardrobe staples, even the simple act of typing on keyboards. They may be young, but we expect them to have influence that lasts.

Rewriting the Smartphone Keyboard at Age 28

With his startup SwiftKey, Jon Reynolds is breathing new life into the act of typing on a keyboard.

Building a Peer-to-Peer Car Sharing Network at Age 27

With her startup Getaround, Jessica Scorpio is connecting individual car owners with renters.

Turning Time Into Currency at Age 23

With his startup Kiip, Brian Wong is connecting consumers with brands by rewarding engagement.

Providing Affordable Luxury-Quality Clothing to the Masses at Age 29

With his startup Everlane, Michael Preysman is cutting out the middleman markups from high quality fashion.

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5 Things Successful Entrepreneurs Do Daily

2014-08-17T01:50:00.001+02:00

There is a saying that there are only three types of people in the world: those who watch what happened, those who wonder what happened and those who make things happen.

Entrepreneurs fall into the last category, of course. They are change agents, people who don't see the world as it is but as it could be. Entrepreneurs don't sit on the sidelines and wish for a better world. Rather they go out and create it. They don't wait for things to be different. They are the difference.

Being forward thinkers, entrepreneurs continually push themselves to become better and do better. They are game changers. They ooze confidence and inspire greatness.

Today is a great day to become an entrepreneur because the price of admission into this elite club is free and yours for the taking.

Do you really want to succeed as an entrepreneur? Follow these five steps and you'll be well on your way to developing the leadership qualities it takes:

1. Willingly fail and reflect. "Ever tried. Ever failed. No matter. Try again. Fail again. Fail better," goes Samuel Beckett's line. It's not always easy, the trying again part.

Another important thing is taking time to reflect on what went wrong. In the book The Call of Solitude, Ester Schaler Buchholz says, "Others inspire us, information feeds us, practice improves our performance, but we need quiet time to figure things out."

In his book, Fail Up, radio broadcaster Tavis Smiley recalls lessons he has learned through reflection. He sheds light on these so-called failures that were, in hindsight, his best teachers.

You'll only learn by failing over and over again. When you do this, you're able to grow. And in spite of life's inevitable setbacks, you'll come out the victor.

2. Embrace and confront your fears. According to author Brendon Burchard, fear can be categorized in three ways, which all relate to pain. The first is loss pain, which happens when you're afraid to move ahead because you fear you'll lose something valuable.

The second is process pain, which inevitably occurs every time you try something new. You have to go through the process of learning to deal with it.

The last is outcome pain. This involves not getting the outcome you desired.

Burchard insists that people need to overwhelm their fears. Just as an army invades its enemy from every side, a person should do the same with fear, attacking it from every side, as if going to war.

For Shark Tank host Barbara Corcoran, public speaking was her Achilles' heel. But she overcame it by going to war. She volunteered to teach a real estate night course in front of a small group of students to overcome her fear.

3. Practice self-discipline. This is the ability to delay instant gratification and the ability to work hard now to reap benefits later. When Academy Award-winning actor Jamie Foxx was a boy, his grandmother routinely made him take piano lessons even though all he wanted to do was go outside to play. He had no idea that those lessons would lead to his eventual success. To this day, he continues to hone his craft and disciplines himself to practice playing the piano for two hours many a day.

No one sees the years of hard work you might put into an endeavor. They only see the outcome. If you want to reap the rewards of tomorrow, you must put in the work today.

4. Get some sleep. Shortly after the debut of her eponymous news site, Arianna Huffington collapsed from exhaustion and lack of sleep. She'd been working 18-hour days because she was so committed to growing her company. When she collapsed, she hit her head against a desk and found herself lying in a pool of blood.

In her book Thrive, Huffington details the ordeal and says it was a painful wake-up call. She knew she had neglected sleep and took steps to correct it.

When you get the sleep you need, you'll feel more energized, charged and ready to tackle any problem entrepreneurship throws your way.

5. Give to others. In his book, Give and Take: Why Helping Others Drives Our Success, Wharton Business School professor Adam Grant teaches the idea of generosity in a professional setting.

For centuries, people have focused on the individual drivers of success: passion, hard work and sheer will. But things have changed. Success is increasingly dependent on how we interact with others and how much we give them.

According to Grant's research, the most successful people are those who consistently give. Grant takes this to heart so much that he not only puts in long hours as a professor, but also as many and sometimes even longer hours giving and helping others.

That ancient book, the Bible, was right all along: Happiness comes from giving.

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Don't Just Start a Business, Solve A Problem

2014-08-17T01:45:00.003+02:00

As long as consumers have problems, they will always search for solutions. People will always look for better, faster and smarter ways to accomplish everyday tasks. And fortunately for entrepreneurs, there are still lots of rooms for improvements in existing products. That said, the biggest issue for most founders is finding these painful problems and matching them with the best solutions possible.

Here are a couple pieces of insight to get you started.

Focus on building a must have not a nice to have product. Consumers are overwhelmed with the paradox of choice on daily basis. Attention spans are getting shorter in the age of multi-tasking and only few products are getting noticed – with many being a solution for a must not a want. The demand for quicker and faster results make it difficult to fully satisfy the needs of consumers. You need to be doing something different and better to make it in this world, as donsumers expect and demand more than just another product.

Solve real painful problems. Google made search better. Amazon simplified online buying and selling. Netflix solved on-demand streaming media. Uber is trying to make on-demand car service better. What can you make smarter or better?

What is the one painful problem you can solve without struggle? To grab your customer's attention, start by solving their needs, wants rarely make the cut. If your product is not a must-have, you could still find a way to repurpose it to solve a pressing need. If you have been able to identify a crucial problem that you can effectively execute and deliver to market, you will be able to create a real business that matters.

Your business should be your passion. Some entrepreneurs look to solve problems they identify with or feel passionate. They choose this path because work because less about work and more about enjoying the journey.

You will need all the inspiration, commitment and the perseverance you can get to make it as an entrepreneur, hence the need to start a business you are passionate about.

"The happiest and most successful people I know don’t just love what they do, they’re obsessed with solving an important problem, something that matters to them," Dropbox co-founder Drew Houston said during the 2013 MIT commencement address.

Coupled with passion, is the ability to execute. If you can't deliver, you are not in business. Products with a real need are easy to market and you won't have to convince people about the existence of the problem and the need for your product because they identify with it.

You don't want to start a business that may not survive. Do your homework, validate your idea and make sure you have a real market for your idea. Don't just start another business, solve a real problem people actually have to increase your chances of success.

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5 Essential Reads for Startup Entrepreneurs

2014-08-01T21:54:00.003+02:00

For entrepreneurs to stay afloat in the startup world, they have to be able to learn on the fly. Otherwise, they will just sink.

While I believe the best lessons come from actual experience, founders can also learn a great deal from listening to experienced entrepreneurs, talking to mentors and simply picking up a book.

Here are a handful of reads I’ve found that perfectly encapsulate the woes of scaling a business and provide a great blueprint for helping founders through certain startup phases.

1. The Advantage: Why Organizational Health Trumps Everything Else In Business by Patrick Lencioni

Businesses usually don’t fail due to a lack of talent but more so because of poor harnessing of the smart people under your roof. That’s the key takeaway from The Advantage, a short read that covers everything you need to know about instilling culture and communicating clearly throughout the organization.

Creating a consistent culture is key to effectively scaling your business. It permeates all aspects and, if done right, guides everything through hiring and firing, enforcing daily productivity and employee engagement and effectively measuring performance.

2. Principles by Ray Dalio

If you’re honest not just with yourself but with your colleagues about your own weaknesses, you can hire the right people to fill the gaps. The counterintuitive argument Dalio makes in Principles -- available as a free pdf download -- is that instilling honesty about failures and shortcoming lays the ground for risk taking. The book was instrumental in helping us realize when we had found my own replacement as COO of NerdWallet. “If you find that you can’t do something well, fire yourself … If you are disappointed because you can’t be the best person to do everything, you are terribly naïve because nobody can do everything well,” Dalio writes.

Dalio is definitely on to something. His hedge fund, Bridgewater Associates, is the largest in the world, making him one of the richest men on the planet.Related: What Entrepreneurs Can Learn From Stephen King

3. In The Plex: How Google Thinks, Works, and Shapes Our Lives by Steven Levy

In the Plex can be read several ways: as a "fanboy" journey into "geek never-never land" or as an inspirational journey of a pair of entrepreneurs who, against the odds, created one of the world’s most admired companies.

As an entrepreneur, I read the book with a great deal of relief. Google went through all the same bumps in the road other startups go through: hiring and management problems and difficulties trying to maintain culture as growth occurs. At every stage of growth, Google’s problems are relatable to any startup.

4. The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers by Ben Horowitz

In his book, the co-founder of venture-capital firm Andreessen Horowitz, literally dissects all the difficult things that come along with owning (and running) a company. For instance, he writes: “The hard thing isn’t hiring great people. The hard thing is when those “great people” develop a sense of entitlement and start demanding unreasonable things. The hard thing isn’t setting up an organizational chart. The hard thing is getting people to communicate within the organization that you just designed." Amen.

5. The Four-Hour Work Week: Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferriss

This book is controversial and some of its tenets are honestly total crap but there are some nuggets of wisdom for working smarter, not harder.

Running a high-growth company, you can’t expect to only work four hours a week, or only check your email once a week. But if you cut out the extreme examples, Ferriss provides excellent tips on how to hack your time to be more productive. He covers how to most effectively outsource time-consuming tasks, how to cut out unnecessary correspondence to best manage an overflowing inbox and how to use the 80/20 rule to hyper-prioritize your efforts

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The 7 Elements Investors Look for in Your Funding Pitch

2014-07-17T11:09:00.001+02:00

Q: How can we work to land a successful investment?

-- Shaba Shams

Here’s the short answer: start with a great pitch deck. The pitch deck is arguably the most important single document you will generate in the life of your company. It is the opening salvo and “the hook” by which you will (or will not) capture the attention and imagination of a potential investor.

There is no such thing as a “perfect” pitch deck. Pitch decks are continually refined to optimize for the immediate audience to whom the deck is being presented. There are some basic guidelines, however, that can help you prepare a pitch deck that will answer the questions most investors will ask.

1. High-level summary slide(s). These are one or two opening, preliminary slides that highlight your business. These slides capture the “essence” of your story. Include the points you would communicate if asked to distill everything into one or two slides.

2. The problem you’re solving. These can be a couple of perfunctory slides or three, four or more educational slides, depending on your audience’s sophistication. Convey the nature of the market opportunity you address with your business or product by highlighting what is “broken” or “not working.” If possible, scope out the size of the market opportunity. Ideally, these slides make it clear market participants are spending real dollars for imperfect products that do not adequately address their needs.

3. Your product. Having set up the problems faced by your customers, the next few slides are all about YOU. First and foremost, describe your solution, at a high level, for the unmet market demands described in the preceding slides. Drill in on how your products are differentiated. Convince your audience you have a better “mouse trap.” You want to make sure these slides leave no holes in your story or questions unanswered.

4. Marketing/strategy. Having wowed your audience with your product and business model, proactively articulate a go-to market strategy. Obviously, the scope of these slides is dependent on your stage of development but clearly demonstrate you have thought about how to roll out your product and how to capture market share.

5. Team. If you haven’t already heard this, here it goes. Team, team, team. That’s what investors are looking for. They are investing in your team, your passion and your dedication. Introduce your team in a few slides. Highlights your team’s strengths, make it clear they are committed to building something big and they will be great to work with.

6. Financials/projections. The truth is, unless you are a later-stage company, the numbers in your projections typically don’t matter. Nonetheless, putting together a set of thoughtful projections on both the revenue and cost sides enhances your credibility with potential investors.

Moreover, in these slides you can, and should, demonstrate an appreciation of the capital you are raising and how you intend to deploy it to meet milestones that will be critical for future fundraising. While your audience may feel projections are premature in assessing the business, they will appreciate that you understand financial metrics and how to “operate” a business.

7. Tone. When pulling together your presentation, consider the tone you want to convey. Nothing is more important in determining the right tone for your audience. Be creative. Avoid a dry, mind-numbing presentation. Always gauge your audience and play to them. At the end of the day, content is king when it comes to a deck. Layer in creativity with great content, show some personality and you will have a winning combination.

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5 Warning Signs a Startup Is a Bad Investment

2014-07-17T10:57:00.001+02:00

A company that’s not growing is dying. This is an unpleasant reality that comes with the capitalist system, and it’s especially harsh for smaller or newer companies. Between concerns over debt, resource acquisition and client maintenance, plenty can go horrifically wrong. It’s no wonder that 80% of small businesses fail.

The prudent investor must watch must watch for these five warning signs.

1. Lackluster products. A common challenge for any new business is separating themselves from the crowd. A company unable to provide a quality or niche product will likely get steam rolled by others already established in their field.

Look through their product catalog to determine if the company has carved out a spot in their niche. If nothing stands out as unique to either the area or the market in general, rest assured someone else is already providing it. You should avoid investing in companies like that because, more often than not, you are disappointed in the end.

2. Lack of vision. To survive, a company needs a solid business plan stating the targeted markets, as well as a vision statement stating how the market will be penetrated.

One of the major issues small companies encounter is their inability to reach out, grasp the public’s attention and convince them to utilize their services or products. Ask to see the company’s planning documents. If they don’t have a one, that is your sign to pass.

3. Lack of growth. A young company needs rapid, yet scalable growth to survive. The reason is simple. There is no guarantee their faithful customers will be there tomorrow. It’s vital to find new ones as often as possible.

Ask to see the company’s purchasing history and compare it with their list of clients. The company probably doesn’t have a very bright future if they only have one or two major clients and no active plans for expansion. Save your money for a brand that understands the importance of a diverse client base.

4. Crowded marketplace. A market with dozens, if not hundreds, of competitors will prove much more difficult for a new company with limited resources for marketing itself and its services.

Look for companies that start in smaller areas, or have a niche product patented or trademarked. If in doubt, check to see if the company has spread. A startup is much more likely to succeed if it exists in more than one market, especially when competition already exists.

5. No research and development budget. Markets change frequently, thanks to the changes in public demand and the pace of technological innovation. To succeed, a company will need to nimbly recognize changes as they come, adapt and take advantage ahead of their competition.

Check the company’s financial report. Back away from any firm that does not dedicate a decent chunk of their profits towards preparing for the future. A hefty research and development budget is vital.

VC investing offers no guarantee you’ll make a profit or even get your money back, so pay attention to the warning signs of predictable startup failure. Obtain the necessary documents and consult with a financial analyst if you have the time. Otherwise, stick with more established companies and avoid the 80% failure rate.

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2 Sure Ways to Tell Whether Your Startup Can Win, If You Avert Clouded Judgment

2014-07-17T10:16:00.002+02:00

When the head of a new venture sets sights on a fresh market opportunity, success is hardly guaranteed. But most entrepreneurs have thick skins, a strong belief in themselves and an overpowering vision.

The question is whether they can listen to reason and be talked out of moving into a market that they might have scarcely a chance of winning. The two key questions that entrepreneurs must ask themselves are the following:

1. Does the company have a compelling way to beat the competition on the benefits of its product that matter most to the targeted customers?

2. Does the startup have the capabilities needed to keep delivering better value to customers as their needs change and new technologies come along?

While considering these key questions, leaders can be undermined by an underlying factor: confirmation bias. As I discussed with my 16 undergraduate students in "Strategic Problem Solving" at Babson College yesterday, confirmation bias occurs when a decision-maker laps up information that supports what she believes and ignores the rest.

If a person is aware of confirmation bias, he may be more apt to listen to information that's not consistent with the outcome he desires.

And that is very important to a business case that I discussed with my students concerning HTC in 2009. This Taiwanese electronics manufacturer enjoyed profitable business growth during the mid-2000s by building smartphones to the specifications of telecommunications carriers outside the United States. The company was great at turning those designs into phones very fast and with high quality. Those phones helped the carriers encourage customers to use highly profitable data services.

But in 2006, HTC's new CEO decided that he wanted HTC to compete with Apple and Samsung as a player in the smartphone market. But HTC lacked the key capabilities to win. It had no app store, no proprietary operating system and no consumer marketing expertise.

When HTC announced its plans, the stock market wiped $1 billion from its market capitalization. HTC has not succeeded in being a winner on this initiative and squandered the goodwill it had built with some of its old customers by competing with them.

What HTC should have done is to conduct a study of the above two questions and shaped its strategy accordingly.

Here's what I would have advised HTC's leadership and I would say much the same to any entrepreneur considering whether to enter a new market:

1. Know how the company will win the first time. If a business leader has any hope of having potential customers pay for a new product, this item should meet user needs better than anything else on the market. The businessperson should talk to potential customers and ask them what factors -- like price, quality, design, services -- would prompt them to buy a certain product over a competitor's.

Once the executive knows those factors, he or she should ask customers to rank the factors in order of importance and explain how the new product performs on them relative to competitors.

If HTC had done that, it would have known that it did not have the ability to beat Apple in the smartphone market. Instead when Apple announced the iPhone in 2007, HTC hailed it as great news because Apple would educate the market about the beauty of touch screens, which HTC was also preparing to launch.

2. Know how the company can keep winning. There are no longer industries where an enterprising player can introduce a product, win customers and keep reaping profits without adapting. Customer needs change, new technologies emerge and upstart rivals are all seeking a share of a targeted profit pool.

To sustain an initial market victory, a business leader needs capabilities like product development, sales and the ability to hire and motivate great talent. I would have told HTC to assess whether its capabilities were better than those of Apple and Samsung.

I would have suggested that HTC list its capabilities, map how well they supported its ability to do a better job of meeting the ranked customer needs and assess how well HTC used its capabilities compared with the performance of rivals like Apple and Samsung.

That analysis would have revealed that HTC lacked critical capabilities and that it would be hard to outperform Apple, which had already demonstrated strong capabilities in developing the iPod.

Likewise, an entrepreneur contemplating taking on a new market should engage his or her team in gathering data to answer both questions. If the answer is yes to both, then it's fine to go ahead and attack. Otherwise, the entrepreneur should think again.

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50 Signs You Need to Start Your Own Business

2014-06-29T17:46:00.002+02:00

An entrepreneurial type reads the signals and suddenly realizes it's time to make the leap and ready a launch.

If you’re sitting at your desk, daydreaming about starting your own business, this is the article for you.

You already know that launching a company can be an intimidating process requiring tons of hard work. But the question has been lingering with you day and night. Maybe you're just unhappy with your current position. Perhaps you've always dreamed of opening your own shop or consulting firm. Or maybe you just need a drastic change in you life.

Regardless of the exact scenario, here are 50 signs that you may be seriously ready to start your own business:

1. The lightbulb went off. Lately many are debating whether entrepreneurs are born or made. No matter which side you agree with, perhaps you’ve been aware that you exhibit some classic entrepreneurial traits. Maybe you’re ready to take the leap and start a business?

Even if you weren’t born that way, you may have later developed some of these traits, such as a driving passion. So if you begin to notice the signs, perhaps you could launch that business of your own.

2. You're always thinking. Entrepreneurs never stop cogitating. It's a blessing and a curse. Should you exhibit this behavior, maybe it’s time to move on from the daily rat race and do something to put your thoughts in motion. And there’s no better outlet than starting your own business.

3. You’re passionate. If there's one business concept that stays with you that you've completely fallen in love with, perhaps you could turn it into a reality. Entrepreneurs and business owners are truly passionate about what they do and will do everything possible to turn their vision into a product or service for the rest of the world to enjoy.

4. You’re independent. This doesn’t mean that you're socially awkward or don’t know how to ask for help. It means that you’re a problem solver who will try to figure out most problems on your own. Now may be the moment that you feel independent enough to build an enterprise.

5. You’re motivated. You don’t always need something or someone to get you moving. You wake up every morning and do what's needed. This sense of self-motivation might steer to initiate and carry out a business launch.

6. You’re organized. Running a business requires plenty of organizational skills. At some point you may want or need to hire some experts, such as accountants or lawyers, but in the beginning you'll probably rely on yourself to track finances, delegate responsibilities and present ideas to investors. You can’t do any of that without being organized.

7. You feel a need to help people. Should you feel a strong desire to aid others by providing a product or service, consider it one telltale sign you're primed for starting a business. This desire to help people enhance their lives can keep you going during the highs and lows of running an operation. I’ve found over the years that the strongest companies emerge from a wish to help the world solve a problem.

8. You're certain that you can build a better company. Maybe it's your confidence or egotistical side coming out, but you're realizing that you can build a better company than anyone else in the world.

9. You feel stuck at your job. If you dread waking up every morning, then you’re probably unfulfilled. A promotion or another job might abate the problem, but deep within you the prospect of an ordinary 9-to-5 gig just doesn't excite you. Figure out whether you need to be your own boss or if you just need to do something different.

Related: 3 Essential Questions to Consider Before Taking the Leap

10. You feel a need to prove your vision. Let’s say you have an idea but everyone is telling you it can’t be done. What are you going to do about this situation? This experience might be motivation enough for you to try to one-up the naysayers.

11. You want to make a name for yourself. Several of the greatest entrepreneurs and business owners realized that they wanted something more from life. Steve Jobs knew he was special. If you feel that way, too, then big things could come out of it.

12. You have always wanted to be your own boss. Whether you’re a control freak or just don’t like being ordered around, you have determined you have always wanted to be the boss.

13. The hiring of independent workers is on the rise. The Harvard Business Review reports, according to MBO Partners, the number of independent workers (freelancers, contractors or business owners) is on the rise. It's expected to increase from about 17 million in 2013 to 23 million by 2017. And Mavenlink's 2012 infographic, "The New Independent Workforce," projected that the number of independent workers to become 40 percent of the American workforce by 2020.

14. Your field lacks jobs. The economy hasn’t totally rebounded and your industry sector has a hiring freeze. Instead of waiting around or taking a job requiring fewer skills than you have, you are considering setting up your own business.

15. You can afford to take risks. If you’re single or without young children, you probably don’t have to worry about supporting others. Take advantage of this time in your life when you have the chance to be a little adventurous.

16. You can't stand the daily commute. If you sit in traffic every day muttering expletive after expletive, maybe you should set up your own business at home. After all, successful businesses have even launched from garages.

17. You possess an incredible work ethic. If you don’t mind putting in 12-hour days multiple times a week (as people do when starting a business), then why not put that to work for something you’re really enthused about?

18. You crave uncertainty. You’re the type of person who thrives when exploring the unknown. So starting a business may be right up your alley. It definitely beats being bored to death by performing that job you're tired of. I am this type of person and very proud of it.

19. You always see potential. No matter where you are or what you're doing, you always feel the need to make improvements. You now understand that as a business owner, you could realize enormous potential -- making money or enhancing the lives of others.

20. More projects are going to contractors. If you’re seeing your current employer hiring outside help for a job that you know you can do better, then do something about it and venture out on your own.

21. You want to be part of a team. Maybe you just want to build your own team from the ground up with a group of people who share your vision and who are willing to embark on a journey with you.

22. You hate working for others. If you seriously can’t stand taking orders, loathe your boss and all his (or her) demands, start planning your exit strategy of becoming your own boss.

23. You feel it's necessary to hang out a shingle. While starting a business shouldn’t just be about the money, sometimes that’s the case when your back is against the wall. The bills are piling up and you need to put food on the table. That sense of desperation could be enough to lead you to do something great.

24. You want to create jobs. In this tough economy, you see here really aren't enough jobs for the colleagues you studied or worked with previously. If you trust these people and know their talents, you may wish to help them out by creating a company that employs them.

25. You harbor a strong desire to develop a product or service not yet available. You’re a problem solver. You have experienced that "aha" moment, the realization that a certain product or service isn't on the market. You could use that moment of recognition to inspire you to make that idea a reality.

26. You can’t stand being in the office. If you feel restricted at your current workplace, you could set yourself free and work where you want to work: at your own company.

27. You want to set your own schedule. Maybe you're most productive from 4 a.m. to 9 a.m. or you're a night owl. Instead of being told which hours to work and when to take breaks or a vacation, you could finally determine your schedule.

28. You're creative. If you’re tired of having your creative ideas go to waste, then maybe it’s time to get out there and express yourself by setting up the business you've always imagined.

29. You need to inspire. Are you the person whom people turn to when they need advice or a little pick-me-up? And you actually like that role? Owning a business gives you the chance to inspire the people who surround you.

30. You want to build a legacy for your children. You have kids and are thinking of leaving them something that they’ll be proud of. Even if they don't want to take over a family business, they could witness how your hard work and dedication paid off.

31. You don’t mind getting your hands dirty. You'll have to do plenty of grunt work as a new business owner. And that’s not always enjoyable. But if that doesn’t bother you, then why not do these tasks for yourself not someone else?

Related: If Given the Choice, Most Small-Business Owners Say They'd Start Up Again

32. You're seeking a new challenge. Maybe you’ve hit a wall at your current position and become extremely bored. That’s not always the best situation to be in if you're someone looking for a new challenge. Starting your own business is challenging, however, and should fulfill that need.

33. You're able to solve problems. Are you the type of person who assumes the responsibility for problem solving? Let’s say the pipes under the kitchen sink come apart and you not only fix it but you make it better than before. Take this as a sign that you can start your own business.

34. You like to acquire new skills and knowledge. Some people have just an unquenchable thirst to learn new skills and knowledge. You probably won’t get that from doing the same job for many years. But you can attain that experience as a business owner.

35. You don't mind multitasking. There are people who can handle multiple tasks at once. If you’re one of those who doesn’t collapse under the pressure of multitasking, then you’re already on your way.

Related: Why Entrepreneurs Should Plan for Failure, Not Success

36. You're not afraid of failure. As a business owner, you’re probably going to encounter a failure at some moment. If that doesn’t scare you to the bone, then chalk that up as another sign.

37. You could arrange for your own job security. You're noticing that one of the worst things about working for someone else is contemplating the possibility of being laid off or the company being sold. Why not create your own job security instead?

38. There’s a gap to fill. If you notice that there’s not only a market but also that no one else is capitalizing on a particular dea, then maybe you’re the one to do some disruption.

39. A pool of talent surrounds you. Whether you just graduated college or are observing your current workplace, you're surrounded by really skilled people who seem to be wasting their talents. You might be able to entice them to join your startup by offering profit sharing, stock options, a fun environment or eventual advancement.

40. You're thinking, If not now, when? Procrastination may be the most fatal startup killer. Instead of dragging your feet, you could get the ball in motion for that business idea of yours right now.

41. You understand the tax incentives. Small business owners are eligible for tax incentives, you've learned. If you don’t want to lose out, then start getting to work. You may even be able to write off that new laptop or smartphone you’ve been eyeing.

42. You realize that you'll see results. When you’re working for someone else, it can be difficult to see how all your hard work is benefiting the company. If you want to see the direct results of your actions, then running your own business would give you that opportunity.

43. You relate well to people. Sometimes you just want to get out there and network with other people. Unfortunately, your current position doesn’t allow for that. If you’re a people person, then having your own business would surely give you a reason to network more.

44. You're tired of feeling underwater. It’s not uncommon to question your values about work as well as your personal life. If you keep being passed over for promotions or feel like you’ve hit a wall, maybe it’s time to venture out on your own. Starting your own business will probably give you an immense sense of accomplishment.

45. You’re a born leader. Having a great idea is one thing. Being able to communicate that idea and convince others to jump on board is another. If you have the leadership skills to round up the troops and motivate them, consider starting your own venture.

46. You’re a thrill seeker. Some people like to play it safe. You, on the other hand, are the adventurous type. Nothing is more thrilling than coming up with a business idea and seeing it through, amid all the unknowns and highs and lows.

47. You can use your street smarts. If you’re one those unique people with street smarts as well as professional skills, then you might put those talents to work at something you’re truly excited about.

48. Entrepreneurs can now tap into many different tools and advice.You've become aware there's numerous online resources to help a novice business owner starting out. That’s not even mentioning the low interests rates available.

49. You're ready to break free. For some time that inner entrepreneur has been quietly nagging at you. Why not unleash it? And once you’re free to do as please, you may be surprised by how much happier you are.

50. You've always wanted to do something you enjoy. Thomas Edison once said, “I never did a day's work in my life. It was all fun!” Many successful people have uttered something similar. Instead of merely thinking about doing something that makes you happy and content, take a leap of faith and pursue your own startup vision. If you follow your dream, everything else may fall into place.

Related: Are You Starting a Business for the Right Reasons?

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An entrepreneur and connector, John Rampton is the managing editor of search-engine marketing news site Search Engine Journal and founder of Palo Alto, Calif.-based Adogy, a marketing company specializing in helping startups. He also serves as an advisor and investor to SEO Engine.

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9 Lessons You Won't Learn in Business School

2014-06-28T08:38:00.000+02:00

More and more in Silicon Valley, we’re seeing less and less of an interest in pursuing MBA programs. It seems every week a new story highlights the opportunity costs of these programs, the unemployment rates for its graduates (though less than 5 percent of Harvard's class of 2012 was unemployed three months after graduating) and the celebrated entrepreneurs who didn’t finish college let alone a graduate program (Steve Jobs, Bill Gates, Richard Branson, Mark Zuckerberg).

Combine that with the fact that startups -- where everyone seems to want to work -- don’t care at all about graduate business degrees. They want to see real-life experience and that you have the grit to make it in the startup trenches where it’s much more visceral when your job, not your grade, is on the line.

Yet applications still deluge many elite schools and some admission consultants are predicting a greater number of applicants at the top schools.

So what's the right call? First of all, if you are accepted or enrolled in an MBA program, understand that your degree will never hurt you. There is much to be gained from the coursework as well as a lot you can do to make the most out of your time in school. The right attitude and the right degree provide a formula for long-term sustainable success.

While a business school will give you a pedigree, the real world is about results. As soon as the job interview process ends, no one cares which degree you received from Harvard, Stanford or Florida Atlantic (my alma mater). All they care about is that you get the job done. So here are some lessons from the real world of work:

1. The way to keep a job is to understand what success looks like.Commit to aggressive and achievable goals. Then deliver more than others.

2. Get voted onto the team every day. In football and the real world, when you try to solve today’s problems no one gives you credit for past accomplishments. People care about how well you get today’s hard stuff done.

3. Operate with a mind-set that reflects a meritocracy. That's opposed to displaying a sense of entitlement -- no matter how proud you are of your education. Having a pedigree doesn't mean you can look down on others. People sense that -- and won't like it. And while Harvard or Stanford may open the door to opportunities, capitalizing on those opportunities is all about how well you do the job.

Related: The Myth of Working Hard vs. Working Smart

4. Be ready to demonstrate how you handle adversity. When I hire, I often look at educational achievements as a basis for assessing someone's raw intellectual prowess. But I spend way more time looking at the challenges they've tackled, what they've achieved and how sought after they are.

5. Be open to seeing excellence wherever it is. You’ll find it often comes in the most unlikely of places.

6. Leverage your network. That’s one of the most valuable assets of any degree. Work it.

7. Understand that it’s not all about you. MBA programs spur a lot of competition; there’s an intense race to be the top of the class. But that individualistic focus isn’t always welcome at the workplace, where a “company first” not a “me first” attitude is desired.

8. Learn a new culture. Don't adhere to what you learned in school. Do extra-credit projects that provide exposure to executive management and hopefully the board. Watch how people handle themselves at these meetings and modify your behavior accordingly.

9. Give back and continue to enhance and help others on their path. If you have an MBA, use it for good.

Maynard Webb is chairman of the board at Yahoo, a former COO at eBay and author of Rebooting Work: Transform How You Work in the Age of Entrepreneurship.

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Build Your Personal Brand on Social Media, Moment by Moment

2014-06-28T07:13:00.002+02:00

Many people have questioned the sudden rise of “personal branding.” Why do we care so much now and why the emphasis on the topic?

While in some cases we can thank reality television for turning ordinary people into authors, product developers, spokespeople and marketers, the truth is that the concept of selling yourself has been around for decades.

Personal branding is merely a way of selling yourself, and it’s never been more important, thanks to social media.

Social media has given us a platform to broadcast our personal messaging to accomplish our goals. For professional purposes, we have LinkedIn to connect with others in our industry. For sharing with friends and family, there’s Facebook. Pinterest is where we show off our passions. Instagram is for visual self-expression. For me, Twitter is all of the above.

It’s fair to say that my personal brand was born on social media. Odd for someone my age, perhaps, but after years of developing a career I was finally able to find a place to publish my brand. While my business books gave me a professional voice, social media gave me the platform I needed.

You may be doing the same with your personal brand in your social media outlets. Just make sure you do it consciously and consistently.

Always use your personal brand as your guide whenever you are engaging on social media. Consider how to use each outlet to accomplish your goals, both personally and professionally.

Related: 10 Tips for Mastering Facebook

Think ahead and act consistently when uploading pictures, writing posts and reacting to others. Here are four things to keep in mind:

Snap pictures with care. They say a picture is worth a thousand words, and nothing is truer on social media. Your pictures say volumes about your personal brand, so look closely before you upload. Keep drinks out of view and be careful about certain social situations (if you know what I mean), especially if you are trying to present a more professional personal brand. Pictures of family members and pets can certainly enhance your brand, but only when done appropriately.

Read twice and edit before you post. Every post you write contributes to people’s perceptions of your personal brand. Always post carefully, knowing that others are reading word for word, and never write in haste. Always edit your purposefully chosen words, and read through your post twice before pressing send.

React with caution. I rarely react to others’ posts immediately, especially if there is snark involved, because I’m likely to respond emotionally. Wait a bit and think twice before you respond, even if it’s all in jest (especially if you don’t really know them). Posts are often taken out of context and can severely damage your personal brand. You never know what others will do with your response, so act without emotion.

Remember to be consistent. One of the most important tenants of a great brand is consistency, and it’s even more important when it’s a person. It’s something I constantly remind myself of -- you should do the same.

Behave consistently in social media and you will be building your personal brand in the process -- post by post, picture by picture, moment-by-moment.

Jim Joseph is the North American president of New York-based communications agency Cohn & Wolfe, part of the media company WPP Group PLC. He is the author of three books, including the latest, The Personal Experience Effect (Happy About 2013). Joseph also teaches marketing at New York University and blogs at JimJosephExp.com.

Tight Budget Launch Dilemma - Outsource or DIY?

2014-06-27T18:25:00.001+02:00

As a self-funded entrepreneur, you start off as little more than a freelancer but, eventually, you are unable to do everything. You can’t design and manufacture a product from beginning to end while building a media company to promote yourself and a stylish, intuitive ecommerce platform.

A self-funded entrepreneur almost always must come up with the product idea and its unique selling proposition, then define your unique position in media space. Beyond that, it all depends on what your particular skills are. You should outsource some of the following:

Web design. You can afford $30 a month it for a hosting account, set up an aesthetic blog, store, shopping cart and so on.

Content. If hustling content is your primary skill, focus on that and pay somebody else to produce the content. Even if you can’t afford a couple thousand dollars a month for a content marketing agency, you can probably afford a few hundred, as needed, on influential bloggers or content producers. It’s not about how much content you can produce but how high if the quality.

All things product. Most successful businesses aren’t built around a revolutionary product, they are built around a boring product with an innovative twist. It’s your job to come up with the twist. That doesn’t mean you need to become expert on product design, prototyping, manufacturing and distribution.

Justin Winters had three months of experience with candles when he launched Diamond Candle and built a $12M business in 18 months. His innovative idea was putting jewelry in candles. He didn't know everything about designing and manufacturing candles.

Obviously, the vast majority of self-funded entrepreneurs can't afford to outsource everything. Consider these points to decide where to spend your money:

Skills. What are you really good at? This can be a painful question because you’ll also have to admit what you’re mediocre at. Focus on the part of your business where you can contribute the most. Outsource everything else that you can afford to.

Selling proposition. Which investments will contribute the most to your unique selling proposition? You almost certainly can’t afford to go premium on everything. It’s better to do one thing really well, and if possible, to be the first to do it. Drop all unnecessary features, and skimp on any necessary features that don’t contribute to your unique selling proposition, either by doing it yourself or outsourcing at bargain-barrel prices.

Many questions are judgment calls only you can make. Do you spend on marketing or product? Which investments will have the strongest impact on profit margins, as opposed to sheer numbers? Do you know your audience well enough to spend money on design, prototyping or manufacturing, or do you need to interact with more customers first? Only after answering these questions should you start spending your money.

Pay for things in small doses. Don’t hire a full time writer or designer when you can pay a freelancer for a single piece of content. You don’t need to buy massive production runs of products. You can purchase small batches or prototypes at relatively small costs. Tim Ferris has some quick and dirty advice on prototyping and manufacturing.

I strongly recommend small experiments over big investments, especially at first. Don’t obsess over per-unit costs. It’s more important to find a market, sell to it and get feedback with as small an upfront investment as possible.

The possibilities are better than ever for self-funded entrepreneurs to dive into ecommerce and start successful businesses. Strategic thinkers who understand how to differentiate themselves with product and positioning can run low-cost experiments, discovering business opportunities while taking relatively small risks. The financial barriers to breach have all but disappeared, and modern entrepreneurs have the ability to become their own micro-media companies, avoiding the costs of traditional advertising.

Rohan Ayyar works at E2M, a premium digital marketing firm specializing in creative content strategy, web analytics and conversion rate optimization for startups. He is an avid blogger, with posts featured on MarketingProfs, Social Media Today and Business Insider, among other places.
Opinions expressed by Engee contributors are their own.

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How to Find the Absolute Right Mentor to Steer You to Startup Success

2014-06-27T13:48:00.002+02:00

When I started out in business I had bravado, a visage of courage and a swagger like I knew what I was doing.

I soon found out that I had virtually no idea what I was doing and that I was either going to stick with the "fake it till you make it" mentality or I would adopt the "know it to grow it" approach.

Well, I went with the second option and I'm thankful every day for having had the courage to check my ego at the door and ask for some help, insight and guidance.

I also needed a mentor to be a cheerleader for me. Although I have always prided myself on not needing external encouragement, I must confess to having in the deep, dark places inside me (hidden by my ready ability to toughen up), a part of me that likes to be told that I'm doing something well and that my project is worthwhile -- and I can accomplish it.

I never knew we called these people mentors. In my case, there were people around me who just helped me out. Of course 10 years ago when I started out as an entrepreneur, formal mentorship networking places did not exist as they do today. The word mentorbarely made it into conversations. No one talked about seeking out someone else because back then a true entrepreneur did it all alone.

Thank heavens, this has changed and entrepreneurs have gone from toiling alone to finding value in working together. (And of course collaboration is an ironclad way to build a business at any stage.)

These days I often hear entrepreneurs say, "I need a mentor."

Here are the top five things you need to ask yourself before looking for a mentor:

1. Specifically, what skill or knowledge shortcomings of mine could be supplemented by a mentor's view of my business?

2. In fine detail, what are the top three skills I want the mentor to have from a professional perspective?

3. Generally, what are the top three rules of engagement I want in developing a mentor-mentee relationship. (How much access do I want to have to that person's time weekly by email? Will I speak of things outside of work?)

4. What can I identify about myself that could hinder my ability to absorb the full benefit of an open, honest, skilled mentor?

5. What do I stand to gain from having a mentor?

The next steps involve looking at your answers and figuring out the people you know, have access to or can develop a relationship with that can serve your mentorship wants. You may find that you need three very different people to help you acquire all the things you are seeking. You may need these people for different lengths of time -- some for two months, some for two years.

Related: What My Father's Early Departure Taught Me About Business

A parent or friend might satisfy one of the roles even though you never previously considered this person in your mentor matrix and never thought to formalize that part of the relationship.

Finding the right person or people will take time and the quality of the relationship you develop with your mentor(s) will be defined by the quality of the work you put into clarifying what you need to move yourself and the business to the next level -- or just through its current stage.

I would not feel right if I did not give a shout out to my very first mentors, my mom and dad, and my brother as well. Then there's my lawyer Grant who stood by me through the dark times when business was tough. This guy even gave me a hug when I broke down and sobbed in his big corner office: To him I am grateful for being there for me as I began to accept my vulnerability (before I went on to achieve success).

If you have a mentor, take this opportunity to send that person a note. Thank this individual and let him or her know the difference this investment in you means to you, your business, your family -- whatever is being supported and improved by this relationship.

If you do not have a mentor or don't have the right one, start now: Answer those five questions and start the process to find the right match. Get some entrepreneurial superpowers under your belt.

Remember: Mentors are the secret power behind successful entrepreneurs. Sometimes you aren't fully aware that you have them until you're asked, "So how did you do it?"

Kelsey Ramsden is the founder of construction firm Belvedere Place Development and residential project-management company Tallus Ridge Development, both in Kelowna in Canada's British Columbia. She is also the founder of a kids-subscription service SparkPlay and her own consulting firm, Kelsey Ramsen Inc., both based in London, Ontario.

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4 Tips for Attracting That Bit of Luck Every Entrepreneur Needs

2014-06-27T13:19:00.000+02:00

Sometimes, as the adage advises sagely, a little luck is the best plan. Here are four things you can do to increase the likelihood that good things will come your way. Each one is designed to put you in a better position to advance toward whatever is your goal

1. Visualize, don’t wish.

One thing I’ve tried to never do is make wish lists. I try to have a very steppingstone mentality about this whole thing, where as soon as you make one step you visualize the next step, not five steps ahead. -- Taylor Swift

At the end of a particularly taxing day, feeling stressed and overwhelmed, a mentor asked me a simple question with complex answers: “Jason,” he said, “would you know a good day if you saw one?”

Open a notebook to a fresh page, and write tomorrow’s date on top. For just five minutes, write as much as you can to describe what would happen tomorrow, if it were a good one. At the end of those five minutes, read what you wrote and ask yourself, “What can I do today to get ready for tomorrow?”

2. Know when you’re at your best.

Every job is good if you do your best and work hard. A man who works hard stinks only to the ones that have nothing to do but smell. -- Laura Ingalls Wilder

One Sunday evening many years ago, I experienced one of “those” travel days. Near midnight, I decided to drive from Chicago to Cleveland Heights, Ohio, to fulfill my commitment to be “on stage” for a client the next morning. At about 4 a.m., halfway there, I stopped to fill the tank with gas. In those few minutes, I opened my notebook and on top of a blank page I wrote, “I’m at my best when…” Then, I filled in the blank lines with the kinds of things I could do over the following four hours to “increase the likelihood” that I’d have a good day with the client group that had hired me.

Do it. Write your own list of 5-10 “conditions” for you to be at your best. Make sure they are 100 percent in your control, and 100 percent believable that they could happen. Want some examples? Just visit the website: www.AtMyBestWhen.com

3. Build your team.

I am a member of a team, and I rely on the team, I defer to it and sacrifice for it, because the team, not the individual, is the ultimate champion. -- Mia Hamm

Just the other day I heard my wife and business partner, Jodi, talking about about founding her small-business advising firm. My wife explained, in great detail, the effect her previous job had on her overall mental health. She was stressed. She was sad. She was sick. Sunday afternoons she started feeling depressed. Thursday mornings she started living for Friday night. It wasn’t a healthy life…

Today, make a list of the 10 people who play a positive role in your business AND personal life. Then, over the next month, reach out to each person, twice, in ways that develop the relationship positively.

4. Measure the right feedback.

I don’t care what people say about my relationship; I don’t care what they say about my boobs. People are buying my songs; I have a sold-out tour. I’m getting incredible feedback from my music. -- Katy Perry

Back about 15 years ago, I was a first-year high school teacher. The entire school district was focused on showing some marked, objective improvement that the students were making throughout the year. Each student was going to complete the same curriculum and be assessed the same way at the end of the year.

You have ask yourself, what is it all worth to you to experience the success you’re marching toward? If you take the time right now, some 15 minutes, that’s all, to identify a specific target you’re marching toward, you can break that down in to different parts. So, start that 15 minute timer (click here), take
out some paper, and give yourself the gift of your attention and plan your future.

Jason W. Womack is founder of The Womack Company, a productivity-training firm based in Ojai, Calif. He is author of Your Best Just Got Better: Work Smarter, Think Bigger, Make More (Wiley, 2012).

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Turning Crisis Into Opportunity: 5 Ways to Deal With Hardship

2014-06-27T10:19:00.000+02:00

Entrepreneurs face obstacles from the moment they wake up in the morning, whether they're trying to satisfy investors, struggling to meet payroll, dealing with unexpected complications or delivering a new product to market.

Of course, not everyone is cut out for these rough seas. But some individuals stand out as being particularly well-suited for dealing with what investor and advisor Ben Horowitz calls the “hard things.”

It’s these entrepreneurs who turn what seems to be an unending stream of difficulty into advantage. They emerge from obstacles stronger and more successful. While others lose their heads (or their shirts), they not only remain calm but seize the offensive and the opportunities. Subjected to such obstacles, these entrepreneurs are transformed much in the way that Andy Grove, former Intel CEO, observed, “Bad companies are destroyed by crisis. Good companies survive them. Great companies are improved by them.”

As it turns out, there is a method for understanding and acting upon the obstacles that life throws at us. There is a way to be improved by them. Roman Emperor Marcus Aurelius forged this formula centuries ago and wrote it to himself as a daily reminder:

“Objective judgment, now at this very moment.

Unselfish action, now at this very moment.

Willing acceptance -- now at this very moment -- of all external events.

That’s all you need.”

Iconic entrepreneurs like John D. Rockefeller, Thomas Edison and Steve Jobs all used this same formula when obstacles confronted them, even using the situation to fueli their immense ambitions. For them, the obstacle was the way.

What follows are five strategies born of this ancient maxim. Forged over centuries, this framework contains timeless wisdom that we all can use to turn the challenges we face into great triumphs for ourselves and our companies. It’s the one thing that all great entrepreneurs have in common.

1. Keep a cool head. John D. Rockefeller was barely two years into his first job when the Panic of 1857 struck. Rockefeller could have become depressed and paralyzed by the unfortunate circumstances he faced. But instead of bemoaning the timing of the economic upheaval, he chose to perceive events differently than his peers. He looked at them as an opportunity to learn, to experience a baptism by the market. He was inclined to see opportunity in every disaster, as he once put it.

Within 20 years of that first crisis, Rockefeller alone controlled 90 percent of the oil market.

Like Rockefeller, today's entrepreneurs live in turbulent times. Instead of letting our perception of events cloud our judgment, we can look to companies like LinkedIn and Microsoft, that were both founded during times of economic crisis. When others become lost worrying about a competitor’s latest acquisition or an investor having a fit, we can channel Rockefeller's coolness under pressure and look for the opportunity in a crisis.

2. Think differently. Steve Jobs was famous for what observers called his “reality distortion field,” which made him dismissive of phrases like “It can’t be done.” When he ordered a special kind of glass for the first iPhone, manufacturers were aghast at the aggressive deadline. “Don’t be afraid,” Jobs said. “You can do it. Get your mind around it. You can do it.”

Nearly overnight, manufacturers transformed their facilities into glassmaking behemoths, and within six months they had made enough for the whole first run of the phone. His insistence pushed them past what they thought was possible.

We can choose to reject our first judgments and the objections that spring out of them by insisting that obstacles are in fact malleable not concrete. Like, Apple's leader we must have faith in our ability to make something where there was nothing before. To companies like Facebook and Google in their startup years, the idea that no one had ever done something was a good thing. It meant there was an opportunity to own it themselves.

3. Ignore the rules. Samuel Zemurray, the owner of a small upstart fruit company, was once told he couldn’t build the bridge he needed across the river in Central America. This was because government officials had been bribed by United Fruit, one of the most powerful companies in the United States at the time.

So Zemurray had his engineers built two long piers that reached far into the center of the river instead. When needed they strung a temporary pontoon that could connect them in a matter of hours. When United Fruit complained, Zemurray simply laughed and replied, “Why, that’s no bridge. It’s just a couple old wharfs.” We can see this type of stoic ingenuity in startups like Uber and Tesla. There are times that we must take bold action that requires ignorance of outdated or oppressive regulations to accomplish our business goals. What’s right is what works.

4. Anticipate (think negatively). There is a popular technique being used by individuals at startups and Fortune 500 companies that theHarvard Business Review has called the pre-mortem. This premortem technique, designed by psychologist Gary Klein, is an exercise in practicing hindsight in advance. But like all great ideas, it's actually nothing new. The credit goes to the ancient Stoics. They even had a better name for it: premeditatio malorum (premeditation of evils).

Our plans rarely resemble the way things turn out. But as stoic entrepreneurs, we can rehearse in our minds what could go wrong and not be caught by surprise. Using this process, we surpass our competitors who are shocked and fall back, devastated by what they did not imagine coming.

5. Amor fati (or love your fate). When Thomas Edison's entire research and production campus burned to the ground, he didn’t get angry or become despondent. Instead, he became energized and invigorated. In only three weeks the factory was partially back up and running, all because Edison practiced what the ancient Stoics calledamor fati, love of fate.

In our own lives, we can follow Edison's example when we lose an investor or an employee unexpectedly leaves our startup. When Jack Dorsey was replaced as CEO at Twitter, he didn’t become paralyzed or depressed. Instead he accepted it and went on to found Square, one of the largest payment-processing startups in the world. We don’t benefit from tears, anger or despair. We always get something out of passionate intensity and energy.

These great entrepreneurs all used strategies from the ancient Stoics to flip obstacles upside and find opportunities within them. They lived out the axioms of Marcus Aurelius and followed a group that Cicero called the only “real philosophers” -- the ancient Stoics -- even if they had never read them.

You might not see yourself as a “philosopher,” but then again neither did most of these men and women. They were not academics, but men of action. But the essence of philosophy is action, making good on the ability to turn the obstacle upside down with our minds. Today author and investor Tim Ferriss refers to Stoicism as his “operating system” -- and, in the tradition of those who came before him, he has successfully driven its adoption throughout Silicon Valley. We too can follow his example and use what others see as roadblocks as fuel for our ambitions and inevitable success.

Ryan Holiday is the author of The Obstacle Is the Way, Trust Me, I’m Lyingand Growth Hacker Marketing. He's an editor at large for the New York Observer. He runs Brass Check Marketing and is the director of marketing at American Apparel.

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Going From 'Least Likely to Succeed' and Charting a Path to Prosperity

2014-06-27T06:38:00.003+02:00

Success is a loaded term. For some it is measured purely in money and how much one earns. For others it is determined by the happiness and longevity of interpersonal relationships. For most, however, it is a combination of factors, some tangible, some less so.

As an immigrant of Pakistani descent who moved to the United States as a kid and worked a series of odd jobs to help my family make ends meet but never graduated college, success is defined by how well I and those whose lives I’ve touched have maximize the opportunities around us.

In 1986, my father found a flower shop in our East Haven, Conn., neighborhood for sale in the newspaper. He asked me, then 17, if I thought I could run the shop with my brother. I said, “Sure.” Using a small loan from family and friends, I negotiated the purchase of the flower shop.

The shop opened a week before Easter, and sales were only about $70 a day. On my way to high school, I would drop off my mother at the shop. She spoke little English, so I told her what to do to supervise the two employees. After school, I would make flower arrangements and deliver them myself until I was able to hire a driver.

Soon, sales doubled. And within a few years, I had two shops and was generating revenue of more than $700,000 a year.

Many people, thinking only of our inexperience, had tried to tell us not to purchase the store. Members of my family, however, saw the bigger picture and realized that we could bring a lot of good into the community by upgrading and improving the shop, hiring local help and improving our own lives while making the enterprise profitable -- which we did.

In 1989, I enrolled in college part-time. As I weighed the benefits of the classes against what I was learning and earning with my businesses, I decided to put off college and never finished.

In 1999, with my younger brother as my business partner, I launched Edible Arrangements in a small corner of the East Haven flower shop. It offered an inventive take on flower bouquets but made of carefully sculpted fresh fruit.

Since my first venture, I have created other successful businesses even though, given my background, some might have considered me “least likely to succeed.” Don’t let a label hold you back! Here are some ways I have found to overcome obstacles on the path to prosperity and successful entrepreneurship:

1. Exude confidence especially when lacking it. Even as a novice business owner, I always tried to project myself as being more than I was. Exuding confidence starts with the power of proper posture and bearing. Stand up straight, provide a strong handshake and look people in the eye. These seem like simple steps but failing to do any one of them undermines the image desired.

2. Ask questions and listen to the answers. When I started out, I sought the advice of people in similar businesses. Not everyone would take the time to help, but I didn’t give up. Those who did find time for me provided a wealth of useful business information. When I found someone willing to offer advice, I only asked one or two questions and then soaked up all the wisdom they had to offer.

I still recommend that approach. Have a couple of important, well-worded questions prepared and take good notes! The advice I received in those early days continues to serve me today. I also believe in “paying it forward” when a young entrepreneur seeks me out.

3. Shed any arrogance. Humility is never a sign of weakness. Rather, it is a sign of willingness -- to learn, collaborate, benefit from experience. Arrogance, on the other hand, is often a sign of insecurity and can be an immediate turnoff when dealing with anyone in a business venture. Opt to be approachable.

4. Find freedom from a “weakest link.” Learn early on what or who is holding back the business from success. If it is a character trait, work on self-improvement. Ask a trusted person for an honest appraisal, then take steps. Take an online course, read blogs and articles. It's possible to learn anything today on YouTube!

If another person is holding back the business, nip this situation in the bud early. Plan a conversation with the individual and present the case in a way that's constructive not critical and work toward an outcome that will benefit both parties.

5. Create a circle of cheerleaders. In building a business, seek like-minded individuals for support in entrepreneurial efforts. Start with family and friends. Join civic groups, Meetup groups and other organizations that will reinforce the enterprise, provide constructive guidance and even lead to potential partners, investors or employees.

Eat a live frog first thing in the morning and nothing worse will happen to you the rest of the day.
-- Mark Twain

6. Master even those tasks that are most hated. In my early days as a sole proprietor I knew it was up to me to be skillful in all aspects of running the business since I couldn’t afford many employees. I found accounting onerous, but crucial to master if I wanted to run a successful business. I took a class, practiced and willed myself to improve my accounting abilities.

I became able to competently perform almost any job in my business. Acquiring this skill has helped me hire and train the right people to take over several of those functions in my companies.

7. Don’t let the negatives encroach inside. Finally, understand bad things will happen. Products will fail, the economy will sputter and good people will leave a company. When negative things happen, do something immediate and positive. Share any feelings with a trusted advisor and work on a strategy. Plan an off-site meeting for the management team. Blog about it or just take a day off.

Finally, remember anyone can defy conventional wisdom and surprise naysayers. Start by examining activities that are enjoyable and seek a way to make those the focus of a day job. Passion can go a long way in turning a “least likely to succeed” into a “most likely.”

Tariq Farid is the founder and CEO of Edible Arrangements, which has franchise locations in 49 states and 12 countries. He also is the founder of other businesses including software company NetSolace, which simplifies IT systems for franchise companies and other businesses to increase

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3 Push Notification Strategies to Increase App Engagement

2014-06-26T05:45:00.002+02:00

Mobile push notifications can engage your users when your app is not in an active state.

Because most users don’t go back to apps after using it once for lack of engaging content, push notifications are vital.

There are many forms of engagement through push notifications. Try one or more from the following based on your app and its customers:

1. Getting users back. Customer retention is an important metric when tracking traction for your app. The way to bring back users who have downloaded your app and haven’t come back to it beyond the first or first few times is to send them subtle reminder messages that tempt them back or make them want to be a part of the conversation.

Twitter does this well for disengaged users by notifying them of what their connections are currently talking about. Similarly, SnipSnap gives users gentle personalized reminders to use coupons.

2. Offers and deals. Who isn’t looking for a good deal? Push notifications will help to not only send out what’s new, but through targeted and optimized analytics, you can send out notifications that are relevant to the customer and at the most appropriate times.

For example, one of the biggest challenges with ecommerce is dealing with people who abandon their shopping carts after placing items in it. What if the ecommerce merchant were to send the same customer a deal on the same item or a similar one after they’ve abandoned the shopping cart?

Geo-location services can also be tapped. SnipSnap sends out reminders to use a coupon when the user is near the appropriate store.

3. Helpful content. I have a couple of accounts from different banks. I have apps from both the banks. One sends me a push notification every week with my balance and every time there’s any activity in my account. The other doesn’t. Which one am I more likely to be engaged with? No points for guessing this one.

Just like that, the one with the engagement receives more business from me.

Figure out ways where you can use content to update your users without being intrusive and generating interest for them to open the app.

Push notifications are attention grabbing in nature and lend themselves to immediacy. Keep this in mind and deliver personalized, timely and relevant alerts to bring users back to your app.

Rahul Varshneya is the co-founder of Arkenea LLC, a company committed to helping entrepreneurs and businesses build, market and monetize their mobile apps, with offices in San Jose and Pune. Email Rahul to discuss your app idea.

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5 Ways to Create More Mental Space

2014-06-24T09:25:00.000+02:00

We live in an information-rich, time-poor world. Here are five simple ways to unclutter your mind, think more clearly and boost your effectiveness.

Today's hyperactive and attention-demanding world makes reflection no easy task. Nonetheless, we still must find a way to carve out "mental space" so we can think clearly, plan, reflect, dream. Peter Drucker expressed the value of reflection years ago even when the world was not so information-rich and time-poor.

He said, "Follow effective action with quiet reflection. From the quiet reflection will come even more effective action."

My youngest daughter has a special area in her room where she can chill and relax. She calls it her "chillax zone." Although your chillax zone might not have big pink pillows and a fluffy white carpet, we all need to make a time and place that offers us mental space. Your space might be your car as you drive home after work, a reading or meditation corner in your house, your bathtub, your gym, a nearby park where you walk--anywhere you can be alone with your thoughts. The thinking, planning, and reflection you do in this space helps you get off the treadmill and rise above the daily whirlwind to gain valuable perspective.

Here are five simple ways you can create more mental space:

Schedule meetings for 45 minutes instead of one hour to build in time to synthesize your thoughts in-between meetings.
Create a recurring, weekly meeting with yourself, even if only 15 minutes, to reflect on your thoughts about yourself, your team and your goals.
Occasionally turn off your car audio or digital music so you can think on your way to work or debrief on your way home.
Take a walk. In the morning to prepare for your day; after lunch to get fresh air and re-energize; in the evening to unwind and reflect on your day.
Disconnect from all forms of technology for one hour a week to get back in touch with things and people who are right in front of you. (i.e., experience real life vs. virtual life)

Not only is a mind a terrible thing to waste, it is a terrible thing to clutter. Find the time and space to free your mind to do what it does best--think.

Reflection Questions:

1. How can I adjust my schedule to take back at least 15 minutes a day of uninterrupted time to reflect?

2. When can I turn off background "noise" (e.g., radio, TV, computer screen) for a few minutes to gain some valuable reflection time?

LEE COLAN is founder of The L Group, a consulting firm that equips and inspires leaders at every level. He is a leadership adviser and presenter of practical ideas, and a Thinkers 50 nominee for Top Management Thinker of 2013. Colan has also written 12 books, including the best-selling Engaging the Hearts and Minds of All Your Employees. His latest book is Stick With It: Mastering the Art of Adherence.
@LeeColan

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How Social Media Can Reinvent Your Staid, Old Sales Tactics

2014-06-24T00:30:00.002+02:00

Twitter and Facebook are disrupting your brand's traditional marketing efforts. Here's how to adapt.

"Half the money I spend on advertising is wasted; the trouble is, I don't know which half." --John Wanamaker, late 1800s.

More than a century ago, the founder of Wanamaker's department store uttered those words (or so the legend goes). A pioneer of merchandising and sales, John Wanamaker knew advertising helped drive purchases, but the why and how remained a mystery.

Fast-forward to 2014, and we like to think we've turned marketing and sales into a fine-tuned science. Generations of salespeople have been schooled in the concept of the sales funnel, the more-or-less linear journey customers take as they progress along the path to a purchase. At the top of the funnel, marketing efforts build awareness and interest. Deeper down, things such as opt-in email campaigns and white papers drive leads. At some point, the sales team kicks into high gear, courting hot leads and converting opportunities to sales. Finally, the customer is spit back out the bottom of the funnel to, theoretically, begin the journey anew.

The idea of the sales and marketing funnel is so entrenched that it has given rise to an industry of customer relationship management, or CRM, software offerings, which help companies acquire and identify leads and usher them neatly through the distinct stages of the funnel.

The problem is that nothing about the funnel is neat. It has always represented an idealized journey and, in the era of social media, it increasingly represents a fictional one. Customers are navigating their own paths to purchase. They're learning about products in new ways and from new sources. They're entering the funnel--then exiting, distracted by other offers. There is no predetermined path to purchase, no series of predictable steps to a sale--and these days, a sale hardly represents the end of a customer's journey. Ideally, it's just the beginning.

Channels such as Twitter and Facebook represent a different, decentralized, and nonlinear way for customers to learn about, interact wit,h and compare companies and their products. In one respect, this represents a huge challenge. Simply tracking--not to mention influencing--the dialogue on fast-multiplying numbers of social channels can be a daunting proposition for brands. On the other hand, social media is remarkably effective at driving more prospects into the top of the funnel. And, used correctly, it can also compress and cut out entire stages (as when a salesperson reaches out to a hot lead directly on Twitter), and it can give consumers countless new entry and exit points (as when prospects turn to Facebook for social proof points before purchasing).

Consider the relatively simple example of a customer searching for a new car. Awareness is built not just through TV and print ads but through word of mouth on Facebook and Twitter. In many cases, online friends and followers help narrow down options, steering the buyer toward a particular model. Then comes the research phase of online reviews, blogs, and other resources. By the time the buyer makes contact with the brand itself, visiting its website or actually going to a dealership, she’s already deep into the funnel. But sales staff may be completely oblivious to her history. And our theoretical buyer is by no means hooked at this stage. Strategic social ads on her Facebook account or new input on Twitter, for example, might send her careening in a new direction. Finally, if she does purchase, the cycle is far from over. Ideally, she shares photos on Instagram; she raves about her new car on Twitter. Social media has twisted the familiar sales funnel into something almost unrecognizable.

The result is a happy paradox. The rise of social media and new digital channels has hopelessly complicated the traditional marketing and sales process. At the same time, social media offers a way to look past these complexities and introduce a new level of efficiency and personalization to sales.

We're starting to see this (finally) with the emergence of purpose-built social CRM tools, which are finding ways to catalogue diverse customer touch points and make use of the huge trove of public, social information out there. Each additional interaction with Twitter or Facebook or YouTube or Yelp becomes, rather than an obstacle, a way to better understand the consumer, her needs, and the particular phase of the sales funnel (or cycle) that she's in.

The data collected is infinitely richer than what could be gleaned from a click on a website or an opt-in email campaign. And the benefits flow both ways. When social CRM and marketing automation work right, consumers end up with exactly the information they need to evaluate the product they're looking for. In turn, companies are able to dispense with archaic marketing strategies--email blitzes, costly paid ads that reach the wrong audience, high-priced creative content that fails to hit its mark--and connect directly with people who actually want to learn about their products.

In other words, social CRM holds the promise of answering, at least in part, Wanamaker's century-old riddle, more poignant in the social-media era than ever: how to turn the elusive art of advertising and marketing into something resembling a science.

RYAN HOLMES is the CEO of HootSuite, a social media management system with eight million users, including 79 of the Fortune 100 companies. In the trenches everyday with Facebook, Twitter, Google+ and the world's largest social networks, Holmes has a unique view on the intersection of social media and business. Follow him on LinkedIn.

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Money Is Not What Makes Successful Entrepreneurs Tick

2014-06-23T11:45:00.003+02:00

Fact: a very high percentage of startups fail. They might run out of money, and they might very well bankrupt their founders in the process. Despite the odds, more people are jumping onto the entrepreneurial bandwagon.

I have seen highly successful people leap into entrepreneurship with the only goal of attaining personal wealth. They lose heart when faced with the inevitable setbacks. The most successful entrepreneurs are not motivated by money. It’s about the experience, the way of life, the chase, the identity, the rush. It is a calling. It's about scratching the itch that just won’t go away. It’s about knowing that this is the work you simply can’t not do.

Success in entrepreneurship can be handsomely rewarded but even if it was not, I would do it anyway. Entrepreneurship is not a job, or a get-rich-quick scheme. It’s a journey.

Creating an entirely new category of companies is many founders’ ultimate dream, believing it brings recognition, notoriety and wealth. The common wisdom is, successfully create a brand new category and you’re “set”.

Ignore the common wisdom. Before my co-founders and I created Eloqua in 1999, marketing automation did not exist. It is now a billion-dollar category. That brought me some success and recognition but I certainly wouldn’t consider myself “set.'' I am the definition of a work-in-progress. My success is not a final destination, it is a stepping stone. When entrepreneurs treat their company as the first and last thing they will ever do, they become too attached and make poor decisions.

The business I am leading now is not my first or my last. Instead of clinging to the past, I take what I have learned and apply it to my continued growth. Detachment allows for better decision-making, and a calm, collected approach to new opportunities or threats.

You can’t manage results or force outcomes. You can, and should, work hard toward a successful outcome for your company. It’s admirable to set lofty goals and work tirelessly to achieve them. What happens if you don’t reach those goals? What happens if you are one of the many startups that fail? I truly believe that focusing on the journey instead of the exit can be a powerful protective factor for entrepreneurs.

Like the ancient Greek athlete Milo who grew stronger by carrying a calf every day as it grew into a bull, focus on becoming a little bit better every day. Better management. Better leadership. Better sales, analysis, interpersonal skills. If the goal is not the payoff but regular progress on the journeyf, it’s a lot easier to withstand the wild gyrations of startup life and to stare down the possibility of failure

There is a reason that many of the most revered entrepreneurs of all time have coaches: they know and embrace that they can’t know it all. This is the concept behind Reid Hoffman’s theory of Permanent Beta. Outlined in his book, The Startup of You, the theory from the founder of LinkedIn revolves around applying an entrepreneurial mindset to one’s life and career. Hoffman suggests that truly great individuals live in a permanent state of growth and development. They are constantly iterating, responding to new experiences, knowledge, and opportunities. These are the type of people who relish the journey instead of racing to the finish line.

If you are singularly focused on the end-game of creating a company, you are bound to miss, or outright ignore, valuable learning opportunities along the way. Pause and take in these precious teachable moments that will turn you into a truly great entrepreneur.

If you do make a lucrative exit and turn toward teaching others, you will still be a work in progress. The Roman philosopher Seneca said, “While we teach, we learn.” By showing others how to build categories, I am still learning more nuances and applying insights to my present category-creation process.

Entrepreneurship is a craft and a vocation. To succeed, you need to treat it that way. Your goal should not be to win, but to master.

Mark Organ is the founder and CEO of Influitive, helping companies mobilize their advocates to increase referral leads, reference calls and social media participation. His early insight on the future of marketing automation led him to become the founding CEO of Eloqua, the world leader in marketing automation software, which was acquired in 2012 by Oracle for $871M

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Brutal Lessons From 4 Failed Startups

2014-06-23T11:37:00.001+02:00

With thousands of startups worldwide building new products, it’s no wonder 75 percent of them fail. It’s actually a good thing because startup birth and death helps the ecosystem overall. Entrepreneurs can learn as much from mistakes as successes. Poor management, ineffective marketing and team stress are some of the many reasons why companies fail.

“It's either you started making a startup with friends who didn't have complementary skills, or the opposite - people you think have the perfect balance of skills, but then completely different ways of communicating,” says Cassandra Phillips, founder of Failcon, a conference featuring startup founders who failed and share what they learned.

Consider these well-known startups that had great promise. Some were acquired or reached IPO, but never took off. Now each of them are just another statistic.

1. Gowalla. Millions of people enjoyed this location-based social network started in 2007 and shuttered five years later. Multiple problems blocked Gowalla from reaching mass appeal. Foursquare stole the limelight. Checking in was not that user friendly. The company was a mobile web app before smartphone technology was advanced enough to create a positive user experience. Usership and enthusiasm fell as Gowalla shifted focus and removed features.

The startup raised $8.3 million in a venture capital round, but was eventually bought by Facebook for $3 million. Even when your company is acquired, it can fail.

The takeaway: Avoid competing with a giant. If you go against Facebook, you’re facing an uphill battle. Make sure technology can deliver what you promise. You have to wonder how things might have been if Gowalla had debuted recently, as mobile apps have gained traction due to faster phones and more users.

2. Pay By Touch. Even with a long list of investors backing this company that used fingerprints to process payments, Pay By Touch never really got off the ground. Fraud allegations, and board issuesdogged the founder before the company declared bankruptcy in late 2007. Investors were unhappy the founder spent hundreds of millions of dollars buying up rivals, but couldn’t afford to pay employees halfway through the year. It might have failed partly because many people are accustomed to credit/debit cards and like earning travel miles.

The takeaway: Pay By Touch invented a solution for a non-existent problem, one of the most common startup traps. “People think what they are making is cool, sexy or fun, and when they ask friends about it they get answers like ‘Yeah, that's cool,’” said Phillips. “To make a product that is actually used, you need to create something that people realize they can't live without. Easily half of the failed startups I hear from fail for this reason.”

3. RealNames Corporation. Founded in 1997, RealNames let users of Microsoft’s Internet Explorer register domain names using the browser address bar. This worked without needing to belong to a top-level domain such as ".com" or ".net.”

The company and its backers raised more than $130 million in funding. RealNames shut down operations in 2002 following a decision by Microsoft to redirect the 1 billion page views per calendar quarter that RealNames resolved from the browser address bar into the MSN search engine.

The takeaway: RealNames depended on the decisions of a giant company for their survival. Don't depend on someone else’s company for the effectiveness and viability of your product.

4. Pets.com. This famous dot-com-era disaster that sold pet care products online only lasted two years, from 1998 to 2000. The company poured millions into marketing campaigns, including a Super Bowl ad. Executives who thought they were tapping into a recession-proof industry discovered the niche pet market didn’t bring in enough money. Pet supplies cost too much to ship. Higher priced items, like toys, couldn’t be offered at competitive rates. Pets.com sales were problematically dependent on discounts that slashed profits.

The takeaway: Be brutally honest with yourself on your progress. “Too many founders fail because they are afraid to ask for help, or don't speak up when they are struggling soon enough,” said Phillips. “I promise things will be three-times easier if you are honest with yourself and those around you. Too few founders are.”

Journalist, Digital Media Consultant and Investor
John Boitnott is a longtime digital media consultant and journalist living in San Francisco. He's written for Venturebeat, USA Today and FastCompany.

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5 Tips to Creating a Successful Content-Marketing Campaign

2014-06-22T07:25:00.003+02:00

The phrase “content marketing” is all over the web these days. Content has become a conglomeration of many things: webinars, blog posts, videos, social network shares and more. It sounds like a great idea. If done right, a well-executed digital campaign will yield considerable benefits for both established businesses and entrepreneurs. Such a strategy has the power to position a business as a topical authority and establish the owners and executives as experts.

The devil, as they say, is in the details. Implementing such a campaign isn’t as easy as it seems and takes a bit more effort than pressing a button. Depending on your business goals, time needs to be spent aligning your company's brand’s online persona with your customers’ needs. Once posted, content that’s shared requires interaction on your part. Interact directly with your community by saying something meaningful to stimulate continued conversation.

Content marketing can be a boon for your brand. Be sure to follow these tested truths when planning your campaign:

1. Know your audience and keep the content relevant. Each social network has a unique identity and audience, so take time to research the demographics of the social marketing platforms you use to share. All sites are not the same. Some skew highly to men (Google+) and others are more popular with women (Pinterest). Check the current information on the sites to determine where to share your content to the to best effect.

Whether you market to businesses or consumers, you no doubt have a grasp of their interests. Blogs are still a great way to build an engaged community around your brand and interests. An example of a blog that successfully uses content marketing is SavvySeller.co. This is a community site offering helpful advice for online sellers while displaying ads for its parent company, World Lister.

Check what your customers are sharing on social media. By making your blog posts relevant to readers, they may pass along your content as well and become your advocate, awarding you with free, yet most valuable, marketing.

2. Beware of constant self-reference. Repetitive self-reference will not stimulate engagement. The days of broadcast advertising are long past, and without giving your message a twist, broadcasting will do nothing but discourage readers. Rather, use stories to illustrate the benefits your business has to offer.

Direct your message to the reader and be sure to personalize it by using the word “you.” In this way your posts directly address (and pique the interest) of your community. Keep the promotional content to no more than a 1-to-7 ratio. As social scientist Dan Zarrella says, “Stop talking about yourself." Instead, "start talking as yourself.”

3. Share what works. When creating content for your business, consider your own time schedule and talents. Sitting down to write a white paper may be painful for many people, and small businesses may not have the time or resources to produce one. If you are more comfortable communicating your messages in another format, for example, why not try sharing the following:

Short-form articles (like this one)

Infographics or small sharable graphics are easily produced on a platform such as Canva

Photographs of products in action that you can share on Instagram

Short product demonstrations or instructional videos (try to keep them under two minutes)

Other related business content

Also consider sharing content about things you are passionate about. By posting ideas and subjects that are personally relevant to you (the business owner), you project your humanity to your online influence.

4. Consider curating. A growing trend is content aggregation, which is deriving content directly from others’ RSS feeds and automatically turning them into shares. Aggregating is not curating. In contrast, curating content requires a human being to find, read and qualify digital content that is relevant to your audience. Curating may sound like a lot of work, but it may take as little as 30 minutes a day. If you (or another member of your staff) regularly read digital content that relates to your business, finding articles to share is a simple proposition.

Even the owners of niche businesses can find articles that might resonate with their audience. If you curate and share content from others, your audience will look to you as a reliable source for information on a specific topic. A secondary benefit of sharing third-party content is that you build relationships by broadening the conversation with others within your industry.

5. Measure once and then again. Track the comments and responses to your pieces. When you share links on social media platforms, use the many free metrics tools to decipher which of your posts were on track. By on track, I mean were they read? Shared? Acted upon? If a platform or content type isn’t working for you, be sure to put effort into the ones that are.

Know that your content marketing will build with time and continuity, and social content may not translate into sales immediately. Set up a plan in advance and have reasonable expectations. You are brand building for the long haul.

Marsha Collier is a Los Angeles-based author, radio personality and educator specializing in technology and selling online. She is the author of eBay for Dummies, Social Media Commerce for Dummiesand other books about selling online.

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7 Tips to Guide Young Entrepreneurs

2014-06-21T20:48:00.004+02:00

The world needs new entrepreneurs. Entrepreneurs create jobs, lift the standard of living, usher new technology into society, and keep competition alive in the marketplace. Starting a business is difficult, and it’s crucial that the next generation has as much ammunition as possible. We are all relying on you to carry on the proud tradition of innovation.

As the CEO of a successful startup myself, with decades of experience launching prosperous companies, I know what it takes to make it. If I could go back and give my 20-something self a bit of advice about starting out as an entrepreneur, these are the seven tips I’d start with:

1. Passion. You will fail. That is part of the game. Your failures are most likely to lead to success if you get involved with something you believe in. Starting a business just for its own sake will leave you directionless, burned out and ultimately, back where you started. Choose an interest that you can be passionate about. Marrying charity to traditional business models may be a great way to combine the things you – and potential consumers – care most about.

2. Define your market. You’ve heard this before. It’s one of the most common mistakes that entrepreneurs make. Go with something that makes sense for your scope. If you’re a small startup and still a student, staying local or targeting fellow students might be the best direction. The Internet gives us almost infinite reach, but it’s vital to narrow your market down to what is realistic, and stick with those who have a reason to be interested.

3. Price point. Risk taking is important in any new business venture, provided that it is sensible. Consider providing your product or service at the most basic level possible (also called minimum viable product). A small investment up front can hook new customers/donations before risking more money. Your target defines the ideal price. Survey your defined market and adjust accordingly. You can always reevaluate your prices as you grow.

4. Be honest. This advice applies to yourself, your employees and your customers. Be honest about what you can commit to your business. It doesn’t do any good to over-extend yourself when in truth; you don’t have the cash or the hours to commit to a project. Be honest about what your partners can expect from, and what you expect in return. And be honest with clients. At PilmerPR, our #1 rule is “First be good, then talk about it.”

5. Utilize, but don’t over-use, social media. Young people are always eager to jump online, and that’s not a bad thing. But it is important to think carefully before plastering marketing materials on the Internet. Social media is obviously a powerful tool. Focusing it on your business can get word out quickly and cheaply. That said, be careful not to put all of your eggs in the online basket. Experiment and measure results, then constantly evaluate and decide what is working, and what you are wasting resources on.

6. Don’t forget PR. Traditional and online press relations can yield coverage that has longer shelf life and costs less than advertising. Think about what makes your product new, interesting, and relevant. Then, talk to the media about it. You might get great reviews, mentions on blogs, or even appear on news segments. Many media outlets have sections dedicated to people in the community doing outstanding things. Even an article in your campus newspaper can be a valuable source of publicity.

7. Look for mentors. The beginning of any venture can be exhilarating, frustrating, liberating and terrifying all at once. Remember, although younger generations can be more tech-savvy than those who have been in business for years, there are still basic principles that are refined by experience. Many communities offer networking opportunities for entrepreneurs young and old. Take advantage of this, and you may be surprised at the wealth of knowledge your colleagues have to offer.

These tips won’t earn you certain success, but every bit of knowledge you can gather before you begin your entrepreneurial career can help you avoid serious mistakes.

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5 Questions to Determine If You're Ready to Be an Entrepreneur

2014-06-21T11:35:00.000+02:00

The only difference between people who want to be entrepreneurs and the ones who actually are is the work and the risk of getting started. If you feel like you want to be an entrepreneur but aren’t certain if you’re ready yet, here are five questions to help you determine your capabilities.

1. How comfortable are you with being uncomfortable? Entrepreneurship will mean a lot of uncertainty. If you’re the kind of person who needs a lot of control and a strictly scheduled life, you may not be able to handle the ambiguity that surrounds entrepreneurism. That being said, don’t think just because uncertainty makes you nervous you can’t be an entrepreneur. If you find you have a need for a controlled schedule, that trait could actually work in your favor.

Entrepreneurship requires long hours, hard work and dedication when you start out. Being able to manage your schedule and control your environment could help you with the organization of your business. However, you might want to plan before you leap in. A few great ways to do this are to stockpile savings, already have a business plan you’re prepared to work and seek out a community of support to talk you through the tough times.

2. Are you disciplined? You are totally responsible for yourself. Right now, wherever you’re at, whatever you’re doing -- it’s your choices that got you here. How do those statements feel to you? If you feel yourself bristling and ready to argue, then you might not be in the right mindset for entrepreneurship yet. When you start, you must take full accountability for everything -- there’s no back-up plan on why you got passed over for a promotion or why you didn’t get your report done on time. Clients won’t want excuses and they’ll drop you.

Even when it’s their fault you have to be prepared to deal with the possibility that you’ll have to handle it. You need discipline to survive and stay ahead of your work, ahead of your bills and to grow your business. If you struggle with accountability and discipline, don’t rule out entrepreneurship forever. Take stock of ways your current situation could be improved by better decisions and try holding yourself accountable.

3. How’s your health? Taking care of your body is important for everyone, but can have particularly far-reaching implications for the entrepreneur. There are no sick days in entrepreneurship when you’re getting started. There’s a chance there won’t be for years. That’s going to mean you have to be productive, even when you don’t feel good, or risk missing business opportunities. You have to keep yourself in good health with diet and exercise that keeps your body strong and your mind keen.

If you aren’t a healthy person, you may want to figure out a plan for improving your lifestyle before you transition into entrepreneurship. Also important, think of how you’ll cover health insurance and medical needs when you start your journey. Get a plan for your health and work it.

4. Do you love what you do and are you good at it? There are going to be long hours in entrepreneurship. If you enjoy what you’re doing and are passionate about your project, that intense amount of work is enjoyable. Don’t fool yourself into thinking money alone will be enough to motivate you.

Make sure you’re passionate about what you’re intending to pursue as an entrepreneur and that you have the skill set to get to work. If you don’t, consider how you can improve your skills before making the leap and how you might get involved in something you’re passionate about doing.

5. Do you play well with others? You might think entrepreneurship is a solo activity, but the truth is that having great relationships is crucial to long-term success. It's not only for the value that comes from referrals and the camaraderie of close relationships, but also for the support you will need. If you’re starting out as an entrepreneur, you’re going to have periods where you need to rely on the strength, wisdom and friendship of others.

Look for opportunities to build your network: mentors, mastermind groups and other programs will help you find the right people. Just be sure that you invest in them, too. Relationships are based on give and take. Build strong relationships and open yourself up to the great support and learning that comes from others.

Matthew Toren is a serial entrepreneur, mentor, investor and co-founder of YoungEntrepreneur.com. He is co-author, with his brother Adam, of Kidpreneurs and Small Business, BIG Vision: Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right (Wiley). He's based in Vancouver, B.C.

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5 Tricks to Get Influencers to See and Share Your Content

2014-06-21T09:28:00.000+02:00

On the Internet, messages are meant to be heard. From high-powered advertising agencies to in-house marketing departments to individuals with a few hundred Twitter followers, everyone yearns for their message to be conveyed and shared. Finding a high-powered industry influencer can help jump start a sharing craze and kick your message into viral overdrive. A single retweet, blog link or public compliment can do more than you think.

So what can you do to improve your chances of an influencer noticing and sharing your content online? Start by following the five simple rules below.

1. Don’t expect a social media miracle. Let’s start with an unfortunate truth for those on the hunt for influencers’ attention. Trying to reach out via social media likely won’t cut it. With anywhere from a few hundred to a few hundred thousand Twitter mentions and/or Facebook comments per day, influencers simply won’t have the time or opportunity to see your message. You can go ahead and try, but the chance of an influencer hearing you might be slimmer than winning the lottery. As for an in-person encounter -- forget it. You’d have to be in a situation as bizarre as that in season two of The Newsroom, when associate producer Maggie Jordan enlists the help of on-air talent Sloan Sabbith (along with her 450,000k+ twitter followers) to help take down an embarrassing viral video.

2. Instead, get creative to get an influencer’s ear. Since simple social media outreach likely won’t do the trick, you’ll need to find ways to get creative. Getting in touch with an influencer’s official PR agency or management team is a decent step, as is mining closer connections for an introduction. But for most influencers, making contact in a unique or innovative way can be key to the introduction. Consider a self-promoting website with plenty of personality similar to Matthew Epstein‘s brilliant Google Please Hire Me.

3. Show some passion! Hand in hand with showing off your creativity is finding a way to show insane amounts of passion for your work. Craft a pitch with just the right amount of passion and moxie so that the influencer you want to reach can’t say no. Venture for America, a program that pairs talented college grads with startups in burgeoning cities, asks this of their new fellows, most of whom are just weeks removed from receiving their diplomas. VFA’s “make contact” challenge saw one success story in a fellow who met with Dan Gilbert, CEO of Quicken Loans, by citing their mutual desire to rebuild Detroit. Another got in touch with Joe Kennedy, CEO of Pandora, by conveying his passion for companies at the intersection of tech and music.

4. Keep your content short and to the point. Obviously, your content needs to be razor sharp and engaging. More importantly, it needs to be easily digestible. Getting the attention of a major influencer is a difficult task by itself but convincing them to wade through a lengthy introduction or setup to get to your main point is simply asking to be ignored. The elevator pitch is a decent solution to this dilemma, but even that may be too long. Consider using various forms of micro-content to get your concept across in seconds.

5. Flattery never hurt anyone. Who doesn’t like compliments or a personalized pitch? Be sure to make any potential influencer feel good about why they should help you. Saying some nice words and having a good attitude is an incredibly low risk, high reward way to strike up a conversation with an influencer. A customizable, personal touch helped Visually make a splash when we first launched in 2011. We created the Twitterize Yourself tool, which helped us connect with an audience hungry for cool and engaging visual content. Here’s me vs. Lady Gaga. (Even though I know this isn’t a close comparison, nor do I look very cool, I still can’t help but crack a smile.) And while the real Lady Gaga most likely never saw my graphic and never will, the media and industry influencers did take note and helped us spread the word.

This story originally appeared on Visual.ly

Jon Salm is an Associate Client Analyst at Millward Brown Digital in New York City and freelances for Visually, where he is a certified journalist in the Visually Marketplace and a regular contributor to the Visually blog. You can find him online at about.me/salm.jon, on twitter @S4LM3R, and on Visually at Visual.ly/users/salmjon.

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Want Your Startup to Dominate the World? Start Thinking Globally -- Now.

2014-06-18T15:38:00.001+02:00

It’s common knowledge that the world is growing smaller and smaller every day and this movement could not be more true than in the business world. While running a small business is already a massive undertaking, the need to think globally from the start is vital if you want your company to grow to its utmost potential.

Think global from the get go
It’s hard to underestimate the importance of going global. Wells Fargo’s recent International Business Indicator Survey showed that 69 percent of U.S. businesses are conducting business internationally and 54 percent of mid-size U.S. businesses see international markets as increasingly important to their financial success.

The global trend is not subsiding anytime soon. The barriers that held companies back from going global -- like worldwide communication and slow logistical processes -- have been all but eliminated due to technological advances, making it easier than ever for a company to adopt a global mentality from their inception.

There are also significant financial benefits when it comes to going global. A recent McKinsey study shows that while global U.S. companies only account for less than 1 percent of all U.S. companies, they earned 25 percent of total U.S. gross profits. Expanding your product or service globally can also help developing countries grow their economy with the introduction of new jobs and sales. There is a snowball effect when expanding your company internationally -- the more countries your company is in, the more potential customers you have. By growing your infrastructure, your company follows.

The act of globalization is an extremely competitive strategy as well. If you are somewhere your competitors aren’t, that is a major business advantage. Simply put, if you want your company to grow, you need to consider globalization as a realistic opportunity.

Whether or not a company launches as global is irrelevant. The key here is that companies should think globally from the beginning to minimize hardships once they are ready to take their business beyond their country's borders.

Here are a few ways to start thinking global at a company of any size:

Research early and often. Regardless of whether your company started today or 10 years ago, following what is happening in your space throughout the global landscape is critical. Even if you don’t see the worldwide companies within your space as competitors right now, it is beneficial to see what they are doing in another country and how it differs from your company’s strategy. Understanding your space on a global scale from the beginning will help you make smarter decisions when you do go global, such as choosing the right time for your expansion.

Hire internationally. Startups have some of the most diverse workforces in business and you should implement the same hiring techniques when you begin your entrepreneurial journey. Not only will having an internationally diverse staff give you a different perspective when developing and marketing your product or service but having internal knowledge of different countries and cultures will provide you with an advantage in today’s global economy.

Head to the cloud: While your company will benefit in many ways by switching to the cloud for your data and IT infrastructure, it is necessary for the potential globalization of your company. When it comes time to go global, there will be very little logistical hurdles in the expansion, as your data is already stored in the cloud and is accessible to anyone, anywhere. This will save your company time and money in the long-run.

Go mobile: The march towards mobile is never-ending, and it is imperative that your company has a mobile strategy both internally (for ease of workflow) and externally. Every company has to have a solid mobile element if they expect to still be relevant in five years. Without it, companies isolate the one billion people that use mobile as a primary internet access point. If your company cannot reach a 1/7 of the world’s population, there will be serious hurdles to cross when going global.

Christian Lanng is the CEO and co-founder of Tradeshift, a global-business platform connecting enterprises with their suppliers and simplifying vendor relationships.

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