Wednesday, January 31 by David Askaripour in Life | 4 Comments
“Do that.” “Don’t do that.” “Go to that party.” “Make sure to meet this person tonight.” “Pass on that deal.” “Fire him today!” “Wish her a happy birthday.” These are some examples of the inner voices that we encounter on a daily basis.
You know what I’m talking about, right? You know, the little voices in our heads that tell us to do something or to not do something. I hear them, you hear them, we all hear ‘em. And, no, we aren’t crazy!
These voices are unexplainable. The derive from what some people would call our “gut.” You know the saying: “listen to your gut.” Well, that’s true. Always listen to your gut – the little voice inside that steers you in the direction of what you feel is the right thing to do.
I recently heard a story that can help to better illustrate the concept of listening to your inner voice. The story was about a student who had no desire to go to college because he felt that it wasn’t right for him.
After numerous fights and arguments, his parents “forced” him to go against his inner voice and he enrolled in college, Saint Johns University in Queens, NY. However, his true passion was to work on Wall Street as a broker.
While in college he began working part time on Wall Street for a well-established firm. By his second year of college he become one of the top sellers at his firm and knew that he could no longer stay in school and work at the same time.
Once again, his inner voice returned and pleaded with him to go against his parent’s wishes and to leave school to fulfill his dreams of become a huge player on Wall Street. This time he knew that he had to listen to that voice and push forward with his dreams.
So against his parents wishes, he left school and began working full time at his brokerage house on Wall St. Within a few years he quickly rose to top and become one of the strongest producers for the firm.
His skills as a strong deal closer and money manager catapulted him to the top ranks of the firm, which helped attract Goldman Sachs who eventually acquired the firm.
But get this: Goldman Sachs was only interested in the firm if this top broker (who listened to his inner voice) was a part of the team – if he would continue to work at the firm. Well guess what happened, this person ended up making 400 million as a result of the acquisition and went on to becoming a director at Sachs.
This man is now 45 years old, owns a professional baseball team, and is happily married with two children. His life is now filled with joy, riches, and a slew of entrepreneurial ventures that he has created with the money earned from Wall Street.
You see what happens when you listen to “yourself” and push forward with the commands of that little voice within. Great things happens. It’s okay to be scared. It’s okay to feel the pressure of taking risks. It’s okay to want to listen to your friends and parents. But at the end of the day, “you” have to decide what’s best for you.
Seize the moment and go with what you truly feel is the right thing to do. That can make the difference between living a life of mediocrity and magnificence.
Tuesday, January 30 by David Askaripour in Operations | 7 Comments
Did you ever watch channel 7 News in the morning and all of a sudden the news anchor says: “Stay turned for our tech guru who will show you the latest features of the hottest phone”? And when you guru listen to the guru speak about the phone, you trust him and his every word because he is “the guru.”
The guru is the person that people rely on. The person people feel comfortable listening to. The person who has a level of power and influence due to their authority and insight over a particular subject or niche.
Let’s break it down: The syllable “gu” means darkness, the syllable “ru” means dispeller – therefore, the “guru” is one who dispels darkness and brings about light, clarity, and understanding.
The concept of “guru” shouldn’t only be thought about for individuals, it should be placed into the context of your business. You need to “guru-tize” you business.
When you guru-tize your business, you are turning your company into a powerhouse of knowledge and information that people (re: customers, clients, friends, the world) can depend on.
Guy Kawasaki is a perfect example of a person who has guru-tized his business. Guy, as many of us know, runs an extremely popular blog, has written a handful of resourceful books, and also runs a venture capital firm, Garage Technology Ventures.
Guy has guru-tized himself and, in effect, his entire organization by constantly supplying loads of intelligent, insightful, and even break-through information that people and organizations have come to depend on and trust in.
Through books, speeches, videos, blogs, etc… Guy is able to project his knowledge and even the services of his company unto the minds of his followers, clients, entrepreneur community, and beyond. He has evangelized us and in return for his great information that he shares with the world, he has become our guru in the entrepreneurship sphere.
You can do the same thing for your business. I take that back, you “need” to do the same thing for your business. When you are running a company, don’t think linearly, think dynamically.
What I mean is, stop just thinking about your clients and your products. Entrepreneurship isn’t – and never will be – as pragmatic as that. You have to think above and beyond just creating a service and selling that service. This isn’t a cause and effect game.
Instead, think about how you can “educate, teach, help, inform, and shine light” unto the masses with your business. You’re not just selling a product, you’re selling an “idea.” Remember that. Make people happy by establishing your company as the “go-to” source for your particular niche and never stop supplying a flow of excellent content that educates and enlightens – do that, and your company will become the guru that people will love, trust, and depend on!
Tuesday, January 30 by William Quisenberry in Innovation | 6 Comments
In society so many times we look towards the reward or benefits of our labor and may forget to acknowledge certain areas within the growth stages or short-term that are necessary in order to achieve ultimate success in the long-run.
I had an interesting conversation with one of my mentors/ friends / business associates last night. He’s an executive with a large financial institution in New York and he has an extensive background in business.
He’s actually much older than me; in fact at the age of 52 he’s old enough to be my father, that’s why I always pay close attention to his advice, because he has many years of wisdom.
Anyway, while we were speaking and catching up (I haven’t talked with him in a couple of months now) I told him that I took on a part-time job working on the weekends in order to gain additional capital and help offset expenses that I was experiencing with my businesses.
As soon as I told him that he immediately said, “You need to quit.”
I paused for a second not really sure where he was going with his statement and responded, “Well it’s a temporary sacrifice I plan on leaving within the next couple of months or so around graduation.”
He responded saying, “No it’s too big a sacrifice. Not only are you sacrificing your time, but you’re sacrificing your social life, which is far more important for a young man like you because you’re at a stage in your life where you should be constantly socializing, networking and meeting people. That little money you’re making on the weekends is nothing compared to the long-term connections you could end up making”
I thought about it for a second and what he was saying did make sense. I’m sacrificing my weekends for a position that really isn’t that rewarding financially, I mean it does help a little, but it’s not truly worth the time.
This concept relates to “Opportunity Cost” that is often covered in Economics courses. Basically Opportunity Cost is the cost or expense of time.
In other words I’m making money by working a weekend position, but the opportunity cost is that I’m losing important networking and deal making time, which truly far outweighs the money that I receive by working.
So let me ask my fellow entrepreneurs and preneurs to be here at Mind Petals, which do you feel is more important: Immediate income towards your firm or the potential long run income/ success from networking?
Monday, January 29 by David Askaripour in Communities | 4 Comments
The founder of Startup Business School, Richard Banfield, recently reached out to me and informed me of what he was doing – how his site is helping entrepreneurs.
Startup Business School is a great site filled with plenty of resources that can help all sorts of entrepreneurs, especially us young guys. They are currently offering a free guide called “The 101 Essential Startup Tips.” It looks like a pretty useful guide and it’s free so you don’t have much to lose, right.
The meat of the site is their Lessons pages which consists of an excellent library of articles. Topics such as building a team, getting funding, management, leadership, and other subjects are covered.
SUBS also offers a service that appears to be focused on young entrepreneurs. Though not immediately clear, the service seems to be a package of tools that helps you organize your business by proving you online lessons, a platform to build a business plan, network with other members of the service, and to communicate on their blog. They offer a free and premium package.
Personally, I think a service such as this one is going to be a hard sell for young entrepreneurs. When it comes to actually paying for help to start a business via lessons, many will turn in the other direction and seek help from their current network of peers and entrepreneurial friends.
The internet has become the largest playground – ever – for us young entrepreneurs and our support system that enables us to reach out to one another and help each other is growing by the day. Through forums, blogs, communities, etc… we are uniting and forming structures that allow us to gain/share the information we need without having to pony up cash.
SUBS, overall, seems like a pretty cool place for entrepreneurs to jump into some quality articles and network with some like-minded people. But nothing will ever replace the real-time experiences of starting your own company – something no amount of online lessons can ever replace. The real school of entrepreneurship is, guess what, just doing it!
Friday, January 26 by William Quisenberry in Innovation | 1 Comment
Entrepreneurship can be a very overwhelming experience and lifestyle for any individual at times and that would especially include younger entrepreneurs who are also juggling so many other youthful activities and responsibilities of life.
Having the guidance of an experienced entrepreneur can not only teach you many important aspects relating to your venture, but also they can offer advice, encouragement, professional insight and become great networking avenues as well.
I was once shy about asking other entrepreneurs to take me under their wing, especially if they were very successful and highly busy. I felt like I was a little baby and I was intruding into their time for selfish reasons.
However I was quite surprised at how many successful entrepreneurs were willing to offer insight into the world of business and also allow me to even tag along on business projects or meetings to gain hands on experience.
You may even know an individual that fits this mold, but you don’t refer to them as necessarily a mentor, you might just see them as a business contact or a friend, but still that person is somebody you can gain knowledge and receive valuable insight from.
I’ve had and continue to have many different business mentors in my life, all who are equally valuable in their own way offering great advice and also awesome networking abilities.
I have a mentor who owns a Landscaping Business that is extremely successful; actual it’s one of the best firms of its kind in my community. This individual is the very first person to introduce me to entrepreneurship, that’s because this same person was also my high school counselor.
Then I have another mentor who introduced me to the sales and marketing field. He also owned a Travel Agency, which he sold in order to take an executive position with a large financial institution in Albany, NY.
Now he’s the head regional manager over ten states. Until this day he offers extremely important insight into the world of business and finance, and he’s also a very connected individual in Kentucky. When I told him I created a business venture he immediately started to put me into contact with other businesses in our community and contacts that he thought I should know.
Then I also have two more mentors, one who owns a multi-million dollar firm at the age of 31 and was a college dropout. He has always told me important facts about entrepreneurship and he always invites me up to his huge mansion and allows me to kick back and get a taste of the good life that I one day hope to experience myself.
My other mentor is the Vice President of Community Reinvestments at a very large and well known banking firm. He’s not an entrepreneur, but since I want to go into banking and finance he has already introduced me to some very awesome contacts and he has even let me meet him at lunch when he’s meeting with other banker friends so I can get to know others in the industry.
These mentors have opened up doors I could have never imagined, taught me about entrepreneurship, allowed me to experience their lifestyles, let me listen in on conference calls, sit in on meetings and the list just continues to go on and on.
If I didn’t have these mentors I would have been in a world of trouble in certain instances and made some bad decisions due to the lack of professional insight. Many times these opportunities are all around you, because surely you have family members, friends of friends, or business contacts that are successful.
So instead of just looking at them as somebody you know, see if it’s possible to extend that relationship further and become their “reality student.” I promise you the results and outcomes won’t be disappointing.
Thursday, January 25 by David Askaripour in Start-Ups | 6 Comments
I don’t know about you, but I’ve been setting up corporations online for a few years now. I have never once hired an attorney to set up a corporation for me because with services such as BizFilings and the army of similar companies, I’ve never had a problem establishing a new company.
But this article has got me thinking: Is hiring an attorney to file and create a corporation better? I think that having an attorney is a must for all entrepreneurs, especially us young entrepreneurs just starting out. However, when it comes to filing corporations I feel that we can “get by” without any attorney but if we have the capital and time, I think we should go the extra yard and have an attorney oversee the process.
Imke Ratschko, New York City attorney states:
A real person with a law degree can help you draft an operating agreement or shareholder agreement. New York requires you to have an operating agreement for your LLC, and a shareholder agreement for your corporation is a very good idea.
Web services do not usually draft these agreements for you. If they do, you will get a “one size fits all” agreement that can be worse than not having one at all.
A real person with a law degree will remember you and your business and remind you of follow up legal issues in running a corporation or LLC, maybe even years later.
Spend some time researching your state filing requirements and don’t hesitate to go on a free consultation with a lawyer to review your options for incorporating. Taking these steps now can save you endless hours in time spent later. Not to mention how much potential money and assets you risk losing without the proper legal protection.
What have you done when it comes to filing a corporation? Lawyer or no lawyer? What web services have you found reliable?
Thursday, January 25 by William Quisenberry in Innovation | 2 Comments
So many times I hear individuals give advice to entrepreneurs telling them to “Always get everything in writing!” Over and over again, we hear people talk about getting an attorney to draft up contracts and make sure every important and pertinent item is explained in a detailed report.
Also I’m sure you’ve heard people explain to always acquire the professional help of a tax consultant or C.P.A. for all of your financial advising and tax counsel.
All this information is awesome and great. It is important to seek professional assistance and have everything in writing when working with vendors, consultants, contractors, clients, subcontracting, performing freelance work or whatever other type of arrangements or deal making you’re performing.
However, what in the world do you do with all these documents, graphical information, financial statements, contracts, agreements, bill of sales, receipts, and so on?
Do you just toss them in the trash? Are you supposed to use them for toilet paper? Okay maybe you’re suppose to throw them all over your house and office so it’s close to impossible to find them later on right?
Of course not, the whole objective of having all these documents is so that you can have them in the future if a situation arises where there is a question about the original agreement, or maybe you will just need these documents for record keeping and general maintenance, like checking inventory or performing mid-year analysis.
Regardless of the reason, don’t just get contracts and documentation just to do it, or because people tell you that it is the proper way to conduct business. After you have these important assets, you need to make certain that you arrange a proper filing system, where the files are easily accessible when needed.
Another key area relating to deal making is the internet, since we live in such a high tech age. It’s not uncommon to discuss important information—even in a casual manner—over the internet using instant messenger, email or other related electronic communication tools.
Always keep track of this information, because emails are automatically stamped with times and dates, and they make for excellent reference tools, or worst case scenario, these emails usually will hold up in court very well.
So the next time you exchange emails with a business partner or client, keep up with that email and place it in a certain electronic folder. Also stop looking at contracts and other business documentation as something that just goes in the trash, and be sure to file these items; because you truly never really know when you may need them!
Wednesday, January 24 by David Askaripour in Start-Ups | 2 Comments
What in the world does “corporatey” mean? Well, I define it as “Corporate America gone bad.” You know, the typical business that mostly (re:only) cares about making money, paying their employees dirt, sacrificing integrity for additional profits, runs the company like a dictatorship… yaddah…yaddah…yaddah…
You get my drift, right? Oh, and let’s not forget the number one thing that defines “corporatey” — Bureaucracy. I think that we’ve all had our fair share of bureaucracy, especially those of us who have worked in Corporate America or who still do.
Bureaucracy is best defined by an article that I wrote a few months back, sharing my personal experience of working for a multimedia firm not too long ago.
We all have different aims with how we want to run our businesses, but it disturbs me when I see young entrepreneurs creating organizations just like the ones they hated so much when they were working for them.
I know, it doesn’t make sense, but it’s happening. Young entrepreneurs are turning into the bosses that they dreamt about killing. Some of us are turning into power maniacs and are spending too much time talking down to partners and employees instead of focusing on teaching and lending a helping hand.
Each young entrepreneur who runs a business should reevaluate the way that they are running the company every few months. Spend some time thinking about all of the things that you hated from your days of being an employee and do everything in your power to prevent those same things from happening with your own company.
Because before you know it, you can wakeup one morning with a bunch of people working for you who despise you, hate you, and are only sticking around for the paycheck — the exact way that you probably felt when working a job.
Don’t get me wrong, Corporate America is cool, no doubt. But when you find yourself sacrificing patience, concern for employees, and integrity, for things like increasing the bottom line, increasing your power, and becoming more “famous,” then you have a problem on your hands.
Sometimes we young entrepreneurs need to let the air out of our heads and head back to the basics, the original plans that we set forth to run positive, influential, fun, and motivating companies.
Rock on
Wednesday, January 24 by Gina Laverde in Start-Ups | 3 Comments
Read e-mails in your pajamas. Hire your best friend to spearhead your marketing initiative. Hold conference calls from the tub and take two hour lunches. Yup, you are your own boss now. In fact, you are in charge of your whole company. What you say goes, and the possibilities for growth and success are endless.
You’ve finally got a chance to turn your dreams into a reality and make a lasting mark on the world. And, I’m sure that you want that mark to be one that clearly and positively identifies who you are. So, maybe you can’t hire an old buddy to take on that marketing plan after all. In fact, maybe you find yourself re-thinking a lot of your original decisions.
The moment you realize that you have complete control over your own success, and that every action you take is a direct reflection on your new business is the moment you can officially consider yourself “The Boss”. As the boss – it’s perfectly okay (and often necessary) to put your foot down. Even if that means deciding to do things differently than you initially planned.
Dreaming about being the boss and actually becoming the boss are two completely different frames of mind.
The transition from meaningless part time gigs in corporate America to a life where you call the shots can be a harder one than you may imagine. I vowed to permanently become my own boss in April 2006, after many on-and-off years juggling “real” jobs along with my entrepreneurial ventures.
I dreamt of a protocol–less lifestyle – where I didn’t have to jump through hoops to express my opinions. See, I always saw room for improvement in my places of employment. But, my advice was never really welcomed with open arms. My decision to put all my efforts into my own dreams and create my own business was partially inspired by my frustration with the man.
So, I thought I’d do EVERYTHING differently than my employers. I didn’t think I’d set such rigid rules for my employees and I was really looking forward to setting my own schedule. I saw how my employers often progressed into robotic replicas of their original selves, and I vowed to maintain a constant human connection with my employees, partners and clients. The human touch was definitely one of my first priorities and I figured that everything else would just flow from that.
I was completely sick of struggling to get to the top of another guy’s ladder. I was sick of competing with others who brown-nosed their way to promotions with fake smiles and over-use of the word utilize.
People would want to work for my company because I would treat them like family. And, I would think of them as family. I aimed to create a company that is based on enthusiasm and teamwork, and my team is going to profit and excel together. I felt then, as I do now – that a teamwork based company could prove to profit more than companies who don’t give special care to their employees.
I began work on my literary magazine immediately after the idea came to me, and left my day-job almost immediately after that. Now, literary magazines are not exactly notorious for being millionaire makers. But, I knew that I was going to have to make some serious money in order to pay my bills and keep my team satisfied. I wanted the best of both worlds: an almost hippie-like company based on love and passion for writing, and a profitable business that did more than just make my ends meet.
I was going to have to be completely different than any other lit-zine editor that I knew of, and completely different than any boss I’d ever had.
In order to be a great boss I had to scrap a lot of my allergies to protocol. Rules, protocol, structure – these are words that I hated. But, they are concepts that we need as bosses. Rules work because those who work for other people need a bit of direction. We naturally adapt to patterns and can produce better work once we have a routine. You are not selling out if you suddenly realize that you need some pretty firm company policies.
Chances are that many of your employees will not be entrepreneurs themselves and will appreciate guidance from their fearless leader – YOU. So be fearless.
The first time I was called boss I kind of threw an internal fit. I knew that the voice on the other end of the phone was sincere, and that I was truly beginning the life I’d always wanted. But thoughts like — I’m still just a kid, and Half of my team is older than me — they know so much more than me — kept rolling through my mind. I was experiencing the opposite of letting it all go to my head. I was wondering why it was all happening.
Clearly, it was all happening because I had set it in motion. And, if I was going to keep it in motion I would have to find trustworthy people who could fill in my blanks. We all have fears and weak points – and we also all have our own expertise. But we all have one role in our business – and that is the role of boss.
You cannot be the boss and the marketing guru and the lawyer and the janitor forever and have a successful business. If you’ve gone to school for marketing, your degree will lead you into making the right marketing decisions, but ultimately you will need to establish a person or group who handles that leg work for you.
In the beginning of your start up – you will be multitasking in every aspect of the business. Heck, you may be multitasking in every aspect of your biz until you retire. But you need check points. You need qualified individuals who can advise you, spread your word and get down and get done with work that you leave behind.
You also need people to look over your work and tell you how to improve. That is, if you intend on becoming as famous as I intend.
My weakest trait is that I often bite off more than I can chew, get overwhelmed and freak out when I have a big project due. You wanna be a great boss? Know your weakest points and do not be afraid to associate with people who can accommodate for them. Do not be afraid to associate with people who are better at what you do than you are. They will teach you and enrich your business.
I’ve struggled with being afraid of getting exactly what I want. I’ve known what I’ve wanted since I was eight, and worked tirelessly at it since I was 16. And now everything’s coming together. My writing is getting published, my magazine looks great, and I’m getting commercial writing gigs. Plenty of opportunity for getting overwhelmed. Plenty of room for stress.
My own weaknesses could mean failure to my business.
I’ve partnered with my husband who both motivates me and critiques my work. He won’t let me slack off. So, am I still in charge? Yes… I’ve made an informed decision to partner with someone who ensures that I follow my own rules. So my business stays afloat.
Choose partners who you feel tightly connected to. Set the rules and pick your enforcers. Don’t allow your fears and weaknesses to stop your business flow.
Now that you are truly your own boss – the consequences for not following the rules are so much higher.
You are not going to get reprimanded or fired if you screw up –- you’re going to have to live in the muck that you’ve created. And you’re going to have to own up to your mistakes. That’s huge. Especially if you’re coming from the cush university life, or from the bottom of some corporate barrel – where you left your job at work.
Tackling your own weaknesses and realizing that you cannot be the one to do EVERYTHING (even if you are an expert) are smart steps that bosses must take to succeed. You are the boss. You are the over-seer.
Take every positive lesson you’ve learned from every phone answering, file clerking, temp job you’ve ever had and make it your own. Remember what its like to be a good employee and employ people who compliment and compensate for you. And balance your fears and weaknesses with human check points.
My team is my greatest weapon against my fears and potential failure. I will not fail because I have designed my business to suit me perfectly. You need to do that. You need to be completely honest and true to yourself about what you need, where you excel and what you are lacking.
I recommend mapping out profiles of candidates who can help fill in your blanks. But, here are some general ones that we all need – that will make any business run smoother and any boss less stressed.
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The Confidant
This can be your actual business partner or just a very close entrepreneurial associate who will give you constructive feedback on your ideas. You are not afraid to take criticism from this guy. You may even call him a mentor, because you will need to go to him for advice when you’re in a sticky situation. This person is a part of your business to teach you. So, the relationship must be built on trust.
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The Accountant
Even if you have a degree in accounting and spent all of your childhood summers doing fake taxes just for fun—you need a separate accountant for your business. (Unless you are running an accounting form). But, if it is your intention to be the boss – how are you going to keep up with all current tax breaks and rules. A good accountant knows exactly how to save you lots of money and keep you from getting audited (or in trouble) because that’s their chosen profession. Do not try to do your own taxes – it takes time away from your job.
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The Lawyer
Lawyers write contracts, review contracts and cost a lot, right? Yes. My brother-in-law is a lawyer and supposedly charges more than any other attorney in the area. That’s because he’s worth it. Do not skimp on attorneys. They will advice you on how to run your INC, LLC and describe the differences between them. In my business, my lawyer also ensures that I get paid enough and on-time for jobs. He handles a lot of dirty work that would take me triple the time and cause me tons of unnecessary stress.
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The Assistant
A great assistant can really be your start-up’s life saver. You may not be able to employ one for a while – but there are possibilities for internships or volunteers. Think about how much more you could get done if you had even just an extra five hours of help a week. Find someone who loves to do the part of your job that irks you the most. People work quicker when they love what they’re doing.
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The Right Goals
Set schedules are important. But they’re only good if you follow them. We need to set goals that we can reach. Goals that we can measure the progress of – because we need to see our own progress to keep motivated. Setting short term and long term goals will help you feel less overwhelmed. I think that being overwhelmed is often what causes me to step back and stop working.
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Personal Time
Personal time comes after work time. You don’t just take personal time when a whole load of work comes in. Set some standard “you” time – like a consistent day off. But also allow for spontaneity. Never forget that you are still young and cool. Getting out and experiencing the world can help free your mind of your fears and help your creative juices to flow – when you return to the office.
You are an entrepreneur – which means you’ve already accepted that you were put here to make positive changes. And, you will continue to thrive with your business. Own up to your role. Own up to you. And every now and then sprinkle some Mr. Bubble in the bath and conference your clients. Because you can.
Tuesday, January 23 by David Askaripour in Life | 2 Comments
You may think that the key to success is having a great strategy, but you’d be wrong. They key to success is having a killer strategy and having effective tactics that are used to implement your determined strategy. Any successful general knows that having a clear strategy combined with strong tactics will lead to victory.
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Strategy >>
Strategy is all about “doing the right thing.” Your strategy will be the roadmap of your business. The shining light that guides the direction of your business. Each entrepreneur will formulate their own strategies suited to your particular industry and sector.
Your strategy should consist of your vision, ambitions, and foresight as to where you see your company going. Think of the strategy as the blueprint to your business.
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Tactics >>
Tactic are all about “doing things right.” If strategy is the blueprint of your business, tactics are the tools that you use to build the business. You use tactics to push forward with your strategy. Tactics are your tools for implementing your strategy and reaching your goals.
Tactics may vary from launching a coordinated series of services that nobody expects to innovating a completely new business model that disrupts their entire industry. Another common tactic is to carve out a particular niche and do it so well that your service becomes the standard.
The entrepreneur who has a solid strategy and an effective supply of tactics, is the entrepreneur who is well prepared to succeed with their venture. Think of yourself as the general of an army. It’s your job to layout the plan of attack (business plans & goals), coordinate your troops ( organize your venture), launch an effective assault ( release excellent services), conquer the opponents land (establish a niche and protect it), and establish rule and order ( scale your venture to amazing heights by keeping your customers happy).
Good luck, General!
Tuesday, January 23 by David Askaripour in Video | Leave a Comment
Jerry Kaplan elaborates on the 5 biggest mistakes that entrepreneurs make:
- Having unclear goals and an unclear mission.
- Trying to prove that you are smart - very common in young entrepreneurs.
- Greed - doing it for money, not raising enough money and not distributing the equity and widely as possible.
- Hiring people that they like rather than people that they need “A company is not a social club.”
- Not knowing when to let go. “If you are a great start up CEO does not mean that you are a good CEO of a billion dollar company!” Have a realistic self assessment to know when to step aside.
Please visit the Stanford Technology Venture Program’s Educator’s Corner for more clips.
Tuesday, January 23 by Cory Perry in Start-Ups | Leave a Comment
One of the most important parts of running a successful design company, is attracting, maintaining, and keeping clients! Without the clients, there can be no work, and without the work, there is no company. So just how do you make sure that you keep your clients happy? You make sure that you tell them what they want to hear, and deliver it.
Often times, a client has chosen to meet with you because in some way, shape, or form, you offer what they are seeking. Something has told them that you can probably do the job they need and you will do it right. But will you? That is what the client wants to know.
When we first started our company, we were in the mindset that we had to land every client and every job that was presented to us. This seems like the ticket to success, however, sometimes it can be a ticket to a nightmare. The reason for this is that you are not always right for the client and the client is not always right for you. At some point, you have to put money aside and think about the project as a whole and what it can ultimately do for you as well as the client.
Contrary to popular belief, not all clients are concerned with price alone. In fact, I have found this to rarely be the case. What they are concerned with is whether or not you can deliver adequate value for the price they must pay. If you are quoting them $4,000 for a new website, you better be able to justify that price to them in a return on investment that will warrant them paying that price.
If you cannot do that, that client is going to find someone else who can. Clients simply want to be sure that they are going to get a return on their investment, and when they do, they will love you forever! Show them that your work is of value to them and they will be quite confident that you can deliver the goods. If you come up short, they will be very hesitant to ever call you again or recommend you to anyone else that may need the same services as they did.
So what can you do to make sure that you deliver what you say you will? Well, first and foremost, be honest. If they are asking for things that are out of reach, tell them. If they are asking for the world for the price of a neighborhood, tell them. The last thing you want to do is end up upside down in a project because you needed to have the job.
You also do not ever want to promise them something that you cannot deliver. Do not promise them a front page ranking in the major search engines if you are not sure you can deliver that. This will haunt you for the rest of your existence because they may not remember the thirty things that you did deliver, but they will without a doubt remember the two or three things that you did not deliver. Being honest and keeping the projects within your abilities will pay off ten-fold in the long run.
The next time that you have that important meeting with a client, remember that they are coming to you because you are the professional. They want to be assured that you are going to provide them with everything they need, and nothing that they don’t need.
Clients want to be sure that you can provide value for their investment, and as long as you do that, you will keep them as a satisfied client for years to come. When you tell them what they want to hear, and then deliver it, you will be on the track to much success in your business. Remember that the next time you have that important meeting with one of your valued clients.
Cory Perry is the co-founder and Creative Director of DigitalRealm Media, a small design studio located in Greenville, SC. You can read more about DigitalRealm Media and Cory by visiting the website at digitalrealmmedia.com.
Monday, January 22 by David Askaripour in Life | Leave a Comment
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Bravery >>
For the most part, bravery is something that is good. Bravery pushes us to excel, helps us fight through fear and breakthrough insurmountable obstacles, and allows us to standup for what we what out of life. However, bravery can also lead to the entrepreneurs demise. The entrepreneur that is too brave may become reckless and take unnecessary risks that lead to destruction and major setbacks. Use bravery as a tool to keep you moving, not as a means to make rash decisions and take uncalculated risks.
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Overly Cautious >>
It’s okay to be cautious, but there is a thin line between caution and simply being scared to move forward with something. Too many times young entrepreneurs find themselves doing more “thinking” than “doing” because they spend all of their time trying to plan out their every move – not good. Procrastination is just fear in disguise. Don’t turn into a coward and never do the things that you’ve always want to do. Being overly cautious puts you and your business at risk from ever materializing your plans.
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Anger >>
Sure, we all have hot heads from time to time, that’s expected. However, you can’t let anger control you. An angry entrepreneur is extremely susceptible to making bad decisions because their minds are clouded with negative feelings. Anger makes you vulnerable to making “emotional” decisions instead of “rational and logical” decisions. The next time you feel your blood boiling, either take a break before proceeding with running your business or do everything in your power to isolate your anger and move forward with your work with composure and equanimity.
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Sensitivity >>
Ah, this one can be a killer to your business. It’s great to be a nice guy – who doesn’t like a nice guy? But there comes a time when you have to put your foot down and let people know exactly how you feel even if it hurts their feelings. I am guilty of being overly sensitive at times and sometimes find it hard to talk to people straight up, but it’s something that just has to be done. It’s good to be aware of other peoples feelings, but not to the extent that it’s going to jeopardize your business. Sometimes you just have to “do what you have to do.”
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Worry >>
The entrepreneur that lacks confidence is the entrepreneur who is going to make mistake after mistake, over and over again. You must have confidence in everything that you do! The ones who succeed in life are the ones who are fully confident (100%) in their mind that they have already won even before the task, battle, what have you, has begun. You have to win in your mind “first” before you win in the real world. If you aren’t confident about doing something, then chances are they you’ll never successfully do it, or you’ll make plenty of mistakes along the way. Be confident. Believe in yourself. You can do it!
The entrepreneur who considers himself a leader must be able to overcome these faults and pitfalls; you must be able to transcend and rise to the occasion of being a confident, brave, emotionally stable, and direct leader who executes plans and makes things happen. Find the balance, there’s room to improve within all leaders.
Friday, January 19 by David Askaripour in Innovation | 8 Comments
Start your day with some inspirational words from some of the most influential, powerful, and innovative, figures that ever lived. These minds of brilliance have changed the world and affected the minds of millions forever. Carefully consider their words when running your venture. If you ever need a motivational boost, read these quotes and study their words.
- If you’re an entrepreneur, you’re going to break new ground. A lot of people are going to say it’s not possible. You can’t accept that too easily. A good entrepreneur is going to find a way.
–John Osher
- You think you are beaten, you are. If you think you dare not, you don’t! If you want to win, but think you can’t, It’s almost a cinch you won’t. If you think you’ll lose, you’re lost; For out in the world we find Success begins with a fellow’s will; It’s all in the state of the mind. Life’s battles don’t always go To the stronger and faster man, But sooner or later the man who wins Is the man who thinks he can.
–Walter D. Wintle
- Chance favors only those minds which are prepared.
-Louis Pasteur
- If you chase two rabbits, both will escape.
–Chinese Proverb
- You are far more likely to succeed if you superbly execute a mediocre idea than if you execute a superb idea in a mediocre way.
– Judson
- Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.
-Mark Twain
- We act as though comfort and luxury were the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about.
-Einstein
- Your twenties are always an apprenticeship, but you don’t always know what for.
-Jan Houtema
- Courage is like love; it must have hope to nourish it.
–Napoleon Bonaparte
- Obviously everyone wants to be successful, but I want to be looked back on as being very innovative, very trusted and ethical and ultimately making a big difference in the world
–Sergey Brin
- Failure defeats losers, failure inspires winners.
–Robert T. Kiyosaki
- We will either find a way or make one.
-Hannibal
- The successful person makes a habit of doing what the failing person doesn’t do.
-Thomas Edison
- Not a single person whose name is worth remembering lived a life of ease.
-Ryan P. Allis
- A man’s worth is no greater than the worth of his ambitions.
–Marcus Aurelius Antoninus, former Roman Emperor
- The real source of wealth and capital in this new era is not material things.. it is the human mind, the human spirit, the human imagination, and our faith in the future.
–Steve Forbes
- The entrepreneur builds an enterprise; the technician builds a job.
–Michael Gerber
- As we look ahead into the next century, leaders will be those who empower others.
-Bill Gates
- Give me a lever and a place to stand and I will move the world.
-Archimedes
- Success is going from failure to failure without a loss of enthusiasm.
–Winston Churchill
- I am grateful for all my problems. I became stronger and more able to meet those that were still to come.
–J.C. Penney
- If you can’t play on a specific mountain, there’s no reason not to build your own.
–Donald Trump
- In the realm of ideas everything depends on enthusiasm.. in the real world all rests on perseverance.
–Johann Wolfgang von Goethe
- The only way I can become great in this world is not by what I do to my body…but what I do to my mind.
-From the movie “What the Bleep Do We Know?”
- You have to have something inside you that wants to kill… You go out… and take the opportunity, that chance… You are king of the mountain.
–Don, from the book “The Millionaire Mind”
Which one is your favorite quote and why?
Thursday, January 18 by David Askaripour in Member's Stuff | 1 Comment
Ryan Allis, 22 year-old entrepreneur and founder/CEO of IntelliContact newsletter service joins the Mind Petals Community today. Ryan’s an impressive entrepreneur with plenty of insight to share with our community.
You may have heard of Ryan’s book, Zero to One Million: How to Build a Company to $1 Million in Sales, which traced his journey of building a company to a million dollars in sales. Quite the feat. Additionally, Ryan is an accomplished public speaker who has proven himself as an effective motivator and teacher of entrepreneurship. Learn more about Ryan and follow him on his journey to success by visiting his site.
Welcome, Ryan!
Thursday, January 18 by David Askaripour in Operations | 3 Comments
I have plans. You have plans. We all have plans. Entrepreneurs are constantly coming up with ideas, strategies, tactics, and goals for their ventures. Having plans and goals is a great thing, no doubt.
However, without the proper organization and prioritization of those plans and goals, you won’t be able to measure your success and know when goals are reached. If you have goals, you’ll need to set up a system to track those goals.
You don’t want to have a list of a million things to accomplish and never organize them in a manner that you can track your progress, that wouldn’t be prudent. It would be a waste of your time and be very inefficient to your business.
Ever hear the business saying: “back to square one”? Well, without the necessary organization of your plans and the required follow-through to see those plans realized, that’s exactly were you’ll remain with your business — square one.
But we don’t like square one, right? Square one is just the beginning of our plans. Any entrepreneur that wants to be successful and accomplish their goals wants to get to square two, square three, square four, etc… Square one just isn’t cool.
So what about taking that business saying of “Square One” and making it real. What do I mean? I mean literally taking out a white sheet of computer paper and sectioning it off into squares.
You can do it on anything, really. If you prefer a whiteboard, take it out. If your prefer a notebook, get it ready. If you want to make something with Photoshop or Word, then load ‘em up!
Now draw a few squares on the paper and begin to write down your monthly goals. Sure, you can also do long-term goals as well, but I find focusing on monthly goals is much more motivating and keeps me more focused on my goals.
You can devote each square to a particular project or category. For instance, maybe you’d like to increase traffic on your site so you’d create a square called “TRAFFIC” and within that square created a bulleted lists of the “actions” that you plan to take that month to increase traffic.
Once you start creating these square and sticking to them, you’ll never remain at square one. Each month start with a fresh set of squares and do everything in your power to realize your goals and plans for that month. Stay focused. Stay committed. And watch as those squares go from goals to results!
Thursday, January 18 by William Quisenberry in Innovation | Leave a Comment
Emotions are very typical for any breathing and functioning human being, whether they choose to show them or not. Typically we view females as being much more emotional than males, however males are just as emotional as females but they usually express them to the general public in a totally different way.
This article isn’t meant to be geared towards the focus of emotional expressions and how they may differ according to genders. However regardless if you notice it or not, or rather you’re willing to admit it emotions do play a vital role in our everyday life, including when we own and operate business ventures.
That’s right emotions aren’t only relevant to the Oprah or Dr. Phil show, but they can have a very dramatic and direct impact on the success level of your firm.
Life takes us for very drastic rollercoaster rides, a track full of up and down scenarios. When negative things happen in our business life, sometimes we can become so distraught that our mind begins to wonder off, we become overwhelmed emotionally and ultimately we may begin to react out of emotion instead of using our greatest asset, which is our brain.
Some of the most successful individuals we have seen in this world regardless of their position or career focus, have been those that were able to manage their emotions and remain calm through all the turbulent situations of life.
Now this doesn’t only include managing negative emotions, but also you must manage positive ones as well. For instance sometimes young entrepreneurs will set goals and daily fight hard to reach those goals while facing a whole host of tribulations.
Then after all the hard work including the long nights up in the office, through the times of working two jobs and also trying to run a business, or attempting to be a student/entrepreneur, they finally hit their goal and start operating a successful business.
So now with the success, notoriety, and of course the money that comes with a successful venture, sometimes young entrepreneurs will allow their emotions of success to take over, and they lose their drive and begin to slack off thinking that they have made it to the promise land.
We all know what happens when this type of mentality and attitude sneaks into the equation; things quickly begin to fall apart and before you know it you will be back to square one, wondering where in the world did things go wrong!
So regardless of what is going on within your life, both personal and professional, regardless of what is going on around you with friends, family, politics or whatever else, when you get to the point where you’re staying rooted and grounded and always maintaining your emotions at a stable and constant level, your reactions and decisions won’t suffer and fluctuate like the situations in life do.
Wednesday, January 17 by David Askaripour in Life | 3 Comments
One of the fundamental differences between working for someone and working for yourself is this: When you make mistakes working for someone else, you get yelled at and/or fired. When you make mistakes working for yourself, that’s ok, because it’s a learning process and you come back stronger.
Working for someone else and then all of a sudden working for yourself can be quite the transition for many entrepreneurs. Some entrepreneurs can’t shake out of the employee mentality and conduct their business scared to make mistakes, expecting someone to tell them what to do, and depending on people such as co-workers who used to be in your corner in the office.
For those of you young entrepreneurs running your own business and still thinking that you’re an employee, you need to wakeup! Your boss is gone. Your coworkers are gone. Your former clients are gone. Your life is new.
Many of you have recently quit your jobs, graduated from college where you worked an internship, or are currently running a business while working a regular job. All of you have made the decision that you want to become a successful entrepreneur, congrats.
It’s imperative that you are able to recognize that you are no longer working for an employer, you are working for yourself — you are the boss now.
Here are some common “employee mentalities” and some ways to break out of them:
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Indecisiveness:
Some of us are so used to people making important decisions for us, that when we start our own companies we find it hard to make fast decisions. As an entrepreneur you have to be decisive. Learn to make fast decisions. Don’t be scared to make the wrong decision. A wrong decision is better than no decision. Stay sharp and be on top of what’s going on with all your projects at all time, this will give you the necessary intelligence to make fast, clear, and logical decisions.
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Uncertainty:
You’re on your own now. It’s scary running your own business, I know. There are going to be times when you’re absolutely lost. Being scared and confused will cost you your job when an employee, but as an entrepreneur you must embrace uncertainty. Embrace the unknown. Sure, you won’t always have your bases covered, but that’s ok. Entrepreneurship is about experimentation, learning as you go, and getting up when you fall.
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Schedule:
No more 1000 unnecessary meetings to attend. You know, the meetings that your boss made (re:forced) you attend that amounted to absolutely nada, when you could be doing real work (re:playing games and reading the news). Now that you are on your own, it’s time to set your own schedule and make the most of your workday. Some of you may be used to wasting most of the day playing online games or reading blogs while being an employee (the best part of the day ;)), but now that you’re on your own….no more time wasting! No more 2 hour lunch breaks. No more 30 minute chats with your coworkers about your weekend happenings. No more fake sick days (heh… those rocked!). It’s time to step it up a notch and start making things happen now that you’re the boss. There’s no time to waste.
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Centralization:
Most employees come from a centralized organization where all commands come from the one mighty master, your boss. Forget about that. It’s time to decentralize things now that you’re in charge. Don’t make the same mistakes that your employers made. As a founder of a company, it would be a mistake to make “all” the decisions and having “all” orders come from you. Create small groups within your organization and put smart people in charge of them. Decentralization is about “sharing” the control, not monopolizing it. Your organization should not be a dictatorship, it should be a community where your employees are treated like partners. Everyone should have power, not just you.
As a young entrepreneur you can’t afford to be stuck in the employee mentality. If you’ve made the decision to run your own company, then realize that you are the boss and the you’re on a different playing field now. Take charge. Take command. Step up to the plate. You’re the man now and never forget that.
Can you think of anymore “employee mentalities” and ways to breakout of them when becoming your own boss?
Tuesday, January 16 by David Askaripour in Operations | 8 Comments
As a young entrepreneur, do you think about the stock market? I began studying the stock market about 3 years ago but ultimately decided that it would be best to invest in myself (my business), before investing in other businesses.
Studying the stock market can be very fun. It’s great learning the ins-and-outs of how a company operates, makes profits, generates revenues, and all those fun margins. This type of financial research can help you run your own company. I’m sure that you’ve thought about investing at one point in your life, yeah?
I won’t go into the details of investing, but let’s just say that its possible to make a lot of cash from the market if you know what you’re doing. However, the majority of investors “lose” money, sadly enough.
Look at the most successful people in the country and you’ll see that they didn’t become successful from investing in the market (unless you’re thinking about Warren Buffet), they became successful from investing in their own businesses.
I used to think that investing in the market would be the answer to prosperity and amassing extreme wealth, but that’s seldom the case. When you’re playing the market, you’ll never have the same level of control as you would with your own business.
The market is extremely volatile and is predominately guided by investors’ emotions such as fear and confidence. Your entire holdings in a company can be wiped out in a matter of seconds if an insider (someone who owns 5% or more of a company) decides to start unloading large blocks of shares, resulting in a sell-off as investors lose confidence in the stock.
When you invest in your own business, you’ll never have to worry about someone affecting your business in such a way (assuming that you’re not a public company).
I’m not saying that you shouldn’t invest in the market, I think that you should. Investing in stocks, bonds, and funds is a great way to build large amounts of capital over the long run. However, as a young entrepreneur, your main investment vehicle should be your own business.
When you’re first starting out every penny counts and you can’t afford to take on additional — unnecessary — risks by investing your profits in the stock market. Heck, you’re already taking a big enough risk by starting and investing in your own company.
A great strategy would be to focus on building up your business to the point where you can realistically afford to start investing in the market. Only you can determine that time — you’ll know when.
At that point, I would suggest YOU spend a few hours a week investigating companies or funds that you’re interested in investing in. The fool.com is a great place to start. In fact, it would be in your best interest to start studying now if you ever see yourself investing in the future and/or hiring a financial advisor to consult with.
Let’s find out if Young Entrepreneurs are investing or not:
What are your thoughts on investing in the stock market.. yes, no, maybe so?
Tuesday, January 16 by William Quisenberry in Innovation | 2 Comments
Any entrepreneur who plans on succeeding in their respected field must always be willing to embrace the importance of negotiating.
If I was going to personally define what it means to negotiate I would say it is “basically the art of discussing terms of business back and forth between at least two parties, until some form of agreement is met.”
Many confuse negotiating with sales and while a large portion of sales does usually include being able to negotiate, negotiating doesn’t necessarily always include sales.
Young entrepreneurs need to not only learn and perform negotiating tactics while they are closing deals by offering others their services or product, but they also need to understand that they must negotiate with others concerning their business’s operations, because this will vastly decrease expenses, time, and unwanted terms.
For instance, it’s imperative to discuss terms with contractors and usually you must attempt to negotiate a lower rate for services and make sure the deal is tailored to fit your specific needs.
There is no need in taking the first contractor that you meet and there is also no need in taking a plan that doesn’t help your firm and isn’t priced to your specific budget.
Besides negotiating with contractors for those of you who are in retail, you must discuss terms and negotiate rates with suppliers. You have to negotiate terms with your own partners and it’s also important to negotiate with financiers or investors.
You must understand that you may not always get the price or terms that you are exactly looking for, however by being willing to at least stand up and speak out concerning the deal, you still may end up making the terms much closer to what you were expecting.
Remember you’re not trying to stiff the other party out of anything or selfishly go into a negotiation session. The best deal is one where both parties leave the table satisfied and happy.
If negotiating is something you feel that you need work with, you can find books, home study courses and even seminars on the subject.
Many of the top negotiators in big business usually agree that negotiation skills are almost something that comes natural to certain individuals, but I feel that it can definitely be learned. I think many people say that negotiating skills are born into the genes, because most of the best negotiators usually have a lot of charisma and obviously this is a trait that usually is sewn into somebody’s personality.
A large part of negotiating thrives around communication abilities, so I think that it’s also very important to learn “Interpersonal Communication” skills and also read up on “Corporate Communication;” these areas will not only teach you how to effectively negotiate, but also how to communicate and interact with others around you successfully, both in and outside of business.
At the end of the day, if you find that you are suffering or lacking the negotiation skills that your firm needs, you always have to remember to find somebody who has those proper skills and try to fill the void by adding them to your team.
Many attorneys usually include negotiating contracts on your company’s behalf into their range of services. Attorneys are usually some of the best negotiators and if you can find a really good one that is willing to make calls here and there and even attend meetings to negotiate on your behalf that would be absolutely wonderful.
The downside to this benefit, however, is many attorneys will usually construct a hefty bill for offering these services. Like I always recommend when searching for attorneys, unless you know one personally go with the younger attorneys who don’t have a large clientele yet.
These younger attorneys usually will display and possess many of the same qualities, talents, and abilities as older attorneys, also they aren’t as stuck up, they’re usually much more hungry and fired up, they have more time to devote to your business because they don’t have as many distracting clients, and younger attorneys will be willing to take considerably lower fees than other attorneys because they usually are in debt from law school and also because they are trying to get a new firm off the ground.
Regardless if you have to buckle down and teach yourself how to discuss business terms and reach agreements better, or if you hire the services of an attorney or business consultant, make sure you have the power of negotiation on your side, one way or another.
Tuesday, January 16 by David Askaripour in We're Talkin' | 2 Comments
Educate Deviate, and blog focused on alternative education, recently interviewed me. Our discussion mostly revolved around entrepreneurship and how students can become entrepreneurs without feeling tied down to what their parents think or how well they perform in school.
Check it out: here
Monday, January 15 by David Askaripour in Video | Leave a Comment
hong-Moon Lee believes that leadership and dynamic managerial style are two important skills that every successful entrepreneur must have. He goes on to discuss the necessary skill set that make a successful entrepreneur.
Please visit the Stanford Technology Venture Program’s Educator’s Corner for more clips.
Monday, January 15 by David Askaripour in Marketing | 3 Comments
The last time I checked MTV has about a billion reality shows nowadays. They started strong with The Real World, but since then have created a reality show for just about anything you can imagine.
MTV is either the smartest television company or the corniest. Help me out here, guys. We can all attest to watching — and enjoying — The Real World at some point in our lives. Right?
We enjoy watching a bunch of people “picked to live together” in a luxurious home where they get drunk, have sex, and party hard. It’s amusing, no doubt.
But what’s with this flurry of realities shows they now offer? I’ll name a few that I can think of:
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Laguna Beach:
This show makes me sick. It’s a show about a few rich kids in California who fight over boys, cry about rumors, and go to the beach. I actually sat through a few episodes of this show one day and I got up feeling mentally challenged. It was that bad.
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My Super Sweet Sixteen:
A show about rich kids who want to throw a “super sweet sixteen.” It’s based around young girls or boys (yeah, I guess they have sweet sixteen’s as well) begging their parents for an expensive party and getting a car at the end.
- Hmm… what’s another. Oh,
Pimp My Ride:
A show that revolves around rap star Xzibit going around to homes in California and granting kids who drive broken down cars with a new “pimped out” ride.
fill in the blank
At first site I would think that MTV is diluting their brand with this onslaught of corny reality shows. But after some thought, they may be smarter than I think.
Why? Because people actually watch these shows! MTV is selling the dream to the masses.
The girls who want to be rich and spend their days doing their nails and gossiping about boys all day are flocking to Laguna Beach. The guys who are into driving flashy cars are flocking to Pimp My Ride. And the young girls who are dreaming about having that super sweet sixteen bash are salivating over the My Super Sweet Sixteen show.
People are really eating these shows up. What’s corny to me is brilliant to others. So what can we learn from MTV as young entrepreneurs?
Well, MTV built their reality show franchise with a bang! They started with The Real World which shaped their entire reality show industry. From that one show, they were able to build an army of reality shows with similar success.
If you plan on building a series of products or services, then you better start of with something brilliant! Something great. Something revolutionary. Your first service has to be good enough to pave the path for continued businesses.
The strategy should be to build something so well-executed and so stellar, that everything you build after will share in some of the success with the original service. Sure, it may not be as great as the first service — or it may be better — but the chances of it surviving are exponentially greater if you succeed with your flagship service.
The last thing that you want to do is create a series of “so-so” services when you haven’t already established yourself with a single brilliant service. You can’t add more apartments to a building with a weak foundation, it’ll crumble.
Build a strong foundation and focus all your energy on strengthening your flagship service. Your first service is going to give you the necessary credibility to build future services. It all starts from the one excellent service. If you simply throw multiple services at people without establishing yourself with something noteworthy, then all you’re doing is overextending yourself and destroying your brand.
Once your brand is destroyed, don’t expect to recover. Take the time to build up your main service. Build a solid foundation. Then, and only then, move onto building another service and so on and so on…
What do you think, has MTV overextend their brand? What are your thoughts on creating multiple services for your company — do you need a solid foundation first?
Saturday, January 13 by David Askaripour in Health | 17 Comments
What’s your drink of choice? When it comes to coffee and tea it’s not a hard decision for me. Tea is my drink of choice.
As entrepreneurs, I am sure that many us rely on stimulants such as coffee and tea to help keep us going throughout our busy days. I have no doubt that some of us drink upwards of 5 cups of coffee per day — wouldn’t you say?
I used to be the biggest coffee drinker ever. Coffee was my crack and it gave me that special feeling that kept me perky all day long. It was just so good. However, after learning about the vast health benefits of green tea, I switched over to the green side.
I learned that green tea is great for your entire system. Helps improve your brain functioning (cognition), improves digestion, clears skin, increases the amount of good cholesterol in the body and decrease the bad, improves memory, cleans blood, fights cancer, improves immune system, etc…
Sure coffee tastes great and helps keep us awake, but tea not only helps keep you alert, it vitalizes your entire system and the Chinese and Japanese have known this for thousands of years.
Now and then I’ll hit Starbucks for a coffee, but nowadays you’ll find me drinking around 2 - 3 cups of good ol’ green tea per day.
Share your drink of choice with the Mind Petals Community
As an entrepreneur, which do you prefer
Post a comment and let us know what type of tea or coffee you drink and why? Is it green tea, black tea, black coffee, etc…
Friday, January 12 by David Askaripour in Video | Leave a Comment
Chong-Moon Lee advices entrepreneurs to never give up, fight challenges with perseverance and have a crystal clear vision to be successful.
Please visit the Stanford Technology Venture Program’s Educator’s Corner for more clips.
Friday, January 12 by David Askaripour in Operations | 12 Comments
I recently read a quote: “If you are smart enough to know that you’re not smart enough to be an Engineer, then you’re in Business.” This quote is dead on when it comes to running a business as an entrepreneur.
Over 3 years ago when I started my first business I knew absolutely nothing about internet technologies such as XHTML, CSS, and PHP. The languages used to build websites.
After losing plenty of time and money and not to mention being taken advantage of by people who preyed on my ignorance, I began learning the ins-and-outs of web development and how to actually take an idea of a website and turn it into a real service.
I have to admit, when I first began learning these languages I told myself that I would become an expert in them and become a “master programmer.” I learned a ton about these technologies and have used what I have learned to help me run my internet ventures. The knowledge gained has been priceless.
And though I initially thought that I would become a “master programmer,” at the end of the day that just wasn’t for me. It wasn’t a part of my core competencies (re: the things that I do best). What I loved most was coming up with ideas, not staring at an HTML editor writing code.
Don’t get me wrong, as an entrepreneur it’s your duty to learn and broaden your scope of knowledge constantly — that is a must. But you shouldn’t try to become an expert in every little thing, especially if it’s not necessary.
I see it happening everyday, another young entrepreneur who isn’t practicing what they know best. If your true talents lie in writing, then you shouldn’t be studying programming books 80% of the time.
You should be writing 80% of the time and studying programming 20% of the time. As a founder of a company you have to know what “you” do best and what “other” people do best.
Want to know why Bill Gates is a genius? It’s not because he’s a brilliant programmer (far from that). It’s not because he’s a brilliant businessman. It’s not because he is able to hold onto the PC software market. It’s because he is able to hire the right people for the job.
Microsoft, and in effect, Bill Gates, is a genius because they are able to hire many, many brilliant people and put them together under the same roof with the same objectives.
Don’t fall into the trap of trying to do everything. When you do that, you dilute what you are really brilliant at.
If your talents lie in coming up with creative concepts and designing, then do that! If your talents lie in coding, then do that! If your talents lie in creating videos, then do that!
But don’t do things that you simply have no desire, passion, or the necessary skills to do. If you need an engineer don’t become one, find one. If you need a writer don’t become one, find one. If you need a server administrator don’t become one, find one.
I learned that I didn’t want to become a programmer, so I stopped trying to become one. But does that mean that I completely stopped learning web technologies? Absolutely not. I’ll never stop learning.
You should never stop learning. Just because you’ve hired someone to do your programming, designing, or videos, it doesn’t mean that you should stop learning those technologies. That wouldn’t make sense.
As I’ve always stated, “you need to know a bit about everything.” In order to intelligently speak to the people who you’ve found for the job, you have to have an intuitive understanding of the particular technology or whatever it may be. And that can only come from continued studying (the stuff you do 20% of the time when you’re not doing what you do best 80% of the time).
Just do what you do best and find other people to do the rest! (hey, that rhymes…)
Friday, January 12 by William Quisenberry in Innovation | Leave a Comment
When you read the title above I’m pretty sure you have a good idea where I’m going with this phrase. That’s right, I’m talking about the old saying, “You have two ears and one mouth, so you should listen twice as much as you talk.”
This quote is real catchy and it seems like something that is kind of funny and cute to say, but really this phrase is very true and its people that don’t understand this quote that sometimes get themselves in trouble.
As an entrepreneur it is imperative to learn the art of communication. Effectively being able to send and receive signals with others concerning your business truly is an underlying factor in succeeding.
Think about it for a second, you need to be able to communicate with partners, suppliers, clients, customers, contractors, with the audience you’re marketing to, prospects, friends, family and the list just goes on and on.
Many corporations have always said that their number one problem is getting their executives to effectively communicate with one another and also with stockholders.
Folks this is a real issue in business and if you can figure out how to become a better communicator you will have a secret key to success that many others around you have been unable to master.
When people think about communicating they sometimes begin to think that means being able to talk well to others. While this is a small portion of effective communication, the biggest factor is LISTENING!
If you don’t learn to properly listen to those who you’re interacting with, then you will never be able to properly decipher their message and come back with a precise and accurate response.
I use to think that when I was trying to close a deal, that I had to talk, talk, talk and talk some more a million miles per hour until I finally wore the prospect down and got them to sign a deal with me.
However this method is quite disturbing to clients and will ultimately make you seem very selfish and unconcerned about their particular needs and wants. When you learn to just shut up, listen and then respond according to your clients request, you will experience much more success at the end of the day.
So don’t always be so quick to run the flapper, put a zip lock on it, sit back, relax and just listen. Remember we have two ears, so let’s start using them instead of carrying them on the side of our heads just for show.
Friday, January 12 by Cory Perry in Start-Ups | 3 Comments
In my previous article, I introduced you to the enjoyable and creative side of starting a design company. This time around, I am going to tell you about all of the not so enjoyable things that you should look forward to when deciding to go out on your own. There is a couple of important legal and business things that you should be fully aware of.
Proper Licensing
This is a pretty important part of starting your brand new business, and with good reason. This keeps you in good standing with all of those nifty little state and government agencies that we all love so much. When you first start your business, you will need to decide how your business will be formed and get the proper licenses to conduct your business in that manner.
There are really three different options here – Sole Proprietorship, Limited-Liability Company (LLC), and a Corporation. All three of these options provide different levels of liability, means of operation, and tax benefits.
I am not going to go into detail for each of these, but please look each one up and research which is right for your business. For DigitalRealm Media, since we are a partnership, we chose the Limited-Liability Company route.
The typical freelance person or “1 person show” as it is commonly referred to would most likely opt for the Sole Proprietorship route. This will also vary by state and country so check up on your local laws for this information.
Another important part of this decision is whether or not your business will be home-based versus being in a public office or building. There are numerous laws that affect both of these situations so look into those closely before you settle on where your business will be established.
Accounting/Taxes
Again, another important topic that you should take very seriously! The most important part of running a business is keeping accurate financial records and making sure that you pay and file the correct taxes.
Get yourself a bank account in the name of the business and use this for all business related finances. Most accounts are very cheap or even free to start. It is very important that you keep personal finances and business finances separate, so a business bank account is essential. It also looks more professional and gives your business a stronger foundation to stand on.
Next, either hire an accountant or purchase yourself some good accounting software. Accountants can be really expensive and you may not be able to justify the price of doing this, but it can save you tons of time, money, and trouble in the long run.
If an accountant is not right for you, purchase accounting software and keep everything yourself. At DRM, we use QuickBooks software for all of our accounting needs and it works perfectly. It is inexpensive and walks you through everything you need to know to make sure that you are keeping things accurate and in order.
For the tax side of things, make sure that you are well versed in the tax laws for your local city/state. Most all require that you file and pay some type of quarterly income tax. I really suggest that you do not mess around in this area; it will not be very pretty if you do!
Once you have established your business, your mailbox will begin to fill up with various forms, documents, and literature that you should pay close attention to. Most all of this material will need to be submitted back to the proper authorities in some fashion.
So there you go! This article, combined with my previous article, should give you a really good foundation to build upon for your business. From this point forward, I will dive into other various topics that relate to running a design company. We will look at clients, various documentation methods, and specific topics that relate to the design industry.
Follow the series:
- Living the Dream: The ins and outs of a design company, Part I
- Living the Dream: The ins and outs of a design company, Part II
Cory Perry is the co-founder and Creative Director of DigitalRealm Media, a small design studio located in Greenville, SC. You can read more about DigitalRealm Media and Cory by visiting the website at digitalrealmmedia.com.
Thursday, January 11 by David Askaripour in Member's Stuff | Leave a Comment
An interesting young entrepreneur with a keen interest for politics and establishing businesses between China and the United States, Tom Serres is definitely a unique entrepreneur with plenty of insight to share with our community.
Currently wrapping up an accounting degree at the University of Texas, Tom runs his company, CDCST Inc, while helping other companies become more efficient and organized with their day-to-day operations.
Keep up to date with Tom’s company and what he has to share with the world of young entrepreneurs. Visit his blog here.
Welcome, Tom!
Thursday, January 11 by David Askaripour in Innovation | 2 Comments
I remember receiving my first skateboard at the age of 11. It was a birthday present. Even since getting that board, I fell in love with skateboarding. I no longer skate, but since starting, until the age of 14, skateboarding was my entire life.
All of these awesome memories came back to me last night when I saw Tony Hawk on television; they were doing an episode called “The Young and Rich” on CNBC and Tony was being interviewed about becoming a professional skateboarder at the age of 14 to now being an entrepreneur that sells over a billion dollars worth of video games.
I think that us young entrepreneurs can learn a lot from Tony Hawk. Though not initially an entrepreneur, he was following his dream to become the best skateboarder in the world.
In his early teen years, Tony was making “five dollars” here and there from royalties from his name being on skateboards, but not much to talk about. For Tony, it wasn’t about the money. As long as he could skate and travel, he was happy.
Tony decided not to go to college after graduating high school. Instead, he decided to travel the world and go on tour with his skate team. By the age of 18 he was already making six figures from sponsorship deals and events.
He contributes much of his success to the support of his family. He knew that skateboarding was his life and his parents fully supported his dreams and even agreed with his decision not to attend a university.
Tony never deviated from his love of skateboarding. He didn’t think of it as a business, but as a way of life; something that brought him extreme joy and kept him living on the edge. He defied just about any person who said that a certain trick “wasn’t possible.”
Now look at Tony Hawk. His name practically defines “skateboarding.” His game franchise has done over a billion dollars in revenue and he continues to expand his brand with theme parks, a clothing line, and, I’m sure, other products that are in the lineup.
Tony never let go of his passion for what he loves. As an entrepreneur, you can never let go of your passion. Your passion should be your business. Your business should be your passion.
Nothing is easy in life, but if you are doing something that truly makes you happy, brings you joy on a daily basis, and keeps your heart racing, then you can never let go of it. In time, it’ll bring you everything thing that you want out of life.
Tony built an empire around his passion. He is the Michael Jordan of skateboarding. Learn from Tony, and build an empire around doing what you love, not necessarily what pays the bills.
Wednesday, January 10 by David Askaripour in Marketing | Leave a Comment
See that title above… well don’t think that it’s a fancy title for this post, because it isn’t. When I say become a “walking and talking marketing machine” I literally mean it.
Last night I attend a technology event here in New York City and I made sure to wear my Mind Petals shirt. On the front of the tee it clearly stated “MINDPETALS.COM” and on the back it stated “Infinite Ideas to Bloom,” which in the community tagline that we have all come to k