Mind Petals

You’re working on what? “Me too.”

Sunday, March 18 by Brian Lash in Innovation | 1 Comment

When I tell an entrepreneur about a new product or service idea, he’ll ask, “Has it been done before?”

A lot of entrepreneurs – myself included – think along these lines; We hear a new idea and want to know if it’s truly innovative. And we consider our own ideas in light of those products and services that already exist.

But in so doing we exaggerate the relevance of first mover advantage.

FMA says that when a firm is first to enter a market with a new offering, it has demand and supply-side advantages over its competitors by virtue of its favorable timing. That’s because it can do a few things that later entrants (supposedly) can’t, such as:

• winning a spot in the market’s mind
• locking up key resources, and
• price skimming

So the theory goes.

But FMA is tough to prove empirically. Many street-savvy entrepreneurs put absolutely no stock in it. Others believe its advantages, if calculable, are fleeting.

That’s because “me too” companies (i.e. those firms that ride the market waves created by successful offerings which precede them) command several advantages of their own.

Consider Facebook (MySpace). Six Apart’s TypePad (Blogger). Apple’s iPod.

Companies of this variety are able to exist in the same market as — and in some cases usurp the power of — entrenched players.

That’s because they must:

• invest less in R&D and market research, and
• spend less time and money readying the market for its innovation (consider that while Rio had to spend millions telling the marketplace what an mp3 player is and does, Apple – who incidentally followed Rio – delivered its offering to an informed marketplace. And won to the tune of billions in revenues.)

Not bad.

The point is that there’s often plenty of room for more than one heavyweight in a marketplace. And that while that fact is often lost on we innovation-obsessed entrepreneurs (“I needs to do something new – something that’s never been done before”), it’s worth considering when we next evaluate a market opportunity.

If nothing else, we’ll know that our attempts to develop “me too” offerings put us in good company.

Brian Lash is founder of The Tipping Blog and writes about the entrepreneurial experience at BrianLash.com

Knowing the Jungle – A Lesson in Every Entrepreneurs’ Work

Tuesday, March 6 by Brian Lash in Innovation | 2 Comments

Entrepreneurship is about creating value by defining problems – in our workspaces, companies, and environments – and by finding and implementing innovative solutions to those problems.

According to our definition, innovation, like sand to the ocean, is an indispensable component of the entrepreneurial experience. But how often do we think critically about terms like “innovative solutions.”

Restated, what does innovation mean for us and for our companies? And if it’s such a mission-critical tool in our entrepreneurial toolkits, what can we do to put the innovative process to work to help us scope out and capitalize on new business opportunities?

Tom Kelly of design firm IDEO addresses this topic in The Art of Innovation. He makes a number of great points, but my favorite follows:

“You can’t know the lion if you aren’t in the jungle.”

Interesting.

He means that we generally don’t see opportunities to innovate with our mind’s eye. Instead, we stumble upon them while we’re visiting a friend’s new apartment. Or shopping. Or at the dentist’s office. Or on vacation.

The logic goes something like this: When we’re away from our familiar quarters our senses run overtime. Good thing, too, because that survival mechanism helps us to quickly see, consider, and react to occurrences alien to us. It also means that we hear and see things – sometimes novel, sometimes not – in a new light.

This has a number of outcomes. Most important for our purposes, our minds become dramatically more capable of sensing and perceiving business opportunities.

What’s more, this “innovation from the field” has an additional outcome that’s more obvious than the preceding, but that’s equally compelling: It brings us into contact with problems we wouldn’t otherwise know. Consider your town’s hospital. What are its inefficiencies?

Acquisition of new medicines?
Distribution of those medicines to patients?
Timely flow of information among branches?
Coordination of staff?

I certainly don’t know. Maybe you don’t either.

But how could we expect a deep knowledge of the hospital’s (or bank’s, or supermarket’s, or manufacturer’s) uncommon needs and value-adding opportunities unless we observed that acquisition, distribution, flow, and coordination first-hand?

The point: We need to get out. To see people in new places doing unfamiliar things. To “know the jungle.”

Only then do we intimately understand needs and opportunities. And only then may we create value.

Brian Lash is founder of The Tipping Blog and writes about the entrepreneurial experience at BrianLash.com.

Getting Much Needed Help

Wednesday, February 21 by William Quisenberry in Innovation | 2 Comments

As a startup entrepreneur, the beginning stages obviously requires many young professionals to wear many hats due to the lack of capital and also the lack of clients and customers. However as time continues to progress and you start to take on more and more projects, you may find yourself becoming a bit overwhelmed and strapped for time.

One easy and simple way to free up a lot of time is to hire a personal assistant to take care of smaller task, thus freeing up your time and attention for more detailed matters that require your undivided attention or focus.

Many times a personal assistant can almost fill the role of several employees because they can field your calls, take messages, run errands, type up reports, memos, letters, perform research, send and answer e-mails and the list just goes on and on.

By hiring a trustworthy personal assistant that is intelligent, hardworking and extremely competent, you may find that your job gets much easier and also that your work improves because you won’t have to focus on doing so many administrative functions.

Many times you can find college students, maybe friends or acquaintances that are willing to perform these duties for you part-time at a very small hourly wage. You can advertise in your campus newspaper or also through other media print ads in free journals or newsletters and specify that you’re looking for a competent individual to work part-time, and also be sure to specify that they will receive resume experience and you would be glad to write a letter of recommendation for them in the future.

Also another alternative is to use “Virtual Office Assistants.” This is something fairly new that is taking the business community by storm with the progression of the internet. Basically virtual office assistants work from their home office and can be almost anywhere in the United States, but they will use technological features to handle your workload.

I’ve never used a virtual office assistant, but one individual that I had contact with in the past while brokering deals was a VP at one of the nations largest Equipment Financing firms in the U.S. His office was in California and he had an administrative assistant who was located in Florida, and he claimed that it was the best personal assistant he ever had.

His assistant had her own 800 number with the firm, her own email address ending with the firms credentials, and they even had special phone lines set up where she could field your calls and transfer you to her boss’s office or voicemail in California.

Having a system like this would require a lot of technological assistance, a ton of communication to stay up-to-date on business matters, a very trustworthy assistant and also I would think some of the equipment could become fairly expensive as well.

Despite what you choose to do concerning your personal assistant, just make sure that you choose wisely. You can even use the help of a family member who is looking to earn a little extra cash. Making this small and simple addition to your venture could end up making a world of difference, and I’m sure the extra expenses of paying an assistant will be well worth it in the end!

Coming Up With A Company Name Isn’t A Walk In The Park

Tuesday, February 20 by David Askaripour in Innovation | 3 Comments

Ah… the company name. Your company name. Coming up with a distinct, powerful, unique, and memorable names isn’t always a walk in the park. The process of developing a name for your venture shouldn’t be taken lightly. Your name is everything. Your name is the company. Your name represents everything that your company is about.

For some, coming up with a name may be a 1minute process. For me, I usually like to give it a solid month or so when coming up with a name for a new idea. Taking the time to really think, consider, think, and re-consider is vital when you’re seeking to come up with a powerful name.

This is the time to muster all of your creative energy and unleash it. I like to think of developing a name as an artistic process. You, the entrepreneur, are the artist and the minds of the world is your canvass. It’s time to create your masterpiece.

Absorb Everything >> Start by taking in everything from your environment. Read books, look up words in the dictionary, look at colors and shapes, go to the museum, go for a walk in the park (excuse the contradiction, heh…), go to the museum, review magazines, newspapers, and journals. The idea here is to flood your mind with a slew of information.

Don’t worry if you feel overwhelmed by the amount of information that you are inserting into your mind – that’s the whole point. You see, the mind has a special gift for working things out, organizing information, and putting the pieces together (assuming that you have a clear objective: coming up with a great company name).

Just keep on absorbing and let the ideas marinate for days, weeks, months… however long it may take. If you keep at it everyday, it’ll just come to you – probably when you least expect it.

Be Weird >> I’m not kidding; you should try to think weirdly when coming up with a name. Embrace weird. Weird is good. Weird sells. Don’t follow your friends, the status quo, or what you see other companies doing – just do your own thing.

And in order to “do your own thing” you have to think outside the box (don’t you just love that cliché?). It’s true, you have to step outside of the “normal” way of thinking. You have to become radical. You have to swim upstream when everyone is swimming downstream with the current.

Don’t be scared to take big risks with your company name. People are much more likely to remember a “weird” name than a boring typical name that doesn’t really look or sound that much different from the next.

Time Factor >> Ok, ok, weird is good…. But make sure that your name will last the test of time. Don’t fall into the trap of developing a name around a current market trend, ahem… web 2.0. Com’on guys, how many companies started adding the little “r” at the end of their names after flickr launched? So many.

Don’t base your name of temporary market temperatures. Sure, web2.0 is hot right now but it doesn’t mean that your name should reflect that. Come up with a name that is going to be just as unique 20 years from now as it is today.

Sure, easier said that done and of course we can’t pretend to predict the future…but it’s best to at least try and construct a name that will achieve that goal. Sometimes coming up with a solid simple name will do the trick.

You’re young. You are at the peak of your creative energy. So take the steps “now” to come up with the right name. Remember, it’s us young entrepreneurs that are going to set the tone for the future of business, so keep that in mind while you brainstorm. Make history my fellow entrepreneurs!

Persistence Vs. Begging

Tuesday, February 13 by William Quisenberry in Innovation | 7 Comments

There have been numerous accounts and testimonials that I’ve heard and read about successful entrepreneurs that were relentless in their pursuits for greatness and also in their efforts to create a successful venture.

Many of these accounts make reference to these entrepreneurs continually trying to break into a certain industry through a specific contact or by another successful connection.

I’m making strides to go into real estate investing and I’m trying to enter into my first property deal. I’ve worked deals as a consultant and also as a finder/ locator where I would become a middleman for real estate purchases on behalf of other investors, however I’ve never performed my own investment personally.

I was able to acquire a great networking connection through my father, who had a friend who was a successful real estate investor and also mortgage broker. I received his contact info and gave him a call to introduce myself and tell him a little bit about my background, tell him about some of my current projects and my future goals.

After we talked I tried to arrange a lunch meeting or some type of way to get together and rub shoulders, to which he refused, because of his busy schedule, but we exchanged info and decided to get together again at a later date.

However each time I’ve reached out to this individual, tried to arrange a meeting or tried to get further insight about real estate investing over the phone, he seems to blow me off and seems as though he doesn’t want anything to do with me.

Finally I took what I felt was definitely a hint and decided that I didn’t need his connection and I could easily accumulate another contact elsewhere. I spoke to my father about the incident and he insisted that I needed to continue to make strides to get through to this individual, because that shows persistence and drive.

I feel that there is a thin line between persistence and nagging/ begging, to which I want absolutely nothing to do with the latter.

I’m not cocky by any means, I try my best to carry a humble mindset and personality, but I think every person needs to have some level of self-respect and I refuse to continually reach out to an individual who doesn’t want to reach back; regardless of how successful they are and how lucrative and beneficial their connection could be.

Who knows maybe he is too busy, I mean there is only a certain amount of time in the day and many people are overwhelmed with projects. Maybe he feels that I would be wasting his time and don’t really have anything I can bring to the table that would be beneficial to him.

Maybe he feels that I want to sneak in, accumulate some of his knowledge and tips, then run off and ultimately become one of his competitors. Regardless of what is driving his continual blowing off method, I’ve come to a point where I’m fairly frustrated with the situation and feel that it may be time to put an end to the whole process.

So I’m turning to my fellow young entrepreneurs here at the network for some true advice. What do you guys think I should do concerning this situation, should I continue to push forward relentlessly until this individual hears me out and gives me a shot, or should I take his hints, take my pride and move on? Thanks for any and all comments.

Protect Yourself

Friday, February 9 by William Quisenberry in Innovation | Leave a Comment

When it comes to getting materials in writing with contracts and agreements, it’s imperative for an entrepreneur to know “what” to actually get in writing.

Now we all know how important it is to use lawyers and just how beneficial they are to a young business professional. However on the flip side anybody that’s ever actually used a lawyer or C.P.A.’s services also knows that they can sometimes get rather expensive.

So if you don’t have the proper funds to acquire the services of these professional advisors and consultants, should you avoid entrepreneurship?

Some rather conservative individuals would probably answer yes to that question, however I say that you can’t always sit around waiting for the perfect opportunity to make things happen, I think you should go in and attack full force and let misfortunes straighten themselves out in the process.

So if you don’t have the money for a lawyer, how are you going to properly get contracts drafted? Simple, you’re going to do them yourself! I know this may seem overwhelming, especially at first, but truly drafting contracts isn’t that big of a deal, especially if you’re working small, minor projects as a start-up business owner.

Sometimes contracts can be overrated, I say this because some people make them much more than they actually are or more than what they have to be. A contract doesn’t have to include tons of legal jargon and fancy articles, by-laws, addendums, sections and codes. That stuff is for the professionals; the attorney’s that actually have the proper educational and industry training.

The main thing for you to remember when you’re drafting a contract is simply to protect yourself. Be sure to include everything in your contract that will ensure that you receive proper payment, be sure to spell out all the terms of the agreement and make sure you offer yourself some type of opportunity to exit or a backup plan if things get ugly during the business deal.

If you can just always be sure that you protect yourself and put everything in the contract that you feel is important, then it’s a good contract. It doesn’t matter what size the contract is! If it takes you 50 pages to explain all the important highlights of the deal from your perspective and to remain confident that you’re protected, then make it 50 pages.

If it only takes one simple sentence to wrap everything up and ensure your safety, then make it one sentence. Remember it doesn’t matter the length and it doesn’t have to sound like it was written by an expert from Harvard Law School, just make sure to cover your rear-end and you should be alright.

Once you start acquiring more business and your deals start to get more complicated, then you can hire the assistance of professional advisors and consultants to draft documents. However until that time comes, be sure to try and get it in writing and to protect yourself as much as possible.

It Isn’t Where You Start That Matters

Thursday, February 8 by William Quisenberry in Innovation | 1 Comment

So many times I hear “want-to-be” or aspiring entrepreneurs say things like, “I just don’t have the money or time to start a venture right now, even though I do want to.”

Its comments like this that hinders a large proportion of the youth in our society from ever running and tackling their dreams for success.

You see in our culture we come from the “microwave generation,” we want everything correct and done in just a few seconds.

However anything worth a red cent isn’t going to come overnight, but it’s going to come through hard work as many of you guys already know. Another issue plaguing young ‘prenuers is also the fact that they place too much emphasis on their current situation or what they perceive as a negative or unstable foundation.

However if you can grasp the concept that your foundation or current situation means absolutely nothing at all, then you will have that extra determination needed to go after your goals full force without the negative mental perceptions of your current state of affairs.

Forget about the fact that your time is limited, who cares that your parents and other family/friends don’t support your ventures and believe that you will fail.

Who cares that money is tight and you’re barely making ends meet and covering business expenses.

Who cares that you have a hard time finding loyal and trustworthy business partners, forget about the fact that your venture is currently small and fairly limited.

Don’t stress over the countless waking hours you’re pouring into your business without the immediate gratification.

You know why you don’t have to stress over all these topics, issues, and conflicts that you’re facing, it’s because none of it truly matters, because it’s not where you start that matters and it’s not even where you’re currently at that’s important.

The only thing that matters is where you’re going!

Keep going forward and don’t dare look back.

Money vs. Networking

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?

The Benefits of Mentors

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.

Don’t Get It in Writing Just for the Heck of It

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!

25 Words of Wisdom for the Entrepreneur

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.

1. 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
2. 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
3. Chance favors only those minds which are prepared.
   -Louis Pasteur
4. If you chase two rabbits, both will escape.
   –Chinese Proverb
5. 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
6. 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
7. 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
8. Your twenties are always an apprenticeship, but you don’t always know what for.
   -Jan Houtema
9. Courage is like love; it must have hope to nourish it.
   –Napoleon Bonaparte
10. 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
11. Failure defeats losers, failure inspires winners.
    –Robert T. Kiyosaki
12. We will either find a way or make one.
    -Hannibal
13. The successful person makes a habit of doing what the failing person doesn’t do.
    -Thomas Edison
14. Not a single person whose name is worth remembering lived a life of ease.
    -Ryan P. Allis
15. A man’s worth is no greater than the worth of his ambitions.
    –Marcus Aurelius Antoninus, former Roman Emperor
16. 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
17. The entrepreneur builds an enterprise; the technician builds a job.
    –Michael Gerber
18. As we look ahead into the next century, leaders will be those who empower others.
    -Bill Gates
19. Give me a lever and a place to stand and I will move the world.
    -Archimedes
20. Success is going from failure to failure without a loss of enthusiasm.
    –Winston Churchill
21. I am grateful for all my problems. I became stronger and more able to meet those that were still to come.
    –J.C. Penney
22. If you can’t play on a specific mountain, there’s no reason not to build your own.
    –Donald Trump
23. In the realm of ideas everything depends on enthusiasm.. in the real world all rests on perseverance.
    –Johann Wolfgang von Goethe
24. 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?”
25. 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?

Maintaining Steady Emotions

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.

The Power of Negotiating

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.

Two Ears and One Mouth

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.

Skateboard Your Way To Success

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.

Patience and Consistency: What a Deadly Combo!

Wednesday, January 10 by William Quisenberry in Innovation | Leave a Comment

Have you ever placed yourself in the position where you’re trying to tackle way too many projects and tasks at once? I’m sure you have, most entrepreneurs are guilty of this.

The reason I believe this happens is for one thing, entrepreneurs are usually self-starters, innovators, people who don’t feel like sitting around watching people conduct business on TV, or sitting in class and listening to professors talk about entrepreneurship for the rest of their lives.

We typically are the ones that want to be out in the field, right smack dead in the middle of all the action and fun!

Another reason I think we go after too many projects at once is we can’t stand to watch a good deal, idea or plan go down the tube without trying to execute upon it.

Like I’ve mentioned before, others around me in my community know that I’m an entrepreneur and that I work in business daily. As a result sometimes people, mostly friends and family, bring me business ideas that they have and sometimes ask me to partner with them to get these businesses off the ground.

Well if the idea sounds like a good one, I can’t help but try and get in on the deal. In the back of my head I can hear a small voice saying, “William, you don’t have the time to do anything else, so don’t even think about.”

Then again something from within, maybe it’s my heart, maybe it’s just my gut, or possibly it’s my rear end making decisions; but whatever body part it is, sometimes it speaks a whole lot louder than my brain and it always steps in and says,

“You got to be kidding me. This is a deal that can’t be passed up! You know that you’ve always wanted to venture in that area on a project, well now this is your chance! Rest, you don’t need any rest, you can rest when you’re dead son!”

So as a result I end up jumping in on this deal and before I know it, I’m absolutely overwhelmed with task and there is no time to take a breath.

There is nothing wrong with us multi-tasking or “multi-venturing” as I like to call it. Hey, it’s just in our blood. However make sure that you are always leaving yourself enough time to handle these projects properly, because the last thing you want to happen is for your work to begin deteriorating, getting sloppy and becoming less than excellent.

The worse case scenario that can result from trying to tackle too many projects and run multiple businesses at once is to hit a wall, get absolutely burnt out, lose your passion and end up throwing in the towel.

When you are able to apply patience while completing projects and couple this with consistency, you will become a beast in the marketplace! Ultimately you won’t spread yourself too thin by trying to do too much and you won’t be so anxious to compromise your