There were three lessons for entrepreneurs in embedded into season three of the popular PBS show Downton Abbey:
1. Times they are changing. Lord Grantham learned this the hard way. As much as he wanted to cling to the past successes, he came to realize that one cannot live in history. You have to be looking ahead all the time or you could lose it all.
2. Anyone can pull themselves up. Tom Branson's move from chauffer to member of the family was about more than his marrying Lady Sybil. He had to be willing to look, listen and learn to earn his real place at the table. His humble upbringings could not hold him back, nor would the death of his wife. My guess is in season four he will grow even more into a leading place in the family business (never underestimate an Irishman!).
3. Just when you think you have it all, a truck comes around the bend. Matthew was not paying attention as he sped along, thinking he had it all figured out. There is always something out there that can mess up your day, and looking at the clouds only takes your eyes off the road. Plus the seatbelt had yet to be invented.
Season three was plagued with hardship for those upstairs and downstairs at Downton Abbey. My guess is there will be more of the same next year. But they will be back and pushing forward, just like entrepreneurs do everyday.
The Austin Chapter of the National Speakers Association held a special meeting to help members mastermind ideas, brainstorm solutions, and renew focus for the new year.
The event was hosted by chapter president Patti DeNucci and limited to a small group size. The program was facilitated by Teri Hill who organized the whole evening. Each participant visited three tables during the night, and then the group came back together to share best practices before adjourning. Each table had a different discussion topic and individuals were assigned a rotation so that there would be a variety of professionals with whom to chat.
What made this event different was it was held in total darkness. Nearly three hours of sharing and challenging each other to reach higher levels all by the light of a few candles and the illumination of iPhones. Think high level round-table discussion by a campfire!
The darkened house was not on purpose. As the groups sat down at their first tables for a 30 minute deep-dive conversation the electricity went out in Patti's neighborhood. While some might cancel the event or take a break to see how long it would take Austin Energy to remedy the situation, NSA members are more resilient. We know that we always must be prepared for anything that can go wrong during an event, and the motto "The Show Must Go On" is not limited to Broadway.
The atmosphere of sitting in darkness made the evening a unique experience. With all that is being written in the meetings industry about "Alternative Conference Formats" and the studies on how human beings learn and retain information in a variety of environments, this turned out to be a great experience for all in attendance. Certainly not a night anyone will forget anytime soon.
Sure, being surrounded by talented professional speakers and a few open bottles of wine guaranteed a good event from the start. But the blackout added a new dimension to a successful business gathering.
Thanks to everyone who participated, I was inspired to take actions already that will help my business advance. Once again NSA provides something that I do not believe that professional speakers could ever experience alone. Who says great power failures can only happen at the Super Bowl?
When trying to grow a business, you need a sense of urgency. "Growth" does not happen by accident, and it will rarely happen the way you predict in your business plan. Growing is not automatic, and in some cases, not necessary. However, a focus on the the top line is necessary to get the business up and running.
For a new solo business (or any business), you must earn more than your expenses (for the business and the personal needs) or you will not be operating very long. You can only live on a rice and beans diet for so long. Eventually the reserves run out and your credit cards reach the maximum. Launching the business must have urgent actions to accomplish the financial goals.
Too often entrepreneurs allow "hope" to dictate their early business plans, but this cannot bring about the results. A sense of urgency is what creates the serious tone that is needed to create a strategic focus.
There is also a need for other people to support your cause when growing your company. Many great business people fail because they ignore the power of their network in lieu of myopic attention to creating a product. The best products alone cannot always go the distance. It takes people who champion the cause and advance the reputation of the business.
I discovered through my own experience that not placing enough urgency on the sales operation could have derailed my business efforts. Once I switched to a sales focus, my numbers rose quickly. But the real success came from people who helped refer me to new opportunities. Without the word of mouth that came from friends and those who saw my early presentations, I would never have had a business in the first place.
When others tell our story it creates more value with potential clients, and thus can speed up our growth. Having people who are on our side makes the whole business journey more effective.
Now I look for ways to extend the urgency and to embrace the people who are my advocates. While I do not walk around instructing others how to promote my business, I try to take my excitement for growth evident. Few things get others on board faster than your own passion for success, but you also must be willing to help them reach their goals (not everyone can or will look for ways to impact your career,.... but that should not stop you from trying to serve others. Know that some will do the same for you).
Combining an attitude of urgency with the power of people is not always easy. Our own hustle that can get us ahead will also keep us from seeing the whole picture. We will easily miss the simple things that could lead to building long-term and meaningful relationships, and thus missed opportunities.
While participating as an online observer to the PCMA Convening Leaders Conference I had the chance to participate in some live chats with others who were remotely viewing the sessions. Much like being in-person at an event, I found the most valuable nugget or idea did not come from a presentation, but instead from another attendee (it is always the "Hallway Conversations" that bring the best information!).
Meredith Low, a meeting professional from Toronto (and my new virtual friend), added her thoughts in the online "Group Chat" during an afternoon session. She was building on something said by the speaker, and her words carried a punch that out-shined the great information that was coming from the event's planned agenda.
She talked of an exercise she does with her clients where she asks them "If this meeting you are planning did not exist, and you were to start fresh to design a way to bring your community together, what would you do?". In other words, take out a blank piece of paper and let's create an ideal situation to achieve your purpose... what existed before does not matter.
This is a GREAT idea for anyone regardless of their products or services. All industries can benefit from Meredith's idea of looking at your world with a fresh perspective.
I spent the rest of the day reviewing at my speaking business. As something becomes established, like a career, you can easily get caught up in "what is" and not "what could be" (or "what should be"). It is easy to look at concepts and processes that have worked in the past hand hold onto them for dear life.
This process of thinking about my company from a blank sheet of paper spawned several interesting thoughts and new ideas. It also made me examine some of my habits that may or may not be in my long-term best interest. I am still sketching out what I would be creating if I was starting today (and if money was no object). Much of what I am doing is right. Some of it was right at the time I began bootstrapping the business, but not as much now that I am established.
I discovered some areas that could use immediate adjusting, and a few that can be tweaked over time. I still do not have the luxury of unlimited funds, so a few ideas I have cannot be implemented because there are the financial realities that everyone faces (except, apparently, the U.S. Government). However, this exercise gave me the chance to dream and to explore. That is what all entrepreneurs and intrepreneurs (you need not work for yourself to be a creator of something exciting) need to do more often. It is easy to get caught up in the minutia of our day-to-day routines. The "Blank Sheet of Paper Exercise" is something we should all do regularly.
I love niche businesses. I have always admired people who set out and create products and services where nothing existed before. A unique business gets our attention and people love to witness success when entrepreneurs take a chance on something different.
While in Michigan last week I ran into a friend from college. Our Alma Mater, San Diego State, was playing football at "The Big House" (The University of Michigan's football stadium) and we had a great conversation at the alumni tailgate party. (Our team lost, but it was still fun).
Lisa Angelos McKenzie has launched a business, Ooh La Bra!, that makes decorative bra straps. Yes, today is a first on the "Some Assembly Required Blog" -- I am writing about bra straps!
I talked with Lisa about the company and her advice to other entrepreneurs who have unique ideas. Here is the interview:
Company Name: Because I Am Me Enterprises, LLC (dba Ooh La Bra!)
Founded: November 2010
Location: Covington, LA (near New Orleans)
The company designs and carries over 65 styles of bra straps, made of rhinestones, beads, pearls and shells, as well as a signature line of rhinestone headbands called "Chamillions".
Thom: You have run several successful companies, why start something new?
Lisa: I have been involved in several business ventures for over 20 years. One of the companies that I was running since 1991 started fizzling out due to the impacts of Hurricane Katrina on the convention industry. In its hay-day, we had over 15 employees and were working 24/7 year round. But as the industry changed, the writing was on the wall that the effort that was being exerted to keep it afloat wasn't worth the reward. Plus, I was getting bored with it, which made it difficult to want to pour anything into the business (financial or creative). Even when it was at the end of its lifeline, I had a fear of shutting it down because it was my baby that I started way back when and it was hard to let go. However, once the decision was made to close it down, it was like a weight was lifted off my shoulders. I closed that company in January of 2010, and all of the sudden I found myself with a lot of free time, allowing me to explore some creative endeavors. I wrote a couple of screenplays, pitched a reality show, got involved with charities, designed websites, etc. It was amazing how getting rid of that other company freed my mind to allow me to try new things. The bra strap idea was one of those situations where I was sitting around a pool with friends and said, "Wouldn't it be cool if...?" -- and the idea was born.
Thom: Why colorful bra straps?
Lisa: Thanks to Britney Spears and Sarah Jessica Parker (in her role as Carrie Bradshaw on "Sex and the City"), they created a fashion trend where it was all the sudden acceptable to have bra straps showing. But not everyone agrees with that fashion trend. I get comments all the time from women (and even men) that they find that look to be unappealing and sloppy. The problem women face with their wardrobes is that it's often difficult to find the perfect bra to pull off a certain outfit. Strapless dresses, off the shoulder shirts, spaghetti straps, racer back t-shirts, etc. -- all of these come with what I call the "bra strap dilemma". And if you have to wear an outfit with a strapless bra, it's almost drudgery because the bra wants to slip down around the rib cage. So -- the idea here is that the bra strap becomes jewelry on the shoulder and is designed to not only be functional (in that it keeps the strapless bra "lifted"), but it's designed to show in a tasteful and beautiful way. They are really quite sexy and practical. (P.S. The straps must be worn with any strapless or convertible bra -- any bra where the old straps can be taken off and replaced with Ooh La Bra! straps).
Thom: Did the market exist when you started or did you blaze into a whole new world? Lisa: The market existed but in a small way. I was actually surprised when I googled it and found companies already endeavoring in the business. But most (if not all) were internet based, and the more I asked around, the more I discovered that nobody had ever heard of the product, and that everyone thought it was a brilliant idea. I've tried to create styles that are completely unique, and that cover a wide range of styles (such as beach and resort wear, bridal and prom, girls night out, plus size, sports colors, etc.), and my objective was to create brand awareness and really cool packaging and displays that would appeal to boutique owners who could resell the product line. I currently have over 120 boutiques carrying the bra straps and headbands!
Thom: Where do you get your support? (yes, pun)
Lisa: My bra straps give me the lift I need everyday! :) Let's see...this is a hard question because support comes in so many forms. As far as keeping a clear head, the biggest source of support I get is from a friend of mine who was a sorority sister in college and has always been the yin of my yang. She keeps me on track with business concepts and growth ideas. Although she is not a partner, she is very much involved in the company and is helping me launch a home party business. I have a ton of friends who offer me emotional support. My 10-year old daughter, believe it or not, is amazing with creative ideas! And recently, I've had some assistance by a financial investor who is helping me take the business to the next level.
Thom: You have grown fast and are bootstrapping.. what is your biggest challenge? Lisa: Absolutely hands down is the fact that I am a small business with no full-time staff. I was blessed with various skills such as web design, graphic design etc. that helps save me a lot of money (without having to outsource) but is also a HUGE detriment because it slows me down on moving the company forward at the pace it needs to. I spend hours and hours on web design, catalog design and I'm at that phase in the business where I MUST involve some other talent to move this quicker. The financial inflow from the investor will ultimately allow me to pay for help in those areas that are serious time wasters for me!
Thom: You home school your kids? How do you find balance?
Lisa: My son is in 9th grade and goes to a private Christian school, so I am only home schooling my 10-year old daughter. My decision to home school was to initial save on the tuition, but to also have some quality time with my daughter. However, it is a HUGE commitment and I'm pretty sure I'll be putting her back in school next year. With that said, though, it really has been great having her around and she is learning a lot about the business. The other day, I had a customer who called with a bra strap emergency and I told that customer she could meet me at my house to try on different straps. I was running late so I called my daughter and asked her to pitch hit for me until I got home. By the time I arrived, my daughter had chosen four styles that were absolutely PERFECT for the long, strapless dress the woman was wearing. When the customer left, my daughter asked how much commission she would get from the sale. I promptly paid her and she got a valuable lesson in what results when you provide excellent customer service! You can't learn that at school!
Thom: What advice do you have for someone with an idea who wants to launch it into the world?
Lisa: My advice? STOP TALKING ABOUT IT AND DO IT! I have so many friends who just talk and talk and talk about all their ideas and never act upon them. If you believe in something, be brave, act smart and put a plan in motion. Keep your overhead low in the beginning and rely on help wherever you can get it. And then be ready for a wild ride. Everyday is a learning experience, and it is so fun to see watch an idea blossom. Also, give the new business/idea about three years to take shape. The first three years you will probably be putting any money earned right back in the business. Accept this as part of the reality. And finally -- take advantage of social media. It is PROFOUND how it can help you grow your business.
Thom: How can someone order your product.
Lisa: I have 120 boutiques listed on my website if you happen to be in an area where the straps are sold. However, they are also available on-line at www.oohlabra.comAdditionally, we are launching the home party business and if women are interested in becoming a sales consultant and member of TEAM OLB, there is a link to that business opportunity on my website.
So now we have talked about bra straps. Who knows what will be discussed in my next blog post!!!
Have A Great Day
thom singer
PS - Full disclosure - The links in the post to Ooh La Bra! are "affiliate links". You can access the main site at www.oohlabra.com
I have recently begun playing tennis. I have never been much of an athlete, and I am surprised at my high level of enjoyment in learning this sport at 45-years-old. My experience with each lesson and match brings me closer to finding a comfort zone on the court. It also brings new aches and pains, as I am getting older.
After each encounter with tennis I have been contemplating what I learned, and then I explore the areas where I need to work to improve. Interestingly I am finding my needs on the court are the same as my needs as an entrepreneur.
1. Better focus equals more success. I find with tennis and in business I need more focus on the tasks at hand. I cannot get distracted by what else is happening around me, or I will miss the next point and / or opportunity.
2. Speed is your friend. When I hustle I seem to win more. If I am waiting for something to happen the ball or opportunities fly across my field of vision. With speed comes success.
3. Be strategic with each move. Taking a shot or launching a product requires a thoughtful strategy. I have never been good at "winging - it". Having a plan is better.
4. Always bring two options when you serve. If I take one ball to the line, and fault on my serve I will need to scramble to find another ball. Same is true when I work with clients. If I have only one option and it is not the right fit, then I am lost.
5. Anticipate what is coming next. Life has a way of surprising you. Just when you think you are set, your opponent can tap the ball over the net and you lose. Never count the point before it is won. Same in business. Too many times I have thought I knew the outcome only to have victory vanish.
6. Know your competitive advantage. We all have things we bring to the table that make us unique. Confidently being aware of what you do well will allow you to take the necessary shots (in tennis and business).
7. Discover what your opponent is not doing. Keenly observe those around you (those on your team and on the other side) and discover what they are not doing, or are not willing to do. Identify the hole and send the ball sailing through it.
8. Newbies do not automatically play at the top level. You cannot walk into the elite circles in sports or business. You have to earn your way up the ladder every day, and with each match you play. The small victories add up and if you are good you will be noticed.
9. Always watch the lines and make fair calls. People will knock the ball close to the line. You must be watching to see if their serve is fair. Win or lose you must be honest with them and yourself about where it landed. Call 'em like you see 'em.
10. Get to know the people around you and have fun. This should go without saying, but too many people are wrapped up in their own performance and fail to acknowledge the others who are playing the same game.
11. There are no shortcuts to better skills. You cannot fake experience and hope is a futile strategy. To get better you must be out there playing the game all the time.
12. You need a coach. Having someone to turn to when you need extra help is paramount to success. A coach who will watch from the sidelines and give pointers and advice, without judgement, will allow you to avoid the common mistakes that others repeat over and over again. Always listen to your coach and do not be defensive at his or her observations.
There is a great interview with Ken Piddington, CIO of Global Partners LP, on the Network World website about how he implemented an innovate vendor partnership program within his company.
I highly recommend that everyone from big companies, and those who are vendors to large corporations, read this article. It is full of great suggestions, concepts and tips for improving ways that business can maximize their relationships with suppliers (and create win / win results).
[Note: I have met both Ken Piddington and the writer, John Dix].
But you do not need to be a giant multi-national company to expect meaningful partnership relationships with your vendors. The same concepts that Ken has put into place are also possible for small companies and solo-entrepreneurs. The expectations of a strategy for efficiency should be present in all working relationships. Both the vendors and the clients must create a mutual understanding and a policy of respect.
Here are my thoughts for how small vendors and small customers can better create win / win relationships:
1. Be realistic. As a customer I have high expectations of what I expect from those who provide me with products and services. At the same time I also know that I am a small fish in the ponds where I purchase. Many small businesses complain that those from whom they make the least money complain the most. I have talked with several consultants and other businesses who routinely (and happily) fire clients who act as if they are the only priority. As a customer I try to not set unrealistic demands and expectations on those with whom I work. When there is a difference of opinion in how a situation is handled I attempt to not have an overblown and knee jerk reaction toward my vendors. Threatening to take my tiny spend elsewhere will not put the fear of God into them, and I do not like to have an adversary relationship with anyone whom I do business.
2. Ask questions. When I assume I know what is going on behind the scenes I almost always screw up the relationship. The more questions I ask of my vendors and my clients, the better chance I have of getting it right.
3. Seek solutions through understanding. When conflict does arrive I try to seek an understanding of their situation. I had one vendor point out that while they like doing business with me, they do not make any profit from my contract. They keep me as a client because they believe in me and the growth of my company, but once I realized the realities of my real value to them, my expectations changed. We continue to work together, and I refer them other clients whenever I can to make up for what I am not paying them in dollars.
4. Think Win / Win. Regardless of being the vendor or the client you both should approach all interactions from a pursuit of "win / win" (beyond the exchange of money for services). When this is done well then there is more opportunity for victory. Too often I used to think my writing a check (as a client) or receiving a check (as a vendor) as the most important part of that relationship. That changed after having a vendor relationship with a PR firm who I later realized only saw our relationship as their cashing my checks. There was no long term win / win from them. The experience was a disaster. Over time I could have provided them with a good amount of referral business beyond the engagement, but they were only concerned with the transactional elements. They did not care about me, thus I now send my referrals elsewhere. From the start that relationship was never about the bigger picture for either of us, and that it was doomed to fail.
The PR disaster taught me to interview vendors and seek partners who want to see an ongoing friendship beyond just the transaction.
5. Say "Thank You". Even when you are paying someone to do a job, thanking them goes a long way. When you need to complain, be sure to wrap it in the context of all the good things the vendor has provided you along the way. If you just focus on the problem, then the value of all the positives that have come before are washed away in a flood of emotion. If you are the vendor, the "thank you" to the client is a reminder that you appreciate their business. It is easy to get busy or to turn gratitude into an automated task. When both partners remember to show appreciation, the relationship lasts longer and pays more dividends.
Regardless of if you are a big company or solo-entrepreneur (or any size in-between) you want meaningful partnerships with your vendors. As a vendor you long for clients who want to see you be successful, not just those who want the best price. Put plans in place to create better relationships and everyone wins.
In the Network World article Ken Piddington said:
"I said I no longer wanted event driven relationships. I want it to be better planned out, not just you selling me and not just me calling you because of a problem."
Real power comes from the cultivation of long-term and mutually beneficial relationships where everyone is has more success because of those relationships than they would without them.
The Central Texas Chapter of the Association for Corporate Growthconsistently has the best presentations of any business and networking group in Austin. This was certainly true at the July luncheon at the Shoreline Grill when Gabe Krajicek, CEO ofBancVue, spoke to the crowd.
As a professional speaker I always pay close attention to all who speak. I watch not only for message, but for style. Often CEO's, who are great at leading their companies, stink when it comes to delivering interesting, informative and inspirational talks. Gabe Krajicek, however, was great! It was not that he was perfectly polished in presentations skills, but his passion for his company (and for being an entrepreneur) was front and center. It was reminiscent of watching an 11-year-old kid tell you all about his new bicycle.... with the excitement being contagious. WOW.
His talk centered around lessons he has learned as CEO of two companies, including the successful and fast growing BancVue.
He spoke on seven mistakes that he and other entrepreneurs often make:
Mistake #1 - Values are just a speech.
He strongly believes in the values at his company are more than just words. BancVue has gone so far as to make their value statement into a visual "patch". It creates a physical manifestation of the four core values of: Interdependence, 5-Star Leadership, Love, and "Badassitude".
Mistake #2 - You can't live without brilliant jerks.
Yes you can. No employee, no matter how well they do their job, should be allowed to be a jerk. Too many companies put up with bad behavior when they should fire those who are toxic.
Mistake #3 - You don't need to hire the "A-Team".
You must hire experts to fill the roles of CFO, marketing, etc.... You cannot do it all as CEO, and you are not the best at all the other roles in the company. Get top people into the key positions and do not wait too long to do it.
Mistake #4 - Sitting on the fence.
The CEO needs to be a leader and make the necessary decisions in regards to the company's strategy. Everyone on your team needs to know what are the priorities, and what is the #1 priority.
Mistake #5 - You don't need a "Plan B".
Too many entrepreneurs like the adrenaline of flying by the seat of their pants while building their company, but if you do not have a "Plan B" you can get derailed very fast. Invest the time to create the back up plan for when something out of your control changes within your company, the economy, or your industry.
Mistake #6 - Thinking bigger is better.
"1000 mediocre musicians cannot out compose Mozart". Having more people is not always the answer to solving problems. Sometimes a small number of people owning a project will get it done cheaper and faster than a giant team.
Mistake #7 - Renaming your weaknesses.
Do not pretend that your weakness is a strength. Often entrepreneurs give a different name to the area they are not strong and try to disguise it as a positive attribute. Do not hide behind your faults by calling failures something else.
Without leadership there is chaos. When you are a good leader who lives by the mission and the values you profess your employees will give you the "benefit of the doubt" when you need it most. We are all human and mistakes will happen. Leaders will stumble. When you have built good relationships with your people, they will show up and follow you the next day. Without that relationship they will lose faith in your leadership.
If you are not attending the Association for Corporate Growth you are missing insightful presentations like this one.
In his groundbreaking book "The Innovator's Dilemma" Clayton Christensen had a great line near the end of the book that has rattled around in my head for a long time:
"My business plan must be a plan for learning, not one for executing on a preconceived strategy...... I must plan to be wrong and learn what is right as fast as possible."
I work with "left brained professionals" (lawyers, bankers, accountants, IT, etc..) who want their marketing, branding, PR, advertising, social media and other visibility efforts to come with pre-planed ROI. One executive once told me that her company does not invest in any marketing without a clear understanding of the long-term pay off. This translates to "no risks". But success comes with risk, and being able to see what is working and what is not... and adjusting on the fly.
My business continues to grow and change. Since I began my career the meetings business and speaking industry have seen major changes because of the economy and new technologies. If I am not watching what is happening, and constantly trying to learn, I would miss the opportunities that come my way. The success of "The Conference Catalyst" program, webinar offerings, and coaching/consulting are just a few examples of ways my business has morphed since it began.
While I have a focus, I also throw some spaghetti against the wall from time to time to see what sticks. Companies that are unwilling to let some pasta hit the floor can brag about a clean wall.... but nothing on the wall means they have no innovation. A company without innovation sucks.
The Association for Corporate Growth (ACG) Central Texas Chapter's May meeting in Austin, Texas featured a panel discussion about raising capital for business growth. In any economy there are companies out raising money and launching products. Successful entrepreneurs are always cultivating their businesses and relationships.
The panelists were:
Todd Young, President and CEO of Prospx
Vernon Bryant, Venture Partner at Austin Ventures
Barry Evans, President and CEO of Calxeda
Moderated by:
Volney Campbell, Co-Managing Partner at HPI Corporate Services
The conversation was interesting and informative as the three panelists shared their experiences from both sides of the fundraising table.
While starting off with their own investments, friends and family money, and angel investments, both CEO's agreed that you need a strategy for connecting with the right venture partner. While there are times you will feel anyone with money is the right partner, holding out for the right match is important.
Getting funded takes longer than you might think. You need to spend a lot of time getting to know interested investors and proving to them that you can minimize the risk. There are lot of meetings that go nowhere, and others where you will run, not walk, away (one great story was of a VC team in California that used the founder's business cards as coasters for their drinks.... a clear sign they were not a good fit!).
Investors are looking for entrepreneurs that can communicate their vision. A compelling story in from a strong management team in a growing industry are all important, but it is rare to find all three in one company. Investors want to have personal chemistry with the people they will fund. It is like dating... not everyone makes a good long-term partner.
Companies need to "punch above their weight" and look for investors who have strong networks within their industry. Connections into customers, vendors and other companies in the space means the partner is brining more than just money to the table. This is paramount to the success for both sides.
When starting a company you must remember that you will spend a lot of time with your co-workers, investors and other partners.... thus you must choose wisely. You need to establish a team where the members balance each other. It can be a lot of work growing a company with long hours spent away from family. A sense of humor also comes in handy!
Before going to seek money you have to be able to clearly communicate your story. Be able to define your strategy and know where you are going to take the company. You will have to talk with a lot of investment firms before you find the right match.
To get funded you must have momentum. Plan ahead for success and execute. Waiting for they money might keep you from ever getting funded. Find other sources to keep you going as if you appear to be running out of cash you will take away your negotiating position. Taking risks can be scary, but is necessary.
Relationships matter. What goes around comes around, and how you treat people all throughout your life can come into play when you are seeking funding. You never know what action will connect you with the person who eventually leads you to the introduction to an investor. While technology is a great thing, there is no tool that can replace human-to-human conversations, evaluations, dialog and respect.
****Last point.... being invited to fly on a private jet to a fun destination can and will establish friendships that might lead to funding!!! ;-)
His talk was a fast paced overview of what businesses need to do to execute on a pro-active strategy for growth and success.
Miller has been a hands-on founder and investor in many companies, and his love for business and deals began at an early age. He was mowing lawns, selling lemonade and reading business books on positioning before he was shaving.
He an evangelist that your business must own something in the customer's mind. Being second in mind-share can leave you invisible (who was the second person to fly solo across the Atlantic Ocean? We all know who was FIRST!).
Knowing who you are and what you do best and making sure you hammer it home in your marketing is key. When you do this, people will remember it forever (How do you spell relief? R-O-L-A-I-D-S).
A company's strategies will evolve over time (sometimes quickly), so leaders must be prepared to morph when their products and services are not resonating with customers. Know that you cannot wait for perfection: "The best is the enemy of the good". You can always make your offerings "better", but if you sit back and wait for perfect you will lose.
Thing in business change, and executives need to constantly be thinking about who they are and where they are going. Over time a category can divide and become more categories. Thus if you are falsely under the belief that you cannot own your category, look around for the new trends in your business.
His example of MILK was great. Ten years ago there was few milk categories: "milk" and "chocolate milk" (and maybe non-fat). Now there is "Organic Milk", "Natural Milk", "Soy Milk", "Energy Milk", "Lactose Free Milk", "Strawberry Milk", "Almond Milk", etc.... The category split and new business opportunities emerged. Those who were paying attention have made a lot of money.
What disruptions are going to hit your industry? If you are not looking for it you will miss out.
In the end, it is all about relationships. Miller stressed several times the power of the connections with people. He has over 4000 contacts in his phone, and he works to stay in touch with these individuals. To ignore you network is to miss opportunities (ahhh, the whole "networking thing"... hmmmm.... someone should write books about that topic!!... Oh, I did!). He closed by reminding the audience that you have to put energy into these human relationships (He is right!).
Morris Miller is a great speaker, and he talks fast, so you have to listen fast..... but the information was powerful.
The Association for Corporate Growth continues to bring amazing business leaders to the platform at their monthly lunches in Austin. Are you attending regularly?
WhiteGlove House Call Health is one of the fastest growing companies in Austin, Texas (and the United States). CEO Bob Fabbio was the featured speaker at the January meeting of the Central Texas Chapter of the Association for Corporate Growth.
His presentation, "Even in tough economic times you can start and grow a business -- What has fueled WhiteGlove's growth", was an informative reminder that in any economy there are entrepreneurs who launch companies that become successful household names.
All the negative business news in the media should not stop you from taking your idea to the marketplace.
Microsoft, IHOP, HP, FedEx, LexisNexus, Trader Joe's, Hyatt, Sports Illustrated, GE and countless other companies were all started in depressions and recessions.
How? By entrepreneurial leaders who identified a large market need and then filled it with new products and services. This is how companies start and grow.
Combining intuition and analysis to answer "The What's" are paramount to success, according to Fabbio.
He shared a list of 12 "What?" questions that any business leader should ask... and the answers will lead them to their business model and valuation. When companies ultimately know what business they are in, and if they have a large enough market (which is a challenge for many), they are less likely to fail.
Knowing the market opportunity, having a unique business model, proactive customer acquisition, proprietary technology, and the timing of macro trends in the greater economy have made a big difference in the giant success of Fabbio's company.
The economic downturn has caused businesses (and individuals) to have a keen awareness of high health care costs. Thus the company's radically different solution to delivering services looks very interesting to everyone. While they sell to medium and large employers (who sign-up their employees up as "members"), the end-users love the WhiteGlove service. The company has the highest customer rating of any business in the United States on CitySearch.com.
Fabbio clearly knows this topic.... as WhiteGlove grew 480% in 2010 and they are projecting growth of over 500% in 2011.
I also learned that if you live in Texas and have Aetna, Humana, or UnitedHealthcare health insurance you are automatically enrolled as a WhiteGlove member. I did not know that, but I plan to try out their service if I get sick any time soon! (Although I would rather just not get sick).
Have A Great Day.
thom singer PS - Are you a "middle market" business leader in Austin, Texas? If yes, are you familiar with The Association for Corporate Growth? ACG provides high-level educational programs and executive networking opportunities for professionals who are concerned with the future of business.
My phone rang at 9 AM. It was the CEO of a local company and professional speaker (and fellow National Speaker's Association member). His voice made it clear that he was sick. He had lost his voice, and he was scheduled to deliver a keynote speech to 150 professionals from around the country. His 90-minute presentation was a few hours away. He did not want to disappoint the event organizer, but there was no way he could speak.
I was in town and, with a few calls, I was able to clear my calendar. I jumped in and gave a talk that was well received. The audience was satisfied with the replacement speaker and I made a new friend in the event organizer.
This is an important reminder to all of us who speak, consult, train, coach, etc..... When you are the product, what is your back-up plan?
Having a community of other professionals of whom you can turn to in your time of need is imperative. While I have never had to utilize a "back up plan", I do have a group of other speakers through NYP Speakers and the National Speakers Association whom I could call.
A friend is organizing a large conference for her professional association, and has two people who will be attending the event (who are speakers) who agreed to be "on deck" in case any of the scheduled presenters miss a flight or if there are technical problems with the Skype-ing in of a few out of town special guests. That is brilliant to have a back up plan.
Think about your business. Do you have "back up plans" in place?
We live in trying times. People feel pressure. Everyone has seen the effects of the economic downturn over the past two years, and few are left feeling secure. Many worry about job security and the sustainability of their businesses. This pressure makes many become self focused. They cannot see what others do, want, need, or desire.... and it can be troublesome to recognize the value that other bring to the table. Thus they wear blinders and miss (or misinterpret) the solutions you may be providing.
When it is known you provide solutions, you are always in demand. Your products and services need not be complex, they just need to help other people easily solve problems. But if they do not know what you do, you are screwed.
If people do not see you as fixing the issue at hand then nothing you can do for them matters. It is easy for decision makers to pass over your offering when they do not understand. How you communicate your value is just as important as the value you provide.
This is equally true for vendors and employees:
One company I know laid off several of their best employees (for the long run) to solve short term needs. Those who would have provided ongoing success were let go because of what were the owners immediate problems. The boss did not realize the dysfunctional employees he kept would be the core of tomorrow's short end of the stick.
A mutual understanding of the situation at hand would have lead to different decisions by the employees in their actions, and of the boss in his downsizing decisions. Years later he confided that he made a mistake in his choice of whom to continue to employ. By that time the damage was done. He had to retool his whole company strategy. The employees whom had been laid off had gone onto new jobs and did not want to return. I hope they learned to better communicate their value to their future employers.
Entrepreneurs often have a lot of passion for the businesses they build, but that passion can often cloud how they inform prospects about their products and services. Too often prospective clients will pre-judge a solution and categorize it with other offerings they have seen. When your product is uniquely qualified to help a customer, you must find a way to ensure they understand the offering.
All businesses struggle with being viewed as a commodity. No true entrepreneur thinks his company is just run-of-the-mill, and the same as the competitor.... but many fail to help their potential customers see the differences. If you are just on of many.... you will not win the long-term business.
Communication is more important today than ever before. Everyone is bombarded with information, and they are listening less. Just tweeting something (literally and figuratively) does not mean you communicated the information.
Focus your message on the solutions you provide and over communicate. Never assume that someone understands or even heard you. Craft and re-craft your message to impact your audience in a variety of ways, and then ask them questions to determine how they perceived what you are trying to imply.
Finally, never stop. You cannot just look at communicating your solutions as a "campaign". Those days are gone. Constant messaging is key (without being obnoxious... yes, it is a fine line!). Out of sight is out of mind.
Register today for"Reignite Your Dream Machine" featuring Thom Singer & Bill Moyer!
Monday, November 1, 2010 5:30-7:00 pm St. Edward's University, Ragsdale Center, Mabee Ballroom 3001 South Congress Avenue, Austin, TX 78704
We all have dreams for our future, but sometimes those dreams are stolen from us. Perhaps your dreams were stolen by negative relationships in your life or maybe by a tough year in your business. You can turn around your life and your career simply by remembering your dreams and turning them into goals! You can be successful in whatever it is that you want to do!
Bill Moyer, an expert on leadership and goal setting, and I will share our experience about how to turn around your year and how to realize your dreams at this motivational and inspirational event. Come network with other professionals, get a free copy of Bill's book, learn from exciting speakers, and most of all, come Reignite Your Dream Machine and close out 2010 strong!
Tickets for this event are $10 in advance or $20 at the door! Register now!
The theme this year is "The Magic of Business - The Thrill of Success". Without spoiling the surprise.... let me just tell you the whole event will be magical!!!
The annual dinner brings together over 1000 business and community leaders from the Austin area. Many local companies are nominated, profiled and receive recognition. It is also one of the best networking opportunities of the year!
You can still buy tickets. Feel free to come and heckle the MC (okay, not really!).
The more I learn about my business the more I find that it really is important to remember to always get back to the basics. People often wonder how they can reach the pinnacle of their industry and stay there, I think the answer is to be innovative and creative, but also remember that it always comes back to doing the good old fashioned basics, and doing them well! So, what are the basics?
1. Work Hard- No matter how far along I get in my business, I find that there is one thing that always remains a constant with seeing great success, working my bottom off! I remember starting my real estate career at the age of 24 and not stopping for anything. If someone wanted to see a home on a Friday at 10pm, I was there. Open houses, every single weekend, Saturday and Sunday. Hours, Monday through Sunday open all day-and night! It was necessary to create the momentum that I know get to feel. Even now, as we experience this tumultuous time, I have found that one thing pays great, hard work!
2. Serve people from the heart -If you do not have a servants heart, you will never truly reap the rewards of life. People love to feel your energy, your passion, and they love to feel that you care-ABOUT THEM! I think that you should look at every person you serve, not as a paycheck, but as an opportunity to give someone the greatest experience of their life. To show them that you are a true professional, with a heart. Do this and you will survive in any market.
3. Develop your skills-Be a life long learner, and practice your craft. If you had the great opportunity to watch Shaun White at the Vancouver Olympics winning the half pipe event, you were watching someone who stood head and shoulders above his competition. He made the other competitors look like amateurs, and how did he do it, a huge dose of courage and lots of practice. If you have the opportunity to read about this great athlete you will find a hard working guy who is constantly practicing his craft. Are you in gold medal form? If not, maybe it is time to put in some more practice!
4. Become a lead generation machine!-Let’s face it, no matter who you are or what you do, your ability to generate business will be the main key to your success. Whether you are an actor, a doctor or a real estate salesperson, you need to be able to find leads, and once you do, close them! Business is about sales, and once you figure out how to create lots of sales, you are good as gold. There is nothing of more importance than becoming a lead generation machine, finding and acquiring new leads at all times. What you did yesterday is done, each day you must start anew, looking for those precious leads!
That is it for now, let’s get back to what makes people successful, the basics!
Following on the heels of last week’s “Book EXPO America (BEA) 2010” in New York City there are many publishing industry blogs, authors forums, and traditional media that are covering the trends of the book industry.It was interesting to attend the event and meet with so many people in the Publishing and Book Selling business.
I attended the convention with a team from New Year Publishing, including the publisher.We met with our book selling vendor, attended seminars, roamed the trade show floor, chatted with experts and even took in a Mets game with one of our authors.
The publishing and book selling industries are on the verge of a massive sea change.Much like the music and the newspaper/magazine industries, the changes ahead will leave the roadside littered with bodies.However, much like any business that is impacted by new technologies and changing customer trends, there is also a lot of opportunity for New Year Publishing (and other non-traditional publishers) who can embrace the new new things that are around the next corner.
The problem with the unknown is that it is unknown.While most agree that “Times, They Are A – Changin’”, nobody yet knows what will happen.We saw this in the music industry before Apple and iTunes took a dominant leadership position (some think Apple and the iPad will do the same thing for e-books that it did for electronic music).
What did I learn at Book EXPO? I learned a lot, but mostly it confirmed what we have believed at New Year Publishing since the beginning.... there are lots of ways to be successful with your book, and anyone who tells you their way is the ONLY way is just looking out for themselves!
Here are some things I learned, already knew, and observed:
*Too many publishers are concerned with their own needs and not the desires of the consumer (be that authors or book buyers).They are working to keep the old system in place, but we saw these changes happened in other industries, and the smart companies are getting ready to ride the wave of new trends.
*The consumer wants what he or she wants -- when he or she wants it in the medium they want it.Thus publishers cannot fight, or try to out-market, the move toward digital products.Even at lower prices, a publisher can make money..... and many consumers are not opposed to premium pricing for the products with demand.
*Consumers are part of a herd that can change direction at any time.While we are seeing the movement to Kindle and iPad, something else could pop up at any time and we best be looking for that too.Putting all the eggs in one basket in the publishing industry is to doom your future.
*People now have in a 7/24/365 mentality.The idea that they would hear about a book and then go to a bookstore a few days later to make their purchase is old school thinking.Everyone who sells anything is now competing for the attention of the same consumer, and if you do not close them on the purchase immediately they will be on to the next thing.
*1.5% of books sold last year were e-books. This year already up to 5% of all books in the early parts of 2010.The hockey stick sea-change is upon us.2011 will have even higher numbers.This impacts not just sales, but the cost of producing books.This will effect prices.
*The misnomer is that e-books cost a lot less to produce than printed books.But the difference is only about $6.25 as you still have editing, layout, cover design, marketing, etc... that do not go away in e-formats.But currently the sales point for hard cover and e-books is a bigger delta.We need to move the prices up on e-books in the long run or the economics will not support the work.
*Meanwhile, digital sales are being driven by cheap price according to a study.I spoke with an employee at a Barnes & Noble who only buys digital books because they are less expensive.However, once a consumer starts using a ebook reader, they tend to go more and more in that direction.Some will still buy paper books for some reading, but some will NOT.25% of e-book readers do not buy print any more.And once they start buying electronic books, they are more likely to buy their printed books online.
*Most first time e-books buyers are new to the format in the last 6 months.This is another trend that will not level off or go away.Digital books is a big growth segment.
*The publishing industry is about the author and the authors words. Authors must be compensated or they will abandon the traditional publishers and go with alternative options and non-traditional publishers (like New Year Publishing). More non-traditional options are popping up and authors are more interested in these options than ever before.
*A million ISBN numbers were issued last year.That is a big number which shows that the market is flooded with product and finding a way to stand out is harder than ever.
*Pressure is now on to find new ways to foster the "discovery" relationship. Book stores have always been key in discovery... people go in to a store to browse, touch and feel.They meet and talk with staff and other readers in book stores.Thus with fewer book stores, and declining numbers of books being bought this way... . how do authors and publishers enhance the discover process?This is the question that we look to solve.
*Publishers must be digital NOW to tie the books of today to the future of the book industry (even if they do not know what the future looks like).Just because the book industry and new books released today can live in the old model does not mean they can do this in a year or two.Those who are not looking for how to make the transition (authors and publishers) will be lost down the line.
*Authors are enamored with digital products, but are not sure where to start or what really works.Creating online communities, blogging, video, updated versions, etc... are all part of the answer, but not necessarily all of the parts that are necessary to find success and make money in the new world of books.Our goal all along at New Year Publishing has been to create a community of authors who can share best practices with each other.This is important to everyone.
*Publishers of the future will look very different from those of the past.They must rethink what is their core business.It is much more than printing and distributing books.Publishers and authors must see their success as a partnership or both will fail.
*E- books and other digital tools are here to stay.. Consumers want them, thus the debate about relevancy is past.It is now about finding the best ways to deliver content.
*Reaching new audiences is what many publishers over look.Digital customers are not always the same
people buying books, so this is not always a printed book vs. e-book discussion.
*Before the Kindle, book buyers (who now own a Kindle) bought 10 books a year.Those same people bought 31 books a year once they got a Kindle (printed and e-books combined).
*Enhanced products and updating products (free updates) are the wave of the future. But this is more than just adding random video.... Enhanced must provide real value to the consumer.Who will come up with the killer ap first?It is going to happen, and the smart publishers will be experimenting to get there first.
*Piracy is an issue that scares publishers. But we learned from music industry to make product available
how customers want the product (at the price they think is fair) and you can control piracy.You cannot let piracy scare you off... some publishers are cutting off their future by making this too high of a priority.There will always be some theft in digital products.
*Editorial and marketing are the most important services publishers offer.Good writers need good editors who challenge them.They also they need guidance to market their book and promote their image and brand.Here is where New Year Publishing has always tried to help our authors, and the creation of a community allows them all to share ideas regularly.
*Authors must be entrepreneurs from this day forward.Any author who does not see the promotion of their book as a long-term business will fail.
*Authors must look beyond the old way of selling books and partner with publishers (and others, including other authors) as a means to creating the buzz and the long-tail of sales.This means investing time, effort and their own money.Authors are now in business with their publishers. Thinking the publisher has magic powers to drive the success of their book will lead them to failure.
*Marketing is key. How you market gets you the power.If you have a platform, you will have sales.Creating interest and demand is not easy, but if the consumers want your product, how the changes to the industry shake out will not matter.If there is a market demand for your book, there will be sales.
*Coop advertising in book stores was how big publishers of yesterday kept their power.They got their books to the front of the store by paying for that placement.With traditional bookstores going away, publishers do not know how to market to the consumer.That is one reason some have their head in the sand and hope that change will not come.They do not know how else to drive demand for their books.Many keep throwing more money at coop ads and placement.... and yet more than half the books sold are not bought through traditional channels.They must find other ways to invest marketing dollars.
*What is the author’s platform? This is key question that publishers are now asking. Big publishers now want those already famous - those with established fame,giant Twitter followings, or other visibility are what most publishers are seeking today .They are using the famous as their answer to not knowing how to do anything else to promote books.This is bad for the publishing business as a whole as it makes it a tool for those already famous and provides no value to authors or readers in the mass of society.
New Year Publishing is working to become a marketing conduit, trainer, partner, and guide for authors who want to write a book as part of their overall business structure.With the continuing changes happening all around the publishing business, we choose to work with authors who are excited about not just having a book, but creating a series of products that can have a real impact on spreading their message.For more information, visit www.newyearpublishing.com.
