6 Rules of Entrepreneurship from Founders in the Trenches |  |
- 6 Rules of Entrepreneurship from Founders in the Trenches
- How Your Brick and Mortar Store Can Beat Zappos at Its Own Game
- MYQROsites Offers New App for Mobile Marketing With QR Codes
- Government Resources to Help Market Your Business Overseas
- MyOpenID Will Shut Down in February
- Do You Need to Notify the State of Changes to Your Business?
| 6 Rules of Entrepreneurship from Founders in the Trenches Posted: 05 Sep 2013 07:00 PM PDT Entrepreneurship is easier said than done. As with most things in life, it has its own set of rules. It doesn’t matter what kind of business you run, whether you have venture funding or whether you are using your own savings. The rules still apply. Here are six rules of entrepreneurship that should remind you of the wonderful ride that entrepreneurship really is. You will learn more from these six stories of entrepreneurial struggle than you would from six different books written on entrepreneurship. We'll start with big stories first. Rules of EntrepreneurshipRay Kroc, Founder of McDonalds: “I shall persist”
[Image: McDonalds] Persistence is the missing word in entrepreneurship. Ray Kroc is a testimony to persistence. A kitchen wares sales man with health issues at aged 52 took a risk in 1954 and bought out a family-run restaurant. And in doing so created one of the most iconic brands in the world. The menu was limited and the service was quick. It was fast food that really was fast for a change. The idea was simple, yet elegant at the time. Though somewhat boring compared to today's tech startups, it comes with a valuable lesson. Lesson: Run with your imagination. Take that idea and turn it into something great. In short, disrupt. Richard Branson, Founder of Virgin Group: “Screw it, let's do it”
[Twitter Profile Image] No, we aren't talking about Branson’s book here. We are talking instead about the very psyche of Sir Richard Branson, a billionaire worth at least two billion dollars and the founder of companies involved in everything from air travel to space tourism. We all know him to be a shrewd businessman with the style of a newbie rock star. He's charming, social, and completely unpredictable. And his personality seeps through his business. He is a man of action, a relentless entrepreneur, if you will. His first endeavor was a magazine that never took off. He later found a new way for people to enjoy music — lounging around and listening to records before buying. The retail venture become Virgin Records. Serial entrepreneur that he is, he went on to create even more businesses. Some failed. Some rocked. Either way, he never sat there wondering what happened. He just moved on. Lesson: Get up and do something about that idea. Dreams are nothing if you don't sweat towards them. Screw it. Just do it. No matter what happens. Steve Jobs, Founder of Apple: “I'll go on and do my best, no matter what you do to me.”
[Image: Wikipedia] The founder of one of the most popular brands in the tech industry didn’t have an easy path. From humble beginning, Jobs navigated through some huge challenges and a major setback to achieve his ambitious goals. Apple started as a small startup, grew into a small but profitable enterprise, and went pubic, only to have an internal power struggle for control of Apple drive Jobs from the very company he founded. Most entrepreneurs would have simply quit or turned their backs on the past and simply started a new company. Jobs, however, made Apple come to him. He started another business called Next which Apple bought and meanwhile, also founding another successful company, Pixar Studios (now, Disney-Pixar). For Jobs, it was always about design, beautiful rendition of products, and extreme value poured into everything his company makes. Apple does it. Pixar does it. Lesson: Staying true to the quality of the products and services you provide will see you through the toughest times. Don’t give up. No matter what the obstacle. Lewis Howes, American author, consultant and speaker: “Nothing stops me. Not even the lack of a product to sell.”
Lewis Howes was a professional athlete. But a broken wrist ended his athletic career. Instead of lamenting, Howes simply started another career for himself. Though at the time he says he didn’t have a dime to his name. The problem was he had no product to market. But by attending webinars and educating himself about the combination of ideas and action needed to build a successful company, Howes was able to build up a level of expertise he could then share with others trying to do the same. Lessons: Not having a product to sell is an excuse. When you don't have products, you have services. When you don't have the time or resources for providing services, you can teach or train like Lewis does. Entrepreneurship is more about creation, innovation, and making things happen than about finding the right inventory. Brian Morgan of Adventure Life: “Have $3000, passion, and guts? Will start!”
[Image: Adventure Life] Of course, you can start with much less too but we want to introduce you to Brian Morgan of Adventure Life. An adventure junkie, traveler, and business owner Morgan started his company in 1998 with just $3000 in his pocket. By 2008, the company had earned $11 million in revenue and had 16 employees. Adventure Life is a travel company that specializes in “inspired and authentic” experiences for the travel enthusiast. The passion of its employees has become a unique component in the excursions they now offer all over the world. Lesson: You can turn your hobby into a business. Just bring passion, an idea, and the right execution to make it a success. Scott Heiferman, CEO of Meetup.com: “You don't have to do it all.”
[Image: Wikipedia] Entrepreneurs suffer from control issues, including an inability to let go and to trust others. Yet, Scott Heiferman, who runs Meetup.com, a global "meeting engine" with more than 15 million members and 136,047 groups across 196 countries is an expert at doing just that. In an interview with Chris Dixon at TechCrunch.com, he offered this advice: divide and conquer. Do what you are best at and let others take care of the rest. Each founder should focus on his or her strengths. Lesson: Outsource. Hire. Pick the best brains in the business. It comes at a price but it's a pittance compared to the profits you make. Learn the art of delegation. Meetup.com run its business and lets groups all over the world with a passion to meet do the rest. What entrepreneur lessons can you share with us? The post 6 Rules of Entrepreneurship from Founders in the Trenches appeared first on Small Business Trends. |
| How Your Brick and Mortar Store Can Beat Zappos at Its Own Game Posted: 05 Sep 2013 04:00 PM PDT
How can a brick and mortar store successfully compete against online retailers? As the line between online shopping and in-store retail continues to blur, this question seems ever more pressing. But a recent news item offers some solace – and suggestions – for small retailers. CNET recently reported that online accessories and apparel retailer Zappos has been taking "field trips" to local malls to figure out how they can lure shoppers from the real world into the virtual world. While online retail sales are growing every year, the latest data from the U.S. Department of Commerce shows eCommerce still accounts for less than 6 percent (PDF) of overall retail sales. With 94 percent of retail sales still taking place in the physical world, clearly brick and mortar stores have something that eCommerce sites don't. What, exactly? Zappos believes the answer lies in a social experience at a brick and mortar store, and is seeking ways to make online shopping more social, too. Zappos is a pretty smart company (at least, they've gotten enough of my online spending dollars to convince me they know what they're doing), so if they think social matters, I think retailers should pay attention. With that in mind, how can you make your brick and mortar store shopping experience more social? How Brick and Mortar Store Experiences Can Be SocialGet Social OnlineIt may sound obvious, but if online retailers can use social media to drive customers to their websites, you can use it to drive customers into your physical store. Integrate your social media presence with your physical store. Put decals in your store window with the logos of Facebook, Pinterest, Twitter or wherever else you are on social media. Use them in your print and online marketing materials. Include clickable links on your website and in your marketing emails that customers can use to quickly connect with your store on social media. Get Social In-StoreIncorporate the real world into your social media presence. Hold in-store events or promotions, take videos or pictures and post them on social media. Encourage customers to take pictures when they make a purchase or try something on and share the images with their friends on social media (mentioning your store, of course.) Encourage ReviewsLet customers know your store has a presence on local search, review and rating sites such as Yelp or Local.com. Encourage them to review your store if they're happy with their purchase. By doing so, you're taking the in-store experience online to drive more traffic into your shop. Be FriendlyIt sounds obvious, but a friendly, helpful attitude is the key attribute you should look for and nurture in store employees. Seek salespeople who truly enjoy interacting with customers and have a good sense for when people want (and don't want). Customers will come back if your store feels warm and welcoming – and that starts with you and your people. Encourage LingeringRemember when department stores used to have comfy chairs for shoppers' spouses or kids to plop down and rest while shoppers “shopped till they dropped?” Few do anymore. Differentiate your store with little touches that encourage customers to stick around. This could include a bowl of water outside the store for dogs tied up out front, a clean restroom, water, tea or coffee to energize customers to keep shopping or a small play or reading area to keep young children occupied. Think about what might stop your customers from hanging out and eliminate those hurdles. CooperateGet social with other business owners, too. Organize a sidewalk sale in your shopping center or on your street. Find a complementary, but non-competing business in your area and try some ongoing cross-marketing tactics. For instance, if you own a pet accessories boutique, you could work out a deal with a local dog groomer or vet where you post flyers or set out brochures or business cards for each other's businesses. You can also hold an event together, such as a bringing in a local dog trainer to hold a workshop on obedience and promoting all of your services. Give BackGetting involved in community events such as charitable organizations, sponsoring local sports teams or fun runs or participating in beach or litter cleanups are one of the best ways to be not only social, but also socially responsible. Encourage your customers to get involved, too, and you'll build bonds that will help increase loyalty and sales. Start thinking social and you'll come up with no end to creative ways to connect your customers with each other, your business and your community. Social Shopping Photo via Shutterstock The post How Your Brick and Mortar Store Can Beat Zappos at Its Own Game appeared first on Small Business Trends. |
| MYQROsites Offers New App for Mobile Marketing With QR Codes Posted: 05 Sep 2013 01:30 PM PDT
The world of mobile marketing can be overwhelming for already-busy small business owners. But the explosion of smartphone use over the past few years is proof that it's worth looking at the options. According to recent reports, mobile marketing will generate $400 billion in sales by 2015. MYQROsites offers one option to reach customers through a device they already use – their smartphones. Use QR Codes to Promote Your Mobile SiteMYQROsites offers a service that allows customers to create mobile sites promoted through a custom generated QR code. You've probably seen these already in magazines and other ads – they're a square, 2-D barcode you can scan with your phone's camera. Scanning the QR code sends you directly to a mobile website. The benefit of using QR codes is speed and convenience. "It's a quicker way to get to information than making someone type in a URL," said Jon-Mikel Bailey, a principal at Wood Street Inc. and Kicking Apps LLC, which created MYQROsites. The service allows business owners to manage their mobile sites themselves and upload photos, videos and other content for a monthly fee. It also provides technical support for any issues. MYQROsites then allows clients to generate QR codes that can be added to marketing materials businesses already use, like postcards, fliers or other advertisements. The video below shows more about how the service works. The post MYQROsites Offers New App for Mobile Marketing With QR Codes appeared first on Small Business Trends. |
| Government Resources to Help Market Your Business Overseas Posted: 05 Sep 2013 11:00 AM PDT
Have you gotten started with growing your business on a global level? Then you already know about the potential success for your small business, with more than two-thirds of the world's purchasing power coming from outside the United States. If you're looking to market your business overseas, there are a number of great resources available from Export.gov, which brings together information and tools from across the federal government to assist businesses in planning international sales strategies. 3 Steps to Market ResearchAccording to Export.gov, when you're just starting out, it's best to focus on a maximum of two or three "best-prospect" markets. Not sure where to start? Let these research guidelines walk you through how to learn your product's potential in a given market, the market's business practices and other tactics to help set you up for success. Market Research LibraryThis online catalogue has more than 100,000 industry and country-specific market reports written by Export.gov specialists working overseas. Gain access to country commercial guides, industry overviews, market updates, regional reports and more. You'll have to register to take a look at these reports, but it's quick and free. Trade EventsAttending trade events is a great way to learn about how to take your business to a global level – and market it successfully. These can include online webinars or in-person seminars on exporting fundamentals, information about trade missions and find out about counseling opportunities. Trade fairs and shows allow you to introduce international buyers, distributors or representatives to your products or services. You'll also be able to meet other small business owners and gain their insight about what's worked for them, what hasn't worked and get an insider perspective about what could be in store for you as well. There’s a searchable list to find official trade missions and trade events sponsored by the International Trade Administration of the U.S. Department of Commerce. One-On-One CounselingThe government provides counseling to companies at every step of the exporting process, so you can get personalized advice about your marketing inquiries from a specialist near you. Reach out to your local Export Assistance Center – there are more than 100 across the country – to get linked up with a federal representative today. There are additional international marketing insights available to find out even more about how their resources and tools can help you succeed in marketing your business globally. Overseas Business Concept Photo via Shutterstock The post Government Resources to Help Market Your Business Overseas appeared first on Small Business Trends. |
| MyOpenID Will Shut Down in February Posted: 05 Sep 2013 08:00 AM PDT
A service that aspired to be the last username and password its members would ever need will soon be no more. I an official email announcement, Larry Drebes, CEO of Janrain, Inc. said his company would be shutting down myOpenID. The service promoted giving users a single sign-in for all participating sites. Those who still use the system for log-in will have a little time to adjust. Drebes said the service will not officially be shut down until February 1, 2014. Open ID Becomes the StandardIn the end, MyOpenID did not fail to gain traction because of lack of acceptance for Open IDs. The company was founded in 2006 to help make sign-in easier for Internet users. But since then sites like Facebook, Google, Twitter, LinkedIn and Yahoo have all embraced Open ID standards, Drebes said. “By 2009 it had become obvious that the vast majority of consumers would prefer to utilize an existing identity from a recognized provider rather than create their own myOpenID account,” he wrote. He says the company later switched to a business model based on social media log-in. Drebes said the company is delaying shut down of MyOpenID out of consideration for existing users. Janrain Inc. is a development company based in Portland, OR. It creates social tools like the Janrain User Management Platform helping clients learn more about their customers online. The video below explains more. The post MyOpenID Will Shut Down in February appeared first on Small Business Trends. |
| Do You Need to Notify the State of Changes to Your Business? Posted: 05 Sep 2013 05:00 AM PDT
If your business is structured as a corporation or LLC, you're probably aware that there are certain steps you need to take to keep your business compliant with the state, such as sending in an annual report and paying any fees. Keeping your paperwork and recorded information up to date is another key element to staying compliant. For example, if you changed your business address, authorized more shares or had a board member or director leave, then you'll need to notify the state of these changes. This may seem like trivial paperwork, but it's actually quite important. You've got to make sure that your corporation or LLC remains in good standing because if your business happens to be sued, the plaintiff may attempt to show that you have not maintained your LLC/Corporation to the letter of the law. And if successful, your corporate veil is pierced and the plaintiff can seek recovery against your personal assets. What Changes Need to be Recorded?As a general rule of thumb, whenever you're changing any of the information included on your original formation paperwork, you'll most likely need to notify the state. Here are the most common changes:
How Do I Record These Changes?In most states, the paperwork required to record any changes is called Articles of Amendment (or sometimes Certificates of Amendment). This form takes just a few minutes to complete and is an essential part of keeping your business compliant. You can either file the form directly with your state's Secretary of State office or have an online legal document filing service take care of the paperwork for you. When Do I Need to Submit My Amendment Paperwork?States actually don't provide a specific deadline for you to turn in your Articles of Amendment (i.e. you must file within X weeks of making the change). However even without a looming deadline, you'll still want to submit any changes as soon as possible, so the state has all your current information on file. If the state information doesn't match what you're actually doing business under, it can hinder you from certain business transactions. For example, you may not be able to renew your business license, open a bank account or create a merchant service account. In addition, as mentioned above, you may be putting your liability protection at risk by not keeping your state files current. For this reason, it's always best to keep the state informed of any and all changes as soon as possible. Email Forms Photo via Shutterstock The post Do You Need to Notify the State of Changes to Your Business? appeared first on Small Business Trends. |
[Image: Lewis Howes]
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