Month: May 2014

Categories
Business Ideas

Idea Trigger-(Un)Happy #entrepreneurfail

IdeaTrigger(Un)Happy

New Webcomics series brought to you by #entrepreneurfail and GetEntrepreneurial.com. Enjoy!

Epiphanies strike all the time in the entrepreneurial mind. 

I’m sure you’ve felt it.  You may be in the shower, about to sleep, or in an awkward social situation and BAM!  On the surface you may have a fantastic idea – the answer that all humanity has been waiting for.  But then, before you know it, the bubble bursts.  This is an example of an #entrepreneurfail.

What happened?  You may have done some research and realized that Google/Amazon/[insert any publicly-traded company name here] has already tried and failed at that idea.  Or, you may have found that there are just no paying consumers. Or, even worse, you find that there are already 5 copycats in the market, each one undercutting the rest.

An entrepreneur’s dilemma is never about not enough ideas; it’s about filtering the flood of ideas.  If you have a great idea, remember what you need instead is a great “problem to solve”.  Only then can you find the clients and customers that are willing and able to pay for your products and services.  Also, consider scoring your ideas using key criteria such as sustainability, barriers to entry, and competitive threats.

If you are a true entrepreneur, these spurts of idea excitement won’t ever stop. As new ideas crop up, we’ve learned to always do our due diligence, focus on our point of difference, and remember that it’s the execution that really matters.

Have you ever been inspired with an amazing idea, just to be bitten by reality? Tell us about it in the comments below.

This comic and post were originally created by Kriti Vichare for www.entrepreneurfail.com.

Categories
Work Life

4 Productivity Killers – And How You Can’t Avoid Them

4 Productivity Killers – And How You Can’t Avoid Them

Straight up, today’s story is some truth telling and what you absolutely need to hear especially if you work from home OR have kids OR run your own business OR work on line.  If none of these apply to you, you might find it interesting anyway!

About being productive….

The ironic thing is that when I have enough time to actually take extra time for me and for my various projects – I’m the most unproductive.  Is that weird?

If I have a quieter week, you’d imagine I’d be getting all kinds of cool stuff completed right?  Wrong.

Just when I breathe out a sigh of ‘thank goodness I have a little extra time this week’, those damn temptations slip in and kill my productivity.

So here’s what the top four killers are and how you can’t do anything to avoid them (aka. What you have to do to survive!!)

1.  The FACEBOOK – fessing up to my on-going love/hate relationship

It’s the big black hole of soul sucking, life nurturing necessity.  From individual obsessions (go on admit that you’ve spied on him/her obsessively at times) to beautiful, moving moments of real life inspiration…and all that’s in between.  Just when I think I can’t take any more mindless drivel someone posts something so awe inspiringly beautiful, moving and seriously important – and you’re truly lost again.  Another wasted hour.

What to do?  Set an alarm, ration yourself, switch the hell off until it’s a reward.  LOG OUT.

2.  The FRIDGE – not because you’re hungry, just because it’s somewhere to look.

You know what it’s like, you’ve had a healthy breakfast, it’s mid-morning and you’re avoiding finishing that article or making that call.  You just roam into the kitchen and open the fridge door.  You wonder what you’re doing but chances are, you’ll be doing it again in about an hour’s time.

What to do? Prepare some healthy snacks – stick to them.

3.  The INBOX (email) – whether it’s  a ping or a little icon that flashes, we ALWAYS know when email arrives

Every time I get tempted to read just that one email, I’m off my schedule and onto someone else’s.  Could you imagine what it would be like if every time you sat down at your desk, the doorbell rang and you jumped up to open it, deal with whomever was standing there and only then got back to your office.  Oh and of course, the minute you sit down again, the doorbell rings again.  Yes, that’s exactly what we do when we look at our inbox a thousand times a day.

What to do? Be strong; give it up, check your mail twice a day, okay, so three times.  But that’s it, I’m serious.

4.  The KIDS – not just their physical presence.

There’s the bedrooms, the mess, the washing, the preparing meals, the schedule for later in the day – a million distractions.  It’s a full time job.  For both parents.  And you can bet that it mostly falls on you.  Or at least you let it.

What to do?  Shut the door.  Actually all the doors.  The bedroom door closed, mess inside.  And the door of your mind worrying about the schedule later today and what they are or are not getting up to; just shut it out.  Your business needs you.  It deserves your full attention.

Of course, I could keep going because in truth there are probably 400 Productivity killers but let’s start here.  What’s your temptation?

Categories
Sales & Marketing

The Rise Of Generation C

generation-c

Article Contributed by Sarah Gordon

Generation Y is a term which is often used to describe those born between 1980 and 1991. This group are the generation of the digital age or the first ‘digital natives’. Generation Y are seen as a powerhouse of potential for the workforce as well as an essential group of consumers. This mobile generation are shaping the future. Following Generation Y is not Generation Z, but Generation C.

Who is Generation C?

Generation C gets its namesake as this generation flourishes on Connection, Community, Creation and Curation. Generation C is not traditional in the sense it is not defined by their age, though are often found to be under 35. Generation C covers all who have embraced technology, shape opinion and lead on thought.

Google describes this generation:

  • They are motivated by honesty and integrity.
  • They are empowered by technology, living in the moment, always on.
  • And they’re proud to give back more than they take on.

Why bother with Generation C?

Generation C are shaping the way we communicate and find information. This audience is highly influential therefore it makes sense for brands to engage with them. Generation C are the ones likely to share your content and engage with your brand. The internet is second nature to this generation and it’s well-known that it’s a powerful marketing tool.

How to market to Generation C

  • Allow creativity

Involve them in your campaign; this could be in the form of a competition, social campaign, review or simply asking what they think. This generation are socially active, trendsetters not only will they help to spread your campaign but will revel in the opportunity to get involved and create.

  • Go mobile

This generation are the pioneers of the smart phone. It’s not just a means of communication; it’s become a tool for shopping, sharing and finding information. In order to keep them interested it’s important you’ve fully embraced mobile technology. Websites need to be responsive to several devices and provide on-the-go information.

  • Get personal

Think beyond using the customer’s name to be more ‘personal’. Generation C are wise to marketing and if you want them to take notice of your e-mail or campaign it needs to be appealing to them. Allow room for customisation and find out what they want. If you miss the mark it’s likely they’ll never notice your campaign.

  • Be Social

Social Media can make or break a campaign. To be successful time needs to be dedicated to engaging with your customer base. Generation C aren’t interested in seeing a static page with sales type information. Get creative and involve popular culture to keep them enthused with the brand.

Ultimately to engage with this generation, research is crucial. Dedicated time needs to be set aside to research the latest trends, news stories and viral content. This way you can react and involve the audience in something they want to engage with. Always consider the user first.

Author Bio: Sarah Gordon of BT Business provide advice, business insights, news, case studies and more for small to medium enterprises and start-ups at: insights.bt.com

Categories
Planning & Management

Get Out of The Building

The building is not on fire, you are! You are passionate, you are pumped up, you have an idea and you are driven to search and find a business model that works. This is not something you do sitting at your computer even though much of the data we uncover online is helpful, you need to “get out of the building” and talk to real people.

egtout

We used to call this the MITS (man in the street) analysis, meaning get out there and profile your customer by asking them questions!

One of my earliest mentors, whom I’ll call Richard was a successful investor and did his basic research at the corner pub spending a disproportionate amount of time there! Why the corner pub (he wasn’t a drinker) however he said that was where he heard about people’s problems and needs ” Just sit at the bar and listen to what people are complaining about and when you hear the same “pain” issue over and over again, there’s an opportunity to solve a problem”.

Richard was an avid reader of almost everything, and especially science fiction and he would advise, ” if you want to have an idea of what society will look like in the future, to research the future of things, read science fiction!” He was a very early investor in IBM! 

Richard wasn’t just a listener, he’d know exactly what questions to ask to get people to open up about what was important to them; what made their jobs difficult, what burdens they carried, issues they faced and what ideas they had about better ways of doing things…… after an evening, a week or a month at the bar a pattern and or a trend would emerge and off he’d go and look for a company that was working on the solution(s). If he found one, liked what and how they were doing, he’d invest!

How many VCs or Angel Investors do you know who take this proactive approach; rather than waiting for a startup founder to pitch them on what pain or need the startup is solving?

It’s all very well for investors to get out of the building, but way more urgent for founders! They need to talk to customers just the way Richard did all those years ago; maybe not literally at the corner pubJ however, get out and ask questions to find out if there is a connection between the idea for the business model and the reality of implementing it profitably!

Why should the founders do this, why not send a research assistant or intern? The reasoning behind this is clear; the founder(s) have the vision, the power to change the value proposition and the direction of the company, to pivot fast all as a result of feedback from customers! Feedback from potential partners and vendors can also be invaluable.

What should the founders be doing? They should be testing their understanding of the customer’s problem, pain or needs by talking with the customer, and listening to what the customer says. Are they on the same page with the customer, and is it a repeatable scalable business model?

In some scenarios founders have a minimum viable product so customers can give feedback ~ will it match their needs, solve their problem and will they want to buy it? This is a way of testing the problem, and understanding the customers needs and seeing if they sync together!

In other scenarios founders may test to see if they can get users and or buyers.

If it’s a product or service that is as yet unknown, find out if and how it will change customer’s lives (think iPhone!)

For the unexpurgated version of “Get Out of The Building” head back to Steve Blank’s free Udacity course on “How To Build A Startup”

Getting out and talking to customers, just the way founders do to prove and test the business model should not be limited only to the startup or early stages of a company. No matter what stage of a company’s life cycle, things can change so it is most prudent to advise your clients or your company to have a “get out of the building” strategy of customer development; a reality check to find out if they are still in sync with their customers. 

This post appeared first on The LinkedIn Publisher.