10 Questions to ask yourself when you are small
Wednesday, November 30, 2005
Starting on the premises that it's not always the right answers that help - it's asking the right questions, Rajesh Setty puts up a list of ten questions an entrepreneur should ask himself before running a business, especially a small technology business, as he put it.
For those companies, he created this list of questions. Some of the questions may have broader applicability.
1. Do you have a sound business model?
2. Do you have the right resources to execute on the vision?
3. Are you willing to change?
4. Can you influence the influencers?
5. Can you scale?
6. Can you think "systems"?
7. Do you have the right tools?
8. Do you now how to market in the new world?
9. Are you willing to kill your darlings?
10. Is your business Google-Yahoo-Microsoft-proof?
Read the detailed post here.
Tags: Small Business, Strategy
For those companies, he created this list of questions. Some of the questions may have broader applicability.
1. Do you have a sound business model?
2. Do you have the right resources to execute on the vision?
3. Are you willing to change?
4. Can you influence the influencers?
5. Can you scale?
6. Can you think "systems"?
7. Do you have the right tools?
8. Do you now how to market in the new world?
9. Are you willing to kill your darlings?
10. Is your business Google-Yahoo-Microsoft-proof?
Read the detailed post here.
Tags: Small Business, Strategy
Ten marketing tips to help promote your small business
Are you a small business or start up? Do you sometimes feel invisible? Here are ten low cost marketing ideas guaranteed to boost your profile. Inspired from the Jay Conrad Levinson's Guerrila Marketing book, here is a list of 10 cheap and easy tips to better market your business, that you might sometimes just overlook:
1) Word of mouth is the most cost-effective, powerful form of promotion.
2) Networking may seem intimidating but there are ways to make it less scary. Dont feel you have to sell, sell, sell - the number one rule of networking is to listen. Its about building relationships.
3) Business cards need to stand out from the crowd. Get a new batch printed on unusual material textured card, plastic, wood or make it an unusual shape.
4) The internet is an amazing market place to promote your business but its easy to feel lost or insignificant.
5) Newsletters are a great way to build up a following, sign up potential customers and provide people with a regular reminder about your services.
6) Testimonials support your credibility. Its good practice to ask clients for regular feedback either verbally or in a quick customer satisfaction survey.
7) Cold calling can send shivers down your spine! However, it is a highly targeted way to promote your business. Dont expect to close a deal over the phone again this is about finding out information as much as selling.
8) Referrals are an effective and inexpensive way to increase your business and build your credibility. Ask each of your clients or suppliers for three contacts of other people who might like to find out more about your business.
9) Press releases must be targeted. There is little point sending round a generic press release to hundreds of newspapers. Start by focusing on five publications ideal for your target market.
10) Passion and persistence are the most important tools to promote your small business! If you try each of the strategies above and build them into a regular marketing plan, you will certainly boost your profile, without a doubt!
Via
Tags: marketing, tips, Small Business
1) Word of mouth is the most cost-effective, powerful form of promotion.
2) Networking may seem intimidating but there are ways to make it less scary. Dont feel you have to sell, sell, sell - the number one rule of networking is to listen. Its about building relationships.
3) Business cards need to stand out from the crowd. Get a new batch printed on unusual material textured card, plastic, wood or make it an unusual shape.
4) The internet is an amazing market place to promote your business but its easy to feel lost or insignificant.
5) Newsletters are a great way to build up a following, sign up potential customers and provide people with a regular reminder about your services.
6) Testimonials support your credibility. Its good practice to ask clients for regular feedback either verbally or in a quick customer satisfaction survey.
7) Cold calling can send shivers down your spine! However, it is a highly targeted way to promote your business. Dont expect to close a deal over the phone again this is about finding out information as much as selling.
8) Referrals are an effective and inexpensive way to increase your business and build your credibility. Ask each of your clients or suppliers for three contacts of other people who might like to find out more about your business.
9) Press releases must be targeted. There is little point sending round a generic press release to hundreds of newspapers. Start by focusing on five publications ideal for your target market.
10) Passion and persistence are the most important tools to promote your small business! If you try each of the strategies above and build them into a regular marketing plan, you will certainly boost your profile, without a doubt!
Via
Tags: marketing, tips, Small Business
Entrepreneur Lessons
A lot of entrepreneurs dream of launching a business built around their hobbies or favorite pastimes. Big mistake, says Paul Orfalea. If you like to eat, don't go into restaurants, said Orfalea, the founder of the Kinko's copy chain, Then you hate going to restaurants. I used to like to bowl. Now I own a bowling alley, and I hate bowling.
This fall, Orfalea is promoting his new book: Copy This! Lessons from a Hyperactive Dyslexic Who Turned a Bright Idea into One of America's Best Companies.
Hyperactive dyslexic is as good a description as any for Orfalea, who yanks off his tie at the first opportunity during a recent interview. He then chats effortlessly about everything from the state of public schools to his lack of interest in technology. But Orfalea said that restless attitude is part of what made him so successful. "You have to have three things in balance: work, love and play," he said. "Like a tripod. So if you're an addictive personality or if you like certitude, don't go into business for yourself"
Orfalea founded Kinko's in 1970 but said he still has no idea how a copy machine works, has never used e-mail and reads, at best, at a fifth-grade level. The chain is now called FedEx Kinko's and is based in Dallas
Via Seattle Times
Tags: Entrepreneur, lessons
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This fall, Orfalea is promoting his new book: Copy This! Lessons from a Hyperactive Dyslexic Who Turned a Bright Idea into One of America's Best Companies.
Hyperactive dyslexic is as good a description as any for Orfalea, who yanks off his tie at the first opportunity during a recent interview. He then chats effortlessly about everything from the state of public schools to his lack of interest in technology. But Orfalea said that restless attitude is part of what made him so successful. "You have to have three things in balance: work, love and play," he said. "Like a tripod. So if you're an addictive personality or if you like certitude, don't go into business for yourself"
Orfalea founded Kinko's in 1970 but said he still has no idea how a copy machine works, has never used e-mail and reads, at best, at a fifth-grade level. The chain is now called FedEx Kinko's and is based in Dallas
Via Seattle Times
Tags: Entrepreneur, lessons
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10 Mistakes Small Business Owners Need To Avoid
Tuesday, November 29, 2005
Being successful in business is a delicate juggling act of doing the right thing while simultaneously avoiding costly mistakes.
Unfortunately, many small business owners--especially new business owners-- make simple mistakes that could easily be avoided with a little diligence and some inside knowledge. Here's a list of ten of the more common errors small business owners usually make:
When first starting out, many business owners tend to undercharge for what they sell. There are two reasons for this. First, they don't know how to correctly set an effective price, and second they think they need to have the lowest price in order to get business. In order to survive in business, it's crucial that a business owner receive maximum reward for his or her efforts.
While no one can deny the benefits of having a boatload of business, focusing exclusively on sales is oftentimes a recipe for disaster. A "more sales only" mentality and growing too quickly are classic examples of how a business can fail during its peak growth phase. To succeed in business you must focus on your WHOLE business, not just parts of it.
If selling on credit, be sure to perform credit checks on all of your customers. Also, make sure your customers completely understand and agree to your payment terms BEFORE doing business with them. Many slow paying customers like to take advantage of ambiguities in payment policies. While it may be attractive to take on as much business as possible--especially when bills need to get paid--keep in mind that it's better to have no business than to give away free business.
Since taxes represent a large expense in any business, it's absolutely essential that you do everything possible to minimize the cost. This means getting a grip on your taxes BEFORE and DURING the tax year, not after.
A lot of business owners and self-employed individuals don't have clear, concise and written goals. And the goals they do have are frequently vague and imprecise.
A common problem business owners have is their inability to effectively manage their employees. Not only do they make hiring mistakes, but they also don't know how to keep good workers. Besides the owner, a good employee can be a company's most valuable asset. In fact, in a small business employees can actually make or break the business. That's why it's essential that you hire the right person for the job.
While numerous factors are responsible for success, by far the easiest way to expand your business is to provide customers with customer service that is "beyond industry Standards". Doing so is like planting money seeds that will grow and yield basketfuls of profit.
The easiest way to give away financial control of your company is to grow your business on a small group of customers. While this may look tempting and free of hassles at first, relying on a small group of customers is not a good thing and it should be avoided at all costs.
Some people get consumed with their emotions and frequently make business decisions for the wrong reasons. Examples of this include spending money on sexy, expensive advertising just to boast or beat their chest. Other examples include keeping unproductive employees because they feel sorry for them, or going out and spending crucial capital on equipment that isn't needed yet. To make good decisions, make sure you rely on the facts and sound business judgment.
Many business owners limit the amount of success they attain by failing to continue learning. Running and managing a successful business doesn't require exceptional talent, but it does require basic business knowledge. Without this knowledge you're at a substantial disadvantage. You should do everything possible to learn whatever you can about the complexities and nuances of your industry or profession--and not just once, but regularly.
Tags: business mistakes, small business
Unfortunately, many small business owners--especially new business owners-- make simple mistakes that could easily be avoided with a little diligence and some inside knowledge. Here's a list of ten of the more common errors small business owners usually make:
1. They undercharge
When first starting out, many business owners tend to undercharge for what they sell. There are two reasons for this. First, they don't know how to correctly set an effective price, and second they think they need to have the lowest price in order to get business. In order to survive in business, it's crucial that a business owner receive maximum reward for his or her efforts.
2. They concentrate exclusively on sales
While no one can deny the benefits of having a boatload of business, focusing exclusively on sales is oftentimes a recipe for disaster. A "more sales only" mentality and growing too quickly are classic examples of how a business can fail during its peak growth phase. To succeed in business you must focus on your WHOLE business, not just parts of it.
3. They extend credit too easily
If selling on credit, be sure to perform credit checks on all of your customers. Also, make sure your customers completely understand and agree to your payment terms BEFORE doing business with them. Many slow paying customers like to take advantage of ambiguities in payment policies. While it may be attractive to take on as much business as possible--especially when bills need to get paid--keep in mind that it's better to have no business than to give away free business.
4. They think about taxes after the year is over
Since taxes represent a large expense in any business, it's absolutely essential that you do everything possible to minimize the cost. This means getting a grip on your taxes BEFORE and DURING the tax year, not after.
5. They don't have a plan of attack
A lot of business owners and self-employed individuals don't have clear, concise and written goals. And the goals they do have are frequently vague and imprecise.
6. They don't know how to hire and keep good employees
A common problem business owners have is their inability to effectively manage their employees. Not only do they make hiring mistakes, but they also don't know how to keep good workers. Besides the owner, a good employee can be a company's most valuable asset. In fact, in a small business employees can actually make or break the business. That's why it's essential that you hire the right person for the job.
7. They don't provide outstanding customer service
While numerous factors are responsible for success, by far the easiest way to expand your business is to provide customers with customer service that is "beyond industry Standards". Doing so is like planting money seeds that will grow and yield basketfuls of profit.
8. They are economically dependent on a small group of customers
The easiest way to give away financial control of your company is to grow your business on a small group of customers. While this may look tempting and free of hassles at first, relying on a small group of customers is not a good thing and it should be avoided at all costs.
9. They let emotions get in the way of sound business decisions
Some people get consumed with their emotions and frequently make business decisions for the wrong reasons. Examples of this include spending money on sexy, expensive advertising just to boast or beat their chest. Other examples include keeping unproductive employees because they feel sorry for them, or going out and spending crucial capital on equipment that isn't needed yet. To make good decisions, make sure you rely on the facts and sound business judgment.
10. They fail to develop as leaders and managers
Many business owners limit the amount of success they attain by failing to continue learning. Running and managing a successful business doesn't require exceptional talent, but it does require basic business knowledge. Without this knowledge you're at a substantial disadvantage. You should do everything possible to learn whatever you can about the complexities and nuances of your industry or profession--and not just once, but regularly.
Tags: business mistakes, small business
Top Ten Startup Rules
Monday, November 28, 2005
Evan Williams, founder of podcasting startup Odeo, and before that, Pyra Labs of Blogger fame, shares his top-ten rules for startups. Excerpts below:
1. Be Narrow Focus on the smallest possible problem you could solve that would potentially be useful. Small things, like a microscopic world, almost always turn out to be bigger than you think when you zoom in.
2. Be Different
Ideas are in the air. There are lots of people thinking about—and probably working on—the same thing you are. And one of them is Google. Deal with it.
3. Be Casual
We're moving into what I call the era of the "Casual Web" (and casual content creation). This is much bigger than the hobbyist web or the professional web. Why? Because people have lives. And now, people with lives also have broadband. If you want to hit the really big home runs, create services that fit in with—and, indeed, help—people's everyday lives without requiring lots of commitment or identity change.
4. Be Picky
It applies to everything you do: features, employees, investors, partners, press opportunities.
5. Be User-Centric
Don't get sidetracked by technologies or the blog-worthiness of your next feature. Always focus on the user and all will be well.
6. Be Self-Centered
Great products almost always come from someone scratching their own itch. Create something you want to exist in the world. Be a user of your own product. Hire people who are users of your product. Make it better based on your own desires. (But don't trick yourself into thinking you are your user, when it comes to usability.)
7. Be Greedy
It's always good to have options. One of the best ways to do that is to have income. While it's true that traffic is now again actually worth something, the give-everything-away-and-make-it-up-on-volume strategy stamps an expiration date on your company's ass.
8. Be Tiny
The most likely end game if you're successful is acquisition. Acquisitions are much easier if they're small.
9. Be Agile
Many dot-com bubble companies that died could have eventually been successful had they been able to adjust and change their plans instead of running as fast as they could until they burned out, based on their initial assumptions. Pyra was started to build a project-management app, not Blogger. Flickr's company was building a game. Ebay was going to sell auction software. Initial assumptions are almost always wrong.
10. Be Balanced
What is a startup without bleary-eyed, junk-food-fueled, balls-to-the-wall days and sleepless, caffeine-fueled, relationship-stressing nights? Answer?: A lot more enjoyable place to work.
Read full Ten Rules for Web Startups
Technorati Tags: start-up, startup, top 10, rules
