Jules Pieri started The Grommet, a product-launch platform, after realizing that contemporary entrepreneurs have ready access to manufacturing technology such as 3-D printing but no easy way to get their products into consumers' hands.

Since 2008 The Grommet has brought 1,500 companies and 6,000 products to market through its online store, which produces video reviews and social media campaigns that emphasize the people behind the products. Says Pieri: "Our first cut isn't: Will this product sell well? It's: Do people want to know this story?"

Pieri, who serves as CEO, walked us through the steps for taking a product from concept to reality.

I have an idea for a product. Now what?
Make sure there's a large market opportunity. I see a lot of mompreneurs, for instance, who are solving a very narrow problem that their child will have for only six months. Don't overlisten to your own needs. Do Google searches and see how many people are searching to solve the same problem. Check reviews on Amazon to see whether there are existing products.

What's the best way to prototype?
Start with the elementary toolkit of foam board, cardboard. You can also do 3-D printed prototypes. We had a pitch session at Fenway Park where an 8-year-old came with a 3-D printed prototype. You can rent those machines for $15 an hour now, so they're not inaccessible. If you're starting to get the kind of response you'd hoped for, you might need a visual presentation, too. I love when someone reaches out to a designer or engineer to help move to the next level. Or you can join a hacker lab to try out ideas.

At what point should inventors consider crowdfunding?
They should get a rough prototype together first. One insider tip: Make sure you get at least 20 percent of the campaign pre-funded before it goes live; 81 percent of campaigns that have a head start are successful. Crowdfunded campaigns also are a good way to get some market intelligence. If you can get a product funded, that's a good validator. The main drawback is that campaigners can be unprepared for success--you have to quickly figure out how to deliver everything you promised.

How do you decide whether to produce in-house or outsource?
There are online inventor communities that are useful for those kinds of questions, but you can also find someone with a product in the same vein--not a competitor, but someone who uses the same kinds of processes. Sometimes people don't feel confident just picking up the phone, but anyone who has cracked this really loves talking about it. It's a real triumph to crack supply chains. When it comes time to price, make sure you create a margin structure that later allows for retail partners. Generally you want the manufacturing cost to be one-fifth of the retail price.

What are some common rookie mistakes?
You'd be surprised by how many people have a wonderful product and get a big order from someone like us, and we get an e-mail saying, "I'll be back in two weeks." They're not taking their own business seriously, and that's the kiss of death. It seems so basic, so obvious to not do that, but we see it often. The way you can get things produced today, you don't necessarily need to have the business skills to complement that, so people aren't always prepared.

Source:
http://m.entrepreneur.com/article/227390

http://innovationova.blogspot.com

The stodgy business plan--that multipage printed document that entrepreneurs used to hand out at meetings with venture capitalists--has gone the way of the typewriter and Rolodex. These days, entrepreneurs are expected to lay out their strategies in slick Power Point presentations, complete with colorful pictures and informative charts.

100 Hot Books CLICK HERE

But while it's true that the format of the business plan has changed, the substance most certainly hasn't. If you're headed out to raise capital for your company, you'll still need to address key issues about the size of your market, the experience of your team, and your long-term financial goals. In the wake of the financial crisis, persuading potential financiers that your plan has legs will be especially challenging.

Here are the key questions you should ask yourself before you fire up Power Point and start preparing your slides.

1. Have I proven that I'm filling an unmet need in the market?
As the economy still struggles to turn around, entrepreneurs are under pressure to gauge the strength of their market--in detail--before they go out and raise capital. Try test marketing your product on a small scale so you can realistically forecast how much you can sell in the future, suggests Edward Hess, professor and Batten Executive-in-Residence at the University of Virginia Darden School of Business.

"Entrepreneurial funding is moving away from formal business plans to having to prove that customers are actually going to buy what you're trying to sell," Hess says.

2. How will I acquire and retain customers?
You'll also need to prove that your idea isn't a fad.

"Understanding how customers are going to be found, acquired and retained is critical," says Alison Berkley Wagonfeld, operating partner for Emergence Capital Markets in San Mateo, Calif. "Some companies might say, 'We're going to buy search words,' but once they get somebody to their website, how are they going to sell them a product?"

3. Why am I better than the competition, both current and future?
If you have direct competitors, you'll need to devote several slides to depicting exactly how you plan to differentiate yourself. If you have no competitors, you need to explain that, too, Wagonfeld says.

"It's always great to think you have no competitors, but the flipside to that is why has no one else found this opportunity?" Wagonfeld says. "You may have a different expertise or a unique technology," but you have to explain why you think you can retain that competitive advantage.

4. What's the story behind my financial forecasts?
One common mistake entrepreneurs make in their business plans is to project that they will capture a certain percentage of the overall market for their product without fully explaining how they intend to do that, says Mark Steranka, director of planning and policy for Moss Adams' Consulting Group in Seattle.

"You can't just play a numbers game," Steranka says. "What will the key decisions be along the way? What will the key strategies be? You need to do a stellar job of really explaining how you're going to get from point A to point B."

5. What elements of this plan can I depict visually?
The rise of Power Point as the format of choice is forcing entrepreneurs to make their pitches with fewer words and more pictures. Some parts of your business easily lend themselves to graphic presentations, such as financial forecasts that can be shown in bar charts. But you might also consider using graphics, photos, and illustrations to demonstrate how your product works or how it differs from the competition.

6. Should I recruit a few key advisors?
Bryan Pearce, venture capital advisory group leader for Ernst & Young in Boston, says every startup should assemble an advisory board--a small group of industry leaders who can complement your skill sets and help you formulate your plan.

"An advisory board doesn't carry the legal weight of a formal board of directors, but it can be very helpful to the founding team in advising them on how to get the company going," Pearce says. The makeup of your advisory board should be included in your business plan, too. "If good people are willing to lend their names and help to get you going that speaks volumes about the potential of the business idea."

7. How am I going to spend my investors' money?
With the economy still sputtering, potential investors are going to want details about how you plan to stretch their dollars, Pearce says. Emphasize your strategy for holding down your cash-burn rate, and spell out exactly what you expect your costs to be for the first year or two.

8. Does my staffing fit the current state of my business?
Many entrepreneurs make the mistake of thinking they need to have all the key managers in place before they go out and raise funding, but that's not necessarily true. If your product is in the prototype phase, for example, you don't need a director of sales and a full sales force just yet. You should describe your plans for hiring those people, and include them in your cost estimates, but you'll want to show that you're taking a conservative approach with your funding and not over-staffing your company beyond your current operating needs.

9. What's the exit plan for the business?
Potential buyers will want to know how they're going to earn a return on their investment. If you hope to take your company public someday, your business plan should point to examples of other companies in your industry that have done so successfully.

If you think your company is a good candidate for an acquisition, try to strike up partnerships with potential acquirers, and include those names in your business plan, Pearce advises. "It's always good to have an understanding of who potential buyers might be, and to show that you're starting to create relationships with them," he says.

10. What is my personal exit plan?
If you're a 45-year-old founder with a dream of retiring at 55, don't be embarrassed to reveal that in your business plan. Potential investors will want to know that you've defined your personal goals and aligned your company with them, Steranka says. For example, if you don't plan to stay with the business for the long haul, your business plan should include a succession strategy--a specific strategy for developing talent within your organization, so the transition to a new leader is seamless.

"Investors want to know the truth," Steranka says. "While transparency up-front could turn away a potential investor, it's going to attract the right investor."
 

Source:
http://m.entrepreneur.com/article/227748
http://innovationova.blogspot.com

I encountered my first business plan in 1974. I worked on international plans for multinational companies in the 1970s, then on entrepreneurial plans for Silicon Valley startups in the 1980s, and on plans from startups everywhere in the 1990s and throughout this millennium. To this day, I read about 100 business plans a year as a member of a local angel investment group, and a judge of several major international business plan competitions.

The fundamentals of business planning have been remarkably stable for several decades. But the how, how much and even the whys have changed enormously.

The main fundamentals remain the same:

1. It's about business and results. The value of a plan is its business impact, the decisions it causes, not its ideas, formatting, writing or appearance. A beautiful plan, unexecuted, is worth nothing. A mediocre plan, well executed, creates business value. 

2. It's the planning that matters, not the plan. Without regular review and revision, a plan is just, at best, an interesting exercise. It's not a document, it's a process. 

3. Form follows function. A business plan should be just big enough to cover the business need. It should grow organically. The plan contains only what's required for its business use. 

4. Planning manages change. Change doesn't negate planning. A well-formed plan connects dots and decisions to improve management and business results as assumptions change. 

5. Planning isn't accounting. Even though the projections look like accounting statements, the context is completely different. Where accounting needs infinite exact detail, planning is about aggregation and educated guessing. 

Still, like so much else in business, planning has changed as the world changes.

1. Time spans are shorter. In the old days, a plan might last a few months without revision, but today a plan is obsolete in a few weeks. 

2. The plans themselves are shorter. Hard as it is to imagine today, there was a time when potential investors wanted to see 75 to 100 page business plans full of validating information. Of course formats depend on the actual context and the business use, but all variations of business plans are shorter now than they once were. Business plans for angel investment are rarely more than 25 pages of text, not counting tables and illustrations and can be as little as 10 or 15 pages of text. In fact, business plans for competitions are often limited to 10 or 15 pages. 

3. Tools and techniques are different. Good business planning involves collections of components or modules including some texts, bullet points, lists, projections and illustrations. A single business plan might generate a pitch presentation, elevator speech and executive summary as outputs. And most plans stay on a network for easy access, and exist on a network in digital form, rather than on paper. Printouts are obsolete. 

Business planning today reflects a rapidly changing world, but it hasn't lost its fundamental purpose since I picked up my first business plan nearly forty years ago.

Source:
http://m.entrepreneur.com/article/22783
http://innovationova.blogspot.com

Most entrepreneurs think they can get funding simply by sending out their business plan. Unfortunately, this rarely works. Over the past 15 years, my company, Growthink, has developed thousands of business plans for entrepreneurs seeking funding.

But I always tell people not to send the plans to investors. The trick is not simply sending out a plan. It is finding the best way to leverage it.

Here's why:

Your Business Plan Can't Answer All the Questions
Regardless of how good your business plan is, it will never be perfect. For instance, it can never answer every question an investor might have. If it did, it would be 100 or more pages long, in which case, no one would read it.

Likewise, any written document, including your business plan, is subject to interpretation. As a result, based on the experiences of the investor, he may incorrectly assess your opportunities or challenges.

That's why, ideally, your first written correspondence with a potential investor should only include an overview or brief information about your company. Put it in the form of an email or a one-page Executive Summary. Include within it bullets about what your company does and why it's uniquely qualified to succeed. Such a document gives the investor an overview of your venture and allows him to determine if it's something he's interested in pursuing.

Get Investors to First Invest Time
After giving investors an overview of your company, your next goal is to secure a meeting. Realize that investors have two scarce resources: their time and their money. Start by getting them to invest their time in learning about you and your company. Importantly, how they feel about you personally is often equally significant to how they feel about your company's success prospects.

So, secure the meeting, bond with the investor, and use the time to determine and answer all of his questions. You can generally answer questions far better in person than including them in your plan, as you can adjust based on follow-up questions and/or the investor's body language and tone.

When to Send Your Business Plan
After you meet with the investors and they are legitimately interested in funding your business, they will often request your business plan. This is when you give it to them. The business plan, at this point, is more of a formality. It allows them to confirm that you have fully thought through your business and will use their money wisely.

Even though your plan is more of a formality here, it's still critically important to create. Not only does it give the investor the final confidence needed to fund you. But in developing your business plan, you develop:

1. the compelling overview information to initially share with investors

2. a comprehensive understanding of your company

3. the materials for your in-person meetings and presentations

4. answers to all the questions they might ask you during the process

Approach raising funding from investors as you would any other marketing endeavors. Think of it the way people sell cars. It starts with a commercial or brochure to gain customer interest. This is like your overview email or one-page Executive Summary. Next, prospective customers are offered a test drive. This is similar to your in-person meeting and presentation. And finally, if the prospective automobile customer has questions, they might be given the full manual to understand more fully how the automobile operates. This is similar to your business plan.

Having a well-written and compelling business plan is a critical when raising capital. But knowing how to use it is equally important.

Source:
http://m.entrepreneur.com/article/227950

http://innovationova.blogspot.com

Too many people don't bother to write a business plan because they think it's too hard or unnecessary unless you're looking for funding. That's a shame. These myths keep a lot of people from the benefits of planning.

If you're still skeptical, here are 10 benefits to business planning you shouldn't be overlooking:

1. You'll stay on strategy. It's hard to stick to strategy through the daily routine and interruptions. Use a business plan to summarize the main points of your strategy and as a reminder of what it both includes and rules out. 

2. Business objectives will be clear. Use your plan to define and manage specific measurable objectives like web visitors, sales, margins or new product launches. Define success in objective terms. 
3. Your educated guesses will be better. Use your plan to refine your educated guesses about things like potential market, sales, costs of sales, sales drivers, lead processing and business processes.

4. Priorities will make more sense. Aside from the strategy, there are also priorities for other factors of your business like growth, management and financial health. Use your plan to set a foundation for these, then to revise as the business evolves. 

5. You'll understand interdependencies. Use a plan to keep track of what needs to happen and in what order. For example, if you have to time a product release to match a testing schedule or marketing to match a release, your business plan can be invaluable in keeping you organized and on track. 

6. Milestones will keep you on track. Use a business plan to keep track of dates and deadlines in one place. This is valuable even for the one-person business and vital for teams. 

7. You'll be better at delegating. The business plan is an ideal place to clarify who is responsible for what. Every important task should have one person in charge. Your plan keeps track. 

8. Managing team members and tracking results will be easy. So many people acknowledge the need for regular team member reviews and just as many admit they hate the reviews. The plan is a great format for getting things in writing and following up on the difference between expectations and results with course corrections.

9. You can better plan and manage cash flow. No business can afford to mismanage cash. And simple profits are rarely the same as cash. A cash flow plan is a great way to tie together educated guesses on sales, costs, expenses, assets you need to buy and debts you have to pay. 

10. Course corrections will keep your business from flopping. Having a business plan gives you a way to be proactive -- not reactive -- about business. Don't wait for things to happen. Plan them. Follow up by tracking the results and making course corrections. It's a myth that a business plan is supposed to predict the future. Instead, it sets expectations and establishes assumptions so you can manage the future with course corrections. 

You don't need a big formal business plan to reap these benefits. Instead, think of your business plan as a collection of lists, bullet points and tables. Think of it as something that lives on the computer, not on paper. It's just big enough to do its job.

Source:
http://m.entrepreneur.com/article/228220

http://innovationova.blogspot.com

The dream of being one's own boss is what leads many people to start businesses, but leaving your bread-and-butter job to fulfill that vision is a move that shouldn't be made hastily.

In his book, Quitter: Closing the Gap Between Your Day Job & Your Dream Job (Lampo Press, 2011), Nashville-based author Jon Acuff says that between 70 and 80 percent of people think about quitting their job to do something more fulfilling. "A lot of people wake up Monday morning and say, 'How did I get here?'" he says. "You take a six-month stop-gap job sometimes and find yourself still there years later, but it doesn't have to be that way."

That said, Acuff and other experts say there are some important things to consider before quitting your day job to start a business.

Here are the ten questions you should ask yourself.

1. Is this going to make me happier?

Before leaving your job for uncharted territory, make sure this is really what you want – not just what you think you want or a way to escape your current job. "I personally believe you should get enjoyment out of your career," says Chris Hurn, Orlando, Fla.-based, author of The Entrepreneur's Secret to Creating Wealth: How The Smartest Business Owners Build Their Fortunes (Advantage, 2012). "Too many people suffer silently in their job, but before you go out to be your own boss, you have to believe you're going to be happier. If you can't say that you believe it will make you happier, don't do it."

Related: The Best States for Entrepreneurs

2. Is the timing right?

If your wife is pregnant or you've just taken over the care of an elderly parent, it may not be the right time to leave the security of an established job to pursue the dream. "We throw out these Pinterest-sized platitudes like, 'Just go for it' or, 'Step out in faith.' And then we pretend that we don't have a mortgage or bills or responsibilities," Acuff says. Instead, be honest about your current situation; be realistic about your bills and your commitments; and then make an informed decision.

3. How will I cover my expenses?

The biggest detriment to starting a business? Being undercapitalized, says Deborah Shane of Fort Myers, Fla., author of Career Transition – Make the Shift: Your Five Steps to Successful Career Reinvention (Deborah Shane, 2010). You should have a rainy day fund or savings built up to cover you and the business for a certain period of time, the length of which will be determined by the nature of the business and how quickly you'll be able to pay yourself a salary (although Shane suggests 12 months as a good place to start). "Make sure you have the money to pay both your personal and business expenses for that period before venturing out on your own," she says.

4. Do I have the support of family and close friends?

The talents and shortcomings we have the hardest time recognizing are often our own. So before venturing away from a secure situation, Acuff suggests asking the people you trust the most how well-suited they think you are to the opportunity. "Talking to family and close friends will help you realize if you're going after something that you really want to do, or just escaping your current situation," he says. "Don't just talk to the dreamers in the group that will tell you to go for it. Talk to the people that will be honest with you and encourage you if you're on the right path."

5. How much am I willing to change my lifestyle?

Some people are very good at structure. Getting up, going to work for a set number of hours, performing set tasks, and interacting with co-workers works really well for them. Yet starting your own business can be anything but structured and can mean long, hard hours – very often spent alone. "There's also a lot of self-motivation involved. You have to be structured, innovative, creative and proactive," Shane says. "The solo nature of it is not for everyone."

6. Do I truly have the discipline to be my own boss?

Many people think if they can be their own boss, it's going to make life easier. Sometimes that's true, but not always, according to Hurn. Not everyone is meant to be a business owner. Although entrepreneurs come in all shapes and sizes, they do often share traits like good leadership skills and a desire to be in control. "Many people think entrepreneurship is for risk-takers, and that's not necessarily the case," he says. "I think successful entrepreneurs do the due diligence before starting their business and minimize the risk involved in a new project."

7. Can I test the waters without giving up my current job?

Acuff urges people to 'beta test' their dream job before leaving a stable situation to pursue it full-time. You might find you don't like the new career as much as you thought you would. "Before you quit your accounting job to open a coffee shop, it might be good to work at a Starbucks part-time for six months to see if you hate coffee and humans," he says. "Practice the dream."

8. Are there skills I still need to brush up on?

Before stepping out, make sure you have the relevant skills, qualities and intangibles to make a new business work. It's important to be up to date on the latest technology in your field and be able to use social media to your advantage. "Make sure your skill gaps are closed and that you're up on trends and best practices in the area you are getting into, following the top blogs and web sites," Shane says. "So much is changing so fast -- staying relevant is crucial to success."

Related: 3 Skills Worth Going Back to School For

9. Am I sure my business idea is sound?

It's important to make sure what you're planning to do is marketable, that it fills a niche. Is there a need for this thing you want to do? "I work with a lot of creative people who have started businesses based on peoples' lifestyles, the world we live in today," Shane says. "They've found niches to help working moms, families, individuals who are time-starved." Make sure your idea is relevant before making that leap.

10. Do I have a business plan?

It doesn't have to be the length of a novel, but anyone starting a new business should put together a plan that includes a sound sales and marketing plan. Winging it is not an option in today's competitive marketplace. "It doesn't have to be complicated, but can be as simple as a one-page summary," Shane says. "Look at it as a road map."

Source:
http://m.entrepreneur.com/article/228183

http://innovationova.blogspot.com

The following is the eleventh and last article in the series "Marketing Like the Big Brands," in which marketing expert Jim Joseph shows entrepreneurs on a small-business budget how to apply marketing strategies used by big brands.

Setting goals is crucial to the success of your brand and as a small-business owner, the responsibility falls squarely on your shoulders. That said, your day is probably filled with important tasks like solving problems and fulfilling customers' needs real-time. 

I can relate. Running my own agency, As hard as I try, I still find myself putting out day-to-day fires more often than I'm actually doing long-term strategic planning.

The big brands spend a lot of time planning, probably too much, to be honest. They have planning sessions to talk about how to plan. They hire teams of people whose job it is to plan.

And they are on to something. Without setting goals, we are just living moment-to-moment, crisis-to-crisis. You won't get ahead if you manage your business that way.

The good news is: a little bit of planning can go a long way, no matter how busy we are. It's important to get past the day-to-day and do a little planning, at least beyond the next few weeks or months where we tend to concentrate most of our effort. You can't have a plan without goals so let's start by setting some.

Big picture questions.
When setting your goals, think far out and ask yourself some key questions:

- What do you want your business to look like five, ten or even fifteen years from now?

- What's the finish line for your business?

- What do you want to accomplish?
Without setting these goals, your brand will be purposeless. On the other hand, clearly articulated goals can get you get beyond the current issues and complete long-term accomplishments.

The year ahead.
It's never too early to start anticipating and planning what you want to accomplish in the next twelve months. I recommend you also plan for the year after as well, so you can see beyond the one year horizon. Some goals take a little longer to achieve, and we have to plan far ahead to make them happen.

A three-year plan.
Ideally, I recommend a three-year plan, which will give you concrete steps to make your long-term vision come to life.

Your marketing plan should be no more than five or six pages, nothing more complicated is required. If you make the planning too much work, you'll never get it done. A focused concise plan is so much better than a drawn-out one or none at all.

Your three-year plan should become a living, breathing document of what the business is all about, what needs to get accomplished over the short and long term. This three-year plan should also include all the lessons you've learned along the way, with revised thinking about your business as a result.

Do this exercise annually, and not only will you have an incredible brand experience for the customer, but a great growth surge for your business.

It's been incredibly rewarding putting together this series of branding articles for Entrepreneur.com. I invite you to engage in my next series focused on personal branding that kicks off next week. See you there!
 

Source:
http://m.entrepreneur.com/article/228297
http://innovationova.blogspot.com

With an executive staffing venture about to open, a business loan from the in-laws gnawing at her conscience and a new baby to care for, Michelle Fish was already feeling the pressure. But what really pushed her over the edge was an unexpected communiqué from the IRS demanding immediate payment of a "huge sum" owed from a prior business in which she was a partner. Poof! Her seed money was gone. "All the spreadsheets, all the forecasting, all the preplanning took a back seat once that bill came," recalls Fish, hearkening back to the 2003 launch of her Charlotte, N.C.-based firm, Integra Staffing.

Jeremy Ostermiller didn't need a letter to know that he had to get his Denver-based media-tech startup, Altitude Digital, into the black fast or watch his future take a dispiriting U-turn. "I knew it had to be profitable," he says. "I had put my last $500 into it, and I definitely didn't want to move back in with my parents."

A lightning-fast rise to profitability by their respective startups spared Fish and Ostermiller from going belly up. Neither has looked back since. Now a decade old, enjoying seven-figure annual revenues and flush with Fortune 500 corporate clients, Integra Staffing is the third-largest female-owned business in Charlotte, according to Fish. Meanwhile, 4-year-old Altitude Digital, which matches online content publishers with advertisers using an eBay-like bidding platform, is on target to generate $20 million in revenue this year.

Chances are, neither venture would be where it is today if not for the strategically sound groundwork laid by its founder prior to and right after launch. Trying to start a business and make it profitable in a matter of weeks isn't for the squeamish. Nor is it always advisable. But it can be done. In fact, we've condensed the process into 10 intense, highly focused days. Call it our DIY accelerator to launching a business.

Read on to learn how Fish, Ostermiller and a handful of others did it fast--and, more important, did it right.

Day 1
Draw up a business plan
When launching College Hunks Hauling Junk in 2004, the first move for friends Nick Friedman and Omar Soliman was to dust off the business plan they'd written in college a couple of years prior. "Ultimately, it was a really valuable guide for us," Friedman says. In fact, it helped turn their $80,000 initial investment ($30,000 of which was their own money) into a powerhouse with some 500 employees and 47 U.S. franchises.

Whether written on the back of a napkin or a highly detailed 25-page document, a business plan is critical for startups seeking the fast route to profitability, asserts Ken Yancey, CEO of SCORE, a small-business mentoring organization that offers free, generic business-plan templates on its website.

Day 2
Study the market
Market research is vital to a startup looking to hit the ground running, according to Yancey. You want to create a snapshot of the competitive landscape you're entering: how your products or services compare to what's available, who your target customers are and what government regulations and licensing requirements to expect. The SBA's SizeUp tool provides access to meaningful demographic data, mapping potential customers, competitors and suppliers, as well as identifying possible advertising avenues.

When he was preparing to launch National Storm Shelters in 2010, company president Jeff Turner conducted market research at trade shows and held discussions with potential customers and competitors. This confirmed what his instincts told him: that he had a winning product. The Smyrna, Tenn.-based company, which designs, manufactures and installs above- and below-ground safe rooms and storm shelters, was profitable virtually since day one and now generates about $1.5 million in annual sales.

As valuable as prelaunch research and planning can be, beware of paralysis by over-analysis, especially when you lack the luxury of time, cautions Fish from Integra Staffing. "Defining your sandbox is important. But don't over-think or over-plan, and don't put a lot of stock in sales forecasts."

You're bound to have questions about strategy and practicalities leading up to launch. To get answers without ringing up an expensive consulting tab, enlist someone with the acumen and willingness to provide advice, coaching and skills to augment those you lack. A former boss provided free advice to Ostermiller initially, then became a paid advisor once Altitude Digital could afford the expense.

Day 3
Build out your brand
A brand identity, including a name and a professional-looking logo, can bring instant legitimacy, even before launch. For DIYers, online tools like LogoMaker offer libraries of icons, color combinations and other elements to help develop a logo fast--no design expertise required. Services such as Logoworks are available if you want the work done for you quickly and inexpensively. Once you have your logo nailed down, take your file to a quick-turnaround print service for letterhead, business cards and marketing collateral such as posters, mailers and sales sheets.

In most cases, startups need some kind of web presence to solidify their brand identity (see "The quick-start startup" on page 20). Don't forget to stake out a position on Facebook, Twitter, Pinterest, Instagram and LinkedIn. You may not use social media right now, but you want to plant your flag ASAP.

Day 4
Incorporate the business
The nature of the startup dictates the extent to which it should rely on an attorney to incorporate, trademark ideas/products, formalize partnership agreements, etc. While it's best to let an attorney tackle any complex legal matters, Friedman of College Hunks Hauling Junk suggests considering some of the numerous online tools available to help you handle simple undertakings yourself. "Our first bill from an attorney to set up an LLC was $1,500. Little did we know we could have done that ourselves for $300 online," he says.

Day 5
Set up a lean machine
With the clock ticking toward launch, Ostermiller needed help. He found it on Craigslist, taking on two unpaid interns (both recent college grads) whom he immediately put to work--one on sales and one on operations--with the promise to hire them full time after 90 days if things went well.

With no office yet, Ostermiller's interns worked from coffee shops while he did so from his kitchen table. Likewise, Friedman's parents' basement served as the first office for College Hunks Hauling Junk. For Fish and Integra Staffing, a modest office, spartanly furnished with used furniture, sufficed. From the outset, she says, the goal was to "minimize the monthly burn."

Another tip: Beware the glowing promises of efficiency and speed from shiny new technology and software. "Unless technology is part of your core competency, you need to be careful how much you invest in technology early on, because it can become very expensive very quickly," Friedman says. "You really need to fine-tune your model before investing a lot in technology solutions."

Day 6
Start selling
Bringing in profits means making sales. Ostermiller and his interns chased leads even before his company launched officially. Fish's sales efforts began with tireless networking. "I didn't have any money then, so I got my ass out of the chair and into the community," she says. "Any event in town with more than 25 people, I was there. Breakfast, lunch or dinner--it didn't matter."

To lay the marketing and sales groundwork for his startup, Friedman let people in his personal network know about his new venture. "We had a support network, a group of cheerleaders who were really inspired to help us with our idea before we launched."

Day 7
Work the media
To generate buzz and sales, make media relations a priority. As Turner and Friedman discovered, media outreach by a business owner can pay quick and substantial dividends. "I called different TV stations the first day we went to market to tell them about [National Storm Shelters] and ended up on the 5 o'clock news," Turner says. "That was huge!"

Similarly, right around the time of its launch, College Hunks got a major boost from an article that landed in The Washington Post thanks to Friedman placing a call to a reporter there. "We shot high, and it got us on the front page of the Metro section," he says. "Our phone rang off the hook from that article."

Day 8
Fake it to make it
Success is often a self-fulfilling prophecy. However modest your beginnings, however short your track record, think big and act like you belong. "We were scraping by, but we walked, talked and acted like a bigger company," Friedman says.

College Hunks launched with an 800 number, a memorable logo and a website that provided e-mail addresses for a range of company departments (pr@…, marketing@…, HR@…), all of which funneled back to Friedman and his partner. "It made us look like we were an established business," Friedman says. "Having that image not only gave us confidence, it established a level of credibility and confidence in the consumer's mind. I think that's what got us those large corporate accounts early on."

Fish took a different tack. She says she invested in a receptionist prior to launch, primarily to impart a sense of professionalism to callers.

Day 9
Work in and on your business
For startup entrepreneurs, the fast route to profitability often means working in and on the business concurrently--at least in the first days and weeks. It's a constant battle for time between hustling up new business and taking care of new customers with outstanding service. "We were at the dump at 5 a.m., doing all the physical stuff, while also doing all the customer-facing stuff whenever we could," Friedman says.

When the day-to-day workload from the business becomes too heavy--a good sign, because it means you have customers--it's time to move tasks such as strategic planning, hiring and marketing programs to the back burner. Focus on generating cash flow first, Friedman suggests.

Day 10
Throw a party
With the foundation for your business set, invite your network of contacts, vendors, friends, family, customers and prospects to a grand-opening celebration to generate buzz and goodwill within your community. Doing so solidifies your image, telling people you're open for business and you mean it.

At the party, take a breath, sip some champagne, make a speech thanking everyone who's helped and seek feedback from your guests. In short order, you've created your first focus group, one that will likely provide you with a laundry list of tweaks, ideas and improvements that you can start on tomorrow.

Source:
http://m.entrepreneur.com/article/228659

http://innovationova.blogspot.com

Recently, I was asked to participate on a panel discussion about NEGOTIATION for University of South Carolina's Moore School of Business. I was honored to be asked and accepted the invitation with only a few reservations regarding how valuable my contribution to the discussion would be (read: hoping not to make a fool of myself).

The moderator was a professor who teaches international negotiation. The other panelists were esteemed in their fields and ranged from a financier with a large, international company to a director with a national physician's group to a renowned labor and employment litigation attorney. And me. Certainly an impressive group if ever there was one.

The evening was lively and provocative – even funny at times. The large room full of students asked great, thoughtful questions and everyone walked out pleased with what they had learned – the panel included. I was asked to stay and role-play some negotiation scenarios with students, which I thoroughly enjoyed.

What I realized during and after the discussions that evening was this; so much of negotiating is an acting exercise, and that the art of negotiation is based primarily on goals and communication, much like good theatre. Keeping that in mind, below are four of the most salient points to remember when negotiating:

1. Know your audience. Take the time to do the research prior to beginning a negotiation. You must know to whom you are talking, whether it's a hiring manager, or counsel for a corporation. Research the culture. "Corporate culture" is a hot button now and companies want to know that you understand who they are when dealing with them. People, all people, want to know that you have valued their time enough to do the research and that you're approaching them from a position of interest and knowledge. How can you hope to negotiate with someone when you have no idea what they want? This brings us directly to number two…

2. Know your goal. It is important to go into a negotiation with an idea of what you want to accomplish as a whole. The details are where negotiation happens. Everyone wants to get the deal done or else they wouldn't be there to begin with. Negotiations are conversations, not a mugging. No one should feel that they are winning or losing, since the objective is for everyone to get what they want. There are those rare time though that things may not go well and the other party will not offer value. If you feel you're being mugged, you must be prepared to walk away. It's the strongest card in the deck and it's also the most costly, so use it wisely. It's a basic acting tenet that you play your objective as if it were life or death, otherwise there's no point.

3. Be fluid. Again, this is the essence of negotiation – fluidity. As an actor, we are constantly defining and redefining the characters we play. Negotiation is no different. You never know what item or skill set or commodity may affect the outcome of a negotiation. By actively listening to the other party (listening to the tone of their voice, their body language, etc.), doing your research (see #1) and working toward a mutually beneficial outcome, everyone will get what they want and no one needs to feel beaten up.

4. Be your best self. This is key. Bringing your best, most authentic self to the table will go a long way toward reaching your goal. Be honest, truthful and pleasant. Learn to present and speak well to a group. Learn to effectively engage your audience. Whether it's a job interview or a billion dollar deal, trust that you're there because you've got the goods, skills and knowledge to get the job done well. Save the drama and the intrigue for the movies.

Till next time.

LB Adams

LB Adams is the Owner of Pragmatic Dramatics based out of Charleston, SC. Her company uses basic acting techniques and theatre skills to train business professionals to communicate more effectively.

Source:
http://www.projecteve.com/the-theatrical-art-of-negotiation/
http://innovationova.blogspot.com

You are not smart enough.

You will fail.

You will never be good enough.

That's what I told myself for years.  Those are the limits I put on myself. Those are the things I told myself to keep my expectations extremely low.

They can't say you're a failure if you don't try, right?

I lived my life in a constant state of "you can't". No one else put limits on me. No one told me I couldn't be successful. That's just what I told myself.

So why was I my biggest enemy?

That's a question for the therapists out there. I'm sure I'm was a textbook example of low-self esteem. And I don't really care about the reasons why I told myself these lies.

What I care about is how I finally came to my senses.

My story involves my hidden dream to get a college degree. Through a series of unfortunate events, I came to the realization I was the only one who could save me. And for me, that meant getting a college education. I wanted that piece of paper that proved that I was smart enough.

And I excelled in school. I graduated with a 4.0 in my Master's program. I don't say this to brag, rather I say this to show how ridiculous my perceptions were.

Of course I was smart enough! I just never tried before.

I just got really, really good at listening to the lies I told myself. But once I realized I did have potential, everything changed. It opened doors I never knew existed. For God's sake, I barely finished high school, and now I'm getting a doctorate! Talk about a change in perception!

Why am I telling you this?

Because you need to know what lies are holding you back? What limitations have you set on yourself? What perceptions are stopping you from achieving your full potential?

I don't think you need years of therapy to get beyond these lies.  I just think you need to realize that only you have the power to change them.

Yes, thanks for the self-help pep talk. But what does this have to do with my business?

I believe your level of confidence directly impacts your bottom line.

If you are self-employed, only you have the power to change your business. Only you have the power to improve your situation.

For me, it all involved education. My personal belief is that education is the key to self-employed success. But for you, maybe you're limiting yourself in other ways.

Maybe you're not going after a lucrative account because you don't think you're good enough make the deal. 

Maybe you're not increasing your prices because you don't think you're worth it. 

Maybe you're not giving 100% because you're already bracing yourself for failure.

Whatever nonsense you're telling yourself, it's time to stop. Figure out what you can do to change the negative internal dialogue that is stopping you.

Because you're the only one setting limits. Get beyond those limits, and you can achieve anything.

Liesha Petrovich is passionate about micro business education. Doesn't sound sexy does it? But teaching micro business owners how to create success and freedom is. Learn more at Micro Business Essentials and follow her on Twitter

Source:
http://www.projecteve.com/being-your-own-worst-enemy-what-lies-are-holding-you-back-what-lies-are-holding-you-back/
http://innovationova.blogspot.com

Rule #2 – Win the right to be heard. Add value. Add value. Add value. Share your content. The value of you as a participant is judged by the value you provide. Add value.

Rule #3 – Content is still King, Conversation is Queen, Conversion is the Prince. There is nothing that beats well-written and relevant content, including blog posts, tweets, webinars, and podcasts. Be a knowledgeable expert. And remember, keep content and business separate.

Rule #4 – Authenticity and Transparency. Be real, be open, and be honest. You will make mistakes and that's okay. When you do make mistakes, admit it, and then move on and improve.

Rule #5 – You do not have to be on every social network. You will not survive if you try to be on every network that is available. It is literally impossible to be everywhere. You need to be where your customers are.

Rule #6 – Give and you shall receive. I love this quote by Zig Ziglar that Terri Murphy shared, "Adopt an attitude of servitude." You need to give value freely with NO STRINGS ATTACHED. You will be amazed at how this kind of an attitude will help establish long-lasting and credible relationships.

Rule #7 – Do not abandon traditional marketing completely. Most rules in traditional marketing still apply and the key here is how you integrate social media into your marketing plan. Think of it this way… Social Media is just another channel to build your brand and market. Social Media is not a replacement and you need to continue to use multiple marketing methods.

Rule #8 – Social Media is a mindset. When you are planning your marketing strategy, you need to include Social Media into your thinking. To integrate Social Media into your marketing plan, you must change your strategy and mindset.

Rule #9 – Be yourself. This is so important… Use a real photo and your real name. People want to relate and trust people with whom they have built a relationship with (not someone with a cartoon character for their profile picture!). Building trust is key in marketing today.

Rule #10 – Social Media is still evolving. Because Social Media is new and continuing to develop, there is room for testing, tweaking, and new concepts. Continue to test, tweak, and measure your results.
As you know, the Internet and these social websites are not going anywhere… Use the above Ten Rules to make the best use of your Social Media Marketing.

Source:
http://www.entrepreneurspro.com/online-social-marketing-top-ten-rules/
http://innovationova.blogspot.com

If you want to become a leader, don't wait for the fancy title or the corner office. You can begin to act, think, and communicate like a leader long before that promotion. Even if you're still several levels down and someone else is calling all the shots, there are numerous ways to demonstrate your potential and carve your path to the role you want.

What the Experts Say

"It's never foolish to begin preparing for a transition no matter how many years away it is or where you are in your career," says Muriel Maignan Wilkins, coauthor of Own the Room: Discover Your Signature Voice to Master Your Leadership Presence. Michael Watkins, the chairman of Genesis Advisers and author of The First 90 Days and Your Next Move, agrees. Not only does the planning help you develop the necessary skills and leadership presence, it also increases your chances of getting the promotion because people will already recognize you as a leader. The key is to take on opportunities now, regardless of your tenure or role. "You can demonstrate leadership at any time no matter what your title is," says Amy Jen Su, coauthor of Own the Room. Here are several ways to start laying the groundwork.

Knock your responsibilities out of the park

No matter how big your ambitions, don't let them distract you from excelling in your current role. Focus on the present as much as — or more than — the future. "You still have to deliver results in your day job," says Jen Su. Adds Maignan Wilkins: "You always need to take care of today's business so that nobody — peers, direct reports, or those above you — questions your performance." That's the first step to getting ahead.

Help your boss succeed

"You have to execute on your boss's priorities too," says Watkins. "Show her that you're willing to pick up the baton on important projects." Maignan Wilkins also suggests you "lean more towards yes than no" whenever your boss asks you to help with something new. Find out what keeps your manager up at night and propose solutions to those problems.

Seize leadership opportunities, no matter how small

Make sure your "let me take that on" attitude extends beyond your relationship with your boss. Raise your hand for new initiatives, especially ones that might be visible to those outside your unit. "This will give others a taste of what you'll be like in a more senior role," says Maignan Wilkins. It doesn't have to be an intense, months-long project. It might be something as simple as facilitating a meeting, offering to help with recruiting events, or stepping in to negotiate a conflict between peers. You might find opportunities outside of work, too. You can sit on the board of a local nonprofit or organize your community's volunteer day. "These activities send the signal that you aspire to leadership potential," Watkins says.

Look for the white space

Another way to prove your potential is to take on projects in the "white space." These are problems that others aren't willing to tackle or don't even know exist. "Every organization has needs that nobody is paying attention to, or people are actively ignoring," Maignan Wilkins says. For example, you might be able to identify a customer need that isn't being met by your company's current product line, and propose a new one. Or you could do a quick analysis of how much a specific change would save the company. When you take on a task that no one else is willing to do, you make yourself stand out.

Don't be a jerk

There's a fine line between being ambitious and acting like you're too big for your britches. "Don't try to exert authority when you don't have it," says Watkins. Practice what he calls "steward leadership": focus on what your team wants to accomplish instead of putting yourself first. Jen Su recommends "humble confidence," showing appropriate modesty in your role, while having the self-assurance to know that you will rise to the next level.

Be cautious when sharing your ambitions

It's appropriate to raise your ambitions with your manager if you have a trusting, solid relationship, but frame them in a way that focuses on what's best for the company. Jen Su suggests you lay out your accomplishments for the past year and then ask something like, "As we look further out, where do you see me continuing to make a contribution?" Watkins warns that these conversations shouldn't come off as being all about you. Instead, engage in a two-way conversation with your boss. If you have the kind of boss who may feel threatened by your aspirations, it's better to keep your ambitions quiet and prove your potential.

Find role models

Look for people who have the roles you want and study what they do — how they act, communicate, and dress. "Pick someone at the next level, someone similar to you, and find a way to work with them," says Watkins. Volunteer for a committee they're spearheading or offer to help with one of their pet projects. Identify behaviors that you can emulate while being true to yourself. "You don't want to fake it," says Maignan Wilkins. It might also help to study people who are stuck in their careers as examples of what not to do, Watkins says. Are they clumsy politically? Do they disrespect the lines of authority? Do they fail to make connections between departments?

Build relationships

There's an old adage, "It's not who you know, it's who knows you." When you're evaluated for a promotion, it's unlikely your boss will sit in a room alone and contemplate your potential. She'll rely on others to assess your ability, which means you need supporters across the organization — people who are aware of the work you're doing. "If you find yourself walking down the hall with the most senior person at your company, be prepared to answer the question, 'So what are you up to?'" Maignan Wilkins says, "Don't take lightly any interactions that may seem informal. Treat every situation as an opportunity to demonstrate the value you bring to the organization and your knowledge of the business."

Principles to Remember

Do:

- Look for every opportunity to demonstrate your leadership potential, at work and outside the office
Support your boss in reaching her goals

- Find people in positions you aspire to and study what makes them successful

Don't:

- Let your ambitions distract you from doing your current job well

- Exert authority where you don't have any — use influence to prove your leadership chops

- Openly discuss your ambitions — it's safer to take a "show, don't tell" approach

Case study #1: Focus on solving problems, not getting promoted
In late 2010, after ten years at Citi, Heather Espinosa was promoted to managing director. She reached this executive position by continuously challenging herself — and by making the most of each of her previous roles. "I've never been concerned with my title. When I thought an assignment was a stretch, I took it," she explains. "When I applied for my previous position, the job carried the title 'project manager.' But after my first conversation with the manager, I knew it was a position that would require complex leadership skills and challenge me, so I accepted the job."

In each role, Heather embraced additional responsibilities without being asked. "I make an effort to volunteer and raise my hand where I see a need. I started taking on the responsibility of managing director with the hope that if I performed well, the title would come." And her bosses have always respected this approach. "I rarely walk into my manager's office and say I want to talk about my career or my next promotion. I walk in and say here's a problem and here's how we might address it," she says.

Case study #2: Take any leadership opportunity you can get
Mike Subelsky, the co-founder and CTO at Staq, a tech start-up that makes software for digital advertising companies, spent most of his early career in roles with lots of responsibility, but not much authority. "I held a number of positions where I felt I had a great deal of influence, but I was never the one calling the shots," he says.

Still he worked hard, hoping to someday move up the ladder. "I've always tried to be the kind of employee that the boss never has to worry about," he explains. He focused on doing the best he could in whatever role he had, and always raised his hand for projects. He also looked for opportunities to exercise leadership outside of the office. In 2004, he started a nonprofit in Baltimore. "It was a great laboratory," he says. "It allowed me to practice being a leader."

Then, last year, he and his partner co-founded Staq. All of Mike's preparation had paid off. In fact, the company received $1 million in seed funding this past month. "I always knew I wanted to be where I am now: I am hiring employees and creating a wonderful place to work."

MORE BLOG POSTS
Amy Gallo is a contributing editor at Harvard Business Review. Follow her on Twitter at @amyegallo.

Source:
http://blogs.hbr.org/2013/05/act-like-a-leader-before-you-a/

http://innovationova.blogspot.com