Careers at Ethos 360

Posts Tagged ‘business start-up’

11 Surefire Ways To Make Your Start-Up Fail

Monday, January 18th, 2010

I stumbled on this post by written by Jacek Grebski of F3FundIt and wanted to share it with our clients. Great stuff!

Here are just a few ways to completely and utterly dig your startup into the ground, as such read them, and do what you can to avoid them.

1. Have a poorly defined value proposition. Having a poorly defined value proposition will cause you headache after headache when looking at and presenting your business model. You have to know who you are targeting, what you’re offering and why they would want to use your product or service. Who is your customer?

2. Setting unrealistic objectives in your development and deployment pipeline. No matter what you think you will not underpin the world in a year, you will not have income of €20.000.000 in year one, and you will be greatly disappointed.

3. Focusing on the bottom line instead of on the service / product you offer your customers. Your customers are your lifeblood, if they are unhappy your bottom line will suffer, if they are happy, they’ll be repeat buyers, and even help market your product. Simple as that.

4. Involving yourself and your business in ethically questionable practices. Unsavory marketing practices, overly creative accounting are just some of the things that will in the end ruin your business, don’t do them.

5. Developing a product without adequately deploying resources to market it effectively. Sure, you may have a product that could cure cancer, end world hunger, and fly humans to the moon, but if no one knows about it, no one will use it. Market it, and market it effectively.

6. Going on a spending spree. Meaning, poor cash management. You may have €250.000 that you received in the form of F3 (Friends Family Fools) Capital and you think it’s great so you pay a premium for services that could otherwise be outsourced, delivered in a more cost effective way, and get everyone a brand new Mac Pro to write e-mails on. Not a good idea.

7. Launching too early or too late. Timing is everything, think about the market, the economy, the sector you’re in, where is it now, where will it be in 3 months, 6, a year or two. You don’t have to change the world today, and launching today may lead to failure.

8. Flying solo. Think you can do everything yourself? You can’t. Involve others. Even if you’ve decided to start alone, bring in friends, talk to your network, and see if people will help you out. You don’t have to give them an equity stake in the beginning see how you work together. If you work well, ask them if they’d like to come on board.

9. Forgetting about scalability. Good ideas scale well, multi-million ideas scale at their core. How big can your product realistically get? Who is your customer, and how can fast can you grow without compromising service.

10. Secrets are no fun. Talk, and share your idea with people you trust, friends, family, colleagues, these people are inevitable to the success of your business, you don’t know everything, and collaboration can more often than not fix problems before they arise.

11. Doubting your idea early on. Doubt is natural, you will have ups and downs, this is completely natural, but if you doubt your idea within the first month, or three of your start-up career. Chances are you’ll become disheartened quite early on and quit. Save yourself the trouble and thoroughly analyze your concept before taking the plunge.

A friendly message from the people at F3FundIt, and with that. Good Luck!

Original blog post written by Jacek Grebski and found here.

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Angel Investor Partnerships Lead To Business Success

Tuesday, December 15th, 2009

Angel investors are your partners.  Remember those words because they’re going to have to be put on a sign over your desk in case you have trouble.  When entrepreneurs finally make that leap into securing an angel investor, the thought that has escaped them during the entire process is, “Now I have another partner to help with the decisions and the running of the business!”  You didn’t think it would be that simple, did you?

What many entrepreneurs can seem to forget is that people aren’t going to just give you money to go off and start a business on your own.  They’re going to want a say in what’s happening, the decisions that are being made, and most likely even the stationary choice that you made.  Thinking that this wasn’t going to be a logical outcome to hitting up every angel investor in town is a tad bit short-sighted.  Let’s examine why.

You’ve got a great business idea, you’re confident you could get funding once being put before an investor, and you’re ready to present.  These are all the factors in your corner that you thought were important to get the preparation for opening the doors in place, but you forgot what to say when the investors nod, shake your hands, and go, “when do we get started?”  Wait, what’s this “we” nonsense?  The “we” is that these people are sinking a large sum of their money into the prospective success of your venture and, frankly, not realizing that giving them a say while they have however much percentage of a share of the business is going to look a little unprofessional.

The first thing that’s going to have to happen is for you to try to figure out what that percentage will equal in your comfort level for sharing a commanding say in the business.  Are you going to pick fights over things that you thought you were dead set on?  Are you open to input at all for any directions the business should go?  Do you respond to disapproval regarding your own plans?  You have to make sure that these questions don’t make the hairs on your back stand up.  If the thought of having to go head-to-head with some of these potential conflicts doesn’t sit well with you, you might want to rethink the concept of investment.  You’re giving up a say in the business by asking people to put their money where your mouth is and that comes with strings that maybe you’re not ready for.

There is a bright side, though. By allowing these investors to take this percentage you’re getting the potential years of knowledge and experience that they have under their belt and the suggestions and guidance that can come along with that.  Also, besides the money, the angel investors might even have suggestions for organizational solutions, marketing plans, and alternate revenue opportunities.

If you can break yourself into the idea of looking at investors as more than “free money without interest,” and a potential way to advance the business forward, then their suggestions and decisions won’t feel like they’re taking control of your dream.

Awesome New Baby Book iPhone Application From Emmbook

Saturday, December 12th, 2009

Parents love sharing every detail of their baby’s growth and development. Picking up your fancy new 3g internet enabled cell phone allows anyone to quickly snap a picture or shoot a short video of their baby mugging for the camera or doing something super-cute. Within seconds this special moment is disseminated to friends and family across a plethora of media platforms utilizing a variety of delivery services, such as, email, SMS or post the picture or video to their Facebook page or YouTube. It has never been easier to create your own videos, manage photos and share information with friends and family. Technology and Steve Jobs has made it happen, but it’s also become more time consuming and confusing than ever.

In my family anyone under the age of 10 already has a full command of how to quickly work and leverage all of the technological advances to their advantage. What about the grandparents or the parents who didn’t grow up with social networking or upgrading to the coolest cell phone every six months? My 10 year old nephew can easily embarrass me with his knowledge of how all of these different entertainment and communication apparatuses interact along with how to effectively leverage them.

Now there’s a user friendly wonderfully simple solution called Emmbook. Emmbook is a new iPhone and iPod app that will let you capture every single memory related to your baby and save it for posterity. In a certain sense, it is not that inaccurate to call it a mobile baby book.

Using such an app you will be able to set down just everything, from the time your little one was first introduced to relatives to his first steps. The way this is done is very intuitive, as each and every picture of you baby that you take is added to the Photo Book and you can then tap the screen to display the different images that you have added so far.

In addition to that, the app comes with some features such as a diary of feeding and sleeping and a tracker of “thank you” notes for the gifts your baby has received. That is interesting for sure, and it raises the VFM appeal of the whole package considerably.

When all is said and done, this is quite a fitting way to save your baby’s best moments without going overboard. Emmbook can be downloaded from the App Store at a price which is specified on the site. Watch the introductory video below to learn more or visit www.Emmbook.com to check it out.

This start-up is HOT and gaining traction.

Entrepreneurs- Modern Day Visionaries

Monday, November 2nd, 2009

If we take the look to carefully at businesses nowadays, we will inevitably realize a clear global tendency: entrepreneurs are taking over the industry. And they are doing it fast!

And there is a perfectly good reason for that, which is easily explained by the revolutionary characteristics of successful entrepreneurs.

They are what I like to call business visionaries instead of the common and partly misleading tag of business owners associated with them.

Industry visionaries, as their name implies, differ from the broad conception of business owners in that they have a clear vision, an exact picture of how a business or online opportunity is going to behave at any given time and under most circumstances. And that is due to the fact that they are willing to learn and take action as they go and also because most of them work on a business that is not in their field of knowledge or expertise. Entrepreneurs are constantly stepping out of their comfort zone and innovating different business models every day.

In the current modern day commercial industry, visionaries excel in taking an ordinary business and making it perform in an extraordinary way. How? Well, take a look at the following points:

1. Entrepreneurs do more with less. They use leverage to achieve success.

2. They have long and short term goals. They live by those objectives and finally create a genuine mission statement.

3. Visionaries aim at developing systems that will work on autopilot. Automation is vital to any modern day business.

4. They are not afraid of looking beyond risks and seeing the big picture. They will compensate for lack of experience on certain fields with innovation and creativity, leveraging existing business opportunities or programs.

Even though most Internet marketers will consider themselves entrepreneurs, in essence, many work against the very same principles that define visionaries. Just like with everything else in life, there are things that will get people closer to becoming real entrepreneurs and things that will not.

- You should always work towards doubt avoidance.

Take action and make decisions. Be a leader! What worked for somebody might not work for you, but you will never know until you try it.

- Incite curiosity and learn as you go.

If you are in affiliate marketing, then innovate! You are part of an existing system with hundreds of people in it. Make unique videos with interesting animations, offer free gifts of real value and finally make your offers more attractive than what your clients or prospects expect.

- Work positively for a bigger and better industry instead of fighting over a small market.

We finally want to become business visionaries and not only self proclaimed business gurus. Share knowledge and show the advantages of your business instead of pointing out bad things regarding other programs. Help your colleagues without hesitation and you will achieve success online.

Even after stating all of the above, modern day Internet marketers will still embrace misleading concepts regarding their own business, mainly because of fear of taking risks and standing out from the rest. That is very unfortunate since true entrepreneurs are unique in their niche and should ultimately possess an educated global judgment. Visionaries can tell the difference between improving a not so effective marketing method, from pointless persistence. As you have probably noticed, in modern day businesses, we should avoid destructive waste of time and effort, and focus entirely on succeeding with techniques that are of second nature to us to finally generate and, most importantly, KEEP as much profit as possible.

These are some examples of steps that entrepreneurs should take as soon as they get their business going:

1. Billionaire bloggers – visit these blogs to get a glimpse of their mindset, and get inspired. Visit billionaire Mark Cuban’s blog here  www.blogmaverick.com.

2. Selected www.Twitter.com streams – follow a few, high standard and knowledgeable visionaries and follow their blueprint.

3. Read, write and make videos – doing this correctly, will never compromise the quality of your service or deteriorate your business image in any way.

4. Ask questions and get mentoring – ask your mentor or business tutor as many questions as you want and do not be afraid of doing so. Get everything off your chest and start without doubt; otherwise you will literally choke later on.

These are a few steps that will provide a correct learning curve to becoming real business visionaries. There are many more, but these will definitely start you off in the right direction.

Entrepreneurs should know that wanting something to happen is not enough, it will not magically come to life without the proper hard work and dedication. To become part of the exclusive visionaries group, marketers have to develop their skills consistently every day. Statistics say that people who do this show a much higher rate of success (80-90%) than the average business owners we see every day.

So, true entrepreneurs and visionaries aspire to great things, they transform themselves and are always willing to learn and are never afraid of taking the necessary steps towards innovation. Again, read, get informed, make videos, use the amazing power offered by web 2.0 and only then take real action. But do it today! The world is in need of more and more visionaries every single day and it is entirely up to us to either embrace the idea or simply look the other way. If I can do it, so can you.

To your success.

Ten Tips For Entrepreneurs To Maximize Your Mentor Relationship

Sunday, July 5th, 2009

Finding a great mentor is one of the best ways to learn, to get feedback, and to take your start-up or small business to the next level. Here are ten tips for making the most of your mentoring relationships.

Tip #1

Self-assess. Ask yourself, “What skills do I need to get where I want to go?” Don’t be afraid to ask for help. We all need help and can’t be the best at everything.

Tip #2

Identify your learning goals. Put them in writing and execute.

Tip #3

Decide together how the mentoring relationship will work – frequency and type of contact. Create time and space for the relationship to blossom.

Tip #4

Commit the time. Don’t give up if the chemistry doesn’t feel right at the first meeting. Meet a minimum of once per month. Touch base regularly – by e-mail, phone, in person. Make regular contact a priority.

Tip #5

Take time to build trust and communication. Get to know each other on a personal level. Discuss your backgrounds, interests, career histories, and perspectives of your organizations.

Tip #6

Keep confidences. Nothing kills trust in a mentoring relationship faster than a breach of confidence. Both parties need to openness that only a trusting relationship can provide.

Tip #7

Be sensitive to cultural and gender differences. Do a little homework. And listen. You learn a lot more by not talking and truly listening to what someone has to say.

Tip #8

Understand and plan for the phases of a mentoring relationship. Build in time for evaluation and closure. Accomplish your goals. Do not quit.

Tip #9

This is about learning, whether you’re a protégé or a mentor. Keep a journal or document progression of the relationship.

Tip #10

You don’t need a single mentor who you keep throughout your career. What you need is a mind-set that allows you to learn from those around you, no matter who they are.

In summary, to get ahead, create your own multitalented “board of advisors.” Surround yourself with people who are better and smarter than you at specific tasks. Learn to listen and most importantly be humble by checking your ego at the door. For more information about working with a mentor visit www.Ethos360.com.