Entrepreneurial Success Resides in your People
Posted on September 1, 2008
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What a difference a year makes! Yesterday I was reading my journal and recollecting what was happening in my life a year ago. The biggest thing that was happening was my quest to raise money.
Oddly enough – that’s rapidly becoming my biggest quest again. I was working on the new investor deck yesterday and there was one huge glaring difference in the write-ups I was doing.
Last year, the money was needed mostly for development. We had a development team that was about to start development, but we had no product. Just a concept on paper.
This year, the seed round is needed to prove the concept in DC, VA and MD. The money is mostly for sales, marketing and PR.
Last year I was recruiting developers. This year I’m recruiting sales, marketing and PR people. It’s really awesome to actually have a product that’s ready to serve it’s intended purpose and make money.
I was unsuccessful last year raising money so ALL the development was done bootstrapping…and this time, although I think my odds are much greater to raise the seed round I need; I’m bracing and preparing to do all the marketing, sales and PR through a grass root approach. Even if we raise the money – a grass root approach will still be implemented.
A month or so ago Doug told me I’d have to “do my thing and get people to buy-in to my vision, again.” I sneered when he said that. I didn’t know if I had it in me to be able to do that again. Well, this last week has been completely rejuvenating!
I’ve been talking to a few marketing, sales and PR folks and I’m finding myself totally immersed back into the grand vision and plan. And just like I was blessed to find some amazing developers last year; I’m coming across some splendid marketing, sales and PR people right now.
Again, since we have a product now, when I talk to the marketing, sales and PR people the talk is about immediate action and implementation. Today, I’m brainstorming the initial marketing, sales and PR plan so I can properly assign tasks.
We’re picking up some entirely new momentum. I consider myself having been rather successful to date bootstrapping and taking on a grass root approach because of a strong vision, will to achieve, perseverance and hard work, oh and one other factor: Amazing People.
People are everything to the success of an organization. Most valuable resource = PEOPLE. That’s why I know that money or no money – we’re moving on the proof of concept.
Processing Of Information: The Entrepreneurial Filter
Posted on August 26, 2008
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I unfortunately don’t have a great deal of time to read a lot of…anything. But, I still scan headlines, read a few blogs, and magazines. I also listen to NPR on WAMU on my commute back and forth to work.
Everything I read and everything I listen to is processed through my entrepreneurial filter. The entrepreneurial filter is like having extensive situational awareness while always wearing business goggles. I constantly seek what opportunities exist within what I just learned? What piece of information is relevant and what will I be able to leverage?
Sometimes it’s obvious and sometimes it’s not until a certain new prospect appears that makes the information I once heard become relevant. Everything you hear and learn has some sort of impact on business – somehow. That’s why anyone serious about business stays abreast of local, national and world news and happenings across all fronts. (Keep a forest view interest while you focus on whatever sector of the forest, tree or branch you’re on)
I think one of the most critical aspects of absorbing all information with the entrepreneurial filter is developing a great ability to think outside the box. My recommendation to anyone who is trying to raise money is “think outside the box”. Be it in regards to where, how and who of the fund raising process.
Someone contacted me today who wanted a little bit of guidance on fund raising. I replied to his question in a way that I know is frustrating to read because it didn’t necessarily have any clear guidance. I was annoyed with my own answer, which had me brewing on proper and helpful guidance for him. I hadn’t put in my email the usual “think outside the box” comment so I put myself in his shoes. Although I have little knowledge of what he’s working on; I started to think outside the box. It didn’t take but about 45 seconds for me to come up with a possible avenue for him to look into. This avenue is paved by a few things I’ve seen in articles and been hearing about on the radio.
He thought it was a great possible way to go. It’s going to take a lot of additional brainstorming to pave the road but at least it’s a real option with potential.
If you’re an entrepreneur or a striving entrepreneur start developing your entrepreneurial filter. Play around with what you hear and read about; find the business implications and possibilities. You can train yourself to start thinking any way you want to!! It just happens that some ways of thinking are a lot more beneficial than others.
Will it be Anti-Climatic??
Posted on August 20, 2008
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Last night, I put up the todo list on my whiteboard for the soft launch of Tickets with a Twist on Sunday. Today, I’ve been wondering about what the launch will feel like. Launching WhyGoSolo was such a monumental event to me (us) and this one…like I mentioned in another post, feels so much different.
This launch is different for many reasons. First, it will be a soft launch – meaning, we’re going to keep it extremely low key since we will not have the quantity and variety of tickets I was anticipating. Second, our widgets will not be online and third, the live site will require additional testing. Although it’s being currently tested on stage, when it goes live it will require additional testing…particularly since it ties in and interacts with the WhyGoSolo site.
The other factor that have me wondering about what the launch on Sunday will be like is because of how much of a big deal the launch of WhyGoSolo was to me and all of us involved. The team was much bigger and development had been ongoing for almost five months. I had been prepping for the launch for almost a year and the compilation of all our efforts were finally coming together.
I was also dedicating my full time and energy to WhyGoSolo back then, while for this launch, I’ve been and still am juggling a full time job.
I don’t know if saying that we were over hopeful or just slightly naïve is proper, but I know I had imagined that launching the site was going to make huge things happen over night. I had unrealistic expectations. Now, I feel like my feet are better planted where they need to be.
When we launch on Sunday, out of the original team that at one time soared at eleven members (not including myself), only two original members are left (not including myself).
I’ve been thinking about the synergy between the three of us who have now been together for almost a year. Obviously, all three still see the huge potential in what we’re doing however, we are all wiser of the road we’re traveling. It’s nuts to think that we’ve been chatting and holding weekly calls over Skype with each other for a year.
Darcy was still in high school then and he’s now in his second semester of Uni (as he always calls it – he is Australian)
Michael, who was enduring long commutes back then, has since left his full time job and started a business of his own. I also just found out he is expecting his first child. CONGRATULATIONS TO MICHAEL and HIS WIFE!!
We know bits and pieces of each other’s lives yet, we’re putting full faith into one another. On top of it all, we still haven’t met.
So it’ll be interesting what it will feel like on Sunday when www.gofortix.com is turned on and we enter a new phase. I’ll be talking some more about it Friday night at 8pm EST. Feel free to join me!
Thinking Through Execution: A Mental Run Down
Posted on August 19, 2008
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Last night I was sitting at my computer with a plethora of thoughts rapidly floating in and out of my mind while I stared at my computer screen. I was immobilized and became unproductive. I decided to turn off my computer, turn on some classical music and think through all the things that need to be executed in the next week.
I’m a strong believer in the power of visualization exercises to attract the outcomes you seek. However, what I did last night was more of a mental run through of all the things that need to be done to properly execute the launch of Yut Media and Tickets with a Twist.
The mental run down is like a rehearsal. No detail is left unturn. I close my eyes and go through soup to nuts over the checklist and desired flow. The rehearsal is great to anticipate potential short comings, issues, and concerns.
On a holistic level – the mental run down will trigger my intuition if something doesn’t feel right. It also allows me to flag things I need to either stew on some more to receive an answer or attract the right people or thing I will need.
It’s an amazing process that proves our ability to create our realities and the massive capabilities of the mind to manage multiple tasks at various levels.
I currently have quite a few things brewing at in the back of my mind and a few requests out to the powers that be for potential deliverables. I’m on the alert, prepared and paying attention to everything that’s happening since I’ve been setting up the playing field.
Today I’ll scrub the todo lists, pass along further guidance to key people I’m counting on and engage more in the must-do-today items. But with that being said, I won’t go to sleep without doing another run down and also visualizing the sweet outcomes I aim to achieve.
Lunch with Jeffrey Lyons the CEO of Ideabreaker
Posted on August 13, 2008
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I escaped my duties today to have lunch with Jeffrey Lyons the CEO of Ideabreaker. I met Jeff through VenCorps and we decided that it would be good to connect since I was coming to New Orleans, where he happens to live. I wanted to hear more about his startup and he wanted talk about the entrepreneurial journey.
I don’t want to get too much into the status of where Jeff is with his startup since that’s not for me to disclose, so we’ll just say that Jeff is where I was about 9-11 months ago. Putting myself back into those shoes made me so HAPPY to be passed that phase and reminded me of how tough and difficult of a place it is. My heart really went out to him.
I think the real challenges of entrepreneurship come to light for startup entrepreneurs when they realize that they are not going to be able to easily get funding. Having an idea, developing a business plan and a basic product has a .0001% chance (I’m making a point with that figure) of getting you funding. Anyway, I think that Jeff had come to realize he needs to get farther along before he’ll see any funding.
My first advice to any first time startup entrepreneur is consider getting funding your absolute last resort instead of your first and only option. Simply don’t plan on getting money…find other ways to get things done and you’ll save yourself some serious headaches.
Anyway, I ended up passing on to Jeff all the things that I wish I had known back than, the options he has which I didn’t know about when I was in his shoes and some of the random things I’ve come to realize.
Probably the top three takeaways were:
- How to get creative with convertible debt options for development
- Go out and sell. Getting feedback from potential clients on an idea is one thing – going out to sell your product will raise a whole new set of concerns. Go out and sell your product now so you know what those new concerns are in order to address them early.
- The road to getting your startup off the ground doesn’t end until YOU decide it’s not worth it anymore. As long as you believe in what you’re doing – you’ll keep going.
Although at one point I felt the weight of the world coming back to my shoulders from flashbacks and because that’s pretty much what being in his shoes feels like – I’m extremely grateful to have had the opportunity to share with Jeff what I have learned. I really hope that what we discussed today will help him move his concept to the next phase quicker and with less difficulties.
The Difficulties of Getting Stuff Done
Posted on August 11, 2008
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Since having the most expensive breakfast of my life at the W in New Orleans this morning I’ve been running around trying to accomplish various things for my two current jobs (the Marine Corps and my startup.)
Burning the candle from both ends is really wearing me out. It would be one thing to work a regular job, but it’s a whole other thing to be working a job that takes me on the road and requires a lot of coordinating.
As you know from reading the last few blog posts I’ve written lately, I’m jumping through hoops to get two sites online and a new company started. Well one site is on track and on Saturday I had lunch with someone interested in working the independent sales position I’ve been looking to fill – but, we’ll get back to that.
One of the biggest challenges in the last two weeks has been with the company I hired to get the Yut Media site and blog done. Well last Wednesday, because of family issues, the company in question dropped my project all together. Leaving me in a jam to find someone else to wrap up the project and still make the deadline. It wouldn’t be that big of a deal except for the fact that I was jumping through hoops at work trying to get everything organized for the conference I’m currently in New Orleans to attend.
I managed to link up with another company to get a quote to finish the project – the same company who designed the Tickets with a Twist site. Only really annoying part of working with this company is that they are in Croatia and PayPal DOES NOT service Croatia. To get payment to them I have to use Western Union.
So by the time we settled on a quote for what needed to be done; I was already on my way to New Orleans. I got up at 3:45am yesterday morning to catch a 6am flight to get here.
Now, pause for a second. In the mean time, on Saturday I had lunch with an interested party in the independent sales position for Tickets with a Twist. The lunch meeting went well and I was going to get info back to him when I got home on Saturday…except when I got back my email wasn’t working.
Yesterday, once I got to New Orleans, the running around began. We had to get a booth setup and I needed velcro which had me running around town to find. I also started trying to find a Western Union location. Found one but their system was down.
Than the Aide to General Williams called me to confirm he was attending the award ceremony on Friday and would be staying overnight…which meant I needed to find the General and his Aide each a room for Friday night. I also needed to arrange with the conference people a VIP seat for the banquet for the General.
I realized I forgot my cover for my uniform and I also forgot to forward my work emails (usmc.mil email account). This meant I needed to contact everyone to give them an alternative way to contact me.
Today I got multiple other calls for things I need to workout and I have been unable to get an email out to the General’s Aide with the information she requested – I ended up typing all the info on my BlackBerry because for some reason that’s making it through to her.
I still needed to get the Western Union money out so that we might miraculously still be able to get Yut Media site and blog online on time. Since I’m not home in Virginia the tracking of a new location to send money from began. I looked up Western Union locations online and one was at the Harrah’s Casino which is right across the street from where I’m staying.
I went there but they only receive money…can’t send money out. They did however give me other locations to go check out, so I started wondering Canal St to find them. I went to two different stores…both of which only accepted cash and were not the best of places to be in. Walking back to the hotel it annoyed me that I’m here in New Orleans and not home…where it would be easier to do this simple task.
Finally, I came back to the hotel and tried my luck sending the money online…it has failed all other times I’ve previously tried but I gave it another go. It took a call to my bank and a call to Western Union but I was able to get the money to where it needed to go.
Now I need to head to the convention center and ensure everything is running smoothly over there. Not sure what awaits me and I’m not looking forward to finding out. Did I mention I need to get a speech ready because I’m one of the speaker’s for the Youth Luncheon on Thursday?
I have to make sure a Gunny Sergeant is picked up from the airport today, the General’s room is reserved and find a better vehicle to go pick him up with on Friday. I have the Corporal from his office finding out for me exactly where to pick him up and what time.
I hope things start coming together with less hassles. Just having email working properly would be a huge step in the right direction.
Services or Products, Products or Services or Services and Products?!?
Posted on August 8, 2008
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My initial business was a life coaching practice where I got a taste of being in the service business. There were many shortfalls to selling coaching services. To start out with - people hadn’t heard of coaching, second – people had a real hard time seeing the value of coaching and therefore a reason why they should pay for it, and lastly – you are selling yourself…a person’s decision to use or not use your coaching services is solely base on their like or dislike of who you are.
I grew my individual coaching practice into a coaching agency for a variety of reasons but the top three reasons are the ones listed above. My reasoning was that I would build an organization and system that was going to be the answers to the most difficult aspects of selling coaching services. My business partner (at the time) put me out of business before I could really test out my theories and methods. However, I did walk away from the coaching agency thinking that selling services was probably not the best way to go.
Products, I thought, had to be an easier and better way to build a business. Not just any types of products though – the kind that was low cost to purchase, impulsive buys, easy to purchase online and that also required some sort of renewal since that creates a solid cash flow through recurring income.
The other reason I was in the mood to test selling a product was to minimize the actual direct and constant interaction with each customer. It’s one thing to provide customer service when needed and a whole other thing to provide a service with constant interaction with all your clients.
With that in mind, I built in those features into WhyGoSolo with the membership cards. I ran into a few issues with this plan and approach as well, to include the partner responsible for the production of the membership cards leaving.
Sooooo…with the new business and concept we’re launching in less than two weeks, I’ve tweaked things again.
The one thing that’s for sure in this though is this – whether or not you’re selling a product or service or a mixture of both you must first have a market to sell it to and interest in your offerings from that market.
New Business Sans Partners
Posted on August 5, 2008
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I am now single in both my personal and professional life. When we launch the new company, Yut Media, Inc., it will be without any partners. There are a few people who have a stake and a say in the company but no business partners in the traditional sense.
Back in May of 2007, I thought I had actually figured out how to make a partnership work and that I had found a good partner. I clearly spoke out too early. I was right on the criterion needed to have a good partnership:
Bottom line when you consider taking on business partners, make sure they bring to the partnership the skills and strengths you don’t yourself possess, make sure they are just as fully committed with their time, energy and financials; also, make sure they have the same values and work ethics. Lastly, make sure you can trust them and know that they are now part of your family.
But wrong on how long it takes to ensure you have road and time tested the validity of those criterion in each of your partners.
I’m not going to get into the details, in this blog post, of what happened with the former partnerships; rather, I’m going to discuss my current view of partnerships. (Note: I’m talking partners not investors)
It Will Be A Cold Day in Hell
Haha!! Okay, not quite that dramatic!! But the truth is, with as far as I am with things, the odds of me taking on a full partner are extremely slim to none. That’s because the odds of a partner bringing to the table real, true, must have value is doubtful. Also, at this point in the game, the odds of getting someone who is just as invested into the venture as I am is next to impossible. There are so many other ways I can get the same value elsewhere at this point.
Hire Talent
I’ll bring on hires, who will get shares as part of their compensation package, but again – those are not quite the same as partners.
It’s entirely too easy to find the duty experts, hire them, learn from them, listen to them and properly leverage their skills and knowledge.
Strategic Partners
The other option is to outsource to strategic partners. Get folks to help you without getting into sticky agreements together. They run their business – I run mine. In order for both businesses to stay in business they are required to deliver. If and when they don’t – you terminate the partnership agreement. This type of agreement can lead to some hassle but there are ways to negate that.
Advisory Board
I still don’t have one but am looking. I’m looking for the duty experts in the fields and areas I lack knowledge to help and mentor me. As well as, assist in making connections.
I know better than to think that I’m completely right about not taking on another partner again…so we’ll see what it would take to see it in another way.
Pressed Against a Deadline – Tangled in Loose Ends
Posted on August 4, 2008
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Who wants to be in my shoes? For the last few weeks I’ve been working my eight hour a day job that has taken me on the road to San Antonio, New York, Philadelphia and next week to New Orleans, while managing to move from my home of four plus years to a room I’m now renting. In the midst of that, I’ve been working with three designers to create two new sites, two new blogs and the branding for a new company. I’ve been seeking an independent sales rep and supervising the development of one of the new site. And I had the emotional ordeal of giving away Mr. Boogey, my pet rabbit. To pay for everything I’ve been juggling my finances.
All to meet the deadline looming thirteen days from now, the scheduled launch date of August 17th. I’m most definitely tangled in loose ends.
How is it all going to come together?? I’m not entirely sure yet. A few folks are on the hook for their deliverables and I’m going to find out how many more hoops I can jump through.
I’m not kidding when I say that when I look back at the past few weeks I wonder how it is I didn’t end up crawled up in the fetal position in the corner somewhere. Pretty sure I put on a few extra pounds in the process though…
It wasn’t bad planning that got me in this situation – but rather taking on a sh*t load. Why did I take on a sh*t load? I want to get back to being a full time entrepreneur as fast as humanely possible and in order to do that I need to generate income and get back into fund raising ASAP. All you have to do is read yesterday’s post to know how hungry I am to finally meet my entrepreneurial success.
So it might have seen like I’ve been quiet the last few months…but you’ll soon see that appearances can be really deceiving.
Fear of the Known!??!
Posted on August 3, 2008
Filed Under Advice, Development, Foundation, Technology, Uncategorized | Leave a Comment
I started my first business about three years ago upon getting out of the Marine Corps after ten years of service. At the time, people said to me “You’re very brave and courageous to start your own business” – I thought it was an odd thing to say. I was excited about the potential and wasn’t afraid of the unknown.
Fast forward three years…one failed venture, losing multiple partners and getting burn by a plethora of other things I didn’t know anything about; I now feel anxious and a certain amount of fear about launching my new company.
I get it now. I realize why people said I was brave and courageous to start my own business. (Although, I’d like to clarify that it’s easy to start your own business – what’s hard is turning it into a success.)
I clearly remember all my struggles, pains, disappointments, lessons learned, and heart breaks. I lost my house, went into the debt and isolated myself from many of my friends and family.
With all that being said, the truth is that the anxiety and fears are based on more than knowing what launching a business and trying to grow it is about – it’s mostly based on the fact that there is nothing else in the world I rather be doing. What happens now that I’ve found my calling if I can’t make things happen? This is the proverbial fear of failure. Many people never try or do the things they really love and are passionate about because they can’t face the possibility that once they try; they might fail.
Three years ago I didn’t realize how passionate and in love with business/entrepreneurship I was. I didn’t know that my world would come to revolve around it and that it would bring me such a high level of satisfaction and happiness. I never would have guessed that being in business would challenge me and push me to grow faster than anything else I had ever done before. I definitely didn’t have a clue of how free being an entrepreneur would make me feel. As a matter of fact, I didn’t actually realize the depth of those things until I took a billet back in the Marine Corps. But now I know.
Defining Moment – This Fear is a GOOD Thing
I will soon step back out from having steady income (from being back in the Marine Corps) to running my own business full time again. My hunger to succeed is greater than ever before. The anxiety and fear that exist is new and actually welcomed.
It’s not the absence of fear that makes us brave – it’s doing those very things we fear in the presence of fear. I’m glad I’m feeling this fear. It will keep me conscious of not repeating any past mistakes. It will keep me on my toes and make me think things thoroughly instead of my former “jumping into everything head first.” This new fear is making me a wiser entrepreneur and although, I have never in the past appreciated having fears – this time, it’s a good thing.
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