Perception is Reality for Entrepreneurs
February 15th, 2010 Author: Guest Blogger
Recently, I saw a post on twitter by Gary Whitehill, founder of New York Entrepreneur Week (NYEW), “One of the hardest things to understand in life is: You’re not what you are, but what you’re perceived to be.” In this day and age of social media, this is one of the most important things for people to remember. First impressions last a lifetime and in today’s day and age, our first impression is made with the information that people see about us online.
Let’s be honest, when we connect with a person at a meeting or are introduced through a mutual contact, the first thing we do is go to Facebook, LinkedIn and Twitter to learn more about this person. If the individual has no information available or a spotty resume on these sites, part of the excitement of the initial introduction is lost immediately. The person will now have to overcome this void in order to make a great first impression.
In today’s age of the internet, you are your own brand and how you market and sell that brand will make you a success. You need to take an active role in building that brand so that when you do meet someone you are prepared and give off a great first impression. Some of the ways this can be accomplished are:
· Start a blog about your industry – Portray yourself as knowledgeable and people will listen to you and ask for your advice. This will give you a lot of credibility.
· Learn the industry – Make sure you know the names of the key companies and players in the industry. You don’t want to look dumbfounded when these individuals’ names are mentioned.
· Network – Build up a network of contacts in your field and related fields so that you can leverage their knowledge. Attend industry events and roundtables so that you can be more visible and be an active participant so that people know who you are.
· Learn how to make a great first impression – Make sure you know how to attract someone’s attention when you meet them. People have short attention spans so make sure you know how to get engage them from the first moment. You only have one chance at a first impression!
This is an especially important lesson for entrepreneurs. Very often entrepreneurs are young and have no track record. The only information people have about you is what they can find online. When you are going out to raise capital or to sell your product, people want to know who you are, what you stand for and what kind of person you are. You need to use all the tools available to you to create a certain perception of yourself in the eyes of others. This perception can often be the difference between getting the funding you need or the potential investors having no faith in you.
You are the most important thing that you are selling – make sure you are perceived that way.
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About the Blogger:
Aron Schoenfeld, is the co-founder of DreamArtists Studios, a boutique music production company specializing in music for television, commercials and film. Aron also serves on the Board of Advisors for New York Entrepreneur Week and the Bergen Newspaper Group. For more information about Aron, please visit his website at www.aronschoenfeld.com
Sunday, April 11, 2010
Auxiliary Skills and Entrepreneurship
Auxiliary Skills and Entrepreneurship
February 19th, 2010 Author: Guest Blogger
There is always a big debate about whether or not entrepreneurship can be taught. I personally don’t think you can manufacture a spirit of innovation. I also believe that everyone has the inherent ability to innovate but it’s a matter of fostering that ability that makes people entrepreneurs. We are all born with the ability to be creative, Picasso said that every child is born an artist, the trick is getting them to stay an artist as they become adults.
Obviously, learning the fundamental “academic” skills of business are probably pretty important to being an entrepreneur. I say probably because I challenge you to find more than one startup entrepreneur who uses LIFO and FIFO accounting systems in their daily lives. Most of what we end up using we learn as we go or from mentors in our specific industry. So what are the skills that make an entrepreneur function at peak ability? Most life skills will do it, everything from martial arts to knowing how to cook can make you a more effective entrepreneur. The desire to collect skills is the same drive that pushes an entrepreneur to improve upon their ideas.
I have my pilots license and nothing in my entire life has taught me how to multitask better than having to monitor six gauges at once, communicate with other plane and traffic control, read a map and navigate using visual and electronic means, watch for other traffic, and oh yeah, fly the plane. I have taken cooking classes with my wife and through those classes I have learned to plan, not just so that the meal tastes good but so that I can entertain friends or clients at the same time and make it look easy. I study Krav Maga, an Israeli Hand-to-Hand combat style where multiple attackers trying to choke me teaches you how to act and react under pressure. My wife is a Yoga instructor and a regularly take her classes to give find my center in a hectic world and bring a calm to my mind that allows me to think of new ideas and activate new parts of my brain. I’m even getting certified as an Emergency Medical Technician (EMT). Will I ever need to deliver a baby? Probably not, but I will know how?
I can say that in 90% of the situations I will encounter in my life and my business, I will handle them with confidence and decisiveness. If that doesn’t make you a better entrepreneur I don’t know what will.
——
About the Blogger: Ari Meisel is a real estate developer, green building consultant, materials specialist, inventor and author. He started his first company when he was 12 years old and is now working on his sixth venture. Ari’s has been working to foster entrepreneurship since helping create the current entrepreneurship major at the Wharton School of Business. He continues to be drawn to innovations in a variety of fields.
February 19th, 2010 Author: Guest Blogger
There is always a big debate about whether or not entrepreneurship can be taught. I personally don’t think you can manufacture a spirit of innovation. I also believe that everyone has the inherent ability to innovate but it’s a matter of fostering that ability that makes people entrepreneurs. We are all born with the ability to be creative, Picasso said that every child is born an artist, the trick is getting them to stay an artist as they become adults.
Obviously, learning the fundamental “academic” skills of business are probably pretty important to being an entrepreneur. I say probably because I challenge you to find more than one startup entrepreneur who uses LIFO and FIFO accounting systems in their daily lives. Most of what we end up using we learn as we go or from mentors in our specific industry. So what are the skills that make an entrepreneur function at peak ability? Most life skills will do it, everything from martial arts to knowing how to cook can make you a more effective entrepreneur. The desire to collect skills is the same drive that pushes an entrepreneur to improve upon their ideas.
I have my pilots license and nothing in my entire life has taught me how to multitask better than having to monitor six gauges at once, communicate with other plane and traffic control, read a map and navigate using visual and electronic means, watch for other traffic, and oh yeah, fly the plane. I have taken cooking classes with my wife and through those classes I have learned to plan, not just so that the meal tastes good but so that I can entertain friends or clients at the same time and make it look easy. I study Krav Maga, an Israeli Hand-to-Hand combat style where multiple attackers trying to choke me teaches you how to act and react under pressure. My wife is a Yoga instructor and a regularly take her classes to give find my center in a hectic world and bring a calm to my mind that allows me to think of new ideas and activate new parts of my brain. I’m even getting certified as an Emergency Medical Technician (EMT). Will I ever need to deliver a baby? Probably not, but I will know how?
I can say that in 90% of the situations I will encounter in my life and my business, I will handle them with confidence and decisiveness. If that doesn’t make you a better entrepreneur I don’t know what will.
——
About the Blogger: Ari Meisel is a real estate developer, green building consultant, materials specialist, inventor and author. He started his first company when he was 12 years old and is now working on his sixth venture. Ari’s has been working to foster entrepreneurship since helping create the current entrepreneurship major at the Wharton School of Business. He continues to be drawn to innovations in a variety of fields.
The Fashion Cross Over for Entrepreneurs
The Fashion Cross Over for Entrepreneurs
February 19th, 2010 Author: Guest Blogger
Robert Duffy President of Marc Jacobs has begun to twitter and is using it to not only start a ticket giveaway to the famed Armory show that happened last night. They also did live feeds from the show even going as far as leaving a “personal note” on the Marc Jacobs website to invite people to come, watch, and spread the word via facebook.
In the world of social networking and staying in touch minute by minute brands are grasping at any straw they can to stay relevant.
The Mercedes Benz fashion week tents has allowed tweeters from all over the world to give their fans minute by minute soundbites into the world of fashion from backstage to the designer’s final bow.
With that said during event season it is always possible to garner the attention of fans and new clients, but what should a fashion business do in between seasons? Here are a few new products that prove the fashion community is trying to stay on top of the Mobile Application bringing new meaning to anything you want with the touch of a button.
Shop View
A new Iphone App $1.99 app gives you a 3D tour of the local shops on Oxford Street in London plus links to their websites and Twitter feeds of special sales.
Trendstop TrendTracker
This new app not only selects the season’s trends for you but also gives you fashion events and venues around the globe.
Chicfeed
This app focuses on street style, bringing you updates from the most popular blogs, including the Sartorialist, Face Hunter, and Altamira where users can see up to the minute influential fashion from the real people shopping.
myFendi
The ultimate application for the Fendi fan lets you classify your favorite looks by the label and locate the closest store. As a special gimmick, this app also mixes and matches Fendi items with the clothes in your wardrobe.
Love It or Lose It
Can’t decide what to wear? Love It or Lose it ($1.99) lets you send up to three pictures of an outfit – from the store, your room, or wherever you are – to your friends or the app’s online community, giving you instant feedback on how you look.
The key thing to take out of these apps is ingenuity where there is something for every type of client. Instead of trying to reach a much wider audience businesses are using these add-ons to create a better customer service platform for their existing shoppers. And as the news of that spreads, the numbers will grow.
—-
About the Blogger: Lynn Furge is the Creative Director of Nolcha: Fashion Business Services; a leading operator of educational, event outlets, and business-to-business services devoted to fashion entrepreneurs and related retail businesses. The Nolcha platform includes Nolcha.com, an online fashion portal delivering business education and services; Nolcha Fashion Week: New York, currently held during New York fashion week providing key exposure to press, buyers, and industry figures for emerging and independent fashion designers from all over the world to break into the New York fashion market, in both apparel and accessories; events during London Fashion Week with key partners and Independent Retail Week in New York and Chicago, an initiative to drive business and increase revenue for small fashion retail brands.
February 19th, 2010 Author: Guest Blogger
Robert Duffy President of Marc Jacobs has begun to twitter and is using it to not only start a ticket giveaway to the famed Armory show that happened last night. They also did live feeds from the show even going as far as leaving a “personal note” on the Marc Jacobs website to invite people to come, watch, and spread the word via facebook.
In the world of social networking and staying in touch minute by minute brands are grasping at any straw they can to stay relevant.
The Mercedes Benz fashion week tents has allowed tweeters from all over the world to give their fans minute by minute soundbites into the world of fashion from backstage to the designer’s final bow.
With that said during event season it is always possible to garner the attention of fans and new clients, but what should a fashion business do in between seasons? Here are a few new products that prove the fashion community is trying to stay on top of the Mobile Application bringing new meaning to anything you want with the touch of a button.
Shop View
A new Iphone App $1.99 app gives you a 3D tour of the local shops on Oxford Street in London plus links to their websites and Twitter feeds of special sales.
Trendstop TrendTracker
This new app not only selects the season’s trends for you but also gives you fashion events and venues around the globe.
Chicfeed
This app focuses on street style, bringing you updates from the most popular blogs, including the Sartorialist, Face Hunter, and Altamira where users can see up to the minute influential fashion from the real people shopping.
myFendi
The ultimate application for the Fendi fan lets you classify your favorite looks by the label and locate the closest store. As a special gimmick, this app also mixes and matches Fendi items with the clothes in your wardrobe.
Love It or Lose It
Can’t decide what to wear? Love It or Lose it ($1.99) lets you send up to three pictures of an outfit – from the store, your room, or wherever you are – to your friends or the app’s online community, giving you instant feedback on how you look.
The key thing to take out of these apps is ingenuity where there is something for every type of client. Instead of trying to reach a much wider audience businesses are using these add-ons to create a better customer service platform for their existing shoppers. And as the news of that spreads, the numbers will grow.
—-
About the Blogger: Lynn Furge is the Creative Director of Nolcha: Fashion Business Services; a leading operator of educational, event outlets, and business-to-business services devoted to fashion entrepreneurs and related retail businesses. The Nolcha platform includes Nolcha.com, an online fashion portal delivering business education and services; Nolcha Fashion Week: New York, currently held during New York fashion week providing key exposure to press, buyers, and industry figures for emerging and independent fashion designers from all over the world to break into the New York fashion market, in both apparel and accessories; events during London Fashion Week with key partners and Independent Retail Week in New York and Chicago, an initiative to drive business and increase revenue for small fashion retail brands.
Communicating as a Leader: The Art of Giving Feedback
Communicating as a Leader: The Art of Giving Feedback
February 22nd, 2010 Author: Guest Blogger
Ironically, one of the critical aspects of leadership is developing the leadership abilities of others. Some leaders see employee feedback as either praise or criticism and never utilize one of the most powerful ways to develop others – developmental feedback. Many business leaders are reluctant to give feedback and might avoid direct conversations because they don’t know exactly what to say and/or how to say it without sounding confrontational or negative.
Often, business leaders choose passive methods for giving feedback like communicating important feedback via email (where an employee might not fully understand the intended tone and doesn’t have the opportunity to ask immediate questions). Another poor approach is what I call a “drive-by.” This method usually involves a leader quickly blurting out information while walking away. Like communicating through email, this approach doesn’t provide the opportunity for a genuine conversation or the opportunity for an employee to ask questions or get clarification.
Developmental feedback, however, can empower you as a leader, improve communication between you and your team, strengthen relationships, improve customer service, and drive results. Using a structured approach to giving feedback can ensure you communicate clearly and cover all of your points. It can also provide an opportunity for you to show support and encouragement and share praise
There are two categories of developmental feedback, one is reinforcing (when you ‘catch someone doing something right’ and you want to acknowledge their positive contribution so they continue to behave this way). The other category is redirecting (when you observe a mistake or poor performance and need to correct the behavior).
Consider these five steps when giving either reinforcing or redirecting feedback:
1: Check in first. Instead of telling, try asking. It might seem surprising, but the best way to offer developmental feedback is to start with a question. Ask an open-ended question to better understand the employee’s point of view and to learn more about his/her motivation for acting the way they did. To start the conversation, you could ask something like, “I want to get your take on our new timesheets, are you having any challenges completing them?”
2: What is the standard for behavior? Once you’ve asked an open-ended question and heard the response, you can remind him/her about your expectations of their behavior. For example, “I need everybody to complete their timesheets by Friday at 2pm so I can process the payroll for the entire team.
3: What did you observe? State the behavior or action you observed and be as objective as possible. Don’t speak in universal terms like, “You always do this” or “You never do this.” Comment on this particular situation and use a real example of observed behavior. Say something like, “I noticed that you submitted your timesheet at 6pm for the last two weeks,” as an example of redirecting feedback, or “I want to thank you for submitting your timesheets on time for the past month.
4: What is the impact? Explain the specific impact that his/her behavior has on colleagues, customers, or a work process – whatever makes sense for the situation. Instead of saying something vague like, “You’re unprofessional” say something like, “When you submit your timesheet late, it holds up the payroll process and then some people won’t get their checks until Saturday” or “Because you submitted your timesheets by the deadline, I was able to process the payroll and pay everyone on time this month.”
5: Reinforce or Redirect. Explain why you want them to continue their behavior, if you’re reinforcing. You could simply say something like, “Thanks again for making the deadline.” If you’re redirecting, you could say something like, “If you’d like, I can remind you on Thursday to start completing your timesheet so you can make the Friday deadline. Does that work for you?”
Following reinforcing or redirecting feedback, you should always end on a positive note to motivate the listener. Use statements like, “Eventually, completing your timesheet will be quick, we’re all adjusting to the new form.”
Timing is everything. Make sure you’re in the right frame of mind when you give feedback. If you’re tired or angry, your emotions might sneak into your words and/or body language. Also consider the timing for the listener. Are you trying to catch someone when they’re walking out the door or feel terrible because they just made a major mistake? Try to give feedback when someone is relaxed and open to hearing your ideas.
Timing is also important regarding how often you give feedback. Don’t wait until an annual performance review to give feedback. Give feedback often; make it a part of your regular leadership approach. This five-step feedback process might seem cumbersome at first, but with a little practice, it will get easier. Add developmental feedback to your leadership toolkit and, in addition to driving results, you’ll be strengthening your human resources.
—–
About the Blogger: Holly Landau is a leadership expert, former US Army Officer, and CEO of Landau Leadership – an innovative training & development firm providing customized curriculum, public leadership events, and online learning solutions to boost individual and team productivity. Holly is an active facilitator and keynote speaker covering topics like leadership, strategy, creativity, and communication. She is also a regular contributor to several business blogs including nolcha.com and her own leadership blog. She is one of the contributing experts for the upcoming American Express OPEN Book on Leadership. Contact Holly at hollylandau@landauleadership.com and follow her on Twitter: @LeadershipMuse.
February 22nd, 2010 Author: Guest Blogger
Ironically, one of the critical aspects of leadership is developing the leadership abilities of others. Some leaders see employee feedback as either praise or criticism and never utilize one of the most powerful ways to develop others – developmental feedback. Many business leaders are reluctant to give feedback and might avoid direct conversations because they don’t know exactly what to say and/or how to say it without sounding confrontational or negative.
Often, business leaders choose passive methods for giving feedback like communicating important feedback via email (where an employee might not fully understand the intended tone and doesn’t have the opportunity to ask immediate questions). Another poor approach is what I call a “drive-by.” This method usually involves a leader quickly blurting out information while walking away. Like communicating through email, this approach doesn’t provide the opportunity for a genuine conversation or the opportunity for an employee to ask questions or get clarification.
Developmental feedback, however, can empower you as a leader, improve communication between you and your team, strengthen relationships, improve customer service, and drive results. Using a structured approach to giving feedback can ensure you communicate clearly and cover all of your points. It can also provide an opportunity for you to show support and encouragement and share praise
There are two categories of developmental feedback, one is reinforcing (when you ‘catch someone doing something right’ and you want to acknowledge their positive contribution so they continue to behave this way). The other category is redirecting (when you observe a mistake or poor performance and need to correct the behavior).
Consider these five steps when giving either reinforcing or redirecting feedback:
1: Check in first. Instead of telling, try asking. It might seem surprising, but the best way to offer developmental feedback is to start with a question. Ask an open-ended question to better understand the employee’s point of view and to learn more about his/her motivation for acting the way they did. To start the conversation, you could ask something like, “I want to get your take on our new timesheets, are you having any challenges completing them?”
2: What is the standard for behavior? Once you’ve asked an open-ended question and heard the response, you can remind him/her about your expectations of their behavior. For example, “I need everybody to complete their timesheets by Friday at 2pm so I can process the payroll for the entire team.
3: What did you observe? State the behavior or action you observed and be as objective as possible. Don’t speak in universal terms like, “You always do this” or “You never do this.” Comment on this particular situation and use a real example of observed behavior. Say something like, “I noticed that you submitted your timesheet at 6pm for the last two weeks,” as an example of redirecting feedback, or “I want to thank you for submitting your timesheets on time for the past month.
4: What is the impact? Explain the specific impact that his/her behavior has on colleagues, customers, or a work process – whatever makes sense for the situation. Instead of saying something vague like, “You’re unprofessional” say something like, “When you submit your timesheet late, it holds up the payroll process and then some people won’t get their checks until Saturday” or “Because you submitted your timesheets by the deadline, I was able to process the payroll and pay everyone on time this month.”
5: Reinforce or Redirect. Explain why you want them to continue their behavior, if you’re reinforcing. You could simply say something like, “Thanks again for making the deadline.” If you’re redirecting, you could say something like, “If you’d like, I can remind you on Thursday to start completing your timesheet so you can make the Friday deadline. Does that work for you?”
Following reinforcing or redirecting feedback, you should always end on a positive note to motivate the listener. Use statements like, “Eventually, completing your timesheet will be quick, we’re all adjusting to the new form.”
Timing is everything. Make sure you’re in the right frame of mind when you give feedback. If you’re tired or angry, your emotions might sneak into your words and/or body language. Also consider the timing for the listener. Are you trying to catch someone when they’re walking out the door or feel terrible because they just made a major mistake? Try to give feedback when someone is relaxed and open to hearing your ideas.
Timing is also important regarding how often you give feedback. Don’t wait until an annual performance review to give feedback. Give feedback often; make it a part of your regular leadership approach. This five-step feedback process might seem cumbersome at first, but with a little practice, it will get easier. Add developmental feedback to your leadership toolkit and, in addition to driving results, you’ll be strengthening your human resources.
—–
About the Blogger: Holly Landau is a leadership expert, former US Army Officer, and CEO of Landau Leadership – an innovative training & development firm providing customized curriculum, public leadership events, and online learning solutions to boost individual and team productivity. Holly is an active facilitator and keynote speaker covering topics like leadership, strategy, creativity, and communication. She is also a regular contributor to several business blogs including nolcha.com and her own leadership blog. She is one of the contributing experts for the upcoming American Express OPEN Book on Leadership. Contact Holly at hollylandau@landauleadership.com and follow her on Twitter: @LeadershipMuse.
Mr. Edison, Please Tell Me What Laboratory Rules You Want Me to Observe?
Mr. Edison, Please Tell Me What Laboratory Rules You Want Me to Observe?
February 23rd, 2010 Author: Guest Blogger
A good friend of mine once sat down to lunch with Stephen Covey and a group of fellow executives. During the course of the meal, one of the men commented on the unusual tablespoons, and said “Look at the backend of it.” All the people at the table flipped their spoons over, but my friend – quite unintentionally – angled it up so he could look at the bottom tip of it. Laughter ensued. But Covey raised a hand and pointed out that my friend’s actions suggested something interesting in his behavior: the ability to look at the world in an unexpected way. So I guess it’s not surprising to hear my friend is one of the most innovative entrepreneurs I know, as well as a successful millionaire who has transformed the industry he is in.
The story reminds me of an important fact. Entrepreneurs are often at the forefront of innovation. They possess a unique set of skills that lends itself to inspired invention and driven change. Really good business solutions and radical transformations in history have one thing in common. Somewhere, someone believed that you could do something better, different or completely new. Someone challenged the status quo or saw failure as an opportunity to try again. Often, those people were entrepreneurs.
One reason is that entrepreneurs tend to see the world around them differently. As Thomas Edison said to his laboratory assistant, “There ain’t no rules around here. We’re trying to accomplish somep’n!” Innovation is most often simply a matter of having a different perspective than everyone else, and the perseverance to make it happen. For example, some of the most creative people I know had learning disabilities growing up. Forced to adapt so they could fit into a rigid school format, many developed alternative ways of making sense of the world.
Tony Buzan, father of the world-renowned creative technique of Mind Mapping, is a point in case. Tony admits he came up with mind maps because he was “doing badly at school”. He was also smart enough to realize that the way people were measuring intelligence was rather limited. Quick experiment: in your mind’s eye, picture the moon, the sun, the earth and a lemon. Which one is different? While you may be like most people and select lemon as the odd-one-out, Tony would point out that if you were using color as your filter, earth would be odd because it’s not yellow.
Innovation is therefore inspired by understanding that there’s not always only one right answer. Or realizing you may have an answer to a problem that doesn’t yet exist. Did you know that the parachute was invented before powered flight? In a “fascinating facts” piece about James Dyson, you’ll read that his inspiration for cyclonic technology happened one day while he was vacuuming his house (in itself, fascinating!) and he realized his top-of-the-line machine was losing suction and getting clogged. Dyson refused to accept there was only one good way to build a vacuum cleaner, and the cyclonic suction, roller-ball Dyson vacuum cleaner was born.
Innovation is also about seeing an idea for what it’s really worth. Think about all those stories of accidental invention. Like Wilson Greatbatch back in 1956, who was experimenting with a device he was building to record heartbeats. He grabbed the wrong resistor and connected it, and discovered that the circuit emitted a pulse. Voila, Greatbatch realized his device could be used to control heartbeat, and the pacemaker was invented.
Which brings me to a final point on inspired innovation. I believe the most profound and valuable innovation and creativity has to come from a sense of purpose or a powerful cause – it is unbounded thinking about how to make life and the world more meaningful that leads us to solve great challenges and achieve impossible objectives. Just look at how one company’s mission transformed the lives of millions of people: Microsoft, with its tagline of “A PC on every desk”. And behind that audacious goal, an inspired cause to find ways for people and things to achieve their greatest potential.
Innovation comes in many forms and is a tool that’s wielded well by many entrepreneurs. Having a different perspective has inspired many of Apple’s products – simply because Steve Jobs refused to accept that everyday things such as radios and phones and computers had to be mundane and ugly. Ergo: Apple is synonymous with easy, simple and beautiful. Sometimes the entrepreneurial way out has to be invented. Understanding that there’s not always only one right answer gave us solutions like Galileo’s telescope and James Dyson’s vacuum cleaner. Then there are the accidental innovations, like 3Ms’s experimental polymer that turned out to be less of an adhesive and more of a sticky fix that today everyone calls a Post-It™ note. Ultimately, there’s the kind of innovation that really makes this world a better place, because it comes from a passionate sense of purpose. Like Google’s search engine, motivated by the cause of organizing the world’s information and making it universally accessible and useful.
Because entrepreneurs have had the courage to ask questions and take risks – wheels were invented, men learned to fly, machines were made to work more efficiently, and the world has moved forward. The spirit to invent and innovate lies at the heart of true entrepreneurship. Or, to loosely paraphrase Peter Drucker: innovation is the specific tool that entrepreneurs use to increase their capacity to create wealth.
—-
About the Blogger: Janine de Nysschen is the founder of WhyTelligence and uses change and purpose dynamics to create unique strategies for complex problems, helping businesses and executives increase their impact and performance.
February 23rd, 2010 Author: Guest Blogger
A good friend of mine once sat down to lunch with Stephen Covey and a group of fellow executives. During the course of the meal, one of the men commented on the unusual tablespoons, and said “Look at the backend of it.” All the people at the table flipped their spoons over, but my friend – quite unintentionally – angled it up so he could look at the bottom tip of it. Laughter ensued. But Covey raised a hand and pointed out that my friend’s actions suggested something interesting in his behavior: the ability to look at the world in an unexpected way. So I guess it’s not surprising to hear my friend is one of the most innovative entrepreneurs I know, as well as a successful millionaire who has transformed the industry he is in.
The story reminds me of an important fact. Entrepreneurs are often at the forefront of innovation. They possess a unique set of skills that lends itself to inspired invention and driven change. Really good business solutions and radical transformations in history have one thing in common. Somewhere, someone believed that you could do something better, different or completely new. Someone challenged the status quo or saw failure as an opportunity to try again. Often, those people were entrepreneurs.
One reason is that entrepreneurs tend to see the world around them differently. As Thomas Edison said to his laboratory assistant, “There ain’t no rules around here. We’re trying to accomplish somep’n!” Innovation is most often simply a matter of having a different perspective than everyone else, and the perseverance to make it happen. For example, some of the most creative people I know had learning disabilities growing up. Forced to adapt so they could fit into a rigid school format, many developed alternative ways of making sense of the world.
Tony Buzan, father of the world-renowned creative technique of Mind Mapping, is a point in case. Tony admits he came up with mind maps because he was “doing badly at school”. He was also smart enough to realize that the way people were measuring intelligence was rather limited. Quick experiment: in your mind’s eye, picture the moon, the sun, the earth and a lemon. Which one is different? While you may be like most people and select lemon as the odd-one-out, Tony would point out that if you were using color as your filter, earth would be odd because it’s not yellow.
Innovation is therefore inspired by understanding that there’s not always only one right answer. Or realizing you may have an answer to a problem that doesn’t yet exist. Did you know that the parachute was invented before powered flight? In a “fascinating facts” piece about James Dyson, you’ll read that his inspiration for cyclonic technology happened one day while he was vacuuming his house (in itself, fascinating!) and he realized his top-of-the-line machine was losing suction and getting clogged. Dyson refused to accept there was only one good way to build a vacuum cleaner, and the cyclonic suction, roller-ball Dyson vacuum cleaner was born.
Innovation is also about seeing an idea for what it’s really worth. Think about all those stories of accidental invention. Like Wilson Greatbatch back in 1956, who was experimenting with a device he was building to record heartbeats. He grabbed the wrong resistor and connected it, and discovered that the circuit emitted a pulse. Voila, Greatbatch realized his device could be used to control heartbeat, and the pacemaker was invented.
Which brings me to a final point on inspired innovation. I believe the most profound and valuable innovation and creativity has to come from a sense of purpose or a powerful cause – it is unbounded thinking about how to make life and the world more meaningful that leads us to solve great challenges and achieve impossible objectives. Just look at how one company’s mission transformed the lives of millions of people: Microsoft, with its tagline of “A PC on every desk”. And behind that audacious goal, an inspired cause to find ways for people and things to achieve their greatest potential.
Innovation comes in many forms and is a tool that’s wielded well by many entrepreneurs. Having a different perspective has inspired many of Apple’s products – simply because Steve Jobs refused to accept that everyday things such as radios and phones and computers had to be mundane and ugly. Ergo: Apple is synonymous with easy, simple and beautiful. Sometimes the entrepreneurial way out has to be invented. Understanding that there’s not always only one right answer gave us solutions like Galileo’s telescope and James Dyson’s vacuum cleaner. Then there are the accidental innovations, like 3Ms’s experimental polymer that turned out to be less of an adhesive and more of a sticky fix that today everyone calls a Post-It™ note. Ultimately, there’s the kind of innovation that really makes this world a better place, because it comes from a passionate sense of purpose. Like Google’s search engine, motivated by the cause of organizing the world’s information and making it universally accessible and useful.
Because entrepreneurs have had the courage to ask questions and take risks – wheels were invented, men learned to fly, machines were made to work more efficiently, and the world has moved forward. The spirit to invent and innovate lies at the heart of true entrepreneurship. Or, to loosely paraphrase Peter Drucker: innovation is the specific tool that entrepreneurs use to increase their capacity to create wealth.
—-
About the Blogger: Janine de Nysschen is the founder of WhyTelligence and uses change and purpose dynamics to create unique strategies for complex problems, helping businesses and executives increase their impact and performance.
Alice in Wonderland – How is Her Economy
Alice in Wonderland – How is Her Economy
February 25th, 2010 Author: Guest Blogger
If Alice in Wonderland were an entrepreneur, who would she invite to her tea party? First, there would be the Mad Hatter, moving from one seat to the next, drinking tea and spending money every which way. But it’s hard to tell if that’s real money or just more debt.
Then there’s the Cheshire cat, smiling brightly because he knows the way out of recession, but like the economic recovery, keeps fading in and out of view. Commercial banks are happy to come to tea, but they are hard to pin down when Alice asks them for a loan. And where is the Consumer in all this? In the teapot of course – like the Dormouse – trying to avoid more taxes and ever increasing health care costs.
What is Alice to do? At the table over the past few weeks are some thoughts from entrepreneurs about the current economic conditions that are worth reading. Many of them agree – “money is the biggest challenge”. But they suggest this is not the time to give up your dream. Downturns often create opportunities. They say: “Study the landscape to make your product better or different from the competition”. And “price your product appropriately”. Use technology to grow if you can’t expand your staff. Mushrooms may work for Alice when she wants to grow, but the real world requires hardware and software. “Get systems in place to guide everyday tasks.” Then you can manage the work flow and your future growth.
Remember to keep everyone in your organization “on the same page”. These entrepreneurs have a lot more to say and it can be found here in the “How to Succeed” section.
Alice in Wonderland has an easy way out thanks to Lewis Carroll – she can just wake up! But the rest of us need to come up with something more specific to get out of this economic rabbit hole. Hopefully the advice from these entrepreneurs will help.
—-
About the blogger: Alice Krause, former Deputy Executive of Chase Bank’s retail businesses, is Founder of the award winning NewsonWomen,com, a daily news site that focuses on women’s achievements. News on Women reports on what women are doing in business, education, science and technology, philanthropy and the arts.
February 25th, 2010 Author: Guest Blogger
If Alice in Wonderland were an entrepreneur, who would she invite to her tea party? First, there would be the Mad Hatter, moving from one seat to the next, drinking tea and spending money every which way. But it’s hard to tell if that’s real money or just more debt.
Then there’s the Cheshire cat, smiling brightly because he knows the way out of recession, but like the economic recovery, keeps fading in and out of view. Commercial banks are happy to come to tea, but they are hard to pin down when Alice asks them for a loan. And where is the Consumer in all this? In the teapot of course – like the Dormouse – trying to avoid more taxes and ever increasing health care costs.
What is Alice to do? At the table over the past few weeks are some thoughts from entrepreneurs about the current economic conditions that are worth reading. Many of them agree – “money is the biggest challenge”. But they suggest this is not the time to give up your dream. Downturns often create opportunities. They say: “Study the landscape to make your product better or different from the competition”. And “price your product appropriately”. Use technology to grow if you can’t expand your staff. Mushrooms may work for Alice when she wants to grow, but the real world requires hardware and software. “Get systems in place to guide everyday tasks.” Then you can manage the work flow and your future growth.
Remember to keep everyone in your organization “on the same page”. These entrepreneurs have a lot more to say and it can be found here in the “How to Succeed” section.
Alice in Wonderland has an easy way out thanks to Lewis Carroll – she can just wake up! But the rest of us need to come up with something more specific to get out of this economic rabbit hole. Hopefully the advice from these entrepreneurs will help.
—-
About the blogger: Alice Krause, former Deputy Executive of Chase Bank’s retail businesses, is Founder of the award winning NewsonWomen,com, a daily news site that focuses on women’s achievements. News on Women reports on what women are doing in business, education, science and technology, philanthropy and the arts.
Features vs Benefits – Jolting Your Sales NOW
Features vs Benefits – Jolting Your Sales NOW
February 26th, 2010 Author: Gary Whitehill
Earlier this week I was teaching marketing to about 20 entrepreneurs here in NYC.After the class several came up to say they got some super-cool tips on how to immediately impact their sales with little or no cost. Just rewriting and designing their marketing strategies based on what they just learned.
And here is what they learned: the difference between selling the features and benefits of your product or service.
Features—a physical or tangible component of your product / service. Using a product example, a bicycle: weighs only 23 pounds, has 21 gears, Shimano brakes, 110PSI high-pressure tires, and is designed light and built for speed.
And for service-based businesses, an example would be a chiropractor’s office: we offer a 10 minute evaluation and assessment of your pain (or situation), then do a series of 3 to 5 treatments over the course of two weeks, followed be an additional assessment, and so on.
Benefits—the non-physical, emotional and intangible reactions to your product / service. In our product example: this super-light, super-fast bicycle with 21 gears will make sure you can get up that insane mountain you have been training for all these months. When you get to the top, you’ll look behind you and know you just conquered that amazing ride you’ve been dreaming about….
In our service example: your initial evaluation with our top chiropractor will immediately ensure you are getting the exact treatment you need for your situation, and as quickly as possible. With this you can relax and let our expert chiropractor do his (her) magic on your body. Watch how quickly your body will respond to his (her) touch and adjustments.
Question: Do you think people buy from features or benefits?
In our class this week this became a debate. Some said features, some said benefits and some said both.
We all agreed that people buy on benefits. BENEFITS!
Why?
Because people want to know how they will benefit from using your product or service. Yeah, sure it is helpful knowing how many gears the bike has, but really getting them to feel the accomplishment of getting to the top of the amazing mountain is what is going to override the features.
If they feel the possibility of owning your product (or hiring you for your service), you will make the sale so much easier to accomplish.
People buy on emotions!
Still not convinced? Look at Apple’s iPhones. For many, many people, if it ain’t an iPhone (or other Apple product) they are not interested. It is NOT because of the features (although this certainly helps) it is because they have positioned themselves quite successfully as a hip, cool, state-of-the-art company. And people want a piece of THAT in their lives.
STILL not convinced? Park your rear-end in front of the TV for 30 minutes. Watch two cable stations: Home Shopping Network and QVC. Just watch what these masters of selling do: they can take the ugliest piece of (you know what) and sell millions of them. How they do it is mention (briefly) a feature and then spend 10 minutes talking about all the benefits of it.
Benefits, benefits, benefits!
So if it is in fact benefits that sell your product or service, where are you putting your marketing resources: features or benefits?
If the former, I highly, (I mean highly) recommend you immediately shift your energy into the latter.
And if you do not immediately see results, please e-mail me. I’m not kidding!
Action Steps for the Week
Take a look at your product or service. Make a list of the top 5 features of it.
Next, write as many benefits as you can think of for each of those features. Go nuts with this and then pick the top 10-15 of them (depending on how you will use this information.)
HERE’S THE CATCH: Do this from your customers’ perspective, not yours!
If you are not sure their perspective, find out. There are many ways to get this feedback from them: surveys, calling them, standing on the street corner and asking them, you name it.
Once you are clear on what the benefits are, you are now ready to put your promotional materials together. Briefly mention the feature and then all its benefits. Do this for the top features.
NOTE: avoid grandiose claims like, “The world’s best…” or “You’ll love the taste of…” That stuff does not work. Instead, back it up with statistics, data, survey results, scientific discoveries, etc. Third party endorsements are golden.
Lastly, use testimonials that add credibility to what you promote. Do these to your marketing and you will most likely be amazed at the quick results you will see.
—–
About the Blogger: Stefan Doering is the creator of BEST Coaches’ groundbreaking 90-day “UnReasonable” program which brings to the table his almost 30 years of hard-earned business savvy and 4-plus decades of pure heart. Stefan started his first company at the age of 17. His later companies included the leaders of major companies and institutions as well as multi-millionaires and billionaires as investors, board members and mentors, and had household names among their clients.
February 26th, 2010 Author: Gary Whitehill
Earlier this week I was teaching marketing to about 20 entrepreneurs here in NYC.After the class several came up to say they got some super-cool tips on how to immediately impact their sales with little or no cost. Just rewriting and designing their marketing strategies based on what they just learned.
And here is what they learned: the difference between selling the features and benefits of your product or service.
Features—a physical or tangible component of your product / service. Using a product example, a bicycle: weighs only 23 pounds, has 21 gears, Shimano brakes, 110PSI high-pressure tires, and is designed light and built for speed.
And for service-based businesses, an example would be a chiropractor’s office: we offer a 10 minute evaluation and assessment of your pain (or situation), then do a series of 3 to 5 treatments over the course of two weeks, followed be an additional assessment, and so on.
Benefits—the non-physical, emotional and intangible reactions to your product / service. In our product example: this super-light, super-fast bicycle with 21 gears will make sure you can get up that insane mountain you have been training for all these months. When you get to the top, you’ll look behind you and know you just conquered that amazing ride you’ve been dreaming about….
In our service example: your initial evaluation with our top chiropractor will immediately ensure you are getting the exact treatment you need for your situation, and as quickly as possible. With this you can relax and let our expert chiropractor do his (her) magic on your body. Watch how quickly your body will respond to his (her) touch and adjustments.
Question: Do you think people buy from features or benefits?
In our class this week this became a debate. Some said features, some said benefits and some said both.
We all agreed that people buy on benefits. BENEFITS!
Why?
Because people want to know how they will benefit from using your product or service. Yeah, sure it is helpful knowing how many gears the bike has, but really getting them to feel the accomplishment of getting to the top of the amazing mountain is what is going to override the features.
If they feel the possibility of owning your product (or hiring you for your service), you will make the sale so much easier to accomplish.
People buy on emotions!
Still not convinced? Look at Apple’s iPhones. For many, many people, if it ain’t an iPhone (or other Apple product) they are not interested. It is NOT because of the features (although this certainly helps) it is because they have positioned themselves quite successfully as a hip, cool, state-of-the-art company. And people want a piece of THAT in their lives.
STILL not convinced? Park your rear-end in front of the TV for 30 minutes. Watch two cable stations: Home Shopping Network and QVC. Just watch what these masters of selling do: they can take the ugliest piece of (you know what) and sell millions of them. How they do it is mention (briefly) a feature and then spend 10 minutes talking about all the benefits of it.
Benefits, benefits, benefits!
So if it is in fact benefits that sell your product or service, where are you putting your marketing resources: features or benefits?
If the former, I highly, (I mean highly) recommend you immediately shift your energy into the latter.
And if you do not immediately see results, please e-mail me. I’m not kidding!
Action Steps for the Week
Take a look at your product or service. Make a list of the top 5 features of it.
Next, write as many benefits as you can think of for each of those features. Go nuts with this and then pick the top 10-15 of them (depending on how you will use this information.)
HERE’S THE CATCH: Do this from your customers’ perspective, not yours!
If you are not sure their perspective, find out. There are many ways to get this feedback from them: surveys, calling them, standing on the street corner and asking them, you name it.
Once you are clear on what the benefits are, you are now ready to put your promotional materials together. Briefly mention the feature and then all its benefits. Do this for the top features.
NOTE: avoid grandiose claims like, “The world’s best…” or “You’ll love the taste of…” That stuff does not work. Instead, back it up with statistics, data, survey results, scientific discoveries, etc. Third party endorsements are golden.
Lastly, use testimonials that add credibility to what you promote. Do these to your marketing and you will most likely be amazed at the quick results you will see.
—–
About the Blogger: Stefan Doering is the creator of BEST Coaches’ groundbreaking 90-day “UnReasonable” program which brings to the table his almost 30 years of hard-earned business savvy and 4-plus decades of pure heart. Stefan started his first company at the age of 17. His later companies included the leaders of major companies and institutions as well as multi-millionaires and billionaires as investors, board members and mentors, and had household names among their clients.
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