OK, so they tell me that Bernie is safely tucked away in prison for the next 150 years, but there are clones out there who look and act just like him. See this LA Times article from last year about a likely scammer closer to startups, and an ongoing saga of events from the victim’s perspective
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How to Protect Yourself From Bernie Madoff
I’ve long believed that entrepreneurs are different. We all know successful entrepreneurs who dropped out of school, and people with high IQs that cannot manage a business. I used to call this “street smarts,” but recently I found a better explanation, called multiple intelligences. Successful entrepreneurs always seem to have several good intelligences. The theory of multiple intelligences was developed way back in 1983 by Dr. Howard Gardner , at Harvard University. He suggests that the traditional notion of intelligence, called the Intelligent Quotient (IQ), is far too limited. Instead, he now has broad acceptance for at least eight different intelligences that cover a broad range of human potential. These include: Linguistic intelligence (“word smart”).
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Entrepreneurs Need Multiple Intelligences
Many entrepreneurs send me invitations and accolades for their latest Multi-Level Marketing (MLM) companies, and others tell me how much they hate these things. It’s hard to find neutrals on this subject. I’m simply annoyed that their pervasive use of social networks like Twitter and Facebook devalue that medium for all businesses. I know there are a few companies, like Amway and Mary Kay, who have a generally positive image, but there are many more, often built around some investment scheme, which continue to give this sector a bad image. If you scan the Internet, you will find dozens of negative articles, like ” What’s Wrong With Multi-Level Marketing? “, but very few singing their praises.
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Multi-Level Marketing – Love It or Hate It
Many people, especially those who have spent years struggling up the corporate ladder, dream of jumping ship and becoming an entrepreneur. But every job move is fraught with risk, and the move from employee to entrepreneur is on the high end of the risk curve. This is a big jump, so do your homework first on this one. According to a recent article in the Harvard Business Review, “ Five Ways to Bungle a Job Change ” there are at least five common missteps that executives make when moving to a new job, and I will offer the comparable relevance for those of you contemplating leaving a company to initiate an entrepreneurial startup: Not doing enough research. In moving to a new company, the questions to ask are expectations, financial stability, cultural fit, and role responsibilities. All of these apply directly to starting your own company. Test your “dream” startup plans on some experienced entrepreneurs to get a reality check before you leave your current job. Leaving for money. Remember, the grass always look greener on the other side of the fence.
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Missteps to Avoid for Aspiring Entrepreneurs
Lack of confidence in your self, your product, and your startup is a surefire recipe for disaster. At the other extreme, too much confidence or arrogance can kill you just as fast. It’s always painful when a startup fails, but as a mentor to founders I would hope that you can learn from these failings and not stumble on the same issues: “Business plans are for dummies.” Some startups think business plans are only for investors. In reality, you should do a business plan primarily for yourself, as it forces you to think through all the elements. If it’s not written down, you can’t measure it, and thus you can’t manage it. Also written plans are much more effective communication to your employees, lawyers, accountants, and other key players in your rollout. “It’s the market, stupid.” It’s great to have a passion about a favorite new toy you invented, but just because you love it doesn’t mean the whole world will love it. Another variation on this theme is the person who creates a “solution” from technology, and then makes up a “problem” that it will solve.
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Ten Common Arrogance Traps for Startups
We’ve all heard the old joke “In a bacon-and-egg breakfast, the chicken is involved, but the pig is committed.” The quote above epitomizes the true essence of commitment. We all know at least one self-professed entrepreneur who claims to committed, but seems to treat it like a part-time hobby, won’t put any personal skin in the game, and is quick to give up when things are tough. There are no middle roads to real commitment, and if you are not ready to fully commit to all the rigors of a startup, you are better off sticking with your current role. Here are some specifics, with input from Ben Barden , to consider in understanding your own, or someone else’s level of commitment: Ready for leadership and responsibility. Many people need the comfort of following, rather than leading. When things go wrong, it’s then easier to point to someone else as the scapegoat
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Entrepreneurs Must be Totally Committed
A couple of months ago I was privileged to meet Nihal (Nicky) Muradoglu, who is a native of Turkey, but spends part of her time in the United States, as well as maintaining an office in Istanbul. During her career so far, she has lived in five countries, and is an expert on cross cultural coaching, business, and training. At her behest, I am now in Istanbul for two weeks, learning from her staff, and updating them with my own experience with startups.
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Nihal Muradoglu – Entrepreneur, Mentor, Educator
I’m often approached by people who claim to have invented the next big thing, and ask me how much it’s worth, or complain that they can’t find an investor who will fund it. The honest answer is that ideas and new technologies are worth nothing, outside the context of a specific business plan that meets a market need for a fair price. Invention is the process of creating a new technology.
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New Technology Ideas are the Easy Part
One of the biggest red flags I see in many Internet-related business plans today is advertising as the initial revenue stream, or a key part of it. If challenged, the founder usually cites the Facebook business model (free service to users, revenue from ads), but forgets that Facebook has had several hundred million in funding, and is still marginally profitable. First let’s clarify some terminology. Unless you live in this world every day, you are probably as confused as I was by the different advertising models, so let me outline the common ones: Pay per click (PPC). In this most popular model, advertisers pay each time a user clicks on an ad and is redirected to the advertiser website. Advertisers do not pay for each ad view, but only when the ad is clicked on. For advertisers, this is called cost per click (CPC). Pay per view (PPV, PPI or PPM).
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Online Advertising Won’t Fund Your Startup
Every entrepreneur needs help and support along the way, from developing the initial idea, to selling off the successful business (exit strategy). The challenge is finding and using a qualified and affordable support organization for each stage. Don’t waste your money on the wrong ones. Some entrepreneurs start polling venture capitalists for that multi-million dollar investment before they even have a business plan.
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Get the Right Support for Your Startup Now
Every investor I know can tell you at least one story about a great startup team that failed, even though it was well-funded and staffed with qualified and smart people. The reason almost always given is that the team didn’t work well together (dysfunctional). What does that really mean?
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Dysfunctional Startup Teams Will Fail
As an entrepreneur, your personal integrity is critical for getting and keeping the support of investors and team members, and your company’s integrity is critical for getting and keeping customers and vendors. But in a practical sense, what does that really mean? Most definitions of integrity include something like “the quality of being honest and morally upright.” Yet, I’ve found through experience that both honesty and morality are relative terms, depending on the reference point of both the speaker and the receiver. In business, the only view that counts is that of the receiver. Here are some specifics that communicate a high level of entrepreneurial integrity to team members, investors, vendors, and customers: Meet your commitments. As an entrepreneur, when you are late with a committed business plan or meeting with an investor, you lose integrity
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Entrepreneurial Integrity is Paramount
If you startup is your dream, why would you want to think about an exit? It’s going to be so successful and so much fun that you don’t need to think about what comes after. Wrong. There are two very real and practical reasons why you need to plan an exit: Outside investors want to collect their return. Remember that equity investments are not like loans with interest
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Every Startup Needs a Positive Exit Strategy
For those of you who want to get in on the ground floor of a new venture, but haven’t yet worked up the nerve to start your own, begin with a job at a startup. But first you should ask yourself if you are prepared for the realities. Working for a startup is not a career choice, but more of a lifestyle. The long-term opportunities may be large, but near-term paychecks will be small, compared to large companies in the same industry. Stock options, if you get them, won’t help you pay the mortgage for a least a couple of years, and the value then is totally unpredictable.
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Test the Startup Lifestyle Before Founding One
If your startup is great enough to get a term sheet from angel investors or a venture capitalist, the next step for the investor is to complete the mysterious due diligence process . This is the last step of the process, where surprises in the evaluation of the management team, documentation, and personnel problems can derail the investment. Some startups do nothing to prepare for the due diligence process, assuming the people and business plan documents will speak for themselves. Others stage elaborate “training” sessions, to “assure” that everyone tells the same story.
Whether it’s a business or personal interaction, multiple studies show that as much as 50-90% of the communication is nonverbal. That means that people who are addicted to text messaging and email may be sending only half the message, and receivers often misinterpret even that half. Sure, there are many cases where a 10-word text message, or 140 character tweet will communicate a simple message more efficiently than a face-to-face discussion
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Text Messaging has no Body Language
With last year’s advent of President Barack Obama’s economic stimulus package, including $50 billion aimed at alternative-energy initiatives, applying for grants has become the rage for high-tech startups. I applaud the initiative, and encourage startups in this direction, but there are costs. In the US, many entrepreneurs see grants as “free money,” since they are not loans and don’t have to be repaid. A grant is not an equity investment, so the entrepreneur doesn’t have to give up a stake in the company either. Typically they can be used to fund product development and commercialization that would otherwise require outside investors. A good place to start is the Small Business Innovation Research (SBIR) program, which is a lifeline for high-tech startups. Another is the Database of State Incentives for Renewables and Efficiencies (DSIRE), which controls state energy efficiency and clean energy grants. Grants start as small a few thousand dollars, but can provide millions of dollars in capital to new ventures.
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Free Government Grants May Be Expensive
This title is a quote from a recent Business Week article by entrepreneur Andy Dunn, aptly named “ To Recruit the Best, Admit Weaknesses .” In my view, if every CEO and hiring manager followed this advice, as well as good hiring practices, their business would move a lot faster and smoother. Of course the first step here is admitting that there are things you don’t know, and identifying what they are. Too many executives let their ego stand in the way, either in admitting that there might be things they don’t do well, or in identifying and communicating specific job requirements. The second step is to avoid a whole host of interviewing and hiring mistakes that have been documented many times by human resources professionals. Here’s a tongue-in-cheek summary of ten big ones to jog your recollection: “I’m not quite sure what we need, but this guy sounds like a miracle worker.” The message here is that if you don’t know exactly what help you need, you probably won’t get it
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I am Not Good at What You Do, I Need Your Help
A couple of weeks ago I met a 26 year-old serial entrepreneur with the attributes that I believe exemplify what it takes for the new generation, and the rest of us, to succeed in this new economy and new world. He recently completed a law degree and MBA at the University of Ottawa, and has a ‘day job’ practicing law with a leading corporate law firm in Toronto. Marty: Welcome to Startup Professionals interviews. Tell us about your entrepreneurial activities. Harley: In 2002, as a first year undergrad at McGill University, I launched my first start-up, Finkinc, which today is considered to be a leader in the collegiate apparel & promotional products market. With the success of my first business I began investing in other startups when I entered law school, and we built a model whereby we provide micro funding (equity-side) and strong mentorship to startups, with a primary focus on student entrepreneurs. Our latest startup is Smoofer.com, an online t-shirt shop that sells exclusive licensed t-shirts such as the Rolling Stones, Batman, the Transformers and David Bowie. Marty: When did you know that you were destined to be an entrepreneur
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Harley Finkelstein, Serial Entrepreneur Interview
Your website development is not all about content. While content is still king when it comes to providing useful information, it’s just one aspect that can be optimised on your site
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Useful Points For Using Website Development Stats To Your Advantage
