Monthly Archives: February 2015

Leadership

Driving Through Doubt

Natalie Bounassar Entrepreneur 
Guest Writer Media Professional

February 25, 2015

When I am immersed in the creative process, I wade through cycles of emotion evoked by the process.The first part of the cycle usually involves these elements: a new idea, rapid movement and excitement. A promising idea arrives swathed in excitement. The untapped potential at the outset of a project is exhilarating: There are unknown adventures, endless learning opportunities and perhaps the prospect of profit.

When I’m hatching a new idea, I work quickly. At the development stage, projects don’t usually require the depth of thought mandated for later decisions. Beginnings entail a lot of rough sketching and developing of big-picture ideas rather than fine-tuning small (but important) details.Coming up with the big-picture ideas is the best part of a new project because they’re, well, big.Such concepts are driven by creativity and unconstrained by red tape or the need to “draw inside the lines.” The initial stages of putting an idea into motion leave me energized and exhilaration. I’m confident that I’ve struck gold. Nothing will keep me from succeeding.

Then comes the middle stage — full of details, slow movement and doubts.This is the part of the cycle that wears on me. Hashing out details, waiting for responses and managing the complexities of bringing a big-picture idea to life can be a slow and draining process. I find my mindset often shifts during this second stage — and not for the better.I would also venture to guess I’m not alone.The honeymoon phase is over. This is the time when entrepreneurs are forced to navigate being married to their grand idea. This stage requires negotiating and compromise — learning where they are willing to bend and where they must stand their ground.This stage requires navigating the realities of finances: how much to spend versus what to reserve and the trade-offs in the budget. Attention must be paid to details that are not glamorous or exciting but totally necessary. And it requires patience.Somewhere, in today’s “push for pizza” society, people have lost patience. They expect progress yesterday. When results don’t arrive at the tap of a button, people begin to doubt their ideas, and worst of all, theirselves. They play the most unkind thoughts on repeat in their heads, simultaneously crushing their ideas and self-esteem. And then they must pick up the pieces.Entrepreneurs can, however, use feelings of doubt to their advantage so they can ultimately overcome them. To do so, consider the following:

1. Determine the source of the doubt.

Are you feeling as though you’re not making enough progress? Did someone offer advice that was less than encouraging?Are you unhappy with a work sample created or the initial production run results?When you narrow down the source of a doubt, you isolate the key concern and can set aside unrelated and insignificant insecurities that snowball from it.Doubt spawns more doubt: It’s a domino effect, so the only solution is to stop the collapse of the tiles before they fall. Find the source of a doubt, isolate it and address it. Focus on one concern at a time.Related:The ‘Aha!’ Moments of Famous Inventors (Infographic)

2. Welcome breakthroughs.

In excess, doubt can be debilitating.But a healthy amount of doubt can keep entrepreneurs from becoming complacent. It forces them to examine and analyze the status quo. It lets them decide if they are making the right expenditures and using the most qualified team, efficient processes and the best materials.Doubt, when taken apart constructively, can lead to unforeseen breakthroughs because it arises from the concern that perhaps there’s a better way.When you isolate and analyze your doubts, you might find simpler, better or more effective solutions to the questions your company is trying to answer.When you carefully analyze the situation causing concern, you might find that your approach offers the best possible solution and thoughts to the contrary are merely impatience or insecurities. Either way, doubt keeps you on your toes.

3. Prove insecurities wrong.

In a society obsessed with push notifications and 140-character Twitter limits, people are accustomed to processes that are short, quick and convenient. If I have to tap more than three buttons on an app to arrive at a desired destination, I become antsy.Entrepreneurs are forced to develop a counterculture mentality. I find this is especially true for young entrepreneurs who have to fight the urge to turn their back on something just because they are unable to immediately push toward progress.Just because success is not instantaneous does not mean it’s unattainable. Anyone who has faced an obstacle can attest to the satisfaction of overcoming it.Don’t settle for easy: Strive to accomplish what’s hard. Any challenge is an opportunity to learn, grow and prove to yourself the potential you hold.

Related: 7 Ways Entrepreneurs Can Master Self-Awareness 

Related: 4 Ways to Overcome Self-Doubt

Startups

10 Essential Startup Expenses, and 10 You Should Avoid

VIP CONTRIBUTOR
Entrepreneur and Marketer, Co-founder of Web Profits
February 23, 2015
It’s no secret that startups often fall into the trap of spending money on things that aren’t that important — it’s just one of the many mistakes that entrepreneurs can make.
However, the fact that some expenses are unnecessary doesn’t mean that you need to be a cheapskate whenever you encounter a potential cost. In fact, some expenses are absolutely necessary, and as an entrepreneur, it’s essential that you know the difference.
Here’s a list of 10 things that you absolutely must spend money on, followed by 10 things you definitely shouldn’t:

10 essential expenses

1. A business plan. There’s a lot of controversy regarding business plans, but in my opinion, knowing where you’re going and how you’re going to get there isn’t optional in business.
2. Market research. Never spend money on production before you know that you have customers ready to buy. Knowing what your market needs and how you can meet that need is essential for success.
3. A CFO or accountant. A good CFO or accountant can save you more money than you’ll spend on him or her by holding you accountable for spending and helping you plan your investments and understand your return on investment.
4. Buying lunch for those more important than you. An awesome life lesson from the richest man in Asia, this tip is all about networking. The cost of a single lunch is worth far more.
5. Legal advice. While unnecessary services cost you money you can’t afford, nearly all startup entrepreneurs require some level of legal advice. Whether it’s basic incorporation paperwork or understanding liability issues, pay for good advice from the start so that you aren’t stuck with the big bills of legal settlements later on.
6. Tax professionals. Doing your own taxes wastes countless hours that could be better spent on your business. Hire a tax professional, get the advice you need, and rest easy in April.
7. Customer service. It’s been said that sales without service is like putting money into a pocket with a hole in it. Customer service is an extremely profitable portion of your company, and it pays to invest in it.
8. Marketing and branding. Again, this business need can be done well and it can be done poorly. Don’t waste money unnecessarily, but do spend wisely on targeted, measurable campaigns.
9. Outsourced PR. This one is controversial as well, but keep in mind that I’m advocating tailored spending on measurable results. Your time as a founder is too valuable to spend on activities that others can handle for you in a profitable way.
10. Technical support. As a rule, the hours you’d spend doing your own website and server maintenance would be far better spent serving your customers. Hire technical support and put your time to better use elsewhere.

10 expenses to avoid

1. Expensive subscription-based services. Many times, project management software and other subscriptions have cheaper or free alternatives. Use them until you’re sure you need the features only a paid solution can provide.
2. Expensive clothes. Don’t let your ego put you out of business. It’s important to look professional, but you can do so fairly cheaply if you’re smart about how you shop.
3. A fancy office. Everyone wants a plush office, but the expenses involved in creating this business oasis can add up quickly. Focus on your business’s success first — the office can wait.
4. Expensive equipment. Like anybody, you may want to buy the latest and greatest technology, but that doesn’t mean it’s a useful business expense. Purchase only what you truly need, and do so as economically as possible.
5. Staffing before you’re ready. It’s fun to be an employer and to watch your startup grow, but if your business isn’t ready, you’re just wasting money. Outsource first, and only bring on employees if it makes financial sense to do so.
6. Extravagant business parties or trips. Again, these expenses may be fun, but they’re not wise. This kind of spending in a young company isn’t a sign of success — it’s a sign of wastefulness.
7. Non-measurable outreach efforts. Whether it’s PR, marketing or branding, if you can’t measure the results of your efforts, you shouldn’t spend the money. When money is tight, start by focusing your spending on things you know can build your business.
8. Buying followers, email marketing lists or other “customers.” Not only is this usually a scam, it’s not a great way to get customers. It may look good to say you have thousands of followers, but if they’re fake, you’re never going to see a return on that cost.
9. Expensive shipping or printing costs. While having a logo and some inexpensive business cards makes sense, there’s no reason for young companies to spend money on major printing or shipping expenses. Focus on meeting your customer needs first, and fancy stationery later.
10. Spending money before you’re sure you’ll make money. Unless you have some extremely generous investors in your back pocket, be especially cautious about spending significant amounts of money before you’re making enough to cover it. Just as individuals should live within their means, so should your business.
Every business is unique and will have different needs at different times, which is why having someone who will hold you accountable can be very helpful when it comes to making smart decisions. When you spend money on the things that are truly important, you position your business well for long-term success.
What do you think are the best and worst expenses for startups? Share your thoughts in the comments section below!
Marketing

Teach an Old Dog New Digital Marketing Tricks

Winston Binch
Guest Writer
Partner, Chief Digital Officer of Deutsch in North America
You’re a middle-aged chief marketing officer. And everything and everyone around you is rapidly advancing in matters digital.
But your chaotic schedule won’t allow you to learn all the things your youngest employees were seemingly born knowing how to do.
You owe it to yourself and to your career to develop skills that keep you at the top of your game.
Here’s what you can do to survive in this digital age:

1. Spend 20 minutes a day exploring.

There are no digital experts. The pace of technological change is too fast. Everyone is an explorer. The best practitioners just spend more time doing it than you. If you want to stay ahead, you need to understand the possibilities.
To do that, make digital exploration part of your lifestyle. When you hear about a new site, app, service, company, look it up. You don’t need to learn to code, but engage in the online and tech universe and actively educate yourself.

2. Get on Twitter and Instagram.

Sign up. Follow on Twitter and Instagram your colleagues, other chief marketing officers, brands, personalities and news and sports outlets that interest you.
Don’t act like a corporation. Be yourself. Try to create a few posts or updates a day. Experiment.
Share things that you’re proud of or whatever grabs your attention. Comment. Ask questions. Respond.
Once you’re comfortable, try out other social-media networks. You don’t need thousands of followers. You just want to learn best practices and formulate opinions.

3. Download apps. Buy gadgets.

Find your inner app geek. Replace as many life tasks as you can with digital services. Purchase gadgets and download apps even if you don’t know what they are exactly at first.
Some of my favorite apps to use include Uber for rides, Zite for news, Postmates for delivery, FitStar for workouts and Dark Sky for weather.
And don’t forget to avail yourself of the connected gadgets. Do some weekend drone flying, make GoPro movies and buy some wearable tech.
Document your learnings. You’ll spot trends and become smarter.

4. Follow BuzzFeed video and Vice on YouTube.

You’re not just competing with other companies. You’re competing to keep up with culture.
BuzzFeed and Vice and other video outlets are creating a lot of it these days. BuzzFeed has more than 74 million unique visitors and routinely scores more than 1 million views a video.
Spend as much time as you can on popular YouTube channels like BuzzFeed and Vice. Follow the feeds of popular video creators.
There’s an art and science to creating shareable digital video content. Familiarize yourself with it. Everything you make should be designed so it could be shared online.

5. Hang out with proven innovators.

Many professionals talk to themselves too much, forgetting that the best ideas result from divergent thinking. Over the last seven years, I have tried to exit my comfort zone by spending one-on-one time with proven innovators outside the advertising and marketing field.
I’ve met with venture capitalists, engineers, founders and notable technology thinkers. I take an annual ski trip organized by Path founder Dave Morin called The Lodge with a group of tech innovators to expose myself to new and unexpected thinking.
Most of these different types of people whom you will reach out to will want to have a relationship with you. Invite them over, have them speak to your company and take dine with them at events like SXSW, CES, TED or Cannes.
Also participate in labs run by Google, Facebook, Tumblr and Twitter and meet with the engineers not just the salespeople. You’ll learn a lot more from the makers than the sellers.

6. Hire Internet kids.

Training will help, but it won’t be enough. The digital landscape is too complex and fast moving. And this is an age of specialization. If you want to do breakthrough marketing, surround yourself with young digital specialists who are obsessed with Internet culture and technology, the type of people who explore the digital world for fun, not just work.
Put them in key and empowered roles and task them with evaluating ideas, identifying the right partners, developing digital, mobile and social media strategies and keeping your company digitally literate.
Find the Gen Y people who know how to win on the Internet.
The next generation of brands that history will remember will be digital at their core. Stay close to the talent inventing it. Hire young, digital folks and people smarter than you.

7. Remember what you bring to the table.

Digital natives instinctively understand what works on the Internet. But remember you’re a marketing chief for a reason — not because you can fly drones, build robots and write code.
You understand business, culture and brands and have the skills and experience to lead people and large organizations. You have vision — something everyone needs but few possess. The secret to your longevity is maintaining curiosity, keeping an open mind and giving smart young people plenty of runway. Don’t tell them what to do. Show them where to go. That way everybody wins.
Leadership

3 Things Happy Marriages and Successful Business Partnerships Have in Common

February 18, 2015

I co-founded my business with an amazing business-partner-in-crime. We have complementary skills, a shared vision and enjoy spending time together. She made starting our business more meaningful, more successful and infinitely more fun.

It wasn’t a huge surprise to me when I learned that the Partnership Dissolution Agreement is one of the most popular forms downloaded on LegalZoom. But it doesn’t have to be your fate. Whether you have a business partner now, or plan to onboard one in the future, it’s important to treat them like a spouse to ensure a long, successful relationship.

I often joked that my business partner was my first “husband.” In fact, when I met my real husband, I remember introducing him to my co-founder and thought “She better like him or this is going to be trouble!” In order to build a strong and successful partnership, it’s important to implement a few strategies right off the bat:

1. Communicate, communicate, communicate.

Just like marriages, partnerships can fail. A lot. And just like marriages, it often comes down to one thing: communication. I credit my 10-year business partnership with our early commitment to communicate, sometimes even to excess.

Small businesses are like a family. Everyone knows everything about everyone. Just like a marriage, sometimes it felt easier to just sprint out the door. I never did, and neither did she. We talked, cried, fought and laughed, but through it all, we communicated openly and honestly. Looking back, it’s what kept us together through all of the ups and downs of running the business. It is one of the reasons we are still close.

Related: Avoid These 7 Partnership Killers

2. Create a business “pre-nup.”

Pre-nups are standard for many marriages these days. Well, launching a business isn’t much different from launching a marriage. You are just about as financially tied in either situation.

In the business pre-nup, lay it all out there on the table. Define your roles. Discuss everything from whether it’s acceptable to have another job to how much vacation time you will take. Talk about what happens if one of you wants to leave the business or worst case, dies. Discuss it when the emotion is absent. This will make the communication piece much easier when things do come up. Things always do.

Related: 10 Questions to Ask Before Committing to a Business Partner

3. Have a date night.

Just like any good marriage, enjoy a night out! You are choosing your partner for many reasons, I really hope one of which is that you enjoy spending a lot of time with that person, because you will be spending a lot of time with them. So, get out and have fun together.

My business partner and I both love going to spas, so we started to do that regularly together (when we could afford to, of course). Often, that’s where we would have our most strategic or creative discussions. It was a nice way to chill out and let the guards down.

Just like a marriage, sometimes the most difficult conversations are best done outside the office. I always liked going on a walk. That way you are walking in the same direction instead of staring each other down. It made the conversation a bit easier.

Partnerships can be hugely successful, even for small businesses. With partners, sometimes one plus one equals three! The key is to communicate with honesty and transparency. Remember that, just like a marriage, partnerships need to be nourished and cared for to succeed. As Helen Keller said, “Alone we can do so little. Together we can do so much.” I’m cheering for you!

Leslie Barber
LESLIE BARBER
CONTRIBUTOR
Small Business Engagement Officer, QuickBooks
Leadership

3 Things Happy Marriages and Successful Business Partnerships Have in Common

GUEST WRITER
Small Business Engagement Officer, QuickBooks
February 18, 2015
I co-founded my business with an amazing business-partner-in-crime. We have complementary skills, a shared vision and enjoy spending time together. She made starting our business more meaningful, more successful and infinitely more fun.
It wasn’t a huge surprise to me when I learned that the Partnership Dissolution Agreement is one of the most popular forms downloaded on LegalZoom. But it doesn’t have to be your fate. Whether you have a business partner now, or plan to onboard one in the future, it’s important to treat them like a spouse to ensure a long, successful relationship.
I often joked that my business partner was my first “husband.” In fact, when I met my real husband, I remember introducing him to my co-founder and thought “She better like him or this is going to be trouble!” In order to build a strong and successful partnership, it’s important to implement a few strategies right off the bat:

1. Communicate, communicate, communicate.

Just like marriages, partnerships can fail. A lot. And just like marriages, it often comes down to one thing: communication. I credit my 10-year business partnership with our early commitment to communicate, sometimes even to excess.
Small businesses are like a family. Everyone knows everything about everyone. Just like a marriage, sometimes it felt easier to just sprint out the door. I never did, and neither did she. We talked, cried, fought and laughed, but through it all, we communicated openly and honestly. Looking back, it’s what kept us together through all of the ups and downs of running the business. It is one of the reasons we are still close.

2. Create a business “pre-nup.”

Pre-nups are standard for many marriages these days. Well, launching a business isn’t much different from launching a marriage. You are just about as financially tied in either situation.
In the business pre-nup, lay it all out there on the table. Define your roles. Discuss everything from whether it’s acceptable to have another job to how much vacation time you will take. Talk about what happens if one of you wants to leave the business or worst case, dies. Discuss it when the emotion is absent. This will make the communication piece much easier when things do come up. Things always do.

3. Have a date night.

Just like any good marriage, enjoy a night out! You are choosing your partner for many reasons, I really hope one of which is that you enjoy spending a lot of time with that person, because you will be spending a lot of time with them. So, get out and have fun together.
My business partner and I both love going to spas, so we started to do that regularly together (when we could afford to, of course). Often, that’s where we would have our most strategic or creative discussions. It was a nice way to chill out and let the guards down.
Just like a marriage, sometimes the most difficult conversations are best done outside the office. I always liked going on a walk. That way you are walking in the same direction instead of staring each other down. It made the conversation a bit easier.
Partnerships can be hugely successful, even for small businesses. With partners, sometimes one plus one equals three! The key is to communicate with honesty and transparency. Remember that, just like a marriage, partnerships need to be nourished and cared for to succeed. As Helen Keller said, “Alone we can do so little. Together we can do so much.” I’m cheering for you!
Marketing

Teach an Old Dog New Digital Marketing Tricks

February 17, 2015

You’re a middle-aged chief marketing officer. And everything and everyone around you is rapidly advancing in matters digital.

But your chaotic schedule won’t allow you to learn all the things your youngest employees were seemingly born knowing how to do.

You owe it to yourself and to your career to develop skills that keep you at the top of your game.

Here’s what you can do to survive in this digital age:

Related: The Video Revolution Will Not Be Televised

1. Spend 20 minutes a day exploring.

There are no digital experts. The pace of technological change is too fast. Everyone is an explorer. The best practitioners just spend more time doing it than you. If you want to stay ahead, you need to understand the possibilities.

To do that, make digital exploration part of your lifestyle. When you hear about a new site, app, service, company, look it up. You don’t need to learn to code, but engage in the online and tech universe and actively educate yourself.

2. Get on Twitter and Instagram.

Sign up. Follow on Twitter and Instagram your colleagues, other chief marketing officers, brands, personalities and news and sports outlets that interest you.

Don’t act like a corporation. Be yourself. Try to create a few posts or updates a day. Experiment.

Share things that you’re proud of or whatever grabs your attention. Comment. Ask questions. Respond.

Once you’re comfortable, try out other social-media networks. You don’t need thousands of followers. You just want to learn best practices and formulate opinions.

3. Download apps. Buy gadgets.

Find your inner app geek. Replace as many life tasks as you can with digital services. Purchase gadgets and download apps even if you don’t know what they are exactly at first.

Some of my favorite apps to use include Uber for rides, Zite for news, Postmates for delivery, FitStar for workouts and Dark Sky for weather.

And don’t forget to avail yourself of the connected gadgets. Do some weekend drone flying, make GoPro movies and buy some wearable tech.

Document your learnings. You’ll spot trends and become smarter.

Related: 11 Unusual Social Media Tips to Drive Branding, Clicks and Conversions

4. Follow BuzzFeed video and Vice on YouTube.

You’re not just competing with other companies. You’re competing to keep up with culture.

BuzzFeed and Vice and other video outlets are creating a lot of it these days. BuzzFeed has more than 74 million unique visitors and routinely scores more than 1 million views a video.

Spend as much time as you can on popular YouTube channels like BuzzFeed and Vice. Follow the feeds of popular video creators.

There’s an art and science to creating shareable digital video content. Familiarize yourself with it. Everything you make should be designed so it could be shared online.

5. Hang out with proven innovators.

Many professionals talk to themselves too much, forgetting that the best ideas result from divergent thinking. Over the last seven years, I have tried to exit my comfort zone by spending one-on-one time with proven innovators outside the advertising and marketing field.

I’ve met with venture capitalists, engineers, founders and notable technology thinkers. I take an annual ski trip organized by Path founder Dave Morin called The Lodge with a group of tech innovators to expose myself to new and unexpected thinking.

Most of these different types of people whom you will reach out to will want to have a relationship with you. Invite them over, have them speak to your company and take dine with them at events like SXSW, CES, TED or Cannes.

Also participate in labs run by Google, Facebook, Tumblr and Twitter and meet with the engineers not just the salespeople. You’ll learn a lot more from the makers than the sellers.

6. Hire Internet kids.

Training will help, but it won’t be enough. The digital landscape is too complex and fast moving. And this is an age of specialization. If you want to do breakthrough marketing, surround yourself with young digital specialists who are obsessed with Internet culture and technology, the type of people who explore the digital world for fun, not just work.

Put them in key and empowered roles and task them with evaluating ideas, identifying the right partners, developing digital, mobile and social media strategies and keeping your company digitally literate.

Find the Gen Y people who know how to win on the Internet.

The next generation of brands that history will remember will be digital at their core. Stay close to the talent inventing it. Hire young, digital folks and people smarter than you.

7. Remember what you bring to the table.

Digital natives instinctively understand what works on the Internet. But remember you’re a marketing chief for a reason – not because you can fly drones, build robots and write code.

You understand business, culture and brands and have the skills and experience to lead people and large organizations. You have vision — something everyone needs but few possess. The secret to your longevity is maintaining curiosity, keeping an open mind and giving smart young people plenty of runway. Don’t tell them what to do. Show them where to go. That way everybody wins.

Winston Binch
WINSTON BINCH
CONTRIBUTOR
Partner, Chief Digital Officer of Deutsch in North America