All posts by AdamPressman

How Could Your Business Implode? Let Us Count the Ways.

How Could Your Business Implode? Let Us Count the Ways.

BRETT RELANDER
CONTRIBUTOR
Founder of Launch & Hustle and Digital Marketing Consultant Specializing in Social Media & Mobile Marketing
Image credit: Shutterstock

There are monsters lurking out there, ready to destroy your startup. These are not the ineffective or balky team members that may give you an occasional headache. No — these are the Godzillas that stalk any successful enterprise with the sole purpose of taking it down. Don’t let these bogeymen scare you out of business. Just make sure you recognize them and avoid them if at all possible.

1. Predatory lenders.

There is a very active market right now for small business loans. Companies are aggressively pursuing small businesses and pressing them to sign financial instruments at oppressively high interest rates. If you already have a relationship with a regular bank or credit union, always go to them first for financial help and advice. If you must go shopping outside of traditional lending institutions, make sure they are a member of a regulatory board like ABA orAAPL. In a roundup of the top rated and researched financing options, Business News Daily outlines a pretty stellar list of general financing options to choose from in case you can’t get a bank loan.

Related: Cash Crunch: What’s the Best Loan for Your Small Business?

2. Making your numbers instead of thinking.

Zach Atherton, organizational behavior specialist and founder Utah based Laugh and Learn Workshop said, “Performance management systems always discourage free thinking. If your employees fixate on achieving production numbers, as an example, they will not approach challenges and problems creatively or risk a novel solution. Refusing to consider employee initiative to favor raw numbers will mean a more inefficiently-run business since your workers focus on measurements instead of needs.”

3. Ex-employees with a grudge.

Employees are let go for a number of reasons. But whatever the reason is, it’s best to work sincerely at doing it professionally and sympathetically. A former employee with a grudge can wreak havoc on today’s social media. If they hit the right buttons, like sexual discrimination or political agenda, they can leave an ugly cloud over a company that lasts for years. If you have any doubt about how an employee is going to handle being let go, Michael Ehline founder of The Accident Law Blog says, “have your legal person draw up a document that stipulates what that employee can and cannot say in public about the decision to let them go.”

Related: 3 Reasons to Think Again Before Bashing Your Company on Glassdoor

4. Unhappy customer service staff.

Customer service is seen as a dead end job when there are no opportunities for advancement and firm performance expectations in place. That mindset creates an ideal environment for slackers and underachievers. Customer Relationship Management software can be an invaluable aid in guiding and motivating your customer service people. Yet only 29 percent of small businesses use a CRM system.

5. Neglected web design.

Your business is constantly changing and evolving to meet the needs and challenges of your customers and market. Your landing pages, websites, and other online properties, including fan pages and apps, must respond to those changes in real time. That requires whoever is running your online marketing to be flexible and responsive. I’ve seen many companies go down the drain because they outsourced their online marketing to consultants who were unreachable and much to slow responding to requests for updates on simple things like contact forms. Don’t let this happen to you.

6. Getting on the wrong side of the IRS.

Nobody is calling the IRS a “:monster.” They are just doing their job. Just make sure your accounting people are doing THEIR job. Filing on time. Asking for extensions when needed. Keeping up on sales tax. Are you up to date on theNexus laws and exemption certificates? The IRS can be a courtly Dr. Jekyll when you follow the rules, but when you get behind you’ll find they swiftly become a Mr. Hyde. Don’t be that guy!

Related: What One Man’s Fight Against the IRS Teaches Us About Entrepreneurship

Entrepreneur Coaching
Entrepreneur Coaching

START,RUN,or GROW your business with step-by-step help from our coaches! Get Started
Measure
Measure

Inspire Employee Loyalty With Recognition Rooted in Company Values

HEATHER R. HUHMAN
CONTRIBUTOR
Career and Workplace Expert; Founder and President, Come Recommended

Employee engagement used to top the list of HR concerns. While it’s still very much among the top challenges faced by employers and HR professionals, employee retention and turnover has taken over as the leading concern in today’s workplace.

The solution? Employee recognition. But not just any recognition — values-based recognition.

Values serve as the foundation a company is built on and should drive every aspect of business — especially recognition, as it can help retain employees. But, with only half of the U.S. workforce saying they feel valued by their employer, according to a 2014 survey of 823 employees by the American Psychological Association, something is missing.

That something is values.

A 2015 survey of more than 800 HR professionals by the Society for Human Resources Management (SHRM) and Globoforce found that connecting recognition to values positively impacted retention for 68 percent of respondents.

Yet, while 81 percent of companies practice formal recognition, only 58 percent tie that recognition to the company’s values, according to the survey.

Not all employee recognition programs are created equal. To hold on to your best and brightest, here’s the formula for creating a program that reinforces the company’s values:

1. Identify the traits and behaviors that embody core values.

What traits, practices or behaviors are necessary for individual and company-wide success? What company values need to be adopted to drive that success?

These questions can help identify what needs to be better enforced through recognition, as well as reveal what needs more attention. In fact, the aforementioned Globoforce survey found that in companies with a values-based recognition program, 31 percent said it helps meet learning and development goals, as opposed to only 11 percent of companies without.

Related: The 8 Values Every Company Should Live By

2. Align employees with the company values.

In order to effectively align employees with the company’s core values, they need to understand how those values relate to their day-to-day tasks. That connection is formed through communication. Help employees better align themselves and their work efforts with the company’s values by communicating them from the top and connecting them to overall work goals.

When it comes time to reevaluate individual and company-wide goals for the quarter, highlight how those goals can be achieved by enforcing the company’s character — and publicly recognize and reward those who do just that.

Related: 7 Ways to Build Credibility, Trust and Character That Will Grow Your Business

Step 3: Focus on the process vs. results.

Unlike other employee recognition programs, values-based recognition focuses more on the actual process than on the final results. After all, demonstrating the traits, behaviors and practices that are in line with the company values will inevitably lead to the desired outcome.

However, the aforementioned APA survey found that employers most often reward results stemming from individual job performance (46 percent), length of service (44 percent) and team performance (29 percent). A mere 18 percent recognize employees who engage in specific behaviors.

The key to creating a successful, values-based recognition program is to acknowledge and reward the process employees take to achieving work-related goals — especially when that process follows the company moral code. By recognizing the process over results, peers are encouraged to adopt similar processes, which is much easier than trying to mimic the same results.

Use a tool like Tap My Back that allows team leaders to define what actions (Taps) are available for recognition and motivates team members to repeat those actions.

4. Lead by example.

Sometimes the best — and easiest — way to encourage employees to embody the company’s moral code is to simply lead by example. Bring organizational values to life by living and breathing those values while at work, and employees will follow suit.

Actively model the company’s character in everything the organization does, from the decision-making process to company culture activities to employee recognition. Most importantly, make an example out of employees who exhibit the company’s core values to encourage peers to do the same.

Related: 5 High-Performing Habits to Instill in Your Culture

How Working for 8 Failed Startups Catapulted My Success

How Working for 8 Failed Startups Catapulted My Success

JOSHUA FECHTER
CONTRIBUTOR
Growth Expert at 22Social
Image credit: Thomas Hawk | Flickr

Eight failed startups in three years.

Close to 100 ambitious employees who had their dreams crushed.

My situation is not unique — nine out of ten startups fail. It’s a cold reality. As a result, I quickly learned everything not to do and slowly learned everything I should be doing. The process was painful, but the progress was there.

I had suffered financially — no new clothes for years, a junk car, and a laptop that barely worked. I was at the point of sleeping in my car and interviewing across California.

Related: These Wildly Successful Entrepreneurs Once Were Homeless

Finally, I landed a job in San Diego at a Facebook marketing startup, 22Social, with huge potential. Several months in, I knew this company was not like the rest. We were going to make it big. In a short period, we doubled our revenue and began hiring more employees.

Looking back on how I made it, here are the eight lessons I learned from my failures that catapulted my success:

1. Put yourself in a position to create value.

It’s simple: Keeping your job depends on how much value you add to the company. When put in a position where you’ll create less value, you should disregard what you’re told to do and focus on something better. Once you stop listening to people who give you orders that undercut your output, you’ll become more successful and make them happier.

2. Speak your mind.

The biggest regret you’ll have is not speaking your mind when it matters. You may be hesitant to take a strong stance because you risk rejection. But the actual risk in a world with constant innovation is not taking chances. And you never know if bouncing your small nugget of wisdom on others may turn into a gold mine.

3. Do things that are unlikely to work out.

Multifaceted entrepreneur Elon Musk once said, “When something is important enough, you do it even if the odds are not in your favor.”

The chances are that your startup will fail. Since the odds are already against you, then you might as well take on projects with huge upside and a devastating downside. Even if you devote months to a project, and it fails, the next time you want to commit to a similar project, you’ll know what strategies to avoid.

4. Company culture is everything.

Startups live and die based on their quality of team communication. There’s a huge difference in production between people who wake up excited to put 100 percent into their work and those who dread seeing their coworkers.

Related: 3 Ways to Create the Company Culture You Want

5. It’s not how much you read, it’s what you read.

I’ve read hundreds of books to give myself the knowledge that helped perpetuate my success. It’s not all gravy. What I realized is that many five-star Amazon books aren’t worth the read because it’s now effortless to self publish and regurgitate information. Remember, read books that are relevant to what you’re achieving, those are the ones that will provide the most benefit.

6. Avoiding distraction is your most valuable skill.

Distractions are everywhere from Facebook to Instagram. Moreover, they’re in the work you’re doing that you mistakenly think must be done by you. If you can outsource your work for a good price and get the same results, then you need to do something better.

7. Success doesn’t happen overnight.

Almost always, you will have to take many more steps than you originally thought to achieve success, but the good news is that you can decide whether to walk or run.

Most people believe they deserve to be at the finish line. But until you put in the work required to conquer your dreams, you won’t realize what it takes to go through the journey of ups and downs.

8. Failure is only good if it changes you.

Risk failure only if you’re willing to change what you did wrong the next time around. Many who fail can’t pinpoint their mistakes. And repeatedly doing something that’s not working is the definition of insanity. So figure out a new strategy before moving forward.

I encourage you to take these eight lessons and add to the list along your startup journey. Good luck!

Related: 6 Stories of Super Successes Who Overcame Failure

3 Creative Marketing Strategies Inspired by the Music Industry’s Collapse

3 Creative Marketing Strategies Inspired by the Music Industry's Collapse

PETER GASCA
CONTRIBUTOR
Entrepreneur, Startup Consultant

What changed the music industry?

Maybe it was Microsoft, which in 1997 incorporated digital music (MP3) support into its Windows Media Player, allowing users to conveniently listen to music from their computers.

Maybe it was the introduction of Napster in 1999, which perpetuated the use and distribution of MP3s to millions of users worldwide — although the truestreaming revolution might have started when Radiohead released Kid A in 2000.

Maybe it was the first iPod hitting the shelves in 2001, ushering in “a thousand songs in your pocket” and an all new way to carry, share and consume music.

Or maybe it was John Cougar Mellencamp?

I would argue that the music industry changed in 2006, when Mellencamp became one of the first major recording stars to record a song specifically for a major corporation, producing Our Country for Chevy. Why this particular event? Because it was not the digitization and streaming of music that changed the music industry, it was the acknowledgement by musicians that it had changed, hence ushering in new way of thinking about, producing and profiting from music.

When Our Country hit the commercial airwaves, my generation (Gen X) looked at Mellencamp as a “sell out.” The music charts at that time were filled with artists, after all, not corporate spokespeople, and to produce a song — much less license a song — for the sole purpose of promoting a product was akin to music treason.

Related: Lessons From a Country Music Duo to Make Your Business ‘Big & Rich’

“I agonized,” Mellencamp told USA Today’s Edna Gundersen in 2007 about his decision to produce Our Country. “I still don’t think we should have to do it, but record companies can’t spend money to promote records anymore, unless you’re U2 or Madonna.”

Mellencamp saw early on what took the music industry a few more years to see. The traditional means of reaching consumers and making money were done. Musicians needed to reinvent themselves.

Marketing professionals are finding themselves in a similar predicament as the music industry. Reaching consumers is more difficult as the use of traditional channels of advertising continues to fade. Today, consumers have choices, and a great many of them, so they can easily tune out advertisements, and with digital natives entering the consumer market soon, this trend will only continue.

If businesses want to stay ahead, they need to think more like Radiohead and Mellencamp and get creative with their promotional strategies. Here are three simple ideas businesses can run with:

1. Leverage influencers.

One strategy musicians are adapting is to become advocates for their own music. By generating a substantial social-media following, musicians can reach out and engage with their fans far more personally, which helps them sell concerts ticket and merchandise (and maybe even music). Not every business can generate the fan following of musicians, but they can still tap into online influencers.

Love or hate them, social-media influencers, or individuals who have made a lucrative living from building massive online audiences, have tremendous influence when it comes to promoting products. More important, most young consumers do not look upon celebrities who promote products as “sell outs.” Rather, the idea is viewed as a respectful way of making a living.

One such company that has had success with this strategy is Challenged, developers of a mobile app that allows users to make daily challenges with friends, celebrities and companies with a focus on social awareness. The creators of the app engaged with a number of social-media celebrities, such as Nash Grier, which propelled the app into the top 20 lifestyle apps (and top 150 overall)in just a couple of months.

Haven’t heard of Nash Grier? Well, a combined 28.7 million social-media followers says you should.

2. Place products.

Attitudes in the music industry have changed and adapted (somewhat) to digital-music streaming, with some even advocating that musicians give away music for free. Radiohead continued along these lines in 2007 when it released In Rainbows for free, simply asking patrons to pay for what they thought the download was worth.

The idea, of course, is to get the music in the hands of customers before they burn the music from a friend’s CD, download it illegally or stream it on a music service such as Spotify or Pandora. This allows artists to provide a personalized experience and ultimately control how consumers experience their brands.

For businesses, traditional means of promotion, namely commercials, are slowly losing effectiveness. With more and more people cutting cable and avoiding commercials, and with the recent introduction of ad blockers, businesses will find it increasingly difficult to get their brands in front of people.

Related: Marketing Geeks Take Revenge on Advertising Tech

Instead, businesses need to consider creative ways to be where consumers are and, again, get noticed. The idea of product placement, or getting your product or service seen, used or mentioned in a program (typically television programs or movies), has been around for years.

Avion tequila gained attention in 2010 when it cleverly placed its tequila in the popular HBO show, Entourage. Since being introduced to the show’s huge audience, the company has seen tremendous growth and gained the backing of liquor giant Pernod Ricard SA.

I recently noticed a placement of the Under Armor logo in Season 2 of NBC’s The Black List. Although very subtle, I would argue that it is much more prominent than any advertisement that was skipped or even left out altogether, as is the case with streaming the series on Netflix.

Getting a product placed on a programs may be difficult, but with the right strategy and a focus on smaller niche markets, it can work for any company.

3. Consider podcasts.

A podcast is, essentially, radio on demand. As someone who religiously listens to podcasts while driving, running or doing chores around the house, I can attest to the quality of the programming that is being churned out. As more multitaskers like myself come to understand the benefits of audio programs on demand, the opportunity for reaching consumers via this medium will grow.

With 271,000 podcasts available, marketers need to know and understand which podcasts their customers are tuned in to — and with data, that should be easy. Research and find the right podcasts that meet your customer profile and company culture, and simply inquire about advertising costs. Many times, the podcaster will produce the commercial for you.

Think it’s a little early in the podcasting trend to jump in? A cumulative 1 billion podcast subscribers says otherwise.

The takeaway from all of this is that marketers need to get creative. These are just three ideas to consider, but more than likely, the best ideas have yet to be discovered. Maybe it just requires a bottle of Avion tequila and Radiohead to inspire you.

What other creative ways have gotten your product or service noticed? Please share your insights with others in the comments section below.

Related: 3 Proven Ways Entrepreneurs Can Get Media Exposure

10 Tips That Will Help Launch Your Startup Faster

10 Tips That Will Help Launch Your Startup Faster

NEIL PATEL
CONTRIBUTOR
Entrepreneur and Online Marketing Expert

The startup culture is full of people who want to, and try to, but just can’t get their business off the ground. Why is this the case? Much of the reason has to do with the fact that many entrepreneurs don’t know how to take their business from point A to B. Point A is that brilliant idea in the mind of the entrepreneur. B is that subsequent, hoped-for state where the business is secure, established and making money.

Related: 10 Entrepreneurial Land Mines to Avoid 

“In between” is tough.

In terms of strategies, one of the best ways to build your business is to take that idea in your head to market as soon as possible. Because delays kill. Speed saves. Here are ten tips on how you can launch your startup faster.

1. Just start.

In my experience, it’s more important to start than to start right. Think about it. If you don’t start your business, nothing will happen. Whatever it is that’s keeping you from launching is the very thing you either need to ignore or tackle head-on. So . . .

  • Write the first line of code.
  • Register the domain.
  • Sketch the product.
  • Design the prototype.

There is nothing standing in the way of your starting your business except yourself. Do the first thing that needs to be done.

2. Sell anything.

There are some entrepreneurs who know exactly what they want to sell. There are other entrepreneurs who have no idea what they’re going to sell. They just want to sell something. Here’s my advice: Sell anything.

Many of the world’s greatest entrepreneurs aren’t selling anything new. They are selling it different or better:

  • Sam Walton (Wal-Mart) sold the same thing that you could find at any five-and-dime or corner convenience store.
  • Ted Turner simply sold television broadcasting and advertising.
  • Howard Schultz sold coffee.
  • Warren Buffett bought and sold other people’s stock.

Entrepreneurs aren’t always innovators. You can take someone else’s product and sell it. Richard Branson, after all, launched Virgin Airlines in desperation. He was headed to the Virgin Islands for an, um, romantic interlude. But his flight was cancelled. So, he chartered a private flight, despite his lack of money to pay for it. Here’s how he described what happened next:

I picked up a small blackboard, wrote “Virgin Airlines. $29” on it and went over to the group of people who had been on the flight that was cancelled. I sold tickets for the rest of the seats on the plane, used their money to pay for the chartered plane and we all went to the Virgin Islands that night.

Got the message? Go ahead and sell something. Anything.

Related: 8 Musts to Start Your Business With Little to No Capital

3. Ask someone for advice, then ask him/her to do it.

When you start a business, you will most definitely not have all the answers. For example, you’ll need to get incorporated, but how? S-Corp, C-Corp or LLC?

To get these answers, ask a competent attorney. The attorney will provide advice — say it’s to start an S-Corp. But, then what? Ask the attorney to do it for you. Instantly, you will have gained an expert who is implementing his/her own advice for your money. Payment? You can reward the attorney with stocks or deferred payment.

When an issue arises, and you don’t have the answer, find someone who does. Then, when this expert gives you advice — whether business best practice, manufacturing locations, logo design, accounting, whatever — ask that person to do it.

Your business needs more help, knowledge and professional skills than you have time for. Get people to work for you.

4. Hire remote workers.

If you want to find the best and most affordable talent, you may not find it next door. Be willing to hire remote workers to get great work done.

5. Hire contract workers.

Becoming an employer carries with it a lot of baggage. It may, in fact, form such a barrier that it slows down the process of your startup. Besides, few people will be willing to take the plunge to become the employee of a tenuous startup.

Instead of hiring employees, hire on a contract basis. The point is, you need to find a way to get the talent to provide their services. Don’t let the specific arrangement get in the way of getting stuff done.

6. Find a cofounder.

I couldn’t have founded my businesses without my cofounder Hiten Shah. For me, starting a business took more than just hard work and passion. It took the inspiration and skills of a cofounder. VCs are more likely to invest in a startup that has a founding team, not a founding individual. Even having three cofounders isn’t too many, assuming you have a clear decision-making hierarchy.

Cofounders can provide the skills you lack, and take you further than you ever expected you’d go.

7. Work with someone who pushes you to the extreme.

One of the reasons why Steve Jobs was able to grow Apple into one of the world’s most innovative and valuable brands was because he pushed people. Here’s how he described his management approach.

My job is to not be easy on people. My job is to make them better. My job is to pull things together from different parts of the company and clear the ways and get the resources for the key projects. And to take these great people we have and to push them and make them even better, coming up with more aggressive visions of how it could be.

Sure, Jobs could be aggressive and unkind, but he could also draw out from people better than they thought their best could ever be. You can find the same qualities in a cofounder, a partner, a friend, a mentor or an employee. More importantly, you can provide the same level of expectation for your own team members. As Jobs said, “By expecting them to do great things, you can get them to do great things.”

8. Don’t focus on money.

Creative Bloq has this gem of advice regarding startups: “Don’t necessarily worry about where an income will come from. A good product/service will always find a way to make money.”

This is true. A myopic focus on money can pull your business off track. Whether it’s funding, capital, business loans or the perfect pricing model, back off and let things evolve. Growth doesn’t equal funding. Growth means hacking, straining, selling and doing things other than asking for money.

9. Spend time and money on marketing.

Marketing is one of the best things that you can do for your business. When you market your product or service, you are getting it in front of the people who will actually buy it. Marketing is not a waste of time. It’s one of the best early investments that you can make in your business.

10. Talk to your potential customers.

A startup does not exist in the entrepreneur’s mind alone. A startup exists in the landscape of customers and potential customers.

If there will be people buying or using your product, you need to learn all you can about these people, from these people and for these people. Your business will live or die based on their receptivity to the product or service.

The sooner you learn about your customers, the faster you’ll be able to pivot and serve them better.

Conclusion

Starting fast doesn’t mean that you should force scaling. Scaling is something that happens carefully, in a measured cadence.

Starting fast means that you leverage all possible resources to focus on one thing — getting started. Getting started is the main thing. Once your business is up and running, anything else is possible.

A startup is a race. The faster you are, the more likely you are to win big.

What are your tips for launching your startup faster?

Related: 7 Essential Tools Every Startup Can Afford

5 Ways to Make Sure Starting Your Business Doesn’t End Your Marriage

5 Ways to Make Sure Starting Your Business Doesn't End Your Marriage

GEOFF WOODS
CONTRIBUTOR
Host of The Mentee Podcast, Medical Device Salesman, Entrepreneur, Real Estate Investor
Image credit: Shutterstock

If you knew that the birth of your company would also be the death of your marriage, would you still start your business?

Most entrepreneurs have not considered this question as they begin the long road of building their businesses. As a result, their marriages often take a massive hit. There is a reason for this.

There is an abundance of information available on how to start a business. As a result you feel prepared for the amount of time that is going to be required, to face the rejection and to push through when you feel like your back is up against the wall.

However, there is very little information that prepares you for the toll it will take on your loved ones. My goal in this column is to share my experience launching a business, to get vulnerable and share the toll it has taken on my marriage. You can listen to my wife’s take on how this has affected our marriage below.

Subscribe to The Mentee podcast on iTunes and Stitcher Radio.

Related: Becoming an Entrepreneur Takes Courage, But Marrying One Is Even Braver

Here are five ways you can make sure starting your business doesn’t end your marriage:

1. Share your vision.

Sit down with your spouse and share your vision with him or her. Help him or her understand why you feel compelled to start this company and what the future will look like when you are successful. Your goal here is to make sure your spouse is tied to your vision. This will be vital when you are less available and there is added stress on the relationship.

2. Set realistic expectations.

This is where you cannot hold back. You have to help them understand what the road ahead looks like.

Will you have to cut back on your spending to underwrite this venture? Will your weekends suddenly be filled with more work and less play? Will they be going to sleep and waking up alone since you will be burning the candle at both ends trying to get the company off the ground?

Paint a picture of what lies ahead and make sure they are prepared and agree with you moving forward.

3. Set a weekly meeting.

If you were to look at your calendar right now, I bet you would find a number of appointments scheduled with customers. While meeting with these people are important, most people do not have scheduled appointments with the most important person in their lives: their spouses.

As I scaled my podcast, The Mentee, into a business, my days were long and I did not block any time for my family. This was catastrophic to my relationship with my wife. I then had a conversation with John Assaraf, who helped me change the way I looked at my relationship with my wife.

Related: 4 Tips for Workaholic Entrepreneurs to Avoid a Crumbling Marriage

I sought out his mentorship because he has a thriving business and a thriving marriage and I wanted to know what his secrets were. He told me that he and Maria have a standing 90-minute meeting every Saturday to discuss their relationship, where they get everything out on the table: finances, business, sex, God, children, ex-wives — nothing gets left unsaid.

Amy and I started to implement these and have found that truly investing in your relationship each week has a tremendous effect on your ability to be the best partner possible.

When you speak with your spouse, pull out your calendars and schedule a meeting for this week. Then, post in the comments below the power this had on your relationship so you can inspire others to do the same.

4. Remember, you’re in the same boat.

While a weekly meeting will work wonders for your relationship, there will still be times when you your spouse is frustrated at your lack of presence and a fight ensues.

In that moment, recognize that you’re in the same boat and need to be paddling in the same direction. Instead of saying “Screw you! Do you know how hard I’m working?” take a step back and recognize he or she is asking you to jump. Your response needs to be “How high?”

The faster you adopt a mindset that there is enough time in a day and “how can I go above and beyond to support you,” you will find an abundance of support flowing back to you. Try this. It really does work!

5. Celebrate small wins together.

When you accomplish small milestones along the way, make sure you celebrate and give credit where credit is due. You would not be able to launch your business and maintain your sanity if your other half was not supporting you. This is their win just as much as it is yours. Make sure they feel that way!

At the end of the day, remember why you are going down this road. If you are like many of the entrepreneurs, it is because you want to provide a better life for your family and make a difference. If you implement what you’ve read here today, it could truly help your marriage. If that’s the case, this time could be one of the best investments you ever make.

Related: 4 Essentials for Being in Business Happily Ever After With Your Spouse

4 Tips to Help Turn Your Big Idea Into an Actual Product

4 Tips to Help Turn Your Big Idea Into an Actual Product

SCOTT CHRIST
CONTRIBUTOR
Founder of Pure Food Company
Image credit: Shutterstock

In early August I launched my first product, an all-natural, plant-based,probiotic protein powder. But it wasn’t easy.

Related: 7 Myths About Starting a Business That I Used to Believe

In the 18 months leading up to the launch, I experienced every trial, tribulation and startup cliché/buzzword imaginable (think: “pivoting,” “minimum viable product,” “growth hacking,” etc.).

Here are four of the most important lessons I learned, and how you can use them to turn your idea into a business.

1. Get lots of feedback (from the right people).

How do you know your idea is something people actually want? I found it was equal parts intuition and objective validation. First, your idea should obviously address an unmet need in the market — what can your proposed product do for the end user that others can’t? If you can’t answer this question, start over.

Once you land on an idea you think might work, run it by other people. Go beyond friends and family — “I love it!” is not constructive, objective feedback. I talked to the most successful entrepreneurs I knew, cold-called and emailed entrepreneurs in my industry, asked for candid feedback on start-up blogs and forums, conducted surveys on my website and got as much input as possible from a handful of mentors and advisers.

My first idea got picked apart. So did my second. I had to start over, and it was tough. But gaining feedback was also a critical part of the product development process that saved me thousands of dollars and hundreds of hours of time pursuing an idea that was likely destined to fail.

2. Do the work.

“Whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it.” Begin it now.”

— Steven Pressfield, Do the Work

The next phase is to turn your idea into a product. Rule No. 1: Make your idea so great people can’t ignore it. The key here is to stop thinking and start doing as much as you can, yourself (getting help where you need it, of course). I spent six months coming up with different ingredient-combinations and testing them with healthy people I knew. I built my own website.

Related: 9 Steps That Will Help Your Chances of Starting a Successful Business

Rule No. 2 is to do hands-on work to learn about your product. In my own case, I hand-packaged the first 500 bags of my protein powder, which gave me a huge amount of information about this part of the process I’d had no knowledge of before. Here’s another simple strategy I used to get a good amount of work done: I bought a planner and wrote down the top three-to-five things I wanted to accomplish each day. Forget about everything else; cross off each item as you complete it. Do this every day, and in 12 to 18 months, you will have a product ready to launch.

3. Deliver immense value for your first 100 customers.

If you spend the necessary time and effort on numbers 1 and 2, you will have a product to launch. Regardless of your launch strategies and tactics, make a concerted effort to surprise and delight your first 100 customers. This is where you should spend most of your time during the first few weeks.

I wrote a thank-you card and personal email to my first 100 customers, sent them bonus recipes with their shipments and added them to my VIP email list, to whose members I deliver my best content. I asked for feedback, answered their questions in a timely manner and made it my number one priority to make sure my product was making their lives better. I knew that if I could do this for 100 customers, I would have proof that my business was sustainable.

4. Find a healthy balance.

I was juggling the arrival of my first child, working full-time at my “real job” and working on my business. But I still made time to exercise three-to-four days a week, eat healthy and spend time with friends and family on Friday or Saturday nights.

Healthy entrepreneurs are more likely to be successful entrepreneurs. I truly believe that. So, I made it a habit each day to do something physical (exercise/eat healthy), mental (read/write/learn), emotional (spend time with family/friends) and spiritual (reflect/pray/give thanks). I tracked these four things every day in my planner, and they made all the difference (thanks toJames Altucher for the inspiration).

If you too follow these four ideas, your odds of turning your product idea into an actual business will increase exponentially. There will be roadblocks aplenty along the way. But you will be well equipped to handle them.

And launching your product will be one of the most fun, challenging, exhilarating times of your life.

Don’t forget to enjoy the ride.

Related: Starting A Business? You Need These 3 Basics.

Why This 25-Year-Old Marketing Star Left His Job at YouTube to Launch a Philanthropic YouTube Channel

Why This 25-Year-Old Marketing Star Left His Job at YouTube to Launch a Philanthropic YouTube Channel

GEOFF WEISS
ENTREPRENEUR STAFF
Staff Writer. Frequently covers digital media.

In the summer of 2013, shortly after landing a plush gig at YouTube in the company’s marketing division, 23-year-old Stanford grad Raymond Braun teetered into his boss’s office near tears and with a lump in his throat.

Braun had arranged a meeting with YouTube CMO Danielle Tiedt to pitch a marketing initiative that would break wholly new ground for the platform — and that was also wrought with personal resonance.

He had hatched the proposal during his “20 Percent Time,” a Google perk that allows employees to devote one-fifth of their work efforts to any passion project with a business tie-in. The catalyzing policy, outlined by Larry Page and Sergey Brin in Google’s 2004 IPO letter, has resulted in such blockbuster products as Gmail, AdSense and Google News.

On his off-time, Braun had noticed that a disproportionately influential faction of LGBT creators was proliferating across YouTube. Bold-faced names like Tyler Oakley, Hannah Hart and Davey Wavey were amassing millions of viewers, and serving as digital lifelines for kids in ostracizing households the world over.

raymound-braun-tyler-oakley
Braun and YouTuber Tyler Oakley.
Image credit: Raymond Braun | Twitter

“I’ve heard from teens who say, ‘At night, before bed, I go under the covers, I put my headphones in, I open the YouTube app and that’s my connection to this world,’” recounts Braun, who is now 25. Having grown up gay in a small, conservative town in rural Ohio, this was a sentiment that hit close to home.

Related: An Unlikely Icon: With ‘Drag Race,’ RuPaul Rounds Another Victory Lap

And so, standing before Tiedt that day, Braun made an impassioned pitch for #ProudToLove — his concept for YouTube’s first LGBT-themed consumer marketing campaign. The idea was to be the first brand in the world to respond to the Supreme Court’s DOMA decision. YouTube’s logo would be reimagined as a rainbow for the day, which would also link to a page of LGBT-centric content, including this touching compilation:

After tearfully sharing his personal stake in the venture, Braun says he’ll never forget Tiedt’s response. “She said, ‘This makes complete sense for our business, and I also see this as an investment in you, because I know that you’re going to do everything you can to make this successful.”

He did, and it was. In addition to garnering millions of views, acclaim from human rights activists and landing Braun on Forbes‘ 30 Under 30 list, #ProudToLove has since become an annual fixture for YouTube each June to coincide with LGBT Pride Month.

Braun subsequently added LGBT marketing lead at Google/YouTube to his job title.

“The press and social media impressions of this campaign matched those of sophisticated, high budget marketing campaigns,” Tiedt says. “Raymond shepherded our #ProudToLove campaign with such heart and passion that being more LGBT-mindful became an even larger part of YouTube’s culture.”

Spotlighting the LGBT community was a shrewd move for YouTube because it amplified a conversation that was already humming across the platform. The ‘It Gets Better’ campaign had become a viral phenomenon, for instance, and a spate of popular ‘Coming Out’ videos — and, more recently, transgender creators documenting their transitions online — had begun to reap massive viewership.

But entering this conversation could have the potential to lift most any brand, says Anastasia Khoo, chief marketing officer for the Human Rights Campaign. “The U.S. adult LGBT population has an estimated buying power of $830 billion in 2015,” notes Khoo — adding that 75 percent of non-LGBT adults say they are likely to consider a brand that is known to provide equal workplace benefits.

Given these turning tides, and the momentum he’d generated with #ProudtoLove, Braun’s mission seemed to be crystallizing. And in an age of digital influencers, he was starting to think that perhaps his greatest impact might not be behind the camera but in front of the lens. Therefore, in January, he made an unthinkable leap: departing Google on a volunteer leave of absence to start his very own YouTube channel.

jazz-jennings-raymound-braun
Braun and transgender activist Jazz Jennings.
Image credit: Raymond Braun | Twitter

Devoted exclusively to LGBT issues, the channel was established at a pivotal moment in history, Braun says, when Ireland’s same-sex marriage referendum, the U.S. Supreme Court’s marriage decision and Caitlyn Jenner’s transition all loomed on the horizon. It turned out to be prophetic timing. This year, as LGBT rights turned a historic corner, Braun amassed roughly 16,000 subscribers and 1.5 million total views.

His venture represents a nascent concept in the realm of online video, he says — that of a “nonprofit YouTube channel.” None of his videos are monetized, and many are made in collaboration with the HRC, GLAAD, the Trevor Project and other LGBT rights groups.

Related: How YouTube Megastar Connor Franta Is Channeling His Eclectic Passions Into Entrepreneurial Gold

As an online personality, Braun’s giddy charisma is underscored by a palpable empathy. His most popular clips thus far include emotionally-charged vlogs documenting recent legal victories in Ireland and Washington, D.C., though he also has a knack for sassier fare, such as how to strut in high heels:

As the channel continued to grow late last July, Braun arrived at a decisive juncture. What had started out as a “20 Percent” side project had evolved into a higher calling. And this summer, Braun gave Tiedt the bittersweet news that he would be leaving YouTube for good in order to become a full-time YouTuber.

“He will always be part of the YouTube family,” she says.

Today, in addition to his channel, Braun is in the early stages of founding a consultancy that will work with brands looking to engage the LGBT community. As a relatively untapped marketing arena, Braun believes his unique proficiencies in social media as well as the immense scale and budgets that brands have at their disposal will be powerful assets on the path toward equality.

“During Raymond’s interview at Google, he talked about how his goal in life is to use entertainment, media, and technology to create positive social change,” Tiedt recalled. “He’s doing just that.”

Related: Meet the Business Strategists Behind the Careers of Today’s Biggest YouTube Stars

How Small Teams Can Achieve Big Results

How Small Teams Can Achieve Big Results

CAROL ROTH
CONTRIBUTOR
Entrepreneur and author
Image credit: rovided by number35, courtesy of CBS

If you’ve ever watched The Good Wife on CBS and loved the clothes, you may be surprised that one of the main designers dressing the likes of Julianna Margulies and Christine Baranski on the small screen isn’t a billion-dollar brand, but a 10-year-old one, number35, which has a team of less than 10 people collectively in London and New York City.

So how does a small company go from unknown to being featured on four major TV shows, dressing major celebrities (and minor ones — I have been dressed by the company in the past, but I did not receive any form of compensation for this column) and increasing revenue year after year? Moreover, how do they get everything done?

I spoke with number35 CEO Andrea Cohen about how a small team can get big results. Cohen says that she was informed by a background that included working in both large and small businesses.

Related: 5 Leaderships Lessons From My Greatest Boss Ever

“My previous roles meant I was developing small teams within big corporate environments or building a small team in a small organization,” Cohen says. “I realized the abilities of a small niche team were greater than those of big, clumsy, less efficient ones. I find that too many team members leads to poor communication and ineffective and often reduced productivity.”

Here are some of Cohen’s best tips for you to make the most of your small team.

1. Take a holistic approach to training and education.

Cohen has found that her team members can perform better in their assigned roles and take on more responsibility if they understand all facets of the business.

“Unlike big teams and big businesses, I try to offer a rounded education, so everyone gets to see the workings of a small business,” she says. “This, I believe, helps everyone deliver the same goal.”

I have observed the same with many clients. If the marketing team understands design and vice versa, and both understand the financial implications of the business, it’s more likely to get everyone working towards, and achieving, bigger goals.

2. If you’re the CEO, delegate.

Cohen knows that small businesses where the CEO is too caught up in details are bound to stay small.

“Early on in the business’s history, I became aware that I was micromanaging and I knew that if I didn’t free up my role, we would always be chasing our tails and remaining the same size,” she says. “I realized that I needed to concentrate on increasing brand coverage and seeking new opportunities that would give us a positive competitive advantage.”

Cohen says that when she was able to delegate, she could focus on growth opportunities.

“I gave each of my staff a more defined job role and wrote one out for myself too,” she says. “Team members set out to achieve through their roles and I just oversee and check that we are on time, on schedule and on budget.”

3. Give more work to the busiest people.

Cohen learned an important lesson on productivity for small business while working at her grandfather’s clothing factory in the summers of her youth.

Related: How Smart Companies Get Employees to Brag About the Business

“One year, I watched a management consultant hired to carry out a work-study program to measure each staff member’s productivity,” she says. “This was designed to see weaknesses in the tailoring production line. The results astounded me. There were machinists that were working at a much slower pace, therefore holding up the line. Moving these employees to a less complicated line and offering them advanced training increased productivity by 30 percent.

“I also learned that there were certain employees that seemed to have two different roles, like tailoring and production-line quality,” she continues. “The manager always went straight to these employees with new tasks. When I told my mother of my observations, she said ‘Andrea, if you always give a job to the busiest person, you will guarantee it gets done.’ It’s a great mantra for entrepreneurs and their best employees.”

4. Build alliances.

Number35 came to its first TV role on The Good Wife — and to an eventual business collaboration — by reaching out to the show’s costume designer, Daniel Lawson. Even though her first attempt came up short, she stayed persistent and eventually had an opportunity to meet him in person, which led to Lawson dressing the show’s stars in number35 clothes.

After working together informally, they realized a more formal collaboration would be mutually beneficial. Cohen and Lawson set their collaboration up for success by being clear about what both parties wanted. Open and honest communication was tantamount. The two book regular meetings, often at off-hours that accommodate their New York to London time difference.

Creating strategic relationships can open new and big doors for small business that can be built and executed quickly through the nimbleness of a smaller team.

5. Break goals and tasks into bite-sized tasks.

The best way for small businesses to get big results is to think in terms of big goals, but execute small milestones. Cohen says that regardless of the end goal, just focus on the goals at hand and cut them down to bite-sized tasks that are easy to complete before a set deadline.Additionally, to be able to achieve these goals, a small team has to prioritize them.

Related: 5 Ways to Empower Your Employees

A VC’s guide to the saturated digital health market

healthtech
Image Credit: everything possible/Shutterstock

You don’t have to convince the average investor that the healthcare technology market is the hottest place to be these days. As the desire for consumer-facing tools like Fitbit grows and the need for cost-efficient care becomes more apparent, health IT startups are getting a lot of attention and a lot of capital. It seems that nearly each day a new financing is being announced.

But amid all the buzz over the latest wearables, cloud solutions, or the most robust EHRs, concerns of over-valuation are growing louder.

This past May at Rock Health’s Digital Health Investor Summit, when a room full of investors was asked whether private digital health companies are overvalued, 62 percent said yes. While there are more and more healthcare IT unicorns, there are fewer IPOs — in tech for example, there were about half as many IPOs in the first six months of 2015 than in the same time period one year prior. This proves public investors are taking a more critical look at fundamentals, such as revenue, actual growth, spending fluctuations, comparable multiples, valuations, etc.


From VentureBeat

Your marketing strategy called. It needs a better mobile game plan. Free webinar will tell you how.

With that in mind, how does an investor pick the health IT players that are most likely to provide returns and a path for an eventual exit such as getting acquired or going public.

First, investors must be wary of hype. With so much promising, health-centered technology coming out, it’s all too easy to get sucked into courting a startup before looking at market viability. As a late-stage investment firm, we only invest in two or three companies per year — and we don’t get too attached without asking ourselves: Is this solution addressing a large market? Is it innovative enough? What’s the potential market opportunity five years from now? What do their customers say?

It’s natural to get excited when you see a bunch of investors starting to put in term sheets. However, it’s almost like folks forget fundamentals just to be “in the deal” vs. asking “does this price make sense?” Many of these companies are not profitable and burn a lot of cash, so that means another financing is likely in the future. The higher the valuation, the higher the hurdle to find new capital as new investors will need to justify the valuation from a returns perspective. You then risk a down-round or, even worse, a “no-round.”

Next, let’s look at the company and do real due diligence by putting a potential investment under a microscope and looking at day-to-day operations as well as future prospects. At Montreux, if we’re intrigued by a health IT company’s cutting-edge ideas and ambitious plans, that’s a start. But we also need to know whether it’s backed by a management team that understands the key points of where the solution can go and the product pipeline and that can account for daily activities and expenditures. One of the benefits of coming in late is that you usually have a business that has operations and revenues. Oftentimes you can use comparable companies (based on size, growth rate, operating metrics, Total Available Market) that are publicly trading to see whether or not the valuation is in the right zip code.

Our most recent investment, for example, was in Kareo, a provider of cloud-based EHR, billing, practice management, and integrated electronic claims processing. We were able to spend the important time understanding the market, revenue growth, massive user base, product pipeline, all of which was top among its peers.

An investor has to be patient to find the right deal where he or she can get the right return. For us, embarking on a new venture means we believe we’ll make a solid return for our investors and add value to the company at this critical stage. The healthcare industry is transforming before our eyes in major ways; we just have to keep to some fundamental investing principles. Stay away from the hype, and we will have more sustainable companies, better more consistent returns, and a robust exit ecosystem.

Michael Matly, M.D., is a Principal at Montreux Equity Partners. He has been actively involved in Montreux’s late-stage investments in health services and technology. Before joining Montreux, he led Business Development and New Ventures at the Mayo Clinic Center for Innovation. He is also a founding advisor to Rock Health, a health incubator based in San Francisco.