Ventureweek

Originally posted by Martin Zwilling who is CEO & Founder of Startup Professionals, Inc.; he also serves as Board Member and Executive in Residence at Callaman Ventures and is an advisory board member for multiple startups.

Founder is ready, willing, and able to learn. We have all known entrepreneurs whose egos are so large that they can’t be bothered listening to any advice from friends or experts, and they insist on doing things their way. Effective entrepreneurs are always open to learning, no matter what their prior experience.

 Seek out established suppliers and channels. The challenge of a creating a new product or service is tough enough, without insisting on a new supply chain, and a new distribution channel. The most effective startups focus on their core competency, and work hard to pick the best of the rest for partners.

Pays close attention to new potential competitors. Effective startups are never comfortable just because the features they plan for rollout in six months are ahead of what competitors have now. Things move fast in the startup world, and real competitors never stand still. Reassess new entrants and competitors every month.

Spend more time on initial positioning. Like the old saying, you only get one chance for a great first impression. Overcoming a bad image, or even changing a non-image, takes lots to time, money, and effort. Your initial business identity can make or break your startup.

Do your homework on minimal capital requirements. Usually that means have a Plan B and Plan C, just in case your initial source doesn’t materialize, or takes much longer to finalize that you expected. Running out of capital in midstream is a brick wall that can derail even the best plans.

Offer customized products or services. It’s very difficult for a startup to jump quickly to the volume required to sustain them as the low-cost producer. Big gorillas with deep pockets find it hard to scale products that are designed or produced to order.

Choose a large market in a growth industry. By definition, a growth industry has a history and an outlook of at least double-digit annual growth. A large market means at least $500 million in potential sales if the company is asset-light, and $1 billion if it requires plenty of property, plants and equipment.

Originally Posted on Bnet.com

By Geoffrey James

THE FORMAT:

• RULE #1: Prepare thoroughly by researching the audience.
• RULE #2: Select a slide background that’s unobtrusive.
• RULE #3: Use a simple font that’s easy to read.
• RULE #4: Have a cover slide identifies the audience and the event.
• RULE #5: Use color fonts and boldface only to highlight what’s important.
• RULE #6: Use only simple graphics that highlight what’s important.
• RULE #7: Limit each slide’s text so it can read 30 seconds or less.
• RULE #8: Make sure every slide be read from the back of the room.
• RULE #9: Eliminate ALL UPPERCASE, underlining and italics.

THE CONTENTS:

• RULE #10: Have an opening statement captures attention.
• RULE #11: Use words that persuade rather than lecture.
• RULE #12: Support ALL your statements with hard evidence.
• RULE #13: Remove all the biz-blab and jargon.
• RULE #14: Only use anecdotes or analogies that are vivid.

YOURSELF:

• RULE #15: Rehearse the presentation until you’re comfortable.
• RULE #16: Be enthusiastic about the message you’re conveying.
• RULE #17: Be confident that the presentation will win business.
• RULE #18: Prepare yourself to answer likely questions.
• RULE #19: Use the time effectively and appropriately.
• RULE #20: Always end with clear call to action.

The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org

“Leaders need vision, energy, authority, and a natural strategic ability. But those things don’t necessarily help you inspire your employees to be their best and commit to you as a leader. Here are the four qualities you need to capture the hearts, minds, and spirits of your people:

1. Humanness. Nobody wants to work with a perfect leader. Build collaboration and solidarity by revealing your weaknesses.

2. Intuition. To be most effective, you need to know what’s going on without others spelling it out for you. Collect unspoken data from body language and looks given across rooms to help you intuit the underlying messages.

3. Tough empathy. Care deeply about your employees, but accept nothing less than their very best.

4. Uniqueness. Demonstrate that you are a singular leader by showing your unique qualities to those around you.”

A new trend is taking shape in the Quick Service coffee industry. Board game coffee bars could be the next big thing, with Snakes & Lattes leading the way. This Toronto based cafe serves lattes and  Monopoly . For $5 per person per visitors can choose from the café’s diverse collection of board games. This could be the next big concept in coffee retailing.

Denver-based startup hosts a suite of fitness-related Web sites, including MapMyRide.com, MapMyWalk.com, MapMyTri.com, MapMyHike.com, MapMyRun.com, and MapMyMountain.com, in addition to MapMyFitness.com.  Users can create an account, set a fitness goal, create and track their routes and fitness plans, and share their health goals with a community of other fitness-minded users. The company has just secured $5 million in venture funding. Created in 2006, the sites have drawn a community of over 2,400,000 global users and experience between 30,000 and 60,000 uploads per day.  The company targets iPhone, Android, and Blackberry users and provides mobile location-based apps so that users can create and share their routes and workout routines.

There is a growing trend and need for this type of product and service within Canada for entrepreneurs who want to tackle this market.

Originally Posted on Businessweek.com

Written By: Deanna Willsey, Director of corporate communications, Valpak

So how do businesses make the most of their marketing funds and resonate with a cautiously optimistic society?

1. Offer savings incentives. For the cautiously optimistic consumer, price promotions and coupons have become requirements when planning shopping trips and making buying decisions. Some post-recessionary consumers find that shopping more prudently and rebuilding their savings gives them peace of mind.

2. Go digital. Many consumers check prices and product information online before heading to the store, so reach your more mobile, savings-savvy consumers through SMS texting, smartphone apps, e-mail coupons, social networking sites such as Twitter and Facebook, and search engine optimization.

3. Make the most of targeting techniques. Precise targeting and market segmentation puts the advertising message in front of the consumers most likely to respond to it. Targeting by geography, demographics, consumer behavior, and consumer expenditures ensures that you send your message to the audience it’s intended for.

4. Understand economic projections, and plan accordingly: Consumer confidence is directly related to a consumer’s willingness to spend. Retail sales growth has slowed in recent months but remains higher than in 2009, which indicates a healthier economy over the previous year. As cautious optimism and societal “shift to thrift” presses on, it may be in retailers’ best interest to stimulate sales once again through discounts and offers.

Fear is good because it keeps you on your toes and moving. Fear of being hurt or loss or being criticized, consistently keeps you to do better, so that you don’t loose the reputation, the money, the status, etc that you have already built or earned.

Fear is good because it tell you what’s important to you. Think about it, would you be fearful about something you don’t care about. No. This means fear if examined carefully can help you identify what’s important and what is not.

Fear is good, because it keeps your thought process in check. Being bold and aggressive is one thing and being foolish is totally another. Fair amount of fear makes you question yourself, your ideas and the feasibility of your ideas, and questions bring you close to the truth. The truth may scare the crap out of you but, it will also set you free.

Originally Posted on Startupprofessionals.com

1. Do you understand and aspire to entrepreneur lifestyle?Being a startup founder is not a job, but a lifestyle, like getting married versus staying single. In fact, it’s more like being single, since founders usually have no one to lean on, no one to make decisions for them, no one to blame, and no vision to follow but their own.
2. Do you have a passion for your idea and business opportunity? There is no joy in starting a business, if you can’t stand the people, business climate, or the day-to-day responsibilities of the job. Some people relate to service businesses, while others are more comfortable with manufacturing or construction.
3. What type of business startup best fits your mentality? Beyond the traditional new product or service model, you can always buy an existing business, purchase a franchise, join a multi-level marketing (MLM) company, or simply go out on your own as a consultant. Each of these has their unique challenges and payback. Ask around.
4. What level of experience and training do you have for this business? Be wary of stepping into an unknown business area, just because it looks easy or promises a big return. The real secrets of any business are not in textbooks, and you can’t believe everything you read on the Internet. Experience is the best teacher.
5. Do you have real self-confidence and self-discipline? Starting a business is hard work and will require sacrifices. You will be operating independently, making all the decisions, and shouldering all the responsibility. Will you be able to persevere and build your new venture into a success?
6. Do you have a viable plan? If you haven’t yet written down a business plan, you probably have no idea how much money you really need, or even if the opportunity is real. I believe the process of writing the plan is more valuable than the result, because it forces you to think through all the elements, and make sure they fit together and fit you.
7. How much money do you really need? From your plan, calculate the absolute minimum amount you need to make your plan work, and then buffer it by 50%. Consider the non-cash alternatives, like offering equity instead of cash and bartering for services. Fundraising is extremely difficult, which is why most entrepreneurs do bootstrapping.

If you have made it this far, it’s fair to now start asking people where and when you can find the money you need (if any). Professionals will tell you that the sequence is friends and family first, angel investors second, and only then venture capital. Each of these has a cost in time an effort.

The process for all of these is networking (not email blasts or cold-calling investors). Start with the local Chamber of Commerce, industry associations, or investor seminars. Just attending doesn’t work. Use your entrepreneurial spirit to start some exchanges and relationships that can lead to your next step.

Starting a business is a marathon, so do your preparation and training before you ask for that bottle of water. Finding money is tough, but it’s not the hardest part. The hardest part is to do it all while enjoying the journey. Get busy, and have fun.