business model

Put The PR Back In Entrepreneur

In the middle of entrepreneur are two little letters...PR. Two letters that immediatley bring to mind, press release, marketing, telling the story.  So why is it the PR in entrepreneur seems to be missing? Quick name five entrepreneurs. Now name five athletes. Im sure the latter was easier for you. Today we hear more about politicians, more about athletes and more about Hollywood stars than we do about entrepreneurs.  Its a shame because the reality is that entrepreneurs are the most important ones of the bunch. Instead of ESPN, where's EPN - Entrepreneurial Programing Network. Just imagine, on draft day we could watch the best young entrepreneurs get funded to develop their ideas.  The X games would be a series of ideas put the tests to determine who's invention faired best. Now I know its crazy to think about this and I'm well aware of the many media channels that cover business as it stands. The thing is the entrepreneur is not being celebrated enough and marketed correctly.  Not only is the entrepreneur responsible for the success of so many different industries  (sports, politics and Hollywood included) they are responsible for the success of America.

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Where Did The American Dream Go?

Since the 90's the number of start-ups has hovered at about the 500,000 a year mark, according to a Kaufman survey. What's happened to the American Dream? A special report in Inc Magazine entitled Revitalizing the American Dream looked at various ways America could implement a more entrepreneurial friendly environment.  In all there are 16 ideas, everything from schools to banking to government are addressed.  Its a very good article and something we should pay attention to. Revitalizing the American Dream couldn't be more appropriate.  It's whats sorely needed not only in the business world but the world at large.  The "American Dream" is an idea that's ironically infusing passion into many entrepreneurs around the world.  It's what fuels the youth in India or the business in China.

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Where You Start Isn’t Where You End

In 1989 our company had a great idea for a completely new product.  Not only did we have an idea for a completely new product, but also a new business model that was going to allow us to build at a quality higher than anything on the market. We introduced both...and got nothing. No support. We had designed and engineered a completely new way of yachting in a product unlike anything else.  We took that new design to several dealers assuming they would be as excited about the new product as we were.  They weren't. In fact they said it would never sell. Faced with a product we were confident in and without a sales channel to sell it through we decided to create our own distribution network.  So that's what we did and in the process ushered in direct selling from manufacturer to customer. Now selling direct surely isn't something we invented there were even other boat companies doing it at the time.  However it was a business model that we had not initially wanted to explore.  We never thought we would be selling direct and be successful. That's the reality of being an entrepreneur.  Where you start isn't where you end up.  That's the beauty of creating something and having the courage to change it as you move along. Look at flickr, originally developed as a way to share screenshots for a game, now it's one of the largest consumer photo sharing sites. Look at Twitter, originally developed as an texting tool only, now a computer integrated communication platform. Look at Post It notes, originally a failed experiment by 3M researchers to find a stronger glue turned into one of their most successful products ever. It's not where you start that matters, its the fact you start. Speaking of start, download "10 Reasons Why Now Is The Best Time To Start Your Business" photo credit

From Now On Less Is More

You've heard it said before, less is more.  But is it really? I mean in a world where you can have it your way and get nearly anything customized beyond belief is it wise to pursue the less is more design theory? A problem that many of us face today is that we are all pressed for time.  So when it comes to consuming something, be it content, products or services, the simpler the idea the easier it is to decide whether that's something we need or want. There is a shift in the marketplace in which products and services that offer less will actually succeed more. Take the restaurant 5 Guys Burgers and Fries.  It's a burger chain that is growing exponentially that offers just what it claims to and nothing more. The decor is always simple red and white, everything is packaged in a brown bag whether your dining in or out and you can order burgers or fries. Simple, easy, successful. If you look at the iPhone a reason for its success can be attributed to the app store. While the app store does have thousands of choices, the choices perform very vertical simple tasks.  This is counter intuitive to what had historically been the norm in software. By purposefully limiting the capability of the software on the iPhone it allowed the options to flourish and the product to succeed even greater. Where is the opportunity for you to take an overly complex process or product and simplify it down to the basics, make it less.  Find those opportunities and there will be more customers. photo credit

The Entrepreneurs Do And Don’t

All those business ideas in your head just bouncing around are being held captive by the don't. As in.. I don't have the time. I don't have the skill. I don't have the money. I don't have the knowledge. I don't have the energy. Perhaps all those are true, but what do you have? I do have the desire. I do have the passion. I do have a dream. I do have a vision. I do have hope. I do have excitement. Most of the time you find that the things you don't have can be obtained why the things you do have are innate.  Sure the innate traits need to be stimulated and encouraged (that's a purpose of this blog) but you already have those.  The don't is the thing that is holding you back.   Recognize the don't and navigate your way around it. Tak the leap, don't let the don't get in your way. photo credit