What were you doing eight years ago? On the campus of Harvard University a few students huddled in a dorm room to create a social media platform site which became known as Facebook. From those humble beginnings the site has soared to success making founder Mark Zuckerberg possibly the youngest billionaire in the country. And that’s just the beginning of the story. Recently, Facebook filed for an initial public offering that could put the value of the social media site between $75 and $100 billion –one the biggest U.S. stock-market debuts in history.
So now what was you were doing eight years ago? Don’t you wish your business could someday tell the same entrepreneurial success story? There’s a lot to learn from the Facebook scenario. Here are a few things the company did right that you can put to use in your business.
1. Unique Value Proposition. The founders of Facebook recognized a void in the market and worked to create a solution to that problem. They created a unique way for students to connect and interact with each other. Me too, copy-cat businesses seldom become success stories. To succeed you must find what makes your business unique.
2. Test Your Idea. Facebook started on the Harvard campus and rolled out slowly on other university campuses. This strategy gave them an opportunity to test their concept, work out the glitches and make sure they had the a product the market truly wanted. Many business owners who are excited about their business idea jump too quickly. Because they are excited they believe everyone else will think their idea is amazing. Sadly, often times founders who fail to test the market find that no one is interested in what they have to sell.
3. Get Going and Do it!. “Have no fear of perfection — you’ll never reach it,” said famed artist Salvador Dali. That seems to be something the leadership at Facebook believes. At the Facebook headquarters there is signage that says: “Done is better than perfect.” In other words, you can’t be paralyzed by perfection. Today’s market economy moves quickly and if you waste time over-analyzing everything in countless meetings you may miss your opportunity. Frequently I talk with business owners who tell me what their plans are, but have excuses as to why they aren’t doing it yet. Take a lesson from Facebook and get going. If you don’t — someone else will.
4. Build Your Team and Culture. It takes a team to build a successful, sustainable business enterprise. Facebook attracted some of the best and the brightest, and the company gave its employees the responsibility and authority to make things happen — to be race horses. You have to let go to grow your business. And you must build a culture that attracts talent. Make your business a company where people want to work.
5. Know Your Market. At a time when a lot of social platforms were touting the number of registered users, Facebook recognized it was more important to make sure those users were engaged. So they watched user’s habits. How long did they stay on the site? How were they using it? How many were return visitors? The more information you have about your customers the greater your chances are for success. But many small businesses fail to really know their market. We’ve witnessed a few major brands such as Netflix miss the mark this past year such with their customer base. A large company has a better chance of surviving if it misjudges the market – for a small business a misstep can be fatal.
These are just of a few of the things Facebook did right that helped it soar to success. Are you taking the right steps for growth? Learn from Facebook and perhaps your business will be the next entrepreneurial success story.
Tags: business growth, customer base, entrepreneurial success, Facebook, Harvard, Harvard University, Intitial Public Officer, IPO, Mark Zuckerberg, Netflix, small business, small business expert, small business growth, stock market, susan solovic, team business culture, value proposition
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“I think I’m successful when I can sell myself,” Jane Ward, a promotional products representative.
For more than four years, Ward has been selling specialty advertising and promotional products. It’s a highly competitive business, but one Ward says she enjoys.
“I love what I do. Selling is very fun. It’s rewarding when you get an order – especially a large one,” she says. Not all business owners share Ward’s enthusiasm for sales. Many entrepreneurs are passionate about their product or service, but when it comes closing deals, they fall short. Why? Often it’s the fear of rejection. But good sales people view “no” as a mere objection to overcome.
How do you face rejection and keep your confidence level high?
“You have to have very thick skin. You have to realize that if somebody says no, or says I’m sorry your price wasn’t as good as someone else’s or another company can produce this for us faster, you have to learn not to take it personally,” explains sales trainer, Sam Black.
Good preparation can enhance your ability to succeed. Before you make a sales call, take time to do o your research. Know a little history about the company and your prospect. Visit their web site. Do an Internet search using one of the main search engines such as Yahoo or Google. Look for recent press releases or other pertinent information. Pay attention to the company’s advertisements and marketing strategies. And don’t forget to check out their competition.
During the sales call, take time to get to know your prospect. Look for common interests so you can build rapport. Listen carefully and customize your presentation. When it comes to selling, no two prospects are created equally. Make sure your presentation is directed to their particular needs.
“Most sales people don’t identify needs. They jump right in with their sales pitch because they are so excited to talk about their product or service,” explains sales trainer, Sam Black. “You have to ask questions that will get them to talk about their concerns, fears, or dissatisfactions. Find out what problems they are experiencing because they don’t have the particular product or service you are offering.”
When faced with objections don’t give up and race out the door. Handle them in a positive, professional manner. Make sure you clearly understand what’s being said, and if you don’t, ask for clarification. Find out what you could do to resolve the objection. Then, armed with that information, you can devise an appropriate solution and close the sale.
“I like to think that I can get an idea from what the person has told me that will help me know what they are looking for. Then, I can present the best ideas,” Ward says.
Keep in mind, the sales game is a game of averages. The more calls you make, the more opportunities you’ll have for success. With that in mind, every “no” you receive takes you one step closer to a “yes”. And remember, every sales appointment is a new opportunity, so don’t carry negativity from one into another. It’s like my mother used to say, “If at first you don’t succeed, try, try again.”
Carolyn Herfurth, founder of “The Biz Truth“, shares advice for making sales easy in this recent radio interview with me. Learn more tips and being selling with confidence.
Tags: Carolyn Herfurth, entrepreneur, marketing, prospect, sales, sales call, sales for small business, sales game, selling, small business, small business expert, small business selling, susan solovic, The Biz Truth
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You can’t escape it. Presidential politics is daily headlines news. It’s also a popular topic of conversation. My husband and I ate dinner last night in a neighborhood restaurant and the people at the table next to us were in a heated debate over who would be the next President. And it’s only going to get worse.
Nearly everyone has an opinion when it comes to politics. And in many cases people are as impassioned about their political beliefs are as they are about their religious beliefs. The freedom to discuss both politics and religion openly and without fear of repercussion is what makes this country great. However, there is a time and a place for everything and it’s best to check both politics and religion at the door when you come to work.
Local, state and national elections can stir passions and create conflict among your employees or hard-feelings with customers. Political tensions among your team members can damage workplace relationships as well as impact employee performance and productivity. Worse case, you might lose good employees and even customers. To minimize potential problems, many small businesses have created policies to keep partisan politics out of the office. Here are some things to consider for your small business.
Limit political signage. It’s a good idea to limit political signage and other paraphernalia. You shouldn’t post signs or wear political buttons as it might offend a co-worker and/or customer. Keep in mind, because political loyalties run deep, co-workers and/or customers may actually make judgments about you because of your political views. For example, if you support an opposing party or candidate, they might conclude you’re an unethical or untrustworthy person or business. It’s not fair, but it happens.
Keep Your Loyalties to Yourself. Never ask a co-worker or a customer who they are supporting. If someone puts you on the spot, change the subject or explain you don’t feel comfortable responding. I had coffee with a business associate recently and during the conversation she mentioned a particular presidential candidate for whom she is campaigning. When I didn’t respond, she opened the door by stating, “Several people have asked me who you are supporting and I told them I didn’t know.” Without being rude, I explained I was focused on building my business and really wasn’t involved. Then, I simply changed the subject.
Don’t Pressure Employees. As the business owner, don’t ask your employees about their political views. You don’t want them to feel as though you’re pressuring them to support a particular candidate, party or position. Even the most innocent comment can be misconstrued.
To establish guidelines regarding political activity in your business, get your team involved in the process. But I strongly suggest you set the ground rules soon before irreparable problems arise. This political season is definitely heating up.
Tags: business owner, customers, employee performance, employee productivity, guidelines, political campaign, political loyalties, political paraphernalia, political season, political signage, politicies, politics, Presidential politics, productivity, small business expert, susan solovic, workplace conflict
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The great thing about the Internet is that there is an abundance of information available at our fingertips. We have global access to anything and everything. With all this information floating around out there in cyberspace it is easy to forget about basic copyright law. In fact, the Internet has created a significant threat to copyright protection.
Why is the Internet such a threat? There is a common misconception that if something doesn’t have the standard copyright notification, then it isn’t copyrighted. That’s not the case. Copyright attaches the minute an original work is fixed in a tangible medium. So don’t be lured into a false sense of security if you don’t see the copyright notice. For example, copying a Tweet and using it as your original words, is technically plagiarism — a copyright violation.
There are significant costs associated with violating someone’s copyright. Penalties for infringement range from a fine of $200 for a minor infraction to hundreds of thousands for a willful violation. And in some cases copyright violations can bring about felony criminal charges.
So if you decide to copy and paste content on your blog, web site or social media forum as your own creation, remember you’re committing plagiarism. However, it’s not always black and white — there are a few exceptions. Sometimes you may use copyrighted material under the “fair use” doctrine. Fair use may exist for the purpose of a critical review, to report news, for teaching or research. But if you use material in such a way, you should limit the amount of content and make sure you attribute it to its original source. Also, you don’t want to use it in such a way as to damage the commercial value of the original work. For example, people have asked for permission to use excerpts from my books. As long as they provide clear attribution, that is not an infringement of my copyright. However, if they published the entire book, then that would harm my ability to sell the books. After all, who would want to pay for something they can get somewhere else for free.
The other reason the Internet is such a threat to copyright protection is the sheer volume of material out there. Someone may be passing off your work as their own and you’ll never find out. Personally, I use the various Internet search engines to help me identify plagiarism. I search for my name, easily identifiable titles and/or phrases to see what pops up. Sometimes this can be fun because I’ve found articles written by me that have been translated into other languages. In those cases, I have to hope they have been translated correctly.
Finally, some works are considered to be in the public domain and are not protected by copyright. This material can be freely published, copied or adapted by anyone. For example, government generated content and objective facts generally fall under this exception.
Your best bet if you are in doubt about something you want to use is to simply ask the author for permission and/or make clear attribution.
Tags: content, copyright, copyright infringement, copyright notice, copyright notification, fair use doctrine, Internet, It's Your Biz, plagiarism, public domain, small business expert, susan solovic, technology, Tweet, Twitter
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I don’t know about you, but I have to have a cup of coffee every morning. And actually, according to the Mayo Clinic, a cup of java in the morning is a good thing. Caffeine does wonders to wake the mind and jump-start your day. It certainly works for me.
It was the week of December 28, in 1865 that James H. Mason from Franklin, Massachusetts received a patent for the coffee percolator. Many of you probably don’t remember the old percolators, but the device always sat prominently on the kitchen counter in my home when I was growing up. Prior to Mason’s invention you had to grind the coffee beans and put them in a pot of boiling water. Apparently, the first couple of cups were okay, but the last few were full of grounds. Yuck!
Today, the percolator has been replaced by coffee-makers of all sorts. Everything from fancy espresso and cappuccino makers to simple, single-cup machines.
And the popularity of coffee machines has grown. Almost every office has at least one coffee-maker and there are an ever-growing number of retail coffee shops. It’s clear that Americans love their coffee. We each consume more than 23 gallons of regular and decaf a year.
So this week, as you pour yourself that steaming hot coffee in the morning to get your day going — give a nod to Mason. An entrepreneur and inventor like many of us who revolutionized the way we drink coffee.
Tags: cappuccino, coffee, coffee machine, coffee maker, coffee percolator, coffee store, entrepreneur, espresso, James H. Mason, patent, retail coffee shop, small business expert, susan solovic
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America lost one of the country’s greatest and most esteemed journalists last week — Andy Rooney. I grew up watching Rooney and always loved his commentary on CBS’s 60 Minutes. He had an amazing ability to point out the obvious and absurd. He will certainly be missed.
However, commemorating Andy Rooney is not why I’m writing this post. Having watched much of the news coverage about Rooney’s life, I realized there is something very important small businesses can learn from him. In Rooney’s last appearance on 60 Minutes, he said he didn’t consider himself a television personality or celebrity, but rather he said, “I’m a writer.” That’s how he started and ended his lengthy career — as a writer.
So here’s what we as business owners can learn. Rooney knew what his core business was — his writing. No matter what form or medium, he was a writer. He always stayed focused on what he did best.
Most of us start businesses based on what we’re good at, and that becomes our core product. Yet, it’s easy to get distracted. It’s common for new business owners to try to be too many things to too many people. As a result, they lose their focus and that often causes their businesses to fail.
I get it. You want to bring in as much business as you can in those early days. You need the money, right! But too much of that can derail your success.
Another important thing to remember, is when you say yes to one thing, you effectively say no to something else. You simply can’t do everything — something has to give. Focusing on your core business helps you stay on track and allows you to better analyze opportunities.
When I was in my late twenties, I launched a public relations and advertising firm. I faltered initially because I needed to build revenue so I took on projects that were unrelated to marketing such as meeting planning and even some administrative work. Because of those projects, I had little time to grow my marketing business. But I quickly realized in order to succeed, I need to regain my focus.
Andy Rooney was a writer. Plain and simple. What is your core business? Stay focused. You can’t be all things to all people.
Tags: 60 Minutes, advertising, advertising business, Andy Rooney, business focus, business owner, CBS, core business, journalist, marketing business, public relations, small business, small business expert, susan solovic, writer
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For the past couple of weeks, I’ve been on a nation-wide book tour for my new, New York Times and Wall Street Journal bestselling book, “It’s You Biz: The Complete Guide to Becoming Your Own Boss.” As a result, I’ve talked with hundreds of small business owners and have listened to their concerns about growing their companies. A popular topic has been technology. Leveraging the right technology is critical for small business success. However, busy entrepreneurs often don’t have time to familiarize themselves with the latest and greatest, and as a result, they make wrong choices or none at all.
The right technology can increase a small businesses profitability and productivity. But an investment in technology that doesn’t fit your business needs or which is underutilized is a costly hit to your bottom line. Here are some common mistakes to avoid when investing in technology.
Failure to develop a technology vision. Most entrepreneurs understand the importance of creating a business plan, but few take time to create a technology plan. As a result, they jump from one system or application to another with no clear understanding of the true benefits of the technology. A lack of strategy causes frustration, impacts your efficiency and increases your costs. Technology experts say that reworks often add as much as 30 percent to a project costs. A technology vision allows you to evolve from a reactive approach to a proactive one resulting in cost savings and greater productivity.
Buying “leading edge” rather than best fit. The latest and greatest technology on the market might be impressive, but it may not be what your business needs. Purchasing the newest systems often results in a lot of unused capacity. Remember, technology becomes dated very quickly. Make a list of exactly what you want technology to do for your business, then do your homework. A good vendor will serve as a consultant to help you make the best choices.
Assuming everything will work together. In a data-intensive world, mapping out the right combination of tools is essential. Although many technologies are compatible today, you can’t assume they will all easily talk to one another. Not everything is plug and play.
Failure to establish a budget. As a business owner you need to determine what you’d be comfortable spending on technology, then do some research. You may want to hire an outside IT consultant to help you determine what type of budget is realistic for your objectives. Without a budget number in mind, you may find yourself running out of money before you’ve build the technology platform you need.
Failure to Provide Support and Training. Investing in technology is great, but if no one in your company knows how to use it, then your investment goes down the drain. Make sure you include the necessary training and support when you build your technology infrastructure. Check with the vendor to see if they provide free training and on-going assistance before you buy.
Failure to Get Your Team On Board. Before you make an investment in technology, discuss it with the employees who will actually be using the systems. Find out what their thoughts and concerns are and make them a part of the process. If you dump it on them without any input, you might find yourself fighting to get them to use it.
If you can put all the pieces in place, technology can transform your business operations. Developing a well-thought out technology plan will allow you to boost performance and profits through the maximum utilization of your investment.
Tags: business operations, entrepreneurs, It's Your Biz, It's Your Biz: The Complete Guide to Becoming Your Own Boss, New York Times Beseller, productivity, profitability, small business, small business expert, susan solovic, technology, technology budget, technology plan, tips, training, Wall Street Journal Bestseller
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October 21, 2011 (St. Louis) In just two days after its release, Susan Wilson Solovic’s latest book, It’s Your Biz: The Complete Guide to Becoming Your Own Boss, with Ellen Kadin, has reached number 3 on the coveted New York Times Best Seller List and number 4 on the USA Today Best Seller List.
“This is such an amazing honor,” says, Solovic. “Not only to make these best seller lists, but to know I am reaching so many of those with a dream of entrepreneurship and sharing with them, a resource to help them realize that dream. It really is possible to take control of your own destiny and create your own path in such turbulent economic times in this country.”
It’s Your Biz was born of Solovic’s experience as a small business owner and entrepreneur and CEO and co-founder of ItsYourBiz.com, an online resource for small business owners and entrepreneurs. The spark was lit early on when she started her first business teaching baton lessons to girls in Fredericktown, MO at the age of 15.
“I’d never want to scare anyone away from entrepreneurship but this book is an honest assessment of what it takes. I get so tired of hearing experts say it’s all about passion and poof — you have a business. It’s about passion, sure, but it also takes home work, hard work, determination, tenacity and the smarts to know how build success. Hopefully my new book is where you can get it!”
Solovic will be making stops all around the country over the next few months on her It’s Your Biz book tour. This is her fifth book. Other titles include The Girls‚ Guide to Building a Million Dollar Business and The Girls‚ Guide to Power and Success.
Susan Wilson Solovic: A woman of many talents, Susan Wilson Solovic is an award-winning entrepreneur, a CEO, a journalist, bestselling author, multi-media personality, and attorney. But behind every achievement, Solovic embodies ideas that make her universally˜and intimately˜relatable to all entrepreneurs: hard work, fortitude, and persistence. In a world of quick and questionable viral fame, Solovic is a rare commodity: she is what she preaches.
Ellen R. Kadin is Executive Editor at AMACOM Books, specializing in business books and a part-time writer. She lives in New York City.
It’s Your Biz: ItsYourBiz.com provides news, tips and resources to help small business owners succeed. We know that small business isn‚t just about making a living, it‚s a way of living! Turn to ItsYourBiz.com for original, educational and inspiring programming about real people succeeding in business.
To learn more about Solovic’s new book go to the special book website – It’s Your Biz Book — where you’ll also receive 10 free videos for success.
Tags: AMACOM, bestseller, Edie Wiener, Ellen kadin, entrepreneur, entrepreneurship, It's Your Biz, ItsYourBiz.com, New York Times, small business advice, small business book, small business expert, small business information, small business resource, susan solovic, The Girls' Guide to Building a Million Dollar Business, The Girls' Guide to Power and Success, USA Today
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Many thanks to UPS for bringing me to Atlanta for the start of my book tour. And thanks to Constant Contact for being my national tour sponsor. Here’s the information. Hope you can join us.
UPS will host Susan Solovic, author of the new book, It’s Your Biz, on Friday, October 21 at 1 PM. Learn how to avoid the pitfalls that doom more than half of all new businesses and dramatically improve the odds of success. From planning and funding to promotion and pricing, It’s Your Biz is packed with practical, honest, expert guidance that budding entrepreneurs need to know.
Friday, October 21 • 1 PM – 2:30 PM
UPS Founders’ Auditorium • 55 Glenlake Parkway • Atlanta, GA 30328
Book Price $22.95 $2 will be donated to United Way for every copy sold
R.S.V.P. to Jessica Walling (jwalling@ups.com) by Tuesday, October 18J
Tags: advice, Atlanta, entrepreneurs, funding, It's Your Biz, planning, pricing, promotion, small business, small business expert, susan solovic, UPS
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When you think of the great inventors, you probably think of people such as Benjamin Franklin, Alexander Graham Bell and even Steve Jobs — people who have brought entirely new concepts to the market. But great ideas and innovations don’t have to change the world. Sometimes the best new product opportunities start with small improvements in existing concepts. For example, Pam Moore improved on the standard ice tray after trying to get ice cubes into narrow openings of sport bottles for her son’s soccer games. So Moore enhanced ice trays with a cylinder design creating “Ice Tubes” to fit perfectly into most bottles! Millions of Ice Tubes are now in kitchens around the world.
A lot of smart people have great ideas for product enhancements, but they don’t ever pursue them because research and development with prototypes and patents can add up to a lot of time and money. One award winning innovator and entrepreneur advises you can get your idea to the marketplace without a big investment through a licensing agreement!
Inventor Stephen Key didn’t invent the basketball backboard. He improved it with a photograph of Michael Jordan with arms outstretched so children could throw to a basketball superstar! Key took his backboard enhancement to a toy company who loved his idea! This veteran innovator believes many times people overlook the potential of enhancements to existing products.
“It is the small improvements on existing ideas paying off!” Key likens it to renting an idea to company and every time they sell the product you get paid. And he should know how licensing works, with licensing deals for more than twenty ideas in fields as diverse as the toy, beverage, athletic, music, and health industries. Collectively, Key’s creations have sold more than half a billion units and generated billions of dollars of retail revenue.
I recently spoke to Key about his book, One Simple Idea, filled with ideas on ways to great ideas into a passive income generator by “renting” an idea to a company, which takes care of R&D, production, marketing, sales, accounting, and distribution through licensing. In an interview during my radio show, Key explains when he has an idea or enhancement he wants to license he doesn’t spend a lot of money on prototypes or research and development. Instead he invests about a hundred dollars in a provisional patent application so he can legitimately claim “patent pending” status for a full year, while he shops his idea or enhancement to see if it has ‘legs’.
Key admits there are always exceptions, but believes in most cases you can find out if your idea is a good one for a couple of hundred dollars. He encourages those with ideas to stop thinking about their work as inventing and switch to the mindset of a product developer.
“You should summarize your idea in one sentence that grabs you and keep it simple on one sheet to send to manufacturers so it is obvious what the benefit of your idea is in the marketplace,” he explains.
Many of the world’s biggest brands are looking for new ideas and innovations from consumers. Key says this is because people who use products know what they like and what they don’t! Many companies are putting out the call for new product; “You don’t re-invent the wheel. Show them simple ideas that companies can take them to market quickly.”
Key shares many tools on licensing your idea to companies to take it to market so you can collect the royalties on his website Inventright. Or you can listen to his full interview with me for more ideas.
Tags: business owner, entrepreneur, invention, inventor, Inventright, market, One simple Idea, patent, prototype, small business, small business expert, Stephen Key, susan solovic
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