This morning I had the privilege of attending the 2nd seminar of a 3 seminar series for Venture Atlanta, hosted by DLA Piper and Grant Thornton. The first seminar was about making a great executive summary and I will go into detail about that in the next post.
Today's seminar was about presentations. Everything from pitching yourself to how to act in front of hundreds of investors. I'm going to break down each aspect of presenting and discuss why certain methods work better than others.
Yourself- If you do a lot of networking or meet people on a regular basis, you probably have the same 20-30 second introduction memorized from introducing yourself so much. For others, this isn't something that they focus on. Having a well put together "pitch" for yourself can only help you. This is especially true when you have only a brief amount of time to introduce yourself.
Be confident in everything you do while presenting. Firm handshake. Eye contact. Figure out the exact person that your target investor is and tailor your presentation to them. Stick to your style. If you're laid back, make a laid back presentation. If you're funny use that to your advantage. Be yourself. It will only make things 100 times easier for you.
Technology- We all know how useful PowerPoint is, but we also know how boring the slides are to read through. Slides should compliment your speaking points, not make them. Pictures, single words or phrases, and short (RELEVANT) videos can help make this possible.
Worried if your text is too small on your slides? Estimate the age of the oldest person in the audience and divide that number by two. The result will be the font size that you should use.
DO NOT look behind you to the projector. If you're presenting for 6-10 minutes, you most likely will have 6-20 slides. Memorize them. Perfect practice makes perfect. Video tape yourself presenting and fix the parts that you messed up on.
Prepare to present as if none of your slides work, your video doesn't work, links don't work, etc. YOU are the brains behind the presentation. Don't let the faulty technology leave you hanging out to dry.
Content- Know the guidelines. Rule #1 is don't go over the time limit. If you do, then make sure you don't leave out the key detail that you were saving for the end. Use the first 30 seconds of your presentation to grab the audience's attention. Once you have their attention you will have it for a few more minutes, but keep it simple. Explain what you do, how you do it, and why you do it. You should be able to present to an 8th grader and have them fully comprehend what you are talking about.
Since you're NOT letting the audience read off of your slides for the entire presentation, you must deliver all of the key pieces of information in a clear way. Be concise and to the point. If you're looking to raise $3 Million and it will take you 8 months to break even with this amount, then say it. The more questions you can answer for investors during your presentation, the better.
Check out this video that I saw recently with Simon Sinek. Keep what he says in mind when you describe what you do, how you do it, and why you do it.
First meetup is tonight at 5:30 at Marlee's Coffee on Decatur right by GSU. Looking forward to a great turnout!
Wednesday, August 24, 2011
Thursday, July 21, 2011
The Exit Strategy
For most young entrepreneurs, the focus is all about the business. You've built your startup around an idea or product that you are passionate about and very protective of. Sometimes this passion can get in the way of the real reason why most people become entrepreneurs: to make a profit.
Since moving to Atlanta, I've began to attend more and more seminars. At my most recent seminar they were talking about the components of a great Executive Summary. One of the things the VC's putting on the seminar focused on was the exit strategy. It then occurred to me that the exit strategy is almost as important as the entrance strategy. Sure, there are a lot more details that go into getting a startup off the ground, but once that happens shouldn't your end goal be to sell that business at the highest possible value?
It depends. Some businesses are built to run in the family. If you are in the consumer brands industry or a trade, this may be the case. If you are in the tech industry or one related to tech, you might just be waiting for it to mature for 3-10 years and look to sell it.
I've noticed a distinct difference in the psychology behind different industries of startups. If I focus on only consumer brands/products and technology, starting a technology company is like trading in the stock market. Yes, you think it will do well and you have done your research, but your end goal is simply to sell it at a higher value. Starting a company in consumer products is like investing in a 401k. It is much more calculated. You may move different funds around to invest more in certain areas, but the focus is how it will impact you and your life later on. There is a lot more work involved, but in the end the possibility of a much higher return.
In the end, as entrepreneurs it all comes down to the money. I've found it good for myself to be diverse. I started out being focused with consumer brands/products but am moving towards technology. There are so many possible niches to get involved in, it's really about finding the niche that you can be very successful in. There is definitely a niche for everyone.
As an update, I'm waiting to hear back about the venue for the first meetup in August. The speaker has been chosen and all of the details will be announced when they are finalized. As always, thanks for the support and keep telling all of the young entrepreneurs in Atlanta about this group!
Since moving to Atlanta, I've began to attend more and more seminars. At my most recent seminar they were talking about the components of a great Executive Summary. One of the things the VC's putting on the seminar focused on was the exit strategy. It then occurred to me that the exit strategy is almost as important as the entrance strategy. Sure, there are a lot more details that go into getting a startup off the ground, but once that happens shouldn't your end goal be to sell that business at the highest possible value?
It depends. Some businesses are built to run in the family. If you are in the consumer brands industry or a trade, this may be the case. If you are in the tech industry or one related to tech, you might just be waiting for it to mature for 3-10 years and look to sell it.
I've noticed a distinct difference in the psychology behind different industries of startups. If I focus on only consumer brands/products and technology, starting a technology company is like trading in the stock market. Yes, you think it will do well and you have done your research, but your end goal is simply to sell it at a higher value. Starting a company in consumer products is like investing in a 401k. It is much more calculated. You may move different funds around to invest more in certain areas, but the focus is how it will impact you and your life later on. There is a lot more work involved, but in the end the possibility of a much higher return.
In the end, as entrepreneurs it all comes down to the money. I've found it good for myself to be diverse. I started out being focused with consumer brands/products but am moving towards technology. There are so many possible niches to get involved in, it's really about finding the niche that you can be very successful in. There is definitely a niche for everyone.
As an update, I'm waiting to hear back about the venue for the first meetup in August. The speaker has been chosen and all of the details will be announced when they are finalized. As always, thanks for the support and keep telling all of the young entrepreneurs in Atlanta about this group!
Wednesday, July 13, 2011
Social Media, the New "Consumer Reports"
With the Netflix price hikes yesterday, many consumers were outraged and turned to their social media accounts to tell others how upset they were. Not only was Dear Netflix a national trending topic on Twitter yesterday, but feelings about the hike were expressed in just about every other social media outlet you can imagine.
It was incredible watching my TL yesterday as the Netflix tweets kept pouring in. Consumers today have more power than they ever have in history. They are able to give immediate, explicit feedback to any company, brand, or product that uses a social media account. The great part (for consumers) is that giving our feedback and seeing the feedback of our peers is easier than ever.
Google may have taken this concept to the greatest extreme with the addition of the +1 feature. Consumers are now able to +1 ANYTHING on the internet, a symbol of their approval.
What this means for companies, brands, products, and especially entrepreneurs with new startups? Be on top of your game. It is easier than ever to criticize services. In a matter of seconds, thousands of people can hear about a bad experience or product across multiple social media outlets. This is ultimately a great thing for consumers and should create the next level of great products and services. On the business side, we just have to do everything right. And that's the way it's supposed to be.
There has been a lot of support for this group and the event details for the first meetup in August should be released later this week. Stay posted and tell your friends!
It was incredible watching my TL yesterday as the Netflix tweets kept pouring in. Consumers today have more power than they ever have in history. They are able to give immediate, explicit feedback to any company, brand, or product that uses a social media account. The great part (for consumers) is that giving our feedback and seeing the feedback of our peers is easier than ever.
Google may have taken this concept to the greatest extreme with the addition of the +1 feature. Consumers are now able to +1 ANYTHING on the internet, a symbol of their approval.
What this means for companies, brands, products, and especially entrepreneurs with new startups? Be on top of your game. It is easier than ever to criticize services. In a matter of seconds, thousands of people can hear about a bad experience or product across multiple social media outlets. This is ultimately a great thing for consumers and should create the next level of great products and services. On the business side, we just have to do everything right. And that's the way it's supposed to be.
There has been a lot of support for this group and the event details for the first meetup in August should be released later this week. Stay posted and tell your friends!
Monday, July 11, 2011
Naming Your Startup: Broad Market
Coming up with a name for a business is not always an easy task. There are many factors that go into a good name. Will the name relate to you, your family, the technology behind the company, the location of the company, the size of the company, the target market, or even the product itself? There are many things to think about when trying to decide what a good name will be.
I guess first it would be a good idea to define what a "good" name is. A "good" name is one that is simple enough to stick in your head after the first time hearing it, but complex enough to make you think about the meaning. Think about some of the most household company or brand names in America: Wal-Mart, Apple, Facebook, Delta, Starbucks. All of these companies have a broad target market. They have either used short, one syllable words or a compound, two syllable word. This makes it easier for consumers to remember the name.
A "good" name also relates to the target market. For instance, Facebook was named after the "face books" (online directories with pictures of students) from the various dorms at Harvard when Zuckerberg was a student. This automatically tied his market, which at the time was only Harvard students, to his product.
Wal-Mart (short for Walton's Mart) was originally named after the founder, Sam Walton and was later shortened for easier communication. Using an established family name on the national scale does the same as on a small town scale. Credibility is key. Attaching a family name gives most companies (and their employees/consumers) a small town feel, a sense of pride, and a strong trust. When someone is willing to put their family name on something it often means high quality service and products.
Using a location or region in your company name ties your market to that location or region. Don't name a national automobile parts store "Atlanta Auto Parts" (for obvious reasons). At the same time, if you are looking for a smaller state level market then a name with the region in it can be a great idea. A perfect example of this is Southern Company. Southern Company is an energy company that powers many homes and businesses in the southeastern United States. It has two main brands within itself, which are Alabama Power and Georgia Power. If you are a resident of either of these two states, you most likely get your power from the Southern Company. And who better? I just moved to Georgia and I can say that Georgia Power is the only power company that I know in Atlanta. I'm sure that there are others, but with a name like that it really evokes confidence.
Stay tuned for the next post: "Naming Your Startup: Niche Market"
Check out the newly updated website. There is a now a Follow and Like button on the Home page and also a link to this blog!
atlyoungentrepreneurs.weebly.com
Saturday, July 9, 2011
5 Factors of Great Leadership
Leaders can be spotted every day and are often all around us. Having strong leadership skills is one of the things that nearly every employer looks for in an employee. It is also something that venture capitalists pick up on very quickly. The following are the 5 main factors that go into being a great leader.
- Confidence is one of the most important qualities to have as a young business person in general. Note the difference between confidence and cockiness. Confidence means you have the skill set to back it up. Master certain aspects of business/life and be fully confident in your skills. Nobody wants to follow a leader who is unsure of their decisions or abilities.
- Humility is almost as important as confidence. As a leader it is often crucial for the success of the team to be humble and accept that some team members will be better suited for certain tasks. As an entrepreneur it is often difficult to put the weight of the team's success on someone other than yourself, but it's always better to use a CS PhD to develop the program than try to teach yourself and fail.
- Trust can sometimes be an issue due to critical information being shared among the team. Although it can be tough to trust new team members to follow through on deadlines it is important to put as much trust as possible in those around you. Displaying your trust for your team members is one of the easiest ways to earn their respect. Nobody wants to work for someone who always guards information or someone who doesn't trust that you know what you're doing.
- Communication is crucial in anything that you do, but leaders must be excellent communicators. Leaders are often responsible to communicate ideas to different types of people. You may be given a deadline or task to communicate to your team, you may be communicating your needs to a B2B company halfway across the world, or you may be communicating your startup pitch to an executive on an elevator. In any matter, delivery is the key. It is important to find a healthy balance between the amount of information and the length of time that it takes to communicate the information. While working with another company it may be a good idea to spend 30 minutes writing a detailed message so that there are no errors or misinterpretations. While pitching your idea in an elevator stick to the opportunity for the executive and be sure the first sentence out of your mouth has an introduction, why your startup would benefit them, and a way for them to contact you (preferably a business card).
- Knowledge is the final factor of great leadership. You can have confidence, humility, trust, and be an expert communicator, but if you don't have the knowledge to lead your team in the right direction then what's the point? Leaders must often evaluate a situation and find the most efficient way to solve the problem in a matter of minutes. Knowledge is a great foundation for problem solving. Entrepreneurs are often wired to think outside of the box, so this will come naturally for most entrepreneurs.
Take a look around during this next week. Look at the leaders in your life. Evaluate how effectively they lead. See what areas they need work in. Chances are that those areas are related to the 5 factors of great leadership listed above.
Keep reading, following, liking, and plussing.
BPL
P.S. Atl Young Entrepreneurs meetup coming in August! Spread the word. Working out the details in the next 2 weeks.
Friday, July 1, 2011
The Dream: Atl Young Entrepreneurs
Since this is such a new group I thought it would be good to lay out the goals I have for it. Most of you already know that Atl Young Entrepreneurs is a networking and meetup group for the many young entrepreneurs of Atlanta. There are more than you think.
My vision for this group is to make it THE meetup to go to each month for young professionals. I want to have at least one speaker at each meetup, too. These will include: venture capitalists, specialists in certain niches of business, successful entrepreneurs, failed entrepreneurs, as well as others. Yes, I want to have failed entrepreneurs speak. I've always been a firm believer that mistakes and failure aren't always bad. They are learning experiences and can be used to show others what not to do.
I'd also like to get involved with the entrepreneurship and business programs at UGA, Georgia Tech, and Georgia State. I think it will be important for these students to network while still in school so that they aren't just out there on their own after they graduate. I haven't looked into UGA or Georgia State too much yet, but I know Georgia Tech has a successful incubator program. It would be great to have professors involved in this program to come speak.
I really just want this to be a nice, well rounded group of young people with lots of ambition. It will be good to learn from speakers, but I want us to be able to learn from each other, too. Obviously this group is only a few days old, but if anyone has any connections or would like to get involved with this group then shoot me an e-mail at AtlYoungEntrepreneurs@gmail.com.
BPL
My vision for this group is to make it THE meetup to go to each month for young professionals. I want to have at least one speaker at each meetup, too. These will include: venture capitalists, specialists in certain niches of business, successful entrepreneurs, failed entrepreneurs, as well as others. Yes, I want to have failed entrepreneurs speak. I've always been a firm believer that mistakes and failure aren't always bad. They are learning experiences and can be used to show others what not to do.
I'd also like to get involved with the entrepreneurship and business programs at UGA, Georgia Tech, and Georgia State. I think it will be important for these students to network while still in school so that they aren't just out there on their own after they graduate. I haven't looked into UGA or Georgia State too much yet, but I know Georgia Tech has a successful incubator program. It would be great to have professors involved in this program to come speak.
I really just want this to be a nice, well rounded group of young people with lots of ambition. It will be good to learn from speakers, but I want us to be able to learn from each other, too. Obviously this group is only a few days old, but if anyone has any connections or would like to get involved with this group then shoot me an e-mail at AtlYoungEntrepreneurs@gmail.com.
BPL
Thursday, June 30, 2011
Everyday Networking
These days, networking is easier than ever. Take this group that I have started for example. In a few short days I have created this blog, a Facebook page, Twitter account, and e-mail account. What did it cost me? About 35 minutes of my time. As valuable as I'd like to think that is, it's nowhere compared to traveling to different meetups, meeting people, and contacting them daily to see what they're up to.
If networking is easier than ever then everyone must be doing it, right? Wrong. Don't ask me why because it makes no sense not to. If you're sitting there right now and asking yourself if you're networking to your full potential, then go to the following sites and set up accounts: Facebook.com, Twitter.com, Gmail.com, and Blogspot.com. Once you have all of them set up you may feel like it's a lot to manage effectively. Go to TweetDeck.com and download that to your desktop or to Google Chrome (my favorite web browser). TweetDeck will allow you to set up your Facebook profile, page, and group next to your Twitter profiles for easy access to everything you need. I actually came across this today and have loved it so far. It is much more efficient than similar programs. (A lot of people use foursquare as well, but I'm just getting used to it. Maybe it will work great for you!)
By now hopefully you have all of your social networking methods developed and have started communicating with people or companies who have similar interests. You're not even close to being done. Now it's time to look around you. An empty Powerade bottle and TV isn't what I'm talking about. I mean the people that you associate with on a daily basis. You're a young entrepreneur so they're most likely students, professors, young professionals, business people, and other entrepreneurs. It's great to have these kinds of relationships, but it's the balance of these relationships that is most important. I've finally found the balance that works best for me. Here's how it works.
-Being around students too much can lead to making student decisions. Not that all student decisions are bad, but most students don't think too far past the weekend. Be sure to prioritize. I keep a schedule on Google Calendars and each Sunday night look at what I need to accomplish that week.
-Professors are an incredible asset that often goes overlooked. I've talked about this before, but if you have a good professor (which can be hard to find at times) don't be afraid to go up to them after class and talk to them. E-mail is a non-confrontational way to set up an appointment or ask a question, too.
-Young professionals are awesome people to get to know. A lot of times (especially in a city like Atlanta) they have a cool job or good knowledge to share. It's easy to find things in common if you're a hard worker and like I always say, you are who you surround yourself with. These are the people that have their life on track for the most part, but don't have families and other things going on.
-Business people are good ways to get references and jobs. Yes, young entrepreneurs need jobs while they work on their startups. Especially if you're bootstrapping like a lot of us. Business people are also good to be around because often times they have really nice things. I don't know about you, but when I see someone who has worked hard doing something similar to me with a nice car and nice house it inspires me to work even harder. Hard work always pays off in the end.
-Last, but not least, entrepreneurs are my favorite kind of people to associate with. These are driven, focused, excited, and overall fun people to be around. The entrepreneurial spirit is a kind of bond that is established right away. Entrepreneurs always do whatever they can for each other. I have three friends from college that have spoken to me about business ideas that they have in the last month or two. I told every one of them that I will do whatever they need me to help. Yes, I have a million different things going on, but honestly it's what I love doing. Hopefully you know the feeling. It's an awesome one.
Although everyone has a different personality, most entrepreneurs are fairly outgoing. One of my favorite things to do is meet people. I've almost always been a salesman as a job so I'm used to interacting with people that I don't know. For young entrepreneurs an airport is a perfect place to network this way. Whether waiting to go through security, waiting at the terminal before your flight, or on the airplane you can meet some really interesting people. Oh, and if you plan on doing this please don't wear a t-shirt and sweats. Dress for success.
I've been seeing more and more interest every day. Twitter has been a great tool for this group. Expect the first meetup to be in August. Date, time, and location are all to be determined. Keep spreading the word for me!
Comment, Plus, Follow, and Like (The link can now be found at the top of the page under the description)
BPL
Business Psychology: Google
Last night I had the pleasure of being invited to use Google+. Long story short, it is everything you could want and more (almost). I think what's more amazing than the actual product is how Google as a company has progressed over the last 13 years. It's all about basic business psychology on the largest scale possible.
Think about the two most dominant products among people of ages 16-45 years old right now. I think we can agree that they are Facebook and the iPhone. Although some people say Twitter competes with Facebook, they aren't close to the same level right now. And as someone who has had an iPhone 3G since it came out, I can say that I haven't seen another phone that comes close to what an iPhone is.
Now, both of these top products reached their climax of attention around the same time. The iPhone and Facebook experienced widespread adoption between 2008-2010. This was when your parents and brothers and sisters started getting Facebooks and annoying you, remember? Although the original iPhone was not terribly successful, Apple did a great job of looking into the problems and came out with the 3G and 3Gs. When released, it took just three days for each of these phones to reach 1 million phones sold.
The first Google technology in a phone was released in August of 2008, about two months after the release of the 3G. Most people (including myself) just saw it as yet another venture by Google to spread its way into yet another industry and brushed it off. By 2010 Google had gotten the android software to the point where it could compete with some iPhone features, but not all of them. Google wasn't worried about all of them. They had a secret weapon.
As many of you know (and all of you need to know), Google released it's new Google+ program recently. It's like Google took EVERYTHING that was wrong or in the slightest bit irritable about Facebook and made it perfect. The following is my best estimate as to what Google's psychology was in the last two years.
Google saw two major players in two major markets (cell phones and social media). Google had already been a household name in the business of search engines, so it's a name that would be trusted. They most likely launched projects for cell phones and social media at the same time. They quickly developed and released cell phone technology, because we all know that if it's not good enough then we don't want it. They were able to make the Android software everything that it needed to be to compete in the cell phone industry. But there was one thing that it was missing...
Google+ was, I'm sure, being developed behind some curtain somewhere and secretly fixing all of the problems with Facebook. When they finally got it almost 100% completed, they release it to a portion of the public. Mainly to tech junkies and people like myself. This allows Google to get feedback from the people who know what they're talking about and not just frustrated Facebookers that had converted.
Now, here's the catch. The only cell phone that has the Google+ app (which downloads instantly, by the way) is the Android.
I'll let that sink in. Google has developed a cell phone that competes with the iPhone. Google has developed a social media site that is BETTER than Facebook. And the only way to access this site via cell phones (which, young people use their cell phones for web browsing and networking about 50% of the time) is to have the app or use the web application on your phone and view a mobile version. Obviously there are huge advantages to having the app over browsing on the mobile web.
Not to mention that at ANY time, Google could potentially not use the mobile web anymore. They could use the app for Google+ in the Android Market exclusively.
I will say, however, that the iPhone has one amazing thing going for it. The iPod. Nobody else has been able to match the iPod's success since it's conception. Oh, wait, I've heard rumors of Google Music, too.
This type of psychology is used in business all of the time. It's just amazing to see it done on such a huge scale. I mean, I knew that Google was doing big things, but I never in my wildest dreams saw a move of this magnitude coming.
Click follow to the right. Comment (and +1 for my fellow Google+ users) below.
BPL
Think about the two most dominant products among people of ages 16-45 years old right now. I think we can agree that they are Facebook and the iPhone. Although some people say Twitter competes with Facebook, they aren't close to the same level right now. And as someone who has had an iPhone 3G since it came out, I can say that I haven't seen another phone that comes close to what an iPhone is.
Now, both of these top products reached their climax of attention around the same time. The iPhone and Facebook experienced widespread adoption between 2008-2010. This was when your parents and brothers and sisters started getting Facebooks and annoying you, remember? Although the original iPhone was not terribly successful, Apple did a great job of looking into the problems and came out with the 3G and 3Gs. When released, it took just three days for each of these phones to reach 1 million phones sold.
The first Google technology in a phone was released in August of 2008, about two months after the release of the 3G. Most people (including myself) just saw it as yet another venture by Google to spread its way into yet another industry and brushed it off. By 2010 Google had gotten the android software to the point where it could compete with some iPhone features, but not all of them. Google wasn't worried about all of them. They had a secret weapon.
As many of you know (and all of you need to know), Google released it's new Google+ program recently. It's like Google took EVERYTHING that was wrong or in the slightest bit irritable about Facebook and made it perfect. The following is my best estimate as to what Google's psychology was in the last two years.
Google saw two major players in two major markets (cell phones and social media). Google had already been a household name in the business of search engines, so it's a name that would be trusted. They most likely launched projects for cell phones and social media at the same time. They quickly developed and released cell phone technology, because we all know that if it's not good enough then we don't want it. They were able to make the Android software everything that it needed to be to compete in the cell phone industry. But there was one thing that it was missing...
Google+ was, I'm sure, being developed behind some curtain somewhere and secretly fixing all of the problems with Facebook. When they finally got it almost 100% completed, they release it to a portion of the public. Mainly to tech junkies and people like myself. This allows Google to get feedback from the people who know what they're talking about and not just frustrated Facebookers that had converted.
Now, here's the catch. The only cell phone that has the Google+ app (which downloads instantly, by the way) is the Android.
I'll let that sink in. Google has developed a cell phone that competes with the iPhone. Google has developed a social media site that is BETTER than Facebook. And the only way to access this site via cell phones (which, young people use their cell phones for web browsing and networking about 50% of the time) is to have the app or use the web application on your phone and view a mobile version. Obviously there are huge advantages to having the app over browsing on the mobile web.
Not to mention that at ANY time, Google could potentially not use the mobile web anymore. They could use the app for Google+ in the Android Market exclusively.
I will say, however, that the iPhone has one amazing thing going for it. The iPod. Nobody else has been able to match the iPod's success since it's conception. Oh, wait, I've heard rumors of Google Music, too.
This type of psychology is used in business all of the time. It's just amazing to see it done on such a huge scale. I mean, I knew that Google was doing big things, but I never in my wildest dreams saw a move of this magnitude coming.
Click follow to the right. Comment (and +1 for my fellow Google+ users) below.
BPL
Wednesday, June 29, 2011
So you think you want to be an entrepreneur, huh?
My sister just recently graduated from high school and at her graduation there were two graduates from the previous year sitting behind me. They were both obnoxiously loud and I was all but forced to listen to their conversation. I laughed to myself when I heard the boy tell the girl that he thought he wanted to be an entrepreneur because then he could be his own boss and that would be "cool."
Now, there's nothing funny about being your own boss or the fact that being an entrepreneur is just a cool way to live. What I did find funny, however, was that he said he thought he wanted to be an entrepreneur. If you would've asked me 2 years ago what I thought I wanted to do I would have told you I wanted to be an aerospace engineer. I think we all know that didn't happen. My point is that if you think you are interested in being an entrepreneur, you're probably not cut out for it.
Allow me to explain.
Entrepreneurship found me. Simple and plain. I've been raised to work hard for everything my whole life. My jobs matured my sales skills, but I never thought there was any money in business (I'm from a small town). One morning I woke up at my apartment off campus in Tuscaloosa and had a revelation. I no longer wanted to do what I thought I had wanted to do since 7th grade; become an aerospace engineer. So what would I do? I had already spent a year of college studying engineering, but I enrolled in an intro business class that gave an overview of all of the business majors. They all seemed interesting, but nothing jumped out at me. MIS, OM, Marketing, and Management are all great careers and have almost endless opportunities, but they weren't for me.
It wasn't until I came up with the idea for my first startup that I realized what I truly needed to do with my life. Not what I thought I wanted to do. Entrepreneurship isn't as much about being your own boss as it is finding something that you are truly passionate about and running with it. If you fall down, dust yourself off and get back up. Run in a different direction. I'm crazy, I've admitted it 1000 times and I'll continue to do so for the rest of my life. I'm 20 years old and am starting a networking group for young entrepreneurs in a city that I have spent less than a month in. I'm also working on several startups. A couple of which could potentially make me a very happy young man. But if they don't work, well I've got some more ideas that I can make into great startups.
It's this kind of "crazy" that makes an entrepreneur. I needed to do research on something in the USDA, so I walked into the U.S. Department of Agriculture in Washington and made as many connections as I could to find out the information I needed. I was looking for advice from someone who knew business law well, so I e-mailed the Dean of the Law School at the University of Alabama. Dean Randall ended up being a great asset and mentor to my startup and I'm not able to thank him enough. An entrepreneur has to have "cohones."
I was reading an article earlier today about companies that have been around for a while. The most successful companies aren't afraid to try a new direction when one avenue isn't working for them. This is the entrepreneurial spririt. That first startup idea I had about 8 months ago changed about 20 times before it has evolved into what it is now, about to launch. Sure, I spent probably 60 hours a week editing my business plan and even more time researching how to improve the plan more, but it was all worth it.
Not everybody is cut out for that. I've seen all kinds of "warnings" to potential entrepreneurs and I don't mean to scare anybody off, but I just want people to know that through my experience entrepreneurship isn't something that you can just learn to do like playing an instrument. It's a complete way of life and philosophy that is unlike anything else I've experienced. And I love it.
Keep reading and let me know what you think by commenting below or on Twitter @AtlYngEntrprnrs
BPL
Now, there's nothing funny about being your own boss or the fact that being an entrepreneur is just a cool way to live. What I did find funny, however, was that he said he thought he wanted to be an entrepreneur. If you would've asked me 2 years ago what I thought I wanted to do I would have told you I wanted to be an aerospace engineer. I think we all know that didn't happen. My point is that if you think you are interested in being an entrepreneur, you're probably not cut out for it.
Allow me to explain.
Entrepreneurship found me. Simple and plain. I've been raised to work hard for everything my whole life. My jobs matured my sales skills, but I never thought there was any money in business (I'm from a small town). One morning I woke up at my apartment off campus in Tuscaloosa and had a revelation. I no longer wanted to do what I thought I had wanted to do since 7th grade; become an aerospace engineer. So what would I do? I had already spent a year of college studying engineering, but I enrolled in an intro business class that gave an overview of all of the business majors. They all seemed interesting, but nothing jumped out at me. MIS, OM, Marketing, and Management are all great careers and have almost endless opportunities, but they weren't for me.
It wasn't until I came up with the idea for my first startup that I realized what I truly needed to do with my life. Not what I thought I wanted to do. Entrepreneurship isn't as much about being your own boss as it is finding something that you are truly passionate about and running with it. If you fall down, dust yourself off and get back up. Run in a different direction. I'm crazy, I've admitted it 1000 times and I'll continue to do so for the rest of my life. I'm 20 years old and am starting a networking group for young entrepreneurs in a city that I have spent less than a month in. I'm also working on several startups. A couple of which could potentially make me a very happy young man. But if they don't work, well I've got some more ideas that I can make into great startups.
It's this kind of "crazy" that makes an entrepreneur. I needed to do research on something in the USDA, so I walked into the U.S. Department of Agriculture in Washington and made as many connections as I could to find out the information I needed. I was looking for advice from someone who knew business law well, so I e-mailed the Dean of the Law School at the University of Alabama. Dean Randall ended up being a great asset and mentor to my startup and I'm not able to thank him enough. An entrepreneur has to have "cohones."
I was reading an article earlier today about companies that have been around for a while. The most successful companies aren't afraid to try a new direction when one avenue isn't working for them. This is the entrepreneurial spririt. That first startup idea I had about 8 months ago changed about 20 times before it has evolved into what it is now, about to launch. Sure, I spent probably 60 hours a week editing my business plan and even more time researching how to improve the plan more, but it was all worth it.
Not everybody is cut out for that. I've seen all kinds of "warnings" to potential entrepreneurs and I don't mean to scare anybody off, but I just want people to know that through my experience entrepreneurship isn't something that you can just learn to do like playing an instrument. It's a complete way of life and philosophy that is unlike anything else I've experienced. And I love it.
Keep reading and let me know what you think by commenting below or on Twitter @AtlYngEntrprnrs
BPL
Making goals as an entrepreneur
I was reading an article earlier on 7 life lessons from the very wealthy. $12 to $50 Billion dollars net worth kind of wealthy. First of all, I was very interested to see what they would determine to be the 7 life lessons. Second of all, I was interested to find out WHY they feel that way.
When it came down to it, most of the life lessons came back to the same thing: life experiences. Sure, you can have Lamborghini's in every color that they make, but it's only got two seats. And you can only drive one at a time. One thing that I've appreciated a lot since graduating from high school is the people that I surround myself with. Of course some of my best friends are from PA, where I was born and raised, but going through 2 years of college, pledgeship, and trips all over the country have created some pretty tight bonds with people.
All through EXPERIENCES.
I know you're thinking, "I thought this post was about goals?" Well, you're right. I'm sure that I'll be called crazy, and rightfully so, but I set my goals based on what I want to be able to EXPERIENCE rather than what I want to ACCOMPLISH. As an entrepreneur of a startup I think it's hard to set a goal as far as the success of the startup goes. We all know the statistics: 3 out of 10 startups make it 6 months. 1 of the last 3 makes it 3 years, blah, blah, blah. I don't accept failure when I put everything I have into something. Your estimates for revenue the first year may be $10 Million, but will you be upset if you make $3 Million?? I don't think so.
My main goal right now (you can ask a lot of my friends and they'll tell you all the ridiculous stuff I want to do when I become successful) is to move into a top floor penthouse in a skyscraper in downtown Atlanta by the end of Summer 2012. That's it. Sure, I want to launch a few startups between now and then, but for me those startups are simply stepping stones to my goal of living on the 50th floor.
Some people might say, well all you care about is money and you're only going to be 21 years old at the end of the summer next year. Yes, but think about what comes along with being 21 and living on the top floor downtown. 1) My friends all have an awesome place to come stay in Atlanta. How many people get to say that they are just going to Atlanta for the weekend and are staying in a penthouse? Not many that I know yet. 2) Everything that goes on in Atlanta. If I'm able to afford a penthouse downtown then you already know I can afford at least partial season tickets to the Falcons, Braves, and Hawks. And tickets to concerts, shows, and anything else that goes on the greater Atlanta area.
The negative people reading this right now are thinking, "You won't be able to reach that kind of success in a year and afford that kind of living at 21." First, I say, "Watch me.", but second I refer them to the statement above when I talked about gauging success of a startup. I always shoot for the $10 Million and do everything I can to make that happen, but there are things in this world that can not be controlled. If I end up with $3 Million at the end of the year will I be disappointed? Sure. Will I be upset? Not at all.
You've got to accept that sometimes you will come short of your goals because of an outside reason. I won't be complaining when I shoot for the stars and end up at the moon, though.
Don't just live life. LOVE life with no regrets. Always do what makes YOU happy.
Comment and follow on Twittier @AtlYngEntrprnrs
BPL
When it came down to it, most of the life lessons came back to the same thing: life experiences. Sure, you can have Lamborghini's in every color that they make, but it's only got two seats. And you can only drive one at a time. One thing that I've appreciated a lot since graduating from high school is the people that I surround myself with. Of course some of my best friends are from PA, where I was born and raised, but going through 2 years of college, pledgeship, and trips all over the country have created some pretty tight bonds with people.
All through EXPERIENCES.
I know you're thinking, "I thought this post was about goals?" Well, you're right. I'm sure that I'll be called crazy, and rightfully so, but I set my goals based on what I want to be able to EXPERIENCE rather than what I want to ACCOMPLISH. As an entrepreneur of a startup I think it's hard to set a goal as far as the success of the startup goes. We all know the statistics: 3 out of 10 startups make it 6 months. 1 of the last 3 makes it 3 years, blah, blah, blah. I don't accept failure when I put everything I have into something. Your estimates for revenue the first year may be $10 Million, but will you be upset if you make $3 Million?? I don't think so.
My main goal right now (you can ask a lot of my friends and they'll tell you all the ridiculous stuff I want to do when I become successful) is to move into a top floor penthouse in a skyscraper in downtown Atlanta by the end of Summer 2012. That's it. Sure, I want to launch a few startups between now and then, but for me those startups are simply stepping stones to my goal of living on the 50th floor.
Some people might say, well all you care about is money and you're only going to be 21 years old at the end of the summer next year. Yes, but think about what comes along with being 21 and living on the top floor downtown. 1) My friends all have an awesome place to come stay in Atlanta. How many people get to say that they are just going to Atlanta for the weekend and are staying in a penthouse? Not many that I know yet. 2) Everything that goes on in Atlanta. If I'm able to afford a penthouse downtown then you already know I can afford at least partial season tickets to the Falcons, Braves, and Hawks. And tickets to concerts, shows, and anything else that goes on the greater Atlanta area.
The negative people reading this right now are thinking, "You won't be able to reach that kind of success in a year and afford that kind of living at 21." First, I say, "Watch me.", but second I refer them to the statement above when I talked about gauging success of a startup. I always shoot for the $10 Million and do everything I can to make that happen, but there are things in this world that can not be controlled. If I end up with $3 Million at the end of the year will I be disappointed? Sure. Will I be upset? Not at all.
You've got to accept that sometimes you will come short of your goals because of an outside reason. I won't be complaining when I shoot for the stars and end up at the moon, though.
Don't just live life. LOVE life with no regrets. Always do what makes YOU happy.
Comment and follow on Twittier @AtlYngEntrprnrs
BPL
Tuesday, June 28, 2011
College is the WORST place to develop a startup
The last post was all of the good reasons for developing a startup in college. I will go into further detail about those, but first I'm going to share why college is the WORST place to develop a startup.
1) Time. I was at a college with over 30,000 students. I was in a fraternity. I was socializing and being involved on campus. It's never cool to stay in every night and work on your startup. Although this made me budget my time a lot better, I DID drastically alter my social life. It allowed me to cut ties with a lot of people that I really didn't care to surround myself with, too. I am who I surround myself with. You are, too.
2) Age. Other than your professors and other mentors, when you explain your startup to most people the response will be "Oh, that's nice." or something to that affect. The important thing is to only listen to the target demographic of your startup's opinion and block out any other criticism. I was lucky to have supportive parents, but I think by now they know that I was going to pursue this 100% anyways. Always do what makes you happy. ALWAYS.
3) It's college. There is never just one thing going on. It's always a million things to get done and a million places to go. Learning to prioritize was one of the best things for me to do. I cut out distractions that wouldn't help me in the future and also cut out a lot of sleep. It took me a while to realize that I had to take care of myself and not just work 24/7. It's important to find a healthy balance between all of the different things going on in your life. Keep the same schedule so it sticks with you. Repetition, Repetition, Repetition.
I kind of like this whole blogging thing, so I'll keep trying to get readers. Comment below and let me know how I'm doing or if you have any questions.
BPL
1) Time. I was at a college with over 30,000 students. I was in a fraternity. I was socializing and being involved on campus. It's never cool to stay in every night and work on your startup. Although this made me budget my time a lot better, I DID drastically alter my social life. It allowed me to cut ties with a lot of people that I really didn't care to surround myself with, too. I am who I surround myself with. You are, too.
2) Age. Other than your professors and other mentors, when you explain your startup to most people the response will be "Oh, that's nice." or something to that affect. The important thing is to only listen to the target demographic of your startup's opinion and block out any other criticism. I was lucky to have supportive parents, but I think by now they know that I was going to pursue this 100% anyways. Always do what makes you happy. ALWAYS.
3) It's college. There is never just one thing going on. It's always a million things to get done and a million places to go. Learning to prioritize was one of the best things for me to do. I cut out distractions that wouldn't help me in the future and also cut out a lot of sleep. It took me a while to realize that I had to take care of myself and not just work 24/7. It's important to find a healthy balance between all of the different things going on in your life. Keep the same schedule so it sticks with you. Repetition, Repetition, Repetition.
I kind of like this whole blogging thing, so I'll keep trying to get readers. Comment below and let me know how I'm doing or if you have any questions.
BPL
College is the BEST place to develop a startup
I entered the spring 2011 semester with a vision of a company that I wanted to start (or thought I did). I thought it was a great idea and couldn't wait to get back to Tuscaloosa to work on it more. Why did I want to get back on campus?
1) I was a student at a huge university with over 30,000 students. These students are taught by leading professionals within various specialties. If you have a question about economics, e-mail or drop in on an economics professor's office hours. Most professors, teaching assistants, and deans would love nothing more than to hear about a project that you're working on and do anything they can to help you. They are also often great people to network yourself with.
2) Like I said above, I was at a school with 30,000 students. If you do a half decent job socializing and associating yourself with the right kinds of people, you can find yourself a co-founder or supporters of your startup fairly easily. Remember that you are who you surround yourself with.
3) Time. I was on my own time. I decided everything I did in the day myself (other than classes) and this was a huge help for me. Since I was in school I wasn't working and other than 16 hours of classes a week I was able to concentrate a lot of my time on my business plan and research. Never forget to have fun.
Some people say being an entrepreneur isn't always the most glamorous thing to do as a college student, and they are right. But if you are able to know when to work for 3 days straight and when to eat and have fun, then it can be one of the best feelings in the world knowing that you're doing big things an age where most people aren't worried about the real world.
Stay tuned for my next post: "College is the WORST place to develop a startup"
BPL
1) I was a student at a huge university with over 30,000 students. These students are taught by leading professionals within various specialties. If you have a question about economics, e-mail or drop in on an economics professor's office hours. Most professors, teaching assistants, and deans would love nothing more than to hear about a project that you're working on and do anything they can to help you. They are also often great people to network yourself with.
2) Like I said above, I was at a school with 30,000 students. If you do a half decent job socializing and associating yourself with the right kinds of people, you can find yourself a co-founder or supporters of your startup fairly easily. Remember that you are who you surround yourself with.
3) Time. I was on my own time. I decided everything I did in the day myself (other than classes) and this was a huge help for me. Since I was in school I wasn't working and other than 16 hours of classes a week I was able to concentrate a lot of my time on my business plan and research. Never forget to have fun.
Some people say being an entrepreneur isn't always the most glamorous thing to do as a college student, and they are right. But if you are able to know when to work for 3 days straight and when to eat and have fun, then it can be one of the best feelings in the world knowing that you're doing big things an age where most people aren't worried about the real world.
Stay tuned for my next post: "College is the WORST place to develop a startup"
BPL
The First Post
This blog is for the young entrepreneurs of Atlanta, GA. I will offer personal experiences (good and bad) in hopes that they may help someone else. The Atlanta Young Entrepreneur networking group will have it's first meetup in August, so be sure to tell all of your fellow entrepreneurs about this group and get as many people involved as possible.
I read a blog earlier about being an entrepreneur in college, and thought that my experiences were a little different. I'll be explaining the pros and cons of a startup during college and the reasons behind my eventual move from the University of Alabama to Atlanta after my second year there.
Keep Posted.
BPL
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