TBE Makes List of Top 150 Blogs for Entrepreneurs

December 6, 2008

The Boston Entrepreneur is proud to be included in Open Business’s list of Top 150 Blogs for Entrepreneurs. Being named in a list acknowledging TBE’s contribution to entrepreneurship is an honor.

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The Power of Numbers

October 15, 2008

We’ve all heard it, to assume is to make an “ass” at of “u” and “me.” Making business decisions based on feelings, preferences, and observations are marred by biased assumptions. Strong businesses decisions emerge from fact; and there are no stronger facts than numbers. Quantitative analysis is essential to business decisions; it’s the power of numbers.

Quantitative Analysis – I have a simple process for performing quick quantitative analysis.

Step 1) Identify the Desired Destination – Know where you want the numerical data to take you, why the data will take you there, what the data can tell you, and how the data is working. Without knowing your destination, you may quickly get lost. Know your destination.

Step 2) Collect and Organize the Numbers – Finding the numbers is not easy. Choose whether to manually gather the data through surveys or to collect it from published (or unpublished) sources. If you encounter trouble collecting data, speak to a librarian (they are expert data gatherers and can be your best free resource). Once you have your data, organize it properly and you will get to your destination efficiently. Organizing your data can be as easy to choosing the order of the columns or as difficult as creating tables within Excel.

Step 3) Manipulate the Numbers – Now that the collected data is organized, can you get to your destination with the data in its current state? If not, then figure out what needs to be done, and do it. Make sure you don’t ruin the value of the numbers with your manipulations.

Step 4) Get the Facts – Use your answer to the question, how is the data working to get to your destination?, to apply calculations to the numerical data (collected & manipulated). The results will provide you with facts. These facts will be used to make your decisions.

Step 5) Don’t Take the Results for What They AreFinding patterns in large outputs is like searching for a needle in a haystack. The output of facts may seem sufficient to make your decision, but pictures tell a thousand words…

Step 6) Graph the Results & Make the Decision Graph the outputs. Graphical dashboards are valuable components of decision making because they show patterns that one might miss by just looking at the raw numerical facts. More outputs produce more factual support, but also more data and better graphs. Better graphs produce easily interpretable facts, which are used to make strong concrete business decisions. The graphs accurately get you to your destination.

Again, this is a simple process I use to make concrete business decisions. In the context of more time, resources, and risk, I would apply statistical and economical regression and forecasting to make stronger factual business decisions. The importance lies in using numerical data to provide factual insights in making business decisions, demonstrating the power of numbers.


The Toilet Paper Entrepreneur

September 30, 2008

Today my friend and serial entrepreneur Mike Michalowicz came out with his new book The Toilet Paper Entrepreneur. The book provides insight for cash strapped visionaries with little or no entrepreneurial experience. Mike is an expert entrepreneur as he’s founded, operated, and sold two multi-million dollar companies. Mike also authors a great entrepreneurial blog he updates daily. Join me in congratulating Mike in his first book release.


From EmTech08: Desh Deshpande

September 25, 2008

Desh Deshpande, serial entrepreneur and Chairman of the Board at A123 Systems, just left the EmTech stage. Desh had great entrepreneurial insights, but the one that sticks out refers to the current economy. Desh believes over the past ten years the top students from best US universities were graduating and going to financial firms; with the current condition and unknown future of the US financial systems, Desh believes the top graduates will stop taking high paying Wall St. positions and will become the next generation of entrepreneurs powered by technological innovation.

Desh was also asked, “What comes first, the company or the rights to the Intellectual Property?” The ‘ol “Chicken or the egg” question. It depends. If the intellectual property (IP) is for the long-term and projected to have a long lifecycle, then licensing the IP comes first (without the IP there is no company). If the IP is in a rapidly innovative arena, then the company comes first, because the IP may be antiquated by the time it gets licensed. In an innovative arena the company must hire innovation savvy employees and not rely on intellectual property; if the company relies on the IP then it may survive for the short term, but will struggle with growth.


TR35 Winners: EmTech08

September 24, 2008

And the winners are…

TR35 Humanitarian of the Year – Aimee Rose – ICx Technologies

TR35 Innovator of the Year – JB Starubel Tesla Motors, Inc.


From EmTech08: Ning.com

September 24, 2008

I’m currently at the Emerging Technologies Conference (EmTech08) put on by the MIT Technology Review.  This morning Gina Bianchini, founder of Ning (a platform for creating online social networks) gave an engaging presentation stressing the importants of consumer usability, simplicity, and web 2.0 revenue generation.  Ning was launched a little over a year ago and already has over 500,000 social networks.  Gina is a serial entrepreneur with a MBA from Stanford.  I highly recommend visiting Ning and playing around.  More to come on her specific usability, simplicity, and revenue generation points…


We’re All Salesmen: The Power of “Why”

September 18, 2008

As entrepreneurs, at times we’re accountants, at times we’re marketers, at times we’re human resources; overseeing all aspects of our companies makes us feel safe. We wear many hats along our journeys, but with growth responsibilities must be delegated. We hire competent employees, and hand our hats off, but one hat seems to stick to our heads; the sales hat. To be a viable entrepreneur one must be passionate about his/her company. Passion is demonstrated by sharing ones company to inspire others. An Inspiring message is in essence a sales pitch. If you are a passionate inspirational entrepreneur then you are a salesman, even if you don’t realize it. For this reason, all entrepreneurs must study sales and build their own salesman’s toolbox. The salesman’s toolbox is a compilation of best practices learned through experience, study, and guidance. One tool every entrepreneur must have in his/her toolbox is the “why” tool. The most powerful tool in a salesman’s toolbox is the word “Why?”

Why is “Why” the most powerful tool? “Why” is a salesman’s most powerful tool because it’s the shovel that digs the truth. Asking prospects “why” squashes objections and uncovers the truth behind pushback, for an example I’ll take the role of a computer salesman trying to sell a computer to an 80 year-old hardware store owner named Ray. I walk in, greet Ray, and notice Ray is taking inventory… with a pen and paper! I think to myself, “great opportunity!” I ask Ray if he’s ever used a computer, he answers “no.” I ask “why?” Ray says, “I’m too old.” I wasn’t born yesterday, if my 90 year-old retired grandfather is able to use a computer, then an active 80 year-old hardware store owner sure can. I ask, “Why are you too old?” Ray answers, “I’ve never used a computer, why start now?” I reply, “Why not start now?” I’m filtering threw Ray’s smokescreens; I’m making him think. Ray says, “Because they’re just too complicated.” I respond, “Why do you think computers are too complicated?” Ray adds, “I actually tried to use a computer about 20 years ago. It was too complicated.” I just uncovered incredible information! Knowing Ray found computers 20 years ago complicated is no surprise, because 20 years ago computers were complicated! I dug the truth out of Ray by using the power of “why.” I uncovered the true reason why he objected to using computers, and I can tailor my sales message to show him the simplicity of using a modern computer. Now the easy part starts, all I need to do is demonstrate my passion and inspire him to purchase one of my computers.

People hide the truth. We don’t like saying no.  It’s human nature.  It’s OK.  The solution is to open your salesman’s toolbox and utilize your “why” tool.  Understand the power of “why,” use it, and inspire people with your passion to complete the sale.