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Too often entrepreneurs make these common 6 spending mistakes- article "That's Gotta Hurt"

Too often entrepreneurs make these common 6 spending mistakes- article "That's Gotta Hurt" | Leadership | Scoop.it
Featured articles from the April 2014 issue of Entrepreneur Magazine. Full archived issues of the top business magazine from Entrepreneur.
Cookjmc's insight:

Great summary article on the common missteps entrepreneurs take. Being on both sides of the experience, I've seen all of these mistakes made, and of course have not only watched but participated in them. Back when I was involved in a startup, there wasn't a lot of guidance or help to ensure you didn't make these mistakes. Even if you were lucky enough to have an advisor, which we did, you still are pretty much on your own and it's wicked, wild experience, but one I would never change, because it taught me things I would never know otherwise. 

Here we go-

1) the wrong team- seems pretty obvious but is it? Often we choose what we know instead of what we know it's right. JIm Collins book and being on the bus or in the right seat, most definitely comes into play here. Pick wisely, choose well and listen if the fit is right, or not.

2)bad pricing- price yourself out or in of the market quickly. Pricing is key because once you establish it you'll be hard pressed to change it. Too high, too low? Do your research. Focus groups. Find out if and why people are willing to pay. A wise man once said to me, "people are only willing to pay for things they want to pay for."

3)waiting for perfect when good enough will do--- Ah the catch 22. It's your brand your message, it's gotta be right, right? Sure it does, but in the spirit of MVP (minimally viable product) or agile development- getting out there when it is good enough is OK. Perfection costs time and money. Which neither of which you have.

4) not understanding technology-- Big one here. Building your business on old website technology, platforms for yesterday's crm or cheapening this step will cost you. Everything needs to connect from the start seamlessly and automatically, otherwise you will end up redoing what you did. And yes, the cloud can work for you. Don't build it yourself.

5) skimping on attorneys. Seems obvious, but you need them, they will protect you and find a good one. Patent-pending- beautiful, even better. Maybe you don't actually get the patent, but now you've got an edge on your next competitor you don't even know is out there.

6) being cheap about marketing. Now as a marketer for 20 years, you know this is the entire reason I picked this article. Well not really, but it could be, because this is the biggest misstep I see entrepreneurs make regularly. If you don't pay for a good marketer, you will not get a good marketer. I always tell my friends, clients, etc. it is UNLIKELY that you need a VP marketing or director of marketing that demands (and deserves) a higher salary. You need a short term consultant to build the foundation for you, get your brand underway, build out your message platform, connect the dots in technology for a solid marketing/sales cycle process and an arsenal of content. Ok good, then once you have that- let that person go and move on to what they do best, and hire yourself a jr. or middle marketing manager that can take over and execute and build from that. When you need more strategy, launch direction, bring in your consultant. Better yet, have your consultant mentor your junior marketer. In my experience you can build a foundation like this using a 3, 6, 9 plan. A good marketer can also teach you and your executive team marketing and you will all benefit from understanding how this works in the long run. When you are ready and you feel you have a good foundation (should not take more than a year, and that is a long time if it takes that long) bring in your lower paid hired gun who really is passionate to learn, eager to contribute to your long term success, and knows basic marketing and can run the show. 

 

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Insight from Netflix on Changing the Game

Insight from Netflix on Changing the Game | Leadership | Scoop.it
Just when Hollywood thought it had Netflix figured out, that red envelope company flipped the script, creating a playbook for any business that...
Cookjmc's insight:

I wouldn't say I grew up in the dot.com era, but I kinda did moving here with fresh and naive eyes in 1999 from Florida. Raised in Ohio, I couldn't grasp the idea of bonus, stock options or the fuzzy math around me. I watched in amazement and doubt while companies like Netflix and Google were literally born in front of my eyes and often did not understand their direction when friends would flock to them and leave companies that were seemingly solid like, where I worked, at Intel.

 

Netflix in particular fascinates, as it crushed Blockbuster, an American iconic brand for a long time unchallenged in our homes as the reining winner in all things tv watchable. Then after years of growing success, Netflix plateaued and  seemingly plummeted into failure, when the DVD model was challenged and digital download became the new route to the users experience (tv or computer). Reinventing itself once again, proving that taking risks, knowing your competitors and opportunities, and being brave, can drive incredible results, Netflix is stronger than ever with the unprecedented release of House of Cards committing to a $100M investment for 2 seasons without a pilot, breaking the mold of Hollywood formulaic success. Best quote here is, "If you want to disrupt an industry, you've ultimately got to beat it at it's own game. Reading this article it inspired me to think about the biggest reason many of us migrated to the silicon valley, to change the game to be a part of the technology revolution. One industry at a time. But I've come to learn and appreciate that It's not always about the technology, it's about how the technology is a strategic opportunity to transform what we know to be our current status quo.

 

This is a great article full of insight and tidbits that can help you think about how to change the game you are in.

 

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7 Ways to Find Graceful Boldness

7 Ways to Find Graceful Boldness | Leadership | Scoop.it
Boldness takes you further than timidity. But, boldness is dangerous. Lack of boldness is bedfellow to inaction. But, boldness is an ugly beast when taken too far. The sins of inaction destroy more...
Cookjmc's insight:
Woke up this morning and hit twitter. Reading this inspires my day.
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14 Quotes To Inspire Your New Year's Resolutions For 2014

14 Quotes To Inspire Your New Year's Resolutions For 2014 | Leadership | Scoop.it
A New Year. A New You.
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Some good inspiration for 2014 from the "experiments" of others...

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You Are Not Entitled- Add Value at Every Turn and Effectively Communicate It

You Are Not Entitled- Add Value at Every Turn and Effectively Communicate It | Leadership | Scoop.it
Add Value at Every Turn. Read compelling daily job search advice from Harrison Barnes, the CEO of EmploymentCrossing - The most quality jobs - Anywhere.
Cookjmc's insight:

Adding value is the only way you can elevate and differentiate yourself in the red waters of competition. Just because you worked someplace for a long time that was an important company doesn't mean your earned the right to go somewhere else and do the same. Your story on what you do/did must be crystal clear and be about value. This will be a story you will repeat and build upon over time so spend the time to think about: What is it that you do that helps you rise above the noise? How do you do it differently or follow others before you that taught you? How are you honing your skills and  expanding them? How do your broaden your ability to look at problems and fix them? These are some of the kinds of questions I ask when chatting with people about their career and differentiation. Take the time to define and refine what you do- that's how you can begin to communicate your value. It's invaluable to do so.

 

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4 tips for monitoring your social campaign in real time | SmartBlogs

4 tips for monitoring your social campaign in real time | SmartBlogs | Leadership | Scoop.it
The digital world now moves at warp speed, and social marketing campaigns need to move lightning fast to keep up. That is why real-time social marketing ca
Cookjmc's insight:

Nice infographic on hashtag history. Hashtags have you confused? Take some tips of not using them too liberally and focus on the main element of the content you want to promote. Too many hashtags is distracting and doesn't help your audience in guidance in what you want them to focus on and share.

 

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5 Best Content Formats To Engage Your Audience

Cookjmc's insight:

Interesting list on best content marketing- I would also include infographics as a picture is worth a thousand words. Infographics are a fun way to engage, educate and standout from the noise when done effectively. Video success stories should be quick and to the point. Just remember one simple quote can be used many different ways. Engaging content is all about the message and how you package it for delivery makes all the difference.

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Personal Branding In B2B Lead Generation

Personal Branding In B2B Lead Generation | Leadership | Scoop.it

"Markets constantly change, which calls for changes in your marketing and B2B lead generation as well. So, how does personal branding help you along your work?"


Via Marc Rougier
Cookjmc's insight:

In b2b marketing, with a lot of distracting noise across channels, it's important to remember that there is an opportunity to connect, share and educate within your own personal/business network. Your personal brand can help you accelerate relationship building. Tools like linkedin facilitate making this easier but other tools are checked up on to see and learn more about who you really are. Pay attention to the details and share what you know- your network might just need what your company is selling.

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Marc Rougier's curator insight, November 8, 2013 12:05 AM

Belinda Summers explores how Personal Branding helps also in B2B marketing.


"It is important to establish a personality, a human identity, for our brands. And we should start with ourselves."


Bottom line: personal branding is not only useful to your own career. It's also an asset for your business.

Marc Rougier's comment, November 8, 2013 12:21 PM
Thanks @Cookjmc. Agreed!
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Top Ten Reasons Why Large Companies Fail To Keep Their Best Talent

Top Ten Reasons Why Large Companies Fail To Keep Their Best Talent | Leadership | Scoop.it
Big companies are notoriously bad at keeping their best people. Here's why Dilbert lives in most big companies.
Cookjmc's insight:

Spot on- since a high percentage of jobs in corporate America are now "knowledge workers" it's even more important to have the discussions about - right fit, expanding scope of knowledge, career path development and motivation... Not many companies are doing this well today- hence high turnover, burnout out and poor engagement. If you addresses each of these 10 points in this article-why would any employee want to leave? You are giving them sound reason to stay.

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80% Of Companies Don't Care About Company Culture--Do You?

80% Of Companies Don't Care About Company Culture--Do You? | Leadership | Scoop.it
Design Executive Officers certainly do. And the authors of the new book Rise of the DEO: Leadership by Design believe they're the future of business. (Thnx @HelpingMeOut RT: Is corporate culture finally getting the attention it deserves?
Cookjmc's insight:

Wow. This is truly a shocking statistic. Company culture is everything and I believe it makes or breaks a company. It is up to leadership to craft and shape it so that it benefits the organization, attracts the right talent and retains employees that are engaged in the company. Like this rise of the DEO! We need more of that in corporate America and stronger ownership of culture.

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Structure in Consulting- Why Everybody's Going Freelance

Structure in Consulting- Why Everybody's Going Freelance | Leadership | Scoop.it
Whether they're getting forced out of their jobs or freeing themselves from their organizations, 17 million Americans are going solo. Here's what that...
Cookjmc's insight:
Now trending... I can't tell you how many conversations I've had with amazingly talented people that are all trying to figure out how to do this successfully. It takes passion, faith, tough skin, inspiration, motivation, negotiation, organization and so much more to work for yourself. But when you do there's no better feeling when you start cashing your own checks. I started when I was first laid off in 2006 when my first client, Halliburton, only worked with MBO partners (mentioned in this article). Gave me my first taste of independent structure. There are many great companies out there that now afford this model. MBO in particular provides all kinds of assets and training to help you become successful in running your business so you can focus on doing business.
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7 Ways to Find Graceful Boldness

7 Ways to Find Graceful Boldness | Leadership | Scoop.it
Boldness takes you further than timidity. But, boldness is dangerous. Lack of boldness is bedfellow to inaction. But, boldness is an ugly beast when taken too far. The sins of inaction destroy more...
Cookjmc's insight:
Woke up this morning and hit twitter. Reading this inspires my day.
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7 Ways to Find Graceful Boldness

7 Ways to Find Graceful Boldness | Leadership | Scoop.it
Boldness takes you further than timidity. But, boldness is dangerous. Lack of boldness is bedfellow to inaction. But, boldness is an ugly beast when taken too far. The sins of inaction destroy more...
Cookjmc's insight:
Woke up this morning and hit twitter. Reading this inspires my day.
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Learning to Adapt to Generations- Take the Quiz- How Millennial Are You?

Learning to Adapt to Generations- Take the Quiz- How Millennial Are You? | Leadership | Scoop.it

http://www.pewresearch.org/quiz/how-millennial-are-you/results/

"Take our 14 item quiz and we’ll tell you how 'Millennial' you are, on a scale from 0 to 100, by comparing your answers with those of respondents to a scientific nationwide survey conducted by the Pew Research Center.

Cookjmc's insight:

I was surprised to learn I am way more #millennial than I thought. Surveys like this are a start for us to understand the commonalities we have and differences we can embrace of a multi-generational workforce. It's happening! Soon a large percentage of our workforce will be millennials. As #genxers we have an opportunity to do a better job of embracing the diversity, we for the most part were not exposed to growing up, in the workplace. Acceptance and learning more about one another is a great place to start.

 

Take the quiz-

http://www.pewresearch.org/quiz/how-millennial-are-you/results/

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Talent Strategies for the Post-Loyalty World

Talent Strategies for the Post-Loyalty World | Leadership | Scoop.it
Ben Casnocha and Chris Yeh, coauthors of the HBR article "Tours of Duty: The New Employer-Employee Compact."
Cookjmc's insight:

Love this- the concept of how a career was supposed to be is analogous to an escalator- if you do this and this and this you will ride your way  to the top with that company. But with economic crashes resulting in employment "contracts" being broken- loyalty is difficult to find on either side of the relationship. A "job" has transformed to a concept of an alliance. A mutually agreed upon relationship. More than ever career minded people are considering unique ways in how they can work for themselves choosing not to be an employee for life as a viable reality. Careers no longer look like the escalator - likely they zig zag over time. "The startup of you" "brand you" "the art of the start" are a few of the reads that have inspired me over time to be attracted to this sort of ideal. Being entrepreneurial in your career isn't for everyone but for some it is beneficial as an offensive strategy for both individuals and employers to breed innovation. Here's to thinking about and considering a "different" way of working together. It can provide more adaptability, employability and ultimate satisfaction on both sides. I guess you could call it the elephant in the room. Let's start acknowledging it and embracing it as an option. Concepts like tours of duty and short term agreements can provide more security than less with mutually agreed upon terms applied to them.

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Cookjmc's curator insight, November 18, 2013 11:56 AM

Love this- the concept of how a career was supposed to be is analogous to an escalator- if you do this and this and this you will ride your way  to the top with that company. But with economic crashes resulting in employment "contracts" being broken- loyalty is difficult to find on either side of the relationship. A "job" has transformed to a concept of an alliance. A mutually agreed upon relationship. More than ever career minded people are considering unique ways in how they can work for themselves choosing not to be an employee for life as a viable reality. Careers no longer look like the escalator - likely they zig zag over time. "The startup of you" "brand you" "the art of the start" are a few of the reads that have inspired me over time to be attracted to this sort of ideal. Being entrepreneurial in your career isn't for everyone but for some it is beneficial as an offensive strategy for both individuals and employers to breed innovation. Here's to thinking about and considering a "different" way of working together. It can provide more adaptability, employability and ultimate satisfaction on both sides. I guess you could call it the elephant in the room. Let's start acknowledging it and embracing it as an option. Concepts like tours of duty and short term agreements can provide more security than less with mutually agreed upon terms applied to them. 

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Why Companies Need to Change Their Hiring Lens.

Why Companies Need to Change Their Hiring Lens. | Leadership | Scoop.it
I had lunch the other day with an advertising agency owner.  I showed him some resumes of potential candidates for a position he had been trying to fill for a long time. He scanned one with his fin...
Cookjmc's insight:

We need to be thinking modern times and turbulent economies have changed the typical or "preferred" tenure at a job. I think that the work place is moving towards a portfolio career situation and its not abnormal to assume that someone may be trying to achieve a multiple lines of revenue strategy. Listen - if you haven't been laid off you have no idea what it's like. The second you update your status to not working your marketability goes down. Makes no sense I'd rather hire risk takers that have gone out there experimented maybe failed but at least tried to get out of the mainstay corporate box. They will be far more creative, motivated and engaged in their own personal success than someone who's been with a company for a fair duration of their career. The double standard in hiring is only stifling our economy not accelerating it. Why else do you think so many of us move to a consultative model? Nothing ventured nothing gained...

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Digital Marketing Talent Study: Skills Are Inflated And Talent Is Slim

Cookjmc's insight:

Looks like based on this data there is a strong market opportunity to educate digitally on marketing across channels. The only real way you effectively learn marketing is practical application. As leaders we have a call to continue to evolve our own skills (yes that means tactical too and new tools), and share knowledge with younger, green marketers. However the younger marketers need to realize that truly learning marketing takes time, years to build a solid foundation. You aren't going to get there overnite- entitlement dosen't get you anywhere except in the wrong job or disappointed. Take the time to learn, find a mentor that can wants to teach you. College marketing won't teach you what working in a business will and with the right mentor you can get where you want to go faster.

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The Complete Guide to Organizing Your Contacts + Building Quality Relationships

The Complete Guide to Organizing Your Contacts + Building Quality Relationships | Leadership | Scoop.it
A well organized rolodex can do wonders for your relationships. We review the best apps and websites for whipping your contacts into shape.
Cookjmc's insight:

As the holidays are quickly closing in- now is a great time to get your contacts organized. Having lost a series of them with phone exchanges... Think google could be the easiest and most dependable answer. Great step by step here on how to export from the key social platforms and how to better organize contacts. Your network is one of your most valuable assets. You should be cleaning that data several times a year and updating it. But reality is there is never enough time- so getting ready for holiday greetings is a great reason to make the task a priority.

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Want Engaged Employees? Tell Them Why - TalentCulture - World of Work

Want Engaged Employees? Tell Them Why - TalentCulture - World of Work | Leadership | Scoop.it
Business leaders who truly want to engage employees look beyond the obvious. Meghan M. Biro outlines 5 core questions companies should answerRead More (RT @BilalJaffery: Why is what matters the most. @MeghanMBiro Want Engaged #Employees?
Cookjmc's insight:

Companies and leaders should be concerned about employee engagement. What is considered a perk or benefit to one doesn't necessarily motIvate another. Love this statement- Engagement is forged with different tools — trust, loyalty, open communication, clearly-articulated goals and expectations, shared values and well-understood reward systems. 

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