Sep 30 2015

DAY 17 – 30 Days To The New Economy

Your Role In History As An Entrepreneur

Adapted from the book 30 DAYS TO THE NEW ECONOMY written and published by Peggy Salvatore

Imagine Finance

Money flying from wallet cartoon

 

Financing in the New Economy has two radical differentiators from the old days. One is the way in which you attract investors and the second is how much it actually costs to start up your Internet business.

 

Direct Access to Investors
Remember the good old days (say the first decade of the 21st Century) when prospective entrepreneurs seeking funding would schlep their slide decks into a startup incubator and make presentations to veteran investor gatekeepers who doled out wisdom about business plans, management teams and boards of directors?

  • Gone? Not quite. Still the #1 startup funding path? No longer!

With crowdsourcing and crowdfunding ideas like Kickstarter and IndieGoGo, you can fund your idea by throwing it out to the Internet and letting the investors come to you. You can raise a little money taking donations and small sums from interested Internet friends and advocates, or you can raise serious millions using more structured funding mechanisms that require investors to meet certain criteria.

  • For an entrepreneur in the New Economy, this simply means that Internet Joe can bypass more traditional and restrictive funding mechanisms and go straight to the public. Or combine them both and aim for Shark Tank!

 

Startup Investment is Minimal
As an entrepreneur in the New Economy, Internet Joe has nearly limitless and cheap/free resources at his fingertips – those fingertips tapping on the keyboard. You can start up a business idea with minimal capital. And you can get world-class advice for the price of an Internet connection.

  • I will explore some of these resources in greater detail in the next book, but for now suffice to know that there are brilliant people sharing their startup knowledge for nothin’. The saying “you get what you pay for” does not hold in this case.
  • This rich vein of Internet resources is the exception that proves the rule. In fact, the incredible free startup advice and business acumen, market research and tools to reach a global market cost close to no money at all. Remember the more you chase money, the less time and energy is available to make your business work!

 

In his program, Product Launch Formula, Jeff Walker shares the secret that you can actually sell products that you haven’t yet developed. You sell the product then develop or produce it in response to buyers. The only catch–the big asterisk–is that you better know what you are doing so you can deliver when the time comes. Selling lamps? You’d better be able to produce them when the orders come rolling in.

 

  • The idea is not sleazy; it’s actually excellent business advice that has been around for decades: Develop your prototypes and first generation iterations of products and services in cooperation with your customers.
  • By designing products as you sell them, you are developing products the marketplace actually wants and needs.

Fistful of cash

Transactions: Global, virtual, no boundaries
A favorite New Economy guru is Ray Kurzweil, the innovative genius who wrote the seminal work regarding all things future, The Singularity is Near. In his 2005 epic work, he straightened out my main misconception about the global economy. I had been stuck in the idea that all money and value is tied to concrete productivity. I was just plain wrong.

  • Kurzweil perceived that the value of the Internet changed the definition of value. Money has changed because it is now a fluid concept based on the nearly limitless possibilities of the global computer mind which creates exponential relationships that expand past our individual ability to make connections.
  • Given that premise, he predicted the Dow Jones Industrial Average (DJIA) would triple in ten years. In 2005, it stood at a then-unprecedented 10,000 and, to some, was wildly over-valued–the stock market tripling seemed ludicrous.
  • Then in 2008, the global economy crashed and bubbles like the real estate market burst. Also, the dry bulk index hit an all-time low, indicating that global shipping crashed. What did the DJIA do in response? It rose, and continues to rise.

VALUE

Traditionalists scratch their heads. But futurists just sit back and wait because they know that the measure of value has changed and the DJIA reflects latent value as the economy rearranges itself. In 2015, the DJIA stood at 18,000 and traditional watchers shook their heads saying it continued to be overvalued.

For those who are stuck in the worlds of the dry bulk index and the movement of tangibles in the market, the stock market ascent appears to be smoke and mirrors. When I read Kurzweil I understood, finally, that my attachment to things like physical products and national monetary systems were outdated.

Finance in the New Economy is global and virtual, but it doesn’t mean it isn’t real. Quite the opposite. The inherent value in the instantaneous transmission of knowledge and the ability to transact with anyone, anywhere, anytime has reinvented the basis of the financial system.

As Internet Joe builds his business on this very solid foundation of the virtual New Economy, he is plugging into nearly limitless abundance.

The new rules of finance have yet to be solidified. Entrepreneurs are writing them AS they build the New Economy.

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C’mon back TOMORROW 10/1 for Day 18.
YOU think great MARKETING that works is simply pulled out of a hat?

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———-

 

For more information on Peggy Salvatore’s book: 30 Days to the New Economy [© Peggy Salvatore 2015. All Rights Reserved.] click on ENTREPRENEUR NEWS or visit ow.ly/RysnP for the E-book

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Hal@Businessworks.US      Peggy@Businessworks.US

Open Minds Open Doors

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Sep 11 2014

STARTUPS: Stop Looking For Money!!!

The longer and more energetically

 

you look for venture capital, the

 

quicker the likelihood your new

 

business will go down the tubes!

 

The process of seeking startup funding is like trying to put the roof on a new garage that you’ve already rushed to park in… but that has no studs in place or foundation to hold them. Advice: If you’ve gone this far, don’t be sitting in your car, especially if it’s a top-down convertible. After coaching 500 successful launches, I know whereof I speak.

With extremely few exceptions, I have found that the physical, mental, and emotional drain an entrepreneur experiences while chasing money ends up costing so much in time, energy, attention, out-of-pocket expenses, and lost opportunities, that new business ventures are often thrown under the bus before they can even get reach the intersection.

USE your time/money/energy instead to make your ideas work. When you ignore your finances and focus on making your idea work, on the market you’re going into and on the marketability of your product or service, money will come to you, seemingly out of nowhere and from sources you might least expect.

Don’t let others (including TV programs like Shark Tank or websites like Kickstarter) fool you into thinking that formal business plans, for example, are the answer. They’re not.

I’ve written scores of formal business plans, some of which raised many millions of investment dollars. But those winning plans were for established businesses seeking capital to expand. And they took four to six months to write. That’s a big chunk of time to not be head-down-and-charging-forward with birthing your business.

And all formal business plans cost some substantial dollars for professional fees (CPA, attorney, writer, researcher, printer, etc.). Well, what about offering those folks equity? you might ask. Think hard about that one. Even if they love you and your ideas, they got where they are by charging big-time fees, and your credit sheet, charging for telephone time, for example, won’t be any exception.

The best business plans (unless you are truly at the break-out point of needing venture capital or a bank or small business loan, which unfortunately still all call for formality) . . . the best plans are typically scribbled on the back of an envelope, folded into a pocket for a few days, then replaced with another updated version, which is folded into a pocket for a few days, then replaced . . . etc., etc.

These “Envelope Plans” are best because they are real-time happening and they keep your attention on what you need to do today, tomorrow, this week.

Goals are great and highly recommended if they are specific, realistic, flexible, due-dated, and are in writing. But thinking too much about your goal puts your mind into fantasyland and pulls you away from your immediate purpose. Runners who focus on the finish line too much, trip and fall.

If your idea is good and marketable, stay with it. Work it. Make it happen. After it’s working, if you want to expand operations, then consider formal business plans. But don’t distract your commitment and passion at the outset. Would you put a new baby down in the middle of a high-traffic expressway so you could run a few miles to go buy extra diapers?

 

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 Hal@BusinessWorks.US or 931.854.0474 or comment below

OPEN  MINDS  OPEN  DOORS

Thanks for visiting. Go for your goals! God Bless You!

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Nov 25 2012

Headed Down Your Business Homestretch

Help Jumpstart

                                 

My Kickstarter

                                                         

For many businesspeople, asking for help may come easy, but rarely is it easy for an entrepreneur.

For an entrepreneur, such a request can translate into “having to swallow my pride,” “getting someone to do what I can do better,” “having to trust someone else with my baby,” “admitting a weakness,” or “owning up to my own inadequacies.”

So what? Who appointed you as “Perfect”?

When you consider that all of the above suggested excuses (which I have heard often over my years of business and professional practice development consulting . . . and have admittedly tried myself on occasion) reduce themselves to unproductive ego-based thinking and behavior.

Remember your grandfather telling you:

“No man is an island”?

                                                       

Ego-maniacal thinking and behavior of course tends to dominate early-on entrepreneurship pursuits until experience and reality sink in and struggling entrepreneurs begin to realize that it’s the idea that’s important, and that any (legal) way to achieve success –regardless of others that need to be relied on– is the right way to go.

For entrepreneurs,

results tend to outweigh process.

                                    

Interestingly, the opposite tends to be true in government and corporate life where more relience is placed on analysis of available options than on getting the job done (e.g. deciding which committee to study an emerging market becomes folly in the face of an entrepreneurial spirit that simply drives itself into the heart of the market and adjusts along the way.

I have learned a great deal in the first half of my Amazon Kickstarter site effort that literally requires nerves of steel for me to implement in completing the second half of the effort. Stuff I forgot: Ask for the sale. Ask again. And again. Drive as many people as possible to visit or experience your message. Adjust and improvise. Switch gears. Ask for the sale. Ask again.

Why “nerves of steel”? I’m a creator, not Superman, not Zig Ziglar, not (Thank Heaven!) Steve Jobs, not an award-winning super-salesperson or winning candidate. I’m just a small business owner.

I’m me. I don’t like asking. I have to conjure up massive amounts of courage to approach my friends and family, and online contacts (even strangers) to buy into something I created. I know in my heart that what I have to offer is worthy. I know it’s a great dollar-value. And, yes, the Kickstarter race against the clock means it’s “make it or break it” time. It still feels awkward.

But –ahhh I’ve always taught that behavior is a choice, so it’s time to get over all that and step up to the plate, right? Okay, so here it is —

Will YOU please help me jumpstart my Kickstarter by visiting this site NOW and making a pledge of some kind  —EVEN JUST ONE DOLLAR!??

In the interests of your love for the arts and creative development, will you also please urge your friends and contacts to visit my Kickstarter site NOW?

I will be forever grateful for this very important bit of support.

Thank you!

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Hal@Businessworks.US    302.933.0911

Open Minds Open Doors

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God Bless You and Thank You for Your Visit!

 

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Nov 20 2012

My Special Thanksgiving Thanks . . .

I am thankful for my

                                     

 Kickstarter Backers!

 

Happy Thanksgiving!  I hope it is a time of great rest, relaxation, reassessment and re-energizing for entrepreneurial leaders everywhere. Certainly, it is a time for family, friends, and appreciation . . . a time for prayer and caring and tolerance.  

Thanksgiving is for me personally —and most of all— a time for saying thank you to those who have locked arms with me through the two years of harsh realities and trauma that ended with Kathy’s death this past March.  

It is only because of that allegiance and outpouring of love and support for my personal and business survival that I have indeed survived. It is with full and deep appreciation for all that Kathy meant to me and the joy she brought to my life, that these friendships and offerings of time and help, and support (even food!) have prompted me to do what she urged of me consistently (but that I unwittingly resisted) over her last two years: to move on! 

AMAZON Kickstarter, as many of you know, has enabled me to step forward with the wonderful book manuscript –HIGH TIDE— that occupied thousands of hours of my spare time (and much of Kath’s) over the past twelve years. But Kickstarter is just a platform, a format.  

It took a concerted effort by a small army of close friends and family members to give me the faith and incentive and encouragement to bring that format to life… to move on. As it stands this minute:  it works!         

In the middle of my Kickstarter website, you’ll find a lengthy list of individuals who stayed with me through the long haul and who passed me the torch to light up HIGH TIDE

Many others, too many to list here, have eagerly jumped on the bandwagon to help. They know who they are. I will thank each publicly as soon as I can get through the Kickstarter project, regardless of outcome.  

I will simply say here and now that I am deeply grateful to each of you who have taken the time from your own busy lives to reach out and pull me a rung or two up the ladder and for bringing God’s blessings to my doorstep. Thank you. I love you all. And God Bless YOU.  

~ ~ ~ ~ ~ ~ ~

I ask also that anyone reading this please be sure to remember all the families still suffering from Hurricane Sandy, and to send God’s blessings to them, as well as to all our young men and women serving in America’s armed forces and emergency services throughout the world. Pray to grant them all continued courage, resourcefulness, patience, forgiveness, and understanding.

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Hal@Businessworks.US    302.933.0911

Open Minds Open Doors

Make today a GREAT day for someone!

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Nov 08 2012

WRITING YOUR BOOK

WRITING   YOUR   BOOK 

                    

It’s just not the same as editing, designing

 formatting and publishing, distributing,

branding, promoting, legalizing, and

marketing your book… or selling it!

READ BEFORE YOU LEAP, YOU 81%!

 

Why am I telling you this? What makes this relevant to small business? HA! 81% of all Americans think they “have a book in them” according to a New York Times survey report . . . uh, that’s like over 200 million people in the U.S. who want to write a book — more than total viewers of the most-watched-in-history 2012 London Olympic games!

WOW! That sounds like a sizable market right? And an awful lot of new books on the horizon, right? Wrong! How could that be? Well, first off– like the old days when TV first came out, and everyone watched it with the same passion we now relegate to smart phones, all humans thought they could write TV commercials because they watched them!

In other words, if you don’t read, you can’t write. According to industry findings reported at www.SelfPublishingResources.com, the average book buyer reportedly never reads more than the first 18 pages of a book she or he has purchased!!! If you don’t read complete books, you can’t write books worth reading. And if your first 18 pages don’t shake the walls loose . . .

Second: WRITING your book is the easy part!

And even if you DO write a book worth reading, you’d better have a lot of money and/or considerable professional expertise with editing, designing, formatting, publishing, distributing, branding, promoting, marketing, contract law, and sales. Even IF you can manage getting a big-time agent, publishing house, and publicist, the buck still stops with you! Even if.

Discouraging? Absolutely. My best guess is that 80 of the 81% will fall by the wayside trying to effectively manage the tasks noted in the paragraph above. That’s a big pile of dead book efforts! Ah, but now there’s CROWD SOURCING to the rescue!

Go to this site now for an example of how to make your book work once it’s written. Oh, yes, and it’s only a couple of hundred dollars to create! IT’S THE NEW WAY TO SELL BOOKS. IT”S THE WAY ALL FUTURE BOOKS WILL BE SOLD!

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Hal@Businessworks.US   

Open Minds Open Doors

Make today a GREAT day for someone!

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