Tuesday, December 15, 2009

The Britney Spears approach to small business

Well, we probably can’t give all the credit back to Miss Spears, but there are several lessons that small business owners can learn from Britney’s career. Entrepreneurs may more typically look up to people like Ted Turner, Donald Trump, and Steve Jobs, but there is still inspiration to be gained from looking at the success of pop stars too. Britney epitomizes this sentiment.

Never Down for the Count

Most of us probably remember Britney’s breakdown a few years back. She got into a bad relationship, shaved her head, and found more press in the tabloids than from the Billboard rankings.

However, with some good guidance and direction from her father, Britney has been able to get herself back on track and she has regained much of the success that she had lost. She’s rocketed back to the top of the charts, gone on tour to promote her new album, and she seems to be much more “together” than she has been.

In business, you’re going to get knocked down. Sometimes, it’ll be your fault and other times, it won’t. The key is having the ability to get back up time and time again.

Stick to What You Do Best

When coming up with a “comeback” for her career, Britney Spears (and her father) did not try to reinvent herself. She didn’t suddenly try to dabble too heavily in country, hip hop, or whatever was the current flavour of the day.

She’s a pop artist who sings “catchy” radio-friendly tunes. It was with this exact same genre that she managed to come back into the limelight. People didn’t want a “new” Britney; they wanted a more grown-up version of the “old” Britney (and it worked).

At the same time, she was able to capitalize on new technologies like Twitter to improve her chances at a successful comeback. Small businesses need to grow with the times, but the core product must remain true to the brand.

About the author: http://michaelkwan.com" target="_blank">Michael Kwan is a professional freelance writer based out of Vancouver, Canada. He can be found blogging at http://btr.michaelkwan.com" target="_blank">Beyond the Rhetoric.

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What business owners can learn from Jay Leno

For years, David Letterman and Jay Leno battled for ratings and market share in the lucrative 11:35pm late night television spot. However, Jay Leno announced in 2004 that he would be leaving the Tonight Show, passing the reins to Conan O’Brien.

However, it wasn’t like Jay Leno was going to retire and disappear into the sunset. He wanted to get back on television and he got his wish with the new Jay Leno Show at the 10pm time slot. What can business owners learn from such a move?

Stick with What You Do Best

Perhaps one of the biggest lessons that can be derived from this story is the value of work ethic and tenacity. Rather than disappear, Jay Leno continued to seek out opportunities to grow and to get himself back on television.

He also had a good grasp on his strengths, knowing that he would be best suited as a talk show host and not as a sitcom personality or a traditional news anchor. In business, know what you do best and work to build that skill set into something exceptional.

Be Loyal to Those Loyal to You

It didn’t take long after the announcement of Jay Leno’s departure from the Tonight Show that rumors sprung up about Jay moving to another network. It was a very real possibility that Leno could launch a new late night talk show with ABC or FOX, for example.

He may have entertained such offers, but Jay decided to stick with NBC in the end. This was the network that built his career and he had a certain loyalty to it. In like manner, business owners should remember to return the loyalty that they receive from customers, associates, and business partners. You don’t need to step on toes to climb the ladder.

Know the Importance of Branding

Jay Leno knew that he had established himself as a brand and this was nearly twenty years in the making. This, more so that his actual comedic ability, determined his long-term success. Entrepreneurs and new business owners need to learn a similar lesson.

About the author: http://michaelkwan.com" target="_blank">Michael Kwan is a professional freelance writer based out of Vancouver, Canada. He can be found blogging at http://btr.michaelkwan.com" target="_blank">Beyond the Rhetoric.

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Wednesday, December 9, 2009

My experience with event marketing

In the last 2.5 years, I have managed and promoted a lot of events, but for this particular post I will speak about the Vancouver Entrepreneur Meetup.  I took over the role of organizer for http://www.meetup.com/vancouver-entrepreneurs-startup-vancouver-office-space/" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline; color: rgb(38, 62, 84);" target="_blank">Vancouver Entrepreneur Meetup in June 2006. At that time we had about 200+ members, today we have about 2000+ members.   Our mission for http://www.meetup.com/vancouver-entrepreneurs-startup-vancouver-office-space/" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline; color: rgb(38, 62, 84);" target="_blank">Vancouver Entrepreneur Meetup was the same as our mission for http://www.thenetworkhub.ca" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline; color: rgb(38, 62, 84);" target="_blank">The Network Hub – connect, create and collaborate.

When we first started, our first meetup (which took place in http://www.meetup.com/vancouver-entrepreneurs-startup-vancouver-office-space/calendar/5005808/" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline; color: rgb(38, 62, 84);" target="_blank">July 2006) consisted of about 14 people. It was a seminar format and we relocated at SFU Harbour Centre because our office was just a couple of days behind on finishing construction (for those doing some calculation in their head, yes, we did open before Workspace).   Our very first guest speaker was http://www.pamelachatry.com/" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline; color: rgb(38, 62, 84);" target="_blank">Pamela Chatry and, bless her for taking a chance on me, she trusted me enough to come and share her wisdom with the group.  Getting the word out about the group was difficult; people hesitate to promote a group that is so new that they have not made up their mind about how they feel about it yet.  We posted on http://vancouver.en.craigslist.ca/cal/" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline; color: rgb(38, 62, 84);" target="_blank">Craigslist community events and posted on a few local event websites but it was all very random.  We gained a few members but they just joined to see what’s going on, they didn’t engage or RSVP to attend the event. But the people who were coming regularly were strong believers and supporters of the Meetup.

I am referring to loyal, long-timer supporters of Vancouver Entrepreneur Meetup such as http://www.facebook.com/josh.ellwood" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline; color: rgb(38, 62, 84);" target="_blank">Josh, http://www.addcoach4u.com/" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline; color: rgb(38, 62, 84);" target="_blank">Pete , http://www.sohosalescoaching.com/" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline; color: rgb(38, 62, 84);" target="_blank">Tom, Efrain, and Arash.  They were the tipping point of the Vancouver Entrepreneur Meetup. They not only told their friends about it but they brought their friends.  Tools such as Craigslist, event websites and even Facebook group/event invites were just awareness tools; it was the people who were believers that made that extra push – from awareness to engagement.

We’ve tried many different things: tradeshows, posting online events, Craigslist, flyering, cross-promoting, building ambassadors. We put flyers in coffee shops, libraries, bars and cross-promoted with different entrepreneur clubs (this was our guerrilla marketing effort).  Do we use these tactics anymore?  Not as much, because Twitter, and now Facebook Fan Pages, do a better job assisting us.

Fast forward to this year, we had about 1800 members to start the year and we are now ending the year with about 2200 members.

What do we do today? We use Twitter and we cross promote with other organizations with similar interests.  Did we get lazier?  Yes! Have we gone outside? It’s not flyering weather. Jokes aside, Twitter works very much like flyering, as well as posting to online event websites, except that I can add the personal touch by directly connecting with persons of interest and inviting them to events.  Vice versa with organizations, I can personally tweet them about the upcoming events and invite them out.  But the #1 reason why we are able to sit back a bit more and why the Meetup was able to gain the membership we have up to date? The PEOPLE who are our ambassadors!

If you offer value to people and they deem it useful to their lives, they cannot help but talk about you.  Remember, don’t get lost in the tools.  Social media is not so different from ads in newspaper or television advertising: just because you are shown on TV or is retweeted it does NOT mean that you will gain an ambassador who will go out of their way to tell their friends, invite their friends and get their friends to engage with your event/product/service.

Once you gain an ambassador, do everything in your power to fulfill and exceed their expectations.  Rain or shine, Meetup will always take place on the third Thursday of every month (with exception of summer when networking in a room full of people can get too hot).  Every guest speaker is vetted, and once in a while, I like to mix things up to keep the event fresh such as Meetup of Meetups or a mini tradeshow.  Sometimes I make mistakes: the speaker isn’t as prepared or the topic isn’t as interesting, but that’s ok because my ambassadors will let their new friends know that next month will be even better.  These kind of conversations and support can hardly take place on a platform that only provides 140 characters nor can they be done with a “like” button.

I hope this helps you think about your social media/guerrilla marketing strategies. Feel free to ask me any questions you need using the comments below.  On a side note, follow us on http://www.twitter.com/thenetworkhub" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline; color: rgb(38, 62, 84);" target="_blank">Twitter and be a http://www.facebook.com/thenetworkhub" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline; color: rgb(38, 62, 84);" target="_blank">Facebook Fan if you are interested in great networking opportunities and interesting workshops geared for entrepreneurs and small businesses.

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Monday, December 7, 2009

Should you have set business hours

When you run a brick and mortar business like a coffee shop or a grocery store, it goes without saying that you likely have set business hours. These hours are typically posted on the door and customers know exactly when they can expect you to be available.

What happens, then, if your business is primarily online or you operate on a “by appointment only” basis? The assumption that many people seem to have about freelancers and other similar professionals is that they are always “on the clock” and, as such, they are always available to be contacted by current and prospective clients.

There are certainly both advantages and disadvantages to setting standard business hours for situations like this. By having set business hours, it is much easier to achieve a healthy life-work balance, because it is much easier to leave work at work and home at home. This balance can be further enhanced by renting office space outside the home, rather than working out of a spare bedroom. To some, set business hours can also help to legitimize your company.

On the flip side, doing away with conventional business hours can also have its perks. One of the more popular reasons why some people choose entrepreneurship in the first place is the ability to have a more flexible work schedule. Set business hours can feel restrictive by comparison.

Having a more open schedule may mean that you may have greater opportunities to capture a potential sale, both at 3am and 3pm. On the other hand, clients may expect near-instant email responses at any hour of the day and they may even call you during what you consider personal time. The lines blur considerably.

In the end, it is largely a personal decision whether or not you should have set business hours. The best way to find out would be to give both configurations a try, seeing which you favor more.

About the author: http://michaelkwan.com" target="_blank">Michael Kwan is a professional freelance writer based out of Vancouver, Canada. He can be found blogging at http://btr.michaelkwan.com" target="_blank">Beyond the Rhetoric.

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Tuesday, December 1, 2009

But will it make money


I was watching an episode of Dragons’ Den on CBC the other day when one of the venture capitalists brought up a seemingly obvious point that is oftentimes overlooked by entrepreneurs.

For those of you who are not as familiar with the show, Dragons’ Den allows entrepreneurs and small business owners to pitch their ideas to a number of investors. The hope is that the venture capitalists will be willing to invest in their companies for a percentage share of the company’s ownership. We see everything from iPod sleeves to barbecue sauces on this show.

In the episode that I saw, one of the entrepreneurs presented her idea for a dog fancier’s trade show and carnival. She said that she had already successfully hosted a number of these shows and that she was ready to take it to the next level. As it stood, the show had free admission, was small scale, and under-charged the advertising vendors like Purina and Iams.

The budding entrepreneur said that the next step would include larger indoor venues, charged admission rates, and an expansion of the concept with merchandise sales, among other ideas. The venture capitalists questioned the profitability of such a show, saying that while it may be popular with free admission, it is unproven as a money-making business.

It’s easy for entrepreneurs to lose sight of the end goal. They can get caught up in the enthusiasm of the idea without paying enough attention to whether or not the business can make money. Nowhere is this more prevalent than with web-based businesses. Twitter and Facebook are hugely popular, for example, but they’re far from being immensely profitable.

For your business to succeed, it needs more than just popularity; it needs to be economically sound and it needs to financially viable.

About the author: http://michaelkwan.com" target="_blank">Michael Kwan is a professional freelance writer based out of Vancouver, Canada. He can be found blogging at http://btr.michaelkwan.com" target="_blank">Beyond the Rhetoric.

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Monday, November 16, 2009

The importance of mentoring in a coworking space

While many people may think that coworking is merely working on your own projects while sitting around other entrepreneurs and sharing a workspace, there are many additional benefits to coworking. In previous posts I have mused about the importance of sharing library resources, and even having a coffee break and hanging out with other entrepreneurs at the office.

Depending on the type of coworking space you have, you may or may not have mentorship activities built within. In the case of The Network Hub, entrepreneurs not only have a shared space and the resources to build their business (wireless, physical mailbox, etc.) They can also benefit from mentorship activities.

My own experience as a coworker at The Network Hub has been strongly enhanced by the fact that I have regular meetings with Minna Van, one of the co-owners of this coworking space. We meet about once a week, and we talk about our business. We discuss how things are going, in terms of how we use the time, particular challenges, and all the while, respecting the privacy and anonymity of our clients.

Having these mentoring meetings is definitely one of the best benefits of a launch pad like The Network Hub. While not every coworking space is modeled this way, even if the formal element of mentorship is not incorporated, it’s always good to have at least informal gatherings of entrepreneurs where they can share concerns, ideas, thoughts and challenges. It’s good to have a support group!

Dr. Raul Pacheco-Vega is a Vancouver-based researcher, educator and consultant in the environmental public policy field. He conducts research in water governance, urban sustainability, comparative environmental policy and economic geography. Dr. Pacheco-Vega’s consulting studio has a home at The Network Hub.

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Tuesday, November 10, 2009

Shared caffeine? Coworking and community building around coffee breaks

Caffeine is a great resource for anybody who needs to wake up in the morning and do work. Personally, I like my coffee strong, black, without cream nor sugar. And more importantly, I like having my coffee surrounded by people. I find that great ideas start to float in my head whenever I am having a coffee break.

But I always wondered if this could be a central element around which coworkers could grow community. A few weeks ago, I asked the members of the Coworking Google Groups whether they thought that having a shared coffee maker would help build community around a coffee break. I got a few responses back, everyone agreeing that it was a good idea.

The thing that really struck me was this thought from Alex Hillman, the co-founder of Indy Hall and widely respected as one of the early builders of the coworking movement. Alex replied to my email saying, amongst other things:

I wouldn’t dismiss the coffee pot (or a water cool) as a social/community building tool so quickly. Having community “places” within the office, no matter how small, provide a reason for someone to get up from their desk and bump into/converse with someone.

For a few months now, at The Network Hub, we’ve begun to share our coffee breaks as we now have a brand new, sleek and stylish coffee maker (espresso/drip) at the office. I named it “Monique” in honor of a dear friend of mine and a fellow entrepreneur, Monique Trottier. Monique Trottier is a wonderful, brilliant entrepreneur, who also has a fantastic sense of style. Since Monique (the coffee maker) is also sleek and beautiful, I thought the name was appropriate. And yes, I think that sharing coffee breaks has in a way helped continue growing the relationship between the community of entrepreneurs at The Network Hub.

Dr. Raul Pacheco-Vega is a Vancouver-based researcher, educator and consultant in the environmental public policy field. He conducts research in water governance, urban sustainability, comparative environmental policy and economic geography. Dr. Pacheco-Vega’s consulting studio has a home at The Network Hub.

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