Naming rules

Firstly – there’s many great brands with average names and vice versa. One could argue if we have success under certain name it must be good. My view is that it’s the meaning you create under the name which counts.

 

A discussion on naming yesterday with a young entrepreneur inspired resulted in the following.

 

Ross said:

 

 A byproduct of my naming rules is that my (more recent) names are easy to track, in google or twitter etc. I can track “yabble”, but it is hard to track something like boost  juice. I think being able to track the conversation about your brand is going to be VERY important over the next few years as the  conversation moves even further away from places brands control (their feedback form, etc) and towards places like twitter where the conversation is hard and fast.

 

Then I added:

 

It’s also good to have a word you can own. What does ownership mean? Nothing exists which uses it. Which these days includes web and other forums you mention. A made up word is good, simple to say and it’s great if gets both the left and right brain thinking.

 

Tells us your startup name.

Game Changing

Often a certain product market or category has a definite paradigm. Take eco friendly or hybrid electric vehicles. They always look like quirky space mobiles.

 

 (Toyota Pruis)

 

Elon Musk, one of the entrepreneurs of our time – has decided to be game changing instead. His new all electric Tesla Roadtster is anything but quirky and weird.

 

 

(Tesla Roadster)

Surely this design will get the blood pumping in any car enthusiast.

 

If you want your start up to be a game changer – ignore existing category expectations.

Taking premium to a new level

Don’t think that pricing is just a decision – it’s very often an entire strategy where in fact it becomes the products most redeeming feature.

 

An espresso in Harveys Range Heritage Tea Rooms will set you back $50. (not a misprint)

 

 

The exclusive brew is Kopi Luwak, and is said to be the most expensive drink in the world by volume.

 

The locals call it cat poo coffee, and here’s why: A cat like creature in Indonesia called a Luwak eats the coffee cherries when ripe and then manages to pass the bean without digesting it. These beans then are gathered and used to make Kopi luwak espresso – Yum!

 

You can read more here.

 

What I love is how ‘the story’ invents pricing which is 16 times the average. 

Don’t do this (update)

Hang the shingle out and wait.

 

 

Guess what, they won’t come and the phone won’t ring. The same is true for your website – even more so. You won’t exist. Netcraft says there are currently over 109 million websites which compile over 30 billion pages. At least with retail there’s a chance people will walk past!

 

Start up advice is this: People don’t know and people don’t care unless you make it so.

Business plans

For those of us not raising Angle or Venture Capital, our business plans should be directly proportional to the size of our business.

 

No revenue = no plan.

(ok – a small mud map that focuses on the very basic business model which will lead to revenue.)

 

<$1 million revenue  = 1 page.

 

The law of diminishing returns sets in at around about 10 pages, regardless of the size of the business. 

Compound Effort

Albert Einstein said compound interest is the greatest discovery of all time. There is no question about it’s power. Don’t believe me? $10K invested in the all ordinaries index in Australia in 1970, would today be worth $808K 

The tough thing that entrepreneurs face is life without a wage. Money makes life better. A wage can buy nice things. Shirts, shoes, dinners at fancy restaurants, weekend trips away and mortgages in gentrified suburbs. Yes, these are nice. The interesting thing about ‘compounding, is that it is not limited to financial instruments. It also applies to effort.    

                               COMPOUND EFFORT

       Definition: The ability to generate significant & tangible returns through long term continuous effort via the use of human capital. 

It applies to all things. Start ups, even exercise regimes. If you stay the course, the rewards are there. 

(If you’ve read this post before – you’ve consumed over 50,000 words on this blog! Thought it was worth a re-post)