startups Archives - Page 50 of 57

Me vs We

Posted on October 7, 2007 by Steve Sammartino

The greatest , Muhammed Ali was credited as delivering the shortest poem of all time while addressing Harvard University with:

‘Me We’

And it’s not lost on entrepreneurs either. Given the brands, markets and business evolve from conversations we need to pay attention to tiny details in the way we speak. So here’s a start up blog view on some best practice.

Whenever we can, we ought use the word “we” before we use the words “I” or “me”.

Here’s why:

It’s inclusive

It’s generous

It’s team oriented

It’s bigger than ‘me’

It confirms in a subconscious way that any business is about much more than the founder.

Successful start ups and businesses involve we, not just me.

It’s nothing personal…

Posted on October 4, 2007 by Steve Sammartino

…it’s just business.

They made the decision as a vote of confidence against you. But they didn’t want to tell you the truth, so they just invented this cliché instead, so they could deceive you. So it must be personal.

People buy from people,

people sell to people,

people meet with people,

people talk to people,

people decide on people.

Business is people. So business is personal.

Waiting lists

Posted on October 2, 2007 by Steve Sammartino

In Melbourne there’s a sporting club called the MCC. The Melbourne Cricket Club. Being a member gives you the rights to attend any sporting event at the MCG stadium (which seats 100,000 people).

Granted they are great seats to watch the football from. It also has a couple of restaurants and old school establishments within its confines. The membership costs about $500 per year…it’s nice enough.

There’s a 20 year waiting list to become a member of the MCC!

You need someone to die before they admit another member. People talk about how long they’ve got to go before they’re likely to become a reserve member.

It’s a rare business where making customers wait is part of the allure. Sure there’s a lot of history as the club is over 100 years old. I wonder how a start up with a premium / unique product could make ‘waiting’ a selling point?

The Intelligent Entrepreneur

Posted on October 1, 2007 by Steve Sammartino

“The Intelligent Investor by Benjamin Graham is by far the greatest book on investing ever written”….

Qualification of this statement is clear when Warren Buffet the worlds greatest investor and second richest man was the orator of the quote.

Here’s why it could also be titled The Intelligent Entrepreneur.

We cannot be great entrepreneurs unless we understand fundamental finance and investing principals.

This book holds all the keys to money and investing. Principals entrepreneurs ought know to play the money game. Simple principals which again and again prove true at the culmination of each investing bubble. The 1999 Dotcom boom & bust the most recent example. Make sure you get the version with the updated commentary by Jason Zweig pictured below. It provides modern day examples of the principals.

Heads up to Mr Facebook, Mark Zuckerberg. Advice from the intelligent investor would be for the owner to sell, and any buyers to reconsider. To have a business which justifies the billion dollar valuation would require approximately $100m a year in net profits. I’d guess Facebook is quite a way off when its turnover is currently $100m.

Warning: This book is an arduous read. With over 500 pages to wade through it takes its toll. But the lessons there in you’ll hold for a business and financial life time.

Being real

Posted on September 30, 2007 by Steve Sammartino

Here’s an excerpt from today’s business section of the Sunday Age. A respected Australian broadsheet newspaper.

Correction

“Oops. Last week the story headlined ‘No More Living on Borrowed Dreams’ said household credit card debt was $4 million. The correct figure is $41 billion. The mistake was made by the reporter (who also choked on his conflakes on Sunday morning).”

What I like about this paragraph is it’s real. It sounds like a person wrote it. Not a public affairs department. They admitted they made a silly error which in my view makes them more reputable and trustworthy. Rare in large media organizations.

Start up lesson: People trust people more than they trust corporations.

Two types of investment

Posted on September 27, 2007 by Steve Sammartino

There are only two types of investment which can be made:

Investments in money

Investments in time

The good news is that if we haven’t any money we can always invest our time. We can read books, read blogs, go meet people, study, get a job doing commission only sales, make business plans, practice public speaking, exercise, walk, play sport, help others, pray… Anything which gives us more knowledge…. anything which gives us more health…. anything which adds value to us as people.

The more ‘time’ we invest, the more we become, the quicker the money will find us.

Inspire Log

Posted on September 26, 2007 by Steve Sammartino

Not a new concept, but an inspire log is great tool entrepreneurs ought use.

Inspire Log

Definition: Little booklet, notepad, or document with pictures, words or quotes which help motivate us on a daily basis to stay the course.

It doesn’t have to be full of pictures of luxury homes or Ferrari’s. It’s whatever makes sense for you. Maybe it’s a picture of a clean environment, a cure for a disease, a vision of world peace, some words from your favourite leader. Anything!

Print it, but it in a folder or plastic pocket and look at it each morning and night.

Apparently it works.