The Think eBiz Blog

Who are the Entrepreneurs Today? Over 40? You Are!

When you think about entrepreneurs today, who comes to mind? Young Bill Gates, Mark Zuckerberg, Biz Stone? Perhaps Larry Page and Sergey Brin? Young "kids" that barely graduated from college... right?

Think again! The average age for an entrepreneur is 40, and nearly 75% of have worked at another company for 6+ years. Most (again 75%) are married (or divorced), and have at least one child. Surprised? Most likely you are within the demographic for being a business owner / entrepreneur.

A detailed study ("The Anatomy of an Entrepreneur - Family Background and Motivation"),  reveals a wealth of statistics that should encourage anyone over the age of 40 to consider living their entrepreneurial dream. In fact, the economy depends on new businesses to fuel growth. And the internet helps us to even out the playing field; so there are many factors that weigh in your favor. And of course, a few that may stack against you (we will discuss these in a future article). But don't be discouraged!

We at Cross Sea Strategy Advisors have long felt that our experience provides us with unique advantages when creating a business. We look back at some of our best and worst managers, best/worst companies and can use this experience to make us better executives. We understand (and expect) high levels of customer service and are frustrated by poorly designed products. Some of us have the capital behind us to leap into the unknown; or we just feel the gravitational pull towards being our own boss. Our message; you are never too old to start  your own business.

We can continue to cite more interesting statistics that support our viewpoint, however instead, click over and read their study. However... we will share one last very important statistic.

Only 4.5% started their own business because they were unable to find traditional employment.

We absolutely believe you should create a business based on your passion, your excitement for bringing to market a great idea. Not because you faced defeat and frustration in seeking employment. Starting a business based on a positive mindset will help tilt the balance towards success over failure.

Please join us every Monday evening (8PM Eastern) for Entrepreneur Espresso on Spreecast, where we discuss business start up topics, share experiences and meet interesting guest speakers. This is a online conversation for and about Entrepreneurs. And come join our LinkedIn Entrepreneur Espresso Group to keep the conversation going.

Why do web projects fail, and what can we do about it?

Failure - according to Wikipedia refers to the state or condition of not meeting a desirable or intended objective.

Thirty percent of web development projects will fail, will be delivered late and/or over budget. Failure is costly, not just in terms of dollars spent, but in lost opportunity and reputation. Twenty one percent (21%) of projects will fail to meet the stakeholder requirements. The Aberdeen Group takes these statistics even further, reporting 50% failure rates with offshore developers. Why will nearly 1 in 3 web projects fail and what can be done to increase your odds of success?

To understand how to succeed, it is important to dive-deeper and explore why projects fail. The New Bamboo study referenced three factors of project failure:

1. Changing requirements
2. Inconsistent stakeholder demands
3. Insufficient time or budget

The Aberdeen Group reported:

• 76% of companies said that vendor management effort and costs were much higher than expected
• 30% reported ongoing issues with outsourcer management processes (e.g., inadequate governance and conflict resolution procedures)
• 51% reported that outsourcer was not performing to expectations

Gloomy outcome for most projects, or so it would seem. However, you can tilt the outcome to success at a much higher rate by starting your project with a strong foundation, a clear plan and strategy and concise and detailed requirements.  Entrepreneurs, we have found, are ideas people. They think great thoughts and yet have trouble detailing their vision to their development partners. They talk past each other, with an assumption that they both understand each other. The best development firms will probe and ask questions until they fully understand the project - alas most do not. This is an issue with both on and offshore development companies, we have found.

Before you solicit a development partner, make sure your vision, budget and timeline are in realistic. And once you have a partner selected, be sure there is complete understanding of the project details, goals, budget and timeline. We have experienced with business owners that had grand visions and low unrealistic budgets. And we have met business owners with their project idea written on a napkin, not fully thought through. We have met many business owners that told us of their bad experiences with project development - and we often see the root cause was well before the first line of code was written.

At Cross Sea Strategy Advisors, we work closely with the business owner; coaching and mentoring, asking questions and building up requirements that meet their budget, timeline and strategic vision. This all before a development partner is identified and engaged.

Taking the time upfront will help improve the odds that your web or mobile development project will meet your expectations, be delivered on budget and on-time. And with our effective RFP management process, we can then help ensure that the developers are fully in-sync with the business owner.

Success, the achievement of an objective or goal... the opposite of failure, according to Wikipedia.

@BronxZoosCobra: A Great Example of Viral Twitter Marketing

Have you been living in a zoo cage? You do know about the Bronx Zoo's escaped Egyptian Cobra, right? However, were you aware that this cunning cobra has been tweeting about her escapade through NYC? Meet @BronxZoosCobra, a viral marketing genius.

"Checking Google maps. RT @sesamestreet The @bronxzooscobra is visiting places around NYC. Can anyone tell it how to get to Sesame Street?"

Within days, this sssssly snake gained over 200,000 followers and appeared on the Piers Morgan show with the founders of Twitter.

"Hey @piersmorgan, @jack and @biz, What does a snake have to do to get this account verified?"

Soon after, she was mentioned on CNN and Fox News and more. And her followers began to retweet and join in the fun at the hash tag #snakeonthetown.

"Enjoying a cupcake @magnoliabakery. This is going straight to my hips. Oh, wait. I don't have hips. Yesss! #snakeonthetown"

Magnolia Bakery along with Ellis Island, Guggenheim and many other NYC attractions received  great (and we presume free) viral publicity. Not to mention the publicity for the Bronx Zoo.

The BronxZoosCobra lives on after her recent capture...

"Just regurgitated my iPhone. Oh, it's ssso on now. You'll never guess what's coming. #freethebronxzooscobra"

What can business learn from the Celebrity Cobra's twitter campaign?

The Cobra struck fast; being the first to enter the Twitter jungle. Her tweets were topical, humorous and relevant - visiting interesting sites in New York City. A few copy cat snake Twitter accounts came online; and fell flat. There was room for only one small snake in this big city.

And most importantly, the ssssneaky snake did not try to monetize it's adventure; at least not right away. She established an interested base of followers building trust and credibility. Has she began to monetize her adventures?

"Even while incarcerated my reach extends beyond my 20 inches. I have hijacked Ryan Seacrest's Twitter. See for yourself @RyanSeacrest"

Twitter can be an incredibly powerful tool in your social media marketing campaign strategy. Even for a 20" escaped snake: BronxZoosCobra.

Facebook: Losing its Touch with Real People?

Banner Blindness; test subjects that "...either consciously or unconsciously ignored information that was presented in banners". Could this happen to Facebook; as a majority of updates are originating from commercial groups - rather than "friends"?

In the beginning; Facebook was about individuals sharing worthy (and at times mundane) information about themselves. Brands began to realize the value; the social aspect of Facebook. And some manage their social communications extremely well. Others simply have a Facebook presence because they believe they must be there. Not a worthy nor a successful Social Media Marketing strategy.

Side note: if you have a branded Facebook page and yet you "do not" allow people to write on your "wall", is it indeed social?

On my own Facebook page; dozens of news agencies and corporate brands present daily updates; while my friends communiques are buried in-between. At some point; will the people, the real faces of Facebook, drift away due to over-commercialization?

Brands should become aware of this; and present their updates when they have socially relevant information to share. Where they eagerly wish for their "faces" to come and respond and be social within their company Facebook page. The strategy should inspire responses; evoke shared experiences (including photos); and clearly not over-communicate. The branded sites that create a socially welcome environment will deliver on the ROI promise. We would like to see individuals vote on this with their "like" and "dislike"; which would send a clear message to the best and worst sites.

We'd like to know what you think of the current state of Facebook and how brands can enhance the experience - not cause its downfall.

B2B Social Media: It's about Listening (State Farm Insurance)

In my old age, I have become such a customer service curmudgeon. When a product disappoints me, I want to share this information with the company. In some cases, it might be just an outlet for my disappointment - or could be that I want an action to take place. In the past, I would send off a letter addressed to the company president, then wait to see if anything happens. Today - there is often a better way. Social Media.

In a previous blog entry, I discussed brands that made it easy for their consumer fans to reach out; and one that was not as interactive. In future articles, I will discuss sites that succeed or fail in this regard. One success story is State Farm Insurance.

In an Social Media Examiner interview with  Kelly Thul, Director of Communication Services at State Farm Insurance, Kelly discussed how they leverage social media for both employee's and customers. The one big take away for me - was that they use their social media platforms to "listen". Simple concept - to listen to your customers. And naturally, to respond back as well. In this example, lifted from the State Farm Insurance Facebook Fan page, a customer is clearly unhappy; and has received an immediate response. Whether they can help is not the issue; that they listened and responded is key. Key to maintaining and preserving their brand and customer base.

 

Comment in with any examples of the good, bad or ugly use of social media by major brands.

 

 

 

 

 

Social Media : A two-way street leads to success.

Recently I encountered Facebook fan pages for brands that left me feeling flat about their online social intent. My concern was that they did not allow their visitors (fans) to post on their wall. In other words, they presented themselves with the privilege to start the conversation; yet not allowing others the same accord. They do allow comments in their posts however. One of these is Quaker Oats.

A very good example of social intent on Facebook is Best Buy. When I had problems with service for a digital camera, I posted my complaint on their fan page. I stated my concerns clearly and received a helpful response. Best Buy monitors their fan page and responds. In the end, their response helped to satisfactorily resolve my issues (and I posted my appreciation on their fan page). Quaker does not allow for this level of interaction and therefore, their social conversation is one sides and unsatisfactory for a consumer brand.

Consumer brands can learn much from their "fans"; whether from positive or negative comments. The value of this interaction can be powerful. In the case of Best Buy, turning a negative situation into a positive experience.Coca Cola recognizes this power as well and openly shares their Online Social Media Principals.

We recognize the vital importance of participating in these online conversations and are committed to ensuring that we participate in online social media the right way.

Company's that care about their consumer audience can learn from Coca Cola and Best Buy. Are you listening Quaker?

 

 

SEO Basics: lessons for the Bill Gates Blog

Bill Gates, of Microsoft fame and fortune, has boldly entered the social networking scene with his blog The Gates Notes and a twitter account. Leave it to Danny Sullivan to gently poke fun at Mr. Gates and yet provide a good lesson on the basics of search engine optimization (SEO). Even the rich and famous could use online help.

With his blog, The Gates Notes comes challenges we all might face - fakes and other pretenders that in fact could out-rank your blog or website. In fact, there are a number of fakes that are outpacing Bill Gates blog; all the more reason to focus energy on SEO.

Danny Sullivan makes it clear; there are basic elements that anyone can do to enhance their blog or website in terms of ranking. And for what appears when your site is displayed after a search. We have educated many of our clients that the title and meta description tags are your most important and easiest changes you can make.

The title tag, which displays content at the head of the browser is read first my the spider - but equally as important - can be the actual display on the search result. In Danny's example -Mr. Gates blog original title tag: "The Gates Notes" and recommends a change to : "The Gates Notes – Official Bill Gates Blog".

In The Gates Note example, there was no identified meta descriptions, so the search engine took any content it could find. Instead, by adding this tag, in most cases you are providing the sentences that will help your searcher decide to click on your site.

SEO contains many elements, yet there are a few basic constructs that can provide immediate benefits. Read Danny Sullivan's educational and fun article : "Some SEO Advice for Bill Gates".

Post Note: Bill Gates acknowledged Danny's advice on twitter:

"@dannysullivan, thanks for the advice - the people who work on the site are on this now, should see improvements tonight.."

Crush-It: Gary Vay*Ner*Chuk's Social Marketing Motivation Book

If you never heard the name Gary Vaynerchuk, you have not been on Twitter, Facebook, Podcasts, YouTube or, for that matter, anywhere online. Gary is a high energy way over-the-top social marketing show man, business owner and now author. He is loud (his words).

His genesis is Wine Library, a wine store in Springfield New Jersey - and then an engaging Podcast called Wine library TV.  In his episodes, he discusses wine but with an entertainment flair. He truly brought wine to the every-man/woman. He is passionate about all things wine and it shows. His podcasts are must-see and infectious. You want to try these wines; do the "sniffy sniff" and so on.

However; today we are talking about his book:   Crush It!: Why NOW Is the Time to Cash In on Your Passion

Crush-it is a motivational book; where Gary implores you to drive your passion hard into real cash, using all the social media tools available. His point - these tools are mostly free and there is nothing stopping you from achieving your goals; except yourself. The book is a quick read and although he doesn't go into details on how to use Facebook or Twitter, he gives you a feeling of empowerment. That yes - you can!

Yet this isn't a book just for make hiking (my passion) a lucrative business. It's a great read for any business owner and entrepreneur. In the coming weeks we will be leveraging Gary's ideas and strategies for a client in that promotes PowerPoint Presentation templates - and for our own... hiking. We will document are steps, strategies, successes and learnings. Stay tuned as we try our own hand at Crushing It!

Facebook: Privacy and 350 Million Connected People; a real challenge

Mark Zuckerberg announced yesterday that "It has been a great year for making the world more open and connected. Thanks to your help, more than 350 million people around the world are using Facebook to share their lives online.". He does on to discuss privacy, a real challenge when you manage a community of this size. How to you maintain an "open and connected" society yet place rules to protect ones privacy?

One thing is for sure, Facebook need to implement the ability to control privacy in an easy to  understand - intuitive manner. This is not as easy as it may sound, as this community has highly advance technology people - and those far less so. Yet online privacy is critical to the success of this and other social platforms. failure to secure personal data could be crushing to a social platform.

Currently, we can control who has access to our Facebook page and we restrict access to the content and images from 3rd party entities. The question; is it working? How do we know if the security structure we setup is actually what we intended and is correctly in place. To this; we suggest a privacy wizard that, after making your selections - it provides an easy to understand report and analysis. Further , we suggest the use of a graphical representation of your privacy settings; so it is clear who is in - who is outside.

We personally use Facebook for fun and pleasure (which is why we don't publish our Facebook page here); and yet we believe this is a highly strategic social media platform for B2B and B2C organizations. We will explore this aspect further in the coming days. Add your comments and concerns about privacy n Facebook; we'd like to hear from you.

Blogs: Should they be incorporated within your company web site?

We are advising a B2B company about their social media marketing strategy and the question came up: "Should we integrate our blog with the web site, including navigation and look 'n feel, or should it  be a stand alone entity?".  A great question, so we asked the experts on LinkedIn for their advice.

Background: The company sells PowerPoint templates to business professionals. We advised them to create a blog, and leverage other channels, to establish thought-leadership in creating and giving effective presentations. A natural tie-in for their product, yet useful information that business professionals can value (without an obligation for making any purchase).  

Results: The over whelming response was to maintain integration, including branding to the B2B eCommerce site. The blog should not be sales oriented however - the content should be neutral to the templates and related offerings provided by the company. This follows the business networking notion of give and give, and returns will follow. Provide good useful information and establish trust and credibility - sales will follow. Of course, other blogging rules apply including frequent and fresh content, staying on topic and allowing people to comment and add to the conversation and wisdom.

Why would a company not integrate their blog? We aren't sure - please add your comments if you have a compelling reason to dis-associate your web site from your blog.

Selected quotes from the LinkedIn response (we could not have said it better):

“Staking out a thought leadership position in the market for our products is an integral part of establishing your value proposition, and something customers would expect to see from a supplier charging premium pricing. Said another way, if you want to charge premium pricing, you better have a blog site with your subject matter experts providing non-proprietary information on how customers can solve problems.“ (David Wick)

“Rather than the commerce side devaluing the blog, I think a useful and well-written blog enhances the reputation and trust in the company and its products. If visitors come to value the information on the blog, then they will turn to your clients company for templates, before searching out another source, because they already trust them for being an authority in this area.”    and

“…if the content is good, it will build credibility and that will support sales. My clients tell me that they find my blog helpful, and new clients tend to contact me after first exploring my blog entries.”  (Heidi Cool)

“I feel blogs add a personal side to a company and help the (potential) customer to relate to the company and get a feel for their level of passion and enthusiasm.” (Carl Wilson)

"I think that incorporating the blog is a great idea. Why make it stand alone? They are experts, the blog is the place to make their expertise known and have them shine.” (Melissa Galt)

 “The best case for not adopting the same look at the "mothership" site is when the blog is a sponsored blog, rather than the company blog”  (Michael Martine)