Valentines Day: Just Kiss the Girl!

Just in time for Valentine's Day, I thought I would repost an article from Inc Magazine.  It recounts the fortunate opportunity I had to hear Warren Buffet speak to a group of business students at Georgetown.  It was incredibly inspiration for me, so hopefully you find some inspiration yourself.  If you do, please share with others!!  Enjoy!


I've always wanted to run a business. For most of my life, however, I always felt I lacked the experience and knowledge to do so effectively. I therefore I spent the first thirty five years of my career "grooming" myself to be an entrepreneur.


Yes, the math works out ... I dreamed of running a business as an infant.

I studied basic business disciplines in undergrad, such as marketing and operations. I accepted jobs that typically paid less but offered a greater breadth of experience and more mobility in the company. I eventually went back to earn a Masters of Business Administration (MBA) with a focus in finance, since I felt it was the area of business I was weakest. And, after graduate school, I took a volunteer job as a business development consultant for the MBA Enterprise Corp so that I could work with entrepreneurs and see firsthand how they operated.

The Georgetown Alumni Association has never been happy with me bringing down the average salaries for graduates.

So, you might imagine what I said to a young, aspiring college student recently when he asked for advice on becoming an entrepreneur.
No, I did not suggest more experience.
Instead, I remembered and recited advice I received in graduate school from a business sage with much more experience and wisdom than me. He struck a cord with me when he told a story of a young associate in his company, many years ago, who was going back to school in order to "gain as much experience as possible" so that he could eventually run his own business. Upon hearing this, the business sage replied, "Why are you reading and studying about how to kiss a girl? Just kiss a girl!"

Indeed.

He went on to acutely compare "kissing a girl" to pursuing your lifelong ambitions, saying:
  • You could never stop reading and training to do what you love. Instead, go out there and do it. There is no better substitute for experience than experience.
  • You are more than likely going to fail your first time, and probably a few times after, but that's the beauty of trying. Failing can be just as rewarding (and fun) as succeeding.
  • Eventually, you will find your groove, and you will discover that the actual experience is much different than anything you have read about or been told.

As the company I co-founded, Wild Creations, comes up on its sixth anniversary, I can tell you with complete certainty that this advice is spot on. I'm proud of ouraccomplishments at Wild Creations, and I don't regret a single step I took to get here. I would even offer words of support to future entrepreneurs and business leaders who wished to pursue a similar path. With that said, however, there really is no better substitute for experience than experience. 

So, if you are aspiring to start a business or a new career, stop preparing for it and just do it. Just kiss the girl!

And the business sage who offered this advice?  Warren Buffett.

Thanks Warren!

Do you have a similar experience? Please share below.

Inc.com: When Special Interests Attack

A short time ago, I posted an article on Inc.com called "When Special Interest Groups Attack" about how to deal with special interest groups.  In particular, I outlined the challenges we faced with PETA (People for the Ethical Treatment of Animals).  Because the experience was quite difficult to handle, especially since we had no previous experience with it, I thought it worthy to re-post here.  So, if you are a young, budding entrepreneur who finds yourself up against a hostile special interest group with a mob mentality, just know you aren't alone.  Here are some tips on how to handle it.



In 2009, the organization People for the Ethical Treatment of Animals, otherwise known as PETA, put our company, Wild Creations, on their "Most Wanted" list, and not the good most wanted list we product developers pine for. One of our most popular products, an ecosystem habitat with aquatic frogs, was just starting to make big waves nationally. We had expanded to over a thousand small retailers and secured a deal with our first large national retailer. We had won numerous industry awards that year and received a great deal of media attention. Because we had a unique product that featured a cute and adorable pet, we were an industry darling…and a prime PETA target.

The attacks started mildly enough, with a few newspaper articles that propagated false information about Wild Creations. At one point, the group falsely claimed that we had received numerous citations for animal rights violations at our warehouse in North Carolina. Not only had we not received any citations, but our warehouse wasn’t even in North Carolina. The attacks increased in frequency and escalated in intensity, as they initiated campaigns that harassed our retailers, including the large retailer with whom we had just partnered, with tens of thousands of form emails and negative Facebook posts. They went so far as to report animal abuse to our local authorities, pay for Google ads aimed at slandering the business and management, and even organizing two or three person protests at stores. It was ugly.

What they did not do during this time is contact or even attempt to reach out to Wild Creations directly to discuss their concerns and possibly work toward an amenable solution, which we had done with every other such organization to date.

Special interest groups like PETA come in all shapes and sizes, from huge organizations with a global reach and tens of thousands of supporters to very small and regionally based groups made up of neighborhood advocates. Most are very congenial, reasonable and cooperative, while others have hidden agendas. From our experience, a vast majority will work with instead of against companies to further their cause. And, since all we want to do is provide happy families with a wonderful pet, we are more than willing and happy to listen to and cooperate with them.

What do you do, however, when a special interest group simply doesn’t like your product or your company? These groups are often insatiable and hostile, attacking you and your customers, often with false claims and slander. They typically are ruthless in their methods and employ bully tactics to make their point.

Without the deep pockets and savvy public relations departments of larger corporations, handling the threat of a hostile special interest group can be extremely stressful. Here are a few tips for making it through the situation with your business, reputation and sanity intact:

1. Be Prepared: Understand the potential threat of special interest groups that could find your company and products to be offensive and ripe for an attack. Do your research and don’t dismiss any as nonsense or unrealistic.

2. Choose Your Battles: Most hostile special interest groups just want attention. They will employ bully tactics to undermine your company, often attacking your customers as well as you. Like most bullies, engaging with them will just stoke the fire, but ignoring them can deflate their enthusiasm and encourage them to pursue another fight where they can garner more attention. If the group is not hurting your business, do not engage (but be prepared!).

3. Be Transparent: If you are forced to respond, be honest about your business and products. Don’t hide anything, lie or embellish unnecessarily, as this will just raise suspicion and eventually hurt your credibility. You will sound more credible if you have and stick to factual evidence and use endorsements to back you up.

4. Take the High Road: While hostile groups will engage in false statements, slander, name calling and embellishments, do not return the sentiment. Providing your customers and the public with a professional response with an “agree to disagree” approach will make the other group appear adolescent in their tactics and discredit their claims.

5. Don't Back Down: When it becomes clear that the hostile special interest group has no interest in cooperating, do not give in, regardless of the intensity of the attacks. Encourage your customers and vendors not to succumb to the pressure as well. Bending to the group, especially when you have done nothing wrong, will only provide fodder and strength for future campaigns. 

6. Do the Right Thing: Ultimately, most special interest groups (even PETA) have a good cause. If you actually find that the concerns of the group are valid, then work with them to improve your business and products. This can lead to a great relationship and, possibly, an endorsement. Just don’t count on that from PETA.

Wild Creations survived the attacks by PETA, retained the relationships with all of our retailers, and continued to grow and eventually make the Inc500 list in 2010. We were able to do so because we had ample evidence pertaining to the viability of our product, details supporting our animal handling practices, and partnerships and endorsements from qualified professionals.

As PETA had hoped, the issue gained a good deal of media attention, but because we were doing nothing wrong and handled the complaints professionally, we were able to come out better in the end. As they say, any press is good press…as long as you are prepared to handle it. We are still on PETA’s radar, and because their campaigns are typically tied to seasonal fluctuations in our business, I’m sure we’ll hear from them again soon. We are prepared, however, and we will continue to be transparent, professional, and true to our values.

8 Marketing Trends for 2013

Throughout 2012, I was privy to a great deal of buzz surrounding "inbound marketing", through discussions, blogs and articles that just happen to make my read list.  In fact, I have been considering the basic elements of inbound marketing over the past year but have never put a "label" to it.  Many of these ideas were validated last month when I saw Bill Halligan of Hubspot discuss inbound marketing and the way it is transforming marketing and customer relationships.  Of course, the concept around inbound marketing has been around for a number years, and indeed Hubspot has been promoting it as a means of attracting customers for a while (a great slideshow presentation from 2010 is included below).  Now that I have been able to formalize it, I thought I'd share a few marketing trends to watch for in 2013, all of which we are considering in our marketing strategy at Wild Creations.

  1. Turn Up The Noise: I'm a podcast and blog junkie, and right now, I feel overloaded with content.  We are, however, just witnessing the beginning of online content production.  One of the foundational concepts of inbound marketing, after all, is to create content to drive customers to you, so as more businesses start to employ this, finding and producing useful and relevant information is going to be increasingly more difficult.
  2. Relevancy: In order for content to be heard above the "noise", creating relevant and informative (and arguably entertaining) content is a must.  Not that every blog or tweet will need to introduce a revolutionary business idea, but the content will have to be much more tailored for your target readers and customers in order to compete for they eyeballs.
  3. CEO of SEO: Search engine optimization will become more important and even more difficult to stay ahead of.  While there are thousands of SEO companies (as the number of email solicitations I receive would lead me to believe), maximizing your SEO is actually easy to do yourself.  With that said, as more people become adept at SEO, and search engines continue to alter their algorithms, it will be increasingly important to stay ahead of the game.
  4. Power to the Customers: Creating (good) content (often) is not easy.  In fact, it can be downright difficult.  Because of this, customers will begin playing a key role in creating content.  This will be accomplished by promoting feedback in social media circles and even partnering with valued fans to write reviews, blog posts, etc.  Offering to reciprocate will help you to diversity your content and increase your visibility. 
  5. Going Mobile: The statistics for mobile use is awesome and undeniable.  As the proliferation of smart phones and tablets continues, mobile usage for research and purchases will skyrocket.  Because of this, reaching your customers (effectively) via mobile is going to be key for a successful marketing strategy.
  6. Pictures Are Worth A Thousand Words: Because so much noise is being created, visual marketing is going to increase.  The use of informational videos, interviews and podcasts will allow you to reach customers without giving them "reading headache".  The purchase of Instagram by Facebook for $1B (billion) also demonstrates the growing importance of visual cues (pictures) to reach eyeballs. 
  7. Real Time ROI: Gone are the days of the adage, "50% of my marketing efforts work ... I just don't know which 50%".  Because the impact of an online marketing campaign can be so readily tracked, there is really zero reason why marketing campaigns can't measure the return on investment and make changes quickly.  
  8. Relationships vs Campaigns: The ability to utilize data instantaneously and personalize marketing efforts will allow businesses to tailer campaigns down to the individual level, creating real relationships with customers ... even if through impersonally scheduled emails and posts.  This is yet another vital way to assure the effectiveness of every marketing dollar spent.
Discussing the concepts behind "inbound marketing" is an entire post by itself.  Since there is no shortage of articles that describe inbound marketing (including the slideshow presentation below), I'll leave it up to you to do your own research.  I would, however, love your feedback about anything you believe if going to be a marketing trend for 2013.   Leave a comment below ... and please share!

Happy marketing!


5 Non-Money Reasons For Crowd Funding

Recently, I came across a project on Indiegogo for a short, independent film called Por las Plumas / All About the Feathers.  Because I am a huge fan of indie films and an aspiring film maker myself ("aspiring" being the key term here), I was struck by the raw and enthusiastic nature of the pitch.  More important, I was genuinely excited for the possibility of the project being funded through crowd funding, a rapidly growing means of raising capital for aspiring entrepreneurs and inventors and, in this case, film makers.  It's a trend that I believe is the future of capital investment!

Crowd funding, by definition, is a means of bringing a large number of people together, typically through the internet, to collectively fund the activities of people, organizations and companies.  As traditional sources of capital increasingly, and frustratingly, become more difficult to attain, entrepreneurs and inventors are finding crowd funding to be a perfect solution to their growth needs.

This was primary driving force for starting Jumpoff, a crowd funding site dedicated to kid-related products and kid entrepreneurs and inventors.  Through our work with Wild Creations, a toy and game developer, we understood firsthand and intimately the difficulties of raising money for a new project or idea, especially in the toy and game industry.

After endeavoring to start Jumpoff, however, we began to realize that that there were numerous other benefits to using crowd funding beyond just Raising Capital.  For instance ...
  1. Establish Priority: While it is clearly a good idea to patent or copyright an idea, posting a project on a crowd funding site provides a permanent record of your idea in the public domain.  This is far better than just having your idea on a bar napkin in file in a desk drawer.  Of course, it is essential that you have your records in order and, for highly sensitive ideas, start the process of protecting them legally.  
  2. Raise Awareness: Since most of the money in a startup goes toward developing an idea, creating a prototype, etc, there is typically very little left for marketing.  Crowd funding provides a great and inexpensive platform for introducing your idea to the public.  The project does need to be thoroughly thought out and creative, however, otherwise it gets lost in the noise.
  3. Build A Community: These days, with social media playing an increasingly significant role in brand awareness, having supporters and fans, as well as reviewers and commentators, is crucial for developing a grass roots effort to promote your idea.  While using Facebook, Twitter, and other social media sites will surely play into a strategy, the crowd funding community is a great place to start.
  4. Develop Proof of ConceptProof of concept is the realization of an idea to demonstrate its feasibility.  Most crowd funding sites, Jumpoff included, do not fund a project unless it meets certain project guidelines and, most important, meets its funding goal.  If the funding request is not met, NO money is exchanged and the project just goes away.  If it IS funded, however, the project not only has the money it requested, it has a proven track record and most likely sales.  This is tremendous leverage when taking the product to the next stage of growth. 
  5. Create Partnerships: As the crowd investing guidelines of President Obama's J.O.B.S. Act starts to take form and go into affect in 2013 (knock on wood), the natural place to begin looking for projects in which to invest will naturally come from crowd funding sites.  Entrepreneurs and inventors can get a head start now by creating an online crowd funding profile and submitting projects in order to begin networking with the most active community members.  This is where the true partnership are going to take place.
Crowdfunding.org estimates that funds raised through crowd funding will grow from 2011 $1.5B raised to an estimated $3.2B in 2012.  This growth is sure to continue in 2013 and beyond, but I believe that the greater benefit is going to come from the huge, global community that these sites create.  I believe we are just seeing the beginning of this incredibly exciting industry, and as a co-founders of Jumpoff, I am indeed excited to be involved!

As for my dreams of becoming a film maker ... well, let's just say that with inspiring and creative projects like "Por las Plumas" on the horizon, I'll just stick to my day job!



Por las Plumas / All About the Feathers from Neto Villalobos on Vimeo.

Innovative Business Networking Event MYR

If you are an inventor, entrepreneur, business leader or legislator in South Carolina, then the Business as Unusual event is where you need to be.  The idea, spawned by local CCU student Meagan Nowacoski, was conceived to bring together forward thinking business leaders and investors to network with the newest and most innovative local small businesses in the Grand Strand area.  One of the businesses being highlighted is none other than Jumpoff.co, the first crowd-funding sight for kids and kid-related products founded in Myrtle Beach by yours truly.  The event is being held on Wednesday, Dec 5 2012 at 6PM at the MYR Cowork location in Myrtle Beach, which in itself is an innovative organization supporting young and aspiring small businesses.

One of the reasons I find this event so appealing is that small business development and innovation in the Grand Strand area, especially in Myrtle Beach, are very under served and under appreciated.  Clearly, Myrtle Beach is a tourist destination first and foremost, but as one of the most significant sources of revenue for South Carolina, I'm shocked more effort is not made to attract year-round businesses here.  Another issue that arises is the brain-drain experienced in the region, making it difficult for business like ours, Jumpoff and Wild Creations, to find and retain qualified talent.

With a cost of living below the national average, moderate temperatures most of the year, and a prime location on the beach, the Grand Strand is a prime location for attracting businesses.  I think events such as Business as Unusual are a great first step to bringing attention to this need.

If all of this is not reason enough for you to attend and network with small businesses in Myrtle Beach, then the amazing line up of food and refreshments by local chef Robert J. Ziehr is reason in itself.

To register, follow this link.  Proceeds raised from the event will go to support Abiding Village.

Location:


For more information, see the updated coverage by the Myrtle Beach Digitel or the coverage by local news.