Usually, the acronym, ROI (“Return on Investment”) is reserved for use in characterizing how much money you get out of a deal as an investor. It’s basically a financial stat. But the ROI for us at StartupNation is something quite different, which I realized as soon as I received this unsolicited email at 7:41pm. Beyond [...]Continue Reading
Archive for “Inspiration for Entrepreneurs”
The love affair started about ten years ago. I was flipping through the channels on late night television and stumbled across one of Felix Trinidad’s early fights. He was an amazing athlete full of unwavering determination, brute physicality, and an innate ability for overcoming obstacles. It was no secret that he would often get knocked [...]Continue Reading
Obviously John Wooden is not on my advisory board, but he is in my Pantheon-of-Wonderful-People. Quote to consider No written word, no spoken plea Can teach our youth what they should be; Nor all the books on all the shelves It’s what the teachers are themselves. Given to John Wooden by his Father upon Graduation [...]Continue Reading
Hello. My name is Jessica Eaves Mathews and I am a serial entrepreneur. There. I said it. I am coming clean. It is high time I admitted that not only do I love helping my law clients set up and run their own businesses, but I have a *fond* attachment to setting up my own [...]Continue Reading
I received a press release today that deserves a few minutes of your scanning. It’s the monthly consumer confidence report issued by The Conference Board. It shows that consumer confidence actually trended up this month for the first time this year. Is this a sign that we’re going to start hustling and bustling again? Well, little by [...]Continue Reading
Check out this NYC regional TV show with Brian Lehrer as host (and me silenced in the first few minutes but then unLEASHing my enthusiasm about why now is a great time to start up, once my mic starts working, that is…) I give a five point prescription for steps to take to pursue your startup opportunity [...]Continue Reading
We can do far more together than we can alone. This I know for sure. Michael Port just interviewed me for his Think Big Revolution audio series. Check it out. He just released his 4th (and best) book: The Think Big Manifesto. This book is outstanding. It’s a little book with a big [...]Continue Reading
Recalling my earlier post about (FREE being a good price, and FREE love… I’m a big fan of “if you have a gift at something, you share it.” Perhaps it’s all that Catholic school (no lights under a bushell, and such) but I think this journey is a lot easier when people give one another [...]Continue Reading
Let’s face it. The first step is always the hardest. Whether you’re trying to quit smoking, start graduate school, or learn how to play guitar. It’s that first step that leaves us feeling awkward, inadequate, and questioning our conviction. Taking that first step toward entrepreneurship is no different. We question our business skills, product performance, and financial competency. The dreaded, “what if I can’t do it?” question creeps into our daily thoughts. We start reasoning that it might be better to “just wait another year.”
These fears are extremely common and unfortunately well founded. Reports show that as much as 50% of all new start-ups fail within the first year. That is not exactly encouraging odds. However, we all have a choice when it comes to creating our destiny. We can use statistics like these to confirm our business’s certain death, or gain confidence from the fact that you could be part of the 50% that become a success. In the famous words of Zig Ziglar, you just have to eliminate your “Stinkin’ Thinkin’”.
One of the tools I use to overcome my fears is mind mapping. It’s a terrific tool that can help you isolate the source of your fears, bring much needed perspective, and help brainstorm solutions to your sticking points. There are several “mind mapping” tools out there and many are free to use. I prefer to use the tool by Wisemapping since it’s free, allows me to add notes and web links, and I can publish or share the completed map.
To demonstrate my fear mind mapping strategy, I’ve created an example below.
First, I outline my top fears associated with starting the business. I then brainstorm how I can overcome those fears. My final step will be answering those questions. My goal is to find a positive solution to each of the questions I’ve asked. For example, for the question, “Can I reduce my startup costs with outsourcing?” I would research potential manufacturing possibilities until I could answer the question with a “yes.” If I can’t find a way, I then brainstorm ways to overcome the obstacle. A “no” isn’t necessarily bad, it just means you need to tweak your business plan to compensate for this reality. Try to be as thorough and honest as possible with your mind map. The goal is to solve your sticking points on paper before you’ve invested your time and money. I use this tool regularly for many of my business decisions including product launches, partnership agreements, and even potential marketing opportunities.
It’s amazing what this simple exercise can do for your confidence level. You are no longer living in fear of the unknown. Instead, you are on a mission with a powerful road map to your business’s success.
Let’s face it. The first step is always the hardest. Whether you’re trying to quit smoking, start graduate school, or learn how to play guitar. It’s that first step that leaves us feeling awkward, inadequate, and questioning our conviction. Taking that first step toward entrepreneurship is no different. We question our business skills, product performance, [...]Continue Reading
If you position it right, you can market anything — especially if it aligns with a core human need. In this case, Sarah’s Smash Shack was conceived to relieve people who are stressed-out. Could the timing be any more appropriate? Customers in San Diego can choose fragile tableware from the Smash Shack Menu—for example a [...]Continue Reading
I had a moment (I can pinpoint it exactly) when roller coasters seemed to lose their luster for me. It was about 30 seconds after de boarding a Turkish Twister after having had about 6 sips of a soda…and I was down for the count, on the ground, laying flat on my back for about [...]Continue Reading
Here’s a transcript of my comments on CNN’s Your $$$$ this weekend. Thought you might enjoy… ALI VELSHI: Businesses start up with in these economies, and by the way consumption we were over consumers and that’s going to change, but we do remain consumers. People do buy things. CHRISTINE ROMANS: That’s right. VELSHI: Richard Sloan [...]Continue Reading
3 Pieces of Life Advice from George Will on this week’s Roundtable Don’t play poker with a man named Slim. Don’t buy a Rolex from a guy out of breath. Don’t take advice from someone who is screaming.* *context: he was referring to the panic being felt on Wall Street. What life advice do you [...]Continue Reading
This post is simple: A reporter for one of the top 3 news sites in the world contacted me. She interviewed me already, but has now asked that I inquire within the StartupNation community as to whether any of you have used severence pay to start a business. She’s looking for a lead person to feature [...]Continue Reading
Each year the International Franchise Association recognizes one outstanding franchise entrepreneur for their achievements in business, and particularly, franchising. This year, Tariq Farid, CEO of Edible Arrangements International, Inc. was awarded this prestigious honor. Emigrating from Pakistan to the US in 1969, Farid’s entrepreneurial spirit bloomed at the age of 17 when he used a [...]Continue Reading
My team visited Scottsdale, Arizona last week as exhibitor and sponsor of the Women Entrepreneurs’ Boot Camp. We had a chance to sit down with organizer, Susan Ratliff, and discussed key marketing tips and business tactics for beating the recession in 2009 and I thought I’d share some of her insights. Susan happens to be [...]Continue Reading
Simple question: Does having a social agenda — a “cause” — attached to your business ultimately help you become more profitable (in a financial sense strictly)? Vote and comment in this simple Poll at StartupNation.Continue Reading
We entrepreneurs are a passionate lot. We’re all driven, each working on transforming our dreams into reality. That’s why I propose that we StartupNation members officially make a song from Bruce Springsteen’s latest album – blasted out to the world during halftime at the Super Bowl yesterday - the new anthem for entrepreneurs: “Working on a Dream”. [...]Continue Reading
Thought I’d share some internal information about StartupNation and its performance as derived from Google Analytics over the year gone by. I figured, you, our coveted members and new visitors, deserve complete transparency. So here goes, in the form of a 2008 vs. 2007 comparison: 2008 vs. 2007, and % change 1) Number of Visits: [...]Continue Reading
You just got fired for the last time. Now you’re in charge of the hiring / firing policy. Why? Because you are starting your own business… FINALLY. To hang the “BOSS” sign on your door, here are 5 quick tips: 1) Play to Your Passion: Figure out what turns you on – if [...]Continue Reading