Business is people

People are still just people. Sometimes they only act in their best interests. Its true, you rarely can do everything on your own, but when you choose people to work with, be sure you trust them. When you become more popular in the business community, and your business starts hitting the "big time" you'll be approached with a lot of offers. Hopefully by this point you have partners you trust and know well enough that you can work flawlessly with them. The new offers that come to you need to be well evaluated. Above all, be sure what is offered can be delivered.

It may even be that old partnerships or offers have a bitter taste in their mouth over your success. Rumors may spread, people might start voicing opinions. Just remember there are two sides to the tale.

Even the greats have had bad partnerships. They've had to let people go they thought were good for the company and in a few instances were even pushed out by the others, like Steve Jobs in Apple. In any case its important that your people are your people. Ones you have a good relationships with, trust, and can build something great with.

Just in the experience I've had (which could be considered short - although with a steep learning curve) I've seen many come and go. I've seen bridges burnt and new relationships turn out not to be what they appeared. I've seen offers pop up that were really just tools to get that particular person a little further up through someone else's established success. This doesn't neccessarily surprise me. People are people, and act as so. Perhaps my expectation that everyone has an agenda is what has kept me so understanding. I know others want success just as bad as I do, and sometimes are willing to do whatever it takes to get it. In my eyes, as long as those agendas are in line with mine, and their actions are legitimate, we're a happy couple.

I've said it many times before, but I'm going to say it again because it is so very true. I work with one of the best teams ever put together! I have some of the best advisers and mentors I could ask for. I have dedicated partners and the best friends in the world... Granted, we all have our faults and made mistakes, but our strengths compliment our weaknesses and we learn from one another. We've grown, built and created together, as a team and family. I cannot express via blog how grateful I am to have them in my life and involved in what I do.

I'd like to list you all, but I have a feeling you're already smiling because you know you're one of them. So to you, I say "Thank You!"

Callwave: The New Voicemail

I found this company through Robert Scoble's blog: Scobleizer. He interviewed the VP of Business Development for Callwave, Josh Fraser, for his show. I watched the video and went straight to the site to sign up!

Callwave is an online, third party, voice mail service that replaces your service provider's voicemail box. Through a simple activation process you can have your voicemails txted and/or emailed to you. Callwave uses voice recognition software that translates your voicemails to text and sends out the main part (gist) of a voicemail message to your phone. In the demo video you'll also see that Callwave allows you to listen to voicemails as they are being left, answer calls online, or have them forwarded to another phone line of your choice. You can also access all the messages via the web, and archive them. From the online site you can also txt responses, and call people back. Callwave is currently offering the service for free while in beta. I've mentioned it a few people already and their are having a blast with it!

This is a great tool and is very useful for those who don't like calling their voicemail boxes. I took a full tour of the software and put it to the test. First, its no surprise that this service is not perfect (they are of course in the beta stage). For my first message I had a friend of mine call and leave a quick blurb.

She stated: "I dont know what it's made of, probably some kind of fabric. Is that enough talking for you? Uh-huh... bye Merlin."

The txt I received did not represent the service well.

It was, " ...nato probably some kind of yeah Rick set it off tossing 4 years - fall is always a 4 oops Maryland."

Granted, she did not speak clearly, and the voice recognition seems to have trouble understanding my name (it hardly ever comes through correctly). The second test was a message left by myself and came out just fine. I found that as long as the person speaks clearly the software doesn't make many mistakes. However, most of the messages I receive do not have the caller's name when they announce who is calling in the voicemail. That is one of the issues I found with their "gist" messaging. I would prefer to have the whole message txt to me, or at least the name of the person.

The emails you receive will display the name of the person the phone line is billed to (seen below); much like Caller ID. For those of us with extensive contact lists there seems to be no way of importing your phone contacts into the Callwave system. It looks like you have to import them manually if you want them online.

The online texting portion of the software works very well, and I have had no trouble listening to my voicemails on the website. The beta is limited in that it does not feature all the options in the demo video - which was rather disappointing. There are desktop widgets available as well. One for Google, Yahoo!, Apple, and Windows Vista. I didn't take the opportunity to test these - I don't use Google or Yahoo! home, don't have a Mac, and no Vista. I have read the reviews, and some cellphone providers seemed to have charged customers for replacing their voicemail service. However, I use Verizon and haven't seen any change in my billing (I suspect that its a problem connected to the widget).

For a free beta version Callwave is awesome! It is a very helpful tool, even when it doesn't translate everything correctly. There are always kinks with a software debut, but don't let that stop you. Give them a try! I'm excited to see where they go with all the feedback, and look forward to following their progress.

3 Stories from Steve Jobs

I admire this guy for a number of reasons. This is a great video of him telling his own story.



"...The only way to do great work, is to love what you do..."

You Do It! - Remote DVR Player

This is a new section I would like to add to my blog. I'm calling it "You Do It!" for now but I'm open for suggestion. Here I will post business ideas I've come up with or talk about with fellow Entrepreneurs. A few bloggers do this already, Seth Godin for one, but he's not the only dreamer in the world. Since I don't have the time do these business ideas myself I thought, in the spirit of Open Source Entrepreneurship, I will share them with you in hopes that "You Do It!". So here it goes:

I don't watch a lot of television. Mainly because most of the programs don't interest me and I don't like watching commercials. You say, "Well get a Digital Video Recorder (DVR) system. That solves both problems, you record what you like, and fast forward through the commercials!" Yes, but that leaves me with a third problem: I'm hardly ever home. I'm mostly at the office, or out at a meeting, and in between those at Starbucks working on a few emails and such. However, I do take a break every now and then to relax my noggin'. I usually check out my surroundings and people watch (I love to people watch). But, if I could, I would watch my favorite TV show.

So here is what I'm proposing. Create a web-based system that allows people to upload all their DVR recordings to a website, which they can access anywhere via an internet connection on their laptop. A remote web-based DVR Player. That way, people can set up their DVR to record at home and access it's information virtually anywhere. Better yet, allow them to upload a few "favorites" to stream to their phones. Now everyone can watch a show while they wait in line too!

Some of this technology already exists, but it has not been implemented or put together in this way. V-Cast from Verizon Wireless allows you to watch shows. Unfortunately the service is limited and searching is kind of a pain. It was also recently announce that Sprint is in contract with Comcast and Cox to allow you to program your DVR with your phone. I believe they also want to implement watching your DVR programs via your phone. AT&T and Verizon are already moving up behind them. But lets face it, a phone screen is small, even if you have a PDA or iPhone. You want to watch on your 17" laptop.

The market is ready, people use the web more an more for daily entertainment. For instance the ESPN Insider, where you can watch "special clips" and interviews, and Youtube.com (even those could be put on this service). The technology is available or can at least be altered for this system. If this isn't already in the works it should be. With our "on the go" mentality's we need a service that is on the fly and available at any moment.

Webvolution

The evolution of the web us. What will it we become, where will it take us?

Crying Tiers!

Pricing strategies for business can sometimes be a very difficult conversation. Everyone seems to have a different perceived value of the product or service a business offers. It doesn't matter if your working with tickets, products or services, the trick is hit a price structure that fits the majority of the target market. This may require some market research: surveys, polls, or simply a few conversations. Once you've established what your market thinks its worth you can start to play with a tier marketing structure to push sales. Similar to belated price drops to milk the early adopters. Xbox, iPhone, and PS3 have all done this, along with a few of their own reasons.

Something to remember for Arizona is that they are notorious for being "late committers". If you're holding an event you can expect the majority of the people to sign up or buy tickets only a few weeks before the doors open. However, you can still push a perceived value onto the market. I don't mean this to sound greedy, but if its done right, you can't be blamed for not giving people a chance. The idea is to get a tiered structure based on time. Early tickets are cheaper as a "thank you" for an early commitment. As the event comes closer you push prices up. This creates a very good feeling to the early adopters, and to the late adopters perhaps a feeling that the value is greater.

You have to be very careful. Remember there is a range to the perceived value, and if you exceed that you might stifle your sales. There is a careful balance between price, demand, and supply. Sometimes a higher price also pushes sales because you've broken into a different part of the consumer conscious: a higher price means better quality. Again, its all dependent on your target market demographics.

You also have a few options with tiers. You can do discounted bundle tickets, 2 for the price of 1 and a half, etc. The time tier is also very popular, and works well with events. For product and service pricing your tiers should work with the amount or detail the consumer receives. Take a look at cellphone contract options or even a carwash. When introducing something new to the market you might even want to offer something for free. Let them have a taste, and get some feed back. Just make sure that you don't get too complicated.

Above all, never underestimate yourself. Its easier to discount prices if your feedback shows that people feel its too expensive. But its more difficult to move the other direction. The last thing you want to do is lose revenue because you undercut your pricing structure.

Unlock: New Markets

The iPhone has created quite a stir in the market place in the past month. The release of the iPhone resulted in hour long lines of first-mover consumers trying to get their hands on the brand new iPhone. Controversy occurred of course because a consumer would have to turn their service over to the "not so reliable" at&t. But that didn't stop the 1 million people who did transfer their service for the first hand look at this sexy device.

Only a month after the release a report come out that a 17 year old hacker by the name of George Hotz spent only one summer to discover the secret to the iPhone. Using the network of hackers and his own tech savvy, Hotz unlocked the first iPhone in America to be used on T-mobile. Shortly after, new companies sprung up claiming to have discovered the secret as well. iPhoneSimFree.com is one such company. They are selling licenses to companies who want to use the iPhone in their business with licenses package from 50 - 5000.

Uniquephones.com is also such a company. They have been developing unlocking software for phone since 2002. Recently the John Mclaughin, founder of Uniquephones.com received a disturbing phone call from O'Melveny & Myers LLP, an international law firm, calling on behalf of at&t. The firm has worked with Apple in the past. The man informed McLaughlin that if he posted the unlock code, he could be sued for copyright infringement and for dissemination of Apple's intellectual property (IP).

Its interesting to see what the combined efforts of a the technology industry has come up with to create a new market. Although the window is small, anyone could buy 5000 iPhones, unlock them, and immediately sell them on eBay (reports have stated that unlocked iPhones are going for as much at $1500). Naturally, a flood to the market with the release of these new companies will cause dramatic price drops as the supply increases, but if you act fast you could make a quick buck (or 100's of them).

There are no guarantees, however, that these phones will stay unlocked. Much like the iTunes software, the iPhone updates whenever plugged into a computer. Its only a matter of time until Apple release the reverse update and you're back to a at&t phone :( The fight will last a while, but eventually this market will close.

BNT (Business Name Trends)

I've recently noticed a wave of changes across businesses. They've been shortening their names. One of the most prominent changes has been the infamous change of Washington Mutual to WaMu. And if you have taken a recent walk through your local mall you'll notice many others. For example Pacific Sunwear is now PacSun, and Sunglass Hut is SGH (along with a total rebrand of their stores). A long while back, Macintosh shortened its name to Mac, but now even Dairy Queen has changed it up and started marketing as DQ. What is the thinking behind this trend?

One might suggest the locations in the malls are rebranding their names to reinstate themselves in the market as "hip" and "cool". SGH's complete redesign would support that theory. They have integrated a more "modern" feel to the displays and atmosphere of their stores. Even DQ's marketing is moving in that direction. WaMu especially promotes a charge to the "hip" and "cool" target market. They've recently made a push towards college students (although, WaMu.com has been their URL for years) Is this change working?

I recently overheard an older gentlemen point towards a Pacific Sunwear location and say, "I still want to hit up the PacSun before we leave". I'm not sure that was PacSun's intentions with the name change. From what I can tell, they're still marketing towards the younger generations (high school and early college).

Could it be that the name change is simply conforming to the increasingly fast paced mindset of consumers? Information is on a path of forever increasing acceleration. Faster internet and interconnectivity at your finger tips everywhere you go - a short name would be an advantage. It seems people are always looking for a way to shorten everything. I even refer to Starbucks as SB via text (sometimes in conversation). Washington Mutual, Pacific Sunwear, Sunglass Hut are a bit of a mouthful.

Take note of this trend, it will be interesting to see where this leads businesses. Perhaps take it into consideration when name your business. If you're in the technology or web based industry a short name could very well play in your advantage. With the quick and fast paced mindsets of the consumer a long business name better roll of the tongue well.

Get Support

Most Entrepreneurs need 3 (the proverbial number) to begin their path to success. First, the great idea. Second, the capital or means to achieve first stage business development. Third, a support network. Now you might believe there are more (or less) needs, but I have chosen three. That doesn't even matter because all I want to talk about is the third; The Support Network.

I have been with Club Entrepreneur since the beginning. In fact, I was in the room when the mere idea was brought public to the room of students Peter Burns was teaching. Since then it has come a long way. We moved from an ASU sanctioned club to a regional organization, and now growing nationally, bringing together Entrepreneurs across the United States. None of this would have worked out if no one had believed in the concept and if we hadn't supported each other.

The "core team" as we call ourselves in the CE Network has been working feverishly to organize material get the club through it's growth stages. I can remember fronting cash to get fliers dispersed around the ASU campus and promote membership back in the day. Since then, I have spent a portion of every single day working to build Club Entrepreneur into the organization has become and will continue until it is what we have envisioned. Along the way we've partnered with Michael Gerber and Ingrid Vanderveldt. We supported each other, and Peter, on building this great organization and we did it together.

Your "core team" is essential for your business to flourish. You can only fight so long before you start to believe the snide criticism your peers make. You need your support group to help you push through those weary times of low faith and rejection. My team hasn't just been there for Club Entrepreneur, but in my other business as well. We chat and analyze each others' business models and consult one another on strategy. Real Entrepreneurs giving feedback right in my face, willing to let me know if I'm making a bad move. They give me new ideas, and support me along the way.

When I started all I had were my friends' support, which I'm very grateful I had. It was not until a while down the road did my family begin to understand what I wanted to do and realize it was possible. Soon enough, they got the flash of reality, that the path I chose, the path of an Entrepreneur, was a very real and very exciting one. And what do you know? The Entrepreneur bug bit, and my mother recently began her own private practice.

Point being, if you don't have a support group, find one. Our "core team" has created an environment for you in Club Entrepreneur to build one. We want what we have with each other available to every Entrepreneur in the world. A support team will help you along the way, especially during the stressful moments. I'm very lucky to work with my team, and have them there for my business as well. We met to create Club Entrepreneur, and now you can use it to create your own support team. All our advice and Entrepreneurial guidance comes straight from CE. We've expanded our support team with Club Entrepreneur and will continue to create new connections for you.