THE Entrepreneurial
PERCH

It’s interesting that no matter what industry or business a person is in, there is a common thread amongst all successful people.  They are punctual.  They have good oral communication skills.  They know how to win.  This week, I organized an outing for a group of young business professionals.  The guest speaker that I arranged to talk to the group was Richard Peddie, President of Maple Leaf Sports and Entertainment which owns the Toronto Raptors among other sports teams.

What struck me the most was how good Richard was as a speaker.  The question and answer part of the program was the best part because the audience members asked some very good questions.  This discussion could have continued on for an hour but due to time constraints, we had to end the talk.

After the night was over I reflected on what made Richard a good speaker and it was the fact that he spoke with passion.  When someone speaks with passion, it energizes the audience.  The question is, does the passion create the winning traits or are the winning traits created because of the passion coming from the leader?

Until next time…….

Written in Toronto, Ontario 

I’m sure that you are looking at this title and thinking……  What the %$# does he mean?  In the technology business, many times products and services are in the conceptual stage when looking for funding.  So, without a completed product to show, the only thing that you have to sell is air!!!

Going through the VC process is a maze of triumph and tragedy.  One common thread throughout is the reality that some deals get funded while other ones die on the vine.  I have concluded that the one reason why someone received funding was that they were better able to sell “air” than the next guy.  By convincing the powers that be that they should fund your concept rather than the next guy is no easy task.  Some people are just better salespeople than others.  In fact, creating buy-in for certain ideas is another way of saying “you gotta sell air”

With selling air, it’s also about creating a buzz amongst industry leaders, business colleagues and others in the public.  One thing that is fortunate is that in today’s day and age, creating buzz is much easier because of the internet.  Between blogs, web-sites, You-tube, everyone can be their own publisher and start publishing content in order to create buzz and sell air.

I’m sure that everyone has heard this before, but there have been many great ideas that have failed to make it to the marketplace because they weren’t able to promote it to others.   Consequently, there have been some mediocre ideas that have made it to the marketplace solely on the ability of their founders to “sell air”.

Now, looking back, I can’t remember anyone in business school telling me about the importance of selling air.  It was only after being out in the business world did I learn the value of this proposition.  I would be remiss if I did not mention that it was Paul Iacono who educated me on the concept of selling air when I was sitting in his office one day.

It ultimately comes down to more than getting buy-in, it comes down to understanding people and knowing what approach to take in order to close the deal.  In business, it comes down to credibility, experience and knowing your audience.  For example how you sell air to a venture capitalist versus the technique of “selling air” to a vendor is completely different.  Unless you know your audience, you will not be able to sell anything, let alone air!!

Until next time……

Jeff

Written: Chicago, Illinois

This past Saturday, I was part of a conference that was targeted towards entrepreneurs and business people under the age of 40.  The guest speaker owned a menswear business for the past 50 years.  I have heard him speak numerous times before.  It was the typical rags to riches story (no pun intended)  One thing that always strikes me is that he always talks about dressing for success.  It’s such an easy concept, but very few people do it.

Whether it is right or not, first impressions matter when meeting people.  Part of that first impression is based on person’s appearance.  When speaking to a group or in a meeting, part of getting your message across to the other side is based on ones choice of clothes.  Would a person talking in front of a business group be received in the same manner if they wore shorts and sandals or would their words have more meaning if they were dressed like their audience.

This is the first rule to learn.  Dress to the style of your audience.  Your message will be better received if you do this.  Don’t disrespect them by having a sloppy appearance.  The second rule to note is when working for a company, dress for the job that you want, not the one you have.  These were 2 pieces of advice that I’ve learned over the years.

One thing that is important to know is that you may dress to look like a million bucks, just make sure that it doesn’t cost you a million!!!!

Finally, the last thing that the clothier said to our group was that when you dress for success, chances are you will be a success……… true enough

Until next time……

Jeff

Written: Toronto, Ontario
 

Everywhere you turn in the small business world, you hear people say things like…..Oh, it will be good for networking; or they really know how to network with others.  What does networking really mean?  I’m sure that it means something different to each person.

For starters, I believe that “networking” with people is nothing more than meeting new individuals who may or may not turn out to ultimately be a friend.  People tend to do business with friends as opposed to strangers.  Another thing that I’ve learned is that you can’t teach someone how to network.  A person either has it in them or they don’t.  A person who enjoys meeting others, is an extrovert and has a non abrasive personality will have the best chance at meeting others in a social setting.  (You could probably use this for one’s dating life as well…..lol)  One thing that  a person should never do is come across as being pushy or present an image that they are only interested in others as long as they can use them for something.

So if I had to give my definition of networking it would be defined as: The meeting of people in a social setting that may or may not lead to some future collaboration.

One of the best pieces of advice that I’ve picked up over the years was this:  Don’t network for today, network for tomorrow.  I live by this motto.  You never know when you will be able to help someone out or when they will be able to help you out.  This lends itself to another one of my rules.  Treat people how you would like to be treated.  Don’t be looking at someone for what they can do for you, look at it as what you can do for them.

Until next time…..

 Jeff

Written on Northwest flight #331

I was at a bar a little while ago with some friends and as it turned out, everyone that was in our group and the people who joined our group were all entrepreneurs.  There is nothing better than swapping war-stories with fellow business owners.
As the night was progressing and the drinks were flowing, we all started talking about marketing and sales, specifically what each of us does to generate new leads.  One person said that they use their contacts to get new business.  Another person said that their existing customers refer a ton of new business……and on and on as we went down the line.  The best answer that came from one of the people was that you should be doing your ABC’s.  One person in the group said, what is ABC…. Well, ABC stands for Always Be Closing.

I got to thinking this small, but important detail is what separates the good sales people from the average sales people.  A good sales person is always closing the deal.  Many people can generate interest in a product or service, but how many when push comes to shove can actually close the deal.  As we all know, if you don’t close, the rest of the stuff doesn’t matter.

Interesting how everything you needed to know on how to be a successful salesperson you learned in kindergarten!!!!

Until next time…….

Jeff

Written Chicago, Illinois

If you ever have the chance to attend a conference called Demo, DO NOT pass up the opportunity.  Demo is a conference where new technology gets unveiled to the public.  It has been the launching pad for products such as the Palm Pilot.

Basically, companies that attend Demo present their new product or service to people in the audience.  Each presenter has a booth in the expo hall and attendees can talk one on one with the company representatives. 

Here is a list of my favourite presenters at Demo.

http://800genie.800pbx.com/email-demo.php  This product allows people to access and reply to emails via voice activation.

http://www.toktumi.com/   This product allows small business to have an all in one office phone system.

http://www.vidyo.com/  This technology allows for cost effective video. conferencing

http://www.pcmobilizr.com/ You can access your desktop computer from your PDA.

http://www.iterasi.com/product/ This program allows you to save a web page as you see it.

http://www.ivideosongs.com/ Famous musicians teach you how to play music.

Like I said, if you get a chance to attend DEMO, it is definitely a must see.

until next time…..

Jeff

Written: Palm Desert, CA

Have you ever heard the saying that quantity is not better than quality?  Well after attending this year’s CES, (Consumer Electronics Show) in Las Vegas, I believe that this show now falls in this category.  CES is trying to be everything to everybody and in the end leaves many people disappointed.

CES for me has gone from being a place to learn about new technology to a central meeting place where I connect and have dinner with people I only see once a year.  I suspect with an increasing number of bloggers and coverage that the show is receiving, that a person can get the same information through these sources that they are able to get on the show floor.

The general media attends CES in order to tell of the latest and greatest gadgets. (I suspect a company paid trip to Vegas doesn’t hurt either….lol)  For the typical industry person, they already know what the latest and greatest is.  It is difficult to have a show that caters to cutting edge microchip manufacturers and a guy selling vacuum cleaners at the same show.  Many technology companies have now reverted to having meeting rooms set up to meet clients and have done away with having a booth on the trade show floor.  I suspect this is because as an exhibitor they were bombarded with people who stopped by the booth to pick up a free key chain or whatever and had no interest in talking with the company representative.  This set up not only cost these companies money but it also tied up the sales staff and prevented them from talking to people who were generally interested in the technology that a company was promoting.

For next year, I hope that the organizers of CES will start changing things by enforcing the “industry” rule for all attending delegates.  This would make sure that the people that should be attending the show will in fact be serious leads for the exhibitors.  It may mean a reduction in attendance figures, but the end result is that the people that were left attending would be higher quality attendees. (The tire kickers would be left on the outside)  This in turn would also bring more quality companies out on the floor and away from the private meeting areas.

On another note, there is a growing number of people who are starting to think that this show may need to find a new location once the current contract expires.  Too many hotels in Las Vegas go from charging $400 per night during the show to $89 per night the weekend after.  Talk about gouging!!!! 

I will take quality over quantity any day of the week.

Until next time………

Jeff

Written: Las Vegas, Nevada 

I had the opportunity to travel to New York City recently on business.  I’ve always said that everything in life is relative.  How one view’s themselves is directly related to one’s frame of reference.  The successful people do not compare themselves against their immediate surroundings; they compare themselves against the best in their related field.

As an example, with a web-based video project that my company is launching, we needed to purchase some video equipment.  After searching local video retailers, I made the decision that on my next trip to New York, I would check out B&H Photo in Mid-town Manhattan.  I don’t know what impressed me more, the level of customer service, the attention to detail by their staff or the shear size of their operations.  I was just as intrigued about their business operations as I was in the products that they were selling.  Watching their store in operation was like watching a perfectly choreographed play.  I later learned that they employ over 1500 people.

After leaving the store, I reflected on 2 things.  One, if I was in the electronics business anywhere in the world, I would not compare myself to a local competitor I would set my measurement bar against these guys in New York.  The same can be said for any business.  Don’t set the bar based on your frame of reference, base it against the best in the field.  Second, the other thing is that there is nothing really cutting edge that this company is doing.  They are just paying extra attention to details which place them head and shoulders above anyone else in their field.

I also laughed to myself as I was on my way home to the airport.  As the song that Sinatra sings, “if you can make it here (New York), you can make it anywhere”.  How true those lyrics are.

Until next time….

Jeff

Written: Windsor, Ontario.

With 2007 coming to a fast close, I am always interested in taking a look back on the previous year and specifically how much travel that I have completed.  I surpassed the Gold Elite Status which means that I’ve flown over 50,000 miles this year with one airline.  I’ve accumulated enough frequent flier points to get a few free round trips.  I’ve also flown the ½ this much with another airline, so I have some freebees with them as well.  Now, the key is to schedule in vacation time to use these trips!!!!

One of the best websites that I use throughout the year is www.farecast.com With this website, you can put in your travel dates and then they will calculate the going rate for this trip, cross reference against the number of available seats and then give you a recommendation about whether to purchase or to hold off on buying the ticket.  If the user wants, they can have the site send an email status alert every morning into your inbox.  This way, you will never miss out on a discounted airfare.  Using this tool, I have not spent over $300.00 on a round-trip airfare from the east to the west coast this year and because of my Gold Status, inevitably, I will get bumped into 1st class more often than not!!!

Another site that I use is www.flightexplorer.com This site gives the user real time data in terms of departure status, where the current aircraft is on a map, how fast it is going and when it is set to land.  Funny story this year; I dropped off a friend at the airport this past summer because he and his wife were going to Europe.   The plane had 1 stop to make before “skipping over the pond”.  The flight on the 1st leg left on time, but they were late leaving the next stop b/c my friend’s wife had a problem with her seat.  I saw on Flight Explorer that the flight left late. I only found out when they returned, that my buddy’s wife was the cause of the delay, or I should say her seat!

The last website, which I find very useful, is www.priceline.com I find especially during slow travel periods that you can save a lot of money on hotel rooms.  These are 3 and 4 star places that I was picking up for under $100 a night when the posted rate is over $300 if I called the hotel directly.  Not Bad!!!!  I’ve always said, it’s not what you make, but what you spend that matters.

Check out these sites and put them in your “favourites” on your computer.  It will not only save you time, but a few bucks as well.  Remember my saving.  “Retail is what other people spend”………

Until next time……

Jeff

Written: Windsor, Ontario

I was talking with a friend this past week and we were discussing the need of having a mentor.  This conversation got me thinking about who was my mentor and upon further examination, there is not one, but a handful of people who have guided me along my career path.  A mentor’s experience can guide and person when their own experience has been minimal.  In all of the courses that I took in university, never once did a professor bring up this subject let alone define the value that I mentor brings to the table.

 When a child is born, their parents by default become the advisor and fill a mentor role in that child’s life.  In my case, I didn’t have another person or required one until I started my first business.  My first mentor was a successful businessman who knew all members of the community because his business and community interest were far reaching.  I learned that if you expect to be successful in business, you need to know a lot of people who can be a phone call away when you require.  Unfortunately, my first mentor unexpectedly passed away from a heart attack while leaving a wife and 4 kids behind. 

After this, I’ve found other people who have filled this role.  My boss that I had at my first office summer job being one of them.  Another one is the person who presented me with my Young Entrepreneur of the year award. (Who could not love the guy?????)  A former politician was another one.  As I’ve expanded my business, I’ve developed a mentor in each city that I’ve set down roots.  In fact, in Toronto, my mentor treats me as if I was one of his sons.

 The point of all this is that, no one person is an island unto themselves.  In order to be successful, you need someone to show you the way; to learn from their mistakes and successes and to fill in the holes in a person’s own experience that are needed to get to the next level.

 I also believe that a person needs more than one mentor because no one person can be the expert on giving advice on all topics, therefore, it is up to an individual to seek out who best fits their needs when it comes to advice.  There is the old saying those that don’t learn from history are deemed to repeat it.  If you can avoid making a mistake by learning from others, it goes without saying that you should jump on it.

 One last thing on this subject, when people hit a certain level in life, in most cases, there is a desire to pass along ones knowledge to the next generation.  If I had to give one piece of advice, you should be there and soak up this knowledge like a sponge because it will only benefit you in the long rung.

 Until next time……

  Jeff

 Written: Chicago, Illinois