The New School Way

Every day we wake up and there is something new on the market that changes the way we obtain our content.  From iPods, iPads, and Ereaders, the world of entertainment is changing.  Although these changes may scare some people, I feel these outlets create new and exciting opportunities for companies to expand their business models. I think one of the most promising of the three I listed above is iPads and tablets that are on the market.  This has taken the laptop computer and made them more portable and powerful, and with that, consumers are going to be using these on the go computers for more of their daily tasks.

Apple has already shipped out 240 million iPhones and iPads, and that number is expected to rise in the future to about 1 billion.  That is why most companies are creating HTML5 sites that are compatible with these devices. Since we are making our content more compatible with these devices, everything attached to this content, will have to change along the way to keep up.  As a result of this, the more PC compatible companies may see a fluctuation in the amount of consumers that use their services, and companies such as Amazon.com, Netflix, and ITunes will increase in popularity because they have been able to adapt to the changes in the market.  Although these are powerhouses already in the industry, I feel they will continue to separate themselves from other companies as we move further into this new realm of technology.

I have mentioned before the importance of continuously expanding ones knowledge of their desired industry in order to remain a competitor.  Going into the future, I feel that I will not only keep up with developing trends, but I will also develop the skills to make myself a more desirable employee. I have been asked more than once if I know HTML in an interview, and feel that is not the last time I will be asked that question.  Employers are now looking for someone who has is keeping up with the future of the business, and if that requires that I learn about HTML, then that is what I will do.

Resource:

http://njnnetwork.com/2011/07/the-future-of-music-is-the-ipad-and-html5/

Thinking Outside The Box

Once you have worked on creating a business plan that outlines what exactly your business idea is and how it will turn a profit, it is now time to head out and get the funding to get things started. There are several options to find funding for your business. However, it is important to look beyond angel investors and bank loans to alternative financing options. There are a number of resources available to entrepreneurs that can drastically increase your chances of funding your business idea.  

The Association for Enterprise Opportunity (AEO) is an organization that is focused on developing microenterprises in the United States.  They do this through their national membership organization and their support of undeserved entrepreneurs in starting, stabilizing, and expanding their businesses.  They believe that every entrepreneur has the ability to create wealth, assets and healthy communities.  As an AEO member, you are exposed to over 400 non-profit organizations across the country that provide capital and services to micro and small businesses.  In order to join this network you need to sign up on their website and pay a membership fee. Other information that can be found on this site is news articles that are related to AEO’s initiative, along with a search tool that links you with local AEO members (http://www.aeoworks.org). 

The Community Development Venture Capital Alliance (CDVCA) is the network that specializes in community development venture capital investing.  This type of funding provides capital to businesses that are in neglected markets, with the goal of creating jobs, wealth, and entrepreneurial capacity. The CDVCA has their own source of capital known as the Central Fund, which allows them to invest in untapped markets where they see potential. The CDVCA network membership is open to all organizations and individuals and requires that you participate in the work of CDVCA, assist with CDVCA’s data collection efforts, and that you pay $500 in annual dues. Several benefits that come along with the membership include special discounts and information about the industry. The CDVCA website is also a good place to look for news about venture capital (http://www.cdvca.org). 

There are many advantages and disadvantages of using alternative financing to fund your business idea.  Some of the advantages are that these websites are very specific about what type of funding they provide and what type of businesses they are looking to distribute that funding. Also, the investors who use these websites are all centrally located therefore you are not limiting yourself to one investor at a time. However, a disadvantage to these type organizations is that they usually require that you become a member and pay dues. Even though it is helpful that you know what type of businesses they are looking for, it may work to your disadvantage if your business doesn’t fall into that category. 

They are a lot of resources out there for individuals who are searching for ways to fund their business ideas.  It is important to keep an open mind and look into these alternative-financing organizations. With the way the economy is today, it may be difficult to find funding.  However, if you find the right organization that focuses on the type of business you are looking to open, you are increasing your chances of finding someone who is willing to help you make your dream come true.

Resources:

http://www.cdvca.org

https://www.aeoworks.org/

Growing a Successful Business Plan

The advice given by professionals such as Bobby Flay and Oprah Winfrey that I wrote about in my last post has proven to be extremely helpful in the creation of my own business plan. Some of the ideas I had a few months ago I have learned aren’t exactly the best for the type of business I want to start. Although what they are advising me to do today may not make much sense, I believe down the road their advice could be what helps me win over investors.

With regards to my own business plan, I have chosen to reevaluate some of the components that it entails in order to increase my chances of success.  Among these are my company’s name and its logo. Although the name of my restaurant is concise and reflects the concept behind my restaurant, I do not feel as though it is unique and catchy enough to stand out from my competitors. I also changed my slogan because I felt it didn’t reflect the type of image I wanted to create for my restaurant.  It also did not tie in very well with my restaurant name and logo, which is something Bobby Flay and Steve Ells stressed as an essential part of any restaurant idea.

When I first started writing my business plan, I really didn’t have a firm idea as to what type of restaurant I wanted to create.  One week I thought I wanted to focus on just serving fresh food from any supplier I could get it from, then the next week I wasn’t sure if I wanted to be a fast food restaurant or a more formal dining place. However, I now understand how important it is to really know what my plan is for my restaurant.  This will allow me effectively convey my idea to investors.

It is essential for anyone trying to start a business to attract investors. Without capital, it is impossible to start a company.  That is why I feel the most important part of any business plan is the financials.  You may have an idea that investors may not like, but if you can show that it is profitable, they will be more inclined to invest. 

Through all of the research I have done, and after reading articles and watching videos composed by industry experts, I found that they all stress the importance of a good business plan. Whether you want to open a restaurant, or a PR firm that specializes on working with celebrities, it is important to listen and learn from others.  This is one of the main things I have taken away from everything I have learned. So firm up your business plan, because much like a celebrities’ bodies, investors will be looking for a flaw in your idea any where they can find one.


Sources:
http://bpexpertviews.blogspot.com/ 

Cooking Up Something Good

I have spoken in some of my other posts about my idea of starting a healthy fast food restaurant. Upon learning more about the business of starting a business, I have found along the way that there are a few key components in order to turn an idea into a tangible product. Among these, there are two that are equally as important, and that is the business plan and capital. In order to get the capital to start a business you need to have a solid business plan to present to investors.  Investors can be a relative, a bank, or an angel investor. Chipotle’s founder Steve Ells started with an $85,000 loan from his father, while others like Donald Trump and Oprah Winfrey built their empires from the ground up with a unique and clear business plan in mind. (Daszkowski, 2010) Nevertheless, no matter how you get there, somewhere along the way you have to have a plan.

            Since I am looking to start a restaurant, I focused mainly on the advice provided by NBC’s America’s Next Great Restaurant investors Bobby Flay and Steve Ells. On of the main points they made was that the name, logo, and slogan must reflect the concept behind the restaurant.  All three of these components must be unique, catchy, concise, and they all need to tie together to create one cohesive image.  For example, the name of my restaurant includes the word fresh because I want it to reflect how fresh the food will be that we serve. In addition, I have a logo and slogan that tie together the healthiness and sense of community I would like my restaurant to have.

Steve and Bobby are seasoned veterans in the restaurant industry; therefore, they have a lot to teach anyone who is trying to break into this 60% failure rate industry. (Miller, 2007) With that said, it is important when pitching an idea to investors to listen and accept criticism. In the end, their advice could save you thousands of dollars or even your restaurant.

            Donald Trump, Oprah Winfrey, Bobby Flay, and Steve Ells (not to name drop or anything) all agree that when it is all said and done, a business idea needs to be focused and easily conveyed to investors.  Nic Brisbourne, partner of DFJ Esprit, points out the importance of this when he said, “If you really don’t know what your plans are, you cannot effectively convey them to potential partners and investors.” So when creating a business plan make sure you have fully developed your idea, and that you have presented it in a way that investors are able to understand.

 I have said it once, and I will say it again, learn from other's mistakes.  The people I have mentioned above, and the advice they have given, will help you create a business plan that is enticing to investors. So, get that grand opening sign printed because you are on your way to opening up America's next great restaurant.

Sources:

http://franchises.about.com/b/2010/06/28/history-of-chipotle-mexican-grill.htm

http://bpexpertviews.blogspot.com/                 

http://www.businessweek.com/smallbiz/content/apr2007/sb20070416_296932.htm

Nothing in This World is Absolut

You are all dolled up and ready for a night out on the town with your friends. Who knows you may even spot someone like Lindsay Lohan or Paris Hilton getting a little sloppy. You arrive at the bar and when asked by the bartender what you want to drink your mind goes blank. So how do you decide? How do you choose from all those bottles lined up behind the bar? You know how much you want to spend, because even though you want to live like a celeb you can’t afford to drink like one, and you know you want vodka. The options are endless but for some reason you start to lean towards drinking Absolut, but why? 

There is something in the back of your mind making you favor Absolut over any of the other vodkas, and that reason is the company’s social media and marketing efforts.  When all is lost, we resort to what we know. You have Absolut’s “Drinkspiration” app downloaded on your phone and you have seen the company’s YouTube channel series featuring celebrities like Ali Larter, Jay-Z, and Kanye West.  On top of that, you have been linked to their website, you have liked them on Facebook, you have seen their tweets on Twitter, and you have heard their tagline “In an Absolut world” several times in the last month. All of this combined has left the Absolut name lingering in your mind so that when it comes time to make a decision their vodka is the one you choose.

Absolut appears to have some of the most advanced social media and marketing efforts I have seen out of all the major vodka brands.  Because of their integration into smart phones, YouTube, Facebook, and Twitter, their brand is embedded in everyone's mind.  So when is comes down to choosing what vodka to drink, their brand is the one that sticks out the most.  

I think what Absolut has done with their social media and marketing efforts has really separated them from their competition.  As I mentioned above, I have not seen such a wide variety of marketing initiatives from any other brand of vodka. Smirnoff runs a serious of commercials, but other than that, they have not been as prevalent on the Internet as Absolut. The strategy Absolut has in place is one that is effective and holds true to their brand.  They have one of the most impressive websites with instructional videos, easily accessible links to their social networking sites, and countless other resources. So next time you are at the bar searching for the perfect drink, will your choice be Absolut? 

See which of your favorite celebrities love Absolut by clicking here.

* Disclaimer: All statements regarding drinking are geared towards those who are of the legal age to do so and in no way encourages anyone who is not of age to obtain or consume alcoholic beverages. 

References:

http://www.absolut.com/us

http://www.youtube.com/absolutworld

Press Conference

Click To Continue

All the cool kids are doing it and so you should you. Highly interactive rich media ads have been a sector of advertising that has shown great potential.  Unfortunately, due to the harsh economic times companies haven’t been investing money into this sector of advertising. However, with the recovery of the economy just over the horizon many companies are digging right in and starting to invest in the very lucrative form of advertising. Among these companies are Apple, Google, and Yahoo! (not to name drop or anything). With some of the biggest names in the industry fighting for the number one spot, the use of interactive media ads is going to literally be popping up every where. 

Leading the way in the race, as with most technologically advanced initiatives, is Apple with the introduction of iAds.  Following their lead is Google with their acquisition of Admob, Adobe’s collaboration with Greystripe, and Yahoo! with their own unnamed media-rich advertising platform. Apple has already created ads for big names such as Nike and the movie Toy Story 3. While Yahoo! has partnered up with Paramount and DreamWorks Animation for Shrek Forever After. It has also been discussed that these companies will continue to tailor their interactive ads to pair up with the many attributes these mobile devices already possess. One of these features that advertisers plan to take advantage of is GPS tracking. With the ability to locate consumers, ads will then be customized to what is available in that area specifically.

Although this type of advertising may seem ideal to these companies, with individuals reporting profits around $1,500 from a single day on iAds, some consumers are just annoyed with it. While trying to scroll through to find a restaurant to eat at, who wants an ad that takes up half of your phone screen to interrupt your search? I don’t, but it probably will get me thinking about whatever happens to pop up on my screen. So, mission accomplished advertisers! Either way, whether we like them or not, interactive rich media ads are the future of advertising and I would rather be hanging with the “cool kids” than sitting in the corner handing out my print advertisements alone.


References:
http://www.businessinsider.com/iphone-developer-brags-1400-in-iad-revenue-in-one-day-at-150-ecpm-2010-7
http://techcrunch.com/2010/04/08/apple-announces-iad-mobile-advertising-platform/
http://ymobileblog.com/blog/2010/05/20/a-new-class-of-mobile-display-advertisement/
http://sproutinc.com/2010/06/why-highly-interactive-display-advertising-spend-is-about-to-jump/